Guardian On-Time Guarantee Terms and Conditions

Terms, conditions, and timing restrictions apply. Conventional purchase loans only. See below for details.

*Guardian On-Time Guarantee offers assurance to borrowers purchasing a home with a loan from Guardian Credit Union, that when conditions are met the loan will close on or before the original Closing Date expressed in a fully-executed purchase agreement, or the borrower will receive compensation in the amount of actual closing costs (as defined below) in the form of a lender credit applied at closing or in some instances, in Guardian Credit Union’s sole discretion, as a check or direct deposit after closing.

Eligibility: To be eligible for the Guardian On-Time Guarantee, the borrower must (1) Complete a mortgage application. (2) Provide signed disclosures and all requested supporting documentation including income/asset documents needed for Guardian Credit Union to make a fully-underwritten loan decision and issue a conditional approval letter and separate written Guardian On-Time Guarantee offer. (3) Provide a fully-executed purchase contract which must include all pages, addendums, and required signatures. (4) Provide all additional requested documentation outlined in Guardian Credit Union’s conditional approval letter, or otherwise, within 2 business days of request, and in no event less than 10 days prior to the Closing Date. Guardian On-Time Guarantee is subject to the fulfillment by the borrower of all conditions identified in any conditional approval letter, and any conditions subsequently identified, as determined by and in the sole discretion of Guardian Credit Union. (5) Guardian Credit Union membership required.

The following requirements and conditions also apply. (6) Closing Date: This offer is only available for new, residential conventional first-lien purchase loan applications submitted directly to Guardian Credit Union. The contract closing date must be at least 25 calendar days after Guardian Credit Union’s receipt of a completed mortgage application, all supporting documents requested by Guardian Credit Union, and a fully-executed purchase contract. (7) For any property that receives an initial appraisal subject to repairs/completion, after all conditions are satisfied, a final inspection will be required. Guardian Credit Union guarantees closing availability within 5 business days of receipt of a satisfactory final inspection. (8) Property types: Only purchases of single family residences, warrantable condominiums, and townhomes are eligible. (9) Appraised property value must be at or above contract sales price. (10) Loan closing with Guardian Credit Union required.

Ineligibility: Guardian On-Time Guarantee will not apply and any previously issued Guardian On-Time Guarantee offer will be void in any of the following cases: (1) Refinances. (2) Borrower or seller-initiated changes to the original closing date documented in the purchase agreement. (3) The following borrower or seller-initiated changes within 10 days of closing: loan amount, product, contract terms, interest rate and initial rate locks. (4) Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property. (5) Failure of any party to meet purchase contract terms and requirements, including seller-related or borrower-related delays. (6) Jumbo loans, loans that require two or more appraisals, or loans involving any sort of bond, downpayment assistance, or any other municipal or housing authority program. (7) Delays due to force majeure events, including weather, natural disaster, or pandemic. (8) Delays caused by third parties other than Guardian Credit Union required service providers. (9) Delays due to seller’s failure to timely make property available for appraisal or other inspections. (10) Delays required by federal law; e.g., loan disclosure timing and waiting period requirements prescribed by federal law. (11) Delays due to borrower’s failure to respond to Guardian Credit Union requests for information or to any additional requested documentation within 2 business days of request. All such documentation is subject to review and satisfaction of Guardian Credit Union.

Closing costs are limited to the following: origination fee, document preparation fee, appraisal fee, transcript and tax service fee, credit report, flood certification, HOA questionnaire, title search and examination fees, title settlement/closing fee, lender’s title insurance premium, and recording fees.

Closing costs do not include the following: optional discount points to buy down interest rate, homeowner’s or flood insurance premiums, property taxes, prepaid interest, owner’s title insurance premium, real estate commission or transaction fees, any cost attributable to the seller, amounts necessary to establish an escrow account, as applicable, and any other cost or fee which is not identified above as a closing cost.

A preapproval or prequalification letter is not the same as a conditional approval letter as outlined under Guardian On-Time Guarantee Eligibility above.

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Guardian Credit Union reserves the right to amend, terminate, or withdraw the Guardian On-Time Guarantee offer at any time without prior notice.

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