N/A should not be used in the Loan Estimate, items should be left blank
Creditor Name, if not known leave blank.
Do not provide broker name here
creditor address, if unknown, leave blank
Save this Loan Estimate to compare with your Closing Disclosure.
Loan Estimate
LOAN TERM
DATE ISSUED Date the loan estimate is delivered or put in the mail
PRODUCT
Applicants name and mailing address of consumer applying for
credit. Postal address is required. If multiple applicants are listed
and do not fit in the space an additional page may be provided
PROPERTY address including zip code, if address is unavailable the
location of the property including a zip code
LOAN TYPE
LOAN ID #
RATE LOCK
PURPOSE
SALE PRICE for transactions with a seller, the contract sale price of the property, labeled
sale price. No seller, the estimated value of the property labeled "Est. Prop Value"
Loan Terms
30 years
Purchase, Refinance, construction, Home Equity ,
Fixed Rate, adjustable rate, step rate. Include features Negative amortization,
Interest Only, Step Payment, Balloon Payment, Seasonal Payment
x Conventional
FHA VA _____________
123456789 creditor defined1330172608
x YES, until 4/16/2013 at 5:00 p.m. EDT
NO
Before closing, your interest rate, points, and lender credits can
change unless you lock the interest rate. All other estimated
closing costs expire on 3/4/2013 at 5:00 p.m. EDT Time
Zone must Included
Can this amount increase after closing?
Loan Amount
$150,000
NO
Interest Rate
4.25%
NO The answer would be yes for an adjustable rate loan, there are
Monthly Principal & Interest
$737.91
NO
additional requirements for adjustable rates see 1026.37(b)(6)
See Projected Payments below for your
Estimated Total Monthly Payment
Does the loan have these features?
Prepayment Penalty
NO
Balloon Payment
NO
Projected Payments
Additional columns are required if the loan has negative amortization; is interest only; has a scheduled
balloon payment; has PMI; has a periodic payment that changes more than once in a a single year. The
maximum amount of columns is four
Payment Calculation
Years 1-4
Years 5-30
Principal & Interest
$737.91
$737.91
Mortgage Insurance
+
Estimated Escrow
+
Amount can increase over time
Estimated Total Can be biweekly
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount can increase over time
82
+
—
206
ESCROW: The row must be included but
+
left blank if there will be no escrow
account established.
206
$1,026
$206
a month
This estimate includes
x Property Taxes
x Homeowner’s Insurance
Other:
$944
In escrow?
YES
YES
See Section G on page 2 for escrowed property costs. You must pay for other
property costs separately.
Costs at Closing
Estimated Closing Costs
$5,099
Includes $3,521 in Loan Costs + $2,078 in Other Costs – $500
in Lender Credits. See page 2 for details.
Estimated Cash to Close
$24,901
Includes Closing Costs. See Calculating Cash to Close on page 2 for details.
From x To Borrower
Visit www.consumerfinance.gov/mortgage-estimate for general information and tools.
LOAN ESTIMATE
website is required
PAGE 1 OF 3 • LOAN ID # 123456789
Closing Cost Details
Loan Costs
A. Origination Charges
.5 % of Loan Amount (Points)
Application Fee
Origination Fee
Underwriting Fee
Other Costs
$1,950
$750
$250
$450
$500
Points should be listed first, if there are not any points both, % and amount,
must be left blank. Every thing below points should be listed alphabetically,
but no more than 13 items. If more than 12 items exist, they should be
listed on line 13 as an aggregate amount labeled Additional Charges.
dollar amounts disclosed under § 1026.37(f)(1) must be rounded to the
nearest whole dollar and the percentage amounts must be disclosed as an
exact number up to two or three decimal places, except that decimal places
shall not be disclosed if the percentage is a whole number.
B. Services You Cannot Shop For
Appraisal Fee
Credit Report Fee
Flood Determination Fee
Flood Monitoring Fee
Tax Monitoring Fee
Tax Status Research Fee
$635
$425
$30
$25
$45
$65
$45
E. Taxes and Other Government Fees
Recording Fees and Other Taxes
Transfer Taxes
$80
$80
F. Prepaids
Homeowner’s Insurance Premium ( 6 months)
Mortgage Insurance Premium ( 1 months)
Prepaid Interest ( $17.71 per day for 15 days @ 4.25%)
Property Taxes ( 6 months)
$1,585
$605
$82
$266
$632
G. Initial Escrow Payment at Closing
Homeowner’s Insurance $100.83 per month for 23mo.
per month for 23mo.
Mortgage Insurance
Property Taxes
$105.30 per month for 2 mo.
H. Other
$413
$202
$211
$0
Items cannot exceed 13, and an addendum is not allowed for this section. If
more than 12 items exist, they should be listed on line 13 as an aggregate
amount labeled Additional Charges.
C. Services You Can Shop For
$936
Pest Inspection Fee
$85
$50
* Title – Insurance Binder
*Describe services related for the
* Title – Lender’s Title Policy issuance of title insurance policies $251
$350
* Title – Settlement Agent Fee with the word "title"
Title
–
Title
Search
$200
*
An addendum is allowed, up to 14 items may be listed alphabetically. Any
more than 14 items must use an addendum. When using an addendum
adhere to the following: the 14th line must be labeled with an appropriate
reference to an addendum and list the remaining items in accordance
requirements. An example of a label that complies with the requirements
for an appropriate reference is "See attached page for additional items you
can shop for. You also have the choice to disclose additional items as above,
an aggregate total listed on line14 as Additional Charges
D. TOTAL LOAN COSTS (A + B + C)
$3,521
If State Law requires additional disclosures, those additional disclosures may
be made on a document whose pages are separate from and not presented as
part of, the Loan Estimate
LOAN ESTIMATE
I. TOTAL OTHER COSTS (E + F + G + H)
$2,078
J. TOTAL CLOSING COSTS
$5,099
D+I
Lender Credits
$5,599
– $500
Calculating Cash to Close
Loan Amount
$150,000
Total Closing Costs (J)
– $5,099
Estimated Total Payoffs and Payments
Estimated Cash to Close
From x To Borrower
Estimated Closing Costs Financed
(Paid from your Loan Amount)
– $120,000
$24,901
$5,099
Result of cash to close calculation
The sum of the amounts disclosed pursuant to § 1026.37(h)(1)(i) through (vii)
is disclosed under § 1026.37(h)(1)(viii) as either a positive number, a negative
number, or zero. A positive number indicates the amount that the consumer
will pay at consummation. A negative number indicates the amount that the
consumer will receive at consummation. A result of zero indicates that the
consumer will neither pay nor receive any amount at consummation
PAGE 2 OF 3 • LOAN ID # 123456789
Additional Information About This Loan
LENDER
NMLS/__ LICENSE ID
LOAN OFFICER
NMLS/__ LICENSE ID
EMAIL
PHONE
Ficus Bank
MORTGAGE BROKER
NMLS/__ LICENSE ID
LOAN OFFICER
NMLS/__ LICENSE ID
EMAIL
PHONE
Joe Smith
12345
joesmith@ficusbank.com
123-456-7890
Comparisons
Use these measures to compare this loan with other loans.
$51,932
$13,788
Total you will have paid in principal, interest, mortgage insurance, and loan costs.
Annual Percentage Rate (APR)
4.537%
Your costs over the loan term expressed as a rate. This is not your interest rate.
Total Interest Percentage (TIP)
77.28%
The total amount of interest that you will pay over the loan term as a
percentage of your loan amount.
In 5 Years
Principal you will have paid off.
TIP EXAMPLE, if the Loan Amount is $100,000 and the total amount of interest that the consumer will pay over the Loan Term is $50,000, then the TIP is 50%.
Other Considerations
Appraisal
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.
Assumption
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.
x will not allow assumption of this loan on the original terms.
Homeowner’s
Insurance
This loan requires homeowner’s insurance on the property, which you may obtain from a
company of your choice that we find acceptable.
Late Payment
If your payment is more than 15 days late, we will charge a late fee of 5% of the monthly
principal and interest payment.
If this notice is provided in writing and the applicant is provided the appraisal, this would satisfy ECOA & Reg Z. Appraisal Disclosure requirement
* Loan Acceptance
You do not have to accept this loan because you have received this form or signed a
loan application.
Liability after
Foreclosure
Taking this loan could end any state law protection you may currently have against liability for
unpaid debt if your lender forecloses on your home. If you lose this protection, you may have to pay
any debt remaining even after foreclosure. You may want to consult a lawyer for more information.
Refinance
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.
Servicing
We intend
to service your loan. If so, you will make your payments to us.
x to transfer servicing of your loan.
Michigan is not an anti-deficiency state.
The consumer is not required to sign the Loan Estimate. The creditor may add a signature statement and have the consumer sign page 3 of the Loan Estimate
in order to Confirm Receipt of the Loan Estimate by the consumer. If used by the creditor, the signature statement must contain the exact language from the
model form. (§ 1026.37(n)(1))
*If the Confirm Receipt table is not used by a creditor, a statement about Loan Acceptance must be included at the end of the Other Consideration table that
states, “You do not have to accept this loan because you have received this form or signed a loan application.” (§ 1026.37(n)(2))
LOAN ESTIMATE
PAGE 3 OF 3 • LOAN ID # 123456789