Denver Real Estate Denver

Denver Real Estate Featuring 1,773,932 Opinions! Join | Login | Logout | Help | User Page SEARCH FOR: SEARCH FOR: -- Topics Computers & Internet Education Entertainment & Media Features People Politics Products Sports & Recreation Travel, Food & Culture WebLists Computers & Internet Education Entertainment & Media Features People Politics Products Sports & Recreation Travel, Food & Culture RateLocal Atlanta Directory Austin Directory Boston Directory Chicago Directory Cleveland Directory Dallas Directory Houston Directory Las Vegas Directory Los Angeles Directory Miami Directory New Orleans Directory New York City Directory Philadelphia Directory San Francisco Directory Seattle Directory Washington DC Directory More Cities Shortcuts Recent Comments New Additions Top Reviewers User Search RateItAll Contributors Advertising Sponsorships Web Site Directory Content RateLocal Shop Computers Photography Electronics More Categories RateItAll Gear Company About Us Press Room Company FAQs RateItAll Blog Privacy Policy Jobs Newsletters Contact Testimonials Help Help FAQs WebList FAQs Site Rules WebList Buy Back RSS Help Terms of Service Now In: RateItAll.com > Local > Denver Directory > Denver Real Estate Denver Directory Use this section to find and share opinions about this city's local businesses and merchants. To find a specific merchant and browse its reviews & ratings, drill down through the index on this page. To learn more about RateLocal.com, click HERE . RateItAll Local Get Listed. Get Noticed. Learn more Hottest Topics TV News Personalities Actors (Current) Best Guitarist of All Time Actresses (Current) TV Drama Shows (Current) Hottest WebLists Deserving of the Rock and Roll Hall of Fame? (by garjen55 (11) ) Male TV Characters as Role Models (by mrnocal (0) ) Most Obnoxious Public Figure of All Time (by CastleBee (60) ) Things that Advertise an Individual's Status as Lower or Working Class (by SZinhonshu (34) ) Disney's Animated Masterpieces (by excelsior30 (3) ) BROWSE DENVER REAL ESTATE Showing LOCAL TOPICS 1-7 of 7 Denver Architects Denver Interior Decorators & Design Denver Movers Denver Property Management Denver Real Estate Agents Denver Real Estate Developers Denver Storage Showing LOCAL TOPICS 1-7 of 7 Search | Send Us Feedback | Create Your Own Ratings List | Privacy Policy | About Us | Site Rules | Business Services © 1999-2003 RateItAll.com, Inc.

Land Loan for Downpayment

Land Loan for Downpayment on Home - HMDA? - Dan Persfull Banker Store BOL Vendor Connect BOL Career Connect BOL Learning Connect Bankers Information Network Home Compliance Lending Operations Security Marketing Technology/eBanking Top Stories Bankers' Threads Alphabet Soup -- Background Check CrimeDex Em@il Education ID Verification Record Retention MAIN CONTENT Compliance Agency Road Maps Alphabet Soup Compliance Tools FACTA/FCRA OFAC Lending Article 9 FACTA/FCRA HMDA Heaven Lending Tools SCRA Marketing Operations Check 21 Disaster Updates Disaster Recovery HR Corner IRA Season Money Matters Operations Tools Security AML/BSA Bank Robbery Counterfeits ID Fraud/Phishing Security Tools Technology/eBanking Disaster Updates Disaster Recovery Info Security SPECIAL AREAS BOL Archives BOL Blogs Briefing Archive Calendar Court Watch Disaster Issuances Em@il Education Examiner's Corner Executive Briefing Infovault Launch Pad Lessons Learned Monthly Roundup Risk Management Site Map Site Orientation Top Stories ~ ~ ~ SERVICES Background Check BOL Conferencing CrimeDex Em@il Education ID Verification Record Retention ~ ~ ~ SHOP Banker Store Bankers Info Ntwk Books Vendor Connect CONNECT Career Connect Learning Connect Vendor Connect Guru Central INTERACT Ask a Guru Bankers Threads Contact Us Give Us Feedback TOOLS 60 Second Solutions Alphabet Soup Banker Tools BOL Forms FUN Banker Humor Banker Memories BOL Recipes eCard Exchange LEARN MORE About Advertising About Our Sponsors About Us Print Friendly Version! Email This Article! Discuss NOW! Land Loan for Downpayment on Home - HMDA? by Dan Persfull, BOL Guru Guru Bios Question: HMDA Reportable question. Loan secured by land. Purpose is to provide a down payment for the purchase of a home. Do we report? Answer: No. The loan is not secured by a dwelling therefore it does not meet the definition of a home purchase loan. First published on BankersOnline.com 11/21/2005 Privacy Policy Disclaimer Recommend This Site ! Contact Us BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.

Denver Real Estate Site

Buy Denver real estate; relocation info Buy Denver real estate Denver Neighborhood Profiles The Denver Metro area consists 50 municipalities and counties that comprise the Denver area. The following links are some of the neighborhoods to consider in your relocation Arvada NW Metro Denver region Aurora E & SE Metro Denver region Brighton NE Metro Denver region Broomfield N Metro Denver region Boulder NW Metro Denver region Castle Rock South Metro Denver region Cherry Hills South Metro Denver region Conifer SW Denver mountain region Commerce City NE Metro Denver region Denver City and County of Denver Englewood South Metro Denver Evergreen West Mountain region Greenwood Village South Metro Denver region Golden West foothills of Metro Denver Highlands Ranch South Metro Denver region Ken Caryl SW Metro Denver region Lafayette N Metro Denver region Lakewood West Metro Denver region Littleton SW Metro Denver region Loft Living Downtown Denver Louisville N Metro Denver region Lone Tree SE Metro Denver region Morrison SW Metro Denver region Northglenn NE Metro Denver region Parker SE Metro Denver region Thornton NE Metro Denver region Westminster N Metro Denver region search Denver Real Estate Site Denver Denver real estate is exciting to discuss with people relocating to the Denver metro area. We have a diverse economy, a highly educated population, progressive leadership and a beautiful setting on the high plains of the Colorado Rocky Mountains. While most people are under the impression that Colorado, including Denver is hip deep in snow all winter long, happy residents know the truth. The snow gets deep in the high country while Denver enjoys sunny, mild weather with only occasional snowy days to break up the boredom! Over the past decade Denver has enjoyed a renaissance, adding a world class international airport, DIA, a new Bronco football stadium, Invesco Field at Mile High, baseball park, Coors Field for the Colorado Rockies, a massive entertainment facility and home of the Stanley Cup winning Colorado Avalanche are just of few of the new additions to the city. These days more history is in the making with the construction of additional Light Rail lines and the infamous T-REX the construction project we all love to hate. As a commuter myself, I love watching the road change each week as they progress continues. It won't be long before it is done and we will be one more step into a modern future far from the Wild West Frontier Days of the past. Denver Economy Denver's diverse economy in a variety of industries make a home in Colorado; telecommunications, aerospace, financial services, computer software, biomedical and many other high tech sectors offer employment here. Major employers in Denver include Comcast, Level 3 Communications, Qwest Communications, Lockheed Martin, Xcel Energy and Sun Microsystems. Metropolitan Denver doubled in population from 1960 to 2000. The actual growth rate was 2.4%. Interestingly the age of the population is now very close to the same age of the U.S. median population age of 34.4 years. Denver real estate The cost of living in Denver is less than most major cities in the U.S. but higher than many. Housing availability is currently very good, with single family homes beginning in the high $100,000 and going up from there. (For additional pricing information visit the Maps and Stats page ) Denver accommodates a variety of lifestyles in homes from lofts, condos, high rises to single family homes. If you are considering moving to Denver , you will enjoy doing your research here on this site. As questionsoccur, please feel free to e-mail me or telephone me (toll free 800-319-7738). I specialize in helping people relocate to the Denver and the Denver Metro area.My experience and knowledge is available for home buyers who need help. So if that's you, call on me. Source eNeighborhoods Kristal Kraft , ABR, CIPS, CRS Licensed real estate broker selling Colorado Since 1984 The Berkshire Group Realtors, Inc. 3801 E. Florida Ave, Suite 502, Denver, Colorado U.S.A. 80210 800-319-7738 toll free | 303-589-2022 direct | 720-554-7961 fax E-mail: Kristal Kraft, Realtor 1998-2005, © Reflective Motion Inc. | Privacy Policy | Site Credits | Disclaimer | Site Map ~2 ~3 ~4 Denver Relocation | Buy a Home In Denver | Sell a Home in Denver | Denver Map | Denver Neighborhood Profiles | Denver Sales Statistics | International Real Estate | A Bio | My Favorite Places | Real Estate Resources Denver Loft Homes | The Berkshire Group | Buy and Sell Denver | We Sell Denver | Denver Colorado Real Estate | Denver Blog

Home Equity Line of

Home Equity Loans/Lines Overview Fixed-Rate Second Mortgage Home Equity Line of Credit Visa Platinum PowerHouse Loan Serving Members Since 1936 ONLINE BANKING Mortgage Calculator Rates & Terms Equifax: Get Your Credit Report New Account Identification Fixed-Rate Second Mortgage When you need money, the equity in your home can be one of your greatest financial resources. And with a Fixed-Rate Second Mortgage, you can borrow up to 100% of your home's value. You can use this equity in your home to pay off high-rate credit cards, make homeimprovements, finance your child's education, or finally take your dream vacation. Low, fixed rates Interest potentially tax deductible * Fixed terms up to 25 years Available for both owner occupied and non-owner occupied properties No maximum loan amount No pre-payment penalty Borrow as little at $10,000 Apply online! [ Back To Top ] Interest-Only Home Equity Line of Credit With USEs Interest-Only Home Equity Line of Credit, you can make the big purchases or investments you have been dreaming about while paying only the interest on a monthly basis. And with an introductory rate as low as only 6.50% APR* , you can get the cash you need for one low monthly payment. You can access your Interest-Only HELOC through a checkbook or ATM card. Low, variable rates APR as low as 6.50% for the first six months * Credit lines up to $500,000 No points, fees, or upfront costs ** Checkbook and ATM access No annual fee Primary residence or rental property - same low rate One of the industrys lowest floors (1.00%) and ceilings(11.99%) Tax-deductible interest in most cases *** Apply online! *Rates effective as of 12/1/2005. An introductory Annual Percentage Rate (APR) as low as Prime Rate minus 0.50% is valid for the first 6 months from the date of loan origination. Currently, your discounted rate would be as low as 6.50% APR. Thereafter, your rate may be as low as the Prime Rate, as published in The Wall Street Journal, which is currently 7.00%. Prime Rate may change at any time, although your rate is subject to change quarterly. The maximum APR is 11.99%. The $35 Annual Fee is waived for the first year and assessed on your anniversary date any year thereafter when your balance is less than $10,000. To qualify for the lowest rate, members must have above-average established credit and meet certain loan-to-value ratios. For loan amounts in excess of $250,000, the borrower is responsible for paying all actual costs incurred, based on the loan amount established. Offer available for new home equity lines of credit on both owner- and non-owner occupied, 1-4 unit properties, in the state of California. If the loan is closed within the first three years from the origination date, an Early Account Closure Fee may be assessed on loans with credit limits of $250,000 or less. A Reconveyance Fee will be charged when your loan is paid in full. Consult your tax advisor regarding the tax deductibility of interest. Certain limitations apply. Loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. [ Back To Top ] Home Equity Line of Credit Platinum Visa With USE's Home Equity Line of Credit Platinum Visa, you can access the equity in your home with the convenience of a Platinum Visa credit card. And, at an introductory rate as low as only 6.50% APR * , it's the low-rate opportunity of a lifetime. Use your Home Equity Line of Credit for just about anything, like purchasing a new car, paying for your child's education, taking your dream vacation, or remodeling your home. Low, variable rates APR as low as 6.50% for the first six months * Credit lines up to $500,000 No points, fees, or upfront costs * Platinum Visa, check, or cash access No annual fee * Primary residence or rental property - same low rate 100% tax-deductible interest * One of the industry's lowest floors (1.00%) and ceilings (11.99%) Apply online! For important disclosure information, click here . *Rates effective as of 12/1/2005. An introductory Annual Percentage Rate (APR) as low as Prime Rate minus 0.50% is valid for the first 6 months from the date of loan origination. Currently, your discounted rate would be as low as 6.50% APR. Thereafter, your rate may be as low as the Prime Rate, as published in The Wall Street Journal, which is currently 7.00%. Prime Rate may change at any time, although your rate is subject to change quarterly. The maximum APR is 11.99%. The $35 Annual Fee is waived for the first year and assessed on your anniversary date any year thereafter when your balance is less than $10,000. To qualify for the lowest rate, members must have above-average established credit and meet certain loan-to-value ratios. For loan amounts in excess of $250,000, the borrower is responsible for paying all actual costs incurred, based on the loan amount established. Offer available for new home equity lines of credit on both owner- and non-owner occupied, 1-4 unit properties, in the state of California. If the loan is closed within the first three years from the origination date, an Early Account Closure Fee may be assessed on loans with credit limits of $250,000 or less. A Reconveyance Fee will be charged when your loan is paid in full. Consult your tax advisor regarding the tax deductibility of interest. Certain limitations apply. Loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. [ Back To Top ] PowerHouse Loan The PowerHouse Loan is based on your creditworthiness not the equity in your home. Therefore, you can access the funds youneed even if you only recently purchased your home. Low, fixed rates Interest Potentially Tax Deductible * No appraisal required Borrow $5,000 to $15,000 5- to 7-year terms In most circumstances, funds can be available in as little as 10 days No pre-payment penalty Available on owner occupied properties only Apply online! Special Note: Even if you currently have a Home Equity Credit Line or Second Trust Deed with USE, you may still qualify for aPowerHouse Loan. However, if your equity credit line or second trust deed is held by another financial institution, we cannot arrangea PowerHouse Loan unless we pay off the existing loan. Owner-occupied residences only. [ Back To Top ] All loans are subject to approval. Home Equity and PowerHouse Loans are not available when your first mortgage has a balloon payment. California properties only. A fee will be charged for reconveyance when your loan is paid in full.*Please consult with your tax advisor for IRS guidelines on the deductibility of interest payments. Home Equity Line of Credit (HELOC) Platinum Visa * Annual Percentage Rate 6.50 % Variable Rate Information Annual Percentage Rate varies quarterly based on the Wall Street Journal Prime Rate plus a margin. Variable Rate not to exceed 11.99% or be less than 1.00%. Grace period for the repayment of the balance of purchases On new purchases paid in full by payment due date as set forth on your periodic statement. Method of computing the balance for purchases Average Daily Balance Method(including current transactions) Annual Fee $35.00. Waived for the first year; waived if balance is $10,000 or greater. Cash Advance Fee None Late Payment Charge $10.00 if your minimum monthly payment is more than 10 days late Overlimit Fee $10.00 for each billing cycle we receive a purchase or advance which causes you to be over the limit. Effective Date December 1, 2005 * Index of 7.00% - 0.50% = 6.50%. Index of 7.00% + 1.50% = 8.50%, effectiveDecember 1, 2005.Rates and Terms subject to change at any time. USE is an Equal Housing Lender [ Back To Top ]

Home Mortgage Insurance Home

Looking for the Best Mortgage ESPAÑOL Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars. Skip to content Obtain information from several lenders Obtain all important cost information Obtain the best deal that you can Remember: Shop, compare, negotiate Fair lending is required by law Credit problems? Glossary Mortgage shopping worksheet For more information Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker . Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions. Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of "points" paid at closing or as an add-on to your interest rate , or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders. Obtain All Important Cost Information Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker: Rates Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week. Ask whether the rate is fixed or adjustable . Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment. If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down. Ask about the loan’s annual percentage rate (APR) . The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate. Points Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate. Check your local newspaper for information about rates and points currently being offered. Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. Fees A home loan often involves many fees, such as loan origination or underwriting fees , broker fees, and transaction, settlement, and closing costs . Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates. Ask what each fee includes. Several items may be lumped into one fee. Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure. Down Payments and Private Mortgage Insurance Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down--sometimes as little as 5 percent on conventional loans . If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller. Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available. Ask your lender about special programs it may offer. If PMI is required for your loan, Ask what the total cost of the insurance will be. Ask how much your monthly payment will be when including the PMI premium. Ask how long you will be required to carry PMI. Obtain the Best Deal That You Can Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage . When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a broker, the price of any loan may contain overages. Have the lender or broker write down all the costs associated with the loan. Then ask if the lender or broker will waive or reduce one or more of its fees or agree to a lower rate or fewer points. You’ll want to make sure that the lender or broker is not agreeing to lower one fee while raising another or to lower the rate while raising points. There’s no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker. Remember: Shop, Compare, Negotiate When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them. The Mortgage Shopping Worksheet that follows may also help you. Take it with you when you speak to each lender or broker and write down the information you obtain. Don’t be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal. Fair Lending Is Required by Law The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act. The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics. Credit Problems? Still Shop, Compare, and Negotiate Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can. Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact: Equifax: (800) 685-1111 TransUnion: (800) 888-4213 Experian: (888) 397-3742 Glossary Adjustable-rate loans , also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered. Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions. Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan. Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Thrift institution is a general term for savings banks and savings and loan associations. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range. Mortgage Shopping Worksheet File for Printing Worksheet (12KB PDF) 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) ___ ___ ___ ___ Fees Different institutions may have different names for somefees 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/Title 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? ___ ___ ___ ___ Lock-ins 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 brochure was 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 These agencies (except the Department of the Treasury) enforce compliance with laws that prohibit discrimination in lending. If you feel that you have been discriminated against in the home financing process, you may want to contact one of the agencies listed above about your rights under these laws. For more information on home lending issues, visit ( http://www.consumer.gov ), write to the Federal Citizen Information Center, Pueblo, CO 81009 or visit the Center’s Web site at ( http://www.pueblo.gsa.gov ). The following brochures are available from the Center: A Consumer’s Guide to Mortgage Lock-Ins A Consumer’s Guide to Mortgage Refinancing Buying Your Home: Settlement Costs and Helpful Information Consumer Handbook on Adjustable Rate Mortgages Guide to Single Family Home Mortgage Insurance Home Buyer’s Vocabulary Home Mortgages: Understanding the Process and Your Rights to Fair Lending How to Buy a Home with a Low Down Payment How to Dispute Credit Report Errors The HUD Home Buying Guide What You Should Know About Home Equity Lines of Credit Home | Consumer information | Publications | Brochures | Accessibility | Contact Us Last update: January 22, 2004