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Mortgage Comparison Shopping Chart

There are many ways to complete the information on this chart depending
on the level and background of your students.

1. Call two mortgage lenders yourself. Write the information on a separate sheet of paper. Ask the students to use this information to fill in the chart.

2. Divide up the calls, asking each student to call just one lender. Then share information to complete the chart. Remember to try to have
students make the calls on the same day. Students may be reluctant to make the calls, but they will learn more if they do so themselves.

3. Select one student to call two lenders and report back to the class.

4. After the information on the chart is filled in, ask students to compare the information collected and to discuss which lender might be the best choice.

 
Book graphic How to Buy Your Own HomeTable of ContentsGlossaryAnswer KeyFree Resources

Unit 3 : Lesson 2: How to shop for a mortgage loan

Document literacy:
Interpreting financial information Printer

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.

  Lender 1 Lender 2
1. Company name/phone number:
Loan officer name?		    
2. Mortgage type:    
3. Interest rate:

 

  
    a. Interest rate quoted on __/__/__
     (day/month/year)		 a. __________ a. __________
    b. Points? b. __________ b. __________
    c. Annual percentage rate? c. __________ c. __________
4. Interest rate lock-ins:
    
    At application for loan?    
    When the loan is approved?    
    Lock-in costs?    
5. Special loan programs:
Do you offer any kind of special loan programs for low- to moderate-income buyers?		    
6. Minimum down payment required:
    
    a. Without mortgage insurance? a. __________ a. __________
    b. With mortgage insurance? b. __________ b. __________
    c. If mortgage insurance is required:
    
        Are there up-front costs? c. __________ c. __________
        How much are monthly costs?     __________     __________
7. Prepayment of principal:
Are extra payments allowed?		    
8. Loan processing time:
How many days do you estimate from
    
    Application to approval?    
    Approval to closing?    
9. Closing costs:
What are the total closing costs?		    

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