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Close on-time Guarantee Terms and Conditions

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Our Close on-time Guarantee Program is an optional service level offer (also known herein as the "offer" or "program") for persons approved by Local Mortgage, Inc. (known herein as "LMI" or "Lender") for a mortgage loan to buy any specific, eligible 1-4 family residential property located within the licensed states of Local Mortgage, Inc. By participating in this program you (the "Applicant/s", "Borrower/s", etc. herein also known in the first person as "you" and "your") agree to the terms and conditions here as well as in any Close on-time Guarantee Confirmation Letter we send to you.

To be eligible for participation you must meet these eligibility requirements: 

1. You must apply for a Purchase Mortgage Loan for a specific property on our website or by telephone and provide all requested documentation in support of your application. Documents must be provided within THREE (3) CALENDAR DAYS of the time of request. All requested responses and documentation must be received by LMI no later than TEN (10) BUSINESS DAYS prior to the agreed upon closing date. 

2. You must provide within three (3) calendar days, a copy of your fully executed - by both buyer/s and seller/s - original purchase contract, and LMI must agree in advance to the closing date on the purchase contract, or a date mutually agreed upon between you and LMI. Only the date listed on the Close on-time Guarantee Confirmation Letter we send you will be considered for these purposes.

3. You must apply and qualify for a mortgage loan with terms described herein with LMI;

4. The information on your loan application must be accurate, complete and must not contain fraudulent information or material misrepresentations and/or omissions;

5.The actual appraised value must be equal to or greater than the purchase price listed on your purchase contract, or you must have documented funds available for additional down payment to cover any shortfall from the property appraising lower than your contracted sale price. Also, no detrimental property conditions may be noted on the appraisal.

6. You may not request loan term changes, e.g., changes in loan program, term of loan, or down payment amount within (14) fourteen calendar days of the closing date;

7. You must lock your loan rate and satisfy all loan requirements and conditions, including payment of all advance fee deposits, at least ten business days prior to the Closing Date Guarantee Certificate closing date;

8. Your property must qualify for financing based on the guidelines of the applicable loan program including type and location restrictions based on Conventional Mortgage Lending guidelines, if applicable.

9. All borrowers must be U.S. Citizens, permanent resident aliens, or non-permanent resident aliens with acceptable visas, and have all sources of income and assets used for qualification from domestic sources and institutions denominated in U.S. Dollars.

10. Your loan must close with LMI within 60 days of your application. 

Exclusions: The Close on-time Guarantee is void if: The closing date is missed due to delays attributable to the Borrower/s, any unaffiliated third-party vendor (including the appraiser, surveyor, tax transcript provider and/or title company) or the seller; The closing date is missed due to acts of God outside the control of LMI, including inclement weather, natural disaster, catastrophic event, act of terrorism or other public emergency beyond the control of LMI.

 

The following loan programs and/or characteristics are not eligible for the Guarantee: 

1. FHA, VA, USDA and Jumbo Loans - any loans other than conventional, conforming loans.

2. Loans requiring a subordination of a prior loan or taxes;

3. Loan applicants who have disputed credit accounts;

4. Properties requiring repairs or re­inspection;

5. Foreclosed properties owned by a bank or other lender, or homes purchased through a "short ­sale.

6. Properties other than primary, owner-occupied residences.

7. Properties located in states other than AL, AR, CO, FL, GA, OH, MN, MS,  SC, TN and VA.

8. Condominiums, Co-ops, or leasehold-titled properties.

9. Properties considered mixed-use, agricultural, or commercial.

10. Unusual property types for the area where located, e.g.: Log Homes, A-Frames, Geodesic domes, Earthen Homes, Mobile Homes, etc.

 

While participating in this program, time is of the essence in your delivery of requested documentation to Local Mortgage, Inc. You agree submit requested documentation as quickly as possible and to electronic communication (email and/or SMS text) and to electronic submission of documentation via file upload or email. Local Mortgage, Inc. will not confirm delivery or your receipt of any communications.

This offer is void where prohibited by applicable law and in states where Local Mortgage, Inc. does not currently maintain a mortgage lender license. Any dispute arising from this program will be adjudicated under Tennessee law and all parties submit to the exclusive jurisdiction of the State and Federal Courts located in Shelby County, Tennessee.

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