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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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Jun 24, 2020
745 Posts
Joined Nov 2006
Jun 24, 2020
vstypicals
Jun 24, 2020
745 Posts
Quote from Abhirup :
Yes, I understand that my agent is supposed to guide, but being first time and an immigrant, not sure if I am getting the best deals :/ Any pointers will be good, will pursue and do my due diligence.
  • If you use the better.com/amex link, appraisal fee is waived.
  • Assuming you have good credit, aim for a 2.25/2.375$ no-cost loan on a 15 year.
  • Aim for 2.625/2.75% no-cost on a 30 year.
  • You get better rates if your loan is $510,400 or less.
  • The lower the loan amount, essentially, less chance of a better rate.
  • Better.com or any lender can take care of the escrow for you.
  • Look into LenderFi or Owning.com (if in CA).

EDIT: This was for a refinance.. sorry.
Jun 24, 2020
114 Posts
Joined Nov 2012
Jun 24, 2020
deals_iguana
Jun 24, 2020
114 Posts
At what point in the application will they ask you for Amex card number?
Jun 24, 2020
745 Posts
Joined Nov 2006
Jun 24, 2020
vstypicals
Jun 24, 2020
745 Posts
Quote from Peddler :
I am seeing these same numbers on LenderFi for Texas. Any one from Texas suggest other options?
Have you spoken with someone at LenderFi? You need to do that in order to get access to the lower rates.
Jun 24, 2020
1,191 Posts
Joined Nov 2011
Jun 24, 2020
Zwitterion
Jun 24, 2020
1,191 Posts
Quote from Abhirup :
First time home buyer and very inexperienced, really worried that I might lose money by not going with correct lender and dont want to go by everything that my buyers agent is suggesting. in NJ, Both me and wife ( co borrower) has 800 + Credit scores. Buying condo with 20% down (total price=300k), loan amount ~ 240000.

What is the best 15/30 year rate I should try to aim for and what ideally should be closing fees?
At better, seeing 2.250% / APR 2.478% ,~Points: $3,400 payment, ~$2,800 in third party fees in third party fees.
Where others can I shop around- do you have pointers?
Lastly, if i purchase through better, they take care of escrow ? And appraisal fee is waived right?
Your questions are making me cringe - please get a competent agent, and learn what you are doing. The questions you are asking aren't ones anyone can answer - how can I know what your specific economic situation such that a 15 or 30 year would make more sense. Title in NJ can be expensive, but do know that I'm betting dollars to donuts that Better is using an in-house title company and making money that way. Search for a title company of yours. READ through the Loan Estimate - it is meant to literally walk you through the numbers as well as which costs are ones that you can shop for. The added complexity in in a purchase is that you want a lender that will close on time - a chop shop like Better.com is not a place I'd go to do a purchase loan, just to make $2500.
Jun 24, 2020
188 Posts
Joined Dec 2015
Jun 24, 2020
Abhirup
Jun 24, 2020
188 Posts
Quote from Zwitterion :
You really better find an agent if you don't know what you are doing. A purchase loan has a ton more moving parts than a refinance.
We are staring the inspection process in a day or so, my realtor has referred me to their own mortgage brokers, the mortgage broker told me to shop around for rates and to come back to him and he will beat it. A bit lost in the process I know! I did call up a fw lenders which I got references from my colleagues. they told what rates typically I am eligible for. Now should i take proper LEs from them? And for that do they make hard pulls- askng as we are barely over 800 credit score, if the lender I am going to take the first LE from pulls and it goes below, it shouldnt be a problem right? i undertand that HPs will be combined in a certain time frame, so should I let lenders pull my info to give proper estimates or they can give LEs without PULLS?
1
Jun 24, 2020
467 Posts
Joined Nov 2007
Jun 24, 2020
Peddler
Jun 24, 2020
467 Posts
Quote from vstypicals :
Have you spoken with someone at LenderFi? You need to do that in order to get access to the lower rates.
No, I did not. I just used their website. Not sure i understand how a Title company is not going to charge clients to process refinancing. In Texas Title fees are pretty much the same for all title companies.

Thanks for info. i will research on.
Jun 24, 2020
188 Posts
Joined Dec 2015
Jun 24, 2020
Abhirup
Jun 24, 2020
188 Posts
Quote from Zwitterion :
Your questions are making me cringe - please get a competent agent, and learn what you are doing. The questions you are asking aren't ones anyone can answer - how can I know what your specific economic situation such that a 15 or 30 year would make more sense. Title in NJ can be expensive, but do know that I'm betting dollars to donuts that Better is using an in-house title company and making money that way. Search for a title company of yours. READ through the Loan Estimate - it is meant to literally walk you through the numbers as well as which costs are ones that you can shop for. The added complexity in in a purchase is that you want a lender that will close on time - a chop shop like Better.com is not a place I'd go to do a purchase loan, just to make $2500.
Thank you , I know my situation is cringeworthy but your reply has lots of good advice.Will work on them right away.

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Jun 24, 2020
9 Posts
Joined Feb 2017
Jun 24, 2020
nbs85
Jun 24, 2020
9 Posts
Thanks everyone for clarifying on Amex Credit question.

I had one more question.In my case, Better is giving me enough credits so that it covers closing costs and escrow and there is still some leftover. The closing disclosure has positive closing cash "To the Borrower". Will I get that cash or not? I have a simple refinance (no cash-out).
Jun 24, 2020
2,520 Posts
Joined Aug 2007
Jun 24, 2020
sleekwallet
Jun 24, 2020
2,520 Posts
Quote from tuck3979 :
Yes - heres a screenshot of the LE ($1157 fees - $1211 credit). The other stuff is prepaids (escrow, etc.)

https://imgur.com/a/MxRG0Nh

this is amazing, we need a second wave of covid to go below this
Jun 24, 2020
1,191 Posts
Joined Nov 2011
Jun 24, 2020
Zwitterion
Jun 24, 2020
1,191 Posts
Quote from Abhirup :
Thank you , I know my situation is cringeworthy but your reply has lots of good advice.Will work on them right away.
Sorry if I came off gruff. As someone who doesn't seem to know all the ropes of Better and is in need of help in this thread, I shouldn't have been so condescending. I do, however, think you really should get up to speed on the mechanics and process of buying a house. Rely on *noone* without knowing what exactly you are relying on them for. One of the better sites on this remains one that was written some time ago by a rather eccentric man name Michael Bluejay. His site on How to Buy a House [michaelbluejay.com] does a fantastic job of holding your hand through the process, pointing out tidbits of wisdom as well as pitfalls. Have a *thorough* read of that site (which still looks like it did in the 90's, but that's a part of it's charm). Some of it might be slightly outdated, but the process hasn't largely changed much. The site is written in linear form with a table of contents on the left. I think you'll really benefit from reading through this.

Again, sorry for coming off harshly.

P.S. Some quick things. Multiple pulls within usually 1 month timeframe doesn't hurt your credit beyond the initial ding. This is because it is expected that you will shop. I doubt there is any place that will give you an LE without a hard pull (though I think, ironically, Better does).

I'm surprised that your realtor's mortgage broker told you to shop. In my opinion, the *sole* value of a mortgage broker is their ability to shop their multiple relationships with lenders to get you an offer possibly better than you could have gotten on your own. They make money via a commission, so have to do their work to get a loan that, even with their own fee, is competitive.

That said, if they told you to get them LE's, go ahead and get some from these rock-bottom bulk lenders like Aimloan, LenderFi, but I bet you he/she won't be able to beat them. This is because these places operate on volume and often have no origination fee, whereas the broker has his/her commission.
Last edited by Zwitterion June 24, 2020 at 04:17 PM.
Jun 24, 2020
5,841 Posts
Joined Nov 2004
Jun 24, 2020
corenom
Jun 24, 2020
5,841 Posts
Quote from vstypicals :
  • If you use the better.com/amex link, appraisal fee is waived.
  • Assuming you have good credit, aim for a 2.25/2.375$ no-cost loan on a 15 year.
  • Aim for 2.625/2.75% no-cost on a 30 year.
  • You get better rates if your loan is $510,400 or less.
  • The lower the loan amount, essentially, less chance of a better rate.
  • Better.com or any lender can take care of the escrow for you.
  • Look into LenderFi or Owning.com (if in CA).

EDIT: This was for a refinance.. sorry.
2.75%?! Where? I talked to multiple lenders and only seen 3%.
Jun 24, 2020
1,004 Posts
Joined Mar 2019
Jun 24, 2020
CycloneFW
Jun 24, 2020
1,004 Posts
Quote from nbs85 :
Thanks everyone for clarifying on Amex Credit question.

I had one more question.In my case, Better is giving me enough credits so that it covers closing costs and escrow and there is still some leftover. The closing disclosure has positive closing cash "To the Borrower". Will I get that cash or not? I have a simple refinance (no cash-out).
After closing costs and escrow, up to $2k can to you. If more is left over, up to $2.5k can be applied to the principal. If there is still any left over, it is forfeit.
Jun 24, 2020
2,520 Posts
Joined Aug 2007
Jun 24, 2020
sleekwallet
Jun 24, 2020
2,520 Posts
Quote from nbs85 :
Thanks everyone for clarifying on Amex Credit question.

I had one more question.In my case, Better is giving me enough credits so that it covers closing costs and escrow and there is still some leftover. The closing disclosure has positive closing cash "To the Borrower". Will I get that cash or not? I have a simple refinance (no cash-out).
yes, you will get a check from the escrow company
Jun 24, 2020
281 Posts
Joined Mar 2010
Jun 24, 2020
hungiema
Jun 24, 2020
281 Posts
Quote from tuck3979 :
Yes - heres a screenshot of the LE ($1157 fees - $1211 credit). The other stuff is prepaids (escrow, etc.)

https://imgur.com/a/MxRG0Nh


damn!! thats amazing. i couldnt get that here in NJ. i tried lenderfi too, the best he did was 2.825

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Jun 24, 2020
188 Posts
Joined Dec 2015
Jun 24, 2020
Abhirup
Jun 24, 2020
188 Posts
Quote from Zwitterion :
Sorry if I came off gruff. As someone who doesn't seem to know all the ropes of Better and is in need of help in this thread, I shouldn't have been so condescending. I do, however, think you really should get up to speed on the mechanics and process of buying a house. Rely on *noone* without knowing what exactly you are relying on them for. One of the better sites on this remains one that was written some time ago by a rather eccentric man name Michael Bluejay. His site on How to Buy a House [michaelbluejay.com] does a fantastic job of holding your hand through the process, pointing out tidbits of wisdom as well as pitfalls. Have a *thorough* read of that site (which still looks like it did in the 90's, but that's a part of it's charm). Some of it might be slightly outdated, but the process hasn't largely changed much. The site is written in linear form with a table of contents on the left. I think you'll really benefit from reading through this.

Again, sorry for coming off harshly.
No, This is very very helpful! I am totally unprepared and the guidance and time you have taken to help out a random stranger really is very helpful. And you did not have an iota of harshness in your replies and cant stress enough how helpful these resources are...

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