Bay Area Housing will provide you with the lowest rate and
costs loan of any lender or pay you $250.
The Lowest Price applies to the following first lien products
only: (1) 30 Year Fixed Rate and (2) 15 Year Fixed Rate
mortgages, on 1-4 unit single family properties, up to FNMA
and Freddie Mac lending limits. The Lowest Price does not
apply to subordinate lien mortgage products.
Closing Costs include the following fees: application,
appraisal, credit report, document preparation, flood certification,
processing, settlement, tax service, underwriting, and prepaid
finance charges as defined under the Truth in Lending Act.
How Does this Guarantee work?
To qualify for the guarantee, within 24 hours of Bay Area Housing’s
match or your acceptance of our counter-offer, you must
fax to 866-464-4311 a system-generated, complete, and signed
Good Faith Estimate (GFE) and Truth-In-Lending Disclosure
(TIL) from the competing direct lender, which shows an identical
loan program, and includes lender closing costs, discount
points, and loan lock term. All competing offers must be
in writing and dated the same date on which we are providing
our offer. Email quotes from the competing lender will not
be accepted. You must allow us to compete for the business.
If Bay Area Housing is unable to provide you the Lowest
Price Loan, and you close the loan with the competing lender
on the quoted terms, Bay Area Housing will pay you $250.
To be eligible for the $250, you must within 15 days of
closing your loan with the other lender mail to Bay Area
Housing, attn: Lowest Price, 501 Victoria, Suite 100 , Millbrae,
CA 94030 or fax to 866-464-4311 a certified copy of the
HUD-1 or HUD-1A Settlement Statement, final Truth in Lending
Disclosure Statement, and the executed Note. Bay Area Housing
will mail you a $250 check within 30 days of receiving the
The HUD-1 or HUD-1A Settlement Statement, final Truth in
Lending Disclosure Statement, and the executed Note must
be accurate and disclose that the loan closed on the terms
and conditions, including lock expiration period, as previously
disclosed on the Good Faith Estimate, initial Truth in Lending
Disclosure Statement, and lock approval.
This guarantee applies to new customers only. It is not
available if you have previously locked in your rate with
us, or any other lender, prior to the date we are providing
our offer. In order for you to qualify for this guarantee,
we may verify, and/or request that you certify, that a rate
lock was not secured prior to the date that the competitor's
Good Faith Estimate and Truth-in-Lending Disclosure were
supplied to us.