Get Mortgage Shopping Worksheet

The Mortgage Shopping Worksheet is a valuable tool for users seeking clarity and organization while comparing mortgage options. By filling out this worksheet online, users can streamline their mortgage shopping experience and make informed decisions.

Follow the steps to complete the Mortgage Shopping Worksheet efficiently.

1. Click ‘Get Form’ button to access the Mortgage Shopping Worksheet and open it in your preferred digital editor.
2. Begin by entering the name of your lender or broker along with their contact information. This will allow for easy communication while you shop for mortgages.
3. Input the mortgage amount you are considering. This is the total loan amount you are seeking.
4. Describe the type of loan you are interested in. Options may include fixed-rate, adjustable-rate mortgage (ARM), or others.
5. In the 'Basic Features for Comparison' section, enter the fixed-rate mortgage interest rate and the annual percentage rate (APR). If considering an ARM, use the ARM columns instead.
6. For ARMs, input the initial interest rate and APR. Specify how long this initial rate will be effective and what the rate will become afterward.
7. Document details about the ARM features, including the frequency of interest rate adjustments and the corresponding index rates. Gather information on the margin associated with this loan.
8. List any interest-rate caps. This includes periodic and lifetime caps, indicating the highest and lowest rates allowable.
9. Determine whether there is a prepayment penalty for early repayment of the mortgage. If so, note the duration and amount of the penalty.
10. If applicable, document if there is a balloon payment due. Detail the estimated amount and when it would be due.
11. Estimate any origination fees and charges for the loan.
12. In the 'Monthly Payment Amounts' section, record the expected monthly payments for the first year. Include any applicable taxes, insurance, or association fees.
13. Calculate projections for payments after 12 months if the index rate remains the same, increases by 2%, or decreases by 2%. Also, identify the maximum monthly payment amounts for 1, 3, and 5 years.
14. Review your entries for accuracy and completeness.
15. Save your changes, and be sure to download, print, or share the completed Mortgage Shopping Worksheet as needed.

Get started on completing your Mortgage Shopping Worksheet online today to better evaluate your mortgage options.