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expired Posted by Greenworld123 • Dec 8, 2019
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expired Posted by Greenworld123 • Dec 8, 2019

Amex offer: $2,500 statement credit for home refinance Better.com

American Express Giftcards
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Must have an amex to add offer to your account. Details:

Unlock even more as an
American Express® Card Member with an exclusive mortgage offer from Better.com
Better.com is making the homebuying and refinance experiences more rewarding, with a $2,500 statement credit and more, exclusively for eligible Card Members. See offer terms below.

https://www.americanexpress.com/u...-OfferHub2

EDIT information from Better.com!!!!!!!!!!!!!!!!!!!!!!!!!
Hello,
I work with Better,com and wanted to see if you could please add in the following information to your post on Amex/Better,com deal as it reads incorrect as it stands, especially regarding eligibility. We want to make sure the offer is stated as accurately as possible:
1) Mortgage rates of any specific customer, stated or otherwise, should not be taken as indicative of a mortgage rate available to all customers. Pricing is based on a number of factors, including the individual credit profile of a potential borrower.
2) The offer is only available to those borrowers who have been marketed to directly by American Express, and those who have not received the offer on their Amex portal or via email are not eligible.
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Must have an amex to add offer to your account. Details:

Unlock even more as an
American Express® Card Member with an exclusive mortgage offer from Better.com
Better.com is making the homebuying and refinance experiences more rewarding, with a $2,500 statement credit and more, exclusively for eligible Card Members. See offer terms below.

https://www.americanexpress.com/u...-OfferHub2

EDIT information from Better.com!!!!!!!!!!!!!!!!!!!!!!!!!
Hello,
I work with Better,com and wanted to see if you could please add in the following information to your post on Amex/Better,com deal as it reads incorrect as it stands, especially regarding eligibility. We want to make sure the offer is stated as accurately as possible:
1) Mortgage rates of any specific customer, stated or otherwise, should not be taken as indicative of a mortgage rate available to all customers. Pricing is based on a number of factors, including the individual credit profile of a potential borrower.
2) The offer is only available to those borrowers who have been marketed to directly by American Express, and those who have not received the offer on their Amex portal or via email are not eligible.

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Dec 9, 2019
667 Posts
Joined Nov 2014
Dec 9, 2019
mathgk
Dec 9, 2019
667 Posts
No go in Massachusetts.
Dec 9, 2019
3,581 Posts
Joined Dec 2006
Dec 9, 2019
Blitz28179
Dec 9, 2019
3,581 Posts
Quote from Snyder81 :
If you are at 6% you need to take a serious look at refinancing. I suggest running your numbers at https://m.drcalculator.com/mortgage/ and looking at the Graph view to get a visual on how much interest you are paying. For refinancing take a look at at Zillow and go with lowest bidder assuming reviews are good.
Was wanting to get a 10 yr loan and only see 30 and 15 on zillow. I figured if I could get a 10 yr loan with around 3.5 % or lower would be something that would make me pull the trigger. My credit score is 806, hmm
Dec 9, 2019
1,679 Posts
Joined Sep 2005
Dec 9, 2019
spidrw
Dec 9, 2019
1,679 Posts
Quote from polvoprismboy :
This seems too good to be true. We have a 4% 30 year right now paying almost 2k a month, and if we get a credit back on the fees, it'd be 3.75% with a $1.5k rebate and $1,400 a month? Does that sound right?
How much longer is your original mortgage for? If you're dropping 30% of your payment at only a quarter point lower rate, I'm guessing you're fairly into it by now. Maybe the $600/month savings is worth it to you, but keep in mind you're resetting the clock for another 15 or 30 years.
Dec 9, 2019
3,581 Posts
Joined Dec 2006
Dec 9, 2019
Blitz28179
Dec 9, 2019
3,581 Posts
Quote from brewzer :
My credit score is between 770 and 800 and I just refinanced in late Oct. at 3.375% for 15 years. I wish I hadn't read this thread now because it seems I could have done much better. Frown
Whats your monthly payment at that rate for 15 yrs?
Dec 9, 2019
1,679 Posts
Joined Sep 2005
Dec 9, 2019
spidrw
Dec 9, 2019
1,679 Posts
Quote from Blitz28179 :
Was wanting to get a 10 yr loan and only see 30 and 15 on zillow. I figured if I could get a 10 yr loan with around 3.5 % or lower would be something that would make me pull the trigger. My credit score is 806, hmm
Get a 15 (if the rate suits you) and make extra payments.
Dec 9, 2019
5,633 Posts
Joined May 2010
Dec 9, 2019
haserfauld
Dec 9, 2019
5,633 Posts
I have an AMEX Blue Cash Preferred card---this should be eligible, right?
Dec 9, 2019
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Joined Dec 2006
Dec 9, 2019
Blitz28179
Dec 9, 2019
3,581 Posts
Quote from spidrw :
but keep in mind you're resetting the clock for another 15 or 30 years.
Thats something that always turns me of to a refinace, Is resetting of the clock. I am a little over half way through my 30 yrs, Theres no way I would reset it for another 30 yrs.

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Dec 9, 2019
1,679 Posts
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Dec 9, 2019
spidrw
Dec 9, 2019
1,679 Posts
Quote from Blitz28179 :
Thats something that always turns me of to a refinace, Is resetting of the clock. I am a little over half way through my 30 yrs, Theres no way I would reset it for another 30 yrs.
Have you considered a 15 then? We are 6 years into a 30, and currently about to close on a refi that will take us to 15 years for $150/month more than our current payment. Rate drop is part of it, but so are extra payments that we've been making almost the whole time.

There are a lot of calculators out there that will help you figure out if it's worth it or not based on your current loan terms.
Dec 9, 2019
5,633 Posts
Joined May 2010
Dec 9, 2019
haserfauld
Dec 9, 2019
5,633 Posts
Quote from Blitz28179 :
Thats something that always turns me of to a refinace, Is resetting of the clock. I am a little over half way through my 30 yrs, Theres no way I would reset it for another 30 yrs.
You can pay whatever you want to pay (over the minimum) every month.

If you had a 30 year and you're 16 years in, you have 14 years left. If you refi and get a 15 year mortgage, the payment will be a lot lower than your current payment. Just continue to make you're current payment and you'll pay it off even faster.
Dec 9, 2019
593 Posts
Joined Jan 2014
Dec 9, 2019
sbharathiyer85
Dec 9, 2019
593 Posts
Not for MA residents.
Dec 9, 2019
5,633 Posts
Joined May 2010
Dec 9, 2019
haserfauld
Dec 9, 2019
5,633 Posts
Quote from Blitz28179 :
Thats something that always turns me of to a refinace, Is resetting of the clock. I am a little over half way through my 30 yrs, Theres no way I would reset it for another 30 yrs.
As an example:

Let's say you have a 30 year mortgage on a $200,000 property at 6%. You say you're 16 years in. After 16 years, there would be $136,000 left in principle on that mortgage. Over the next 14 years, you'd still pay another $65K in interest.

If you refi the $136K balance to a 15 year mortgage at 3.25%, the payment drops from 1199.10 to 955.63. But if you keep your payment the same and make $243.47 in extra payments every month, you'll actually pay it off in 11 years, and you'll only be paying $27K in interest instead of $65K in interest.
Original Poster
Dec 9, 2019
2,428 Posts
Joined May 2014
Dec 9, 2019
Greenworld123
Original Poster
Dec 9, 2019
2,428 Posts
Quote from polvoprismboy :
This seems too good to be true. We have a 4% 30 year right now paying almost 2k a month, and if we get a credit back on the fees, it'd be 3.75% with a $1.5k rebate and $1,400 a month? Does that sound right?
The better.com quote won't include your escrow (taxes/insurance). How long have you had the loan? That could explain the $ difference as well.
Dec 9, 2019
838 Posts
Joined Mar 2008
Dec 9, 2019
Snyder81
Dec 9, 2019
838 Posts
Quote from Blitz28179 :
Thats something that always turns me of to a refinace, Is resetting of the clock. I am a little over half way through my 30 yrs, Theres no way I would reset it for another 30 yrs.
I would bet if you refinance into a 15 year and keep paying your same payment you're done with the loan in 10 years or less. Don't worry about "resetting the clock." Focus on how much principal vs interest you pay each month - that's what matters.
Dec 9, 2019
1,565 Posts
Joined Nov 2012
Dec 9, 2019
tomeaine
Dec 9, 2019
1,565 Posts
Karl's mortgage calculator app is a nice little app that helps with different mortgage scenario's with refi and benefit of refi + extra payments would look like in terms of reducing interest hit.

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Dec 9, 2019
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Dec 9, 2019
bluking
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Dec 9, 2019
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so are we absolutely sure any non-branded Amex card would qualify as long as we stick to the terms or do we have to explicitly be targeted and see this under our offers tab? Chatted with two agents and they werent 100% positive, so am a bit nervous to proceed on this.

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