Customers (as defined below) who met all eligibility requirements to qualify for the Guarantee (as defined below) between 11/3/2022 and 10/15/2023, please see here for the applicable terms and conditions. 

Better Mortgage Corporation (“Better Mortgage”) is offering qualified customers (“Customers”) a check in the amount of $2,000 (the “Concession”) 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, Better Mortgage Customers must:

1. Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) obtaining a conventional purchase loan for a single family residence or PUD-detached home (the “Mortgage Loan”); 

2. Lock a rate on the Mortgage Loan on or after 10/16/2023; 

3. For jumbo loans, obtain a verified pre-approval and lock a rate at least 30 days before the closing date on the Purchase Contract (as defined below); OR, for conforming loans, obtain a completed conditional approval or a verified pre-approval and lock a rate at least 18 days before the closing date on the Purchase Contract;

4. Meet all eligibility requirements for Better Mortgage’s One Day Mortgage promotion as set forth in the One Day Mortgage Terms and Conditions, and receive a commitment letter from Better Mortgage (in the event of a conflict between the eligibility requirements set forth in the One Day Mortgage Terms and Conditions and the eligibility requirements for the Guarantee, the eligibility requirements for the Guarantee will control); 

5. After receiving a commitment letter from Better Mortgage, provide all subsequently requested supporting documentation and signed disclosures needed to make a loan decision (e.g., income/asset documents) within 48 hours of each request, excluding Homeowners Insurance information, which must be provided at least 10 days prior to the closing date listed on the Purchase Contract;

6. Upload the Purchase Contract to their Better Mortgage online account within 24 hours of locking a rate; and 

7. 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 and fully executed purchase contract (the “Purchase Contract”). 

For the avoidance of doubt, you are ineligible for the Guarantee due to any of the following: : 

1. If the Mortgage Loan is for the purchase of a property located in New York, Hawaii, or Alaska; the 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; 

2. The Mortgage Loan is denied or withdrawn before the closing date listed on  Purchase Contract; 

3. The closing date listed on the Purchase Contract cannot be met for reasons outside of Better Mortgage’s control, these reasons include, but are not limited to: 

1. 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

2. 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), there is a change to the title company; or

3. 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

4. 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).

5. You are engaged in a concurrent closing or have a closing contingency, such as such selling your prior home & buying a new one on the same day or with proceeds from the prior home sale; or

6. Your loan requires an escrow holdback or 1004D form; or

7. There is a hold on the appraisal order for any reason, either from you or the realtor/listing agent/owner of the subject property.

In addition, Customers may be rendered ineligible for the Guarantee, as determined by Better Mortgage in its sole discretion, if the subject property associated with the Mortgage Loan requires renovations, repairs or further inspection,by the lender, investor, or per the Purchase Contract.

If your Mortgage Loan does not Close on Time, Better Mortgage will mail the Concession to the address listed on your Better Mortgage account. Recipients will be responsible for all taxes and fees associated with receipt of the Concession, 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 Concession. 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. The Guarantee may not be combined with any other Better Mortgage promotions, discounts, or concessions. 

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)