Creditor/borrower Truth-In-Lending Disclosure Page 2
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2Truth-in-Lending Disclosure – Page 2
Loan No.
Insurance:
Property (homeowners) insurance is required and must be at least the lower of: (a)
the outstanding principal balance of the loan; or (b) 100% of the replacement cost
of the dwelling.
Flood insurance is required if your property is in a flood zone. If required, flood
insurance must at least be, but is not limited, to the lowest of: (a) the outstanding
principal balance of the loan; (b) the maximum insurance available under the
National Flood Insurance Program (NFIP); or 100% of the replacement cost of the
dwelling.
Security:
You are giving a security interest in the property listed above.
Late Charges: If a payment is late, the late charge will be five percent (5%) of the payment.
Prepayment:
If you pay off early, you
will not have to pay a penalty.
will not be entitled to a refund of part of the finance charge.
If you prepay your loan other than on the regular installment date you may be
assessed interest charges until the end of the month.
Assumption:
This loan
is assumable with written consent from PHFA.
This loan
is not assumable.
Demand
This obligation has a demand feature.
Feature
Variable Rate: This loan does not have a variable rate feature.
See your contract documents for any additional information about nonpayment, default, any
required repayment in full before the scheduled date, and prepayment funds and penalties.
Included with this disclosure and made a part of it is the Good Faith Estimate of Settlement
Services.
By signing below, I/we acknowledge that I/we received a copy of this disclosure on the date I/we have
indicated.
You are not required to complete this agreement merely because you have received these disclosures or
signed a loan application.
___________________________________________________________________
(Borrower)
(Date)
__________________________________________________________________________
(Borrower)
(Date)
Page 2 of 2
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