Conditions

On Time Closing Guarantee (“OTCG”): If your application for a purchase loan is approved, Arc Home promises to close your loan by the date stated in your purchase contract (“Closing Date”). If you have met all eligibility requirements (see below) but you do not close your loan with Arc Home by the Closing Date because of something Arc Home did or did not do, Arc Home will pay you the lesser of $2,500 or (b) an amount equal to the principal and interest portion of your first mortgage payment (“Guarantee Amount”). The Guarantee Amount will be sent to you by check within 30 days of the date you close your mortgage loan with Arc Home. Only one Guarantee Amount will be paid per loan transaction regardless of the number of applicants or delays. You will be responsible for the payment of taxes, if any, related to the Guarantee Amount. Arc Home reserves the right to modify or end the OTCG program at any time in its sole discretion.

Eligibility Requirements:  To be eligible for the OTCG, you must:

  • Provide a copy of your fully executed, final purchase contract to your Relationship Manager/Mortgage Loan Officer.
  • Submit a complete and fully executed loan application to Arc Home at least 20 business days prior to the Closing Date. The information in the loan application must be accurate and cannot contain fraudulent information or misrepresentations.
  • Return a signed intent-to-proceed to Arc Home at least 20 business days prior to the Closing Date.
  • Order an appraisal within 3 business days of returning the intent-to-proceed, and the subject property must appraise at or above the purchase contract sale price.
  • Lock your loan rate and satisfy all loan requirements and conditions, including the payment of applicable fees, at least 10 calendar days prior to the Closing Date.
  • Provide all requested and/or required documentation and information to Arc Home within 48 hours of each request.

Invalidations:  The following scenarios will invalidate the OTCG:

  • Events beyond our reasonable control that delay the Closing Date, including, but not limited to, natural disasters; terrorist acts; war; civil unrest; emergency government or military actions; breakdowns, malfunctions, or interruptions of computer facilities or systems; labor difficulties.
  • Delay in completing the new construction of the subject property.
  • Improvements and/or repairs made to an existing subject property that delay the Closing Date.
  • Delays caused by any third party (e.g., buyer, seller, vendor, etc.) outside the control of Arc Home.
  • Prohibitions on the OCTG by applicable law.

Exclusions:  The following transactions are excluded from the CT Guarantee:

  • Refinance transactions
  • FHA 203(k) rehabilitation loans or properties requiring repairs or re-inspection
  • Loans requiring a mortgage subordination agreement
  • Loans with a grant or down payment assistance
  • Loan applicants who have a disputed credit account
  • Lender-owned properties or homes purchased through a short-sale
  • Non-arm's length transactions

Industry-Leading Interest Rates (“ILIR”): This program compares the interest rate, discount points, and lender fees shown on a competing lender’s Loan Estimate (“LE”) with the Terms shown on the LE provided to the borrower by Arc Home. (Property taxes, insurance, title fees, and other third-party fees are excluded from the comparison.) After comparison, if Arc Home is unable or unwilling to meet or beat the interest rate disclosed on the competing lender’s LE, then subject to program conditions, the borrower will be compensated $250 in the form of a prepaid gift card within 30 days after having received the materials listed below. Only one $250 prepaid card for the ILIR Guarantee will be provided per loan transaction. Arc Home reserves the right to modify or end ILIR Guarantee program at any time in its sole discretion.

Conditions: To be eligible for the ILIR Guarantee:

  • Offer is only to customers who do not have a rate lock with Arc Home in the sixty (60) days prior to the date of the presented LD from another lender.
  • The loan transaction must be a purchase loan transaction, not a refinancing.
  • You must provide a copy of the Competing Lender’s LE to your Relationship Manager/Mortgage Loan Officer. The Competing Lender’s LE must be dated on or after the date of our loan estimate
  • The LE must be dated within 1 business day from its date of submission to Arc Home and may not be from a broker or lender who Arc Home provides loan originating and/or brokerage services.
  • The following information on the loan estimates must be identical: applicants, property, sale price (if applicable), loan amount, loan term, purpose, product, loan type, and rate lock duration.
  • The loan represented by the Competing Lender’s must be closed and funded by that lender within the rate lock period shown on the Competing Lender’s LE, at or below the interest rate shown on the Competing Lender’s LE.
  • Within 30 days of closing the Loan, you must send a copy of the closing disclosure and the note for the Loan to Arc Home LLC, 4000 Midlantic Drive – Suite 102,  Laurel, NJ 08054 Attn: Low Rate Guarantee Redemption.

Arc Home reserves the right to rescind or modify the terms of this offer without prior notice.

Closing Cost Credits: The $750 Closing Cost Credit offer is only for borrowers who apply for a mortgage loan through an Arc Home loan originator and who close that loan with us. “Apply” means you have provided applicant name(s); monthly income; Social Security number(s); property address and value (est.); and loan amount to us for the purpose of obtaining a mortgage loan. Unless prohibited or restricted by applicable law, the $750 Credit will be applied at loan closing. The $750 Credit (1) cannot be exchanged for cash, (2) is void if the loan does not close with us, and (3) is not available for applications already in progress. Only one $750 Credit will be applied per loan. In Texas, the credit may not result in receiving cash back. Unless prohibited or restricted by applicable law and consistent with applicable program requirements, the $750 Credit will be applied at loan closing. This offer may be modified or withdrawn at any time without notice.