Competing Offer Policy

Fidelity Residential ® will guarantee to have delivered you with
the Lowest Cost Loan of any lender or pay you $600.00

How does this guarantee work?

We are so sure that you will get the lowest cost mortgage through Fidelity Residential , that if you find a better offer prior to rate lock or closing, whichever comes first, we will beat it by at least $100.00 or we will pay you $600.00!

To qualify for the guarantee you must email to [email protected] the loan Application, loan estimate, and state compliant lock agreement from another lender which is dated within 24 hours of your Fidelity Residential rate lock or application.

The Loan Estimate and lock agreement must be accurate and based upon a loan with the same terms and conditions, including interest rate, closing costs* and lock expiration period, as your Fidelity Residential ® rate lock. For Adjustable Rate Mortgages (ARMs) the rate, term, margin, index and interim and lifetime caps must also be identical. Fidelity Residential® reserves the right to verify that the offer is accurate.

In the event that Fidelity Residential ® is unable to beat the competing offer by $100, you must email a certified copy of the fully executed note and closing disclosure statement within 15 days of your closing with the competing lender to [email protected]. Fidelity Residential may take up to 60 days to process the check.

The note and closing disclosure statement must be accurate and match the terms and conditions, including lock period, of the documents presented for the Best Rate/Low Fee Guarantee.

Fix & Flip loans

The guarantee also applies to our Fix & Flip loans (short-term purchase and rehab loans to real estate investors and their business entities). These are business-purpose loans, so there is no Loan Estimate or rate lock agreement. Instead, email to [email protected] a written term sheet from the other lender, on the lender's letterhead, naming the lender, the borrower and the property. It must be unexpired and dated within 5 business days of your Fidelity Residential term sheet.

The competing term sheet must be for the same property, borrowing entity and guarantor, and based on the same borrower profile and deal as your Fidelity Residential term sheet:

• Credit score: the same qualifying (middle) FICO score for the guarantor.
• Experience: the same experience level, meaning the same number of completed fix and flip or construction projects in the same look-back period.
• Deal figures: the same purchase price, as-is value, rehab budget and after-repair value (ARV).
• Loan structure: the same initial loan amount, rehab holdback and total loan amount; the same loan-to-cost and loan-to-ARV ratios; the same term and extension options; the same prepayment or minimum-interest terms; and interest charged the same way (on the full loan amount, or only on the funds drawn).

We compare total lender cost: origination points, every lender fee (including underwriting, processing, document preparation, draw and inspection fees) and the interest over the loan term on the same draw schedule. A rate sheet, advertisement, indicative or verbal quote, or a quote that does not name the lender does not qualify. Fidelity Residential ® reserves the right to verify the term sheet with the other lender.

In the event that Fidelity Residential ® is unable to beat the competing term sheet by $100, you must email a copy of the fully executed note (or loan agreement) and the final settlement statement within 15 days of your closing with the competing lender to [email protected]. They must match the terms of the term sheet you presented. Fidelity Residential may take up to 60 days to process the check. The terms below apply to Fix & Flip loans as well.

Fidelity Residential ® will make all determinations of eligibility and qualification for payment of this Guarantee at its sole discretion. The terms and conditions of the guarantee are subject to change or revocation by Fidelity Residential ® at any time without prior notice. Fidelity Residential ® is not responsible for system failures, communication problems, failed, incomplete or delayed transmissions, time and date stamp mechanism errors, technical malfunctions of any Fidelity Residential equipment, any combination thereof, or other unforeseeable events beyond the control of Fidelity Residential ®.

*Closing Costs include the following fees: application, appraisal, credit report, document preparation, flood certification, processing, tax service, underwriting, and prepaid finance charges as defined under the Truth in Lending Act.