The Loan Estimate form provides potential homebuyers with critical information about the terms of their mortgage before they commit to the loan. Designed as a three-page document, it offers a comprehensive overview of the loan's cost, including the interest rate, monthly payments, and total closing costs, ensuring transparency and aiding in comparison shopping. Issued by Ficus Bank on July 23, 2012, for applicants John A. and Mary B., this example outlines a fixed-rate conventional loan for 30 years, secured for the purchase of a property at 456 Somewhere Avenue, Anytown, ST 12345. The form meticulously breaks down the cost components, such as origination charges, government fees, and initial escrow payments, alongside specifics concerning rate lock, indicating that the rate is locked until September 21, 2012, at 5:00 p.m. EDT. Significantly, it highlights features like prepayment penalties and balloon payments — both absent in this case — and lists projected payments, showing how the monthly payment may change over time. Moreover, it reveals the estimated cash to close, provides crucial lender information, and lays out comparisons to help applicants understand the loan's long-term financial impact. Collectively, this form acts as a crucial tool in empowering consumers to make informed decisions regarding their home financing options.
| Question | Answer |
|---|---|
| Form Name | Loan Estimate Form |
| Form Length | 3 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 45 sec |
| Other names | estimate format for housing loan, mortgage loan estimate form excel, blank fillable loan estimate form, loan estimate template excel |
FICUS BANK
4321 Random Boulevard • Somecity, ST 12340Save this Loan Estimate to compare with your Closing Disclosure.
Loan estimate |
LOAN TeRM |
30 years |
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PuRPOse |
Purchase |
DATe IssueD |
7/23/2012 |
PRODuCT |
Fixed Rate |
APPLICANTs |
John A. and Mary B. |
LOAN TyPe |
x Conventional FHA VA _____________ |
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123 Anywhere Street |
LOAN ID # |
123456789 |
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Anytown, ST 12345 |
RATe LOCK |
NO x YES, until 9/21/12 at 5:00 p.m. EDT |
PROPeRTy |
456 Somewhere Avenue |
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Before closing, your interest rate, points, and lender credits can |
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Anytown, ST 12345 |
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change unless you lock the interest rate. All other estimated |
sALe PRICe |
$180,000 |
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closing costs expire on 8/6/12 at 5:00 p.m. EDT |
Loan Terms |
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Can this amount increase after closing? |
Loan Amount |
$162,000 |
NO |
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Interest Rate |
3.875% |
NO |
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Monthly Principal & Interest |
$761.78 |
NO |
See Projected Payments Below |
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for Your Total Monthly Payment |
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Does the loan have these features? |
Prepayment Penalty |
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NO |
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Balloon Payment |
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NO |
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Projected Payments
Payment Calculation |
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years |
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years |
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Principal & Interest |
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$761.78 |
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$761.78 |
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Mortgage Insurance |
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82 |
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— |
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Estimated Escrow |
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206 |
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206 |
Amount Can Increase Over Time |
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estimated Total |
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$1,050 |
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$968 |
Monthly Payment |
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This estimate includes |
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In escrow? |
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estimated Taxes, Insurance |
$206 |
x Property Taxes |
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yes |
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x Homeowner’s Insurance |
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yes |
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& Assessments |
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a month |
Other: |
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Amount Can Increase Over Time |
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See Section G on page 2 for escrowed property costs. You must pay for other |
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property costs separately. |
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Cash to Close |
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estimated Cash to Close |
$16,054 |
Includes $8,054 in Closing Costs ( $5,672 in Loan Costs + $2,382 in |
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Other Costs – $0 in Lender Credits). See details on page 2. |
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Visit www.consumerinance.gov/learnmore for general information and tools.
LOAN ESTIMATE |
page 1 of 3 • Loan ID # 123456789 |
Closing Cost Details
Loan Costs
A. Origination Charges |
$1,802 |
.25 % of Loan Amount (Points) |
$405 |
Application Fee |
$300 |
Underwriting Fee |
$1,097 |
Other Costs
e. Taxes and Other Government Fees |
$85 |
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Recording Fees and Other Taxes |
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$85 |
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Transfer Taxes |
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$0 |
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F. Prepaids |
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$867 |
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Homeowner’s Insurance Premium ( |
6 months) |
$605 |
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Mortgage Insurance Premium ( 0 |
months) |
$0 |
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Prepaid Interest ( $17.44 per day for 15 days @ 3.875%) |
$262 |
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Property Taxes ( 0 months) |
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$0 |
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B. services you Cannot shop For |
$672 |
Appraisal Fee |
$405 |
Credit Report Fee |
$30 |
Flood Determination Fee |
$20 |
Flood Monitoring Fee |
$32 |
Tax Monitoring Fee |
$75 |
Tax Status Research Fee |
$110 |
G. Initial escrow Payment at Closing |
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$413 |
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Homeowner’s Insurance |
$100.83 per month for |
23mo. $202 |
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Mortgage Insurance |
per month for |
0 |
mo. |
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Property Taxes |
$105.30 per month for |
2 |
mo. |
$211 |
H. Other |
$1,017 |
Title – Owner’s Title Policy (optional) |
$1,017 |
C. services you Can shop For |
$3,198 |
Pest Inspection Fee |
$135 |
Survey Fee |
$65 |
Title – Insurance Binder |
$700 |
Title – Lender’s Title Policy |
$535 |
Title – Title Search |
$1,261 |
Title – Settlement Agent Fee |
$502 |
D. TOTAL LOAN COsTs (A + B + C) |
$5,672 |
I. TOTAL OTHeR COsTs (e + F + G + H) |
$2,382 |
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J. TOTAL CLOsING COsTs |
$8,054 |
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D + I |
$8,054 |
Lender Credits |
$0 |
Calculating Cash to Close |
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Total Closing Costs (J) |
$8,054 |
Closing Costs Financed (Included in Loan Amount) |
$0 |
Down Payment/Funds from Borrower |
$18,000 |
Deposit |
– $10,000 |
Funds for Borrower |
$0 |
Seller Credits |
$0 |
Adjustments and Other Credits |
$0 |
estimated Cash to Close |
$16,054 |
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LOAN ESTIMATE |
page 2 of 3 • Loan ID # 123456789 |
Additional Information About This Loan
LeNDeR NMLs/LICeNse ID
LOAN OFFICeR
NMLs ID
PHONe
Ficus Bank
Joe Smith 12345 joesmith@icusbank.com
MORTGAGe BROKeR NMLs/LICeNse ID LOAN OFFICeR NMLs ID
eMAIL PHONe
Comparisons |
use these measures to compare this loan with other loans. |
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In 5 years |
$56,582 |
Total you will have paid in principal, interest, mortgage insurance, and loan costs. |
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$15,773 |
Principal you will have paid of. |
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Annual Percentage Rate (APR) |
4.494% |
Your costs over the loan term expressed as a rate. This is not your interest rate. |
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Total Interest Percentage (TIP) |
69.447% |
The total amount of interest that you will pay over the loan term as a |
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percentage of your loan amount. |
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Other Considerations
Appraisal |
We may order an appraisal to determine the property’s value and charge you for this |
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appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. |
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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 |
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will allow, under certain conditions, this person to assume this loan on the original terms. |
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x will not allow this person to assume this loan on the original terms. |
Homeowner’s |
This loan requires homeowner’s insurance on the property, which you may obtain from a |
Insurance |
company of your choice that we ind acceptable. |
Late Payment |
If your payment is more than 15 days late, we will charge a late fee of 5% of the monthly |
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principal and interest payment. |
Reinance |
Reinancing this loan will depend on your future inancial situation, the property value, and |
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market conditions. You may not be able to reinance this loan. |
servicing |
We intend |
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to service your loan. If so, you will make your payments to us. |
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x to transfer servicing of your loan. |
Conirm Receipt
By signing, you are only conirming that you have received this form. You do not have to accept this loan because you have signed or received this form.
Applicant Signature |
Date |
Date |
LOAN ESTIMATE |
page 3 of 3 • Loan ID #123456789 |
