Settlement Disclosure Form

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Settlement Disclosure Form
This form is a statement of final loan terms and actual settlement costs.
SETTLEMENT INFORMATION
TRANSACTION INFORMATION
LOAN INFORMATION
Date
Borrower
Lender
11/9/2011
James White and Jane Johnson
Ironwood Bank
Agent
Martha Jones
456 Avenue Anywhere
9876 Random Blvd, Ste 504
Location
ABC Settlement
Anytown, IA 12345
Somecity, IA 54321
x
54321 Random Blvd, Ste 405
Loan Type
Conventional
FHA
Somecity, IA 54321
Seller
John Wilson
VA
_____________
Property
Loan Term
1234 Anywhere Street
123 Somewhere Dr.
30 years
Purpose
Somecity, IA 54321
Anytown, IA 12345
Purchase
Product
5/1 Adjustable Rate
File No.
2222222222
Loan No.
2222222222
MIC No.
2222222222
Loan Terms
Can this amount increase after closing?
$121,000
NO
Loan Amount
Interest Rate
2.875%
YES
•
Adjusts every year starting in year 6
for 5 years
•
Can go as high as 8% in year 9
•
See AIR table on page 4
$502.03
Monthly Principal & Interest
YES
•
Adjusts every year starting in year 6
See Projected Payments Below
•
Can go as high as $822 in year 9
for Your Total Monthly Payment
Does the loan have these features?
NO
Prepayment Penalty
NO
Balloon Payment
Projected Payments
Payment Calculation
Years 1-5
Year 6
Year 7
Years 8-30
$597 min
$597 min
$597 min
Principal & Interest
$502.03
$683 max
$748 max
$822 max
+
+
+
Mortgage Insurance
61.51
62
—
—
Estimated Taxes & Insurance
+
430.30
+
430
+
430
+
430
Amount Can Increase Over Time
Estimated Total
$993.84
$1,089–$1,175 $1,027–$1,178 $1,027–$1,252
Monthly Payment
x
Escrow. Your monthly payment includes your taxes and insurance.
Escrow Information
$430.30
No escrow. You must pay your taxes and insurance separately
a month
for Taxes & Insurance
from your loan payments.
Closing Costs
$17,371.44
$4,842.00
Cash to Close
in Settlement Fees.
See Closing Cost Summary on page 5.
SETTLEMENT DISCLOSURE FORM
PAGE 1 OF 6

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