Mortgage Term Sheet Format
Mortgage Term Sheet Format
1. Borrower Information
Borrower Name: [Your Name]
Co-Borrower Name: Sarah Thompson
Borrower Address: Springfield, IL 62704
Borrower Contact Information:
-
Phone: 222 555 7777
-
Email: [Your Email]
2. Lender Information
Lender Name: Springfield National Bank
Lender Address: Springfield, IL 62704
Lender Contact Information:
-
Phone: 222 555 7777
-
Email: [email protected]
3. Property Information
-
Property Address: Springfield, IL 62704
-
Property Type: Residential
-
Appraised Value: $400,000
-
Property Size: 2,500 Square Feet
-
Year Built: 2055
4. Loan Details
-
Loan Amount: $320,000
-
Loan Term: 30 Years
-
Interest Rate: 4.5% Fixed
-
Amortization Schedule: 30 Years
-
Loan Purpose: Purchase
-
Loan-to-Value (LTV) Ratio: 80%
-
Loan Disbursement Date: March 1, 2060
-
Loan Maturity Date: March 1, 2090
5. Repayment Terms
-
Monthly Payment Amount: $1,621.40
-
Payment Due Date: 1st of Each Month
-
Late Payment Penalty: $50 or 5% of the Monthly Payment, whichever is greater
-
Prepayment Penalty: No
-
Balloon Payment: No
6. Escrow Account
-
Escrow Requirement: Yes
-
Escrow Items:
-
Property Taxes: $4,800 Annually
-
Homeowners Insurance: $1,200 Annually
-
Mortgage Insurance (if applicable): $0 (Not required due to LTV ratio)
-
-
Total Monthly Escrow Payment: $500
7. Fees and Costs
-
Origination Fee: $3,200 (1% of the Loan Amount)
-
Appraisal Fee: $600
-
Title Insurance: $1,500
-
Recording Fees: $100
-
Other Costs:
-
Survey Fee: $300
-
Attorney Fee: $1,000
-
Closing Fee: $800
-
-
Total Closing Costs: $7,500
8. Additional Terms and Conditions
-
Mortgage Insurance Requirement: No mortgage insurance is required due to the 80% LTV ratio.
-
Right to Repayment: The borrower has the right to repay the loan in full at any time without penalty.
-
Assignment Clause: The lender reserves the right to transfer or assign this mortgage to another entity at any time.
-
Default Conditions: Failure to make payments, maintain insurance, or pay property taxes may result in foreclosure.
-
Governing Law: This agreement will be governed by and construed in accordance with the laws of the State of Illinois.
-
Other Conditions: Borrower must provide annual proof of property insurance.
9. Signatures
Borrower Signature:
Date: [Date]
Co-Borrower Signature:
Date: [Date]
Lender Signature:
Date: [Date]