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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When I applied with Better on Monday I was offered a 3.125 rate. The points originally quoted by Better.com to get a 2.75% rate was 9K. Better stated that they would match any other offer.
Better then lowered the points by a few thousand after seeing three other LE's, but would not match or come closer to the other lender's rates.
This was with a 820 credit score, 56% LTV, and 10% DTI.
SDCCU (San Diego County Credit Union) = 2.75% Rate 2.79% APR
LenderFI = 2.75% Rate 2.77% APR
Northpointe = 2.75% Rate 1,210 points /fees 2.91 APR
Semper = 2.75% Rate 2.75% APR
Sebonic = 2.875 Rate 2.875 APR
+++Several Others
(Don't use lending tree unless you want to get mad spammed and called....)
There are a ton of lenders out there. Depending on the loan amount, a quarter to half of a percent lower rate can easily save you $2500-$15K in the first three years of the loan. You can save a lot more than a $2500 credit.
https://usmortgagecalcu
6/25/20 @ 12:15 PM PST
Example Property 600K , 92078 area code. 350K loan with a 740+ credit score.
Better
Zillow
Bankrate
In this example, you would receive a better deal from any of the other lenders than better.com
If you have more than 80% equity, you will still be ahead if you used another lender and asked for $2500 cash out at closing.
https://imgur.com/a/DPfMq1y
6/25/20 @ 12:15 PM PST
Example Property 600K , 92078 area code. 350K loan with a 740+ credit score.
Better
Zillow
Bankrate
In this example, you would receive a better deal from any of the other lenders than better.com
If you have more than 80% equity, you will still be ahead if you used another lender and asked for $2500 cash out at closing.
6/25/20 @ 12:15 PM PST
Example Property 600K , 92078 area code. 350K loan with a 740+ credit score.
Better
Zillow
Bankrate
In this example, you would receive a better deal from any of the other lenders than better.com
If you have more than 80% equity, you will still be ahead if you used another lender and asked for $2500 cash out at closing.
https://imgur.com/a/DPfMq1y
mid May - started shopping for rates. Applied to lenders on Zillow, Bankrate and at LenderFi and better.com. Each day I'd check rates. I'd reach out to contacts at various lenders to get quotes if I felt rates were favorable. LenderFi's website is a good place to get a barometer of the market.
6/2 - Got a competing LE for a 20 year fixed at 2.75% $1600 loan costs after credits. Sent it over to my contact at better.com, he answered within an hour. He was only able to beat it by $300-400. He generated a LE for me. I went on to the website, played with the rate table and was able to better it by $3k. I paid for the appraisal and locked in the rate. A+B+C (including appraisal) was 2k. Lender credit $3700.
6/4 - During underwriting, I was told I was eligible for an appraisal waiver. better.com initial title costs were $1400. Their title company said I qualified for a resissue rate which would knock it down to $1100. I decided to use another title company whos cost were only $650. A+B+C is $700 and $3700 in lender credits.
6/18 - Moved from processing to closing. Entered AMEX number in one of the tasks
6/24 - Appraisal refunded.
6/26 - Closing
6/25/20 @ 12:15 PM PST
Example Property 600K , 92078 area code. 350K loan with a 740+ credit score.
Better
Zillow
Bankrate
In this example, you would receive a far better deal from any of the other lenders than better.com. If you get a few estimates and push lenders against one another, you can get even lower than these advertised rates.
oh cmon just let it go dude, people can make their own comparisons. It might have not worked for you but that doesn't mean that it wont work for others.
I just closed on 2.75% 30y with $4.8K credits with better.com ; crossing fingers on that $2.5K extra
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I just closed on 2.75% 30y with $4.8K credits with better.com ; crossing fingers on that $2.5K extra
I just closed on 2.75% 30y with $4.8K credits with better.com ; crossing fingers on that $2.5K extrad
I just closed on 2.75% 30y with $4.8K credits with better.com ; crossing fingers on that $2.5K extra
hey congrats to you too, pretty much the same rate. I used a friend of friend's LE; he actually tried to call the LE back to change it . I was already locking with better.com at that point.
Look, I'm not denying that some people on this thread got a very slick deal early on. There is plenty of evidence in this thread.
However, rates have gotten more competitive over the past few weeks. I personally think that Better probably stopped matching lower rates with the AMEX credit, and it makes up for the AMEX credit with a higher rate. Recent posts from others show this to be true.
Better was extremely shiesty in offering a rate match guarantee via email and phone, only to decide not to honor it when three competitive quotes were provided.
In posting my experience, I just want people to beware and to shop around for the best deal. This may no longer be a slick deal for new applicants.
If you are going to sell your house in 6 months and no longer care about the rate, by all means take the $2500 credit from better. But if you plan to continue paying a mortgage for 15-30 years, please do your homework and get the best rate possible!
I checked the closing document for last refi a year ago (no cost no point), the title insurance was $1200 plus a settlement agent fee of 375. So I should call the title insurance company for "reissue" credit? I'm trying to have my local loan broker to match a lower quote I got from Farmers bank, and in their estimate (out of state though), the title portion is only $700. I went to Titleclose.com and plug in loan amount and zip code, the quote i got were all in 3k-4k range (I saw a post here using titleclose.com as competitor for better's title charge, thought it should be cheaper than this).
Is this cost related to loan amount as well (I need 630k)? Thanks a lot.
Look, I'm not denying that some people on this thread got a very slick deal early on. There is plenty of evidence in this thread.
However, rates have gotten more competitive over the past few weeks. I personally think that Better probably stopped matching lower rates with the AMEX credit, and it makes up for the AMEX credit with a higher rate. Recent posts from others show this to be true.
Better was extremely shiesty in offering a rate match guarantee via email and phone, only to decide not to honor it when three competitive quotes were provided.
In posting my experience, I just want people to beware and to shop around for the best deal. This may no longer be a slick deal for new applicants.
If you are going to sell your house in 6 months and no longer care about the rate, by all means take the $2500 credit from better. But if you plan to continue paying a mortgage for 15-30 years, please do your homework and get the best rate possible!
However, don't scare people off from trying. You're already shopping everywhere anyways, filling apps, doing hard pulls, etc. I encourage everyone to give Better a shot to beat your best offer. If they don't, simply move on... But it's weird to actively push an agenda that nobody should do business with this company. Bottom line, go to the lender who give you the best deal.
Edit: I randomly called their local office and was told that I would need to talk to the settlement company that ends up being used in the refi and ask for discount. As I'm very early in the process I do not know which one yet, but my loan guy has four regular companies (One being the one used in my last refi), not sure if he can pass this info on.
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