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BEST MORTGAGE COMPANY
BEST MORTGAGE COMPANYBEST MORTGAGE COMPANY
BEST MORTGAGE COMPANY
Conditional Approval Letter
Date: August 26, 2008 Loan#: 18023Q03
Applicant(s): John Walker/Ginger Walker Property Address: 1 Main Street
Danvers, MA 01923
We are pleased to inform you that Best Mortgage Company has approved your real estate loan application on the terms set forth below, subject to
the conditions set forth in the Conditions Addendum attached to this Loan Approval (the "Initial Conditions"), and further subject to any other
conditions Best Mortgage Company may establish upon receipt and review of documentation in satisfaction of the Initial Conditions (the
"Subsequent Conditions").
Type of Mortgage: Conventional Loan Amount: $316,000.00 Loan Term: 360 (Months)
Occupancy: Primary Residence Purpose: Purchase Program Code: 30 Yr Fixed
Interest Rate: 6.500 Discount Points: % Doc Type: Full
[ ] Your loan has a balloon payment
Loan terms as shown above [x] Have [ ] Have not been "Locked in". All loan terms stated above are subject to
change (except loan amount)
Rate Lock Expiration Date:
Loan Approval Expiration Date: Condition Expiration Date:
10/05/2008
12/20/2008 12/20/2008
If this loan does not close on or before the Loan Approval expiration date, Best Mortgage Company no longer has any obligation to close this
loan. Loan Approval is not transferable.
This loan is to be secured by a Deed of Trust/Mortgage covering the following real property:
1 Main Street, Danvers, MA 01923
All Initial Conditions and all subsequent Conditions must be satisfied before funds can be released. In order to avoid a delay in your
transaction, all conditions labeled "Prior to Doc" must be received prior to the Condition Expiration Date indicated above. Prior to Docs
means prior to our preparation of your closing documents.
Loan Approval Is based upon the information provided in your credit application and the current condition of your property. Should any
Information come to Best Mortgage Company's attention which changes the basis on which your Loan Approval was granted, Best
Mortgage Company reserves the right to request additional information and may reconsider Loan Approval.
If there is a substantial change In applicant's financial condition or credit standing, Best Mortgage Company is under no obligation to
close your loan You are responsible for keeping all financial obligations current during the processing of your loan transaction, Best
Mortgage Company accepts no responsibility for late fees incurred or adverse credit reporting for your failure to make payments by their
due date. Best Mortgage Company reserves the right to require updates of documentation that is more than 90 days old. Any false or
erroneous statements set forth in your credit application shall, at the option of Best Mortgage Company, render this Loan Approval null
and void.
NOTE AND DEED OF TRUST/MORTGAGE: This loan will be evidenced by a promissory note and secured by a lien Deed of
Trust/Mortgage in form and substance acceptable to Best Mortgage Company encumbering the property described above, subject only
to exceptions approved by Best Mortgage Company in writing. There will be no concurrent subordinate financing secured by this
property without Best Mortgage Company’s prior written approval at the time of closing. The Deed of Trust/Mortgage may contain a
provision granting Best Mortgage Company the option to declare the entire indebtedness due and payable if the Applicant should
transfer any interest in the property,
TITLE INSURANCE- The loan will be secured by a valid lien Deed of Trust/Mortgage guaranteed by a policy of title insurance issued by
a title company acceptable to Best Mortgage Company in the amount of the loan. Such title policy shall provide to Best Mortgage
Company an extended coverage tenders policy with any endorsements required by Best Mortgage Company insuring that Best
Mortgage Company's Deed of Trust/Mortgage is a lien on the property subject only to matters approved by Best Mortgage Company in
writing.
HAZARD INSURANCE; Applicant is to furnish at least 24 hours prior to the date on which your loan is closed, a fire and extended
coverage policy, or a binder if required by law, in an amount equivalent to the lesser of 100 percent of the insurable value of the
improvements as established by the property insurer, or the unpaid principal balance of the mortgage, as long as it equals the minimum
amount (80 percent of the Insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis
If it does not then coverage that provides the minimum required amount must be obtained. The policy must reflect an expiration date
that can be no earlier than 60 days from the date of your loan's closing, Best Mortgage Company must also be designated the Lender
Loss Payee on this policy at the time of closing. After your loan has closed, it is the responsibility of your Insurance company to send
confirmation of your policy renewal 15 days prior to the expiration of your Hazard Insurance policy. You will receive a letter from our
insurance coordination company if a renewal policy is not received 15 days prior to the expiration, asking the borrower to provide proof
of continued coverage. ,
This letter discloses the fact that if the insurance coordination company does not receive proof of continued coverage,
Best Mortgage Company will place forced insurance to protect its interest. The fire and extended policy coverage and insuring
company must be acceptable to Best Mortgage Company.
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