Form Re 885 - Mortgage Loan Disclosure Statement/good Faith Estimate Page 3
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6ADDITIONAL 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 XIV below) $ ______________
__________________________________________
$ ______________
__________________________________________
$ ______________
Subtotal of All Deductions:
$ ________________
To You
That you must pay
Estimated Cash at Closing
$ ________________
Years
Months
II. Proposed Loan Term: __________
Fixed Rate
Initial Adjustable Rate
III. Proposed Interest Rate: ________%
If the Fixed Rate Box is checked in Section III immediately above, proceed to section X. Do not complete sections IV
through IX.
Initial Adjustable Rate in effect for ________Months
IV
V. Fully Indexed Interest Rate ________%
VI. Maximum Interest Rate ________%
VII. Proposed Initial (Minimum) Loan Payment $________ Monthly
VIII. Interest Rate can Increase ________% each ________Months
IX. Payment Options end after ________ Months or ________% of Original Balance, whichever comes first
X.
After ________ months you will not have the option to make minimum or interest only payments and negative amortization
(increases in your principal balance), if any, will no longer be allowed. Assuming you have made minimum payments, you
may then have to make principal and interest payments of $________ at the maximum interest rate in effect for the remain‑
ing ________ months of the loan. These payments will be significantly higher than the minimum or interest only payments.
XI. If your loan contains negative amortization, at the time no additional negative amortization will accrue, your loan balance will
be $________ assuming minimum payments are made.
XII. 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 (month/day/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 BAL‑
LOON 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.
XIII.
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 principal in excess of 20% of the
original loan balance or
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:
____________________________________________________________________________________________________
____________________________________________________________________________________________________
XIV. 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 you will have to plan for the payment of county property taxes* hazard
flood insurance other____________
insurance mortgage insurance
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.
RE 885 — Page 2 of 4
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