The Mortgage 1st 100% Loan Guarantee

100% Loan Guarantee

We understand you have a choice when choosing who to get your financing from.  At Mortgage 1st, we encourage you shop for the best interest rate and program to meet your individual needs.  This is why we have implemented a 100% loan guarantee to all of our customers.  We will either meet or beat any other lenders Good Faith Estimate! *  This way you know you are always getting the best program available.  See the Details below!

 Mortgage 1st guarantees that we will meet or beat any interest rate, discount point and fee combination offered by another Competing Lender, as measured by the Annual Percentage Rate (“APR”) for the loan as shown on a valid good faith estimate (a “GFE”) and Truth in Lending disclosures (“TIL”) provided by the Competing Lender, without the payment of any additional discount points at closing. This guarantee is only valid for estimates received on the same day. The following terms and conditions apply to Guarantee offer:

1.       Term of Offer – This offer is available only for loan requests submitted to Mortgage 1st through December 31, 2008; however, this offer may be withdrawn or changed without notice, in Mortgage 1^st’s sole discretion, at any time prior to your submission of the material required to compare offers (described below).

2.       You must have submitted a completed Purchase, Refinance or Home Equity loan request through Mortgage 1st

3.       You must contact Mortgage 1st at 770-432-7766 x1522 and provide Mortgage 1st with a copy of the GFE and TIL from the non-Mortgage 1st Lender within twenty-four (24) hours of receiving such GFE and TIL. Mortgage 1st reserves the right to contact the non-Mortgage 1st Lender to confirm the legitimacy of the offer.

4.       Mortgage 1st will analyze the GFE and TIL and confirm that the Competing Lender's offer is lower than the one from the Mortgage 1st. If so, within three (3) business days of receiving the GFE and TIL, Mortgage 1st will attempt to determine whether they can meet or beat the Competing Lender’s APR as disclosed on the TIL (for the same loan amount, property type, loan product, term, discount point and fee combination). The GFE must contain broker/bank/lender contact information, lock period, and date.

5.       You must be able to obtain a lock agreement or commitment letter from Mortgage 1st Mortgage 1st may require you to complete an application, and may ask you pay an application fee. 

6.       Borrower must qualify for the loan they apply for.  

7.       If Mortgage 1st cannot match or beat the Competing Lender’s APR, then You must close a loan with the Competing Lender on the same terms as provided in the TIL initially provided to Mortgage 1st.

8.       You must provide Mortgage 1st with a copy of the signed Note, final HUD-1 Settlement Statement and final TIL showing an APR at or lower than shown on the GFE and TIL initially submitted to Mortgage 1st (the “Required Documentation”). The loan must be on the same terms as in the initial GFE and TIL and You must close the loan within sixty (60) days of requesting the Guarantee.

9.       If you qualify, Mortgage 1st will send you a check for $100 approximately 6-8 weeks after submission of the Required Documentation. All Required Documentation, along with a phone number and address where you can be reached, should be sent to Mortgage 1^st, 2255 Cumberland Parkway , Atlanta , GA 30339

10.   Additional restrictions apply

a. The Guarantee does not apply to builder loan applications, where mortgage 1^st is the preferred lender, with a builder.

b. Guarantee does not cover fees not covered by APR, including (without limitation) interim interest or funds for establishment of impound or escrow accounts.

c. Guarantee is void if You have already locked in your rate with a lender before completing your loan request.

d. Government backed loans such as, but not limited to FHA and VA loans are not included in guarantee.