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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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Jun 2, 2020 9:55 PM
3.9K Comments
Joined Jan 2007
Freak4DellJun 2, 2020 9:55 PM
3.9K Comments
Quote from Visualize View quoted comment :
I have a 30-year fixed rate locked with another lender @ 2.875, 0 points. Submitted the LE to better and they replied that their pricing team can't match the offer. I figured after all the good reports of price matching they would beat it. Oh well ...
Same here, except at 2.75%. I get the feeling that $1,000 is going to be hard to get, but it won't stop me from trying once I close.
Jun 2, 2020 10:02 PM
2.1K Comments
Joined Aug 2009
polvoprismboyJun 2, 2020 10:02 PM
2.1K Comments
I went with NBKC bank and they gave me a pretty decent offer, about $100 less than what Better.com was offering. Better.com credited me $1,000 on their offer, so now I'm finishing the tasks. So far it's looking pretty great, but in the past, the estimate has changed during the underwriting process, so fingers crossed.
Jun 2, 2020 10:20 PM
1.8K Comments
Joined Aug 2008
usercar007Jun 2, 2020 10:20 PM
1.8K Comments
anyone know if they waive appraisal if you already have significant equity on your house?
Jun 2, 2020 10:36 PM
3.4K Comments
Joined Nov 2013
mrwhitewalkerJun 2, 2020 10:36 PM
3.4K Comments
Quote from usercar007 View quoted comment :
anyone know if they waive appraisal if you already have significant equity on your house?
Not sure but the appraisal is free
Jun 2, 2020 10:39 PM
2K Comments
Joined Aug 2010
Debit2CashJun 2, 2020 10:39 PM
2K Comments
Quote from volkl23 View quoted comment :
Yes, It's taxable.
This is probably not correct - credit card rewards are usually classified as "reimbursements" and therefore not subject to tax. In this case they are giving you a "statement credit".

This is different than if you were to get interest income from a bank bonus.
Jun 2, 2020 10:40 PM
2K Comments
Joined Aug 2010
Debit2CashJun 2, 2020 10:40 PM
2K Comments
Quote from usercar007 View quoted comment :
anyone know if they waive appraisal if you already have significant equity on your house?
My appraisal was waived and I was only at 73%.
Jun 2, 2020 10:42 PM
1K Comments
Joined Mar 2019
CycloneFWJun 2, 2020 10:42 PM
1K Comments
Quote from Debit2Cash View quoted comment :
This is probably not correct - credit card rewards are usually classified as "reimbursements" and therefore not subject to tax. In this case they are giving you a "statement credit".

This is different than if you were to get interest income from a bank bonus.
Ultimately, we are in uncharted territory. Amex has reserved the right to generate a 1099 for this, calling it income. And yes, generally these are considered rebates on your charges, so they aren't subject to taxation. However, Better is not charging your Amex. So it remains to be seen how Amex will classify this.

I would work on the assumption it will be taxed and if you don't get taxed on it, bonus! Smilie

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Jun 2, 2020 11:32 PM
222 Comments
Joined Aug 2009
slickster112Jun 2, 2020 11:32 PM
222 Comments
Quote from hungiema View quoted comment :
i just closed on a second loan.. but havent received the credit yet on the second one. took about 8 weeks for the first one to show up.
Did you end up receiving another $2,500 Amex credit in addition to your first loan?
Jun 2, 2020 11:43 PM
2K Comments
Joined Aug 2010
Debit2CashJun 2, 2020 11:43 PM
2K Comments
Quote from CycloneFW View quoted comment :
Ultimately, we are in uncharted territory. Amex has reserved the right to generate a 1099 for this, calling it income. And yes, generally these are considered rebates on your charges, so they aren't subject to taxation. However, Better is not charging your Amex. So it remains to be seen how Amex will classify this.

I would work on the assumption it will be taxed and if you don't get taxed on it, bonus! Smilie
I was looking at the offer terms and don't see where they reserved the right to issue a 1099:

To be eligible for the $2,500 statement credit, you must (i) click-through the dedicated offer link, and (ii) submit a completed application on Better's webpage dedicated to the offer no later than 7/25/2020, and (iii) close on your mortgage no later than 10/28/2020. You will not be eligible for the statement credit if your mortgage closes after 10/28/2020 for any reason, even if you do not control the closing date. To be eligible for the statement credit, you must continue to be an eligible Card Member from the time you receive this offer, through the closing of your mortgage, and until the statement credit is applied to your Card account. The name or email associated with your eligible Card will need to match the information in your mortgage application in order to receive the Credit.
The statement credit will be applied 8-12 weeks after your mortgage closes. The value of the statement credit may be taxable income to you, and you are responsible for any federal, state or other taxes resulting from the credit. Consult your tax advisor if you have any questions about the tax treatment of your statement credit.

What i read is that you need to determine whether it is or isn't taxable to you. This is common verbiage on their end just so they can say they didn't lead you astray and are held liable for giving you misinformation. All the bank bonus items I have signed up for specifically state that they will issue a 1099 for the amount of the bonus at the end of the year - last year I had 3k in reported interest income on bank bonus's alone. I would be extremely surprised if anyone receives a 1099 for this statement credit.
Jun 2, 2020 11:45 PM
293 Comments
Joined Mar 2010
hungiemaJun 2, 2020 11:45 PM
293 Comments
Quote from slickster112 View quoted comment :
Did you end up receiving another $2,500 Amex credit in addition to your first loan?
I'm still waiting for it!
Jun 3, 2020 12:23 AM
1.8K Comments
Joined Aug 2008
usercar007Jun 3, 2020 12:23 AM
1.8K Comments
Quote from Debit2Cash View quoted comment :
My appraisal was waived and I was only at 73%.
I guess with 55% I'm good Smilie
Jun 3, 2020 12:30 AM
673 Comments
Joined Jan 2008
cimoreneJun 3, 2020 12:30 AM
673 Comments
Another Data point:

Closed: April 17
Credit Appeared Online: June 2
Credit Dated : May 25
Jun 3, 2020 1:18 AM
32 Comments
Joined Aug 2011
gr_bJun 3, 2020 1:18 AM
32 Comments
Another Data point:

Loan Funded: April 17
Credit Appeared Online: June 2 with posting date as May 22.
Jun 3, 2020 1:58 AM
63 Comments
Joined Jul 2008
elsaballJun 3, 2020 1:58 AM
63 Comments
Locked 2.75% w -0.5 points!!! Thanks guys!

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Jun 3, 2020 2:45 AM
3.2K Comments
Joined Feb 2004
mnsweepsJun 3, 2020 2:45 AM
3.2K Comments
Better.com matched Owning.com's 2.50% APR with $0 closing cost on a 15 year refinance. Now I have LE from both Owning and Better and would go with Better.com just because of the $2500 AMEX credit. I emailed Owning about the Better.com offer and the loan officer started email rioting like the folks protesting Floyd's murder. How did your loan agents behave when they realized you are not going with them?

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