Form Re 885 - Mortgage Loan Disclosure Statement/good Faith Estimate Page 5
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6XIX.
Comparison of Sample Mortgage Features (One to Four Residential Units)
TYPICAL MORTGAGE TRANSACTIONS
Proposed Loan
Type of Loan:
Interest Only
5/1 ARM
Interest Only
Option Payment
Principal and
Interest
Type of
Fully Amortizing
Fully Amortizing
Fully Amortizing
Fully Amortizing
Fully Amortizing
Amortization:
Not Offered*
Not Offered*
Not Offered*
Not Offered*
Not Offered*
Explanation of
Interest Only
Adjustable Rate
Fixed Rate for
Type of Proposed
and Fixed Rate
for Entire Term
First 5 Years;
Loan Product:
for First 5 years;
of the Mortgage
Adjustable Each
PROPOSED
Fixed Rate
Adjustable Rate
(Rate in month
Year After First
LOAN AMOUNT
Fixed Rate
(
%)
Each Year After
1 is
%;
5 Years
$
First 5 Years
(
%)
Interest Only for
Rate in month 2
(Initial rate for 1
‑YEAR TERM
First 5 Years
(Initial rate for 1
through year 5 is
to 5 is
%;
to 5 is
%;
%;
Maximum Rate
Maximum Rate
Maximum Rate
is
%)
is
%)
is
%)
Payment Scenarios
Minimum Monthly
$
****
Payment Years 1‑5
except as noted
$
**
$
$
$
(1st year only)
$
Monthly Payment in
Year 6 with no change
in rates
$
$
***
$
$
$
$
Monthly Payment in
Year 6 with a 2% rise
in rates
$
$
$
$
$
$
Minimum Monthly
Payment $
$
$
$
$
$
Your Gross Income $
$
$
$
$
$
Difference $
$
$
$
$
$
Maximum Monthly
Payment in Year 6 with
a 5% rise in rates
$
$
$
$
$
$
Your Gross Income $
$
$
$
$
$
Difference $
$
$
$
$
$
Loan Balance Scenarios
How much will be
owed after 5 years?
$
$
$
$
$
$
Yes
No
Yes
No
No
No/Yes
Has the loan balance
The loan balance:
The loan balance
The loan balance
The loan balance
been reduced after 5
did not change/
years of payments?
was reduced
was reduced
increased
The loan balance
The loan balance
increased/decreased
by $
was not reduced
by $
was not reduced
by $
by $
*
"Not offered" indicates the broker does not offer the comparison loan product.
The information provided for the products not offered was obtained from sources deemed reliable. Yes No
This illustrates an interest rate and payments that are fixed for
**
the
life of the loan.
This illustrates payments that are fixed after the first five years of the loan at a higher amount because they include both
***
principal and interest.
This illustrates minimum monthly payments that are based on an interest rate that is in effect during the first month only.
****
The payments required during the first year will not be sufficient to cover all of the interest that is due when the rate in‑
creases
in the second month of the loan. Any unpaid interest amount will be added to the loan balance. Minimum payments
for years 2‑5 are based on the higher interest rate in effect at the time, subject to any contract limits on payment increases.
Minimum payments will be recast (recalculated) after 5 years, or when the loan balance reaches a certain limit, to cover
both principal and interest at the applicable rate.
IMPORTANT NOTE: Please use this chart to discuss possible loans with your broker or lender
If a mortgage loan broker licensed by the California Department of Real Estate is acting as your agent in connection
with your home loan/mortgage, the agent owes you certain fiduciary duties, and California statutory law imposes
other duties.
.
NOTICE TO BORROWER: THIS IS NOT A LOAN COMMITMENT. Do not sign this statement until you have read and un‑
XX
derstood all of the information in it. All parts of this form must be completed before you sign. Borrower hereby acknowledges
the receipt of a copy of this statement.
_______________________________________________
________________________________________________
Name of Broker
License #
Broker’s Representative
License #
_______________________________________________
Broker’s Address
_______________________________________________
________________________________________________
Signature of Broker
Date
OR
Signature of Representative
Date
_________________________________________
________________________________________________
Borrower
Date
Borrower
Date
Department of Real Estate license information telephone number: (916) 227-0931, or check license status at
RE 885 — Page 4 of 4
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