Contra Costa California Form 433-B 2025

Contra Costa California Form 433-B: What You Should Know

See Section 6041(a)-(d) of the Internal Revenue Code for details and penalty provisions.  Form 433B (OIC) (Rev. 4-2022) — RMS Law Mortgage-BASED Real Property Loans For purposes of Section 6041 of the Internal Revenue Code (IRC), the term “mortgage-based real property loan” means a loan secured by dwelling units on or contiguous to real property that is either (i) made in connection with a real estate investment plan (other than by an insured depository institution) under which the creditor makes principal and interest payments or (ii) otherwise secured by or directly or indirectly relating to the dwelling unit or dwelling units on or contiguous to the real property.   (a) The following disclosures have been made to the consumer for the purposes of the disclosure statement, if required by paragraphs (a)(1), (b)(2), (b)(3), and (c) below: (1) Each amount charged is an introductory rate. This introductory rate will be increased only upon prepayment and will be reflected in all monthly payments. The introductory rate may not be increased through prepayment unless authorized by the creditor on the face of the disclosure statement. In the event the introductory rate shall be increased through prepayment, no interest will be charged on the unpaid balance of the loan that remains unpaid after commencement of prepayment.  Note: This introductory rate will be increased only if (i) the consumer's purchase price for the dwelling units is less than 110% of the initial purchase price of the dwelling units and (ii) the term of the dwelling units is extended beyond the original term.  (2) Each amount charged will be an annual percentage rate (“APR”).  In the introductory rate cases noted above, the APR of the loan will be 12.59%, but in the other cases, it will be a variable rate (“VAR”).  (3) The APR represents the effective interest rate that will be charged in the event the loan is defaulted unless the creditor will provide information reasonably necessary to determine the APR on the loan. (4) The actual amount of payment will be calculated as the outstanding balance less all amount by which the outstanding balance exceeds the amount by which the total outstanding loan balance exceeds 110% of its purchase price.

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