All Costs Covered Guarantee

iQRATE Mortgages All Costs Covered Guarantee: Buy with Confidence!

Worried about losing money if your financing falls through unexpectedly? At iQRATEMortgages, our All Costs Covered Guarantee offers protection for homebuyers who receive a preliminary underwriting credit approval from us. If we issue this approval but are later unable to finalize your loan due to an error on our part, we'll reimburse certain costs you incurred.

Our Promise:

If iQRATE Mortgages provides you with a preliminary underwriting credit approval for a qualifying purchase loan, but we subsequently cannot close the loan solely due to an iQRATEMortgages processing or underwriting error, we will provide the following:

1. Expense Reimbursement: We will reimburse you up to $1,000 for specific out-of-pocket expenses paid during the transaction, such as your home appraisal fee and home inspection fee. (Other fees like relocation costs may be considered on a case-by-case basis up to the $1,000 limit).

2. Earnest Money Deposit (EMD) Protection: If your Earnest Money Deposit is forfeited solely because iQRATE Mortgages could not close the loan due to our error after issuing the preliminary credit approval, we will reimburse you for the lost EMD up to a maximum of $5,000.

How It Works:

1. Preliminary Credit Approval: This guarantee applies only after iQRATE Mortgages issues you an official preliminary underwriting credit approval certificate, confirming review of your credit, income, and assets based on the initial documentation provided.

2. Maintain Eligibility: To remain eligible, there must be no significant negative changes to your credit, income, assets, debt, employment status, or other information provided in your application between the date of the preliminary approval and the planned closing date.

3. iQRATE Error: The guarantee is triggered only if the loan cannot close solely due to a verifiable processing or underwriting error made by iQRATE Mortgages.

What Could Void This Guarantee?

This guarantee does not apply if the loan cannot close due to reasons outside of iQRATEMortgages' direct control or errors, including but not limited to:

• Changes in your financial situation (e.g., job loss, new debt, reduced income, credit score drop).

• Misrepresentation or omission of information by you or any third party.

• Failure to provide required documentation promptly.

• Changes requested by you to the loan amount, loan type, or property after preliminary approval.

• Issues related to the property itself (e.g., low appraisal, title defects, inspection issues, insurance unavailability, HOA issues).

• Third-party delays or failures (e.g., seller-related issues, title company delays).

• Changes in investor underwriting guidelines or loan program availability after your preliminary approval.

• Force majeure events (e.g., natural disasters, government shutdowns).

Eligible Loans:

• This program is available for purchase loans brokered by iQRATE Mortgages.

• Eligible loan types generally include Conventional, FHA, and VA loans on 1-4 unitresidential properties intended for primary residence. High-balance (non-jumbo) loans may also be eligible.

• Ineligible loans include, but are not limited to: Investment properties, refinances, second liens, HELOCs, renovation loans, construction loans, and loans requiring third-party approval (e.g., relocation company).

Important Terms & Disclaimers:

• This guarantee and the preliminary credit approval are not a final loan approval or a commitment to lend. Final loan approval remains subject to satisfactory appraisal, title review, final underwriting review, and verification of all information.

• To request reimbursement, you may need to provide proof of expenses and/or EMD forfeiture within a specified timeframe (e.g., 90 days) after the loan denial.

• Any funds received under this program may be reportable for tax purposes. Consult a tax advisor.

• This program is non-transferable and applies only to the specific borrower and property listed on the preliminary approval.

• iQRATE Mortgages reserves the right to modify or discontinue this program at any time, except for homebuyers who received a preliminary credit approval before the change.

• iQRATE Mortgages' maximum liability under this guarantee is limited to the amounts specified ($1,000 for expenses, $5,000 for EMD). We are not responsible for indirect or consequential damages.