Lock and Shop Program Terms
1. Lock and Shop Program (“Program”) will lock your initial interest rate for up to 60 days. To be eligible for the Program, borrower must complete a TBD loan application with GoPrime Mortgage (“GoPrime”). No property address is required when completing the application.
2. Borrower must supply the fully executed purchase and sales contract within 30 days of locking the rate.
3. This Program only applies to home purchases to be funded by GoPrime using conventional, FHA, VA, and USDA fixed rate loan programs for one to four family dwelling units only and excludes ARM, high balance loans, second liens, investment properties, refinance loans, renovation loans, nonpurchase money home equity lines of credit, interim construction loans or other temporary financing, loans brokered to or by GoPrime, loans involving short sales, or any other purchase contract that requires the approval from a third party (e.g., a lender, relocation company, etc.).
4. There is no up-front lock-in fee (“Fee”) associated with this Program due at time of lock.
5. The Program may be amended or terminated at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination. The Program is not transferable or assignable.
6. Unforeseen circumstances adversely affecting the ability to perform will void GoPrime’s obligations under the Program (natural disasters, inclement weather, catastrophic event, or other major event beyond GoPrime’s control). Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit us from closing on the set closing date.
7. The Program is not a mortgage loan approval nor a commitment to lend and is subject to the customer satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to GoPrime and satisfying all appraisal and title requirements.
8. This offer only applies to purchase loan inquiries received by GoPrime on or after July 11, 2022.