One Day Verified Better Approval Letter Terms and Conditions
Better Mortgage Corporation’s (“Better Mortgage”) One Day Verified Approval Letter (“1DVAL”) does not constitute a mortgage loan application, does not guarantee mortgage loan approval, and does not constitute a commitment to make a mortgage loan for the terms stated on the 1DVAL.
Better Mortgage is offering qualified customers (“Customers”) who meet the eligibility criteria as set forth below the opportunity to receive a 1DVAL within 24 hours of Better Mortgage’s receipt of all necessary documentation and information (the “Offer”).
To be eligible for the Offer, Customers must:
Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) purchasing a primary residence located in a state where Better Mortgage is licensed to originate mortgage loans;
Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income) a self-employed individual, or an individual who receives sufficient rental income or who can prove sufficient income from restricted stock units of a current employer enough to render the Customer eligible to receive a mortgage loan from Better Mortgage;
Own no more than four additional properties, excluding the subject property associated with their current mortgage loan application with Better Mortgage, and must not be in the process of becoming a fee simple owner of an additional fifth property (i.e., must not have, or be in the process of obtaining, all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land) in any state, other than the contemplated subject property associated with their current mortgage loan application with Better Mortgage; and
Successfully provide all documentation and information to Better Mortgage as reasonably requested.
The Offer is limited to a principal amount of less than $1,500,000 for the Mortgage Loan.
Better Mortgage does not guarantee that every Customer eligible for the Offer will receive a 1DVAL within 24 hours of submitting all documentation and information to Better Mortgage. Better Mortgage will use commercially reasonable efforts to provide all eligible Customers with a 1DVAL within 24 hours of Better Mortgage’s receipt of all documentation and information to Better Mortgage.
Verified approval is based on a Customer’s financial condition including financial documentation and information used to verify income and assets. Final mortgage loan approval is subject to guidelines and requirements in place at time of application, which are subject to change without notice, and will require (but shall not be limited to) receipt by Better Mortgage of the following: (i) a complete mortgage loan application; (ii) supporting documentation to verify income, assets, liabilities and other information disclosed on your application; (iii) a fully executed purchase agreement; (iv) the subject property meeting valuation, condition and marketability requirements; and (v) no material changes in a customer’s creditworthiness and/or financial condition.
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.
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 any time without notice and are subject to state restrictions. Better Mortgage Corporation, 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Tel: 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)