Consumer Caution And Homeownership Counseling Form PDF Details

In the journey towards homeownership, potential buyers are faced with various forms and disclosures that serve to inform and protect them throughout the process. One such form, particularly for Michigan residents, is the Consumer Caution and Homeownership Counseling Notice. This document plays a crucial role in educating prospective homeowners about the potential risks associated with obtaining a loan that places a mortgage on their home. By emphasizing the importance of meeting loan obligations to avoid the dire consequence of losing one's home, the notice stresses the variability of mortgage loan rates and closing costs based on individual financial circumstances. Potential borrowers are encouraged to shop around, compare rates and fees, and possibly consult with independent credit counselors or financial advisers to fully understand the terms of their loan. This proactive measure aims to ensure that individuals make informed decisions and consider the long-term implications of their financial commitments. Additionally, it highlights borrower responsibilities, such as property taxes and homeowner’s insurance, and cautions against accruing new debts that could jeopardize their financial stability. Acknowledgement of receiving this notice is required, signifying the borrower's understanding of its contents. The form ultimately serves as a protective measure, guiding individuals through the complex path to homeownership with a clear emphasis on caution and informed decision-making.

QuestionAnswer
Form NameConsumer Caution And Homeownership Counseling Form
Form Length1 pages
Fillable?Yes
Fillable fields6
Avg. time to fill out1 min 27 sec
Other namesMich, Michigan, Borrower, Originator

Form Preview Example

Michigan: Consumer Caution & Homeownership Counseling Notice

Pursuant to Mich. Comp. Laws Ann. §445.1637.

Date:

GENERAL INFORMATION

 

 

 

 

 

 

 

 

Loan Number:

 

 

Borrower Name(s):

 

 

 

 

 

 

 

 

 

 

Property Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City:

 

State:

 

 

Zip Code:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BROKER INFORMATION

 

 

 

 

 

Broker:

 

 

 

 

 

 

Broker Phone:

 

 

 

Broker Address:

 

 

 

 

 

 

 

 

 

 

 

City:

 

State:

 

 

Zip Code:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISCLOSURE

 

 

 

 

If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and all money you have invested in it, if you do not meet your obligations under the loan, including making all your payments.

Mortgage loan rates and closing costs and fees vary based on many factors, including your particular credit and financial circumstances, your earnings history, the loan-to-value requested, and the type of property that

will secure your loan. Higher rates and fees may be applicable depending on the individual circumstances of a particular consumer’s application.

You should shop around and compare loan rates and fees. This particular loan may have a higher rate and total points and fees than other mortgage loans. You should consider consulting a qualified independent credit counselor or other experienced financial adviser regarding the rate, fees, and provisions of this mortgage loan

before you proceed. For information on contacting a qualified credit counselor, ask your lender or call the United States Department of Housing and Urban Development’s counseling hotline at 1-800-569-4287 for a list

of counselors.

You are not required to complete any loan agreement merely because you have received these disclosures or have signed a loan application. If you proceed with this mortgage loan, you should also remember that you may face serious financial risks if you use this loan to pay off credit card debts and other debts in connection with this transaction and then subsequently incur significant new credit card charges or other debts.

Property taxes and homeowner’s insurance are your responsibility. Not all lenders provide escrow services for

these payments. You should ask your lender about these services.

Your payments on existing debts contribute to your credit ratings. You should not accept any advice to ignore your regular payments to your existing creditors.

WHOLESALE | Consumer Caution & Homeownership Counseling Notice: MI – Generic (REV090913AP)

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MI: Consumer Caution & Homeownership Counseling Notice

(Cont.)

ACKNOWLEDGMENT

I/We have read the above document and acknowledge receiving a copy by signing below.

Loan Originator

Loan Originator:

 

Date:

L.O. Print Name:

 

 

Borrower(s)

Borrower Signature 1:

 

Date:

Borrower Print Name:

 

 

Borrower Signature 2:

 

Date:

Borrower Print Name:

 

 

Borrower Signature 3:

 

Date:

Borrower Print Name:

 

 

Borrower Signature 4:

 

Date:

Borrower Print Name:

 

 

This notice must be provided at application for an owner-occupied, closed-end, non-purchase money mortgage loan. This notice must be provided in conjunction with a list of the nearest available HUD-approved credit counseling agencies: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=summary

WHOLESALE | Consumer Caution & Homeownership Counseling Notice: MI – Generic (REV090913AP)

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How to Edit Consumer Caution And Homeownership Counseling Form Online for Free

hcs can be filled out online easily. Simply use FormsPal PDF editor to do the job quickly. We are focused on providing you with the ideal experience with our editor by continuously introducing new features and improvements. Our tool has become a lot more useful with the newest updates! Currently, working with PDF forms is easier and faster than ever. Here is what you'd want to do to begin:

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This PDF doc will involve some specific information; in order to guarantee consistency, please be sure to adhere to the recommendations hereunder:

1. The hcs requires specific information to be inserted. Make certain the next blank fields are filled out:

Step number 1 in submitting Michigan

2. Once your current task is complete, take the next step – fill out all of these fields - Loan Originator, Loan Originator, LO Print Name, Borrowers, Borrower Signature, Borrower Print Name Borrower, Borrower Print Name Borrower, Borrower Print Name Borrower, Date, Date, Date, Date, Date, and Borrower Print Name This notice with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

LO Print Name, Borrower Print Name Borrower, and Date inside Michigan

Always be really mindful when filling in LO Print Name and Borrower Print Name Borrower, because this is where a lot of people make some mistakes.

Step 3: Prior to finishing the form, make sure that blanks were filled in the proper way. When you verify that it's correct, click “Done." Create a free trial subscription with us and gain direct access to hcs - available inside your FormsPal account page. FormsPal is invested in the confidentiality of all our users; we ensure that all personal information processed by our editor is kept secure.

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