“Consumer Caution and Home Ownership Counseling Notice”
Pursuant to Michigan Public Act 660 of 2002
If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and all money
you have invested in it, if you do not meet your obligations under the loan, including making all your payments.
Mortgage loans rates and 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 your 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 a higher rate and
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 counselor, 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 or other debts in connection
with this transaction and then subsequently incur significant new credit card charges or other debts.
Property taxes and homeowner’s 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.
“Borrower’s Bill of Rights”
Pursuant to M