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Ficus Bank Loan Estimate February 2013

Date

Feb 2013

AI summary

Issued February 15, 2013, by Ficus Bank for applicants Michael Jones and Mary Stone to purchase the Anytown, ST 12345 property at 123 Anywhere Street for $180,000. Loan ID 1234567891330172608 covers a 30-year fixed-rate conventional mortgage of $162,000 at 3.875%, with a $1,050 estimated monthly payment, $8,054 closing costs, and $16,054 estimated cash to close.

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FICUS BANK

Save this Loan Estimate to compare with your Closing Disclosure.

4321 Random Boulevard • Somecity, ST 12340

Loan Estimate
DATE ISSUED
APPLICANTS

PROPERTY
SALE PRICE

LOAN TERM
PURPOSE
PRODUCT
LOAN TYPE
LOAN ID #
RATE LOCK

2/15/2013
Michael Jones and Mary Stone
123 Anywhere Street
Anytown, ST 12345
456 Somewhere Avenue
Anytown, ST 12345
$180,000

30 years
Purchase ce
Fixed Rate
x Conventional
FHA VA _____________
1234567891330172608
NO x YES, until 4/16/2013 at 5:00 p.m. EDT
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

Loan Terms

Can this amount increase after closing?

Loan Amount

$162,000

Interest Rate

3.875%

Monthly Principal & Interest

$761.78

See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?
Prepayment Penalty

YES

Balloon Payment

• As high as $3,240 if you pay off the loan during the
first 2 years

Projected Payments
Payment Calculation

Years 1-7

Years 8-30

Principal & Interest

$761.78

Mortgage Insurance

—

Estimated Escrow

206

Amount can increase over time

Estimated Total
Monthly Payment

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$1,050

$206
a month

This estimate includes
x Property Taxes
x Homeowner’s Insurance
Other:

$968
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

$8,054

Includes $5,672 in Loan Costs + $2,382 in Other Costs – $0
in Lender Credits. See page 2 for details.

Estimated Cash to Close

$16,054

Includes Closing Costs. See Calculating Cash to Close on page 2 for details.

Visit www.consumerfinance.gov/mortgage-estimate for general information and tools.

Estimated Closing Costs

LOAN ESTIMATE

PAGE 1 OF 3 • LOAN ID # 123456789

Closing Cost Details
Loan Costs
A. Origination Charges
.25 % of Loan Amount (Points)
Application Fee
Underwriting Fee

B. Services You Cannot Shop For
Appraisal Fee
Credit Report Fee
Flood Determination Fee
Flood Monitoring Fee
Tax Monitoring Fee
Tax Status Research Fee

C. Services You Can Shop For
Pest Inspection Fee
Survey Fee
Title – Insurance Binder
Title – Lender’s Title Policy
Title – Settlement Agent Fee
Title – Title Search

Other Costs
$1,802
$405
$300
$1,097

$672
$405
$30
$20
$32
$75
$110

$3,198
$135
$65
$700
$535
$502
$1,261

E. Taxes and Other Government Fees
Recording Fees and Other Taxes
Transfer Taxes

$85
$85

F. Prepaids
Homeowner’s Insurance Premium ( 6 months)
Mortgage Insurance Premium ( months)
Prepaid Interest ( $17.44 per day for 15 days @ 3.875%)
Property Taxes ( months)

$867
$605

G. Initial Escrow Payment at Closing
Homeowner’s Insurance $100.83 per month for 23mo.
Mortgage Insurance
per month for 0 mo.
Property Taxes
$105.30 per month for 2 mo.

$413
$202

$1,017
$1,017

I. TOTAL OTHER COSTS (E + F + G + H)

$2,382

J. TOTAL CLOSING COSTS

$8,054

D+I
Lender Credits

$8,054

Calculating Cash to Close
Total Closing Costs (J)

$8,054

Down Payment/Funds from Borrower
Deposit

$0
$18,000
– $10,000

Funds for Borrower

Seller Credits

Adjustments and Other Credits
Estimated Cash to Close

$0
$16,054

$5,672

$211

H. Other
Title – Owner’s Title Policy (optional)

Closing Costs Financed (Paid from your Loan Amount)

D. TOTAL LOAN COSTS (A + B + C)

$262

LOAN ESTIMATE

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
Joe Smith
12345
joesmith@ficusbank.com
123-456-7890

MORTGAGE BROKER
NMLS/__ LICENSE ID
LOAN OFFICER
NMLS/__ LICENSE ID
EMAIL
PHONE

Comparisons

Use these measures to compare this loan with other loans.

In 5 Years

$56,582 Total you will have paid in principal, interest, mortgage insurance, and loan costs.
$15,773 Principal you will have paid off.

Annual Percentage Rate (APR)

4.274% Your costs over the loan term expressed as a rate. This is not your interest rate.

Total Interest Percentage (TIP)

69.45%

The total amount of interest that you will pay over the loan term as a
percentage of your loan amount.

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.

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

Applicant Signature

Date

Co-Applicant Signature

Date

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.

LOAN ESTIMATE

PAGE 3 OF 3 • LOAN ID #123456789