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Can I Use The Program To Sell My Current Home And Buy My New Home? |
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What Is the Alumni Home Savings (AHS) Program? A program that offers mortgages and real estate services that offer:
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Discounts on lender fees |
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Cash back on earned real estate commissions when you register and use the Realtor assigned by AHS |
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Preferred personal service to you the Alumni |
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Zero cost Interest Rate Float Down Program |
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Opportunity to generate scholarship dollars for your local network |
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How Do I Get Cash Back? You receive 15% of the commissions earned by the AHS assigned Realtor. For example if you are selling your home, register with AHS as step 1. AHS will assign a local Realtor that will sell your home. If the home sales price is $250,000, the typical real estate commissions earned by your AHS agent (or any agent) would be $7,500.00 or 3%. You would receive a cash back rebate of 15% of $7,500.00 or $1,125.00. |
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When Do I Receive My Cash Back Check From Real Estate Services? Approximately 30-45 after the close of your purchase or sale. |
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What Is An Interest Rate Float Down Option? Once you “lock” your interest rate with any lender you are protected against interest rate increases in the market. A significant advantage of locking with PrimeLending, the AHS Lender, is that you are not only protected against interest rate increases in the market, but you are also able to take advantage of interest rate improvements in the market at no cost. No other national lender offers such a program.
For example, if you are several weeks away from closing on the purchase of a new home and you lock an interest rate of 4.5% and 1 week later, the market rates move to 4.125%, PrimeLending will move you to the lower rate at no charge. Ask your AHS representative for specific details for your loan. |
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What Does University of Minnesota Get When I Participate In AHS? U of M receives a flat payment of $300 per loan closed regardless of the size of the loan or the volume of loans that the Program produces. U of M also receives 5% of the real estate commissions earned from every purchase or sale. Alumni can also donate all or a portion of their 15% to the Alumni Association. |
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Who is the bank? PrimeLending is ranked 13th in the nation for retail mortgage loans in all 50 states. Very competitive rates with highly seasoned professionals that provide personal service. |
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Who Are The Real Estate Agents? AHS provides a national network comprised of only the most highly trained and experienced agents from your local community. You must contact AHS first, to be assigned to a local Realtor. |
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Can I Use My Own Real Estate Agent? To receive “Cash Back” from the real estate commissions earned, AHS must assign your local Realtor. If you have signed a contract with a local realtor, then you must wait for the contract term to expire to participate in the AHS Program. If you have not signed a contract with a Realtor, register with AHS today. |
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Can I Use My Own Lender? To participate in the Real Estate cash back services, you must be pre-approved through the AHS Lender. |
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Can I Use The Program Only To Refinance? Yes. |
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Can I Use The Program To Sell My Current Home And Buy My New Home? Yes. You can use the program as much as you like and receive cash back on every real estate transaction in which you are represented by an AHS assigned Realtor. |
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Can I Use The Program To Buy A Second Home? Yes. Second homes, investment homes, first homes, any home. |
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Can I Write Off the $300 given to U of M for my closed loan? No. The $300 is paid to U of M Alumni Association from the Lender and is not considered a donation from the Alumni. |
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