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DISCLAIMER: The guarantee applies to prospective customers/borrowers who have actually applied for a loan with First Connecticut Mortgage Corporation.
In order to collect the $500.00 rate guarantee from First Connecticut Mortgage Corporation, the following conditions must be met. After having received an approval for a loan from FCMC a rate of interest, loan amount confirmation, loan program with “loan to value” requirements will be issued to the customer/borrower.
In the event that this rate is greater than a rate issued by another lender, then the customer/borrower must within three (3) business days obtain a copy of this approval, loan program and LTV information from the lender, all said terms, conditions, fees and programs being identical to those approved under the FCMC approval, and the customer/borrower must provide copies of same to FCMC via fax transmission within the three (3) business day time period.
If FCMC cannot beat that rate and loan program terms, then only after the subject closing has taken place, may the customer/borrower make claim for the guarantee moneys under this rate guarantee. The customer/borrower must forward a copy of the actual, fully executed HUD-1 settlement statement with a signed original copy of the fully executed note within five (5) days of said closing. Upon receipt, review and confirmation of the information, and provided that the alternate approval is identical in all respects to that issued by FCMC, then within thirty (30) days FCMC will issue a check in the amount of $500.00 to said customer/borrower. Customer/borrower must provide, in order to be eligible for this guarantee, copies of all of the aforesaid required post closing documentation via fax transmission within five (5) days of the closing on the alternate loan approval.
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