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The privacy and security of your nonpublic personal information* is of utmost
importance to us. This Notice contains details on the measures we have taken to
safeguard your nonpublic personal information, and is provided to you pursuant
to the Privacy of Consumer Financial Information Act**.
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Rate Assumptions:
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Conforming loan Annual Percentage Rate (APR) calculations assume a fully
documented loan amount of $275,000 on an acceptable owner-occupied detached
single family residence (SFR) with a loan-to-value ratio (LTV) of less than 80%
and an impound account for taxes a nd insurance. APR calculation assumptions
include an impound account for taxes and insurance, 15 days prepaid interest at
closing, and no subordinate financing and that borrower will provide full
income documentation. Rate and term refinance. Available first mortgage rates
and fees may vary depending upon your property's location. Restrictions apply.
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Jumbo loan APR calculations assume a fully documented loan amount of $400,000
on an acceptable owner-occupied detached SFR with a LTV ratio of less than 80%
and an impound account for taxes and insurance. APR calculation assumptions
include an impound account for taxes and insurance, 15 days prepaid interest at
closing, and no subordinate financing. Rate and term refinance. Restrictions
apply.
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The Big Zero program requires a minimum loan amount of $150,000.
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Flat closing fee programs are based loan amounts between $150,000 and $650,000
with full documentation, impounds for taxes and insurance, and secured by an
acceptable owner-occupied detached SFR with a related LTV of less than 70%.
Lender pays closing costs for appraisal, escrow, notary, processing, recording,
and title insurance. Borrower responsible for new loan interest costs,
satisfaction of outstanding property liens, and property related costs, such as
association and seller fees, certifications (septic, termite, and well),
insurance (earthquake, flood, hazard, and private mortgage) and taxes (mortgage
and property). Other flat closing fee programs available. Please inquire about
the availability of flat closing fee purchase loan programs. Rates may be
higher for loan amounts lower than $150,000 and over $650,000. Restrictions
apply.
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Adjustable rate mortgage APR calculations are based upon the index and investor
based margins.
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Subject to underwriter approval; not all applicants will be approved.
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Credit Flex Assumptions:
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- There are three loan programs available to Credit Flex borrowers. The fully
amortized fixed rate mortgage, 3-year fixed/27 year adjustable rate mortgage,
and the 2 year fixed/28 year adjustable rate mortgage. The 2 and 3 year
programs convert to a 6 month adjustable rate after the initial fixed rate
period.
- The primary wage earner must have a minimum credit score of 550 and the
co-borrower must have a minimum credit score of 550.
- Credit Flex loans which are $100,000.00 or less may require that an upfront
non-refundable appraisal fee be paid. Any upfront non-refundable appraisal fee
will be credited towards any Flat Fee Program at time of closing.
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Montana Fee Schedule:
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First Mortgages:
$1495.00 Flat Fee: Includes Real Estate Appraisal, credit reports, title
reports/insurance, flood certificates, closing services, and tax certification.
LowestRate Discount Points: varies per loan amount and loan program.
Closed-End Second:
$595.00 Flat Fee: Includes Real Estate Appraisal, credit reports, title
reports, flood certificates, closing services and tax certification. LowestRate
Discount Points: varies per loan amount and loan program
Montana Open-End Second:
$595.00 Flat Fee: Includes Real Estate Appraisal, credit reports, title
reports, flood certificates, closing services and tax certification.
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Loan Program Disclosures:
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"We'll beat any deal you are offered. Guaranteed" means that if you present a
written offer from a licensed broker or lender, in a state where LowestRate
Financial Services is licensed to do business, for a real estate mortgage, that
is dated within 24 hours of your application, that LowestRate Financial
Services will provide an offer that provides terms more favorable to you the
borrower than that of the written offer.
"Closing Costs Guaranteed" means that the lender's fees for your loan
application will not change between the time you apply and the time you close,
assuming the following: The loan amount does not change, the rate and points
option you choose does not change, the loan program you applied for does not
change, and any stated items on your application, such as your stated income,
assets, job history, address history, or any other factor that may affect the
underwriting decision of the loan you applied for do not change.
"No fees prior to closing" means that LowestRate Financial Services does not
charge up-front fees for a loan application. This does not apply to optional
"lock fees" that may be charged up-front if you choose an extended lock option
when you first apply for your loan. This does not apply to Credit Flex loans of
$100,000.00 or less.
"No Points" means that LowestRate Financial Services is not charging a loan
origination fee.
"No Hidden Fees" means that LowestRate Financial Services will disclose any and
all fees associated with a loan transaction.
"Flat Fee Program" means that escrow, appraisal, notary, processing, lender
title, mortgage recording, loan application and Fedex fees will be included as
part of the lender's fee.
Rate Locks are not allowed on the following lien/loan types in the noted
states: On 1st lien loans, rate locks are not permitted in Alaska, Colorado,
Connecticut, Minnesota, Nebraska, New York, Pennsylvania, Texas and Virginia.
Rate locks are not permitted on any loans in Delaware, Georgia, Idaho,
Illinois, Indiana, Maine, Massachusetts, New Hampshire, New Jersey, North
Carolina, Ohio, Oregon, South Carolina, Vermont and Wisconsin.
On purchase money loans, rate locks are not permitted in the District of
Columbia, Louisiana and Rhode Island.
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Important Terms of the Standard Home Equity Line of Credit Program:
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5.25% variable Annual Percentage Rate ("APR") in effect as of 9/24/04 for home
equity lines of credit ranging from $50,000 to $250,000, 70% maximum combined
loan to value, and excellent borrower credit history. Borrower must take an
initial loan advance (draw) of $40,000 at account opening. The 5.25% variable
APR is based on an Index value (the highest prime rate published in the Wall
Street Journal "Money Rates" table) of 5.25% plus a 0% margin. The APR quoted
above includes a 0.25% margin discount for automatic payment from a qualified
checking account. The APR is a variable interest rate and is subject to change
daily. The APR will never be greater than 18%, or less than 5.24%. The $75
annual fee is waived the first year the account is opened. Hazard and flood
insurance (if required) must be in effect on the property securing the account.
Borrower may be responsible for payment of state and local mortgage recording
and transfer taxes.
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Important Terms of the Special Year End Home Equity Line of Credit Program
(12/25/2004-1/1/2005):
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This disclosure contains important information about our home equity line of
credit. You should read it carefully and keep a copy for your records.
The ninety (90) day no pay program has the following limitations.
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- The maximum payment to be made by the lender during this initial ninety (90)
day period is five hundred and one dollars ($501.00)
- In the event that the required payments during the first ninety (90) days
exceeds five hundred and one dollars ($501.00) then the borrower will be
required to make any such additional payments or partial payments during that
period of time
- The initial interest rate may increase during the ninety (90) day period and
any such change will impact the amount of the required payments
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Other Limitations and Conditions:
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- All loans under this program must fund during the month of January 2005
- The APR is based upon an Index value (the highest prime rate published in the
Wall Street Journal "Money Rates" table) and is subject to change based upon a
change in the Index rate
- The maximum combined loan to value ratio is 80%
- The minimum FICO score for program eligibility is 680
- The sample payment of $167.00 per month is based upon a loan amount of
$40,000; an initial interest rate of 5.25%; and a 120 month repayment period
and an ACH discount of 0.25%
- Borrower must take an initial loan advance (draw) of $40,000 at account
opening
- The sample 5.00% APR quoted in the ads includes a 0.25% margin discount for
automatic payments from a qualified checking account
- The APR is a variable interest rate and is subject to change daily
- The APR will never be greater than 18%, or less than 5.25% or the initial
start rate whichever is greater
- If state law permits an annual fee such annual fee is waived the first year
the account is opened
- Hazard and flood insurance (if required) must be in effect on the property
securing the account. Borrower may be responsible for payment of state and
local mortgage recording and transfer taxes
- Any advance (draw) request after initial advance (draw) has a minimum advance
(draw) request of $300.00 except in TX the minimum is $4000.00
- There is a five hundred dollar ($500.00) early account termination fee in the
event the account at any time within the first two years from the date of the
funding of the credit line
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Full/Short Application Disclosures:
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Full Applications Completed and Approved Online: The rates, loan fees, and loan
programs that are provided to borrowers who choose, complete and get approved
through a full online application are not available to those who choose to
complete a short application. The online electronic full application
exclusively provides benefits to the borrower that result from all of the cost
savings associated with doing business via the Internet. These quoted interest
rates, loan fees and loan programs are only available to those who have the
ability to successfully complete and get an online loan approval.
Full Applications Completed and Not Approved Online: If a borrower completes a
full online loan application but is not approved such borrower will have the
opportunity to work with a LowestRate loan consultant to get a loan. The rates,
loan fees and loan programs that are advertised and quoted to those borrowers
who have been approved via a full online loan application are exclusively
available for the successful online applicant.
Full Applications Partially Completed Online: If the borrower initiates a full
online application but abandons the application before completion, the rates,
loan fees and loan programs that are advertised and quoted will not be
available if the loan is completed via a LowestRate loan consultant.
Short Applications Completed Online: Those persons who complete a short
application online will not receive the loan rates, loan fees, or loan programs
that are exclusively reserved for the full applications completed and approved
online.
Restrictions apply. Rates subject to change without notification. Not all loan
applicants may qualify. Equal Housing Lender.
For specific product requirements please contact LowestRate Financial Services.
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