Mortgage Comparison Workbook: Evaluating Loans and Getting Pre-Approved

Comparing mortgage offers is not simply a matter of looking at the interest rate. Two loans with the same rate can differ substantially in total cost once points, lender fees, mortgage insurance, and the effect of different amortization terms are included. This course gives you the templates and step-by-step process to make an honest side-by-side comparison and to walk into a pre-approval meeting fully prepared. By the end of this course you will be able to complete a standardized loan comparison worksheet for up to three competing offers, identify every fee on a loan estimate and classify it as lender-controlled or third-party, calculate the true annual percentage rate, and assemble the document package a lender will need for pre-approval. What you will learn: - How to extract the key numbers from a loan estimate: interest rate, APR, total interest paid, monthly payment, and closing costs - A fee classification checklist: which charges are negotiable and which reflect real third-party costs - Side-by-side comparison template for fixed-rate versus ARM over a projected holding period - How to calculate whether paying points is worthwhile given your expected time in the home - The debt-to-income calculation: how lenders compute it and how to improve your ratio before applying - What documents to gather for pre-approval: income verification, asset statements, employment history, and credit report review - How to read your credit report for mortgage-readiness and address common issues before a lender pulls your file The course follows a workbook format: each section introduces a concept, provides a worked example with real numbers, and gives you a blank template to complete using your own loan data or a provided hypothetical. Seven worksheets guide you from reading a single loan estimate to comparing three offers and producing a documented recommendation. A pre-approval preparation checklist closes the course. This course is designed for active home shoppers who are in or approaching the mortgage selection process. Suitable for people who have completed basic mortgage education and now want to apply it. No specialist financial background is required. This course is educational and does not substitute for guidance from a licensed mortgage lender.