Loan Republic Financial, Inc. guarantees in writing your origination expense will not increase once your rate lock request is confirmed, subject to the following:
- Your loan application is accurate and complete - income, assets, liabilities, property type, etc.
- Your home appraisal value is the same or greater than your initial estimate
- Your credit score(s) are the same or greater than your initial estimate and do not decrease during processing once confirmed.
- Your loan closes within your rate lock period
- There are no material changes or subsequent discoveries that effect your rate lock terms
Refinance Title and Escrow Fee Guarantee
In addition, your title and escrow (or attorney) expense are guaranteed not to increase on all refinance transactions (on purchase transactions you or the seller selects the title and escrow providers)
Costs that may change
When you close your loan you will prepay certain recurring costs such as prepaid interest, taxes, and insurance. We will update your closing estimate to accurately reflect these costs as they become known. Closing costs that may change from your original estimate include:
- Prepaid interest (calculated based on the day in the month you close)
- Prepaid property taxes (calculated based on your property tax bill and month you close your loan)
- Prepaid insurance (calculated based on your home owner's insurance bill and month you close your loan)
- Costs of transferring property out of / into trust (if your title is held in a trust) or other required title deeds (i.e. if the owners on record will be different after loan closing)
- Charges by your current lender(s) to close your existing loan, such as a pre-payment penalty or other payoff demands
- Government recording costs.
Your written Fee Guarantee is accessible from your loan control panel at http://www.loanrepublic.com/myLoan once your rate lock request is confirmed.