Close On-Time Guarantee - Terms and Conditions
Rest assured, we are committed to upholding our promise and ensuring your timely closing.
If InstaFi Home Loans (“IHL”) is responsible for missing your closing date, IHL will reimburse you up to $1,000 to cover expenses. The total amount disbursed by IHL under this Guarantee will be provided to the buyer for use towards closing costs or other legally permissible expenses. To be eligible for the $1,000 Close On-Time Guarantee, you must fulfill the following criteria and acknowledge your understanding of the terms and conditions:
ELIGIBILITY REQUIREMENTS:
1. Your mortgage must be associated with a conforming loan amount purchase transaction approved through Fannie Mae or Freddie Mac underwriting guidelines.
2. You must register for access to IHL’s online portal and utilize it to upload all requested documents.
3. The fully executed purchase contract must be uploaded into IHL’s portal on the day it is executed.
4. All documents requested by your loan officer must be received within 24 hours of request.
5. The escrow period must be 30 days or more.
6. You may not request changes to the loan terms during the process.
7. The final appraisal must be received by IHL no later than twelve business days prior to the closing date and must appraise for the purchase price or more.
8. You must lock your interest rate at least ten business days prior to your closing date.
9. You must schedule your appointment to sign loan documents within a three-hour window of the time(s) requested by our escrow officer.
The Close On-Time Guarantee is rendered void if:
1. The loan is Jumbo, VA, FHA, or other Non-Conforming loans.
2. The closing date is missed due to delays caused by any person or company other than IHL, including but not limited to the borrower(s), a third party, or the seller.
3. Information provided by the borrower(s) on the application could not be verified, was inaccurate, or insufficient.
4. The closing date was missed due to any delay caused by an act of God, strike, riot, act of war, terrorism, earthquake, pandemic, government shutdown, or similar event beyond IHL’s reasonable control.
5. The loan is canceled or not funded by IHL.
*The restrictions above solely pertain to your eligibility for the Close On-Time Guarantee. You retain all legal rights to choose your settlement service provider(s), and under no circumstances are you obligated to use IHL’s preferred settlement service provider. Please refer to the Settlement Service List Provider Disclosure for information regarding IHL’s preferred provider(s). IHL reserves the right to modify or terminate this Close On-Time Guarantee at any time and without prior notice. Loans already in processing will be honored by IHL.
