I. Interest Rates
A. Rates advertised are based on 720 Middle Credit Score,Loan to value of under 80%.
B. The Final Rate offered will be based on the borrowers Credit and Equity in their property.
B. Interest Rates may change until the rate is locked. Interest rates change daily.
C. An offered rate may change if the borrowers information doesn't match the application, can't be verified or is fraudulent.
D. Rate lock Extensions are available at additional costs.
II. Lending Requirements
A. We will not close a Purchase or Refinance transaction until all Underwriting Conditions are met.This includes Purchase transactions that have a close by date. It is the responsibility of buyers, sellers and their agents to modify the contracts as needed.
B. Additional conditions may apply at anytime without notice.
C. There is no guarantee of loan closing offered or implied at anytime until funds are wired into the designated escrow account and recording is confirmed.
D. Loan closing is at the Lender/Underwriters discrepancy.
E. We abide by all disclosure requirements and will not close the loan until all required disclosures have been provided and are compliant.
F. All required Borrower conditions must be provided by the Borrower in order to close the loan.
III. Closing Costs
A. We offer Borrower Paid and Lender paid transactions.
1. Lender paid transactions are transactions in which the Lender offers a Credit to the borrower that can be used to offset closing costs. Borrower still pays for credit report and appraisal if required. The credit can be used to refund these fees at closing.
2. Borrower paid: the borrower pays all costs out of equity or out of own assets. Lender credits may still available to offset costs.
B. Borrower is required to pay Appraisal and Credit report.
C. Where permitted by law, borrowers on Lender paid transactions that refinance within 6-9 months after closing, may need to reimburse the broker for all lender paid fees or credits including origination fees.