New Start Cost Guarantee

How our guarantee works

Step 1: Apply with New Start for a first mortgage loan to purchase or refinance a residence. As long as your interest rate is still unlocked, you are eligible for the New Start 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 timely offer from a competing lender. This offer must be for the same loan product as the loan for which you applied with New Start, and the combination of points/rebate and lender/broker fees must be at least $600 lower than those for the same rate offered by New Start. We must receive the competing offer by noon Pacific Time, so we have a chance to match or beat the competing offer that same day.

Step 3: On the same day we receive the competing offer, We will let you know if New Start will match or beat the competing offer. If New Start does match or beat the offer, you must lock your interest rate with New Start that day. If New Start is unable to match or beat the offer and you close your loan with the competing lender according to the terms of their offer, we'll give you $300 once New Start confirms those terms.

Additional Eligibility Requirements and Conditions:

• Applicants who have already locked their rate with New Start are not eligible for the $300 payment.
• Our New Start Cost Guarantee only applies to fixed-rate, first mortgage loans for the purchase or refinance of a 1- to 4-unit dwelling.
• Competing offers must be:
  1. In the form of a good faith estimate or a letter from a competing lender (on the lender's letterhead) confirming the rate and terms of a similar loan, dated the same day you present the competing offer to New Start. The good faith estimate or letter must show the interest rate, discount points or rebate, and all origination fees and other lender and/or broker fees.
  2. For the same loan program for which you have been approved by New Start.
  3. For the same interest rate as the loan for which you have been approved by New Start.
• Your New Start loan application must be approved, and all approval conditions must be met.
• You must be prepared to lock your interest rate with New Start, if New Start chooses to match the competing offer.
• Third-party and government fees and costs will not be considered in comparing competing offers.
• Only one competing offer may be presented per eligible application.
• Once you close your loan with the competing lender, you must provide New Start with a final HUD1 Settlement Statement and copy of the Promissory Note as proof that you closed according to the terms quoted in the competing offer.
• Relocation customers are not eligible for the New Start Cost Guarantee.

* The above guarantees do not apply to home equity loans. They also will not apply if you do not meet New Start's credit lending requirements or your loan is submitted to one of New Start's lending partners and denied. Although New Start is working with leading lenders who have a focus on customer service, these companies set their own performance standards.