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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM

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:

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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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9,848 Comments

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Jan 15, 2020 06:28 PM
6,326 Posts
Joined Jun 2005
PhantasmXJan 15, 2020 06:28 PM
6,326 Posts
Is $5000 typical for refinancing cost on a mortgage of $197000? I've never refinanced before.
Original Poster
Jan 15, 2020 06:31 PM
2,553 Posts
Joined May 2014
Greenworld123
Original Poster
Jan 15, 2020 06:31 PM
2,553 Posts
Quote from PhantasmX :
Is $5000 typical for refinancing cost on a mortgage of $197000? I've never refinanced before.
That is high. My total refinancing costs were $2512 for 220k
Jan 15, 2020 06:46 PM
6,326 Posts
Joined Jun 2005
PhantasmXJan 15, 2020 06:46 PM
6,326 Posts
Quote from Greenworld123 :
That is high. My total refinancing costs were $2512 for 220k
Maybe I messed up? My section F (prepaids) in the closing cost tagged on about $2700 for property taxes and prepaid interest. Is this common?
Jan 15, 2020 06:48 PM
2,544 Posts
Joined Mar 2008
isekiiJan 15, 2020 06:48 PM
2,544 Posts
Quote from rlchavda :
How is closing cost for others ? In NJ, I am getting about 2,339(Title : 1935,recording : 340, cc report etc : 64). Anyone got better than that ?

Thanks
I'm still trying to figure out if it's worth refinancing myself
NJ

268k balance home value is between 450-500k and currently on a 4.125 with 9 years in

I look at some 20 and 15 year refinance rates and fees were like 4-5k on the estimate.
Original Poster
Jan 15, 2020 06:52 PM
2,553 Posts
Joined May 2014
Greenworld123
Original Poster
Jan 15, 2020 06:52 PM
2,553 Posts
Quote from PhantasmX :
Maybe I messed up? My section F (prepaids) in the closing cost tagged on about $2700 for property taxes and prepaid interest. Is this common?
Prepaids should just be reestablishing your escrow balance.
Jan 15, 2020 07:09 PM
6,326 Posts
Joined Jun 2005
PhantasmXJan 15, 2020 07:09 PM
6,326 Posts
Quote from Greenworld123 :
Prepaids should just be reestablishing your escrow balance.
I should restate that the $500 is before the Amex credit. Can somebody please explain why is property taxes added on a refinancing closing cost?
Original Poster
Jan 15, 2020 07:13 PM
2,553 Posts
Joined May 2014
Greenworld123
Original Poster
Jan 15, 2020 07:13 PM
2,553 Posts
Quote from PhantasmX :
I should restate that the $500 is before the Amex credit. Can somebody please explain why is property taxes added on a refinancing closing cost?
Because your new lender has no escrow from you for months gone in 2019.
Your old lender will send you a check for your escrow balance with them..it is a wash, not truly adding expense. But you will need to cover the cash flow.

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Jan 15, 2020 07:20 PM
6,326 Posts
Joined Jun 2005
PhantasmXJan 15, 2020 07:20 PM
6,326 Posts
Quote from Greenworld123 :
Because your new lender has no escrow from you for months gone in 2019.
Your old lender will send you a check for your escrow balance with them..it is a wash, not truly adding expense. But you will need to cover the cash flow.
So when the old lender will send me a check for $2400 shall I decide to go through with the refinancing but I need to pay upfront first? After everything kicks in, $2500 credit from Amex and check from old lender, I am paying virtually nothing?

Sorry I am new at this and thanks for replying.
Original Poster
Jan 15, 2020 07:24 PM
2,553 Posts
Joined May 2014
Greenworld123
Original Poster
Jan 15, 2020 07:24 PM
2,553 Posts
Quote from PhantasmX :
So when the old lender will send me a check for $2400 shall I decide to go through with the refinancing but I need to pay upfront first? After everything kicks in, $2500 credit from Amex and check from old lender, I am paying virtually nothing?

Sorry I am new at this and thanks for replying.
Kind of. Since it is January, you have or will pay 1 month with your current lender. That will be returned to you.
Since there is a 2month grace period in paying your loan once refinanced, the new lender is collecting feb and march taxes from you early.
Jan 16, 2020 02:21 AM
167 Posts
Joined Nov 2015
rtw07Jan 16, 2020 02:21 AM
167 Posts
Hopefully this is helpful... these are my costs on a refi that closes this week with Better.

Loan amount: $228k
LTV: 80%
Term: 15 years @ 3.125% with $380 lender credit
Closing Costs: $1329
Last edited by rtw07 January 15, 2020 at 06:24 PM.
Jan 16, 2020 02:29 AM
222 Posts
Joined Aug 2009
slickster112Jan 16, 2020 02:29 AM
222 Posts
Quote from towsonnc :
I got 3.375% from another lender on Friday. No points. 30 year. Better matched it without any questions asked.
How is everyone getting them to match? I've battling with them to match and they refuse despite me having a legitimate Loan Estimate from another loaner at 3.375, 0 points. Better's offer is 3.375 with $5,500 in points. When I sent Better the Loan Estimate, they stated the following: "We would have to loose money in this loan to match and beat the other lender, and we can't do that. Since we couldn't beat this, the other part of the Better Price Guarantee is that, if you close and fund on those exact same terms with the other lender, then we will mail you a check for $1,000."

Anyone else have issues getting them to match?
Jan 16, 2020 02:59 AM
75 Posts
Joined Jan 2007
towsonncJan 16, 2020 02:59 AM
75 Posts
My guy literally matched it in five minutes no questions asked. He was responding to emails at lightning speed. I've had not a single issue so far and I was 3.375 with no points. It should be $1500ish out of pocket to close. Appraisal today too after locking on Monday.
Jan 16, 2020 04:12 AM
718 Posts
Joined Oct 2011
d3alsoffortuneJan 16, 2020 04:12 AM
718 Posts
So best I got from mortgage shopping on Zillow was 3.5% with ~$1500 closing costs. I have jumbo loan in California.

Better did "match" the rate and gave me some credit ~$1500 to cover the costs.

Net net, 3.5% Rate and ~$450 in Refi costs.

I guess not bad. I was really pushing for 3.375% but he said for my loan amount, this is the best they can do. For out of pocket of ~450, and better rate than before (3.625 vs 3.5 now) and plus Amex credit, this is not bad at all.

So far the process was really simple on their website that is a plus. Agent was really interested in my business and kept in touch via chat and emails.
Jan 16, 2020 02:26 PM
135 Posts
Joined Jun 2018
cetechdudeJan 16, 2020 02:26 PM
135 Posts
Quote from towsonnc :
My guy literally matched it in five minutes no questions asked. He was responding to emails at lightning speed. I've had not a single issue so far and I was 3.375 with no points. It should be $1500ish out of pocket to close. Appraisal today too after locking on Monday.
Can I ask which company gave you that rate with 0 points? On 15 year or 30 year? Did you have to go through the whole application process with the 3.375% company to get a quote? thanks

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Jan 16, 2020 02:27 PM
75 Posts
Joined Jan 2007
towsonncJan 16, 2020 02:27 PM
75 Posts
Co was listed on Zillow. It was called Blue something. I'd check Bankrate and Zillow each day to see what is offered in your area. It may be different depending on what state you're in.

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