Langley Federal Credit Union - Lender Comparison Chart

Lender Comparison Chart

There are many variables in selecting a mortgage lender, so a systematic approach is needed. The following chart will help you ask lenders questions about the terms of mortgages they offer. If you don't understand a specific item, hover your mouse over the highlighted word or phrase to read a definition.

	Lender #1	Lender #2	Lender #3
Company name Phone number
Mortgage type: Mortgage terms (15 yr, 30 yr, ARM, etc.)
Interest rate quoted on ___/___/___ is: Number of points Can points be financed? Annual Percentage Rate (APR):
Interest rate lock upon application? Interest rate lock at approval? Lock-in costs? Effective how long?
Minimum down payment required without mortgage insurance? Minimum down payment required with mortgage insurance? Upfront costs? Monthly premiums? Can it be financed?
Is there a penalty for prepayment of principal? If yes, percent of outstanding principal: Will there be a penalty on a refinanced loan? Extra principal payments allowed?
After application, how many days processing till approval? After approval, how many days processing till closing?
Closing costs/fees: Application fee: Loan origination fee: Credit report fee: Appraisal fee: Title search/title insurance: Survey fee: Underwriting fee: Processing fee: Document preparation fee: Lender's attorney fee: Any other closing costs? Are no fee mortgages offered?
Questions for Adjustable Rate Mortgages (ARMs)	Lender #1	Lender #2	Lender #3
What is the financial Index (Treasury, Cost of Funds, LIBOR, etc.)? What is the margin over the Index (e.g. Treasury + 2.75%)?
What is the initial interest rate?
What is the interest adjustment interval (6 months, 1 year, etc.)?
What is the lifetime interest rate cap? What is the periodic interest rate cap? What is the payment cap?
Can the loan be converted to a fixed-rate? How is the new converted rate determined? Is there a conversion fee?