|
The Mortgage Comparison Worksheet
|
Lenders
Name:
Address:
Phone #
Fax # |
Who
you talked with:
Date:
|
| Questions
to ask: |
[X]
Check box with answer you have found: |
| First
Mortgage Type/Term: |
[
] Closed 6 months, 1 - 10 years.
[ ] Fixed Rate Open 6 months, 1 or 2 years.
[ ] Variable Rate Open 6 months, 1 or 5 years.
[ ] Other:
|
| "Open"
Periods in a Fixed Term Mortgage (excluding NHA): |
[
] Yes [ ] No, Example: A 5 yr term after 3 years with no replacement
mortgage- a fee of 3 months interest on IRD.
Answer:
|
| Convertible
features - Does feature appear in document: |
[
] Yes [ ] No, Example: Variable to borrower who currently has
a 6 month closed mortgage. To convert to a new fixed rate closed
term mortgage of 1 year or longer;
Answer:
[ ] Yes [ ] No, Administration fee. |
| Pre-approval: |
[ ] Yes [ ] No |
| Second
Mortgages: |
[ ] Yes [ ] No |
| Refinance
using an amendment agreement: |
[ ] Yes [ ] No, Example: 80% of appraised value less amount
of mortgage owed if property other than acreage, condominium or
revenue property, otherwise 75%. |
| Amortization
Period: |
Up
to 25 years, or less? |
| Appraisal
Fee: |
How
much: $ |
| Commitment
Period - Existing: |
How
many days: |
|
Renewals: |
How
many days: |
| New
Construction: |
How
many days: |
| Switch
In: |
How
many days, fee? |
| Refinance:
|
How
many days, fee? |
| Pre-approval:
|
How
many days, fee? |
| Any
rate drop automatic / fee: |
[ ] Yes [ ] No, how much? $ |
| When
is final rate set: |
Date
the funds are advanced. |
| Interest
Adjustment Date: |
On
1st of the month, not more than 60 days after possession of mortgaged
property or new construction completion. |
| Interest
adjustment deducted from advance: |
[
] Yes [ ] No, if funds are disbursed on interest adjustment
date. |
| Gross
and/or Total Debt Service Ratios: |
Gross
- 30%
Total - 40% |
| Annual
Percentage Prepayment: |
[ ] Open mortgages; any amount any time? $__________________
[ ] Closed mortgages; up to ___% of original mortgage amount,
once per calendar year several payments during the year that do
not exceed ___% of original mortgage amount. |
| Skip
payment option: |
[ ] Yes [ ] No |
| Prepayment
Cumulative: |
[ ] Yes [ ] No (see "Annual Percentage Prepayment")
|
| When
does privilege begin: |
N/A |
| Monthly
Payment Increase: |
[ ] Yes [ ] No, Open mortgages; any amount any time.
[ ] Yes [ ] No, Closed mortgages; lump sum of up to_____%
of original mortgage amount, once per calendar year.
Other: |
| Renewal
Before Maturity / Fee: |
[ ] Yes [ ] No, Example: If open or closed mortgages once per
calendar year - No fee. Subsequent early renewals, $____fee each
renewal?
Answer: |
| Renewal
Fee at Maturity: |
[ ] Yes [ ] No, How much $ |
| Automatic
Renewal: |
[ ] Yes [ ] No,
Mortgage renewal agreement must be signed? [ ] Yes [ ] No.
|
| Portable
Mortgage/Fee: |
[ ] Yes [ ] No, If fee, How much? |
| Portability
written into Mortgage document: |
[ ] Yes [ ] No |
| Payment
Choices: |
[ ] Monthly [ ]Semi-monthly [ ] Bi-weekly [
] Weekly [ ] Other: |
| How
are weekly & bi-weekly payments calculated: |
Monthly
multiplied
by [ ]12 and divided by 52 for weekly,
or [ ] divided by 26 for bi-weekly. |
| Fee
to change Payment Option: |
[
] Yes [ ] No, If fee $_____ |
Discharge
Fee:
(where applicable) |
[ ] Yes [ ] No, If fee $_____ |
| Cost
of early payout: |
Interest
rate differential or 3 months interest, whichever is lower. |
| Statement
/ Fee: |
[
] Yes [ ] No, [ ] upon request - If fee: $_____ |
| Mortgage
Life Insurance: |
Offered
by The Life Insurance Co. (optional)
|
| Mortgage
Disability: |
Offered
by The Life Insurance Co. (optional)
|
| Property
Tax Account: |
[ ] Yes [ ] No |
|
Overdraft Rate: |
Current
interest rates %______ |
| Mortgage
Assumption / Fee: |
[ ] Yes [ ] No, If fee: $_____ |
| Transfer
In Fee: |
[ ] Yes [ ] No, If fee: $_____ |
| Transfer
Out Fee: |
[
] Yes [ ] No, If fee: $_____ or [ ] Interest rate differential
|
| Reimbursement
of transfer out fee paid to customer by new lender: |
[ ] Yes [ ] No, If fee: $_____ [ ] customer by [ ]
new lender |
Notes:
.
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.
. |
IP-Profiler - Mortgages
