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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.
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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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Jun 12, 2020
83 Posts
Joined Nov 2014
Jun 12, 2020
AdamM8293
Jun 12, 2020
83 Posts
Quote from DogAndPony :
Thanks. I locked on May 27th so essentially as low as the rate has been
Quote from Nailer :
quick question : I just got the appraisal report for my property and I was expecting a value between 420k-430k, but appraisal value came back at 395k; should I send better comps back to appraiser and ask for higher value or it doesn't matter and I should just accept and continue?

note : my LTV even at 395k is 70%, so better has no problem continuing.

Since you're at 70% anyway, I can't see why it would matter, unless you are looking to get cash out. I was hoping for 80% but my appraisal came back woefully low so I'm appealing. The appeal started 9 days ago and I still haven't heard back, so it might be better to just move forward.
Jun 12, 2020
2,520 Posts
Joined Aug 2007
Jun 12, 2020
sleekwallet
Jun 12, 2020
2,520 Posts
Quote from Nailer :
quick question : I just got the appraisal report for my property and I was expecting a value between 420k-430k, but appraisal value came back at 395k; should I send better comps back to appraiser and ask for higher value or it doesn't matter and I should just accept and continue?

note : my LTV even at 395k is 70%, so better has no problem continuing.

i wouldnt waste my time on that
Jun 12, 2020
7,484 Posts
Joined Sep 2008
Jun 12, 2020
DogAndPony
Jun 12, 2020
7,484 Posts
Quote from AdamM8293 :
This is the weekly average rate that they use for tracking to determine whether they'll float you down at no-cost. This isn't what they'd use to actually price you, since rates change constantly. I also locked right around when you did and rates have been lower the last couple of days than they were then (almost 1/8 pt.) I would definitely go ahead and look for a competing offer that you can present to Better.
So I would have to get a competing offer to ask them to float down the rate? I thought someone said the rate would need to be at least 0.25% less than what you locked at for them to float yours down. No way am I getting a competing quote at ~ 2.7%. Best I'm seeing right now on Zillow are 3.125%.
Jun 12, 2020
1,280 Posts
Joined Oct 2007
Jun 12, 2020
Nailer
Jun 12, 2020
1,280 Posts
Quote from AdamM8293 :
Since you're at 70% anyway, I can't see why it would matter, unless you are looking to get cash out. I was hoping for 80% but my appraisal came back woefully low so I'm appealing. The appeal started 9 days ago and I still haven't heard back, so it might be better to just move forward.
Quote from sleekwallet :
i wouldnt waste my time on that
Thank you both.
Jun 12, 2020
83 Posts
Joined Nov 2014
Jun 12, 2020
AdamM8293
Jun 12, 2020
83 Posts
Quote from DogAndPony :
So I would have to get a competing offer to ask them to float down the rate? I thought someone said the rate would need to be at least 0.25% less than what you locked at for them to float yours down. No way am I getting a competing quote at ~ 2.7%. Best I'm seeing right now on Zillow are 3.125%.
The float down policy is based on https://fred.stlouisfed.org/series/MORTGAGE30US. It would be based on the published rate being .25% less that the rate posted after you locked, which in this case is 3.15%. So if the rate that publishes each Thursday gets to 2.9%, you could inquire about them floating you down 1/8 pt.

This is different than simply presenting them with a competing offer and having them match/beat after you lock, which they will try to do according to my loan guy. I believe that deals have improved over the past couple of days and you could hopefully find a competing offer for them to beat/match.
Jun 12, 2020
146 Posts
Joined Aug 2014
Jun 12, 2020
gb2bg
Jun 12, 2020
146 Posts
Is the $2500 going to be taxable later on next yr?
Jun 12, 2020
6,123 Posts
Joined Jun 2005
Jun 12, 2020
PhantasmX
Jun 12, 2020
6,123 Posts
I just ask Better to waive escrow on my rental for refinancing but no response yet. The agent is willing to lower the cost for points for me to sign on.

By the way, can someone recommend a good home warranty company?

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Jun 12, 2020
489 Posts
Joined Feb 2012
Jun 12, 2020
Mikey122687
Jun 12, 2020
489 Posts
Quote from gb2bg :
Is the $2500 going to be taxable later on next yr?
Yes, you will
Jun 12, 2020
45 Posts
Joined Mar 2015
Jun 12, 2020
SK0204
Jun 12, 2020
45 Posts
Quote from Mikey122687 :
Got an offer

2.75% - The total cost to do the refi is $9271 - $5906 (lender credit) = $3,365

Going to see if better can price match.

Is 2.75% a good deal for $3365?
I think this is good. Better will beat by 1k making it 2365 which will be covered by AMEX credit! . 2.75 for 30 year at zero cost is really good.
Or you can go rate higher 2.875 that will ocver your closing costs and you can keep the AMEX credit.
Jun 12, 2020
399 Posts
Joined Jul 2011
Jun 12, 2020
BeanaBlasta
Jun 12, 2020
399 Posts
Quote from Mikey122687 :
Got an offer

2.75% - The total cost to do the refi is $9271 - $5906 (lender credit) = $3,365

Going to see if better can price match.

Is 2.75% a good deal for $3365?
Who gave you 2.75?
Jun 12, 2020
489 Posts
Joined Feb 2012
Jun 12, 2020
Mikey122687
Jun 12, 2020
489 Posts
Quote from BeanaBlasta :
Who gave you 2.75?
C2 Financial, they're broker
Jun 12, 2020
90 Posts
Joined Jun 2011
Jun 12, 2020
zzrayzz
Jun 12, 2020
90 Posts
Quote from AdamM8293 :
The float down policy is based on https://fred.stlouisfed.org/series/MORTGAGE30US. It would be based on the published rate being .25% less that the rate posted after you locked, which in this case is 3.15%. So if the rate that publishes each Thursday gets to 2.9%, you could inquire about them floating you down 1/8 pt.

This is different than simply presenting them with a competing offer and having them match/beat after you lock, which they will try to do according to my loan guy. I believe that deals have improved over the past couple of days and you could hopefully find a competing offer for them to beat/match.
so it needs to drop 0.25% on that site to get a 0.125% rate reduction on the rate one locked with better?
Jun 12, 2020
22 Posts
Joined Dec 2013
Jun 12, 2020
AndyP7344
Jun 12, 2020
22 Posts
When Better matches an offer, do they take into account the lender fees from the other lender (which they don't charge), or will they just look at rates?
Last edited by AndyP7344 June 12, 2020 at 12:56 PM.
Jun 12, 2020
452 Posts
Joined Feb 2008
Jun 12, 2020
nycdpj
Jun 12, 2020
452 Posts
Quote from AndyP7344 :
When Better matches an offer, do they take into account the lender fees from the other lender (which they don't charge), or will they just look at rates?
They match (and beat by $1000 in most cases) the costs listed as A,B and C in the loan estimate.

So, better's A+B+C+$1000 - lenders credit = other lender's A+B+C - lenders credit

The $1000 is only if you have NOT locked your rate and if your loan amount is less than $500k

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Jun 12, 2020
83 Posts
Joined Nov 2014
Jun 12, 2020
AdamM8293
Jun 12, 2020
83 Posts
Quote from zzrayzz :
so it needs to drop 0.25% on that site to get a 0.125% rate reduction on the rate one locked with better?
Yes, you can reach out to them after it drops .25% on that site and they'd give you a .125% reduction based on their float down policy. But at that point, you'd theoretically be able to get a competing offer that is .25% better and they'd work to match or beat that.

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