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Mortgage Rates and Terms Worksheet

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Mortgage Rates and Terms Worksheet Powered By Docstoc
					                          Mortgage Rates and Terms Worksheet


Lender                   _________________   __________________   ________________
Loan agent               _________________   __________________   ________________
Phone number             _________________   __________________   ________________
Date                     _________________   __________________   ________________


1. General Information
Fixed or adjustable      [ ]F [ ]A           [ ]F [ ]A            [ ]F [ ]A
Fixed interest rate      ________%           ________%            ________%
Government financing     [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Min. down payment        ________%           ________%            ________%
PMI required             [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Impound account          [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Term of mortgage         _____ Years         _____ Years          _____ Years
Assumable                [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Prepayment penalty       [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Negative amortization    [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Rate lock in available   [ ]Y [ ]N           [ ]Y [ ]N            [ ]Y [ ]N
Cost to lock in          21 Days $______     21 Days $______      21 Days $_______
                         30 Days $______     30 Days $_______     30 Days $_______
                         45 Days $______     45 Days $_______     45 Days $_______

2. Debt-to-Income Ratios Information
Allowable monthly
carrying costs as %
of income                ________%           ________%            ________%
Allowable monthly
carrying costs plus
long-term debts as %
of monthly income        ________%           ________%            ________%
Maximum loan you
qualify for based on
debt-to-income ratios    ________%           ________%            ________%



3. Loan Costs
Number of points         ________%           ________%            ________%
Cost of points           ________%           ________%            ________%
PMI                      $__________             $__________              $__________
Additional loan fee      $__________             $__________              $__________
Credit report            $__________             $__________              $__________
Application fee          $__________             $__________              $__________
Appraisal fee            $__________             $__________              $__________
Miscellaneous fees       $__________             $__________              $__________
Estimated total loan costs                       $__________              $__________     $__________



4. Time Limits
Credit/employment
check                     _______ Days           _________ Days           _______ Days
Lender appraisal          _______ Days           _________ Days           _______ Days
Loan approval             _______ Days           _________ Days           _______ Days
Loan funding              _______ Days           _________ Days           _______ Days
Loan due date each
month                     _______ Days           _________ Days           _______ Days
Grace period              _______ Days           _________ Days           _______ Days
Late fee                  ________% Pmt          ________% Pmt            ________% Pmt

5. Other Features
[Such as a discount for having an account with a certain bank, or a lender discount of interest rate on
initial payments]
___________________ _________________ _________________ _________________
___________________ _________________ _________________ _________________
___________________ _________________ _________________ _________________

6. Fixed Rate Two-Step Loans
Initial annual interest
rate                      ________%              ________%                ________%
Over how many years       ________ Yrs           ________ Yrs             ________ Yrs

7. Fixed Rate Balloon Payment Loans
Interest rate             ________%              ________%                ________%
Monthly                   ________%              ________%                ________%
Term of loan              ________ Yrs           ________ Yrs             ________ Yrs
Amount of balloon
payment                   ________%              ________%                ________%

8. Adjustable Rate Mortgages (ARMs)
Index:
  11th District COFI [ ] ________%          [ ] ________%      [ ] ________%
  6 Mo. T-Bills         [ ] ________%       [ ] ________%      [ ] ________%
  1 Yr. T-Bills         [ ] ________%       [ ] ________%      [ ] ________%
  Other
   _____________        [ ] ________%       [ ] ________%      [ ] ________%
Margin                  [ ] ________%       [ ] ________%      [ ] ________%
Initial interest rate   [ ] ________%       [ ] ________%      [ ] ________%
How long                ___ Mos. ___ Yrs.   ___ Mos. ___ Yrs   ___ Mos. ___ Yrs.
Interest rate cap
(with negative
amortization)           [ ] ________%       [ ] ________%      [ ] ________%
Interest rate cap
(without negative
amortization)           [ ] ________%       [ ] ________%      [ ] ________%
Adjustment period       _______ Months      _______ Months     _______ Months
Life-of-loan (overall)
cap                     [ ] ________%       [ ] ________%      [ ] ________%
Initial payment         _______ Months      _______ Months     _______ Months
Payment cap             [ ] ________%       [ ] ________%      [ ] ________%
Payment cap period      _______ Months      _______ Months     _______ Months
Highest payment or interest rate in:
6 months                ____% $_________    ____% $_________   ____% $_________
12 months               ____% $_________    ____% $_________   ____% $_________
18 months               ____% $_________    ____% $_________   ____% $_________
24 months               ____% $_________    ____% $_________   ____% $_________
30 months               ____% $_________    ____% $_________   ____% $_________
36 months               ____% $_________    ____% $_________   ____% $_________


9. Hybrid Loans
Initial interest rate   ________%           ________%          ________%
Term as a fixed rate
loan                    ________ Yrs        ________ Yrs       ________ Yrs
Interest rate at
first adjustment period ________%           ________%          ________%

				
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