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Get Mortgage Shopping Worksheet
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How to fill out the Mortgage Shopping Worksheet online
The Mortgage Shopping Worksheet is a valuable tool for comparing different loan options when shopping for a mortgage. This guide provides a step-by-step approach to help users complete the form online efficiently and accurately.
Follow the steps to complete the Mortgage Shopping Worksheet online:
- Click 'Get Form' button to access the Mortgage Shopping Worksheet and open it in your chosen online editor.
- Begin by entering the name of the lenders you are considering in the 'Name of Lender' fields at the top of the form. Make sure to document lender 1 and lender 2 separately.
- Next, fill in the 'Name of Contact' and 'Date of Contact' for each lender, ensuring you record when you spoke with them and who you communicated with.
- Indicate the 'Mortgage Amount' you are seeking for both lenders. This will allow you to compare terms based on different loan amounts.
- Under 'Basic Information on the Loans,' specify the type of mortgage offered by each lender (e.g., fixed-rate, adjustable-rate, etc.). If the mortgage is adjustable, be sure to note that as well.
- List the 'Minimum Down Payment required,' along with the 'Loan term (length of loan),' for both lenders. This information is crucial for understanding your initial investment and payment period.
- Record the 'Contract interest rate' and 'Annual percentage rate (APR)' for each lender to evaluate the cost of borrowing.
- Note down any 'Points' and 'Monthly private mortgage insurance (PMI) premiums' applicable, along with the duration you must maintain PMI.
- Continue by estimating the 'Monthly escrow for taxes and hazard insurance' as well as 'Estimated monthly payment' which includes principal, interest, taxes, insurance, and PMI.
- Next, identify the various 'Fees' that each lender may include; list application fees, origination fees, and any other charges outlined in the worksheet.
- Fill out the section for 'Other Costs at Closing/Settlement' to account for title insurance, prepaid amounts, and other potential costs.
- Lastly, answer any additional questions or considerations about the loan regarding prepayment penalties, lock-in agreements, and credit life insurance as prompted in the form.
- Once you have filled in all required fields, you can save your changes, download, print, or share the completed Mortgage Shopping Worksheet as needed.
Begin completing your Mortgage Shopping Worksheet online today to make informed mortgage decisions.
The fee paid to the seller's real estate broker for listing the property and to the buyer's broker for bringing the buyer to the sale. Normally, the total fee is split 50/50 between the seller's and buyer's brokers. The seller of the property generally pays this fee.