Mortgage Comparison Worksheet Template (Page 3 of 3) in pdf

Mortgage Comparison Worksheet Template Page 3

Mortgage Comparison Worksheet

Lender 1

Lender 2

Name of Lender

Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

If the loan is an adjustable-rate mortgage

What is the initial rate?

What is the maximum the rate could be next year?

What are the rate and payment caps each year and

over the life of the loan?

What is the frequency of rate change and of any

changes to the monthly payment?

What is the index that the lender will use?

What margin will the lender add to the index?

Credit life insurance

Does the monthly amount quoted to you include a

charge for credit life insurance?

If so, does the lender require credit life insurance as

a condition of the loan?

How much does the credit life insurance cost?

How much lower would your monthly payment be

without the credit life insurance?

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?

Source: Federal Interagency Task Force on Fair Lending (FRB1-750000,0199C)

Mortgage Comparison Worksheet Template Page 3