Mortgage Loan Brochure Triggering Terms

Posted By: KathleenD

Mortgage Loan Brochure Triggering Terms - 04/21/09 06:52 PM

I am working on a brochure for a new loan program and need to know if any of the following are triggering terms:

3/3 ARM
X.xx% APR
No Closing Cost (Builder will pay all fees associated with closing cost)

Currently my disclosure says Flood insurance may be required. Advertised rates subject to credit approval and Lenderís credit criteria and may be higher based on applicantís credit history. Certain conditions and restrictions apply. Rate may increase after consummation.

Am I missing anything?
Posted By: Richard Insley

Re: Mortgage Loan Brochure Triggering Terms - 04/22/09 01:35 AM

Doghouse.
Posted By: KathleenD

Re: Mortgage Loan Brochure Triggering Terms - 04/22/09 01:51 PM

Does this require a payment example?
Posted By: Richard Insley

Re: Mortgage Loan Brochure Triggering Terms - 04/22/09 03:11 PM

Not unless you mention loan maturity, dollar amounts of payments, or dollar cost of any FC.