Loan Estimates with the following requirements: Estimate SMF SMF SMF
Please follow the directions below when completing the Initial Loan Application and Disclosure processes. e e cc e and Locked LE, including
EXAMPLE FLOAT LE Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE 07/18/2016 test test 123 Main St Newport, KY 41701 $100,000.00 Check Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM PURPOSE PRODUCT LOAN TYPE LOAN ID # RATE LOCK 30 years Purchase Fixed Rate Conventional FHA VA YES Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated closing costs expire on / / at Loan Terms Loan Amount Interest Rate Monthly Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment Prepayment Penalty Balloon Payment $98,188 4% $468.76 Can this amount increase after closing? Does the loan have these features? Projected Payments Payment Calculation Years 1-30 Principal & Interest $468.76 Mortgage Insurance Estimated Escrow Amount can increase over time Estimated Total Monthly Payment + + 108 0 $577 Estimated Taxes, Insurance & Assessments Amount can increase over time a month This estimate includes: In escrow? Property Taxes Homeowner's Insurance Other: See Section G on page 2 for escrowed property costs. You must pay for other property costs separately. Costs at Closing Estimated Closing Costs $4,833 Includes $4,277 in Loan Costs + $556 in Other Costs - in Lender Credits. See page 2 for details. Estimated Cash to Close $6,645 Includes Closing Costs. See Calculating Cash to Close on page 2 for details. Visit www.consumerfinance.gov/mortgage-estimate for general information and tools. PAGE 1 OF 3
Closing Cost Details Loan Costs A. Origination Charges $988 % of Loan Amount (Points) Loan Origination Fee $988 Other Costs EXAMPLE FLOAT LE E. Taxes and Other Government Fees $70 Recording Fees and Other Taxes $70 Transfer Taxes F. Prepaids $161 Homeowner s Insurance Premium ( months) Mortgage Insurance Premium ( months) Prepaid Interest ( $10.7603 per day for 15 days @ 4%) $161 Property Taxes ( months) G. Initial Escrow Payment at Closing Homeowner s Insurance $ per month for mo. Mortgage Insurance $ 107.69 per month for 0 mo. B. Services You Cannot Shop For $2,281 Property Taxes $ per month for mo. Appraisal Fee $450 Credit Report Fee $50 Flood Certification Fee $12 Tax Service Fee $80 Up-Front Mortgage Insurance Premium $1,689 H. Other $325 Pest Inspection (optional) $75 Title - Owner's Title Policy (optional) $250 I. TOTAL OTHER COSTS (E + F + G + H) $556 C. Services You Can Shop For $1,008 Title - Closing Fee $550 Title - Lenders Title Insurance $408 Title - Tip Tax $50 J. TOTAL CLOSING COSTS $4,833 D + I $4,833 Lender Credits Calculating Cash to Close Total Closing Costs (J) $4,833 Closing Costs Financed (Paid from your Loan Amount) Down Payment/Funds from Borrower $1,812 Deposit Funds for Borrower Seller Credits Adjustments and Other Credits Estimated Cash to Close $6,645 D. TOTAL LOAN COSTS (A + B + C) $4,277 PAGE 2 OF 3
Additional Information About This Loan EXAMPLE FLOAT LE LENDER LOAN OFFICER EMAIL PHONE Must be BLANK MORTGAGE BROKER LOAN OFFICER EMAIL PHONE Broker Company Information Comparisons In 5 Years Annual Percentage Rate (APR) Use these measures to compare this loan with other loans. $38,782 Total you will have paid in principal, interest, mortgage insurance, and loan costs. $9,379 Principal you will have paid off. 5.643% Your costs over the loan term expressed as a rate. This is not your interest rate. Total Interest Percentage (TIP) 72.035% The total amount of interest that you will pay over the loan term as a percentage of your loan amount. Other Considerations Appraisal Assumption Homeowner's Insurance Late Payment Refinance Servicing We may order an appraisal to determine the property s value and charge you for this appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost. If you sell or transfer this property to another person, we will allow, under certain conditions, this person to assume this loan on the original terms. will not allow assumption of this loan on the original terms. This loan requires homeowner s insurance on the property, which you may obtain from a company of your choice that we find acceptable. If your payment is more than 15 days late, we will charge a late fee of 4% of the principal and interest portion of your payment. Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan. We intend to service your loan. If so, you will make your payments to us. to transfer servicing of your loan. Confirm Receipt By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form. test test Date Co-Applicant Signature Date PAGE 3 OF 3