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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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:

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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9,848 Comments

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Mar 03, 2020 07:16 PM
2,583 Posts
Joined Feb 2008
LeaninBack916Mar 03, 2020 07:16 PM
2,583 Posts
Quote from summi99 :
One man's trash is another man's treasure. Id say do what works best in your scenario.

If 10 year note falls below 1 or lower doesn't mean the interest rates will go down to 2%.
Supply and demand is an important factor and right now there is high demand for refi.
Zero at this point. Just watch the market.
1
Mar 03, 2020 07:19 PM
11,997 Posts
Joined Oct 2008
RUsum1Mar 03, 2020 07:19 PM
11,997 Posts
I may have caught a pretty good break. The last estimate that the lender gave me was supposed to be for 3.25% with no points and no appraisal cost. When he sent me the estimate he accidentally left on the $1000 lender credit that was meant for the 3.5% rate. I noticed it as I was looking at the final documents and it wasn't on there and he explained the error.

Before knowing about that error, I submitted the 3.25% estimate sheet to my current mortgage company who said they would be able to match it which includes the $1000 lender credit. I'm trying to get that finalized with them right now to see if it actually works out

As a quick summary for those wondering
First filled out the info on Better.com which came back with 3.5% plus $1,900 in points
Got a quote from another lender which offered 3.5% with no fees
Better came back at 3.5% with $600 in lender credits
Other lender replied with 3.5% and $1000 credit or 3.25% plus $400 in points
Better replied with 3.25% plus $141 in points
Other lender replied with 3.25% and no costs
Now I might end up with 3.25% and $1000 in credit

This is for a $185k home value, $140k mortgage, 800+ credit, Charleston SC area
(I never saw anything resembling 3% and no points for my situation so people that are reporting those figures have different circumstances like area, value-to-mortgage, etc.)
Last edited by RUsum1 March 3, 2020 at 11:22 AM.
Mar 03, 2020 07:21 PM
547 Posts
Joined Jun 2017
MK2172Mar 03, 2020 07:21 PM
547 Posts
Quote from Gdog2004 :
Exactly. I mean shoot...this guy is telling me a no cost 15 year fixed at 2.75 is a bad deal, and yet that is one of the lowest rates in history.
Dont listen to naysayers.. I was about to pull the trigger on 15 yr for 2.75 today and then just heard about the rate cut. asked my broker to not pull my reports or not yet lock the rate.
Mar 03, 2020 11:32 PM
5,324 Posts
Joined Jul 2004
Gdog2004Mar 03, 2020 11:32 PM
5,324 Posts
Quote from MK2172 :
Dont listen to naysayers.. I was about to pull the trigger on 15 yr for 2.75 today and then just heard about the rate cut. asked my broker to not pull my reports or not yet lock the rate.
I just did the loan app so....im sure I have a float down option if needed. I wonder when the rate drop would go into effect.
Mar 04, 2020 01:37 AM
547 Posts
Joined Jun 2017
MK2172Mar 04, 2020 01:37 AM
547 Posts
Quote from Gdog2004 :
I just did the loan app so....im sure I have a float down option if needed. I wonder when the rate drop would go into effect.
it takes few days but not a proportionate drop for sure... we might see a drop of .25 or less in the coming days/weeks.
Mar 04, 2020 01:54 AM
1,446 Posts
Joined Jul 2008
svinokotMar 04, 2020 01:54 AM
1,446 Posts
How are you taking advantage of this offer? Did you all get personal offer from better.com for Amex? My understanding is that you can not just follow the link and be eligible for $2500 Amex refund?
Mar 04, 2020 02:06 AM
1,050 Posts
Joined Sep 2005
tomcoolzMar 04, 2020 02:06 AM
1,050 Posts
Any cost for just knowing the interest rate and the closing cost from better.com? Do they provide all the info after you submit social, address, property value, salary and home insurance etc... What is the application fees when you back out if you find a better lender?

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Mar 04, 2020 04:41 AM
138 Posts
Joined Sep 2009
rwerns21Mar 04, 2020 04:41 AM
138 Posts
Quote from tomcoolz :
Any cost for just knowing the interest rate and the closing cost from better.com? Do they provide all the info after you submit social, address, property value, salary and home insurance etc... What is the application fees when you back out if you find a better lender?
You do a basic questionnaire and enter the last 4 of your social. It's not a hard pull and doesn't lock you into anything.
Mar 04, 2020 04:42 AM
138 Posts
Joined Sep 2009
rwerns21Mar 04, 2020 04:42 AM
138 Posts
Quote from svinokot :
How are you taking advantage of this offer? Did you all get personal offer from better.com for Amex? My understanding is that you can not just follow the link and be eligible for $2500 Amex refund?
They indicate that, but from everything that I heard is that as long as you follow link they won't disallow you from promo. Not a single post in here has indicated that they had the offer when they got the $2500
Mar 04, 2020 04:44 AM
138 Posts
Joined Sep 2009
rwerns21Mar 04, 2020 04:44 AM
138 Posts
Quote from Gdog2004 :
I just did the loan app so....im sure I have a float down option if needed. I wonder when the rate drop would go into effect.
Until you lock you are subject to current rates, whether or not those go up or down.
Mar 04, 2020 04:45 AM
138 Posts
Joined Sep 2009
rwerns21Mar 04, 2020 04:45 AM
138 Posts
Quote from MK2172 :
Dont listen to naysayers.. I was about to pull the trigger on 15 yr for 2.75 today and then just heard about the rate cut. asked my broker to not pull my reports or not yet lock the rate.
Almost impossible to predict the bottom. I refi into 3.5% and closed a week or so ago. I was paid $3000 to do it (after all fees and including the promo) who knows if they will pull promo tmrw. Just go with what you feel is right.
Mar 04, 2020 07:01 AM
815 Posts
Joined Jul 2012
CrazyCoconutMar 04, 2020 07:01 AM
815 Posts
Quote from digitalfool :
The market kind of anticipated this move, so a lot of it has been factored in. It definitely will not be a .5% reduction and only ARMS seeing more of a lower adjustment than a 30 year fixed.
why is ARM affected but not 30
Mar 04, 2020 07:08 AM
815 Posts
Joined Jul 2012
CrazyCoconutMar 04, 2020 07:08 AM
815 Posts
Quote from RUsum1 :
I may have caught a pretty good break. The last estimate that the lender gave me was supposed to be for 3.25% with no points and no appraisal cost. When he sent me the estimate he accidentally left on the $1000 lender credit that was meant for the 3.5% rate. I noticed it as I was looking at the final documents and it wasn't on there and he explained the error.

Before knowing about that error, I submitted the 3.25% estimate sheet to my current mortgage company who said they would be able to match it which includes the $1000 lender credit. I'm trying to get that finalized with them right now to see if it actually works out

As a quick summary for those wondering
First filled out the info on Better.com which came back with 3.5% plus $1,900 in points
Got a quote from another lender which offered 3.5% with no fees
Better came back at 3.5% with $600 in lender credits
Other lender replied with 3.5% and $1000 credit or 3.25% plus $400 in points
Better replied with 3.25% plus $141 in points
Other lender replied with 3.25% and no costs
Now I might end up with 3.25% and $1000 in credit

This is for a $185k home value, $140k mortgage, 800+ credit, Charleston SC area
(I never saw anything resembling 3% and no points for my situation so people that are reporting those figures have different circumstances like area, value-to-mortgage, etc.)
Similar profile but can't seem to get below 3.9% in TX.
Mar 04, 2020 07:12 AM
815 Posts
Joined Jul 2012
CrazyCoconutMar 04, 2020 07:12 AM
815 Posts
Quote from dczyz :
Just tried them for Dallas - Fort Worth. Texas and rates where not good. (I am very good credit)

30 Year Fixed
3.500% / 3.688%
$5,834 in points
$1,987 in fees
Holy, that's high. Can you go a little higher? 4ish?

We need more TX datapoints. I have a hard time getting below 3.9% $0 points for > $140K mortgage ($185K value). On Zillow in my zip, it's showing 4.1-4.375% with 760 score and above on 30 years. Not much difference with 20-15 year mortgages either. I am assuming rates differ on loan size, state, and zip code, considering 760+ score.

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Mar 04, 2020 07:14 AM
815 Posts
Joined Jul 2012
CrazyCoconutMar 04, 2020 07:14 AM
815 Posts
My loan guy said the rate cut was for short term lines of credits or for ARMs, it won't affect your typical 15-30 year mortgages.

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