Rate Lock Protection Pilot Terms and Conditions

Better Mortgage Corporation is piloting a rate lock product that allows the borrower to lock in a rate, and, if the borrower chooses to make a non-refundable deposit of 0.2% of the loan amount at the time of lock, guarantees that the borrower will receive a lower rate at closing if interest rates for the selected loan product fall below the locked rate. The deposit will be applied to closing costs. This pilot program is only available for a limited time.

See full Terms and Conditions below. Have questions or concerns? Email support@better.com.

Better Mortgage/Rate lock protection Pilot Terms and Conditions

  1. Participants in this pilot must:

    1. Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) with a primary residence located in a state whereBetter Mortgage is licensed to originate mortgage loans;
    2. Complete each of the following:
      1. Schedule a call with a Better Mortgage Expert and apply for the loan product that best suits her needs;
      2. Lock an interest rate and make a non-refundable deposit of 0.2% of the loan amount with Better Mortgage;
      3. provide all documentation and information required by Better Mortgageto complete the loan application.
      4. Be approved for the loan by Better Mortgage.
      5. Close the loan with Better Mortgage.
  2. Better Mortgage will review the rates available for the selected loan product one day prior to issuance of the closing disclosure. If the pricing on that date for the selected product has improved (i.e. if the effective interest rate available on that date for the selected product is below the original rate locked), Better Mortgage will provide the improved pricing (lower rate) to the Borrower.
  3. The non-refundable deposit will be applied to the costs due at closing. In the event the borrower chooses to use another lender, Better Mortgage will retain the deposit.
  4. All programs, rates and fees are subject to change without notice. Credit approval is based on borrower’s credit score, property LTV, property type, and other criteria bearing on creditworthiness as determined in Better Mortgage’s sole discretion.
  5. Pilot is only available to a randomly selected subset of Better Mortgage users applying for purchase or refinance loans on properties located in the states in which Better Mortgage originates loans. Offer is subject to all applicable state laws.
  6. Better Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.
  7. BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Better Mortgage Corporation, 1 World Trade Center, 80th Floor, New York, NY 10007 888-501-3186, Fax: 408-946-0112, is licensed by the Department of Business Oversight under the California Finance Lender Law License No.6052748, NMLS # 330511. (www.nmlsconsumeraccess.org)