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