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expired Posted by Greenworld123 • Dec 8, 2019
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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9,848 Comments

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May 4, 2020
866 Posts
Joined Aug 2006
May 4, 2020
SmellyCat
May 4, 2020
866 Posts
Quote from CycloneFW :
What is the "good book"?
The good book refers to loans they are going to continue servicing. Servicing companies have to keep some assets on the books - high quality servicing rights are those that have very low changes of late/missed payments among other factors such as income, Debt ratios, LTVs etc.
May 4, 2020
1,005 Posts
Joined Mar 2019
May 4, 2020
CycloneFW
May 4, 2020
1,005 Posts
Quote from SmellyCat :
The good book refers to loans they are going to continue servicing. Servicing companies have to keep some assets on the books - high quality servicing rights are those that have very low changes of late/missed payments among other factors such as income, Debt ratios, LTVs etc.
Thanks! All my prior refinances were "portfolio loans" that had no plans to resell (the lenders did offer loans they sell off), so I never knew "good book" refers to that. That might because because these previous refis were with credit unions and they often like to use equivalent, but different terms.
May 4, 2020
866 Posts
Joined Aug 2006
May 4, 2020
SmellyCat
May 4, 2020
866 Posts
Quote from CycloneFW :
Thanks! All my prior refinances were "portfolio loans" that had no plans to resell (the lenders did offer loans they sell off), so I never knew "good book" refers to that. That might because because these previous refis were with credit unions and they often like to use equivalent, but different terms.
Account standards are different for each which is (in part) why the classification exists. The regulatory term is HFS and HFI loans ( Held for Sale and Held for Investment )
May 4, 2020
43 Posts
Joined Jun 2017
May 4, 2020
tqnguyen100
May 4, 2020
43 Posts
Quote from coolj990 :
this whole process flew by, can't believe how quick i closed on this refi:

Timeline:
4/12 Applied late Sunday (applied with Better and Sofi)
4/13 Monday Locked after price match to Sofi 290k 15yr @2.875% .60 points
4/16 Appraisal completed
4/17 Conditionally Approved
4/18 Appraisal cleared
4/21 Cleared to Close
4/25 Closed
4/30 (today) received email Loan is Funded

18 calendar days from Application to Funding


I still see a balance on my original loan (with Wells Fargo), I am not sure if funds are wired or overnighted to pay off? anyone have an idea on when I should see original mortgage paid off?
At what point Sofi gives you the official loan estimate? Do I need to esign first? If I esign the Sofi loan, am I obligate to move forward with their loan?
Thank you for your response.
May 4, 2020
2,793 Posts
Joined Aug 2008
May 4, 2020
minifigg
May 4, 2020
2,793 Posts
Quote from KrustyVT :
I posted this earlier in this thread - you can refi right now at owning.com [owning.com] for those exact terms - 2.75% with $0 closing costs for a 15 year $560k loan. I refi'ed with them in December and can vouch for them and their process - it's extremely quick and easy.

Note for anyone else reading - this is only for properties in CA.
Question about that (in CA.) Does it have any early payoff penalties, ie if I pay my house off before the 15 years do I owe them penalties or lost interest? I have found some of these zero loans are appending that type of payoff penalty and that is no Bueno.
May 4, 2020
351 Posts
Joined May 2005
May 4, 2020
KrustyVT
May 4, 2020
351 Posts
Quote from minifigg :
Question about that (in CA.) Does it have any early payoff penalties, ie if I pay my house off before the 15 years do I owe them penalties or lost interest? I have found some of these zero loans are appending that type of payoff penalty and that is no Bueno.
There is no prepayment penalty attached to my 30 year loan that I refi'ed with them - agreed, I wouldn't have accepted that either.
May 4, 2020
105 Posts
Joined Nov 2015
May 4, 2020
DaveNinja
May 4, 2020
105 Posts
Quote from KrustyVT :
I posted this earlier in this thread - you can refi right now at owning.com [owning.com] for those exact terms - 2.75% with $0 closing costs for a 15 year $560k loan. I refi'ed with them in December and can vouch for them and their process - it's extremely quick and easy.

Note for anyone else reading - this is only for properties in CA.
the owning refi loans have to be for at least $300K. I was looking for a $250K refi and they called and said they don't currently handle loans under $300K.

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May 4, 2020
24 Posts
Joined Feb 2012
May 4, 2020
coolj990
May 4, 2020
24 Posts
Quote from tqnguyen100 :
At what point Sofi gives you the official loan estimate? Do I need to esign first? If I esign the Sofi loan, am I obligate to move forward with their loan?
Thank you for your response.
No I didn't esign it shows up after logging In at some point in the menu
May 4, 2020
228 Posts
Joined Sep 2007
May 4, 2020
pilla
May 4, 2020
228 Posts
Planning on refinancing my property.
Imp thing is it has a loan subordination for $120k.

Original loan amount: 356K
Current Balance: 225K
Current Value of property : 415K
On an ARM which resets every year. Current rate is 4.5%

What's the best way to refinance when the property has loan subordination? and also any specific lender that deals with loan subordination?

TIA
May 5, 2020
7,484 Posts
Joined Sep 2008
May 5, 2020
DogAndPony
May 5, 2020
7,484 Posts
I did have this offer on my Amex offers, but I could not add it to my card, like other offers. It was only the link to the better website. But now the offer is no longer there. Hopefully Amex is not pulling the offer. I'll need to confirm before I go any further.
May 5, 2020
482 Posts
Joined Jan 2005
May 5, 2020
MeCheap
May 5, 2020
482 Posts
I gave these guys a shot and they were nowhere close to LoanDepot on a new purchase. They might be good for refi but was really disappointed with their rates on a new home. They originally quoted me 4.12% and I have great credit and 20% DP.
May 5, 2020
7,484 Posts
Joined Sep 2008
May 5, 2020
DogAndPony
May 5, 2020
7,484 Posts
Quote from MeCheap :
I gave these guys a shot and they were nowhere close to LoanDepot on a new purchase. They might be good for refi but was really disappointed with their rates on a new home. They originally quoted me 4.12% and I have great credit and 20% DP.
Did you get other quotes and ask them to beat it? From what I've read that's how you have to do it with Better. Their initial rates are high, but if you get competing offers they are good with matching or beating them.

I'm looking to use them on a new purchase as well, so I am hoping that's the case. The rate they gave me was 3.875%. I'm waiting to get other offers, but hoping Better will be able to do quite a bit better.

Are you using a realtor through Better? They say they will give you $2,000 lender credit for using someone in their network. They set me up with a realtor at Coldwell Banker. She seems good.
May 5, 2020
606 Posts
Joined Dec 2013
May 5, 2020
cdancer20
May 5, 2020
606 Posts
Quote from MeCheap :
I gave these guys a shot and they were nowhere close to LoanDepot on a new purchase. They might be good for refi but was really disappointed with their rates on a new home. They originally quoted me 4.12% and I have great credit and 20% DP.
You must send them the LE quote and get them to beat or at least match the offer. Better.com was nowhere near my best quote. I actually had them beat two other LE and then match when one of the lender's countered. I ended up with thousands of dollars in lender's credit less than Better originally gave.
May 5, 2020
707 Posts
Joined Dec 2013
May 5, 2020
duasto
May 5, 2020
707 Posts
Here the AMEX task look like ... Just finished mine. 2 days before the closing it shows up.
Note: I have to remind my closing expert and then they immediately make the task shows up.

Task Title:
Eligible card for statement credit

Task Description:
Please input the last five digits of your active personal consumer American Express Card where you would like to receive the $2,500 statement credit.

Prepaid Cards and products, American Express Corporate Cards, American Express Small Business Cards, American Express-branded cards or account numbers issued by other financial institutions and cancelled cards are not eligible. The name or email associated with the Card provided must match those submitted in your mortgage application.

Questions:
Please input the last 5 digits of an eligible card account that you'd like the statement credit applied to.

What is the name associated with this card?

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May 5, 2020
606 Posts
Joined Dec 2013
May 5, 2020
cdancer20
May 5, 2020
606 Posts
Quote from duasto :
Here the AMEX task look like ... Just finished mine. 2 days before the closing it shows up.
Note: I have to remind my closing expert and then they immediately make the task shows up.
?
Mind sharing your timeline?

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