$2,000 Best Price Guarantee
Loans submitted through Rate Direct are originated by Loan Factory, Inc. and are backed by the Loan Factory Best Price Guarantee. If Loan Factory can't beat your competitor's offer on a comparable loan, you receive $2,000 after closing.
How it works
- Send us your competitor's Loan Estimate for comparison. The LE must show the lender's name, loan type, term, interest rate, monthly mortgage insurance (if applicable), exact lender fees, discount points, lender credits, and third-party charges.
- If we cannot match or beat the offer on the combination of interest rate, fees, and monthly mortgage insurance, lock your rate with the competitor and send us a complete copy of your official locked Loan Estimate the same day so we have one more opportunity to beat it.
- If we still can't beat the offer, close with the competitor and send us your final, signed Closing Disclosure and the Note within 10 days of the disbursement date. Once verified, you receive a $2,000 check.
Eligibility
- Fixed-rate Conventional Conforming loans (excludes Jumbo and High Balance)
- FHA loans
- VA loans
- Minimum loan amount: $200,000
- Borrower must be a U.S. resident outside the state of Washington
What's excluded
- Jumbo and High Balance loans
- Adjustable-rate mortgages
- Non-QM, DSCR, bank statement, asset-qualifying, and 1099-income loans
- Offers from a builder's preferred lender
- Offers from credit unions
- Loans secured in the state of Washington
Important conditions
If Loan Factory is able to provide a better price after you have locked with a competitor and before the day you close with them, and you choose not to accept Loan Factory's superior pricing, you will not be eligible for the $2,000 Best Price Guarantee.
The competitor's offer must be an official, written Loan Estimate from a state- or federally-licensed mortgage lender. Verbal quotes, rate-sheet snapshots, and screenshots of online estimators do not qualify. All three documents (the original Loan Estimate, the locked Loan Estimate, and the final Closing Disclosure with the Note) must match on interest rate, lender fees, and monthly mortgage insurance.
Loan Factory will send your $2,000 check within 30 days of verifying your documents.
Rate Direct is a brand of Loan Factory, Inc. (NMLS #320841). Loans are subject to credit approval, property valuation, and program guidelines. Rates and fees are subject to change without notice and are not guaranteed until locked in writing. Equal Housing Lender.