Better Startup Mortgage Terms and Conditions
Better Startup Mortgage Terms and Conditions Better HoldCo, Inc. and its affiliates (“Better”), including Better Mortgage Corporation (“Better Mortgage”), are not affiliated with eShares, Inc. d/b/a Carta, Inc.and its affiliates (“Carta”). Mortgage loans and mortgage services and Better Startup Mortgage benefits are provided exclusively by Better Mortgage, and are not provided, underwritten, or serviced by Carta. Carta is not a lender or broker. This program does not constitute an endorsement, referral or recommendation of Better Mortgage by Carta.
This is not a commitment to lend, nor a guarantee that you will be approved for a mortgage from Better Mortgage. This program may be modified or revoked in whole or in part at any time.
This program is only available for mortgages on properties located in the following states: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, MT, NE, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WI, WY, and Washington DC. Program is subject to all applicable state laws.
Participation in this program is limited to current employees of Carta and Better (“eligible employees”) who access Better Mortgage through the landing page who meet the requirements below, and who start and successfully close a mortgage loan with Better Mortgage.
To be eligible for this program, eligible employees must:
(a) Have a minimum FICO score of 700;
(b) Access and create their Better Mortgage account through the landing page;
(c) Have exercised, vested equity options in their company (either Carta or Better) with a collateral value equivalent to a 20% down payment amount of their home’s purchase price (collateral value is equal to 40% of the net market value of their shares);
(d) Enter into the required agreements, which include a waiver and consent agreement, stock pledge agreement, control agreement, and stock power assignment;
(e) Have a loan amount below $4 Million;
(f) Complete an application for a purchase loan on a property located in a state where Better Mortgage is licensed to originate mortgage loans;
(g) Have their share quantity confirmed by Better Mortgage via Carta; and
(h) Qualify for and successfully close a mortgage loan from that account with Better Mortgage.
Upon closing, the securities you have pledged as collateral will be locked. These securities will be unable to be sold, repledged, or subject to other liens until one of the following conditions have been met: repayment of the loan, refinance of the loan, or when you have paid down the principal of the loan to a loan-to-value ratio below the share release targets as determined by Better Mortgage:
If you default on your loan, Better Mortgage can force the sale of securities you have pledged in order to satisfy your obligations without contacting you. If you default on your loan, Better Mortgage can take control of the pledged securities without contacting you. While subject to this Agreement, the securities may change in value, and you may lose any/all appreciation of value in the securities. If the securities are exchanged for cash or securities of another party for any reason, Better Mortgage can garnish those proceeds.
You may incur adverse tax consequences if your securities are sold, in connection with your pledge of securities as loan collateral. If you default (stop making your monthly payments) on your mortgage, you could lose both your house and the securities you pledge. Nothing in these terms and conditions is intended to constitute a representation that any investment strategy or that any product is suitable for you. You should consider carefully whether any products and strategies discussed are suitable for your needs, and to obtain additional information prior to making a decision. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by Better Mortgage and/or its officers or employees, irrespective of whether or not such communication was given at your request. Better Mortgage is not acting or registered as a securities broker-dealer or investment advisor.
Additional information is provided in our Frequently Asked Questions. See them here: https://better.com/with/betterstartupmortgage-faqs-c.
Better Mortgage is an Equal Housing Lender. As prohibited by federal law, Better Mortgage does 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 Better Mortgage’s 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. Mortgage 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, 59th 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)
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