Common use of Fixed Rate Mortgage - Specific Loan Terms Clause in Contracts

Fixed Rate Mortgage - Specific Loan Terms. If the proposed Non- Prime Loan is a Fixed Rate Mortgage, the Ameriquest Parties’ Sales Personnel shall provide an oral disclosure in substantially the following form: “The loan we have been discussing is a [insert term of the loan] year fixed rate loan for $ [insert loan amount]. The interest rate is [insert interest rate]%. The monthly payment is $[insert monthly payment], which does [or does not] include escrows for property taxes or insurance. Your loan does [or does not] include a prepayment penalty.”