12 Month Rate Drop Guarantee

iQRATE Mortgages 12-Month Rate Drop Guarantee: Refinance and Save!

Secure your mortgage with confidence! At iQRATE Mortgages, we understand that interest rates fluctuate. Our 12-Month Rate Drop Guarantee gives you an opportunity to potentially lower your rate if market conditions improve significantly within the first year after you close your loan with us.

Program Overview:

If market interest rates for a comparable loan program decrease significantly within 12 months of your closing date, you may be eligible to refinance your mortgage through iQRATE Mortgages with certain lender fees covered.

How it Works:

• Rate Improvement: If published market rates drop enough for you to secure a new rate that is at least 0.50% lower than your original rate, you can apply to refinance.

• Covered Lender Fees: For eligible refinances under this program, iQRATE Mortgages will work with the lender to structure your loan options so that typical lender fees—such as the loan origination fee, processing fee, and underwriting fee—are covered through the interest rate (often called premium pricing), subject to lender program availability. This means these specific lender charges may not appear as separate line items you need to pay at closing.

• Preserve Your Loan Term: We understand you don't want to reset your mortgage clock. Refinances under this program can be structured to maintain your remaining loan term (e.g., if you are 1 year into a 30-year loan, your refinance term could be 29 years), subject to lender approval and program guidelines.

Eligibility Requirements:

To qualify for the 12-Month Rate Drop Guarantee refinance opportunity, you must meet the following conditions:

1. Your original mortgage must have been brokered by iQRATE Mortgages and closed successfully.

2. The original loan must be a Conventional or FHA first-lien mortgage. (VA, USDA, and other loan types may not be eligible).

3. You must have made at least six (6) consecutive, on-time payments on your original mortgage.

4. The refinance must be a rate-and-term refinance (no cash-out) on the same property.

5. The refinance application must be submitted, locked, and closed within 12 months of your original loan's closing date.

6. The new interest rate must be at least 0.50% lower than your original rate.

7. You must meet all credit, income, and underwriting requirements for the refinance loan program at the time of application.

What Costs Are NOT Covered?

While we strive to help cover certain direct lender fees through the loan structure where possible under this program, other costs associated with your refinance typically remain your responsibility due to regulatory guidelines or the nature of the fees themselves. These generally include:

• Third-Party Fees: Costs paid to other companies for services required to close your loan, such as appraisal fees (if required), credit report fees, title insurance premiums, escrow or settlement agent fees, and government recording charges. Regulations often limit how these external fees can be paid.

• Prepaid Items: Expenses you pay in advance at closing, such as prepaid interest, initial deposits for property taxes, and homeowner's insurance premiums.

• Discount Points: Any optional points you choose to pay to lower your interest rate further. This is a direct cost based on your preference.

These costs are generally paid to outside companies or are based on your individual choices and standard lending regulations.

Important Terms & Disclaimers:

• This guarantee is an opportunity to refinance and is not an automatic rate reduction or a commitment to lend. All refinance applications are subject to credit approval, underwriting approval according to lender guidelines in effect at the time of refinance, and property eligibility.

• Refinancing may result in higher total finance charges over the life of the loan.

• Eligibility may be voided by significant changes in your credit, employment, income, or financial status after the original closing.

• This program is non-transferable and applies only to the original borrower(s) and property.

• Any lender fees covered through the rate may be reportable for tax purposes. Consult a tax advisor.

• iQRATE Mortgages reserves the right to amend, modify, or discontinue this program at any time without prior notice, except for borrowers already actively in the refinance process under this guarantee's terms.