Step 1
Apply with Champion Mortgage for a HomePath mortgage loan to purchase your home. As long as your interest rate is still unlocked, you are eligible for the low cost guarantee once your loan has been conditionally approved** including a review of your title and appraisal reports, subject to the eligibility requirements below.
Step 2
Once you are eligible, you may present us with a very recent offer (within 7 calendar days) from another lender. This offer must be for the same loan product and equivalent provisions*** as the loan for which you applied with Champion Mortgage, and the APR must be lower than the APR offered by Champion Mortgage. We must receive the competing offer and have a chance to match or beat the competing offer within 24 hours of you providing us the competitive offer (or 1 business day, whichever is longer). The Competing Offer must be in the form of a Good Faith Estimate (GFE) and a Truth in Lending (TIL) Statement. Champion Mortgage reserves the right to confirm the legitimacy of the offer including contacting the competing lender.
Step 3
Within 24 hours (or 1 business day, whichever is longer) of receipt of the Competing Offer, we will let you know if we will match or beat the Competing Offer. If we do match or beat the Competing Offer, you must lock your interest rate that day. If we are unable to match or beat the Competing Offer and you close your loan with the competing lender according to the terms of the Competing Offer, we’ll give you $500 once we confirm your loan closed under the terms of the Competing Offer by providing us with a copy of your final HUD 1-A and final Truth in Lending (TIL) Statement showing an APR at or lower than shown on the GFE and TIL initially submitted to Champion.
Additional Terms Apply:
* The discount points are an upfront fee to lower the interest rate. The discount points are paid by buyer, while negative points are paid to the buyer. Each point equals one percent of the loan amount.
** Conditionally Approved means that an application has been taken, the loan has been pre-approved through FNMA, and the customer has received a pre-approval letter from Champion Mortgage.
*** Equivalent Provisions means a mortgage of the same priority, for the same property or properties, with the same borrowers, term, amortization period, loan amount and with the same or lower closing costs and APR (annual percentage rate).
**** APR is the average percentage rate based on the total cost of borrowing. Nationstar Mortgage (d/b/a Champion Mortgage) liability under this guaranty will, in no event, exceed the sum of $500.00.
Champion Mortgage Pre-Approval Guarantee Terms and Conditions
- Champion Mortgage is a division of Nationstar Mortgage LLC (d/b/a Champion Mortgage)
- Approval is in the sole discretion of Nationstar Mortgage LLC (d/b/a Champion Mortgage)
- Loans will be pre-approved or declined within two hours of Nationstar Mortgage’s receipt of a fully completed application.
- Nationstar Mortgage (d/b/a Champion Mortgage) liability under this guaranty will, in no event, exceed the sum of $100.00.
- This offer is subject to revision or revocation at anytime without notice, and you must qualify for, and close, a loan offered by Nationstar Mortgage (d/b/a Champion Mortgage).
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