If you have any questions about our guarantee, before you apply for your loan, contact
AMC toll-free at (877)353-1233.
If you make application with AMC for a loan you may choose to lock your interest rate for up to 60 days. If, within 24 hours of your loan application with AMC, you obtain a written rate lock guarantee for the same or longer period on an identical loan product, you must notify AMC during that 24-hour period that you have been offered a lower rate/fee combination. We will either meet the other lender's pricing or, at our discretion, we may choose to pay to you or the non-profit organization of your choice $100.00 after you close your loan with the other lender.
What you must do to make a claim our guarantee is this simple:
1. You must make full application with AMC, including paying for an appraisal. If you make a claim within the 24-hour period, AMC will refund your appraisal fee if AMC chooses not to match the terms of the other lender.
2. If you receive an written underwriting approval from another legitimate, licensed lender within 10 days of application for a loan with comparable terms (for example, a conforming 30-year fixed-rate loan, with the same lock period, etc.) and that loan has a lower annual percentage rate (APR), we'll meet the other lender's APR or, at our discretion, we may choose to send you a check for $100 after you close your comparable loan with the other lender.
3. To obtain the guarantee, you'll need to provide AMC with information (described below) on the competing loan.
Comparing other loans to your AMC loan:
To compare other loan offers to the loan you applied for through AMC, you should contact AMC directly. AMC will help you determine whether a competing offer meets the requirements for the guarantee, as outlined above.
You'll need to fax information about the other loan to AMC. This information will include the other lender's and/or broker's name and contact information, a Truth in Lending disclosure form disclosing the loan's APR, information we may request regarding the terms of the loan, and a Good Faith Estimate, all dated within 24 hours of the loan you requested through AMC. We may request certain underwriting and closing documents that demonstrate the terms and requirements of the loans are the same.
Upon verification of the accuracy of the information you provide, you will be entitled to the guarantee.
Collecting the Guarantee
If after reviewing the terms of the competing loan AMC determines that you are entitled to the guarantee, we will contact you before loan closing and again after your loan closing documents are received to verify all documentation.
If the competing loan matches the guarantee's requirements and we choose to have you close with the other lender, you must also submit a copy of your signed final HUD-1 Settlement Statement and other closing documents AMC many request within a week after the closing.
Employees or individuals with an insider relationship to a mortgage company or bank are ineligible. Competing loan offers from a lender or broker who has a relationship with another entity with whom the borrower is also doing business are disqualified. (i.e. a related builder and mortgage company both doing business with the borrower)
AMC reserves the right to end this program at any time. This guarantee is available for the same property only once per household per year. Our guarantee applies only to first mortgage loans.