$ ZER0 COST REFINANCE PROGRAM$ This program is being offered for a limited time basis and may be withdrawn or modified at any time. After you have reviewed the program description and have decided to apply for Gibraltar Bank's $Zero Cost Refinance Program$ (click the following), if you have any questions when completing the forms or you would like Gibraltar B a n k to mail hard copies for your application process, please call us at 800-472-1819 . P lease retain copies for your records. https://www.gibraltarbanknj.com/PDFs/$ZeroCostRefi-Applications.pdf To deliver these documents to Gibraltar Bank: Drop the completed p a c k a g e off at one of our branch locations, fax 973 515-3532 or mail to: Gibraltar Bank Attn: Loan Processing 2 Railroad Plaza Whippany, NJ 07981 Program Guidelines Gibraltar Bank offers the following programs to refinance your primary residence: $Zero Cost Refinance Program$ Under this program, Gibraltar Bank will pay the following costs for eligible borrowers, in return for Gibraltar Bank paying these costs (closing costs), you, the borrower, will pay a slightly higher interest rate. Appraisal Fee Flood Certification Fee Credit Report Fee Title Insurance Fee Settlement Fee Origination Charges Recording Costs Under this program, Gibraltar Bank will select an appropriate title insurance provider which is currently Advantage Title Agency, Inc. Standard Refinance Program Under this program, you are obligated to pay all the aforementioned fees and costs; however, you would be charged a slightly lower interest rate. A sample comparison of these two programs is illustrated below. The following example is based on a 30 year fixed rate mortgage loan for $300,000 on a single family dwelling: Principal and Interest Payment Interest Rate APR 360 monthly principal & interest payments of Standard Refinance 3.750% 3.757% $1,389.35 $Zero Cost Refinance 3.875% 3.875% $1,410.71 The principal and interest payments referenced above do not include property taxes, hazard insurance, flood insurance (when applicable), and/or private mortgage insurance (when applicable). Your actual payment obligation will be greater. Processing Fees and Closing Costs Standard Refinance Refundable Commitment Fee $275.00 $2750.00 Appraisal Fee $350.00 Flood Certification Fee 16.85 $16.85$28.19 Credit Report Fee (joint $ 28.19)(ind. $14.08) Closing Agent's Settlement Fee $350.00 $1,075.00 Title Insurance Fees $15.57) Recording Costs Estimated $475.00 $2,245.04 Total Processing Fees and Closing Costs $Zero Cost Refinance $275.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $275.00 The above noted example is provided for illustrative purposes only. This is not a Good Faith 04 Estimate or Truth in Lending Disclosure. Borrowers will be required to fund any prepaid interest, tax escrows, escrow waiver (if chosen) flood insurance escrows (if applicable), or private mortgage insurance escrows (if applicable) associated with the transaction. Borrowers will have to purchase a homeowner’s insurance policy and, if applicable, a flood insurance policy. If the Subject Property is condominium, the Borrower is responsible for any fee required to complete the condominium questionnaire. Available Programs Gibraltar Bank’s 10 15 20 30 $Zero Cost Year Year Year Year Fixed Fixed Fixed Fixed Rate Rate Rate Rate Refinance Program$ is available on the following Loan Programs only: Mortgage. Mortgage. Mortgage. Mortgage. Zero Zero Zero Zero (0) (0) (0) (0) Points Points Points Points Bi-weekly, Adjustable Rate Mortgages and FHA Loan programs are not eligible. Eligible Requirements To qualify for the $Zero Cost Refinance Program$ you must satisfy all of the following requirements: The transaction must be a No Cash out transaction or a limited Cash out. A No Cash out transaction involves the refinancing of first mortgages only; a limited cash out is the lessor of $2,000 or 2.0% of the loan amount. Minimum Loan amount is $125,000. Maximum Loan amount is $625,500. Property must be an owner-occupied 1-2 family residence located in New Jersey. Property must have adequate flood insurance (when applicable), hazard insurance, and private mortgage insurance (when applicable). Property may not be listed for sale at any time between application and loan closing. Title to the property must be held in the name of an individual(s.) Properties held in the name of an LLC are not eligible for the $0 Refinance Program. Borrower must satisfy all established LTV and underwriting guidelines. Additional Conditions If you choose to refinance your home under the $Zero Cost Refinance Program$, and the loan request is approved, Gibraltar Bank will select an appropriate Title Insurance Provider, currently Advantage Title Agency, Inc. Borrowers will still be required to fund any prepaid interest, tax escrows, escrow waiver (if chosen) flood insurance escrows, (if applicable) or private insurance escrows (if applicable), associated with this transaction. If you choose to hire an attorney, you must pay the related attorney’s fees. If you have a second mortgage (e.g., home equity loan/line) that will need to be subordinated, the Borrower is responsible to pay any fees required by the subordinate lender. If you are refinancing a condominium, you, the borrower, will be responsible for paying the fee required to complete the condo questionnaire. The Commitment Fee is required at the time you submit your application. You may lock your loan at any time without any additional fee or float as described in the Lock In Agreement. The Commitment fee will be refunded to you at closing. Please refer to the Lock In Agreement for full details. Gibraltar Bank will cover all charges related to title searches and lender’s policy of title insurance, including all required endorsements, closing service and disbursements from the closing with an appropriate Title Insurer provider, currently Advantage Title Agency, Inc. You, the borrower, may elect a different title company of your choosing. If you elect a different title company, you will be responsible for any fees charged by your title company. Gibraltar will not bear any liability if the title company you select fails to timely satisfy the title insurance requirements for your loan, including any scheduled closing dates. Once your loan is closed under this program, (and provided the program is still in effect), you will be prohibited from refinancing your mortgage under this program for 12 months from the date of your loan closing. ACKNOWLEDGEMENT (ALL BORROWERS MUST SIGN AND DATE BELOW) I/We acknowledge that I/We have read and understand this document, that I/We have kept a copy for our records and that my/our application will be processed under the $Zero Cost Refinance Program$. Print Name Date Print Name Date Signature Date Signature Date Print Name Date Print N a me Date Signature Date Signature Date Thank-you for choosing Gibraltar Bank…
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