Canadian Mortgage Shopping Worksheet
Lender 1 Lender 2
Name of Lender    
Name of Contact    
Date of Contact    
Mortgage Amount    
BASIC INFORMATION ABOUT THE MORTGAGE Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2
Type of Mortgage: Conventional mortgage vs. high-ratio mortgage.        
If high-ratio, what is the insurance premium?        
Minimum down payment required        
Mortgage term (length of loan)        
Interest rate        
Estimated monthly mortgage payment        
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.
Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2
Application fee or Loan processing fee        
Survey or title insurance fee        
Appraisal fee        
Attorney fees        
Mortgage broker fees (not always applicable)        
Credit report fee        
Other fees        
Are any of the fees or costs waivable?        
PREPAYMENT PENALTIES Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2
Is there a prepayment penalty?        
If so, how is it calculated?        
Are extra principal payments allowed?        
List all prepayment privileges        
INTEREST RATE LOCK-IN BEFORE CLOSING Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2
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? Is this automatic?