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Rate Match Review

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With over 100 years of combined experience, Waterford Bank, N.A.’s Mortgage Group offers an unparalleled level of support and hands-on attention to detail, enabling us to offer a comprehensive, turnkey process for each of our mortgage clients, at attractive rates.

Continuing to bring big bank expertise with a community bank touch, we are pleased to offer our Rate Match Review. If you find a lower purchase mortgage rate with a competitor, we will match it. Certain restrictions will apply, please review the following terms and conditions.

Here’s how Waterford’s Rate Match Review works:

  • To match a competitor’s mortgage rate, provide us with the lender’s written Loan Estimate or offer within 1 business day of your loan application with Waterford Bank.
    • If a customer shops a competing lender first, they are required to provide Waterford with the competing lender’s Loan Estimate
    • If the product is an Adjustable Rate Mortgage (ARM), the customer will be required to provide the ARM program disclosure.
    • These documents from a competing lender must be dated the same day as the request to Waterford Bank to match the other lender’s offer and must be submitted to Waterford Bank within 1 business day of their loan application.
    • Eligibility for Rate Match Review is subject to satisfactory credit underwriting and qualification.

Waterford’s Rate Match Review, Terms and Conditions:

  • This guarantee is limited to conventional, conforming, first lien mortgage loan products and does not apply to:
    • Jumbo Loans
    • Investment Properties
    • Two-to-four family units
    • Construction/Permanent Loans
    • Loans secured by cooperatives
    • Loans for properties on leased land
    • Loans involving modification agreements or other types of modifications/assumptions
    • Loans with pre-payment penalties
    • Loans to employees of competing lenders and/or affiliates of competing lenders
    • Loans subject to special incentives or credits due to employee’s relocation programs or similar employee programs
  • Waterford Bank, N.A. reserves the right to verify that the competing lender’s product and interest rate quote is comparable and bona fide.
  • The loan products being compared must be for the same product and term.
    • If the loan product is an adjustable rate product, the initial rate, rate index, time of adjustment, and rate cap must also be the same for the product they are requesting from Waterford Bank.
    • The interest rates being compared must be for the same lock-in term and must be within the range of interest rates that Waterford Bank is quoting.
      • Interest rates are volatile and change throughout the business day so time is of the essence when comparing interest rates from different lenders.
  • The Rate Match Review is contingent on the customer providing necessary information for Waterford Bank to make a credit decision and provide the customer with customized interest rate quote and approval.

You can also download and print the PDF Version of Waterford’s Rate Match Review Terms and Conditions here.

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Waterford Bank, N.A. NMLS - 520256 NMLS #541270
3900 N. McCord Rd, Toledo, OH  43617
Toll Free:  (866) 707-2871
Office:  (419) 720-3900
mortgagedept@waterfordbankna.com
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