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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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My memory isnt good but in one of the 2009-2010 years alone I did 3-4 refinances. I was given almost $8,000 in Negative points for my mortgage balance which In most cases would only allow up to $2000 back or rolled back into the loan as a principle reduction. The rest had to be used for Escrows and since I shopped and used title company of my choosing who used to provide a Re-issue discount in PA (which PA has since stopped) I was paying about $3-$4K in closing and keeping about $4800 in each close since the Escrows are money you'd pay no matter what.
Shahhere
My strategy has generally been to get as large a lender credit as possible. If the credit can fund the new escrow, then the refunded escrow from the old loan is profit for us.
On a 400K loan, if a rate is an 1/8 of a point higher, the monthly will be about $30 higher. Depending on your tax situation, it might only end up being about $20 higher, if you're itemizing and deducting your interest payments. So my theory is that if you get an extra 2000 credit for choosing 3 percent instead of 2.875, it will take 100 months before the lower rate benefits you, and more so if you factor whatever gain you get from saving/investing the 2000.
Also, going with a rate like 3 now gives you more room to refi again at a rate like 2.75 in a few months. If you forego a credit or pay points to get the lower rate now, rates would need to go down more significantly for you to refi again.
My strategy has generally been to get as large a lender credit as possible. If the credit can fund the new escrow, then the refunded escrow from the old loan is profit for us.
On a 400K loan, if a rate is an 1/8 of a point higher, the monthly will be about $30 higher. Depending on your tax situation, it might only end up being about $20 higher, if you're itemizing and deducting your interest payments. So my theory is that if you get an extra 2000 credit for choosing 3 percent instead of 2.875, it will take 100 months before the lower rate benefits you, and more so if you factor whatever gain you get from saving/investing the 2000.
Also, going with a rate like 3 now gives you more room to refi again at a rate like 2.75 in a few months. If you forego a credit or pay points to get the lower rate now, rates would need to go down more significantly for you to refi again.
But those of us that think way bigger, want as many investment properties as possible, want over half a million rental income a year, excessive refinancing can hurt your ability to get loans.
I started the process last week for $230k loan and locked at 2.75% for $770 in points. I submitted everything fast and about to be cleared to close. But over the weekend I had homefinity reach out to me as I was shopping around. They were able to give me 2.625% for $384 in points. I contacted my processing expert at better about this and they told me to get a loan estimate. I was able to convince homefinity rep to create the estimate without running my credit and I showed him my credit scores since they were already ran at better just a few days go. I got the loan estimate and sent it to better and they matched eveything!!!. I am now at 2.625% for $384 in points with better! Plus the AMEX $2.5k offer this is a sweet deal and I actually made some money from it.
My strategy has generally been to get as large a lender credit as possible. If the credit can fund the new escrow, then the refunded escrow from the old loan is profit for us.
On a 400K loan, if a rate is an 1/8 of a point higher, the monthly will be about $30 higher. Depending on your tax situation, it might only end up being about $20 higher, if you're itemizing and deducting your interest payments. So my theory is that if you get an extra 2000 credit for choosing 3 percent instead of 2.875, it will take 100 months before the lower rate benefits you, and more so if you factor whatever gain you get from saving/investing the 2000.
Also, going with a rate like 3 now gives you more room to refi again at a rate like 2.75 in a few months. If you forego a credit or pay points to get the lower rate now, rates would need to go down more significantly for you to refi again.
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I started the process last week for $230k loan and locked at 2.75% for $770 in points. I submitted everything fast and about to be cleared to close. But over the weekend I had homefinity reach out to me as I was shopping around. They were able to give me 2.625% for $384 in points. I contacted my processing expert at better about this and they told me to get a loan estimate. I was able to convince homefinity rep to create the estimate without running my credit and I showed him my credit scores since they were already ran at better just a few days go. I got the loan estimate and sent it to better and they matched eveything!!!. I am now at 2.625% for $384 in points with better! Plus the AMEX $2.5k offer this is a sweet deal and I actually made some money from it.
Does loancabin give instant info without credit pull?
Shahhere
Sure: its Loan Cabin and I applied online and called their phone number and got connected to a lady Samantha Schlarb 312-350-2324.
I am sure your rates will vary but for me: 240k/520k 800+credit with 2.75% and -$1000 credit.
The are slow but I asked for documents and said I am locked with the above and they will send disclosures (did not ask for a lock but i am good with the rates once i see the paperwork lol).
Shahhere
Can they force you to request a SS and apply? Any link? Lenders saying Apply and Provide SS.
The way i look at it having credit run in a 14day window for the same type is batched in a single query.
Shahhere
I suppose they could list the various rates based on different states, loan to value, payment to income ratio, various FICO scores, types of houses, etc. Way too many variables.
I did 6 or 7 different ones giving them all the information. Most did a REAL quote either on the stop or within a day.
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I am in process right now. Original quote for the Title section (C) was around $1,800 without appraisal. When the Better Title company got hold of it, it dropped to $1,500. I have a quote locally for $1200.
Anyone have any luck getting Better Title folks to adjust their rates?
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