Promotions Terms and Conditions
Subject to the following terms and conditions, Opendoor Home Loans will close your loan on your scheduled closing date, or credit $100 per day towards your closing costs for each day afterward, capped at your total loan closing costs (the “Guarantee”).
- The closing date in your home purchase agreement (“Closing Date”) must be no less than twenty-five (25) days from the date we receive your complete loan application.
- The Closing Date must not change.
- Each borrower must satisfy all loan requirements and conditions for full loan approval, and must not make any material omissions or misrepresentations.
- There must not be any delays caused by the seller, or third parties or events outside of Opendoor Home Loans’ control.
- Applicable law or investor requirements must not prohibit Opendoor Home Loans from closing on the Closing Date.
- Within 24 hours of receipt of Initial Disclosures:
- Borrowers must electronically acknowledge receipt of Initial Disclosures.
- Within 5 days of complete application date:
- Borrowers must provide all documentation required for Opendoor Home Loans to issue an Initial Commitment letter.
- No later than 15 days prior to Closing Date:
- Opendoor Home Loans must receive the complete preliminary title package.
- There must be no changes in the loan amount, product, or terms.
- Borrowers must provide any additional required documentation/information within 24 hours of each request.
- If a “mail-away” closing is required, this must be communicated to Opendoor Home Loans by the borrower(s).
- No later than 10 days prior to Closing Date:
- All title-related defects must be resolved.
- Each borrower’s source of income, assets and other information previously validated by an underwriter must remain the same.
- Within 24 hours of receipt, and no later than 3 business days prior to Closing date:
- Borrowers must electronically open and review the Closing Disclosure.
Void where prohibited by law. Opendoor Home Loans reserves the right to amend or terminate the Guarantee at any time without prior notice. Even if you are not eligible for the Guarantee, Opendoor Home Loans will do everything in our power to close your loan on time.
To make a Guarantee claim or discuss it with our team, contact your Mortgage Consultant or email [email protected] prior to your closing.
$1,000 Lender Credit Promotion
Borrowers that qualify for an available loan product will receive a $1,000 credit at loan closing. This amount may be prohibited or reduced on the basis of seller contributions, loan type, or law. Offer available only for purchases of property in Texas and Arizona, for a limited time only, and void where prohibited by law.
No Lender Fees
Opendoor Home Loans does not charge any application, origination, or processing fees. If you choose to buy down your interest rate, you will be assessed a discount points fee.