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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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Currently, I am looking at 2 separate offers at 15 year fixed for a 109K loan:
1 is for 3% with 0 points and 3K Closing costs
2 is for 2.875% with 0 points and 4-4.5K Closing costs
Wondering how good these offers are in California currently, im in zip code 93013.
Both banks told me that the rates are slightly higher due to the loan amount being less than 200K.
Not looking for the absolute best rate, as long as they are good, I'm happy. But if it would be pretty easy to find a bit better rate with lower closing costs, I do have the time to do so.
Also, are there any other numbers I should be focusing on beside the interest rate and total closing costs?
hard to compare if we dont know the length and amounts
The length and amount should be in the original post.
It's for 15 Year fixed, and 109K
Both people I spoke with said that the rate is slightly higher due to the loan being under 200K.
They said it would be even higher if it was under 100K. Any truth to this?
Also, the closing costs include the "Prepaids and Impounds", totalling 1.15K
Do I not include those when mentioning closing costs?
Also, Credit score is 800+
Edit: Just tried Better, and it gave me offers for 30 Year terms only, no 15 year, but used their calculator and it gave me 4% interest rates??
Edit: Just did lenderfi, they're best offers actually match the same loan terms as the credit union I bank with, the second offer, which I guess, if I don't include the prepaids and impounds part, the closing costs are actually much less, closer to 3.6K
Round I - 3.625% with 4.7K lender credit. Closed in Feb. Amex credit posted after 6 weeks
Round II - 3.25% with 4.3K lender credit. Closed in April. Still waiting for Amex credit. Its 7 weeks already
Round III - 2.875 with 4.7K lender credit. In process.
If AMEX credit posts for all this will be the slickest deal ever. If not still worth it. Savings of thousands of dollar in interest plus each refinance is money maker.
But looks like they do so more power to you.
In my case, the loan was funded on 9th and outstanding amount was paid off to old lender on 11th by the settlement agent. Better.com already charged me interest from 9th as prepaids during closing and the old lender naturally charged interest until 11th. Hence, I ended up paying interest to both lenders for 3 days. Is this how refinancing usually works?
I was expecting to pay interest to both entities for 1 day. However, 3 days seemed excessive.
In my case, the loan was funded on 9th and outstanding amount was paid off to old lender on 11th by the settlement agent. Better.com already charged me interest from 9th as prepaids during closing and the old lender naturally charged interest until 11th. Hence, I ended up paying interest to both lenders for 3 days. Is this how refinancing usually works?
I was expecting to pay interest to both entities for 1 day. However, 3 days seemed excessive.
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Thanks for the detailed response though.
Round I - 3.625% with 4.7K lender credit. Closed in Feb. Amex credit posted after 6 weeks
Round II - 3.25% with 4.3K lender credit. Closed in April. Still waiting for Amex credit. Its 7 weeks already
Round III - 2.875 with 4.7K lender credit. In process.
If AMEX credit posts for all this will be the slickest deal ever. If not still worth it. Savings of thousands of dollar in interest plus each refinance is money maker.
Wish I knew about this deal before last month rather than just focusing on rewards credit cards with a airline point bonus or brokerage/checking accounts with a intro bonus, this could perhaps couldve been a lot more profitable game to play this year
Since escrow is waived, they won't be collecting additional tax from your monthly payments. You should be able to confirm that by looking at your LE.
Better also had a settlement fee of $500 to start with and I was able to get a competing quote and email it to better and they adjusted my LE to give me $250 more in credits to make up for the higher settlement fee.
It's ain't over yet but so far so good dealing with them.
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Better also had a settlement fee of $500 to start with and I was able to get a competing quote and email it to better and they adjusted my LE to give me $250 more in credits to make up for the higher settlement fee.
It's ain't over yet but so far so good dealing with them.
What did they from you to give you the re-issue rate? My LE has similar cost for Title Insurance.
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