SERVING CONNECTICUT, MAINE, MASSACHUSETTS, NEW HAMPSHIRE, RHODE ISLAND AND VERMONT

NewEnglandMortgage.Net Mortgage Shopping Worksheet

	Mortgage 1	Mortgage 2	Mortgage 3	Mortgage 4
Name of Lender:	.	.	.	.
Contact Person:	.	.	.	.
Date of Contact:	.	.	.	.
Basic Loan Questions
Amount of Mortgage:	.	.	.	.
Type of Mortgage (Adjustable rate, fixed rate, conventional, FHA, other):	.	.	.	.
Minimum Down Payment:	.	.	.	.
Loan Term (Length of loan):	.	.	.	.
Contract Interest Rate:	.	.	.	.
APR (Annual Percentage Rate):	.	.	.	.
Points (Also called Loan Discount Points):	.	.	.	.
Monthly PMI (Private Mortgage Insurance) premium:	.	.	.	.
How long must I/we keep PMI?	.	.	.	.
Estimated monthly escrow for taxes and hazard insurance:	.	.	.	.
Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI):	.	.	.	.
Application/Loan Processing Fee:	.	.	.	.
Originating/Underwriting Fee:	.	.	.	.
Lender/Funding Fee:	.	.	.	.
Appraisal Fee:	.	.	.	.
Attorney Fees:	.	.	.	.
Document Preparation/Recording Fees:	.	.	.	.
Broker Fees (Points, origination, interest rate add-on, other):	.	.	.	.
Credit Report Fee:	.	.	.	.
Other Fees (specify):	.	.	.	.
Other Closing/Settlement Costs:	.	.	.	.
Title Search/Insurance (for Lender):	.	.	.	.
Title Search/Insurance (for me/us):	.	.	.	.
Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow:	.	.	.	.
State and local taxes, stamp taxes, transfer taxes:	.	.	.	.
Flood determination:	.	.	.	.
Prepaid PMI (Private Mortgage Insurance):	.	.	.	.
Surveys and home inspections:	.	.	.	.
Total Fees and Other Closing/Settlement Cost Estimates:	.	.	.	.
Additional Questions
Can any of the fees or costs be waived?	.	.	.	.
Is there a prepayment penalty?	.	.	.	.
If yes, how much is it?	.	.	.	.
How long does the penalty period last (in years)?	.	.	.	.
Are extra principal payments permitted?	.	.	.	.
Is the lock-in agreement in writing?	.	.	.	.
Is there a fee to lock-in?	.	.	.	.
When does the lock-in occur (at application, on approval or another time)?	.	.	.	.
How long will the lock-in last?	.	.	.	.
If the rate drops before closing, can I/we lock-in at a lower rate?	.	.	.	.
ARM (Adjustable Rate Mortgage) Questions
What is the initial rate?	.	.	.	.
What is the maximum the rate could be next year?	.	.	.	.
What are the rate and payment caps each year and over the life of the loan?	.	.	.	.
What is the index that the lender will use?	.	.	.	.
What margin will the lender add to the index?	.	.	.	.
Credit Life Insurance Questions
Does the monthly amount quoted include a charge for credit life insurance?	.	.	.	.
If yes, does the lender required credit life insurance as a condition of the loan?	.	.	.	.
How much does the credit life insurance cost?	.	.	.	.
How much lower would my/our monthly payment be without the credit life insurance?	.	.	.	.
If the lender does not require credit life insurance, and I/we still want to buy it, what rates are available from other insurance providers?	.	.	.	.
Additional Questions/Notes	.	.	.	.