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Mortgage Shopping WorksheetAsk your lender or broker to help you fill out this worksheet. |
Fixed-Rate Mortgage |
ARM 1 |
ARM 2 |
ARM 3 |
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Name of lender or broker and contact information |
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Mortgage amount |
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| Loan term (e.g. 15 years, 30 years) | ||||
| Loan description (e.g., fixed rate, 3/1 ARM, payment-option ARM, interest-only ARM) |
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Basic Features for Comparison |
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Fixed-rate mortgage interest rate and annual percentage rate (APR) |
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ARM initial interest rate and APR How long does the initial rate apply? |
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What will the interest rate be after the initial period? |
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ARM features How often can the interest rate adjust? |
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What is the index and what is the current rate? |
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What is the margin for this loan? |
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Interest-rate caps What is the periodic interest-rate cap? |
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What is the lifetime interest-rate cap? How high could the rate go? |
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How low could the interest rate go on this loan? |
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| What is the payment cap? | ||||
| Can this loan have negative amortization (that is, increase in size)? | ||||
| What is the limit to how much the balance can grow before the loan will be recalculated? | ||||
| Is there a prepayment penalty if I pay off this mortgage early? | ||||
| How long does that penalty last? How much is it? | ||||
| Is there a balloon payment on this mortgage? If so, what is the estimated amount and when would it be due? |
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| What are the estimated origination fees and charges for this loan? | ||||
Monthly Payment Amounts |
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What will the montly payments be for the first year of the loan? |
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What will the monthly payments be for the first year of the loan? |
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Does this include taxes and insurance? Condo or homeowner's association fees? |
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What will my monthly payment be after 12 months if the index rate… ...stays the same? |
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...goes up 2%? |
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...goes down 2%? |
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What is the most my minimum monthly payment could be after 1 year? |
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What is the most my minimum monthly payment could be after 3 years? |
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What is the most my minimum monthly payment could be after 5 years? |
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Consumer Handbook on Adjustable-Rate Mortgages | Glossary | For More Information |
