And if by some miracle you do find an unbeatable lower rate — we’ll pay half of your first monthly payment with your new lender.
Here’s why that rarely happens...
When a lender’s costs are high, they have to cover it with high closing costs and high rates. Ugh.
The average cost to process a mortgage is $8,000. WTF are all those people doing back there?
Here’s how our rates stay nice and low:
- We use lots of automation instead of lots of people.
- And we don’t charge origination fees
- We’re direct to you. No BS commissions to marketing middlemen.
That’s why we’re confident enough to make our Beeline Price Pact.
*Mortgage Bankers Association’s (MBA) 2018 Quarterly Mortgage Bankers Performance Report.
Good grief I think I've found a cheaper rate. What do I do?
So if you think another lender has a lower price:
- Contact your Loan Guide and send them the non-Beeline Loan Estimate (no more than 1 business day old).
- We'll promptly review it.
- Then, if the non-Beeline one is cheaper fair and square, we'll beat it — plus, you'll get all the other benefits of working with us.
- If the non-Beeline lender is miraculously way cheaper, we'll shrug our shoulders and wish you good luck and pay half of your first month's payment of principal and interest (not the portion that's your taxes and/or insurance or mortgage insurance, etc.) with the other lender.
- Oh, and you can access our price pact right up until you lock your loan with us.
See all the important terms and conditions here
The time frames that matter. What you need to provide, and when.
A Loan Estimate (LE) from the competing lender must be dated and received within 1 business day of the date on the non-Beeline LE. Other documentation to show the competitor’s terms won’t qualify for the offer. Make sure the lender information on the LE is completed, otherwise we can’t accept it.Naturally, we’d like the chance to verify that the competitor’s LE is valid and will do that if required. If your Beeline loan doesn’t close within the rate lock period, the Beeline Price Pact may be voided. Just FYI, your rate lock period will be shown on your Beeline LE.
Here’s how to get half of your first regular monthly home loan payment on us...
Once you send us your first payment letter showing the breakdown of principal, interest, taxes, insurance, mortgage insurance, etc. and your final closing disclosure (needs to be signed and dated with your closing date), we’ll review them and confirm that you went with the lender on the comparison Loan Estimate you gave us during the Price Pact review. We’ll also confirm that you didn’t get a different deal than what we saw when did the Price Pact review (i.e. the lender fees (including credits, points, etc.) and interest rate are ultimately lower than what we offered you, you got the same loan product, etc.), as sometimes this can change between the other lender giving you an initial LE and where you ultimately land at closing.
Making sure we’re comparing apples with apples, not apples with bulldogs.
The terms of the competing loan must be identical to the one you want with us. This means the loan must have the same applicants, loan amount, property value, property address, loan type, rate lock period, amortization, documentation type, occupancy, and property type. For example, a 30-year fixed-rate product with mortgage insurance is not identical to a 30-year fixed-rate product that does not have mortgage insurance.
Due to COVID-19, we are not able to offer the Beeline Price Pact on (i) loan amounts greater than $500,000 or (ii) cash out refinances. Once the market stabilizes for these scenarios, we plan to add them back into the Beeline Price Pact. The Beeline Price Pact is not valid if the original loan terms or conditions change prior to closing.
The amounts on our upfront LE may vary slightly from the closing disclosure, which you’ll get after the LE.
The Beeline Price Pact is available for purchase and refinance on a first home loan, so it can’t be a second lien. The Beeline Price Pact is only valid in states where we’re currently originating loans. The terms and conditions of this offer may change without notice, including termination of the program. If you want to use the Beeline Price Pact to refinance a loan we’ve originated, you’ll have to wait 6 months from the funding date. Nice try, though.
The Beeline Price Pact can’t be used if you’ve locked a rate with us in the previous 60 days.
Beeline's price pact is only valid once per loan.
The Beeline Price Pact doesn’t guarantee loan approval, nor is it an offer or commitment to lend. A final loan decision cannot be made until a complete home loan application and supporting documentation is received and verified. Loan approval is also subject to standard underwriting guidelines, investor conditions and receipt of a satisfactory appraisal and title report.
*Mortgage Bankers Association’s (MBA) 2018 Quarterly Mortgage Bankers Performance Report