If you close a loan with any lender for a lower combination of interest rate, fees, and monthly mortgage insurance — we’ll send you a $1,000 check. Here are the conditions you must meet to ensure you’re getting a true apples-to-apples comparison, and everyone is playing on the same honest, transparent playing field:
1. Quote: Provide us an official, detailed, written competitor’s quote. Quote detail must show: lender’s name, date of the quote, loan type, term, purchase price/property value, loan amount, interest rate, monthly mortgage insurance amount (if applicable), exact amounts for all lender fees, discount points, lender credits/rebates, and exact amounts for all third-party charges for appraisal, credit report, and title company fees. You must provide us with the quote the day they give it to you, and then obtain a written quote from us on that same day, and allow us to go over the quotes with you on the phone. Interest rate change every day, sometimes multiple times a day when the market is volatile. That is why you can’t compare a quote you got today from one lender to the quote you got on a different day from another lender. Pricing changes can be very substantial from day to day, making a quote today appear to be much better or worse than a quote from a previous day. ALWAYS compare quotes on the exact same day, or you won’t get a true and fair apples-to-apples comparison.
2. Rate Lock: Inform us you’re going with the other lender and lock your rate the same day you get the written quotes from both Loan Factory and your chosen lender. Within one business day of locking your rate, you must email us a complete (all pages), unaltered copy of your official locked rate LE (loan estimate) provided by that lender. The locked LE must match the fees sheet or preliminary loan estimate you provided us with. It must state the lender’s name, date, the interest rate, APR, the loan type, term, exact amount of any mortgage insurance, the lock length, and any applicable points/cost or rebate/credit for the chosen interest rate.
3. Closing: Within 48 (two business days) hours of closing your loan, provide us your complete (all pages), unaltered final, signed CD (closing disclosure) and the “NOTE” from your closing documents. Closing documents must exactly match the original written quote AND locked loan estimate they provided you, and that you gave to us. This will confirm they actually delivered exactly what they quoted, and it indeed was a lower combination of interest rate, fees, and monthly mortgage insurance (if applicable).
4. Superior Pricing and Claiming Your $1,000: If we are able to provide you with a better price after you lock with a competitor, and before the day you close with them, and you choose not to accept/proceed with our superior pricing, you will not be eligible for the $1,000 best price guarantee. If we are unable to provide you with a better price before you close with a competitor; and the original detailed quote, your official locked loan estimate, and your final, signed closing disclosure and note all match, showing the exact same combination of interest rate, fees, and monthly mortgage insurance on each; and you’ve met the above terms and requirements, we’ll send you a check for $1,000 within 30 days.
There are a lot of smoke and mirrors tactics employed by lenders who cannot deliver you the lowest combination of rate and fees. We treat every single client with absolute honesty and transparency. By independently shopping the nation’s premier lenders, using our volume discounts as a broker, and making less on each loan; Loan Factory delivers tremendous savings to our clients. It’s mortgage lending done right!
Restrictions
$1,000 lowest rate guarantee not offered on all loan types and is limited to fixed-rate Conventional Conforming loans (No Jumbo loans and No High Balance Loans), FHA, and VA loans. Exclude offers from the builder’s preferred lender and from Credit Unions. Guarantee is only offered on identical matching loan types and products offered by Loan Factory on loan amounts of $200,000 or higher. You will not be entitled to the $1,000 we guarantee if you choose to decline a superior price from Loan Factory that is made to you anytime after you lock with a competitor and before you close/sign final documents with that competitor.
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