Consumer And Home ownership Counseling Notice
If you obtain this loan, the lender will have a mortgage on your home. You
could lose your home, and all the money you have invested in it, if you do not
meet your obligations under the loan, including making all your payments.
Mortgage loans, rates, closing costs, and fees vary based on many factors,
including your particular credit and financial circumstances, your earnings
history, the loan-to-value requested, and the type of property that will secure
you loan. Higher rates and fees may be applicable depending on the individual
circumstances of a particular consumer’s application.
You should shop around and compare loan rates and fees. This particular loan
may have higher rate, total points and fees than other mortgage loans. You
should consider consulting a qualified independent credit counselor or other
experienced financial advisor regarding the rate, fees, and provisions of this
mortgage loan before you proceed. For information on contacting a qualified
credit counselors, ask your lender or call the United States Department of
Housing and Urban Development’s counseling hotline at 1-888-466-3487 for a list
of counselors.
You are not required to complete any loan agreement merely because you have
received these disclosures or have signed a loan application. If you proceed
with this mortgage loan, you should also remember that you may face serious
financial risks if you use this loan to pay off credit card debts and other
debts in connection with this transaction and then subsequently incur
significant new credit card charges or other debts.
Property taxes and homeowners insurance are your responsibility. Not all
lenders provide escrow services for these payments. You should ask your lender
about these services. Your payments on existing debts contribute to your credit
ratings. You should not accept any advice to ignore your regular payments to
your existing creditors.
By signing below, I/we acknowledge receiving a copy of this notice.
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Borrower
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Borrower
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