Home Improvement Advice for Mortgage

Mortgage Checklist Do it Yourself Tips for Mortgage

Sample Mortgage Shopping Checklist

Below is a list of items that you should compare between mortgage providers to determine which loan will be least expensive for you.

Basic Information on the Loans Mortgage

Type of Mortgage

Minimum down payment required

Loan term (length of loan)

Contract interest rate

Annual percentage rate (APR)

Points (may be called loan discount points)

Monthly Private Mortgage Insurance (PMI) premiums

How long must you keep PMI?

Estimated monthly escrow for taxes and hazard insurance

Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI)

Fees

Application fee or Loan processing fee

Origination fee or Underwriting fee

Lender fee or funding fee

Appraisal fee

Attorney / solicitors fees

Document preparation and recording fees

Broker fees (ask for it in pounds as well as points)

Credit report fee

Other fees

Other Costs at Closing/Settlement

Title search/Title insurance

For lender

For you

Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow

State and local taxes, stamp taxes, transfer taxes

Flood determination

Prepaid Private Mortgage Insurance (PMI)