eHomeLoanExpress Secure Loan Application

eHomeLoanExpress Secure LOAN APPLICATION

General Advice and Rules of Thumb

To help you make your decision about the type of loan to pursue and the costs to absorb in pursuing that loan,the following general rules are provided below. The application of these general rules combined with the specific interest rate climate should provide the Tier borrower with a good foundation.

Rule 1: A Fixed Rate mortgage loan should be considered for a purchase first if the loan amount is below $252,700

Rule 2: A Fixed Rate mortgage loan should be considered for a refinance when the one of four things occurs: A . Fixed Rates drop below 7% ; B . When the current rate drops low enough to generate monthly cash savings (compared to your current payments) that will repay you for the closing costs within 2-3 years ; C. If you are consolidating substantial other debits and can replace the first trust deed at the same or slightly better rate than you currently have ; D . If you have an ARM ........don't wait for the ARM to go sky-high ! Replace it with a Fixed Rate when the TRUE rate of your ARM (Index plus margin) add up higher than the current Fixed Rate for the equivalent loan amount .

Rule 3: Look first at the interest rate options for a ZERO POINT loan with NO Prepayment Penalty.

Rule 4: A ZERO POINT or ZERO COST loan works for you if : A. You plan on living in the property for 3-5 years ; B. You plan to own the house longer than 3-5 years; but you have reason to believe that interest rates may decrease even further within 3-5 years. C. Your savings compared to your existing debts is substantial that paying points would be "overkill."

Rule 5: Pay "points" to buydown interest rate if : A. You're buying a new home and the origination points are tax deductible ; B. You believe rates are as low as they will ever go during ownership of subject property . C. Your company subsidizes the points. D. Seller provides a credit for one time non-recurring closing costs. E. By paying points you can recapture the total aggregate expense of the transaction within two years ( when compared with previous mortgage).

Rule 6: If Fixed Rates climb too high, look at 3/1, 5/1, 7/1, or 10/1 ARM as an alternative. Emphasize ZERO POINTS. NO PREPAYMENT PENALTY on these loans as it is uncommon that you would pay yourself back for the points prior to termination of the fixed rate term.

Rule 7: A pure ADJUSTABLE RATE mortgage should be used as the primary vehicle of finance if: A. Your income is volatile. B. You plan to own home for less than one year. C. The True, fully indexed rate is currently lower than a fixed rate and can be projected for the next twelve months as lower than the current Fixed Rate. D. If the property you are buying is a rental.

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Borrower Information	Borrower's Name Address1 Address2 City State Zip Phone Fax Email Social Security Number Annual Income
Co-Borrower Information	Co-Borrower's Name Address1 Address2 City State Zip Phone Fax
Loan Information	Amount of Loan: $ Interest Rate Desired: % No. of Months: 15 year 30 year Amortization Type: Fixed Rate ARM
Property Information	Property Street Address, City, State, ZIP: Property will be owner-occupied: Yes No No. of Units:
Borrower's Credit Information	LIST CREDIT REFERENCES including current mortgage lender or landlord (if any) 1a. Creditor's Name and Address: 1b. Account Number: 1c. Purpose: 1d. Highest Balance: 1e. Date Paid: 2a. Creditor's Name and Address: 2b. Account Number: 2c. Purpose: 2d. Highest Balance: 2e. Date Paid: 3a. Creditor's Name and Address: 3b. Account Number: 3c. Purpose: 3d. Highest Balance: 3e. Date Paid: List any additional names under which credit has previously been received and indicate appropriate creditor name(s) and account number(s):
Co-Borrower's Credit Information	4a. Creditor's Name and Address: 4b. Account Number: 4c. Purpose: 4d. Highest Balance: 4e. Date Paid: 5a. Creditor's Name and Address: 5b. Account Number: 5c. Purpose: 5d. Highest Balance: 5e. Date Paid: 6a. Creditor's Name and Address: 6b. Account Number: 6c. Purpose: 6d. Highest Balance: 6e. Date Paid: List any additional names under which credit has previously been received and indicate appropriate creditor name(s) and account number(s):
Application Agreement	Agreement: I/we applied for the loan indicated in this application to be secured by a first mortgage or deed of trust on the property described herein and represent that I/we have sufficient financial resources to make the down payment required by the Lender and will not incur any additional debt other than the loan herein applied for in order to purchase the related property. I/we acknowledge that the Lender is not evaluating my/our income or assets in determining whether or not to make the loan requested, and that I/we have been advised to make my/our own determination of my/our ability to make the required payments on the loan. Verification may be obtained from any source named in the application. The original or a copy of this application will be retained by the Lender, even if the loan is not granted. I/we specifically acknowledge and agree that: (1) verification or reverification of any information contained in the application may be made at any time by the Lender, its agents, successors and assigns, either directly or through a credit reporting agency, from any source named in this application; (2) in the event my/our payments on the loan indicated in this application become delinquent, the Lender, its agents, successors and assigns, may, in addition to all their other rights and remedies, report my/our name(s) and account information to a credit reporting agency; (3) the Lender, its agents, successors and assigns make no representations or warranties, express or implied, to me/us regarding the property, the condition of the property, or the value of the property. I/we fully understand that it is a federal crime punishable by fine or imprisonment, or both,, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code. Section 1001 et. seq. I/we will occupy the property as indicated above. Borrower's Signature Date Co-Borrower's Signature Date
Information for Government	Information for Government Monitoring Purposes The following information is requested by the Federal Government for certain types of loans related to a dwelling, in order to monitor the lender's compliance with equal credit opportunity, fair housing and home mortgage disclosure laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender may neither discriminate on the basis of this information, nor on whether you choose to furnish it. However, if you choose to not to furnish it, under Federal regulations this lender is required to note the race and sex on the basis of visual observation or surname. If you do not wish to furnish the above information, please check the box below. (Lender must review the above material to assure that the disclosures satisfy all requirements to which the Lender is subject under applicable state law for the particular type of loan applied for.) Borrower: I do not wish to furnish this information Race/National Origin: American Indian, Alaskan Native Asian, Pacific Islander Black, not of Hispanic origin Hispanic White, not of Hispanic origin Other (specify) Sex: Female Male Co-Borrower: I do not wish to furnish this information Race/National Origin: American Indian, Alaskan Native Asian, Pacific Islander Black, not of Hispanic origin Hispanic White, not of Hispanic origin Other (specify) Sex: Female Male

For HELP in filling out this form, please email:
joelm@ehomeloanexpress.com

Joel Maloney
McAdams Financial Services
eHomeLoanExpress.com
217 East Anapamu Street, Santa Barbara CA 93101
phone 805.963.1496 fax 805.963.1517
email joelm@ehomeloanexpress.com

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