Step 1: Apply with 800REFI.COM for a first mortgage loan to purchase or refinance a residence. As long as your interest rate is still unlocked, you are eligible for the BestRate® guarantee once your loan has been conditionally approved, including a review of your title and appraisal reports, subject to the eligibility requirements below.
Step 2: Once you are eligible, you may present us with a timely offer from a competing lender. This offer must be for the same loan product as the loan for which you applied with 800REFI.COM, and the combination of points/rebate and lender/broker fees must be at least $500 lower than those for the same rate offered by 800REFI.COM We must receive the competing offer by noon Pacific Time, so we have a chance to match or beat the competing offer that same day.
Step 3: On the same day we receive the 800REFI.COM competing offer, we will let you know if 800REFI.COM will match or beat the competing offer. If we do match or beat the offer, you must lock your interest rate with 800REFI.COM that day. If 800REFI.COM is unable to match or beat the offer and you close your loan with the competing lender according to the terms of their offer, we'll give you $500 once 800Refi.com confirms those terms.
Additional Eligibility Requirements and Conditions:
- Applicants who have already locked their rate with 800REFI.COM are not eligible for the $500 payment.
- Our BestRate® Guarantee only applies to fixed-rate, first mortgage loans for the purchase or refinance of a 1 to 4 unit dwelling.
- Competing offers must be:
- In the form of a good faith estimate or a letter from a competing lender (on the lender's letterhead) confirming the rate and terms of a similar loan, dated the same day you present the competing offer to 800REFI.COM. The good faith estimate or letter must show the interest rate, discount points or rebate, and all origination fees and other lender and/or broker fees.
- For the same loan program for which you have been approved by 800REFI.COM
- For the same interest rate as the loan for which you have been approved by.
- Your 800REFI.COM loan application must be approved, and all approval conditions must be met.
- You must be prepared to lock your interest rate with 800REFI.COM if 800REFI.COM chooses to match the competing offer.
- Third-party and government fees and costs will not be considered in comparing competing offers.
- Only one competing offer may be presented per eligible application.
- Once you close your loan with the competing lender, you must provide 800REFI.COM with a final HUD1 Settlement Statement and copy of the Promissory Note as proof that you closed according to the terms quoted in the competing offer. Relocation customers are not eligible for the BestRate® Guarantee
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