Form Re 885 - Mortgage Loan Disclosure Statement/good Faith Estimate Page 6
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6S
C
tate of
alifornia
D
r
e
epartment of
eal
State
Serving Californians Since 1917
I
G
n
l
d
(P
4)
nstructIonal
uIde for
ontradItIonal
oan
Isclosure
aGe
(
)
one to four resIdentIal unIts
Proposed Loan
Type of Loan:
Interest Only
5/1 ARM
Interest Only
Option Payment
Principal and
⃝
Interest
25
Fully Amortizing
Fully Amortizing
Fully Amortizing
Fully Amortizing
Fully Amortizing
Type of
Amortization:
⃝
Not Offered*
Not Offered*
Not Offered*
Not Offered*
Not Offered*
26
Interest Only
Adjustable Rate
Explanation of
Fixed Rate for
and Fixed Rate
for Entire Term
Type of Proposed
First 5 Years;
for First 5 years;
of the Mortgage
Loan Product:
Adjustable Each
PROPOSED
Fixed Rate
Adjustable Rate
(Rate in month
Year After First
LOAN AMOUNT
Fixed Rate
(
%)
Each Year After
⃝
1 is
%;
5 Years
26
$
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
$
⃝
26
except as noted
**
(1st year only)
$
$
$
$
$
Monthly Payment in
Year 6 with no change
⃝
11
12
13
***
26
in rates
$
$
$
$
$
$
Monthly Payment in
Year 6 with a 2% rise
⑯
⃝
14
15
26
in rates
$
$
$
$
$
$
Minimum Monthly
⃝
26
Payment $
$
$
$
$
$
⑰
⑰
⑰
⑰
⑰
⑰
Your Gross Income $
$
$
$
$
$
⑱
⑱
⑱
⑱
⑱
⑱
Difference $
$
$
$
$
$
Maximum Monthly
Payment in Year 6 with
⃝
⃝
⑲
⑳
21
26
a 5% rise in rates
$
$
$
$
$
$
⑰
⑰
⑰
⑰
⑰
⑰
Your Gross Income $
$
$
$
$
$
⃝
⃝
⃝
⃝
⃝
⃝
Difference $
22
22
22
22
22
22
$
$
$
$
$
Loan Balance Scenarios
How much will be
⃝
⃝
⃝
⃝
⃝
⃝
owed after 5 years?
23
23
23
23
23
23
$
$
$
$
$
$
Yes
No
Yes
No
No
No/Yes
Has the loan balance
The loan balance:
been reduced after 5
The loan balance
The loan balance
The loan balance
did not change/
was reduced
was reduced
years of payments?
The loan balance
The loan balance
increased
increased/decreased
⃝
⃝
⃝
⃝
24
24
24
24
by $
was not reduced
by $
was not reduced
by $
by $
P&I payment for remaining term based on original
15
Proposed loan amount and term.
principal balance at 2% increase in interest rate.
Current interest rate for fixed rate loan.
⑯
P&I payment for remaining term based on increased
Current interest rate for fixed rate loan that is interest-
principal balance at 2% increase in interest rate.
only for first 5 years.
⑰
Borrower’s gross income from loan application.
Current fixed interest rate for first 5 years and
⑱
Subtract minimum monthly payment from gross
maximum rate based on 5% maximum increase.
income.
Current initial interest rate for month 1; interest rate
for month 2 through year 5 based on current fully-
⑲
P&I payment for remaining term based on reduced
indexed interest rate; maximum rate based on 5%
principal balance at maximum interest rate.
maximum increase.
⑳
P&I payment for remaining term based on original
Fixed rate loan payment (see *)
principal balance at maximum interest rate.
Interest-only payment based on fixed rate for first 5
⃝
P&I payment for remaining term based on increased
21
years.
principal balance at maximum interest rate.
P&I payment based on fixed rate for first 5 years.
⃝
Subtract maximum monthly payment from gross
22
Minimum option payment based on month 1 rate for
income.
first year only(see ***).
⃝
Calculate loan balance after 5 years based on minimum
23
P&I payment for remaining term (see **).
monthly payments for years 1 through 5.
P&I payment for remaining term (same as #8).
11
⃝
Calculate the amount the loan balance has increased or
24
P&I payment for remaining term.
decreased after 5 years.
12
⃝
P&I payment based on increased principal balance for
Insert type of proposed loan product.
13
25
remaining term.
⃝
Insert applicable information for each scenario.
26
P&I payment for remaining term based on decreased
14
principal balance at 2% increase in interest rate.
*
"Not offered" indicates the broker does not offer the comparison loan product. The information provided for the products not offered was ob-
tained from sources deemed reliable. Yes No
**
This illustrates an interest rate and payments that are fixed for
life of the loan.
the
***
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
increases
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.
Rev. (8/08)
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