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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 25, 2020
489 Posts
Joined Feb 2012
Jun 25, 2020
Mikey122687
Jun 25, 2020
489 Posts
Quote from panther_fan :
I locked in my rate yesterday with Better for 2.75%, 15 year with $610 origination/point fee. This was after they matched similar offer from LenderFi. At the time I did not know about "beat by $1000" so I did not ask why they only matched the LenderFi offer.

I know there is lot of better offers that people have gotten but this was the best I was able to do and not sure if this can be improved now that I have already locked my rate.
They're less incentivize to give you a better deal since they already locked you in a higher rate.
Jun 25, 2020
384 Posts
Joined Apr 2016
Jun 25, 2020
physio1213
Jun 25, 2020
384 Posts
Quote from panther_fan :
I locked in my rate yesterday with Better for 2.75%, 15 year with $610 origination/point fee. This was after they matched similar offer from LenderFi. At the time I did not know about "beat by $1000" so I did not ask why they only matched the LenderFi offer.

I know there is lot of better offers that people have gotten but this was the best I was able to do and not sure if this can be improved now that I have already locked my rate.
They should be able to beat the closing cost by 1000 after locking the interest. I got 2.5 % for 15 yr with 2000 closing cost from another lender and they beat the closing cost by 1000 and waive the appraisal. I closed on Monday.
Jun 25, 2020
2,581 Posts
Joined Feb 2008
Jun 25, 2020
LeaninBack916
Jun 25, 2020
2,581 Posts
I finally got a loan processing expert assigned. Most everything has been submitted.... Dealing with the infamous "Arnold" was a headache. Thankfully, i put in two "support tickets" (aka, outside of regular hours they put these in for the person... I am assuming they have some follow up person who monitors the turn around time on those. I got a call from a "better.com lead" asking if i had questions. Told them never heard back on my LE price beat request... within 20 minutes it was price matched (and beat my $1000) and then i got my tasks and everything after locking in...

Today I finally i got my processing expert. I agree with other's assessment of Arnold.
Jun 25, 2020
1,391 Posts
Joined Jan 2004
Jun 25, 2020
seawolf
Jun 25, 2020
1,391 Posts
Quote from photonfilm :
thats interesting. but when i locked in the rate, i am guaranteed to get the rate and credit from better.com or any lender. how can they change it later?
It's guaranteed as long as it confirms to Fannie Mae requirements. So if you have a $10K credit, anything in excess to closing cost/prepaid/escrow/cash back/principal reduction will be forfeit.
Jun 25, 2020
1,391 Posts
Joined Jan 2004
Jun 25, 2020
seawolf
Jun 25, 2020
1,391 Posts
Quote from Procter :
One thing I want to ask your experts though, how do you determine whether paying closing cost upfront with lower rate is justifiable? I've usually heard that you shooting for no fee no cost refi as you may well see rate drop in another 6mo and want to do it again, and with upfront cost, you might lose that money. I'm not sure with my jumbo loan how much lower it can go beyond 2.875% (30 year fixed), I'm about 130k away from entering the conforming range where I would consider refi again defnitely and I won't be getting into that range in 10month for sure. If I'm paying 4k in cost to get the 2.875%, I'm looking at minimum of a little over 10 month to get break even V.S no cost, same loan amount with 3.375 rate (we are talking about lender credit cover cost, not rolling over the cost into a 30year loan). Is it worthwhile to pay up the 4k?
That's a personal question. It depends on how long you plan to keep the mortgage. It depends on your outlook of rates as you are essentially making a bet as we all are even when doing a "no-cost."
Jun 25, 2020
340 Posts
Joined Apr 2006
Jun 25, 2020
panther_fan
Jun 25, 2020
340 Posts
Quote from physio1213 :
They should be able to beat the closing cost by 1000 after locking the interest. I got 2.5 % for 15 yr with 2000 closing cost from another lender and they beat the closing cost by 1000 and waive the appraisal. I closed on Monday.
Thanks, I guess I will ask the question and if they do something then great otherwise combine with $2500 Amex credit this is the best deal I have so far anyways.
Jun 25, 2020
415 Posts
Joined Dec 2005
Jun 25, 2020
Methodman
Jun 25, 2020
415 Posts
Quote from Procter :
One thing I want to ask your experts though, how do you determine whether paying closing cost upfront with lower rate is justifiable? I've usually heard that you shooting for no fee no cost refi as you may well see rate drop in another 6mo and want to do it again, and with upfront cost, you might lose that money. I'm not sure with my jumbo loan how much lower it can go beyond 2.875% (30 year fixed), I'm about 130k away from entering the conforming range where I would consider refi again defnitely and I won't be getting into that range in 10month for sure. If I'm paying 4k in cost to get the 2.875%, I'm looking at minimum of a little over 10 month to get break even V.S no cost, same loan amount with 3.375 rate (we are talking about lender credit cover cost, not rolling over the cost into a 30year loan). Is it worthwhile to pay up the 4k?
We just closed with better a couple weeks ago. We had the option to pay $50K to get from jumbo to conforming and get lower rates. We also could have added points to lower the rate but we wanted this to be a no-cost or money making refi so we could have as much cash on hand and buy scoop up more property when foreclosures and bank sales hit. So, it all comes down to personal financial situations and goals.

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Jun 25, 2020
489 Posts
Joined Feb 2012
Jun 25, 2020
Mikey122687
Jun 25, 2020
489 Posts
A friend of mine just got denied the $1000 beat. They're no longer doing it since alot of people used this tactics to get better pricing and then send it to other lender to get it beat by a few hundreds and then bring it back to Better.
Jun 25, 2020
37 Posts
Joined Dec 2004
Jun 25, 2020
Aaron_1121
Jun 25, 2020
37 Posts
Quote from panther_fan :
I locked in my rate yesterday with Better for 2.75%, 15 year with $610 origination/point fee. This was after they matched similar offer from LenderFi. At the time I did not know about "beat by $1000" so I did not ask why they only matched the LenderFi offer.

I know there is lot of better offers that people have gotten but this was the best I was able to do and not sure if this can be improved now that I have already locked my rate.
If you have good or excellent credit, you should be able to lock in a 15 year today at 2.5% at 0 points / fees from other lenders.

Depending on the loan amount, you may save more money in the first year at a lower rate with another lender than to receive the $2500 AMEX credit. If better is charging you $610 in points, that credit is really only worth $1890 for a higher rate......
Jun 25, 2020
132 Posts
Joined Apr 2006
Jun 25, 2020
daftsynth
Jun 25, 2020
132 Posts
Quote from Mikey122687 :
A friend of mine just got denied the $1000 beat. They're no longer doing it since alot of people used this tactics to get better pricing and then send it to other lender to get it beat by a few hundreds and then bring it back to Better.
The general consensus is get the best possible LE from another lender and then bring it to better.com
Jun 25, 2020
37 Posts
Joined Dec 2004
Jun 25, 2020
Aaron_1121
Jun 25, 2020
37 Posts
Quote from Mikey122687 :
A friend of mine just got denied the $1000 beat. They're no longer doing it since alot of people used this tactics to get better pricing and then send it to other lender to get it beat by a few hundreds and then bring it back to Better.
They denied to match rates from three other lenders for me as well.

I am fine if they don't agree to match rates. However, better is very deceptive about it. I had 10+ calls from better, and an email from them about the rate match guarantee.

After I gave better.com three LE's from other lenders, they refused to match the rate, saying that it does not apply to the AMEX offer or rates that cannot be seen on a public website.

If you really want a $2500 credit, then go with better.com. If you have good or excellent credit, shop around and you will receive superior rates from other lenders.This can save you much more than $2500. https://usmortgagecalculator.org/

What better is offering is no more than the mortgage equivalent of a cell phone promotion. You get a great rebate upfront.....only to pay more every month for the life of the contract.

Slickdealers - Don't be fooled. With a couple of hours of comparison shopping, you can get a better rate, and it will impact you for the next 15-30 years.
1
Jun 25, 2020
489 Posts
Joined Feb 2012
Jun 25, 2020
Mikey122687
Jun 25, 2020
489 Posts
Quote from daftsynth :
The general consensus is get the best possible LE from another lender and then bring it to better.com
I said that.

My buddy brought over a better LE from Owning. They said "we can't beat it by $1000 anymore, but we can match it exactly".
Jun 25, 2020
1,191 Posts
Joined Nov 2011
Jun 25, 2020
Zwitterion
Jun 25, 2020
1,191 Posts
Quote from photonfilm :
has anyone looked at refinancing at a higher interest rate with a decent credit back only to turn around and refinance again at a lower price point?
Case in point: I refinanced 2 months back at 3.125% at 15 year fixed and got $3000 credit (including the AMEX). I am thinking of refinancing at 3.75% at 15 year fixed to get $5000 credit. assuming that the rates are not going to change dramatically in the near future given the environment, refinance again at 2.75% or something like that and make this a money maker
thoughts?
There's a limit to how much you can get back as a lender credit. I believe its up to $2K in excess of prepaids, and after that your forfeit the remaining credit. Some states allow another 2K to go back to loan principal....
Jun 25, 2020
3,123 Posts
Joined Jun 2007
Jun 25, 2020
nicemann
Jun 25, 2020
3,123 Posts
Quote from Aaron_1121 :
They denied to match rates from three other lenders for me as well.

I am fine if they don't agree to match rates. However, better is very deceptive about it. I had 10+ calls from better, and an email from them about the rate match guarantee.

After I gave better.com three LE's from other lenders, they refused to match the rate, saying that it does not apply to the AMEX offer or rates that cannot be seen on a public website.

If you really want a $2500 credit, then go with better.com. If you have good or excellent credit, shop around and you will receive superior rates from other lenders.This can save you much more than $2500. https://usmortgagecalculator.org/

What better is offering is no more than the mortgage equivalent of a cell phone promotion. You get a great rebate upfront.....only to pay more every month for the life of the contract.

Slickdealers - Don't be fooled. With a couple of hours of comparison shopping, you can get a better rate, and it will impact you for the next 15-30 years.

Exactly. That is why I posted the same type of thing last night. If your credit is good you can get much better rates and it doesn't take a lot of time. Sounds like Better.com is pushing back on matching with the promo.

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Jun 25, 2020
45 Posts
Joined Apr 2020
Jun 25, 2020
MrDioji
Jun 25, 2020
45 Posts
Quote from Aaron_1121 :
If you have good or excellent credit, you should be able to lock in a 15 year today at 2.5% at 0 points / fees from other lenders.

Depending on the loan amount, you may save more money in the first year at a lower rate with another lender than to receive the $2500 AMEX credit. If better is charging you $610 in points, that credit is really only worth $1890 for a higher rate......
What offers you "should be" able to get from other lenders varies widely based on each applicant's profile.

Better matched panther_fan's best offer. So they are not paying an extra $610 in points and getting a higher rate.They are getting "similar" points and rate, AND the $2,500.
Quote from Aaron_1121 :
They denied to match rates from three other lenders for me as well.

I am fine if they don't agree to match rates. However, better is very deceptive about it. I had 10+ calls from better, and an email from them about the rate match guarantee.

After I gave better.com three LE's from other lenders, they refused to match the rate, saying that it does not apply to the AMEX offer or rates that cannot be seen on a public website.

If you really want a $2500 credit, then go with better.com. If you have good or excellent credit, shop around and you will receive superior rates from other lenders.This can save you much more than $2500. https://usmortgagecalculator.org/

What better is offering is no more than the mortgage equivalent of a cell phone promotion. You get a great rebate upfront.....only to pay more every month for the life of the contract.

Slickdealers - Don't be fooled. With a couple of hours of comparison shopping, you can get a better rate, and it will impact you for the next 15-30 years.
We get it, you had a bad experience. Please stop spamming this thread with it.

Obviously people should calculate ​how upfront costs, long term savings, Amex credit all factor in. But many (most?) people here are getting identical or $1,000 savings by getting Better to match - in addition to the $2,500 Amex credit. In my case, I'm calculating as though the Amex credit doesn't exist. It's the icing on the cake. I am saving $1,000 by going to with Better, for the same rates and terms as the best I could find on the market. I am not giving up points or rates to get the Amex credit.

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