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Best Rate Guarantee

Terms and Conditions

From time to time, select branch offices of New American Funding (NAF) may advertise a Best Rate Guarantee offer, subject to the following terms and conditions:

1. Borrower must provide to NAF a Best Rate Guarantee Coupon that will be advertised to the public on social media and through other marketing efforts. No Guarantee will be honored without the submission of the approved Guarantee Coupon prior to the expiration date of this promotion.

2. Borrower must complete a loan application with NAF, credit verification, and documentation to verify Borrower's qualification for the applied for loan product.

3. Borrower must also present to NAF a copy of a Loan Estimate from a competing lender with a Locked Interest Rate shown on such Loan Estimate. This locked interest rate will be the specific loan terms that NAF will need to beat. See below additional conditions about the timing, date, and other important terms related to the competing Loan Estimate that needs to be presented to meet the terms of this Guarantee.

4. The competitive lender must be an accredited lender with a satisfactory rating with the Better Business Bureau (BBB) and properly registered with the Nationwide Mortgage Licensing System (NMLS) to qualify.

5. New American Funding guarantees that it will beat the terms of the competing lender's locked interest rate shown on the Loan Estimate by one of two methods:

   • NAF will lower the Competing lender's offered interest rate by 1/8 percent (.125%) with the same fee structure, or

   • NAF will match the Competing lender's interest rate and will beat the competing lender's "Lender Fees" by at least $250. The term "Lender's Fees" typically refer to Origination Fees, Discount Points, Processing and Underwriting Fees.

6. If New American Funding cannot beat the locked interest rate terms of the competing Lender's Loan Estimate, New American Funding will award the prospective borrower with the sum of $250 for allowing us the opportunity to beat the competitive offer.

7. Additional Limitations on NAF's Best Rate Guarantee Offer

   The Best Rate Offer WILL NOT be honored for the following situations:

   1. The Borrower provides a better competitive Loan Estimate offer AFTER they have already locked in their interest rate with New American Funding.

   2. The Borrower provides a competing lender's locked interest rate Loan Estimate but does not qualify with NAF for the specific loan terms for the loan product for which they applied.

   3. The Borrower and the real property purchase contract must both allow NAF at least 14 business days to close on any new home purchase loan from the date that all required documentation is received from the borrower.

   4. The competitive locked loan estimate must be received by NAF no later than 48 hours from the locked Loan Estimate being issued by the competing lender.

   5. This Best Rate Guarantee program is not available in connection with these loan products:

      • USDA loans
      • Mortgage Revenue Bond Programs
      • Bank-owned properties and Short Sale Transactions
      • Brokered Loan Transactions
      • Refinance Loan Transactions
      • Reverse Mortgage Transactions
      • Renovation Loan Transactions
      • Jumbo loans
      • NAF employee loans
      • Non-warrantable condominiums
      • All properties located in a flood zone
      • Manufactured homes
      • Non-QM Loans
      • Specialty Loan programs such as Doctor Loans, DSCR Loans, Bank Statement Loans, etc.
      • Down Payment Assistance Loans