Lender Comparison Chart

There are many variables in selecting a mortgage lender, so a systematic approach is needed. The following chart will help you ask lenders questions about the terms of mortgages they offer. If you don't understand a specific item, hover your mouse over the highlighted word or phrase to read a definition.

  Lender #1 Lender #2 Lender #3

Company name

Phone number

     

Mortgage type:

Mortgage terms (15 yr, 30 yr, ARM, etc.)

     

Interest rate quoted on ___/___/___ is:

Number of points

Can points be financed?

Annual Percentage Rate (APR):

     

Interest rate lock upon application?

Interest rate lock at approval?

Lock-in costs?

Effective how long?

     

Minimum down payment required without mortgage insurance?

Minimum down payment required with mortgage insurance?

Upfront costs?

Monthly premiums?

Can it be financed?

     

Is there a penalty for prepayment of principal?

If yes, percent of outstanding principal:

Will there be a penalty on a refinanced loan?

Extra principal payments allowed?

     

After application, how many days processing till approval?

After approval, how many days processing till closing?

     

Closing costs/fees:

Application fee:

Loan origination fee:

Credit report fee:

Appraisal fee:

Title search/title insurance:

Survey fee:

Underwriting fee:

Processing fee:

Document preparation fee:

Lender's attorney fee:

Any other closing costs?

Are no fee mortgages offered?

     

Questions for
Adjustable Rate Mortgages (ARMs)

Lender #1

Lender #2

Lender #3

What is the financial Index (Treasury, Cost of Funds, LIBOR, etc.)?

What is the margin over the Index (e.g. Treasury + 2.75%)?

     

What is the initial interest rate?

     

What is the interest adjustment interval
(6 months, 1 year, etc.)?

     

What is the lifetime interest rate cap?

What is the periodic interest rate cap?

What is the payment cap?

     

Can the loan be converted to a fixed-rate?

How is the new converted rate determined?

Is there a conversion fee?

     

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