Mortgage Shopping Worksheet

Updated 2026-05-17

The Mortgage Shopping Worksheet is a tool designed to help consumers compare different mortgage offers, particularly when considering Adjustable-Rate Mortgages (ARMs) versus fixed-rate mortgages. It prompts borrowers to gather and compare key information from lenders or brokers to make an informed decision (CFPB Consumer Handbook on Adjustable-Rate Mortgages, page 5).

Purpose

The worksheet helps borrowers:

• Systematically Compare Loans: Provides a structured format to compare various loan features side-by-side, including different ARMs and fixed-rate options.
• Identify Key Loan Features: Guides borrowers to ask about critical aspects such as:
  • Initial interest rate and APR
  • Loan term and description (e.g., 3/1 ARM, payment-option ARM, interest-only ARM)
  • Adjustment period
  • Index and margin
  • Interest-rate caps (periodic and lifetime)
  • Payment caps
  • Potential for negative amortization and its limits
  • Presence of prepayment penalties or balloon payments
  • Estimated origination fees and charges
• Project Future Payments: Encourages inquiry into how monthly payments might change under different scenarios (e.g., if the index rate stays the same, goes up, or goes down) and the maximum potential payment after specific periods (e.g., one, three, or five years) (CFPB Consumer Handbook on Adjustable-Rate Mortgages, page 9).
• Facilitate Informed Decisions: By organizing this information, the worksheet empowers consumers to understand the trade-offs and risks associated with different mortgage products and choose the one that best fits their financial situation and risk tolerance.

Borrowers are encouraged to ask lenders or brokers to help fill out the worksheet to ensure they obtain all necessary information for comparison (CFPB Consumer Handbook on Adjustable-Rate Mortgages, page 5).