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1
ANNUAL
PERCENTAGE RATE:
Please note the APR is not the same as your note rate. Because it
includes items in addition to interest, it is higher than the note
rate. It is a combination of the amount of interest to be paid over
the life of the loan, together with the prepaid finance charges
computed as an annual rate.
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4
AMOUNT OF
PAYMENTS:
This is the estimated dollar amount of your monthly payments.
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5
PREPAYMENT:
If the first box is checked, your loan has a prepayment penalty.
This means that a fee may be charged to you if you pay off your loan
before it is due. You may select another product if you wish to
avoid the prepayment penalty.
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7
ASSUMPTION:
Your lender will determine if the loan is assumable (transferable
with no change in rate or conditions) by a third party. Typically
fixed-rate loans are not assumable.
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FEDERAL
TRUTH-IN-LENDING DISCLOSURE STATEMENT (MADE IN COMPLIANCE WITH
FEDERAL LAW)
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Lender:
Main Bank
Borrower: Yolanda Jones
Property Address: 123 Main Street, Anytown, USA
[ ] Intial disclosure at time of application [ ] Final
disclosure based on contract terms
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ANNUAL PERCENTAGE RATE
6.89%
1
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FINANCE CHARGE
$203,053.88
2
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AMOUNT FINANCED
$147,190.00
3
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Total of Payments
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Your
payment schedule will be:
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NUMBER OF PAYMENTS
120
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AMOUNT OF PAYMENTS
4
$1027.51
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WHEN PAYMENTS ARE DUE MONTHLY
07/01/1998
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*includes
mortgage insurance premiums, excludes taxes, hazard
insurance or flood insurance
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[
] DEMAND FEATURE: This loan transaction has a demand
feature.
[ ] REQUIRED DEPOSIT: The annual percentage rate does not
take into account your required deposit.
[ ] VARIABLE RATE FEATURE: Your loan contains a variable
rate feature. Disclosures about the variable rate feature
have been provided to you earlier.
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SECURITY
INTEREST: You are giving a security interest in:
[ ] the goods or property being purchased.
FILING OR RECORDING FEES $65
LATE CHARGE: If a payment is more than 15 days late, you
will be charged $50 / 3 % of the principal and interest
past due.
PREPAYMENT: If you pay off your loan early, you
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5
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[
] may [ x] will not have to pay a penalty
[ ] may [ ] will not be entitled to a refund of part
of the finance charge.
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6
INSURANCE: Credit life, accident health or loss of income
insurance is not required in connection with this loan.
This loan transaction requires the following property
insurance:
[x ] Hazard Insurance [x ] Flood
Insurance [ ] Private Mortgage Insurance
Borrower(s) may obtain property insurance through any
person of his/her choice provided said carrier meets the
requirements of the lender.
7
ASSUMPTION: If this loan is to purchase and is secured by
your principal dwelling, someone buying your principle
dwelling, [ ]may [ ]may, subject to conditions [ x] may
not assume the remainder of your loan on the original
terms.
See your contract documents for additional information
regarding nonpayment, default, right to accelerate the
maturity of the obligation, prepayment rebates and
penalties, and the lender's policy regarding assumption of
the obligation.
[ ]
check boxes where applicable
[x ] all dates and numerical disclosures except late
payment disclosures are estimates
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2
FINANCE
CHARGE:
Represents the total dollar amount you will have to pay over the
life of the loan, i.e., the cost of the loan to you. It is a
combination of the amount of interest paid over the life of the
loan plus any/all mortgage insurance premiums, plus the prepaid
finance charges.
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3
AMOUNT
FINANCED:
Please note the amount financed is different from what you
borrowed. It represents the dollar amount of your loan minus
points and certain closing fees as shown in your Good Faith
Estimate of Closing Costs.
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6
DISCLOSURE:
States that if you pay the loan off early, you will not be
entitled to a refund of part of the finance charge. This means
that you will be charged interest for the period of time in which
you are using the money loaned to you. Prepaid finance charges and
interest already paid are not refundable.
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