Common use of Fixed Rate Mortgage – With Discount Points Clause in Contracts

Fixed Rate Mortgage – With Discount Points. If the proposed Non-Prime Loan includes a fixed rate mortgage and provides for the payment of Discount Points, Ameriquest Parties’ Sales Personnel shall provide an oral disclosure in substantially the following form: “This loan includes payment of [insert number] discount points, a fee you pay at closing that reduces the interest rate on your loan and also the amount of your monthly payment but increases the total amount of your loan. You may be eligible for a loan with fewer discount points.”