How to Qualify for the $1,000 Guarantee:
Step 1: Get an Official Loan Estimate (LE) & Compare Offers
- Provide us with a detailed, written loan estimate from a competitor that includes:
- Lender’s name & date of the quote
- Loan type, term, purchase price/property value, loan amount
- Interest rate, monthly mortgage insurance (if applicable)
- Full breakdown of all lender fees, discount points, credits, and third-party charges (appraisal, title, etc.)
- The competitor’s quote and McGowan Mortgages quote must be from the same day to ensure a fair, apples-to-apples comparison.
Step 2: Lock Your Rate & Share Your Locked Loan Estimate
- If you choose to proceed with the other lender, you must:
- Lock your rate the same day you received both quotes.
- Provide us with a complete, unaltered locked Loan Estimate within 48 hours (2 business days).
- The locked LE must match your original quote.
Step 3: Provide Closing Documents After Closing with Competitor
- Within 48 hours of closing, send us your:
- Final, signed Closing Disclosure (CD)
- "NOTE" from your closing documents
- The final terms must exactly match the competitor’s original quote and locked LE.
Step 4: Claim Your $1,000 Check!
- If we were unable to beat your offer before closing, and all documents confirm that the competitor truly gave you a lower cost loan, we’ll send you $1,000 within 30 days.
- If we offered a better deal after you locked elsewhere and before you closed, but you chose not to proceed with us, you won’t be eligible for the $1,000.
Important Restrictions & Exclusions:
- Not available for Jumbo or High Balance loans
- Excludes loans from builder’s preferred lenders
- Only applies to fixed-rate Conventional, FHA, and VA loans
- Minimum loan amount must be $200,000+
- Must be an exact loan match (same loan type & terms as offered by McGowan Mortgages)
We know other lenders use smoke and mirrors to make their deals look better. That’s why we believe in total honesty, transparency, and offering the absolute best rates. By working with top lenders, leveraging our volume discounts, and making less per loan, we pass the savings directly to you!
SUBJECT TO BORROWER APPROVAL. Derek McGowan, NMLS# 1478470, McGowan Mortgages, powered by NEXA Mortgage, LLC, NMLS# 1660690 3100 W Ray Rd Suite 201 Office 209, Chandler, AZ, 85226, Illinois Residential Mortgage Licensee, 1478470. Company State License #: AZMB - 0944059 Texas Complaint and Recovery Fund Notice. https://homemac.com/