Important disclosures

• This is an estimate, not an offer. It is not a Loan Estimate, a pre-qualification, a pre-approval, a rate lock, or a commitment to lend. Rates, terms, and costs shown are assumptions entered on this worksheet.
• All figures are subject to approval. All loans are subject to credit approval, income and asset verification, and property qualification. Program terms, rates, and availability are subject to change without notice and may vary based on the borrower's qualifications, the property, and market conditions. Not all applicants will qualify.
• Consolidating unsecured debt moves it onto the home. Credit cards and personal loans are unsecured today. After closing, that balance is secured by the property, and failure to make payments could result in the loss of the home.
• A lower payment can still cost more. Extending short-term balances over a 20- or 30-year term often increases the total interest paid over the life of the debt, even when the monthly payment goes down. See the lifetime interest line in each column.
• HELOC rates are variable. The rate and the payment can increase. Interest-only payments during the draw period do not reduce principal, and the payment increases when the repayment period begins.
• Savings assume balances stay paid off. If revolving accounts are used again after closing, the borrower carries both the new loan and the new revolving balances.
• Payments shown cover principal and interest, plus any taxes, insurance, HOA dues, and non-consolidated debt entered above. Mortgage insurance, prepaid items, and escrow funding are not included unless entered.
• Not tax advice. Interest deductibility depends on how loan proceeds are used and on individual circumstances. Consult a tax advisor.
• Cost recovery is closing costs divided by monthly savings. It does not account for interest paid on financed costs or for changes in how quickly the loan pays down.
• Third-party debt figures are as provided by the borrower or credit report and should be verified against current payoff statements before closing.