Terms & Conditions for Rate Rebound and On-Time Closing Guarantee

Blog posted On January 01, 2023

Rate Rebound
CMG Home Loans will cover all customary lender fees which are processing fee, administrative fee, tax service fee, appraisal fee and credit report fee. In addition CMG Home Loans will also credit the borrower up to $1,000 towards additional third-party fees. This offer does not cover discount points. Credit cannot exceed total fees. Rate Rebound is only valid on future conventional conforming, government, and jumbo loans in our retail channel (future Construction Loans, All in One, HELOCs, Bond or HFA loans are excluded). There may be additional restrictions based on investor. Offer may not be redeemed for cash or credit and is nontransferable. Offer cannot be retroactively applied to any loans. Offer may not be used with any other discounts, promotions or interest-only/buy-down and second lien products. This offer is subject to changes or cancellation at any time at the sole discretion of CMG Home Loans. Additional restrictions/conditions may apply. This is not a commitment to lend and is contingent on qualification per full underwriting guidelines. Program will be available on loans disclosed on or after 11/1/22. Program is applicable for refinances 6 months after closing up to 5 years from original note date and with a net tangible benefit which includes a rate reduction of 0.5%, going from an ARM to fixed rate, reducing loan term, movement to a more stable product, or a lower principal and interest payment. By refinancing the existing loan, the total finance charges may be higher over the life of the loan.

On Time Closing Guarantee
The On Time Close Guarantee is valid for FHA, VA and Conventional (Agency only) Purchases only (No loan contingency). All required credit documents and the property appraisal must be received by CMG within 4 days of the closing date. The guarantee will be reduced if the closing costs do not meet or exceed the amount of the guarantee. The On Time Close Guarantee will not apply in any of the following cases: (1) Changes to the original closing date, contract, or loan terms. (2) Delays due to unforeseeable events, including weather or natural disaster. (3) Delays caused by third parties, including but not limited to appraisal and title services. (4) If loan application is withdrawn or denied. CMG reserves the right to amend, terminate or withdraw the On Time Close Guarantee at any time without prior notice. This Guarantee expires 12/31/2024. Consult with your loan officer for more details.