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Disclosure
Availability of Credit
This is not a loan approval. We are extending you a firm offer of credit (as defined in the Fair Credit Reporting Act) for a 30-year fixed rate full amortizing first lien mortgage loan. We are extending our offer to you based on information in your credit report indicating that you meet specific qualification criteria for the offer. If you apply to us for credit and satisfy the other conditions described below and agree to our terms, we’ll make the credit available to you.
Annual Percentage Rate (APR)
The APR for our credit offer is estimated based on rates available as of 11/01/24. Your APR will be determined after you apply and lock in a rate and will be based on your credit score, loan-to-value (LTV) ratio and other factors. The APR shown is based on rate only and does not include other finance charges you’ll be required to pay. The APR applies to conforming loans with a limit of $766,550 and does not include cash out. Details regarding the rate and APR quoted in this letter are available by calling the number listed on the front of this letter.
Loan Amount
Our offer is for a loan of $XXX,XXX with the loan amount being 80% or less of the value of your property, depending on your credit score. The actual amount for which you qualify will depend on your income, credit score, property value and other factors. For example, a 30-year fixed-rate loan of $XXX,XXX and an APR of XX.XX% will require 360 monthly principal and interest payments of $X,XXX. This payment amount does not include taxes or insurance, so the payment amount will be higher.
Debt-to-Income (DTI) Ratio
Total DTI ratios will be calculated based on information in your application. You must have sufficient stable income that can be documented to support your DTI ratio.
Collateral
Our offer is solely for a loan secured by an acceptable first lien mortgage or security interest on your owner occupied primary residence (single family) located in the United States. Mobile homes are not eligible. After you apply, we’ll order an appraisal of the property to determine its value and make sure it meets our criteria.
Other Requirements:
• To obtain credit, you must respond on or before the expiration date on the front of this letter and provide us with certain information in your application so that we can determine whether you continue to meet the specific credit criteria we have established.
• We must be able to verify the information in your application and that you continue to meet the specific criteria used to select you for this offer.
• You must meet all applicable investor (Fannie Mae & FHLB) requirements.
• You’ll be required to pay closing costs.
The amount you save on a refinanced mortgage may vary by loan. If a refinanced mortgage has a longer term than remains on your current loan, you will incur additional interest charges for the extended term.
Loans are subject to approval. Rates, terms and conditions may be subject to change without notice. Rates accurate as of 12/1/2024. All home lending products are subject to credit and property approval. Not all products are available in all states for all amounts. Other restrictions and limitations apply.