| Truth-In-Lending Statement | | | | Date: | 08/23/2009 | Borrower: | Noelle | | | | | Robert | | | | Lender: | Alliance Credit Union
265 Curtner Avenue
, CA 95125 | Property Address: |
where-I-live | | | | Loan ID: | 4457612 | Type of Loan: | 30 Year Fixed Rate |
This is a preliminary truth-in-lending statement. All dates and numerical disclosures except the late payment disclosures are estimates.
You are not required to complete this agreement merely because you have received these disclosures or signed a loan application.
ANNUAL PERCENTAGE RATE
| The cost of your credit as a yearly rate.
| | 5.216% |
|
| FINANCE CHARGE
| The dollar amount the credit will cost you.
| | $222,880.12 |
|
| AMOUNT FINANCED
| The amount of credit provided to you or on your behalf.
| | $225,473.36 |
|
| TOTAL OF PAYMENTS
| The amount you will have paid after you have made all payments as scheduled.
| | $448,353.48 |
|
|
| PAYMENT SCHEDULE: | NUMBER OF
PAYMENTS | AMOUNT OF
PAYMENTS | PAYMENTS ARE DUE
MONTHLY BEGINNING | | 359 | $1,245.43 | 01/01/2010 | | 1 | $1,244.11 | 12/01/2039 |
|
|
An Itemization of Amount Financed is available upon request by contacting us at 800-232-8669 or 408-445-3386.
DEMAND FEATURE - This obligation does not have a demand feature.
VARIABLE RATE FEATURE - This loan does not have a Variable Rate Feature. Variable Rate Disclosures are provided, if applicable.
SECURITY INTEREST - You are giving a security interest in the property located at: , where-I-live
ASSUMPTION - Someone buying this property can not assume the remaining balance due under original mortgage terms.
FILING/RECORDING FEES - $65.00
PROPERTY INSURANCE ï Property Insurance (and flood insurance, if applicable) is required to obtain credit. You may obtain insurance from anyone you want that is acceptable to the lender.
LATE CHARGES - If your payment is more than 15 days late, you will be charged a late charge of 5% of each overdue payment.
PREPAYMENT - If you pay off your loan early, you will not have to pay a penalty. You will not be entitled to a refund of part of your finance charge.
See your contract documents for any additional information regarding non-payment, default, required repayment in full before a scheduled date and prepayment refunds and penalties. |
| This disclosure was viewed by Noelle and Robert electronically on 08/23/2009 as part of the online application process. |
EXPLANATION OF THE TRUTH IN LENDING STATEMENT The Truth-in-Lending disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs. This initial disclosure is based on estimates. At closing, you will be provided with a final Truth-In-Lending statement. In order to understand the notice, we must first explain the information that is contained in the boxes at the top of the notice. APR
The Annual Percentage Rate, APR, is the cost of your credit expressed as an annual rate. Because you may be paying loan discount points and other prepaid finance charges at closing as estimated on the Good Faith Estimate, the APR disclosed is often higher than the interest rate on your loan. For example, a $100,000 loan with $2,000 Prepaid Finance charges, a 30 year term, and a fixed interest rate of 7.0%, the payments would be $665.30 (principal and interest). However, the APR is based on $98,000, since you must pay $2000 in prepaid finance charges to secure a $100,000 mortgage, the APR (7.201%) is higher than the interest rate. Your monthly payments are calculated using the actual interest rate and the actual amount borrowed, not the APR or the actual loan amount less the prepaid finance charges. Finance Charge
The Finance Charge is the amount you will pay in interest and prepaid finance charges over the entire term of the loan. Amount Financed
The Amount Financed is the loan amount applied for, minus the Prepaid Finance Charges. Prepaid Finance Charges include items paid at or before settlement, such as loan origination, commitment or discount fees (points), interest due at closing, and initial mortgage insurance premium. Estimates of the Prepaid Finance Charges you will be required to pay in connection with your loan request can be found on the Good Faith Estimate. Not all the charges that you will find on the Good Faith estimate are considered Prepaid Finance Charges. The Amount Financed is lower than the amount you applied for because it represents a NET figure. If you applied for $100,000 and the Prepaid Finance Charges total $2,000, the Amount Financed would be $98,000. Total of Payments
This figure represents the total amount you will have paid if you make the minimum required payments for the entire term of the loan. This includes principal, interest and mortgage insurance premiums, but does not include payments for property tax escrow deposit or property insurance premiums. Other items that can be found on the Truth-In-Lending statement include:
Payment Schedule
The Payment Schedule provides estimated amounts of the monthly principal and interest payments you will pay over the life of the loan. If you have applied for an adjustable rate mortgage (ARM), the payments displayed are estimated, since your actual payments will be based on a future index value as explained in the ARM disclosure. Demand Feature
A demand feature would allow a lender to ïdemandï payment in full at anytime during the life of the loan. None of our loan programs contain a ïdemandï feature. Prepayment
Explains charges that may be due if you pay off your loan early. You are not entitled to a refund of part of your finance charges if you pay off early. You will be charged interest for the period of time in which you used the money loaned to you. Your prepaid finance charges are generally not refundable, nor is any interest which has already been paid, unless it was paid in advance. Of course, you will not be charged any finance charges that would be incurred after the loan is paid in full. |