Buying and selling a home is a major life event. Luminate Lightspeed is a fantastic tool to take some of the stress away for both buyers and sellers.

At Luminate Home Loans, Inc., we’ve heard the stories of our competition not being able to close a loan and know the impacts that can have for everyone involved, that’s why we’re putting our money where our mouth is. If Luminate is unable to close your loan by the contract date, we will issue a $15,000 check to the seller of the subject property. We always strive to deliver our loans on time, but will be there for you if things go sideways.*

*see program disclosure terms and conditions

Luminate Home Loans, Inc. (Luminate) must receive the following documentation from the borrower (“Borrower”):
• A completed and signed standard loan application (form URLA) for a first lien position mortgage on the property submitted to Luminate not more than ninety (90) calendar days before Luminate receives the Purchase Agreement from the Borrower.
• An executed purchase agreement (“Agreement”) for a residential real estate property only located in states where Luminate is licensed to do business with a closing date that is no sooner than thirty (30) calendar days after Luminate receives the Agreement from Borrower. There may be no contingencies in the Agreement that extend more than ten (10) calendar days after Luminate receives the Agreement, except for the following: any contingency that (i) relates to Luminate’s approval of the Borrowers application, or (ii) it relates to the Borrower selling their current primary residence on or before the closing date of the Agreement.
• A signed lock agreement to lock an interest rate with Luminate not less than ten (10) calendar days before the closing date of the agreement.
• All signed disclosures with a signed Intent to Proceed document within three (3) business days after Luminate receives the Agreement from the Borrower.
• All program requirements must be fully satisfied and all conditions cleared by underwriting no less than ten (10) business days prior to the close date on the Agreement.
The offer is void under the following circumstances:
• The appraisal needs to be back and satisfied at least ten (10) calendar days prior to the closing date on the Agreement. Also, the appraised value of the Property does not equal or exceed the sales price in the Agreement, or if any repairs or property contingencies are not complete.
• If any part of the application or any loan conditions contain any fraudulent or misleading information or false representation.
• Where prohibited by applicable law or investor requirements and in the event that due to re-disclosure federal or state regulatory requirements require any and all waiting period prior to closing that extends beyond the specified closing date of the agreement.
• If the Borrower has a condition not satisfied to sell their primary home prior to or at closing in the Agreement
• If for any reason the closing is delayed from the original closing date on the Agreement due to acts or omissions of either the Seller or Borrower: the acts, omissions, negligence, or malfeasance of another party that is not the Seller, the Borrower or Luminate; or any natural disaster or extraordinary event or circumstance beyond the control of the Borrower or Luminate.

If all the terms and conditions herein are satisfied and Luminate is unable to close the loan as on the specified date of the agreement, then Luminate will issue a $15,000 check to the Seller of the subject property. This agreement requires the Borrower to satisfy all Luminate’s underwriting guidelines and loan approvals conditions and providing an acceptable property appraisal and clear title report to Luminate. The subject property address may not change prior to the specified close date in the Agreement. No assignment of the Agreement or substitute Borrower is allowed for this offer.

Luminate reserves the right to amend or cancel the Program at any time, with or without notice; however the Borrower remains eligible for this offer, provided the Program was in effect on the date that Luminate received an executed Agreement and an executed standard loan application (form URLA). Other restrictions may apply. Please contact Luminate for specific details as to the availability of this offer at the time of submitting the loan application and/or Agreement.

– USDA Loans                    -Reverse Mortgage Loans
– Brokered Loans               – Mortgage Revenue Bond Programs
– Jumbo Loans                   – Non-warrantable Condominiums
– Renovation Loans            – All Properties located in a flood zone
– Refinance Loans              – Bank-owned Properties & Short Sale Loans
– Employee Loan                – Portfolio Loans

Ready to get started? Reach out today! We’re here to help!

Tim Erickson
P: (652) 451-2273

Mark Henderson
P: (651) 398-3477