Everyone wants to close on time.
It’s our mission to replace worry and uncertainty with peace of mind and excitement.
How can that happen if you’re sweating your closing date?
So let’s put our money where our mouth is.
Here’s how it works — and you don’t need to be a lawyer to understand it.
- Lock your rate at least 21 days before the closing date on your P&S.
- Submit your first round of requirements within 2 days of completing an application.
- Continue on your merry way, making sure you get us any docs we need within 2 days.
- Then as your closing date approaches, if you feel like we’re going to miss it, tell your Loan Guide (not later than your closing day)
- And if we have blown it, we’ll pay you $200 a day until we close, up to $2000.
Terms & Conditions
To be eligible for our closing pact, you must:
- Fully complete a home loan application with us.
- Upload all personal and supporting documents required to make a credit decision on the loan, including confirming your loan with signed disclosures.
- Upload a fully executed purchase contract when you add your property, which must include all pages, addenda , and required signatures, at least 21 days before the closing date printed.
- Make a claim prior to, or on the closing date if we weren’t able to close the transaction on time.
- Close the transaction with us.
The fine print and eligibility requirements are as follows:
- This closing pact is only applicable to conforming purchase loans on single family properties.
- You must qualify for the original loan terms requested. If we have to issue a counter offer, the loan isn’t eligible for the pact.
- Closing date may not be changed by any party after we’ve received the signed contract.
- You cannot change these things after you lock the interest rate: loan amount, product, contract terms, interest rate.
- All parties (i.e. buyer and seller) must meet contract terms.
- If we need to do a ‘mail away’ closing or split signing, you’ll need to let us know 15 days before close.
- Delays due to non-arm’s length transactions (a purchase transaction in which a direct personal , financial or business relationship exists among any of the parties to the transaction) will make the guarantee ineligible.
- Beeline is not required to close the loan prior to the contract date.
- The guarantee does not apply if:
- There is a natural disaster or pandemic-related delay
- Your loan is withdrawn or denied
- The property is a multi-family property, co-op, townhouse, rowhouse or condo.
- The property is under construction (i.e. new construction and renovations) and requires more than one appraisal.
- There are delays in any part of the appraisal process (including delays outside of our control, value issues , disputes/rebuttals, subject to repairs notations, or reinspection requirements).
- An acceptable appraisal is not completed and delivered to us within 4 days of closing.
- There are title issues to be resolved and/or if the borrower doesn't use our preferred title company and the selected title vendor does not submit the complete preliminary title package within 10 days of closing.
- Borrower delays in communication or delivering required underwriting review documents and information (must be submitted to us within 48 hours of us asking for it).
- You are seeking second lien financing on the subject property.
- Delays in closing are not directly linked to us (i.e. seller delays, including delays in scheduling the appraisal or other disputes).
- There are any changes or pending issues in the credit file.
Offer is subject to all applicable state laws. We reserve the right to amend or terminate this offer any time without prior notice.
If we miss the original contracted closing date, we will pay $200 per day up to a maximum of $2000.
So if your closing day is fast approaching and it’s looking like we’re not going to close in time, get in touch with your Loan Guide, no later than your closing day.
After you qualify we’ll mail a check for the total amount we owe you to the address you gave us in your profile.