$1,000 Best Price Guarantee Terms & Conditions

Terms & Conditions for $1,000 Best Price Guarantee 

We’re offering a $1,000 if you close a loan with any lender that provides a better combination of interest rate, fees, and monthly mortgage insurance (where applicable). To qualify and ensure a true like for like comparison, follow the guidelines below.

This guarantee is only available for properties in California.

Quote Requirements: Provide us with an official, detailed, written quote from a competitor. The quote must include lender’s name, date of the quote, loan type, loan term, purchase price or property value, loan amount, interest rate, monthly mortgage, insurance (if applicable), breakdown of all lender fees, including discount points, credits/rebates, and third-party charges such as appraisal, credit report, and title fees. Due to market volatility, you must submit this quote to us on the same day you receive it, so that we may issue you a written quote on the same day. We’ll review and compare both quotes with you over the phone.

Rate Lock and Submission: To proceed, notify us if you’re moving forward with the competitor and lock your rate on the same day you receive written quotes from us and the competitor. Within 48 hours (two business days) of locking your rate, you must email us an unaltered, complete copy of the competitor's official locked loan estimate (LE). The locked LE must match the initial quote you provided and include: lender’s name, date, interest rate, APR, loan type and term, monthly mortgage insurance (if applicable), lock duration, any points/cost or credits/rebates for the locked rate.

Closing Documentation

Within 48 hours (two business days) of closing your loan, send us a complete and unaltered copy of your signed closing disclosure (CD) and the “NOTE” from your closing documents. The closing documents must match the original written quote and locked loan estimate that you provided to us, confirming that the lender delivered the exact same terms (interest rate, fees, and mortgage insurance). This ensures the combination of these factors was truly lower than our offer.

Superior Pricing and $1,000 Guarantee

If we can match or provide you with a better price (lower combination of interest rate, fees, and monthly mortgage insurance) before you close with the competitor, and you choose not to accept our superior pricing, you will forfeit and no longer be entitled to the $1,000 best price guarantee amount. However, if you meet all the criteria above, including providing the required quotes and documents, and the details from the competitor match our terms exactly, you’ll receive a $1,000 check within 60 days.

We pride ourselves on transparency and honesty. We strive to deliver the best value by leveraging our nationwide network of top lenders and passing on savings through volume discounts. Loan Factory offers excellent savings by doing mortgage lending the right way.

Restrictions

• This offer is valid for fixed-rate Conventional Conforming loans (no Jumbo or High Balance Loans), FHA, and VA loans only.
• The offer does not apply when the competing lender is either a builder’s preferred lender, or affiliated/owned by the builder.
• Only applicable for loan amounts of $300,000 or higher.
• Not available to employees and/or affiliates of other lenders, lending institutions, or their partners.
• If you decline a superior price offered by us after locking with a competitor and before closing, you will not be eligible for the $1,000 guarantee. 

Offer expires on 12/31/2025. Prospect Lending reserves the right to make changes or cancel this offer at any time.