One Day Mortgage
Terms and Conditions
Better Mortgage Corporation (“Better Mortgage”) is offering qualified 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 a conditional underwriting determination on their Mortgage Loan within 24 hours of locking a rate on their Mortgage Loan (the “Offer”).
In addition, qualified customers who successfully provide the Required Documents within the Required Tasks Completion Period will receive $1,000 in the form of lender credits to be applied to reduce the closing costs of their Mortgage Loan (the “Discount”).
a. To be eligible for the Offer, qualified 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”):
i. Pay stubs;
iii. Bank statements (including any applicable investment and retirement statements);
iv. 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
v. 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.
b. In addition, to be eligible for the Offer, Better Mortgage qualified customers must:
i. 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;
ii. Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income);
iii. Not be a fee simple owner or be in the process of becoming a fee simple owner of any additional 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; provided, however, a fee simple owner of solely a primary residence in which the owner is currently in the process of selling such primary residence shall be eligible for the Offer;
iv. Meet the requirements to lock a rate, and subsequently lock a rate on their Mortgage Loan with Better Mortgage on or after December 22, 2022; and
v. Successfully provide all Required Documents to Better Mortgage within Required Tasks Completion Period.
c. The Offer is limited to conventional, conforming mortgage loans to be used for the purchase or refinance of a primary residence for the following property types:
i. Single family;
iv. Detached condominium;
v. Planned unit development (“PUD”);
vii. PUD-detached; or
viii. High rise condominium.
d. Better Mortgage does not guarantee that by qualifying to become eligible for the Offer that a customer will receive a conditional 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 a conditional underwriting determination within 24 hours of the customer locking a rate on their Mortgage Loan. In addition, Better Mortgage does not guarantee that a conditional approval in connection with a conditional 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 a conditional underwriting determination on their Mortgage Loan in order for Better Mortgage to make a final underwriting determination.
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 to meet the debt-to-income (“DTI”) requirements of a Mortgage Loan will 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)