Follow the steps to effectively complete the Mortgage Comparison Worksheet

1. Click ‘Get Form’ button to obtain the Mortgage Comparison Worksheet and open it in your preferred online editor.
2. Begin by entering the lender information. Fill in the names of the lenders you are comparing and include the name and contact details of each lender's representative.
3. Next, specify the mortgage amount you wish to compare. Ensure this amount reflects the total sum you are seeking to borrow.
4. For each mortgage option, identify the type of mortgage by selecting from the choices provided: Fixed Rate, Adjustable Rate, Conventional, FHA, or Other.
5. Indicate the minimum down payment required for each mortgage option you are assessing.
6. Enter the loan term, which is the length of the loan, typically expressed in years.
7. Fill in the contract interest rate and the annual percentage rate (APR) for each mortgage option.
8. Include information about points, which may be called Loan Discount Points, associated with both mortgage options.
9. Calculate the estimated monthly payment, detailing the costs for principal, interest, taxes, insurance, and any private mortgage insurance (PMI) premiums.
10. Document the estimated monthly escrow for taxes and hazard insurance for each mortgage.
11. List any applicable fees for each lender, including the application fee, appraisal fee, attorney fees, and any broker fees, specifying any alternative terms used.
12. Review the other costs at closing or settlement, such as title insurance and any prepaid amounts. Be thorough to ensure all potential costs are recorded.
13. Consider additional questions and concerns about the loan. This includes prepayment penalties, lock-in agreements, and any insurance costs associated with the loan.
14. Once completed, save the changes made to your worksheet. You can then download, print, or share the form as needed.

Take the next step in your mortgage journey by completing your Mortgage Comparison Worksheet online today.