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FAQ
1.  Money for Life, Mortgage Fee Guarantee FAQs

Do all new purchase loans get their Lender fees* waived under the Money for Life, Mortgage Fee Guarantee program?

Answer
2. Do new refinance loans get their Lender fees* waived under the Mortgage Fee Guarantee program? Answer
3. What types of loans can the Money for Life, Mortgage Fee Guarantee program be used for? Answer
4. What are the Lender fees* that will be waived under the Mortgage Fee Guarantee program? Answer
5. Are there any credit score, loan-to-value, loan term or loan amount restrictions for the Mortgage Fee Guarantee program? Answer
6. If I received a Mortgage Fee Guarantee certificate previously, but most recently refinanced that same property with another Lender, can I use the certificate to do a new refinance with Central National Bank? Answer
7. Do I need to have a copy of the Money for Life, Mortgage Fee Guarantee certificate to refinance and pay no Lender fees*? Answer
8. Does the Money for Life, Mortgage Fee Guarantee certificate expire? Answer
9. When will I receive the Money for Life, Mortgage Fee Guarantee certificate? Answer
10. Money for Life, Mortgage Fee Guarantee disclosure Answer

Q :  Money for Life, Mortgage Fee Guarantee FAQs

Do all new purchase loans get their Lender fees* waived under the Money for Life, Mortgage Fee Guarantee program?

A : Yes! All new purchase applications received on or after January 7th, 2019 that close with Central National Bank will have their Lender fees* waived at closing. You will also receive the Money for Life, Mortgage Fee Guarantee certificate to be used for any future refinances of that property. However, please see below for the terms and restrictions of the Mortgage Fee Guarantee program.
 
Q : Do new refinance loans get their Lender fees* waived under the Mortgage Fee Guarantee program?
A : Not at this time, with the exception of any first permanent financing on a home. Any new refinance that is not construction-to-permanent loan (without a certificate) will pay the Lender fees, however you will receive the Money for Life, Mortgage Fee Guarantee certificate to be used for any future refinances of that property.
 
Q : What types of loans can the Money for Life, Mortgage Fee Guarantee program be used for?
A : Any mortgage loans that are originated through the mortgage origination division of Central National Bank are eligible for the program, with the exception of the following loans/programs: down payment assistance programs, bond loan programs, assumptions, home equity line of credit loans, and any loans received by Central National Bank from a third-party loan originator (e.g., wholesale or brokered transactions).
 
Q : What are the Lender fees* that will be waived under the Mortgage Fee Guarantee program?
A : *“Lender Fees” are defined as, and include only, the Central National Bank underwriting fee, processing fee, and any closing fee payable to Central National Bank.
 
Q : Are there any credit score, loan-to-value, loan term or loan amount restrictions for the Mortgage Fee Guarantee program?
A : No! There are NO borrower restrictions, only restrictions on the types of loans and programs the Guarantee can be applied to.
 
Q : If I received a Mortgage Fee Guarantee certificate previously, but most recently refinanced that same property with another Lender, can I use the certificate to do a new refinance with Central National Bank?
A : No. A mortgage relationship with Central National Bank must be maintained on that property to use a certificate that was issued previously. However, while you will pay the Lender fees on the new refinance loan, you will receive a new certificate for Lender fees to be waived on future refinances of that property.
 
Q : Do I need to have a copy of the Money for Life, Mortgage Fee Guarantee certificate to refinance and pay no Lender fees*?
A : Yes. On refinance loans, you must present the certificate to the Loan Originator at the time of application of the new refinance loan.
 
Q : Does the Money for Life, Mortgage Fee Guarantee certificate expire?
A : No! The certificate never expires for as long as you own that property.
 
Q : When will I receive the Money for Life, Mortgage Fee Guarantee certificate?
A : At closing, you will receive a copy of the Money for Life, Mortgage Fee Guarantee certificate. Be sure to retain this for use on future refinances of that property.
 
Q : Money for Life, Mortgage Fee Guarantee disclosure
A :

The Money for Life, Mortgage Fee Guarantee ("Guarantee") applies to new purchase transactions and future refinances of the same property by the same borrower, subject to the conditions and requirements outlined below. A mortgage relationship with Central National Bank must be maintained on the subject property to redeem Guarantee. The Money for Life, Mortgage Fee Guarantee is non-transferable. It can only be applied to mortgage loans made within the mortgage origination division of Central National Bank. The Guarantee may not be combined with other discounts or promotions. The Money for Life, Mortgage Fee Guarantee excludes down payment assistance programs, bond loan programs, assumptions, home equity lines of credit, and any loans received by Central National Bank from a third party loan originator (e.g., wholesale or brokered transactions). Future refinancing is conditional on whether the program type or applicable state/federal laws contain "seasoning" restrictions that prohibit refinancing during a specific period. For future refinances of the same property with Central National Bank, this Guarantee may not be redeemed within 180 days of the date issued. Your loan approval for any future loan is not guaranteed. The appraised value of your home for the future loan is not guaranteed. You will have to qualify for the loan requested and will be quoted the interest rates in effect at the time of your next loan. "Lender fees" are defined as, and include only, the Central National Bank underwriting fee, processing fee, and any closing fee payable to Central National Bank. For loans meeting the above requirements and which are successfully closed, the lender fees listed above will be waived at the closing of the loan transaction. To redeem the Money for Life, Mortgagee Fee Guarantee, the certificate MUST be presented to the Central National Bank loan originator at the time of application for the new refinance loan. This program is subject to change or cancellation without notice.