Mortgage Loan Disclosure Statement/good Faith Estimate Page 2
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1
2
3Additional Required California Disclosures
I.
Proposed Loan Amount:
$_________________
Initial Commissions, Fees, Costs and Expenses Summarized on Page 1:
$ __________________
Payment of Other Obligations (List):
$ ________________
Credit Life and/or Disability Insurance (see V below)
$ ________________
$ ________________
Subtotal of All Deductions:
$_________________
Estimated Cash at Closing:
To You
That you must pay
$_________________
II.
General Information About Loan
1
. Proposed loan Term:
Years
Months
Fixed Rate Loan
Adjustable Rate Loan (Example 6- month ARM; 1-year ARM)
Proposed interest rate: _________ %
Fixed rate loan _____ % payable at $ ___________ month.
Fully indexed rate: ___________ %
Proposed monthly payment: $____________
Maximum interest rate: _________ %
Interest rate can increase _________ % each _________ months
Maximum loan payment can be $ _______________
after __________ months
Initial Adjustable Rate Loan (Example Low Entry Rate ARM)
Initial Fixed Rate (Example 2/28; 3/1; 5/1)
Proposed initial (adjustable) interest rate: ___________ %
Proposed initial fixed interest rate: ________ %
Initial interest rate in effect for ____________ months
Initial fixed interest rate in effect for _________ months
Proposed monthly payment $ ________________
Proposed initial monthly payment $ _____________
Fully indexed rate ___________ %
Adjustable interest rate of _________ % will begin
Maximum interest rate ____________ %
after fixed rate period ends
Interest rate can increase _________ % each _________ months
Monthly payment can increase to $ ___________________
Monthly maximum payment can increase to $ _______________
after fixed rate period ends.
after initial adjustable rate period ends
Fully indexed rate _______________ %
Maximum loan payment can be $ _______________
Maximum interest rate
____________ %
after __________ months
Interest rate can increase _______ % each _______ months
Maximum loan payment can be $ _____________________
after__________ months
2. This loan is based on limited or no documentation of your income and/or assets and may have a higher interest rate, or more points or fees
than other products requiring documentation:
No
Yes
3. The Loan is subject to a balloon payment:
No
Yes. If YES, the following paragraph applies and a final balloon payment of
$ ________________________________ will be due on __________________________[estimated date (day/month/year)].
NOTICE TO BORROWER: IF YOU DO NOT HAVE THE FUNDS TO PAY THE BALLOON PAYMENT WHEN IT COMES
DUE, YOU MAY HAVE TO OBTAIN A NEW LOAN AGAINST YOUR PROPERTY TO MAKE THE BALLOON PAYMENT. IN
THAT CASE, YOU MAY AGAIN HAVE TO PAY COMMISSIONS, FEES, AND EXPENSES FOR THE ARRANGING OF THE
NEW LOAN. IN ADDITION, IF YOU ARE UNABLE TO MAKE THE MONTHLY PAYMENTS OR THE BALLOON PAYMENT,
YOU MAY LOSE THE PROPERTY AND ALL OF YOUR EQUITY THROUGH FORECLOSURE. KEEP THIS IN MIND IN
DECIDING UPON THE AMOUNT AND TERMS OF THIS LOAN.
III. Prepayments:
The proposed loan has the following prepayment provisions.
No prepayment penalty (you will not be charged a penalty to pay off or refinance the loan before maturity)
You will have to pay a prepayment penalty if the loan is paid off or refinanced in the first ________________ years. The prepayment
penalty could be as much as $ _______________ . Any prepayment of the principal in excess of 20% of the
original loan balance
unpaid balance
for the first ________ years will include a penalty not to exceed _________months interest at the note interest rate but not more than the
interest you would be charged if the loan were paid to maturity.
Other – you will have to pay a prepayment penalty if the loan is paid off or refinanced in the first __________ years as follows:
_____________________________________________________________________________________________________
_____________________________________________________________________________________________________
IV. Taxes and Insurance:
There will be an impound (escrow) account which will collect approximately $ ___________________ a month in addition to your principal
and interest payments for the payment of
county property taxes*
hazard insurance
mortgage insurance
flood insurance
other.
If there is no impound (escrow) account or if your escrow (impound) account does not include one or more of the payments described
above, you will have to plan for the payment of
county property taxes*
hazard insurance
mortgage insurance
flood insurance
other ______________________ of approximately $ _________________ per year.
*In a purchase transaction, county property taxes are calculated based on the sales price of the property and may
require the payment of an additional (supplemental) tax bill from the county tax authority by your lender (if escrowed)
or you if not escrowed.
V.
Credit Life and/or Disability Insurance:
The purchase of credit life and/or disability insurance by a borrower is NOT required as a
condition of making this proposed loan.
VI. Other Liens:
Are there liens currently on this property for which the borrower is obligated?
No
Yes. If YES, describe below:
Lienholder’s Name
Amount Owing
Priority
RE 883 — Page 2 of 3
TM
GFE CA RE883 p2 08/08 ~ Encompass
from Ellie Mae ~
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