Applicability
The 1-800 East West Mortgage fourteen day closing guarantee is applicable to the purchase or refinance of a borrower’s primary residence or second/vacation home. The purchase or refinance of investment property is not eligible. All borrowers and co-borrowers must have a middle credit score of 680 or above. All borrowers and co-borrowers must meet credit approval criteria for the program to which they are applying.

How does this guarantee work?
You must first fill out an application with one of our mortgage loan professionals and provide us with an application fee. You will then receive a loan package. The package will contain several documents that you must complete and sign. In addition you will be asked to provide additional documentation that is required to process and underwrite your loan application. Once 1-800 East West Mortgage receives the completed loan package documents and the additional required documents, your application is considered complete. From the business day following receipt of the completed loan package documents and the additional required documents we guarantee to have your loan scheduled closed within fourteen days. Meeting these specific criteria listed above is no guarantee of approval or that a loan will be made to you.

What do we mean “Additional Documentation”?
Depending on your particular situation and the loan program for which you are applying, additional documentation is required to process and underwrite your application. These additional documents are used to assess your credit worthiness and are necessary in order to make a decision on your application. Examples of these additional documents include tax returns, pay stubs, bank statements, separation or divorce agreement, bankruptcy discharge and schedules, and twelve months of cancelled rent checks. These documents may not be required in each and every case but are offered as an example of the types of "additional documents" that may be requested. Our mortgage professionals will let you know which documents may be applicable for your loan profile.

What else do you need to do?
You will be contacted by a licensed appraiser shortly after making your application. The appraisal must be scheduled to be completed within 48 hours of the initial contact from the appraiser. This appraisal should only take about one hour.

Scheduled to close?
Within fourteen days of receiving your completed loan package documents and the additional required documentation, 1-800 East West Mortgage will have your loan scheduled to close with a closing agent. This closing may be scheduled on any day except Sunday and is determined by 1-800 East West Mortgage and its closing agent. Efforts are made to meet your scheduling needs but are not guaranteed. If you are unable to make the scheduled closing and need to reschedule a closing the guarantee is no longer in effect.

Note: Only the closing and execution of your loan documents is guaranteed in 14 days. In a refinance transaction you may not receive funds until your rescission period has expired. Federal and state law require that in a refinance transaction, a borrower must be given a three day right of rescission. This means that after you sign the loan and mortgage documents you have the right to cancel the loan until midnight on the third business day after the documents have been executed. As such, 1-800-Eastwest Mortgage will not be able to provide you with any cash you may be borrowing until the expiration of the rescission period. This may be more than fourteen days from your completed application date.

Counter offers?
While our loan professionals do everything possible to help you select the loan program that best suits your needs, it is sometimes necessary to deny an application for a particular loan program and sometimes offer the applicant an alternative. Often times, an applicant’s loan eligibility may change because we are unable to verify the information obtained while taking the application or during the processing of the loan. An example would be that the appraised value of the property comes in lower than expected. The increased loan to value ratio may mean that a rate and terms are not available due to underwriting guidelines. Although it is likely that your loan will still close within 14 days, if a counter offer is made the guarantee is no longer in effect.

Your ability to provide good title
The guarantee is offered under the assumption that you can give 1-800 East West Mortgage a perfected security interest in the property on which the mortgage is being taken. To insure this, a title review will be conducted. If there are issues with the title to the property and you are unable to provide 1-800-EastWest Mortgage with a first position perfected security interest in the property, it may be necessary to delay closing. In such instances the guarantee is not in effect. Examples of title issues that could delay a closing would include municipal and IRS liens and certain trusts.

Non-affiliated Third Parties
1-800 East West Mortgage cannot be responsible for the actions of third parties not affiliated with us. Documents from nonaffiliated third parties, that are necessary for the underwriting and approval of your loan must be received in order for your application to be considered complete. If any agent or any other individual working on your behalf or on the behalf of a seller, not hired or retained by us, cause delays in the processing and underwriting of your loan, the 14 day guarantee in not in effect.

The Guarantee
If your loan is not closed within 14 days after receipt of your completed application and supporting documentation, 1-800-EastWest Mortgage will make your first three month’s mortgage payments of principal and interest. Taxes, property/flood/ mortgage insurance and any other cots/fees which are part of your mortgage payment are the responsibility of the borrower(s). Any additional damages that you may incur in reliance on this guarantee should not be construed to be covered under this guarantee.

There when you need us.
For more information, or to apply for a mortgage, call 1-800-EastWest or apply online.