Mortgage Comparison Worksheet

Different lenders offer different terms and charge different fees for a home loan. That’s why it's important to get quotes from more than one lender and compare your options.


Before You Start

Before you start reaching out to lenders, you’ll first want to decide which type of mortgage is best for you: a fixed-rate mortgage or an adjustable-rate mortgage.

A certified housing counselor can talk you through your options and help determine which type of mortgage product best fits your financial situation and goals.

Compare Lenders to Get the Best Rate

It’s recommended that you get quotes from three to five lenders. The more you shop around, the more money you could save. Use this worksheet to compare mortgage quotes and make sure you’re getting the best loan. You can reuse this worksheet to compare multiple mortgage quotes.

Section 1: Lender Information
Details Lender 1 Lender 2
1. Name of Lender
2. Name of Contact
3. Date of Contact
4. Mortgage Amount
Select the type of loan
Details Lender 1 Lender 2
1. Loan term (length of loan)
2. Contract interest rate
3. Annual percentage rate (APR)

4. Points (aka loan discount points or origination points)

5. Minimum down payment required
6. Monthly private mortgage insurance (PMI) premiums

7. How long must you keep PMI? (e.g., for the life of the loan, until 20% home equity)

8. Monthly principal and interest
9. Additional estimated monthly escrow payment (taxes, insurance)

Adjustable-Rate Mortgage (ARM) Information

Details Lender 1 Lender 2
10. What is the initial rate?
11. What is the maximum the rate could be next year?
12. What are the rate and payment caps each year over the life of the loan?
13. What is the frequency of rate change and of any changes to the monthly payment?
14. What index will the lender use?
15. What margin will the lender add to the index?

Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents.

Details Lender 1 Lender 2
1. Application fee or loan processing fee
2. Credit report fee
3. Loan origination fee
4. Document preparation and recording fees
5. Underwriting fee
6. Appraisal fee
7. Home inspection fee
8. Title insurance fee
9. Survey fee
10. Attorney fee
11. Initial installment of homeowners insurance premium
12. Initial escrow payment (insurance, taxes, PMI)
13. Flood determination fee
14. Other fees

15. Total Fees

16. Are any of the fees or costs waivable?
Details Lender 1 Lender 2
1. When does the lock-in occur: at application, approval, or another time?
2. How long will the lock-in last?
3. Is there a rate lock-in fee?
4. If the rate drops before closing, can you lock-in at a lower rate?
5. Is the lock-in agreement in writing?
Details Lender 1 Lender 2

1. Does the monthly amount include a charge for credit life insurance? If no, skip to #5.

2. Does the lender require credit life insurance as a condition of the loan?
3. How much does the credit life insurance cost?
4. How much lower would your monthly payment be without the credit life insurance?
5. If the lender does not require credit life insurance, and you still want to buy it, what rates can you get from other insurance providers?