Net Tangible Benefit
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1NET TANGIBLE BENEFIT
Borrower Name(s) ____________________________________________________________________________________________
Property Address
___________________________________________________________________________________________
___________________________________________________________________________________________
Loan Number
___________________________________________________________________________________________
If the Loan Amount on the previous loan is unknown, use the Loan Payoff amount provided if it is clearly identified as such.
New Loan
Previous Loan
Loan Date :
Loan Date:
Loan Amount: $
Loan Amount: $
Loan Term (months):
Loan Term (months):
Type of Loan:
Type of Loan:
Fixed Rate
Fixed Rate
Adjustable Rate
Adjustable Rate
Balloon
Balloon
Interest Only
Interest Only
Payment Option Products
Payment Option Products
Note Rate:
Note Rate:
Payment Amount: $
Payment Amount: $
Loan to Value:
Loan to Value:
Debt to Income Level:
Debt to Income Level:
Loan Purpose:
Loan Purpose:
The borrower will receive the following described tangible, net benefit through the refinancing of an existing loan
Check each applicable benefit
Product Change
Refinance to lower interest rate with same or reduced term
Refinance of a balloon
Refinance of an adjustable rate to a fixed rate
Refinance of an Interest Only or Option ARM to a fully amortized loan which requires principal reduction with each
payment
Refinance with a shorter loan term with same or reduced interest rate
Financial Improvement
Consolidating other high rate debts/loans to one low rate.
Will new total monthly payment be lower than the total of all monthly obligations being financed, including points & fee?
_________
Making the balloon payment on an existing mortgage loan
Avoiding foreclosure on the existing loan
Cure delinquent debts secured by the subject property that could result in the loss of the property (i.e., tax liens,
judgments, BK)
Ability to remove mortgage insurance by lowering the LTV
Cash Out Benefits
Borrower receives cash-out from the loan to pay necessary expenses.
Title Transfer Benefits
Payoff of Contract for Deed or Refinance of lease option or Removal or buyout of co-borrower from title with court
order or evidence the co-borrower no longer resides at the property.
Underwriter Signature: ___________________________________________________ Date: ______________________________
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