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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Also, which rate would you choose to rate match and why? Loan amount 510,000, 30 year conventional. Closing cost same as it's the same company. I plan to stay about 5 years.
1. 3 % (3.037 APR) 0 points.
2. 3.125 % (3.162 APR) $5100 credit.
My impression is current lender will say no outright to assigning especially if they hold a note with a relatively "high" interest or charge a fee. If the former your only options are to refi with current lender or pay the mortgage recording tax if refi with new lender. If the later, then expect to pay an assignment fee and attorney cost to "assign" it.
Ymmv.
Also, which rate would you choose to rate match and why? Loan amount 510,000, 30 year conventional. Closing cost same as it's the same company. I plan to stay about 5 years.
1. 3 % (3.037 APR) 0 points.
2. 3.125 % (3.162 APR) $5100 credit.
I'll let you know if there are any hiccups since I'm closing in a week, but it is looking unlikely.
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When refinancing, a "substitution rate" discount is available when a borrower can produce a lender's title policy issued within the previous 10 years. In other words, when a title insurance company is simply insuring a new mortgage covering the same borrower for the same property, it is willing to offer up to a 40 percent discount. The actual discount amount varies depending upon the prior policy's coverage amount and the new policy's coverage amount.
Source:
https://www.washingtonpost.com/realestate/understanding-title-insurance-to-reduce-your-closing-costs/2013/10/10/da6dcfa6-1fe2-11e3-8459-657e0c72fec8_story.html
[washingtonpost.com]
When refinancing, a "substitution rate" discount is available when a borrower can produce a lender's title policy issued within the previous 10 years. In other words, when a title insurance company is simply insuring a new mortgage covering the same borrower for the same property, it is willing to offer up to a 40 percent discount. The actual discount amount varies depending upon the prior policy's coverage amount and the new policy's coverage amount.
Source:
https://www.washingtonpost.com/realestate/understanding-title-insurance-to-reduce-your-closing-costs/2013/10/10/da6dcfa6-1fe2-11e3-8459-657e0c72fec8_story.html
[washingtonpost.com]
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I'm about to close a refi @ 2.875% 30 yr fixed - plus a $1494 credit - plus the $2500 AMEX.
Just got my closing disclosure.
A+B+C on the closing disclosure, combined == $1100. +$90 in recording fees == $1190.
So they're paying me around $300 PLUS the $2500 AMEX credit to refi.
What a SD.
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