Mortgage Closing Guarantee
When you're relocating or buying a home, you want to reduce uncertainties. That's why Asheville Savings Bank provides our exclusive Asheville Savings Bank Closing Guarantee:
We will close your loan on or before the closing date stated in your original purchase contract or we'll write you a check equal to your first month's principal-and-interest payment.
Our Closing Guarantee reflects our commitment to excellence and to you. As one of Western North Carolina’s leading residential mortgage lenders, we have on-time closing down to a science. On the rare occasion when our timing is off, we'll make up for small delays in a big way.
Our money-backed Closing Guarantee means you can feel confident about finalizing your home purchase. It's just one more reason to feel comfortable about choosing Asheville Savings Bank for your mortgage.
Preapproval Services
Get your offer noticed by sellers and real-estate agents by combining our Closing Guarantee with preapproved financing. Obtaining a preapproval letter shows sellers and real estate agents that you already have a conditional loan agreement, demonstrating that you're ready to make a home purchase.
If you're not ready to take that step, a mortgage prequalification can estimate about how much you can borrow to buy a new home, based on basic financial data you provide.
The Asheville Savings Bank Closing Guarantee Terms and Conditions
The following purchase loan transactions are eligible for the Asheville Savings Bank Closing Guarantee, subject to these requirements:
You must provide Asheville Savings Bank with a copy of the original purchase contract that specifies an initial closing date and provide all required documentation within 48 hours of submitting a complete loan application. The closing date will be the date mutually agreed upon by the attorneys if no date is initially specified in the purchase contract. In order to qualify for the Closing Date Guarantee, the closing date will be a minimum of 20 business days from the date Asheville Savings Bank receives the signed loan application.
You must lock your loan and complete and satisfy all loan requirements and conditions at least five business days prior to the set closing date and your loan must close and fund with Asheville Savings Bank. This guarantee is not a mortgage loan approval or a commitment to lend and is subject to your satisfaction of all underwriting guidelines and loan conditions and providing an acceptable property, appraisal, and title report.
This guarantee excludes refinance loans, cash-out home equity loans, interim construction loans or other temporary financing, loans brokered to us or loans we broker to another lender, and any other transaction that does not have a written contract between a buyer and seller for the purchase of residential real estate consisting of a one-to-four family unit dwelling.
This guarantee is not valid if:- You change loan products or terms.
- You do not specify a closing date in the original purchase contract (except contracts for new construction as outlined below).
- You shorten the closing date from the date that was in the original purchase contract.
- Missing the closing date is due to your actions, omissions or delays, or is due to those of an unaffiliated, third party.
- Missing the closing date is due to inclement weather, a natural disaster, catastrophic event, or other major event beyond our control.
- Your application or loan documentation contains fraudulent information or material misrepresentations.
If your purchase contract involves a home that is under construction and does not initially specify a closing date for your permanent financing, then upon construction completion, to be determined by your builder/contractor, you must notify us of the closing date and complete all loan requirements and conditions, including but not limited to, any final inspections and additional underwriting conditions, at least five business days prior to the date you specify. In the rare event we are unaware of a missed closing, and do not proactively refund your payment under this guarantee, you must request it from us within 90 days of the final closing date. Any payment we make pursuant to this Closing Guarantee may be reported to the IRS on a Form 1099-MISC. Please consult your tax advisor regarding your individual tax implications. Asheville Savings Bank employees and their family members are not eligible. You are still responsible for making each mortgage payment by the due date, even if you are entitled to a refund under this guarantee. This guarantee is not assignable or transferable and we reserve the right to withdraw, terminate, or amend this guarantee at any time without notice except for eligible purchase loan applications submitted prior to our withdrawal, termination, or amendment. Other restrictions may apply. FHA, NCHFA, and Rural Development borrowers do not receive a refund. Please see below.1
1 FHA regulations require a minimum cash investment from a borrower and, Rural Development prohibits cash payments directly to a borrower. Therefore, if we miss the initial closing date as indicated in your original purchase contract for an FHA or Rural Development loan product, we’ll make a onetime donation equivalent to your first month’s mortgage payment to a faith-based or non-profit organization of your choice. In all cases, the recipient organization must have status under 501(c)(3) of the Internal Revenue Code.
