Mortgage Shopping Worksheet
Lender 1 Lender 2 Lender 3
Lender name
Lender contact name
Date/time you talked
Mortgage Amount
Type of mortgage: fixed-rate, adjustable-rate, conventional,
FHA, other? (If adjustable, see Adjustable Rate Mortgage
on p. 2)
Minimum down payment required
Length of loan
Interest rate
Annual percentage rate (APR)
Points?
Monthly private mortgage insurance (PMI) payment?
Keep PMI for how long?
Estimated escrow payments (for property tax, insurance)
Estimated total monthly payment (principal, interest,
taxes, insurance)
Application/loan processing fee
Origination/underwriting fee
Lender/funding fee
Appraisal fee
Attorney fees
Document preparation and recording fees
Broker fees (might show up as points, origination fees, or
interest rate add-on)
Credit report fee
Other fees?
Title search
Title insurance.
That protects you?
That protects the lender?
Prepayment estimates:
Interest
Taxes
Insurance
Escrow payments
Basic Information
Fees
Other Costs at Closing or Settlement
May 2021 | Federal Trade Commission | consumer.ftc.gov
Mortgage Shopping Worksheet
Will the lender waive any costs/fees?
Prepayment Penalties
If there is one, how much is it?
How long does the penalty period last?
Can I make extra principal payments?
Mortgage Rate Lock-Ins
Is the agreement in writing?
Is there a fee to lock in my rate?
Does the lock-in cover points?
When does the rate lock in?
(At application? Approval? Other?)
How long does the lock-in last?
If the rate drops before closing, can I lock in the
lower rate?
Is it an Adjustable Rate Mortgage (ARM)?
What’s the initial rate?
What’s the maximum the rate could be next year?
What are the rate and payment caps:
Each year?
For the life of the loan?
How often could the rate change?
How often could my monthly payment change?
What index will the lender use?
What margin will the lender add to the index?
Credit Life Insurance
Does the monthly mortgage payment quoted include
credit life insurance?
How much does it cost?
Does the lender require it for me to get the loan?
How much would my monthly payment be without credit
life insurance?
If it’s not required but I still want it, what rates can I get
from other insurance providers?
Other Things to Consider
Lender 1 Lender 2 Lender 3
Taxes (State/local, stamp, transfer taxes)
Flood insurance? (If required)
Prepaid PMI (If required)
Surveys or home inspections
Total – Estimated Closing or Settlement Costs
Other Costs at Closing or Settlement (Continued)
