18-Day Closing Guarantee

The Kwik Mortgage Closing Guarantee offers assurance to applicants purchasing a home with a Kwik mortgage that will close on or before the Contract Closing date, or the customer will receive monetary compensation in the form of a check, post-closing.

Eligibility

To be eligible for the Kwik Closing guarantee, the applicant(s) must:

  • Complete a mortgage application online through Kwik’s applicant portal.
  • Provide all requested supporting documentation in a legible format, including executed disclosures and income/asset documentation needed to render an underwriting decision.
  • Provide a fully-executed purchase contract which must include all pages, addendums, and required signatures.
  • Contract closing date must be at least eighteen (18) calendar days after receipt of a completed mortgage application, supporting documents, and a fully executed purchase contract.
  • Preliminary title work, Certificate of Occupancy, and Survey must be received within fifteen (15) calendar days of initial application. Applicant(s) and all transactional parties, including sellers, must be available to attend the closing scheduled at the date and location requested by Kwik.
  • This offer is only available for residential, first-lien loan purchase applications submitted directly to Kwik Mortgage.

Ineligibility

The Kwik Closing Guarantee will not apply in any of the following cases:

  • Refinance transactions.
  • Any amendments to the original closing date documented in the purchase agreement.
  • Changes in loan amount, product, or terms requested within ten (10) calendar days of closing.
  • Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property.
  • Failure by either party to meet contractual terms and requirements, including seller-related delays.
  • Transactions involving Cooperative projects (Co-ops), Consolidation, Extension and Modification Agreements (CEMAs), or requiring two or more appraisals.
  • Delays due to force majeure events, not limited to weather or natural disaster.
  • Veterans Administration (VA) and Federal Housing Administration (FHA) loans.
  • Delays caused by third parties other than Kwik required service providers.
  • Delays due to customer’s failure to respond to Kwik’s requests within two (2) business days.
  • If the appraisal is not ordered within 48 hours of first contact attempt from appraiser.
  • Loans for bank owned properties and homes purchased through a “short-sale”.

Kwik reserves the right to amend, terminate, or withdraw the Kwik Closing Guarantee at any time without prior notice. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

Any awards transferred at or outside closing in may be considered miscellaneous income received from Kwik and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) for the year in which you participate and are awarded the benefits of the program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.

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