Option 2 ENG PECAN & LAUREL

PECAN BANK
LOAN OFFICER
PHONE
EMAIL
NMLS ID#

Joe Smith
555-123-4444
[email protected]
01234567

LOAN ID#

1330172608
Jane Johnson
456 Avenue A, Anytown, ST 12345
30 year adjustable rate
Purchase
Conventional

APPLICANT
PROPERTY
LOAN TYPE
PURPOSE
PROGRAM
DATE

EXPIRES

May 18, 2011
June 2, 2011 at 3:00 PM

Loan Estimate
PROJECTED PAYMENTS Payments you should expect to make.
AT CLOSING

YEARS 1 – 2

YEARS 3 – 8

YEARS 9 – 30

$34,060 estimated

$853 a month

As much as $1,810 a month

As much as $1,810 a month

Will be adjusted for
credits and deposits.

+ $427 estimated
taxes and insurance.

+ $427 estimated taxes
and insurance.

+ $317 estimated taxes
and insurance.

Estimated total
$1,280 a month.

Estimated total
$1,280 to $2,237 a month.

Estimated total
$1,170 to $2,127 a month.

SUMMARY

CAUTIONS

$216,000
Monthly Loan Payment . ..... $853.47
• Adjusts yearly starting in year 3.

These features trigger higher or additional payments.

Monthly Taxes &
Insurance. . .....................

Increasing Loan Amount. . . . . . . . . No

Loan Amount..................

$427
• E stimated. Could increase
over time.

Adjustable Interest Rate.. . . . . . . . . As high as 10%
Increasing Monthly Payment. . . . As high as $1,810
Balloon Payment. . . . . . . . . . . . . . . . . . No
Prepayment Penalty. . . . . . . . . . . . . . No

Interest Rate................... 2.5% to start
• Adjusts yearly starting in year 3.
• See details on back.
Closing Costs You Pay........ $10,060
• See details on back.
Down Payment................ $24,000

COMPARISONS
Use these additional measures to compare this loan with others.
In 5 Years. . . . . . . . . . . . . . . . . . . . . . . . . . $79,993

Amount you have paid

$19,761

APR.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.59%

Amount of loan paid off

• Expresses interest and costs over 30 years.

For additional information and tools, visit www.consumerfinance.gov/futureurl

Loan Estimate Details

You have no obligation to choose this loan. Shop around to find the best loan for you.

LOAN ID # 1330172608

Estimated Closing Costs
A

Origination Fee.

0
This fee cannot change. Includes _______
points ($0)

B

Required services and costs
you cannot shop for.

Services Required by the Lender
• T hese services include appraisal ($300) and credit report ($18)
provided by lender-related companies: PGV Appraisers and
KJT Credit Co.
• Total cannot be higher than $953 at closing.

C

D

E

Required services you can
shop for. If you choose another
provider, these amounts may
vary.

$2,000

$866

Government Charges

$2,015

Title Services, Lender’s Title Insurance, and Settlement Agent

$1,745

Pest Inspection

$90

Homeowner’s Insurance

$637

Non-required services. You
Owner’s Title Insurance
choose to shop for and purchase
Home Warranty
these services.

$650

Advance charges you pay
at closing.

Escrow and prepaid property taxes and assessments

$633

Escrow for insurance

$649

Prepaid Interest (15 days @ 2.5%, $15/day)

$225

A+B+C+D+E

$550

F

Total Closing Costs

G

Credits from Lender or Seller

$0

H

Amount of Total Closing Costs to be Financed

$0

I

ESTIMATED AMOUNT YOU WILL PAY AT CLOSING (F - G - H)

Is an Escrow Account Required?
x Y
 ES, your monthly payment includes monthly taxes and
insurance.
NO, you must pay your taxes and insurance yourself.
Is Mortgage Insurance Required?
x Y
 ES, this loan requires mortgage insurance.
NO, this loan does not require mortgage insurance.
Will You Make Your Payments to Us?
x YES, we intend to service your loan.
N
 O, we intend to assign, sell, or transfer servicing of
your loan.
Appraisal
We will promptly give you a free copy of any written
property appraisals or valuations. You will receive the copy
even if the loan does not close.

$10,060

$10,060

Important Dates
This estimate expires on 06/02/2011 at 3:00 PM.
After this time, the loan features and closing costs on this
form may not be available.
Adjustable Interest Rate Information
Index Prime
Margin 2.5%
Lifetime Maximum Rate
10%
Lifetime Minimum Rate
2.5%
Cap on Interest Rate Changes
At First Change
3%
At Subsequent Changes
3%
Change Frequency
First Change: 2 years from loan date
Subsequent Changes: Every year after first change

LAUREL BANK
LOAN OFFICER
PHONE
EMAIL
NMLS ID#

Joe Smith
555-123-4444
[email protected]
01234567

LOAN ID#

1330172608
Jane Johnson
456 Avenue A, Anytown, ST 12345
30 year fixed rate
Purchase
Conventional

APPLICANT
PROPERTY
LOAN TYPE
PURPOSE
PROGRAM
DATE

EXPIRES

May 18, 2011
June 2, 2011 at 3:00 PM

Loan Estimate
PROJECTED PAYMENTS Payments you should expect to make.
AT CLOSING

YEARS 1 – 9

YEARS 10 – 30

$28,167 estimated

$1,186 a month

$1,186 a month

Will be adjusted for
credits and deposits.

+ $461 estimated
taxes and insurance.

+ $293 estimated taxes and insurance.

Estimated total
$1,647 a month.

Estimated total $1,479 a month.

SUMMARY

CAUTIONS

$221,000
Monthly Loan Payment . ..... $1,186.38

These features trigger higher or additional payments.

Monthly Taxes &
Insurance. . .....................

Increasing Loan Amount. . . . . . . . . No

Loan Amount..................

$461
• E stimated. Could increase
over time.

Adjustable Interest Rate.. . . . . . . . . No
Increasing Monthly Payment. . . . No
Balloon Payment. . . . . . . . . . . . . . . . . . No
Prepayment Penalty. . . . . . . . . . . . . . As high as $4,420

• If you sell your home, refinance, or pay off the loan

Interest Rate................... 5%

Closing Costs You Pay ........ $4,167
• See details on back.
Down Payment................ $24,000

during the first 3 years.

COMPARISONS
Use these additional measures to compare this loan with others.
In 5 Years. . . . . . . . . . . . . . . . . . . . . . . . . . $81,263

Amount you have paid

$18,059

APR.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.68%

Amount of loan paid off

• Expresses interest and costs over 30 years.

For additional information and tools, visit www.consumerfinance.gov/futureurl

Loan Estimate Details

You have no obligation to choose this loan. Shop around to find the best loan for you.

LOAN ID # 1330172608

Estimated Closing Costs
A

Origination Fee.

0
This fee cannot change. Includes _______
points ($0)

B

Required services and costs
you cannot shop for.

Services Required by the Lender
• T hese services include appraisal ($300) and credit report ($18)
provided by lender-related companies: PGV Appraisers and
KJT Credit Co.
• Total cannot be higher than $1,052 at closing.

C

D

E

Required services you can
shop for. If you choose another
provider, these amounts may
vary.

$1,000

$956

Government Charges

$2,000

Title Services, Lender’s Title Insurance, and Settlement Agent

$1,898

Pest Inspection

$125

Homeowner’s Insurance

$490

Non-required services. You
Owner’s Title Insurance
choose to shop for and purchase
Home Warranty
these services.

$530

Advance charges you pay
at closing.

Escrow and prepaid property taxes and assessments

$633

Escrow for insurance

$749

Prepaid Interest (15 days @ 5%, $30.70/day)

$461

A+B+C+D+E

$325

F

Total Closing Costs

G

Credits from Lender or Seller

H

Amount of Total Closing Costs to be Financed

$5,000

I

ESTIMATED AMOUNT YOU WILL PAY AT CLOSING (F - G - H)

$4,167

Is an Escrow Account Required?
x Y
 ES, your monthly payment includes monthly taxes and
insurance.
NO, you must pay your taxes and insurance yourself.
Is Mortgage Insurance Required?
x Y
 ES, this loan requires mortgage insurance.
NO, this loan does not require mortgage insurance.
Will You Make Your Payments to Us?
x YES, we intend to service your loan.
N
 O, we intend to assign, sell, or transfer servicing of
your loan.
Appraisal
We will promptly give you a free copy of any written
property appraisals or valuations. You will receive the copy
even if the loan does not close.

$9,167
$0

Important Dates
This estimate expires on 06/02/2011 at 3:00 PM.
After this time, the loan features and closing costs on this
form may not be available.