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KOT Terms & Conditions

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Keys on Time Terms & Conditions

Terms and Conditions

  • Your mortgage must be a purchase transaction
  • Keys on Time acknowledgement must be signed
  • Initial document requests must be received by APM or one of its dba branches, within FIVE BUSINESS DAYS of request
  • All additional documentation requests must be received by APM or one of its dba branches within TWO BUSINESS DAYS of request
  • To be eligible for the full program, offering a $2000 commitment, you must apply for loan prior to making an offer. If application is not approved prior to offer accepted, borrower is only eligible for the Lite version, offering a $1000 commitment.
  • You must provide a copy of your purchase contract and your closing date must be scheduled no sooner than 28 CALENDAR DAYS from the receipt of executed Intent to Proceed
    • Except for
    • 30 CALENDAR DAYS required for VA loans
    • 40 CALENDAR DAYS required for JUMBO loans
  • You may not request loan term changes, e.g. changes in loan program, term of loan, or down payment amount within TEN  BUSINESS DAYS from scheduled closing date
  • You must lock your loan rate and satisfy all loan requirements and conditions, at least SEVEN BUSINESS DAYS prior to your closing date
  • The final appraisal and/or completion certificate, with all revisions, must be received FIVE BUSINESS DAYS prior to the closing date
  • Loans with subordinate financing must have secondary loan approval 5 BUSINESS DAYS prior to closing
  • The loan must close and fund with APM or one of its dba branches in order for any guarantee fee to be paid out.

The Keys-on-Time Guarantee is void if:

  • The appraisal is not scheduled within 72 HOURS of first contact attempt from appraiser
  • The closing date is missed due to delays attributable to the borrower(s) outlined in terms, a third party, or the seller
  • Information provided by the borrower(s) on the application could not be verified or was inaccurate
  • The loan amount is $2,000,000 or greater
  • The loan, as structured, does not meet federal/state regulatory requirements and/or agency guidelines
  • The closing date is missed due to acts of God outside the control of APM, including inclement weather, natural disaster, catastrophic event, act of terrorism or other public emergency
  • Loans for bank owned properties and homes purchased through a “short-sale”