Anti-Steering Loan Options Disclosure

When you apply for a mortgage loan through Aiello and Associates or any other broker or lender, you will receive an “Anti-Steering Loan Options Disclosure” form. 

To ensure that you (the borrower) have sufficient information to determine the appropriate loan, you will be provided with loan options for the type of loan which you have expressed an interest in.

These loan options will provide you with detailed rate and loan cost information to assist you with choosing the correct loan for your particular financial situation.

Your Loan Options

For each type of transaction in which you express an interest in, your mortgage broker will obtain loan options from the creditors with which your mortgage broker regularly does business with.  Your mortgage broker will then specify on the form the types of loans that you will likely qualify for.


The type of transaction will either be Fixed Rate or Adjustable Rate (ARM).

Loan Options

 Option 1

Loan with the lowest Interest Rate

Option 2

Loan with the lowest Interest Rate without risky features.
See note [1]

Option 3

Loan with the lowest total dollar amount for origination points or fees and discount points.
This is not a lock-in agreement or a loan commitment.
The interest rate and fees described throughout this disclosure are available on the date the document was prepared and are subject to change if you have not locked in your interest rate.
If your lender offers rate locks you might be required to lock the rate in order to obtain the rate and origination cost disclosed in the disclosure.

Additionally, even if your loan is locked, the Interest Rate and fees are subject to change as the loan is underwritten.

If your lender does offer rate locks and you have not locked your loan, please be aware that interest rates change constantly. The way to ensure a certain Interest Rate and set fees is for your mortgage broker to lock your loan. After you lock your loan, you are agreeing to close your loan within a certain period of time and at a certain interest rate. If you instruct your mortgage broker to lock your loan, your mortgage broker can explain to you the Interest Rate and fees that you will pay.

Notes:
[1] Risky features include: negative amortization, a prepayment penalty, interest-only payments, a balloon payment in the first 7 years of the life of the loan, a demand feature, shared equity, or share appreciation.

[2] If Loan Option 1 and Loan Option 2 are the same, this means that there is no difference between these options because the broker does not originate loans with "risky features" described in Option 2.