Guarantee Certficate
Loan Closing Guarantee
Primary Residential Mortgage, Inc. – Utah office: 919520- , hereby guarantees to “Seller” that the proposed mortgage loan from PRMI office 919520 to Borrower will close or PRMI office 919520 will reimburse the total of $5,000 (“Guarantee”).
Eligibility
To be eligible for this Guarantee:
1. the Seller must be the record owner and seller of the real property described in the purchase contract between Borrower and Seller (the “Property”);
2. the Borrower has completed a new residential first-lien loan application and has submitted the application directly to PRMI office 919520 for the purpose of obtaining a mortgage loan from PRMI office 919520;
3. the Borrower and Seller have provided a fully-executed purchase contract (“Contract”) which must include all pages, addenda, and required signatures. The purchase price amount must be Less than or equal to the amount on the Closing Guarantee Certificate.
4. the Borrower has submitted all necessary pre-approval documents requested by PRMI office 919520 to determine Borrower’s qualification for a loan, and has received (i) a Pre-Approval letter from PRMI office 919520 prior to entering into the Contract; and (ii) a signed Certificate of Loan Guarantee from PRMI office 919520;
5. all information provided by the Borrower, including information on the loan application, must be accurate and must not contain fraudulent information or material misrepresentations;
6. the actual appraised value of the Property must be equal to or greater than the purchase price in the Contract and must be satisfactory to PRMI office 919520;
7. if the loan product is intended to be an FHA or VA loan, the Property must qualify for FHA/VA financing; and
8. PRMI office 919520 must be able to obtain, in its sole discretion, satisfactory title insurance coverage showing Borrower as the insured owner of the Property and insuring the loan and not containing any exceptions, exclusions or conditions that are not acceptable to PRMI office 919520.
Cancellation of Guarantee
Any of the following will cancel the Guarantee:
1. changes in the loan amount, product, or terms that unnecessarily extend the anticipated closing date;
2. failure by either party to meet Contract terms and requirements including delays caused by or related to Seller;
3. delays due to force majuere events including weather or natural disaster;
4. delays caused by third parties other than PRMI office 919520 required service providers;
5. delays due to Borrower’s failure to respond to PRMI office 919520 requests within two (2) business days;
6. failure to make a claim under this Guarantee within 30 days of meeting its Conditions;
7. any actions taken by the Borrower that materially change the Borrower’s creditworthiness or financial situation;
8. any actions that make payment under the Guarantee legally prohibited, including bankruptcy, regulatory changes, and the like;
9. PRMI office 919520 declines the loan after the loan has been pre-approved due to actions by the Borrower;
10. the Borrower voluntarily withdraws the loan application;
11. the Seller cancels the Contract;
12. cancelation or delays of the purchase contract due to property inspection issues.
13. after expiration of the closing date set forth in the purchase contract, the Borrower has the right to receive and the Seller has the obligation to refund the Borrower’s earnest money.
MISCELLANEOUS
This Guarantee is governed by the laws of The Unites States of America without regard to conflict of laws principles. PRMI office 919520 reserves the right to amend, terminate, or withdraw this Loan Closing Guarantee at any time without prior notice.
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by Primary Residential Mortgage, Inc. NMLS#: 919520 Utah DRE Mortgage Office License # 8335595. MLO 0117736. MC3094-122. All loans subject to credit and property approval. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Privacy Notice: By submitting your information via our website forms, you are opting in to receive communications from PRMIHome.com. This includes but is not limited to Email and SMS communications. We value your privacy and assure you that your information will be handled with care. You may opt-out of these communications at any time by contacting us or using the unsubscribe link in our messages.
