6.1. HRSR 04-03-2023 - Laserfiche WebLink

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Additional Information About This Loan Loan Disclosures Assumption If you sell or transfer this property to another person, your lender will allow, under certain conditions, this person to assume this loan on the original terms. will not allow assumption of this loan on the original terms.x Demand Feature Your loan has a demand feature, which permits your lender to require early repayment of the loan. You should review your note for details. does not have a demand feature.x Late Payment If your payment is more than 0 days late, your lender will charge a late fee of 0% of the . Negative Amortization (Increase in Loan Amount) Under your loan terms, you are scheduled to make monthly payments that do not pay all of the interest due that month. As a result, your loan amount will increase (negatively amortize), and your loan amount will likely become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. may have monthly payments that do not pay all of the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. do not have a negative amortization feature.x Partial Payments Your lender may accept payments that are less than the full amount due (partial payments) and apply them to your loan. may hold them in a separate account until you pay the rest of the payment, and then apply the full payment to your loan. does not accept any partial payments.x If this loan is sold, your new lender may have a different policy. Security Interest You are granting a security interest in You may lose this property if you do not make your payments or satisfy other obligations for this loan. Escrow Account For now, your loan will have an escrow account (also called an "impound" or "trust" account) to pay the property costs listed below. Without an escrow account, you would pay them directly, possibly in one or two large payments a year. Your lender may be liable for penalties and interest for failing to make a payment. Escrow Escrowed Property Costs over Year 1 Estimated total amount over year 1 for your escrowed property costs: Non-Escrowed Property Costs over Year 1 Estimated total amount over year 1 for your non-escrowed property costs: You may have other property costs. Initial Escrow Payment A cushion for the escrow account you pay at closing. See section G on page 2. Monthly Escrow Payment The amount included in your total monthly payment. will not have an escrow account because you declined it your lender does not offer one. You must directly pay your property costs, such as taxes and homeowner's insurance. Contact your lender to ask if your loan can have an escrow account. x No Escrow Estimated Property Costs over Year 1 $0.00 Estimated total amount over year 1. You must pay these costs directly, possibly in one or two large payments a year. Escrow Waiver Fee $0.00 In the future, Your property costs may change and, as a result, your escrow pay- ment may change. You may be able to cancel your escrow account, but if you do, you must pay your property costs directly. If you fail to pay your property costs, your state or local government may (1) impose fines and penalties or (2) place a tax lien on this property. If you fail to pay any of your property costs, your lender may (1) add the amounts to your loan balance, (2) add an escrow account to your loan, or (3) require you to pay for property insurance that the lender buys on your behalf, which likely would cost more and provide fewer benefits than what you could buy on your own. CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 4 OF 6 • LOAN ID #