Good Faith Estimate {HUD-GFE}

OMB Approval No. 2502-0265 Good Faith Estimate (GFE) Name of Originator Originator Address Originator Phone Number Originator Email Borrower Property Address Date of GFE Purpose This GFE gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more information, see HUD's Special Information Booklet on settlement charges, your Truth-in-Lending Disclosures, and other consumer information at www.hud.gov/respa. If you decide you would like to proceed with this loan, contact us. 2QO\ \RX FDQ VKRS IRU WKH EHVW ORDQ IRU \RX &RPSDUH WKLV *)( ZLWK RWKHU ORDQ RIIHUV VR \RX FDQ ¿QG WKH EHVW loan. Use the shopping chart on page 3 to compare all the offers you receive. 1. The interest rate for this GFE is available through . After this time, the interest rate, some of your loan Origination Charges, and the monthly payment shown below can change until you lock your interest rate. 2. This estimate for all other settlement charges is available through 3. After you lock your interest rate, you must go to settlement within period) to receive the locked interest rate. days before settlement. 4. You must lock the interest rate at least . days (your rate lock Shopping for your loan Important dates Summary of your loan Your initial loan amount is Your loan term is Your initial interest rate is Your initial monthly amount owed for principal, interest, and any mortgage insurance is Can your interest rate rise? Even if you make payments on time, can your loan balance rise? Even if you make payments on time, can your monthly amount owed for principal, interest, and any mortgage insurance rise? Does your loan have a prepayment penalty? Does your loan have a balloon payment? $ years % $ per month %. 7KH ¿UVW FKDQJH ZLOO EH LQ F No F Yes, it can rise to a maximum of $ F No F <HV WKH ¿UVW LQFUHDVH FDQ EH LQ and the monthly amount owed can rise to $ . The maximum it can ever rise to is $ . F No F Yes, your maximum prepayment penalty is $ F No F Yes, you have a balloon payment of $ due in years. F No F Yes, it can rise to a maximum of Escrow account information Some lenders require an escrow account to hold funds for paying property taxes or other property-related charges in addition to your monthly amount owed of $ . Do we require you to have an escrow account for your loan? F No, you do not have an escrow account. You must pay these charges directly when due. F Yes, you have an escrow account. It may or may not cover all of these charges. Ask us. Summary of your settlement charges A Your Adjusted Origination Charges (See page 2.) B Your Charges for All Other Settlement Services (See page 2.) A + B Total Estimated Settlement Charges $ $ $ Good Faith Estimate (HUD-GFE) 1 American LegalNet, Inc. www.FormsWorkFlow.com Understanding your estimated settlement charges Your Adjusted Origination Charges 1. Our origination charge This charge is for getting this loan for you. 2. <RXU FUHGLW RU FKDUJH SRLQWV IRU WKH VSHFL¿F LQWHUHVW UDWH FKRVHQ F The credit or charge for the interest rate of % is included in "Our origination charge." (See item 1 above.) F You receive a credit of $ for this interest rate of %. This credit reduces your settlement charges. F You pay a charge of $ for this interest rate of %. This charge (points) increases your total settlement charges. The tradeoff table on page 3 shows that you can change your total settlement charges by choosing a different interest rate for this loan. A Some of these charges can change at settlement. See the top of page 3 for more information. Your Adjusted Origination Charges $ Your Charges for All Other Settlement Services 3. Required services that we select These charges are for services we require to complete your settlement. We will choose the providers of these services. Service Charge 4. Title services and lender's title insurance This charge includes the services of a title or settlement agent, for example, and title insurance to protect the lender, if required. 5. Owner's title insurance You may purchase an owner's title insurance policy to protect your interest in the property. 6. Required services that you can shop for These charges are for other services that are required to complete your settlement. We can identify providers of these services or you can shop for them yourself. Our estimates for providing these services are below. Service Charge 7. Government recording charges These charges are for state and local fees to record your loan and title documents. 8. Transfer taxes These charges are for state and local fees on mortgages and home sales. 9. Initial deposit for your escrow account This charge is held in an escrow account to pay future recurring charges on your property and includes all property taxes, all insurance, and other . 10. Daily interest charges 7KLV FKDUJH LV IRU WKH GDLO\ LQWHUHVW RQ \RXU ORDQ IURP WKH GD\ RI \RXU VHWWOHPHQW XQWLO WKH ¿UVW GD\ RI WKH QH[W PRQWK RU WKH ¿UVW GD\ RI \RXU QRUPDO PRUWJDJH SD\PHQW F\FOH This amount is $ per day for days (if your settlement is ). 11. Homeowner's insurance 7KLV FKDUJH LV IRU WKH LQVXUDQFH \RX PXVW EX\ IRU WKH SURSHUW\ WR SURWHFW IURP D ORVV VXFK DV ¿UH Policy Charge B Your Charges for All Other Settlement Services A + B Total Estimated Settlement Charges $ $ Good Faith Estimate (HUD-GFE) 2 American LegalNet, Inc. www.FormsWorkFlow.com Instructions Understanding which charges can change at settlement This GFE estimates your settlement charges. At your settlement, you will receive a HUD-1, a form that lists your actual costs. Compare the charges on the HUD-1 with the charges on this GFE. Charges can change if you select your own provider and do not use the companies we identify. (See below for details.) These charges cannot increase at settlement: The total of these charges can increase up to 10% at settlement: These charges can change at settlement: Our origination charge Your credit or charge (points) for WKH VSHFL¿F LQWHUHVW UDWH FKRVHQ (after you lock in your interest rate) Your adjusted origination charges (after you lock in your interest rate) Transfer taxes Required services that we select Title services and lender's title insurance (if we select them or you use companies we identify) Owner's title insurance (if you use companies we identify) Required services that you can shop for (if you use companies we identify) Government recording charges Required services that you can shop for (if you do not use companies we identify) Title services an