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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Disclosed rate assumes a $600,000 rate and term refinance loan on an owner-occupied single family residence in California.
Minimum 740 FICO credit score, 50% loan to value with no subordinate debt. If these factors are not met, you may still qualify
and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify.
I applied last week at 3.375% with $2000+ in costs and 2 days ago I had Better Match down to 2.75% with $1000 in credit.
I went to go lock today and I am seeing the rates all different and almost back at the 3.35% rate and am not sure if its because of the holiday but the Loan Estimate numbers are not the rate.
Shahhere
Now, I am trying to match AIM Loan's LE that shows 2.875% with about $1900 cost (without prepaids and escrow).
It depends upon location. It may take 10-20 days.
My rate is for a 15 years; investment property; I locked it for 3.25% ($180K loan) with about $1800 cost (without prepaids and escrow). AIM Loan's cost was $3500.
Now, I am trying to match AIM Loan's LE that shows 2.875% with about $1900 cost (without prepaids and escrow).
I have refinanced IP several times (Mr Copper, AIMLoan, ongoing with Better). I believe it is required only for certain areas. I have never paid flood insurance.
AIM's lender fee is $1000. I tried many websites. AIM seems to be lowest for my investment property.
I don't know if there is a time limit or what.... today in trying to lock in not seeing the rates which I did yesterday so not sure if I should lock and then ask to update to the matched LE or get it updated first before locking.
Shahhere
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only one way to find out. Let us know, it has worked for some people in this thread
I don't know if there is a time limit or what.... today in trying to lock in not seeing the rates which I did yesterday so not sure if I should lock and then ask to update to the matched LE or get it updated first before locking.
Shahhere
You might want to look in to amortization calculators that deal with extra payments.You make the extra payments towards the principal balance.
If you add an extra payment per year, or 1/12th of a payment per month it makes a difference.
NO. THERE IS NO WAY TO PAY INTEREST IN ADVANCE. (unless you have a crooked lender)
You pay interest on the CURRENT PRINCIPLE. If you pay down the principle, then the interest portion of your monthly payments will go down. In reality, if you rmonthly payment is set at $xxx at the start, it will always be that. You can not pay a lower amount, no matter how much you have paid down. But that is okay - just how they do it. Your loan balance will get to zero quicker.
If you pay $50k towards principle, then your loan will be paid off much sooner than originally planned, and that is where you say interest expense.​
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If you had a loan for $300k, and then sold the house a month later, you would have to pay off the loan with a balance of around $299,800 (rough estimate). And if you had given the $50k of interest, what do you think would happen to that $50k? Tough $shit.
But, if you had paid $50k in principle, you would then owe only $249,800.
The interest is not fixed for 30 years. The percent is fixed and it is applied monthly towards the current balance.
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