Best Rate Guarantee

At Texas Tech Credit Union, we strive to offer you a better mortgage at your best possible rate. In fact, if you qualify for a better rate on a similar mortgage with another licensed lender, we'll pay you $1,000. What does “similar mortgage” mean? The mortgage must be for a first lien purchase or refinance of a primary or secondary residence, same property, loan purpose, term, and loan amount, with the same or lower closing costs.

To receive your competitive rate adjustment, you must provide Texas Tech Credit Union Mortgage a copy of the competitor's Loan Estimate, Rate Lock Agreement, and documentation of the property, purpose, rate, term, loan amount, and closing costs.

Eligibility Details

The Best Rate Guarantee applies to Texas Tech Credit Union fixed-rate mortgage applications. When compared to another lender's Loan Estimate and Rate Lock Agreement, our mortgage will have the best rate, or we pay you $1,000.

Our mortgage and the competitor's mortgage must be on a first lien purchase or refinance of a primary or secondary residence, including but not limited to, same property, loan purpose, term, discount points, and loan amount, with the same or lower closing costs. Certain exclusions may apply. The Best Rate Guarantee applies to first lien products only and does not apply to second lien products.  

How Does Best Rate Guarantee Work?

You must apply and qualify with Texas Tech Credit Union. If you find a lower qualifying rate within 3 calendar days of locking your rate, you must provide proof of a lower rate (that you also qualify for) on a similar mortgage (same primary property, loan purpose, term, loan amount and same or lower costs). To receive the competitive rate adjustment, you must provide Texas Tech Credit Union Mortgage the competitive mortgage Loan Estimate and Rate Lock Agreement within 3 calendar days. Competitor Loan Estimate and Rate Lock Agreement must be dated within three days of the Texas Tech Credit Union Mortgage application. Texas Tech Credit Union reserves the right to verify that the other lender's offer is accurate.

If Texas Tech Credit Union is unable to provide you with the best mortgage rate and you close the loan with the competing lender on the quoted terms presented, Texas Tech Credit Union Mortgage will pay you $1,000. To be eligible for the $1,000, you must provide Texas Tech Credit Union a copy of the Final Closing Disclosure and Promissory Note with identical terms provided in the Initial Loan Estimate and Rate Lock Agreement within 15 calendar days of your closing date. The documents must be accurate and disclose that the loan closed on the terms and conditions, including rate lock expiration period, as previously disclosed in the Loan Estimate and Rate Lock Agreement, and proof of product similarity. Texas Tech Credit Union, in its sole discretion, will make all determinations of eligibility and qualification for payment of this Best Rate Guarantee. The Best Rate Guarantee is subject to revision or revocation by Texas Tech Credit Union at any time without notice. Texas Tech Credit Union is not responsible for system failures, communication problems or connection and server problems, natural or man-made, failed, incomplete or delayed transmissions, technical malfunctions of telephone networks, computer equipment, system or software, computer time and date stamp mechanism, or any combination thereof, or other unforeseeable events beyond the control of Texas Tech Credit Union.  Once your final closing documentation has been reviewed and approved, Texas Tech Credit Union will pay you $1,000 within 30 days of verifying eligibility. Recipient is solely responsible for any personal tax liability arising out of this incentive.

Texas Tech Credit Union’s own mortgage rate cannot be considered a competitive rate during the three-day guarantee period. Best Rate Guarantee excludes all second-lien loans. Best Rate Guarantee cannot be combined with any other Texas Tech Credit Union offer and may only be exercised once on your Texas Tech Credit Union mortgage application.