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GSA Mortgage Shopping Worksheet

File for Printing Worksheet (12KB PDF)

Return to the Mortgage and Real Estate Library

  Lender 1 Lender 2
Name of Lender:    
Name of Contact:    
Date of Contact:    
Mortgage Amount:    
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Basic Information on the Loans
Type of Mortgage: fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below
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)        
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.

Application fee or Loan processing fee
Origination fee or Underwriting fee        
Lender fee or Funding fee        
Appraisal fee        
Attorney fees        
Document preparation and recording fees        
Broker fees (may be quoted as points, origination fees, or interest rate add-on)        
Credit report fee        
Other fees        
Other Costs at Closing/Settlement
Title search & insurance
    For lender
    For you        
Estimated 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)        
Surveys and home inspections        
Total Fees and Other Closing/Settlement Cost Estimates        
  Lender 1 Lender 2
Name of Lender:    
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Other Questions and Considerations about the Loan
Are any of the fees or costs waivable?
Prepayment penalties
Is there a prepayment penalty?
If so, how much is it?        
How long does the penalty period last? (for example, 3 years? 5 years?)        
Are extra principal payments allowed?        
Is the lock-in agreement in writing?
Is there a fee to lock-in?        
When does the lock-in occur:at application, approval, or another time?        
How long will the lock-in last?        
If the rate drops before closing, can you lock-in at a lower rate?        
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?        

This checklist is part of a brochure prepared by the following agencies:

  • Department of Housing and Urban Development
  • Department of Justice
  • Department of the Treasury
  • Federal Deposit Insurance Corporation
  • Federal Housing Finance Board
  • Federal Reserve Board
  • Federal Trade Commission
  • National Credit Union Administration
  • Office of Federal Housing Enterprise Oversight
  • Office of the Comptroller of the Currency
  • Office of Thrift Supervision
sedalia rela estate info

Jodi Randa
Randa & Co Properties

7501 Village Square Drive #206
Castle Pines, CO 80108

Phone: 720-244-1796

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