Our Closing Guarantee

Some applicants purchasing a home may be eligible to receive a more thorough review of their loan application prior to entering into a purchase agreement on a property. Should they choose to provide the required documentation to obtain this higher level of review and SimpliFi Mortgage determines that the applicant(s) meet all requirements of the loan for which they have applied, subject only to unknown or unknowable information (i.e. the property address and information related to the property), the client may be issued a “Same As Cash” Guarantee certificate along with their pre-approval letter.

The Guarantee provides peace of mind to both the buyer and the seller that there will be no delays or problems with the buyer’s financing. The applicant(s) are fully underwritten and non-property related conditions are cleared prior to issuing the Guarantee. The Earnest Money Deposit (EMD) as identified in the purchase agreement, not to exceed $10,000, shall be guaranteed by SimpliFi Mortgage.

Terms of the guarantee:
If SimpliFi has issued a Closing Certificate to an applicant(s), and a loan to fund a purchase agreement for that applicant(s) cannot be closed after the longer of 30-days or the contract close of escrow date, SimpliFi will reimburse either the Buyer or Seller, any Earnest Money Deposit lost due to the failure to close the loan whenever:

1. The failure to fund is not attributable to any appraisal or other circumstance relating to the subject property, and
2. The failure to fund is not attributable to any misrepresentation or fraudulent information provided to SimpliFi by the applicant(s) or their representatives
3. The failure to fund is not attributable to a change in circumstance since the date of the issuance of the Guarantee.
4. The failure to fund is not attributable to a delay caused by a third party.

The reimbursement is limited to a maximum of $10,000.

The issuance of a Guarantee should not be construed as a commitment to lend. Only the party that will not receive the earnest money deposit (EMD), as determined in a purchase agreement between the applicant(s) who were issued the Guarantee and a seller, is eligible for payout of the guarantee. The reimbursement will be the lesser of the EMD stated in the accepted purchase agreement and any counter offers, or ten-thousand dollars ($10,000). No increases to the EMD amount via addendum after the initial purchase agreement execution are covered.