FISCAL AGENTS: Financial Services Group


Open the QuickNav window
Home
Search
Site Map
Contact

The Knowledge Bank
Info-Reports
IP-Profiler
10 Principles Book
The Book Store
Financial Glossary
InterWeb
Resource Centre

The Money Centre

The Learning Centre

Financial Tools

The Money Management Newsletter

Products and Services
About Us

IP-Profiler - Mortgages
Mortgage Comparison Worksheet
Check out the toolbox for mortgage
calculators and worksheets.

This Mortgage Comparison Worksheet is designed to help you take notes while investigating the mortgage features of a lender. Print it and use it to record what the mortgage lender is offering.

 

The Mortgage Comparison Worksheet
Lenders Name:
Address:
Phone #
Fax #
Who you talked with:
Date:

Questions to ask: [X] Check box with answer you have found:
First Mortgage Type/Term: [ ] Closed 6 months, 1 - 10 years.
[ ] Fixed Rate Open 6 months, 1 or 2 years.
[ ] Variable Rate Open 6 months, 1 or 5 years.
[ ] Other:
"Open" Periods in a Fixed Term Mortgage (excluding NHA): [ ] Yes [ ] No, Example: A 5 yr term after 3 years with no replacement mortgage- a fee of 3 months interest on IRD.
Answer:

Convertible features - Does feature appear in document: [ ] Yes [ ] No, Example: Variable to borrower who currently has a 6 month closed mortgage. To convert to a new fixed rate closed term mortgage of 1 year or longer;
Answer:

[ ] Yes [ ] No, Administration fee.
Pre-approval: [ ] Yes [ ] No
Second Mortgages: [ ] Yes [ ] No
Refinance using an amendment agreement: [ ] Yes [ ] No, Example: 80% of appraised value less amount of mortgage owed if property other than acreage, condominium or revenue property, otherwise 75%.
Amortization Period: Up to 25 years, or less?
Appraisal Fee: How much: $
Commitment Period - Existing: How many days:
Renewals: How many days:
New Construction: How many days:
Switch In: How many days, fee?
Refinance: How many days, fee?
Pre-approval: How many days, fee?
Any rate drop automatic / fee: [ ] Yes [ ] No, how much? $
When is final rate set: Date the funds are advanced.
Interest Adjustment Date: On 1st of the month, not more than 60 days after possession of mortgaged property or new construction completion.
Interest adjustment deducted from advance: [ ] Yes [ ] No, if funds are disbursed on interest adjustment date.
Gross and/or Total Debt Service Ratios: Gross - 30%
Total - 40%
Annual Percentage Prepayment: [ ] Open mortgages; any amount any time? $__________________
[ ] Closed mortgages; up to ___% of original mortgage amount, once per calendar year several payments during the year that do not exceed ___% of original mortgage amount.
Skip payment option: [ ] Yes [ ] No
Prepayment Cumulative: [ ] Yes [ ] No (see "Annual Percentage Prepayment")
When does privilege begin: N/A
Monthly Payment Increase: [ ] Yes [ ] No, Open mortgages; any amount any time.
[ ] Yes [ ] No, Closed mortgages; lump sum of up to_____% of original mortgage amount, once per calendar year.
Other:
Renewal Before Maturity / Fee: [ ] Yes [ ] No, Example: If open or closed mortgages once per calendar year - No fee. Subsequent early renewals, $____fee each renewal?
Answer:
Renewal Fee at Maturity: [ ] Yes [ ] No, How much $
Automatic Renewal: [ ] Yes [ ] No,
Mortgage renewal agreement must be signed? [ ] Yes [ ] No.
Portable Mortgage/Fee: [ ] Yes [ ] No, If fee, How much?
Portability written into Mortgage document: [ ] Yes [ ] No
Payment Choices: [ ] Monthly [ ]Semi-monthly [ ] Bi-weekly [ ] Weekly [ ] Other:
How are weekly & bi-weekly payments calculated: Monthly multiplied
by [ ]12 and divided by 52 for weekly,
or [ ] divided by 26 for bi-weekly.
Fee to change Payment Option: [ ] Yes [ ] No, If fee $_____
Discharge Fee:
(where applicable)
[ ] Yes [ ] No, If fee $_____
Cost of early payout: Interest rate differential or 3 months interest, whichever is lower.
Statement / Fee: [ ] Yes [ ] No, [ ] upon request - If fee: $_____
Mortgage Life Insurance: Offered by The Life Insurance Co. (optional)
Mortgage Disability: Offered by The Life Insurance Co. (optional)
Property Tax Account: [ ] Yes [ ] No
Overdraft Rate: Current interest rates %______
Mortgage Assumption / Fee: [ ] Yes [ ] No, If fee: $_____
Transfer In Fee: [ ] Yes [ ] No, If fee: $_____
Transfer Out Fee: [ ] Yes [ ] No, If fee: $_____ or [ ] Interest rate differential
Reimbursement of transfer out fee paid to customer by new lender: [ ] Yes [ ] No, If fee: $_____ [ ] customer by [ ] new lender
Notes:
.

.
.
.

Important legal Notice:- This form is provided as a guide and cannot be construed in any way fashion or form to be a replacement for proper legal advice, you should seek a professional advisor for any mortgage related item.
 





Fiscal Agents Home

Knowledge Bank Money Centre
Learning Centre Financial Tools
Newsletter Products & Services
About Us    

Legal | Site Map | Home | Search

Copyright © 1984 - Fiscal Agents Financial Services Group


Questions? Comments?
Use our Feedback page to contact us.