PROPOSED
REFINANCE LOAN
Sections
I through III should be completed within 3 business days of the
loan application. Please note that the information provided in
these sections represent an estimate
of the refinance loan and its impact.
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Section I – PROPOSED
REFINANCE LOAN COMPARISON
(This
section to be completed by the Lender.)
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Loan Application Date:
_________________________
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EXISTING
LOAN
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PROPOSED
LOAN
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ESTIMATED IMPACT OF
REFINANCE
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VA
Loan Number (LIN)
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____________
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____________
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Loan
Balance
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$____________
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$____________
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$____________
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Monthly
Payment
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$____________
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$____________
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$____________
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Remaining
Term (months)
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___________
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___________
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___________
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Loan
Type
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___________
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___________
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N/A
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Interest
Rate
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________%
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________%
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________%
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Total of the Remaining
Scheduled Payments
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$____________
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$____________
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$____________
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Loan-to-Value
Percentage
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________%
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________%
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________%
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Home
Equity Remaining
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$____________
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$____________
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$____________
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Section II – NET
TANGIBLE BENEFIT FOR PROPOSED REFINANCE LOAN
(This
section to be completed by the Lender.)
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To
the best of my knowledge, I, ___[insert
Lender name]____,
have determined that the proposed refinance loan outlined in
Section I meets the following net tangible benefits (check all
that apply):
The
new loan eliminates monthly mortgage insurance, whether public or
private, or monthly guaranty insurance
The
term of the new loan is shorter than the term of the loan being
refinanced
The
interest rate on the new loan is lower than the interest rate on
the loan being refinanced
The
payment on the new loan is lower than the payment on the loan
being refinanced
The
new loan results in an increase in the borrower’s monthly
residual income as explained by 38 CFR 36.4340(e)
The
new loan refinances an interim loan to construct, alter, or
repair the primary home
The
new loan amount is equal to or less than 90 percent of the
reasonable value of the home
The
new loan refinances an adjustable rate mortgage to a fixed rate
loan
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Section III –
BORROWER CERTIFICATION FOR PROPOSED REFINANCE LOAN
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I/We
hereby certify that I/we understand the estimated effect the
proposed refinancing has on my loan balance, payments, interest
rate, term, total payback of payments, and remaining equity in my
home should I/we accept a refinance loan.
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Borrower
____________________________________________________
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Date:
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Co-Borrower
_________________________________________________
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Date:
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FINAL
REFINANCE LOAN
Sections
IV through VII should be completed at or before the closing of the
refinance loan.
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Section IV – FINAL
REFINANCE LOAN COMPARISON
(This
section to be completed by the Lender.)
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EXISTING
LOAN
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NEW LOAN
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IMPACT OF REFINANCE
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VA
Loan Number (LIN)
|
____________
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____________
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Loan
Balance
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$____________
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$____________
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$____________
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Monthly
Payment
|
$____________
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$____________
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$____________
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Remaining
Term (months)
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___________
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___________
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___________
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Loan
Type
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___________
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___________
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N/A
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Interest
Rate
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________%
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________%
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________%
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Total of the Remaining
Scheduled Payments
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$____________
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$____________
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$____________
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Loan-to-Value
Percentage
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________%
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________%
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________%
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Home
Equity Remaining
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$____________
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$____________
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$____________
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Section V – REFINANCE
CLOSING SUMMARY
(This
section to be completed by the Lender.)
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Amount of Cash Directly
Disbursed to Borrower(s):
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$_______________
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Payoffs Disbursed, Excluding
Mortgages, on Behalf of Borrower(s):
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$_______________
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Amount of Increase in Total
Paid Over Life of Loan:
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$_______________
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Section VI – NET
TANGIBLE BENEFIT FOR FINAL REFINANCE LOAN
(This
section to be completed by the Lender.)
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I,
___[insert Lender
name]____, have
determined that the new refinance loan outlined in Section IV
meets the following net tangible benefits (check all that apply):
The
new loan eliminates monthly mortgage insurance, whether public or
private, or monthly guaranty insurance
The
term of the new loan is shorter than the term of the loan being
refinanced
The
interest rate on the new loan is lower than the interest rate on
the loan being refinanced
The
payment on the new loan is lower than the payment on the loan
being refinanced
The
new loan results in an increase in the borrower’s monthly
residual income as explained by 38 CFR 36.4340(e)
The
new loan refinances an interim loan to construct, alter, or
repair the primary home
The
new loan amount is equal to or less than 90 percent of the
reasonable value of the home
The
new loan refinances an adjustable rate mortgage to a fixed rate
loan
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Section VII –
BORROWER CERTIFICATION FOR FINAL REFINANCE LOAN
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I/We
hereby certify that I/we understand the effect refinancing has on
my loan balance, payments, interest rate, term, total payback of
payments, and remaining equity in my home should I/we accept a
refinance loan.
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Borrower
____________________________________________________
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Date:
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Co-Borrower
_________________________________________________
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Date:
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