Other Consideration
Appraisal - We may order an appraisal to determine the property’s value and charge you for this appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost.
Assumption - If you sell or transfer this property to another person, we;
will allow, under certain conditions, this person to assume this loan on the original terms. will not allow assumption of this loan on the original terms.
Homeowner's Insurance - This loan requires homeowner’s insurance on the property, which you may obtain from a company of your choice that we find acceptable.
Late Payment - If your payment is more than 15 days late, we will charge a late fee of 5% of the monthly principal and interest payment.
Refinance - Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan.
Servicing - We intend;
to service your loan. If so, you will make your payments to us. to transfer servicing of your loan.
By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.