
Mortgage Shopping WorksheetAsk your lender or broker to help you fill out this worksheet. 
FixedRate Mortgage 
ARM 1 
ARM 2 
ARM 3 


Name of lender or broker and contact information 

Mortgage amount 

Loan term (e.g. 15 years, 30 years)  
Loan description (e.g., fixed rate, 3/1 ARM, paymentoption ARM, interestonly ARM) 

Basic Features for Comparison 

Fixedrate mortgage interest rate and annual percentage rate (APR) 
not applicable 
not applicable 
not applicable 

ARM initial interest rate and APR  not applicable 

How long does the initial rate apply? 
not applicable 

What will the interest rate be after the initial period? 
not applicable 

ARM features  not applicable 

How often can the interest rate adjust? 
not applicable 

What is the index and what is the current rate? 
not applicable 

What is the margin for this loan? 
not applicable 

Interestrate caps  not applicable 

What is the periodic interestrate cap? 
not applicable 

What is the lifetime interestrate cap? How high could the rate go? 
not applicable 

How low could the interest rate go on this loan? 
not applicable 

What is the payment cap?  not applicable 

Can this loan have negative amortization (that is, increase in size)?  not applicable 

What is the limit to how much the balance can grow before the loan will be recalculated?  not applicable 

Is there a prepayment penalty if I pay off this mortgage early?  
How long does that penalty last? How much is it?  
Is there a balloon payment on this mortgage? If so, what is the estimated amount and when would it be due? 

What are the estimated origination fees and charges for this loan?  
Monthly Payment Amounts 

What will the monthly payments be for the first year of the loan? 

Does this include taxes and insurance? Condo or homeowner's association fees? 

What will my monthly payment be after 12 months if the index rate…  not applicable 

...stays the same? 
not applicable 

...goes up 2%? 
not applicable 

...goes down 2%? 
not applicable 

What is the most my minimum monthly payment could be after 1 year? 
not applicable 

What is the most my minimum monthly payment could be after 3 years? 
not applicable 

What is the most my minimum monthly payment could be after 5 years? 
not applicable 
Consumer Handbook on AdjustableRate Mortgages 
Glossary 
For More Information  