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Greenworld123 1.4M Views
Dec 8, 2019 2:27 PM

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

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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.
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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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9.8K Comments

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Dec 9, 2019 9:48 PM
533 Comments
Joined Feb 2011
brewzerDec 9, 2019 9:48 PM
533 Comments
Quote from Blitz28179 View quoted comment :
Whats your monthly payment at that rate for 15 yrs?
The total amount I refinanced was $190K and my payments are around $1,650/mth.

Quote from vickyloveslife View quoted comment :
Does anyone has any idea on their refinance rate for 15 years?
3.375% but I did mine 6-8 weeks ago thru a local bank.
Dec 9, 2019 10:19 PM
4.7K Comments
Joined Mar 2006
PhasersDec 9, 2019 10:19 PM
4.7K Comments
Quote from polvoprismboy View quoted comment :
We've only had it for a year. Original mortgage was for $300k, we put a 75k down payment on it too. Maybe I'll putting in the wrong info? Hmm.

edit: nvm, our rate is 4.5%. That explains it a little bit more.
If your rate is 4.5% and you have more than 20% equity, then you definitely need to refi ASAP.
Dec 9, 2019 10:20 PM
4.7K Comments
Joined Mar 2006
PhasersDec 9, 2019 10:20 PM
4.7K Comments
Quote from vickyloveslife View quoted comment :
Does anyone has any idea on their refinance rate for 15 years?
Depends on LTV and loan amount. 60% LTV will get you the best rate assuming decent loan amount (I mean more than $100k loan).
Dec 9, 2019 10:30 PM
5.6K Comments
Joined May 2010
haserfauldDec 9, 2019 10:30 PM
5.6K Comments
As a data point, I called AMEX to ask if I was eligible. The rep said that the only eligibility requirement was being an AMEX card holder and clicking through the link. She also told me that they have a similar offer with Quicken loans. My current mortgage is through Quicken loans, and supposedly they will also give you a credit for refinancing an existing mortgage, so now I can pit the two companies against each other.
Dec 9, 2019 10:38 PM
264 Comments
Joined Oct 2007
vickyloveslifeDec 9, 2019 10:38 PM
264 Comments
Quote from Phasers View quoted comment :
Depends on LTV and loan amount. 60% LTV will get you the best rate assuming decent loan amount (I mean more than $100k loan).
My current rate is 3 percent, not sure if they beat this.
Dec 9, 2019 10:50 PM
39.5K Comments
Joined Nov 2005
Dr. JDec 9, 2019 10:50 PM
39.5K Comments
Quote from spidrw View quoted comment :
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.
My strategy is to keep payments as if it were the higher rate. That way payoff is way sooner but also with less interest. Too many people see lower rate = lower payment but that's mostly because the term is re-stretched.
Dec 9, 2019 11:00 PM
2.1K Comments
Joined Aug 2009
polvoprismboyDec 9, 2019 11:00 PM
2.1K Comments
Quote from Phasers View quoted comment :
If your rate is 4.5% and you have more than 20% equity, then you definitely need to refi ASAP.
I've been searching around and the fees have always pushed me away...banks, mortgage lenders, etc. This seems like the plan if the fees are waived and the appraisal is free.

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Dec 9, 2019 11:06 PM
1.2K Comments
Joined Sep 2016
yellowfishDec 9, 2019 11:06 PM
1.2K Comments
Interest rate is 3% higher then my current rate via BBT. Wtf
Dec 10, 2019 12:05 AM
4.7K Comments
Joined Mar 2006
PhasersDec 10, 2019 12:05 AM
4.7K Comments
Quote from polvoprismboy View quoted comment :
I've been searching around and the fees have always pushed me away...banks, mortgage lenders, etc. This seems like the plan if the fees are waived and the appraisal is free.
If you go from even 4.5% to 3.75% on a $225k 30 year loan that is over $1650 in savings the first year alone. Over the course of the mortgage that is tens of thousands of dollars.

Do the refi and roll the fees in. You'll thank me later.
Dec 10, 2019 2:09 AM
518 Comments
Joined Nov 2010
sd8384Dec 10, 2019 2:09 AM
518 Comments
Quote from Dr. J View quoted comment :
My strategy is to keep payments as if it were the higher rate. That way payoff is way sooner but also with less interest. Too many people see lower rate = lower payment but that's mostly because the term is re-stretched.
Even though what you saying is true, there is no reason to payoff early when someone is landing you money at less than 3% interest rate. If you have extra money, you can invest it and get higher return. This is part of the reason why I refinance when rate is low.
Dec 10, 2019 2:44 AM
1.2K Comments
Joined Apr 2011
newbharryDec 10, 2019 2:44 AM
1.2K Comments
Avoid Better.com at all cost.

They cancelled my loans 3 says before closing. AVOID AVOID AVOID.

I work in a big bank and I know what's required for loans. They cancelled it because the loan was too cheap. DIG deeper into some real reviews and you will know how shady they are
2
Dec 10, 2019 5:22 AM
676 Comments
Joined May 2007
jmichaelpDec 10, 2019 5:22 AM
676 Comments
830 credit score, lowered my payment by only $15/mo & I'd pay $750 in fees after the Amex credit. Oh well.
Dec 10, 2019 5:48 AM
15 Comments
Joined Aug 2010
krisnemsDec 10, 2019 5:48 AM
15 Comments
Quote from Phasers View quoted comment :
If your rate is 4.5% and you have more than 20% equity, then you definitely need to refi ASAP.
What about a 4% rate with around 30% equity? Would .25% difference be significant to refinance on a 30 year loan? We are in year 2 of our loan with credit scores around 740-790
Dec 10, 2019 5:57 AM
126 Comments
Joined Dec 2006
shiaokazDec 10, 2019 5:57 AM
126 Comments
Quote from jmichaelp View quoted comment :
830 credit score, lowered my payment by only $15/mo & I'd pay $750 in fees after the Amex credit. Oh well.
it really depends on you loan length 15 yrs? or 20 yrs, i guess you are not planning to refi thru Better?

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Dec 10, 2019 7:12 AM
9.4K Comments
Joined Nov 2008
LanmannaDec 10, 2019 7:12 AM
9.4K Comments
How soon after you buy can you refinance?

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