$500 Loan Guarantee Fine Print

The following is needed for our Close-On-Time Guarantee:

• A completed loan application
• A fully executed purchase contract that specifies a closing within 45 days
• All required documentation such as paystubs, tax returns, asset information within 3 calendar days of submitting a complete loan application
• Payment of appraisal within 3 business days of application and appointment completed within 7 calendar days
• Borrower to find homeowners insurance and provide insurance agent’s information to the lender 14 calendar days before scheduled closing date
• Property survey to be approved by title company and PrimeLending 10 calendar days before scheduled closing date
• Submission of any other documentation required to complete the application

Although we offer home loans for each of the following, these types of loans are ineligible for the Close-on-Time Guarantee, simply because they typically require additional time:

• Property is a foreclosure or short sale
• FHA 203(k) Rehabilitation Loans or FHA 203(k) Streamlined Rehabilitation Loans
• USDA loans or transactions requiring a mortgage subordination agreement
• Co-ops, condominiums, construction loans
• Loans with a grant or down payment assistance

We will make every effort to keep you informed throughout the process if there is a delay, but unfortunately, we cannot be responsible for borrower or third-party delays. The Guarantee is not assignable or transferrable. The Close-on-Time Guarantee is deemed null and void if any of the following events occur during the transaction:

• Applicable laws or investor requirements impose a mandatory waiting period prior to closing which prohibits PrimeLending from closing by your contractual closing date;
• The disclosures are not signed and returned to PrimeLending with all required borrower documentation and a paid appraisal to initiate the mortgage process within 3 business days;
• Closing is not able to occur due to inclement weather, a natural disaster, catastrophic event, or any other public emergency during the loan transaction;
• The borrower changes loan products or terms during the transaction;
• The application or loan documentation contains fraudulent information, omissions, or material misrepresentations;
• The seller requests the closing to be delayed