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Ready, Set, Home!

Lock and Shop Terms & Conditions


Terms, Conditions and Eligibility Requirements:

1. Lock and Shop Program (“Program”) will lock your initial interest rate for up to 90 days. To be eligible for the Program, borrower must participate in the Ready, Set, Home! Certified pre-approval program with Union Home Mortgage (“UHM”). No property address is required when participating in the program.
2. This Program only applies to home purchases to be funded by UHM using Conventional, FHA, USDA and VA conforming loan programs for one to four family dwelling units only and excludes high balance loans, Jumbo, second homes, investment properties, refinance loans, renovation loans, interim construction loans or other temporary financing, loans involving short sales, or any other purchase contract that requires the approval from a third party (i.e., a lender, a correspondent, etc.).
3. There is a $1,000 deposit required with this Program due at time of lock. The $1,000 will be applied to your cash to close at the time of loan closing. The $1,000 will be refunded if the loan does not originate. Subject to lender discretion.
4. The Program may be amended or terminated at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination. The Program is not transferable or assignable.
5. Unforeseen circumstances adversely affecting the ability to perform will void UHM’s obligations under the Program (i.e., natural disasters, inclement weather, catastrophic event, or other major event beyond UHM’s control). Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit UHM from closing on the set closing date.
6. The Program is not a mortgage loan approval nor a commitment to lend and is subject to the customer satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to UHM and satisfying all appraisal and title requirements.