Use this worksheet to help you shop for the best deal
|Compare answers to these questions||Lender A||Lender B||Lender C||My Current Mortgage|
|What are the monthly payments?||___||___||___||___|
|What is the Annual Percentage Rate (APR)?
the cost of credit expressed as a yearly rate; includes the interest rate, points, broker fees, and other credit charges
|What is the interest rate?
the cost of borrowing money expressed as a
|Will the interest rate change?||___||___||___||___|
|By how much?||___||___||___||___|
|What will you have to pay in points?||___||___||___||___|
|What will you have to pay in fees?||___||___||___||___|
|Application or loan processing fee||___||___||___||___|
|Origination or underwriting fee||___||___||___||___|
|Lender or funding fee||___||___||___||___|
|Document preparation and recording fees||___||___||___||___|
|Are any of the application fees refundable if you dont
get the loan?
|How many years will you have to repay the loan?||___||___||___||___|
|Is this an installment loan or a line of credit?||___||___||___||___|
|Is there a balloon payment?||___||___||___||___|
|What are the total closing costs?||___||___||___||___|
|If you use a broker, how and how much will he or she be paid?||___||___||___||___|
|What is the penalty for late or missed payments?||___||___||___||___|
|What is the penalty if you pay off or refinance the loan early?||___||___||___||___|
|Does the loan include optional credit insurance?
You dont have to accept optional credit insurance to get your loan. If you want optional credit insurance, ask about paying for it monthly instead of financing the premiums as part of your loan.
|Can you afford this loan?||___||___||___||___|
|Adobe acrobat version of Worksheet for printing (58 KB PDF)|
Updated August 6, 2015