Better Mortgage Corporation (“Better Mortgage”) is offering eligible customers a check in the amount of $2,000 if their Mortgage Loan (as defined below) does not Close on Time (as defined below), pursuant to the following eligibility requirements and limitations (the “Guarantee”):
To be eligible for the Guarantee, you must have completed the following steps with Better Mortgage for a conventional purchase loan on a single family residence or PUD-detached home (the “Mortgage Loan”) after 11/3/2022:
- For jumbo loans, obtain a verified pre-approval and lock a rate at least 30 days before the closing date on your purchase contract; OR, for conforming loans, obtain a completed conditional approval or a verified pre-approval and lock a rate at least 21 days before the closing date on your purchase contract;
- Provide all requested supporting documentation and signed disclosures needed to make a loan decision (e.g., income/asset documents) within 48 hours of each request;
- Upload a fully executed purchase contract to Better.com within 24 hours of locking a rate; and
- Successfully close on the Mortgage Loan and fund with Better Mortgage.
“Close on Time” means closing on the Mortgage Loan on the closing date indicated on your uploaded purchase contract.
You are ineligible for the Guarantee if your Mortgage Loan is: for the purchase of a property located in New York, Hawaii, or Alaska; your Mortgage Loan is for the purchase of a condominium, 2-4 unit property, new build property (e.g., new construction property), or for the purchase of a property purchased using a cash offer; your Mortgage Loan is denied or withdrawn before the closing date listed on your uploaded purchase contract; or if the closing date listed on your uploaded purchase contract cannot be met for reasons outside of Better Mortgage’s control, these reasons include, but are not limited to:
- There are changes to your credit profile, income, income source, or available assets, or additional information is provided that impacts your ability to qualify for the loan; or
- You or the seller of the subject property initiates changes to the closing date or loan terms (loan amount, product, interest rate, initial rate locks); or
- There are delays due to an appraisal dispute initiated by you, force majeure events (including weather or natural disaster), improvements or repairs being made to the subject property, or because items on the title report need to be removed or cleared; or
- There are delays caused by third parties; provided, however, you will remain eligible for the Guarantee if there are delays caused by appraisal management companies, or the Better affiliated companies (Better Settlement Services; Better Cover, LLC; Better Real Estate, LLC; Better Connect, LLC dba Better Attorney Match; and Better Inspect, LLC).
If your Mortgage Loan does not Close on Time, Better Mortgage will mail a check for $2,000 to the address listed on your account. Recipients will be responsible for all taxes and fees associated with receipt of the $2,000 which may be considered miscellaneous income received from Better Mortgage. Better Mortgage may be required to send to you, and file with the IRS, a Form 1099-MISC for the year in which you receive this offer. Please consult your tax advisor.
The Guarantee is only available for customers applying for purchase loans on properties located in the states in which Better Mortgage originates loans (excluding New York, Hawaii and Alaska). The Guarantee is subject to all applicable state laws.
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, GUARANTEES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Terms are subject to change at any time without notice and are subject to state restrictions. Better Mortgage Corporation, 175 Greenwich Street, Fl 57, 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)