3170-XXXX Loan Estimate (IO) (English)

FICUS BANK

4321 Random Boulevard • Somecity, FL 12340

Loan Estimate
date issued
Applicants

Property

sale price

Save this Loan Estimate to compare with your Closing Disclosure.
30 years
Purchase ce
5 Year Interest Only, 5/3 Adjustable Rate
x Conventional
FHA VA _____________
1234567891330172608
NO x YES, until 1/22/2013 at 5:00 p.m. EST

Loan TERM
Purpose
product
Loan Type
LOAN ID #
RATE LOCK

12/15/2012
John A. and Mary B.
123 Anywhere Street
Anytown, FL 12345
456 Somewhere Avenue
Anytown, FL 12345
$240,000

Before closing, your interest rate, points, and lender credits can
change unless you lock the interest rate. All other estimated
closing costs expire on 1/3/2013 at 5:00 p.m. EST

Loan Terms

Can this amount increase after closing?

Loan Amount

$211,000

NO

Interest Rate

4.375%

YES

• Adjusts every three years starting in year 6
• Can go as high as 8% in year 9
• See AIR table on page 2 for details

Monthly Principal & Interest

$769.27

YES

• Adjusts every three years starting in year 6
• Can go as high as $1,622 in year 9
• Includes only interest and no principal until year 6
• See AP table on page 2 for details

See Projected Payments Below
for Your Total Monthly Payment

Does the loan have these features?

YES

Prepayment Penalty

•A
 s high as $4,220 if you pay off the loan during the
first 2 years

NO

Balloon Payment

Projected Payments
Payment Calculation

Years 1-5

Years 6-8

Principal & Interest

$769.27
only interest

Mortgage Insurance
Estimated Escrow

Amount Can Increase Over Time

Estimated Total
Monthly Payment

Years 9-11

Years 12-30

$1,233 min
$1,542 max

$1,233 min
$1,622 max

$1,233 min
$1,622 max

+ 107

+ 107

+ 107

+ —

+ 533

+ 533

+ 533

+ 533

$1,409

Estimated Taxes, Insurance
& Assessments
Amount Can Increase Over Time

$533

a month

$1,873 – $2,182 $1,873 – $2,262 $1,766 – $2,155
This estimate includes
x Property Taxes
x Homeowner’s Insurance
Other:

In escrow?
YES
YES

See Section G on page 2 for escrowed property costs. You must pay for other
property costs separately.

Cash to Close
Estimated Cash to Close

$31,587

Includes $8,587 in Closing Costs ( $4,527 in Loan Costs + $4,060 in
Other Costs – $0 in Lender Credits). See details on page 2.

Visit www.consumerfinance.gov/learnmore for general information and tools.
Loan Estimate

page 1 of 3 • Loan ID # 123456789

Closing Cost Details
Loan Costs

Other Costs

A. Origination Charges $2,850
% of Loan Amount (Points) $0
Application Fee $400
Loan Origination Fee $2,450

E. Taxes and Other Government Fees $152
Recording Fees and Other Taxes
$152
Transfer Taxes
$0

B. Services You Cannot Shop For $820
Appraisal Fee
$305
Credit Report Fee
$30
Flood Determination Fee
$35
Lender’s Attorney
$400
Tax Status Research Fee
$50

F. Prepaids $1,205
Homeowner’s Insurance Premium ( 12 months)
$1,000
Mortgage Insurance Premium ( 0 months)
$0
Prepaid Interest ($25.64 per day for 8 days @ 4.375%) $205
Property Taxes ( 0 months)
$0

G. Initial Escrow Payment at Closing $1,067
Homeowner’s Insurance $83.33 per month for 2 mo. $167
Mortgage Insurance
$0 per month for 0 mo.
$0
Property Taxes
$450.00 per month for 2 mo. $900

H. Other $1,636
Title – Owner’s Title Policy (optional)
$1,636

C. Services You Can Shop For $857
Pest Inspection Fee
$125
Survey Fee
$150
Title – Lender’s Title Policy
$132
Title – Settlement Agent Fee
$300
Title – Title Search
$150

I. Total Other Costs (E + F + G + H)

$4,060

J. Total Closing Costs

$8,587

D + I
Lender Credits

$8,587
– $0

Calculating Cash to Close
Total Closing Costs (J)

$8,587

Closing Costs Financed (Included in Loan Amount) $0
Down Payment/Funds from Borrower $29,000
Deposit

– $5,000

Funds for Borrower

$0

Seller Credits

– $1,000

Adjustments and Other Credits
D. Total loan costs (A + B + C)

$4,527

Adjustable Payment (AP) Table
Interest Only Payments?

YES for your first 60 payments

Optional Payments?

NO

Step Payments?

NO

Seasonal Payments?

NO

Monthly Principal and Interest Payments
First Change/Amount
$1,233 – $1,542 at 61st payment
Subsequent Changes
Every three years
Maximum Payment
$1,622 starting at 108th payment
Loan Estimate

$0

Estimated Cash to Close $31,587

Adjustable Interest Rate (AIR) Table
Index + Margin
LIBOR + 4%
Initial Interest Rate
4.375%
Minimum/Maximum Interest Rate
5%/8%
Change Frequency
First Change
Beginning of 61st month
Subsequent Changes
Every 36th month after first change
Limits on Interest Rate Changes
First Change
3%
Subsequent Changes
3%
page 2 of 3 • Loan ID # 123456789

Additional Information About This Loan
LENDER
NMLS/License ID
Loan officer
NMLS ID
EMAIL
PHONE

Ficus Bank

Mortgage broker
NMLS/License ID
Loan officer
NMLS ID
EMAIL
PHONE

Joe S.
12345
[email protected]
111-222-3333

Comparisons

Pecan Mortgage Broker Inc.
222222
Jane J.
67890
[email protected]
333-444-5555

Use these measures to compare this loan with other loans.

$57,324 Total you will have paid in principal, interest, mortgage insurance, and loan costs.
$0 Principal you will have paid off.

In 5 Years
Annual Percentage Rate (APR)
Total Interest Percentage (TIP)

5.231% Your costs over the loan term expressed as a rate. This is not your interest rate.
99.104% The total amount of interest that you will pay over the loan term as a
percentage of your loan amount.

Other Considerations
Appraisal

 e may order an appraisal to determine the property’s value and charge you for this
W
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 this person to assume 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.

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.

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.

Applicant Signature

Loan Estimate

Date

Co-Applicant Signature

Date

page 3 of 3 • Loan ID #123456789