For any borrower(s) who closes on a purchase or cash-out refinance mortgage with radius financial group inc. (“radius”), radius will pay borrowers’ Qualifying Closing Costs (as defined below) on any refinance initiated by such borrower that closes within three (3) years from the original qualifying transaction, subject to the following terms and conditions:
Qualifying Closing Costs are closing costs charged by radius, such as the origination and appraisal and credit reporting fees, plus the settlement fee charged by our closing attorney, but does not include any other third party fees such as any escrows, prepaid amounts (taxes, insurance, association fees, etc.), title insurance fees, recording fees and other fees charged by third parties.
Full offer: The new interest rate available on the refinance mortgage loan must be improved at least a half point or 50 basis points (0.50%) to qualify for the full offer; or
Half offer: If the interest rate available on the refinance mortgage loan improves by at least a quarter point, or 25 basis points (0.25%), radius will pay $1,500 towards Qualifying Closing Costs.
The borrower(s) on the subsequent transaction must be the same as on the original transaction;
The borrower must make at least 6 monthly on time payments. On Time Payments must be made in the month they are due and may not be delinquent over 30 days.
This program is only available for refinance transaction that occur within thirty-six (36) months from the closing date on the original qualifying transaction;
The minimum eligible loan amount is two-hundred thousand dollars ($200,000); and
New loan must meet all current Government Sponsored Entities or Government National Mortgage Association guidelines as applicable.