*LOW RATE GUARANTEE ("LR Guarantee")
The LR Guarantee program compares the interest rate, discount points, and lender fees ("Terms") shown on a competing lender’s loan estimate ("Competing Lender’s LE") with the Terms shown on the loan estimate provided to you by Freedom Mortgage. (Property taxes, insurance, title fees, and other third party fees are excluded from the comparison.) After comparison, if Freedom Mortgage is unable or unwilling to meet or beat the interest rate disclosed on the Competing Lender’s LE, then subject to the conditions set forth below, we will mail you a $250 prepaid card within 30 days after having received the materials listed below. Only one $250 prepaid card for the LR Guarantee will be provided per loan transaction. Freedom Mortgage reserves the right to modify or end the LR Guarantee program at any time in its sole discretion.
Conditions: To be eligible for the LR Guarantee:
- The loan transaction must be a purchase loan transaction, not a refinancing.
- You must provide a copy of the Competing Lender’s LE to your loan officer. The Competing Lender’s LE must be dated on or after the date of our loan estimate.
- The following information on the loan estimates must be identical: applicants, property, sale price (if applicable), loan amount, loan term, purpose, product, loan type, and rate lock duration.
- The loan represented by the Competing Lender’s LE ("Loan") must be closed and funded by that lender within the rate lock period shown on the Competing Lender’s LE, at or below the interest rate shown on the Competing Lender’s LE.
- Within 30 days of closing the Loan, you must send a copy of the closing disclosure and the note for the Loan to 907 Pleasant Valley Avenue, Mt. Laurel, NJ 08054 Attn: Low Rate Guarantee Redemption.
**CLOSE ON TIME GUARANTEE ("CT Guarantee")
If your application for a purchase loan is approved, Freedom Mortgage pledges to close your loan by the date stated in your purchase contract ("Closing Date"). If you have met all eligibility requirements (see below) but you do not close your loan with Freedom Mortgage by the Closing Date because of something Freedom Mortgage did or did not do, Freedom Mortgage will pay you the lesser of (a) $1,000 or (b) an amount equal to the principal and interest portion of your first mortgage payment ("Guarantee Amount"). The Guarantee Amount will be sent to you by check within 30 days of the date you close your mortgage loan with Freedom Mortgage. Only one Guarantee Amount will be paid per loan transaction regardless of the number of applicants or delays. You will be responsible for the payment of taxes, if any, related to the Guarantee Amount. Freedom Mortgage reserves the right to modify or end the CT Guarantee program at any time in its sole discretion.
Eligibility Requirements: To be eligible for the CT Guarantee, you must:
- Provide a copy of your fully executed, final purchase contract to your loan officer.
- Submit a complete and fully executed loan application to Freedom Mortgage at least 20 business days prior to the Closing Date. The information in the loan application must be accurate and cannot contain fraudulent information or misrepresentations.
- Return a signed intent-to-proceed to Freedom Mortgage at least 20 business days prior to the Closing Date.
- Order an appraisal within 3 business days of returning the intent-to-proceed, and the subject property must appraise at or above the purchase contract sale price.
- Lock your loan rate and satisfy all loan requirements and conditions, including the payment of applicable fees, at least 10 calendar days prior to the Closing Date.
- Provide all requested and/or required documentation and information to Freedom Mortgage within 48 hours of each request.
Invalidations: The following scenarios will invalidate the CT Guarantee:
- Events beyond our reasonable control that delay the Closing Date, including, but not limited to, natural disasters; terrorist acts; war; civil unrest; emergency government or military actions; breakdowns, malfunctions, or interruptions of computer facilities or systems; labor difficulties.
- Delay in completing the new construction of the subject property.
- Improvements and/or repairs made to an existing subject property that delay the Closing Date.
- Delays caused by any third party (e.g., buyer, seller, vendor, etc.) outside the control of Freedom Mortgage.
- Prohibitions on the CT Guarantee by applicable law.
Exclusions: The following are excluded from the CT Guarantee:
- Refinance transactions
- Jumbo loans
- FHA 203(k) rehabilitation loans or properties requiring repairs or re-inspection
- Loans requiring a mortgage subordination agreement
- Loans with a grant or down payment assistance
- Loan applicants who have a disputed credit account
- Lender-owned properties or homes purchased through a short-sale
- Non-arm’s length transactions