I/We acknowledge that:
ØI/We understand the costs associated with the new loan;
ØThe new loan may have different terms (including duration of term and rate of interest) than my/our
existing loan(s); and
ØThe new loan will provide a reasonable, tangible net benefit to me/us after taking into account the terms of
both the new and existing loan(s), the cost of the new loan, and my/our particular circumstances.
By refinancing my/our existing loan(s), the following benefits apply to me/us (each borrower should initial any
benefit that applies):
Obtaining a lower interest rate.
Obtaining a lower monthly payment, including principal, interest, taxes, and insurance.
Obtaining a shorter amortization schedule.
Changing from an adjustable rate to a fixed rate.
Eliminating a negative amortization feature.
Eliminating a balloon payment feature.
Receiving cash-out from the new loan in an amount greater than all closing costs incurred in
connection with the loan.
Avoiding foreclosure.
Eliminating private mortgage insurance.
Consolidating other existing loans into a new mortgage loan.
Other (please specify):
I/We have considered the terms of both the existing and new loans, the cost of the new loan, and my/our
personal circumstances. I/We believe the overall benefits of the new loan make the new loan beneficial to me/
us for the reason or reasons identified above. By signing below, I/we certify that I/we have read and understand
this Net Tangible Benefits Worksheet.
Borrower:
Date:
Date:
Borrower:
Doc# 1545 RL 11-13-2014
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