Print this page or keep it open while you talk with at least two lenders about mortgage math. The sections are ordered by how much the guides on Mortgage Payment Breakdown discuss each topic, and each one quotes the guide that covers it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| When is my escrow analysis done? | Lender 1 answer | Lender 2 answer |
| Did taxes or insurance increase? | Lender 1 answer | Lender 2 answer |
| Can I spread a shortage over twelve months? | Lender 1 answer | Lender 2 answer |
| Is my assessment accurate? | Lender 1 answer | Lender 2 answer |
| Should I shop my insurance? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Payment questions
On this site: “Conventional: private mortgage insurance (PMI) when equity is below the investor threshold; it can be removed under the Homeowners Protection Act once requirements are met.” From What Goes Into a Mortgage Payment: PITI and More
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How does your monthly payment figure break down into principal, interest, taxes, insurance and mortgage insurance? | Lender 1 answer | Lender 2 answer |
| Which debts are you counting in my debt-to-income ratio? | Lender 1 answer | Lender 2 answer |
| What property tax and insurance amounts did you assume? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a debt-to-income ratio?.
Loan features
On this site: “Many loans collect taxes and insurance monthly in an escrow account.” From What Goes Into a Mortgage Payment: PITI and More
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Your Loan Estimate
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Before you choose
On this site: “Your servicer analyzes the account each year, so the total payment can rise or fall even on a fixed-rate loan.” From What Goes Into a Mortgage Payment: PITI and More
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: What is a debt-to-income ratio?
- CFPB: What is a prepayment penalty?
- CFPB: Loan Estimate explainer
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- NMLS Consumer Access