MORTGAGE BROKERAGE BUSINESS CONTRACT AND
GOOD FAITH ESTIMATE OF COSTS TO APPLICANT
(Hereinafter called Borrower) _________________________________________________________
Exclusively employs MORTGAGE BY THE SEA (Hereinafter called Business)
To obtain a mortgage loan commitment (hereinafter called commitment) within 10 days from the date hereof and acknowledges
that Business cannot make loans or commitments or guarantee acceptance into specific programs, terms, or conditions of any loan.
However, Business may issue a rate lock-in or commitment on behalf of a lender to the borrower.
b. Legal Description: __________________________________________________________
c. Borrower estimates the current appraised fair value of the above described property to be approximately $__________
d. Borrower states that the sum of the balances on any existing mortgage loan is $_______________
TERMS OF LOAN APPLICATION
a. Mortgage Loan Amount
b. Loan Term (in months)
c. Principal and Interest Payment
d. Note Interest Rate
e. This Loan will be a
____First Mortgage ____Junior Mortgage.
f. This mortgage loan
____may ____may not have a prepayment penalty.
g. This mortgage loan
____may ____may not have a balloon payment.
h. This mortgage loan
____is ____is not an “Interest Only” Mortgage.
NOTE: The interest rate on the note will be ____Fixed ____Variable for the term of the loan. If “Variable” is check
above, the figures reflected in IIc. and IId. are the initial principal and interest payment and interest rate of the loan prior
to any adjustments. The estimates that follow are provided pursuant to the Real Estate Settlement Procedures Act of