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Unit 3 : Lesson
2: How to shop for a mortgage loan
Document literacy:
Interpreting financial information 
Mortgage Comparison Shopping Chart
Call two lenders in your local area.
Using the questions on the chart below as a guide, ask each
lender about their rates, fees, and services. Fill in the
information on the chart. Discuss with your classmates which
lender might best meet your needs.
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Lender
1 |
Lender
2 |
1.
Company name/phone number:
Loan officer name? |
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| 2.
Mortgage type: |
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3.
Interest rate:
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a.
Interest rate quoted on __/__/__
(day/month/year) |
a.
__________ |
a.
__________ |
| b.
Points? |
b.
__________ |
b.
__________ |
| c.
Annual percentage rate? |
c.
__________ |
c.
__________ |
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4.
Interest rate lock-ins:
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| At
application for loan? |
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| When
the loan is approved? |
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| Lock-in
costs? |
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5.
Special loan programs:
Do you offer any kind of special loan programs for low-
to moderate-income buyers? |
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6.
Minimum down payment required:
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| a.
Without mortgage insurance? |
a. __________
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a.
__________ |
| b.
With mortgage insurance? |
b. __________
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b.
__________ |
c.
If mortgage insurance is required:
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| Are
there up-front costs? |
c. __________
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c.
__________ |
| How
much are monthly costs? |
__________ |
__________ |
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7.
Prepayment of principal:
Are extra payments allowed? |
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8.
Loan processing time:
How many days do you estimate from
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| Application
to approval? |
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| Approval
to closing? |
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9.
Closing costs:
What are the total closing costs? |
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