Common use of IN FEE Clause in Contracts

IN FEE. A lock-in fee of $ ( % of the Loan Amount) is required to lock-in the terms of this Agreement. This lock in fee must be paid by , 20 , otherwise the Lender, at its option, may declare this Agreement null and void. If you provide the Lender with incomplete or incorrect credit information, you may forfeit some or all of your lock- in fee. The loan you have applied for is a fixed rate adjustable rate mortgage loan. Loan Amount: Loan Term: Discount Points is ( of the Loan Amount). Interest Rate: % (If this is an adjustable rate mortgage, this is your initial interest rate.) Monthly Payment of Principal & Interest: (If this is an adjustable rate mortgage, this is your initial monthly payment of principal & interest.) Balloon Payment Negative Amortization: Yes No Yes No Private Mortgage Insurance: Required Not Required, provided the appraised value of the property results in a Loan to Value ratio of 80% or less. Escrows for Real Estate Taxes and Insurance: Required Optional Margin: Index Value: Index Description: Adjustment Period: Caps: Per adjustment Lifetime EXPIRATION DATE: The Expiration Date of this Lock-In Agreement is: . If your loan does not close by the Lock-in Expiration Date, the Lender has no obligation to honor the terms of this Agreement and this may result in a higher rate or more points being charged on your loan, as well as any lock-in fee paid by you becoming non-refundable, except under the following circumstances and subject to applicable law:

IN FEE. A lock-in fee of $ ( % of the Loan Amount) is required to lock-in the terms of this Agreement. This lock lock-in fee must be paid by , 20 , otherwise the Lender, at its option, may declare this Agreement null and void. If you provide the Lender with incomplete or incorrect credit information, you may forfeit some or all of your lock- lock-in fee. The loan you have applied for is a fixed rate adjustable rate mortgage loan. Loan Amount: Loan Term: Discount Points is ( %of the Loan Amount). Interest Rate: % (If this is an adjustable rate mortgage, this is your initial interest rate.) Monthly Payment of Principal & Interest: (If this is an adjustable rate mortgage, this is your initial monthly payment of principal & interest.) Balloon Payment Negative Amortization: Yes No Yes No Private Mortgage Insurance: Required Not Required, provided the appraised value of the property results in a Loan to Value ratio of 80% or less. Escrows for Real Estate Taxes and Insurance: Required Optional Margin: Index Value: Index Description: Adjustment Period: Caps: Per adjustment Lifetime EXPIRATION DATE: The Expiration Date of this Lock-In Agreement is: . If your loan does not close by the Lock-in Expiration Date, the Lender has no obligation to honor the terms of this Agreement and this may result in a higher rate or more points being charged on your loan, as well as any lock-in fee paid by you becoming non-refundable, except under the following circumstances and subject to applicable law: