One Day Mortgage Legacy Terms and Conditions

Customers (as defined below) who successfully provided the Required Documents (as defined below) within the Required Tasks Completion Period (as defined below), between 4/5/2023 and on or before 8/21/2023, please see here for the applicable terms and conditions.

Better Mortgage Corporation (“Better Mortgage”) is offering qualified customers (“Customers”) who successfully provide the Required Documents (as defined below) within 4 hours of locking a rate (the “Required Tasks Completion Period”) for their mortgage loan (the “Mortgage Loan”), the eligibility to receive an underwriting determination on their Mortgage Loan application within 24 hours of locking a rate on their Mortgage Loan (the “Offer”). The underwriting determination is subject to customary terms, including fraud and anti-money laundering checks, that take place pre-closing and which may trigger additional required documentation from the Customer.
In addition, Customers who successfully provide the Required Documents within the Required Tasks Completion Period will receive $250 in the form of lender credits to be applied to reduce the closing costs of their Mortgage Loan (the “Discount”).
The Offer.

a. The Offer is limited to two (2) mortgage loan types: (i) conventional, conforming mortgage loans, and (ii) near-agency jumbo mortgage loans (conventional mortgage loans that exceed federal conforming limits, however, are underwritten in accordance with conforming guidelines).

i. Conventional, Conforming Mortgage Loans
1. To be eligible for the Offer for a conventional, conforming mortgage loan, Customers are required to provide the following documents to Better Mortgage via their online Customer portal within the Required Tasks Completion Period (collectively, the “Required Documents”):
  
  a) Pay stubs;
  b) W2s;
  c) Bank statements (including any applicable investment and retirement statements);
  d) A copy of a complete purchase agreement for the subject property of their Mortgage Loan (the purchase agreement is not required to be signed by either the Customer or the seller at this point in time);
  e) If applicable, proof of disability awards, social security income, retirement earnings, or pension income statements;
  f) If applicable, proof of self-employment income derived from a sole proprietorship via a Schedule C (Form 1040) document;
  g) If applicable, proof of rental income derived from investment properties as evidenced by a Schedule E (Form 1040) document, or as evidenced by a lease agreement for investment properties in which the Customer has owned the property for less than one year;
  h) If applicable, proof of child support or alimony awards;
  i) If applicable, proof of income in the form of vested restricted stock units (of a Customer’s current employer); and
  j) If applicable, if the subject property associated with a Customer’s Mortgage Loan is an investment property, proof of proposed rental income from such property.
  
  Failure to provide all Required Documents within the Required Tasks Completion Period may result in a Customer being ineligible for the Offer. The Required Documents may differ based on a Customer’s unique financial condition and Mortgage Loan circumstances.
2. In addition, to be eligible for the Offer for a conventional, conforming mortgage loan, Better Mortgage Customers must:
  
  a) Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) purchasing or refinancing a primary residence located in a state where Better Mortgage is licensed to originate mortgage loans;
  b) Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income);
  c) Own no more than four additional properties, excluding the subject property associated with the Mortgage Loan, 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 Mortgage Loan;
  d) Meet the requirements to lock a rate, and subsequently lock a rate on their Mortgage Loan with Better Mortgage on or after February 14, 2022; and
  e) Successfully provide all Required Documents to Better Mortgage within Required Tasks Completion Period.
3. For conventional, conforming mortgage loans, the Offer is limited to the purchase or refinance of a primary residence, second home, or investment property for the following property types:
  
  a) Single family;
  b) Townhouse;
  c) Condominium;
  d) Detached condominium;
  e) Planned unit development (“PUD”);
  d) PUD-attached;
  e) PUD-detached; or
  f) High rise condominium
ii. Near-Agency Jumbo Mortgage Loans
1. To be eligible for the Offer for a near-agency jumbo mortgage loan, Customers are required to provide the following documents to Better Mortgage via their online Customer portal within the Required Tasks Completion Period (collectively, the “Required Documents”):
  
  a) Pay stubs;
  b) W2s;
  c) Bank statements (including any applicable investment and retirement statements);
  d) A copy of a complete purchase agreement for the subject property of their Mortgage Loan (the purchase agreement is not required to be signed by either the customer or the seller at this point in time); and
  e) If applicable, proof of disability awards, social security income, retirement earnings, or pension income statements.
  
  Failure to provide all Required Documents within the Required Tasks Completion Period may result in a customer being ineligible for the Offer. The Required Documents may differ based on a qualified customer’s unique financial condition and Mortgage Loan circumstances.
2. In addition, to be eligible for the Offer for a near-agency jumbo mortgage loan, Better Mortgage qualified customers must:
  
  a) Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) purchasing or refinancing a primary residence located in a state where Better Mortgage is licensed to originate mortgage loans;
  b) Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income);
  c) Own no real property, other than a primary residence (which such qualified customer is currently in the process of selling), and must not be in the process of becoming the fee simple owner of real 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 Mortgage Loan;
  d) Meet the requirements to lock a rate, and subsequently lock a rate on their Mortgage Loan with Better Mortgage on or after February 14, 2022; and
  e) Successfully provide all Required Documents to Better Mortgage within Required Tasks Completion Period.
3. For near-agency jumbo mortgage loans, the Offer is limited to the purchase or refinance of a primary residence for the following property types:
  
  a) Single family;
  b) Townhouse;
  c) Condominium;
  d) Detached condominium;
  e) Planned unit development (“PUD”);
  f) PUD-attached;
  g) PUD-detached; or
  h) High rise condominium.
4. For near-agency jumbo mortgage loans, the Offer is limited to a principal amount of less than $1,500,000 for the Mortgage Loan.
b. Better Mortgage does not guarantee that by qualifying to become eligible for the Offer that a Customer will receive an underwriting determination within 24 hours of locking a rate on their Mortgage Loan. Upon qualifying for the Offer, Better Mortgage will use commercially reasonable efforts to provide a Customer with an underwriting determination within 24 hours of the Customer locking a rate on their Mortgage Loan. In addition, Better Mortgage does not guarantee that an initial approval in connection with an underwriting determination will result in the final underwriting approval of a Customer’s Mortgage Loan. Moreover, Customers will be required to provide additional information and documentation after receiving an initial underwriting determination on their Mortgage Loan in order for Better Mortgage to make a final underwriting determination.
The Discount.

a) Upon qualifying for the Discount, Better Mortgage will include the Discount in the final closing costs due at the closing of the Mortgage Loan. The Discount can only be applied once per Mortgage Loan. The Discount may not be combined with any other Better Mortgage promotions, discounts, or concessions.

b) Better Mortgage reserves the right to provide a Customer with the Discount in the event that the Customer fails to provide the Required Documents within the Required Tasks Completion Period.
The use of self-employment income or rental income from investment properties to meet the debt-to-income (“DTI”) requirements of a Mortgage Loan, other than as specified in the terms above, where such income is required for a Customer to qualify for the Mortgage Loan, may render a Customer ineligible for the Offer.
The Offer and Discount are subject to all applicable state laws, and are available in all 50 states and the District of Columbia.
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)