Better Home Line of Credit Terms and Conditions
- The Better Home Line of Credit (“Better LOC”) is a closed-end, unsecured loan which does not revolve or replenish with repayment and is offered exclusively to Better mortgage customers by our partnership with lender, Notable Finance, LLC (“Notable”). Better LOC loan amounts range from $5,000 to $50,000, depending upon your creditworthiness and other underwriting factors.
- The Better Home LOC is only available through Notable to Better Mortgage customers who close a conventional mortgage with Better Mortgage.
- The Better LOC is only available through Notable to Better Mortgage customers who close a mortgage with Better Mortgage. Though you may apply for the Better LOC prior to closing on your Better mortgage, if approved your Better Home Card (as further described below) will arrive in 3-7 days to the address you’ve provided to Notable during the application process. Your Better LOC loan funds will not become available for use until after your mortgage closing.
- The Better LOC by Notable is an unsecured personal loan product where there is an initial 9-month “draw period” during which you can use any or all of the total loan amount you’ve been approved for, and during the draw period you only pay interest on the loan funds you’ve used. Following this initial 9-month draw period, you are no longer able to withdraw funds and there is a 3 or 5-year “fixed” period, where you will pay back the loan in full in monthly installments as determined by your loan balance at the end of the draw period. The Better Home LOC APR is a fixed interest rate that will not adjust during the life of the loan*.
- The Better Home LOC is being offered to Better Mortgage customers on either a 3-year or 5-year term, following the 9-month draw period described in #3 above. The APRs associated with each term are as follows:
3 year term*: 8.0% APR* with Autopay, 8.5% without Autopay
5-year term*: 8.5% APR* with Autopay, 9.0% APR without Autopay
- To qualify for the lower APRs shown above, you must sign up for Autopay at the time you apply for the Better Home LOC. By opting-in for Autopay, you authorize Notable to initiate recurring electronic debits to the account specified by you during the application process.
- The Better LOC can only be used for home improvement purposes.
- The Home Card is a debit-type access card that provides a convenient way to access your Better LOC loan funds. The Home Card is issued by Sutton Bank, Member FDIC, and powered by Marqeta pursuant to a license from Mastercard International Inc. Terms and conditions apply. See Marqeta, Mastercard®, and Sutton Bank Terms for further details. The Better Home Card (“Home Card”) Program Agreement can be found here: http://betterhome.notablefi.com/cash-back-rewards-terms
- When you make certain purchases with your Better LOC from approved merchants participating in the Better Home Card Program, you earn rewards called “Cash Back Rewards.” Different merchants may award different Cash Back Rewards amounts. See http://help.betterhome.notablefi.com for a current list of participating merchants. Cash Back Rewards is only earned when transactions are processed, which may be after your purchase date. Some merchants may compile purchases and post them at a later date, which may be different than the day the purchase was initiated. Your Cash Back Rewards is calculated on each purchase from a participating merchant, and is stored in your Cash Back Rewards account in dollars and cents that are rounded to the nearest cent. Your accumulated Cash Back Rewards is then applied to your Cash Back Rewards Account at the end of the draw period. It may take 1-2 billing periods after a transaction for all of your Cash Back Rewards to be added and applied. You will not earn Cash Back Rewards on cash advances, balance transfers, illegal or disputed transactions or on any cash you receive in connection with a purchase at the point of sale through our Cash at Checkout feature. Purchases made through third-party payment accounts, mobile or wireless card readers, digital wallets or similar technology will not be eligible if the technology does not provide sufficient detail for rewards calculation. Refer to your Loan Agreement for further details on earning Cash Back Rewards, as well as the Cash Back Rewards Program Terms and Conditions located here: http://betterhome.notablefi.com/cash-back-rewards-terms
- To be eligible to apply for the Better LOC product, individuals must: (a) Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) located in a state where Better Mortgage is licensed to originate mortgage loans;
(b) Be approved for a Better Home mortgage and reach the “clear to close” stage of their mortgage process before becoming eligible to apply for the Better LOC product; and
(c) Authorize Notable Finance, LLC to import your mortgage application data from Better in consideration of applying for a Better LOC.
- 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. 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).
- Offer is subject to credit approval by Notable Finance, LLC. No origination or application fees apply. Notable® is a direct lender dedicated to providing a fast transparent digital lending experience backed by superior customer support. All rights reserved. © Notable Finance, LLC | 6 Landmark Sq, Fl 4, Stamford, CT 06901 NMLS #1824748. California customers: Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states.