Borrower Name: [Your Name]
Co-Borrower Name: Sarah Thompson
Borrower Address: Springfield, IL 62704
Borrower Contact Information:
Phone: 222 555 7777
Email: [Your Email]
Lender Name: Springfield National Bank
Lender Address: Springfield, IL 62704
Lender Contact Information:
Phone: 222 555 7777
Email: mortgage@springfieldnb.com
Property Address: Springfield, IL 62704
Property Type: Residential
Appraised Value: $400,000
Property Size: 2,500 Square Feet
Year Built: 2055
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
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
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
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
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.
Borrower Signature:
Date: [Date]
Co-Borrower Signature:
Date: [Date]
Lender Signature:
Date: [Date]
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