Canadian Mortgage Shopping Worksheet
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Lender 1
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Lender 2
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Name of Lender
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Name of Contact
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Date of Contact
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Mortgage Amount
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BASIC INFORMATION ABOUT THE MORTGAGE
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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Type of Mortgage: Conventional mortgage vs. high-ratio mortgage.
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If high-ratio, what is the insurance premium?
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Minimum down payment required
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Mortgage term (length of loan)
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Interest rate
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Estimated monthly mortgage payment
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FEES
Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents.
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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Application fee or Loan processing fee
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Survey or title insurance fee
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Appraisal fee
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Attorney fees
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Mortgage broker fees (not always applicable)
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Credit report fee
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Other fees
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Are any of the fees or costs waivable?
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PREPAYMENT PENALTIES
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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Is there a prepayment penalty?
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If so, how is it calculated?
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Are extra principal payments allowed?
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List all prepayment privileges
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INTEREST RATE LOCK-IN BEFORE CLOSING
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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Is the lock-in agreement in writing?
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Is there a fee to lock-in?
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When does the lock-in occur? At application, approval or another time?
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How long will the lock-in last?
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If the rate drops before closing, can you lock-in at a lower rate? Is this automatic?
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