If your loan is not closed on time due to a delay caused by us or the lender we selected, your lock will be extended at no cost to you. If your loan was not closed on time due to a delay caused by you, any applicable extension fees will be at your cost. Some examples of delays that would cause extension fees to be charged to you are as follows:
• Client does not provide us with their documentation within the required 3 days
• When scheduling the appraisal, we strongly advise that the first opportunity for an appointment should be taken as the new appraisal process is the main cause for delays in today’s lending environment.
• Client delays the signing of final closing documents. Please plan for this in advance.
• Subordination of second mortgages may cause a delay if your service provider does not get us the agreement before your scheduled closing.
• Improvements to your home that are in process and will not be completed by closing will delay your loan from closing. Your loan cannot close unless all work has been completed. An appraiser will have to certify (at a cost to you) that all work has been done according to specifications.
We make every effort to ensure that your loan closes on time and it is very rare that our clients ever have to pay an extension fee. We stress open communication, so please notify us of anything that may cause potential delays, such as travel for business or pleasure and/or home improvements.