Frequently Asked Questions
Is this program for a limited time?
Yes. Borrowers must apply on a purchase mortgage by Oct. 31, 2023.
What are the eligibility requirements?
Buy Now, FREE-FI Later is offered to all Open Mortgage clients who apply on a first lien purchase mortgage by Oct. 31, 2023. Subject to credit approval.
How do I claim my future lender credit?
Your loan officer will present you with a redemption certificate at the closing of your original loan. You must present this to your loan officer when you apply for a refinance at a future eligible date. This certificate will eliminate your lender fees on a rate-reduction refinance, of up to $1,500.
When does the promotion end?
You must apply for a purchase loan by Oct. 31, 2023. Borrowers who make 6 complete mortgage payments on the original loan have until Dec. 31, 2025, to redeem their refinance certificate.
*Terms and Conditions: The Buy Now Free-Fi Later Promotion is valid on Open Mortgage first lien purchase loans with applications taken between 9/1/2023 and 10/31/2023. After 6 full payments, the borrower is eligible to refinance the purchase loan with Open Mortgage and they will receive a lender credit up to $1,500 towards applicable lender fees (i.e. underwriting, application fees, commitment, administrative fees, processing fees, etc.). The Open Mortgage refinance must be closed on or before 12/31/2025. Borrower must submit promotional certificate issued on original purchase transaction to receive the lender credit on refinanced loan. Free-Fi Certificate does not ensure mortgage eligibility. Borrowers must qualify to refinance at time of application. Refinance loan is subject to underwriting and collateral approval and must be a first mortgage or deed of trust. Only one lender credit per new loan. This lender credit is void where prohibited and is non-transferrable, subject to the terms herein, and valid on complete and closed loans only. By refinancing an existing loan, your total finance charges may be higher over the life of the loan. Some loans may be subject to prepayment penalties. Not all borrowers will qualify. This promotion may not be combined with any other offers, discounts or promotions. This is not a commitment to lend.