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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For me, not just blindly going with the lender will save me about $40K over the life of the loan. I'll spend a little more cash now, but will get huge savings overall. And this is a relatively small mortgage. A quarter point rate difference can make a huge impact on something like a jumbo loan. So it's absolutely worth shopping around, and worrying about credit inquiries is totally silly. With everything being online, it only took me a couple hours to shop around. I filled out applications one night before I went to bed, and started receiving calls the next day.
The only regret I have is that I didn't wait until getting the quotes from the credit unions before I asked Better for a price match. They granted the first match, but denied when I asked them again, likely because they knew they had already fulfilled the terms of their guarantee. Other people here were able to get great rates from Better by giving them a great rate to match in the first place. Lesson learned.
As a side note, shopping around also lets you learn which lenders are actually good to deal with. My builder's lender refused to price match, and acted like I was the stupid one for walking away from $10K in closing costs being paid (mind you, half of that is made up fees just so they can say they gave a huge discount). I wasn't happy with that loan officer from the start, but her reaction to me shopping around cemented my opinion about her being a totally awful person to work with. I'm sure she's accustomed to preying on people who don't bother shopping around. The guy at PenFed was super communicative at first, and I went as far as locking the rate and having him send me the paperwork to sign. At the the same time, UFCU was also sending me their paperwork, and I ultimately decided to go with them, so I never signed the paperwork with PenFed. I have yet to receive a call or email about that from them. If they can't bother following up on an almost-done application, I'm not super confident they would be good to work with through closing. I have a few more days to go before closing, so I hope I'm not jinxing it, but so far I'm happy with the lender I chose.
Builder's with their own financing company or a relationship with one are often shady as they come in my experience. I had a friend who was looking at a new construction and the builder kept pushing the financing and no closing costs which was only if you went through their company.
My friend was looking to pay cash and the builders were going to charge him more let alone not cover closing costs. Even the real estate agent called them out for running a scam on cash buyers with that. They want you to take a loan out through their firm because they make a lot of money off the loan over time and the terms are often no where near as good as elsewhere. In this case, they actually wanted to raise the price of the home for cash buyers, which beyond being unethical, I thought was illegal, but just their attitude was enough to make my friend run away from them.
Again, I did not mean to not shop around
For me, not just blindly going with the lender will save me about $40K over the life of the loan. I'll spend a little more cash now, but will get huge savings overall. And this is a relatively small mortgage. A quarter point rate difference can make a huge impact on something like a jumbo loan. So it's absolutely worth shopping around, and worrying about credit inquiries is totally silly. With everything being online, it only took me a couple hours to shop around. I filled out applications one night before I went to bed, and started receiving calls the next day.
The only regret I have is that I didn't wait until getting the quotes from the credit unions before I asked Better for a price match. They granted the first match, but denied when I asked them again, likely because they knew they had already fulfilled the terms of their guarantee. Other people here were able to get great rates from Better by giving them a great rate to match in the first place. Lesson learned.
As a side note, shopping around also lets you learn which lenders are actually good to deal with. My builder's lender refused to price match, and acted like I was the stupid one for walking away from $10K in closing costs being paid (mind you, half of that is made up fees just so they can say they gave a huge discount). I wasn't happy with that loan officer from the start, but her reaction to me shopping around cemented my opinion about her being a totally awful person to work with. I'm sure she's accustomed to preying on people who don't bother shopping around. The guy at PenFed was super communicative at first, and I went as far as locking the rate and having him send me the paperwork to sign. At the the same time, UFCU was also sending me their paperwork, and I ultimately decided to go with them, so I never signed the paperwork with PenFed. I have yet to receive a call or email about that from them. If they can't bother following up on an almost-done application, I'm not super confident they would be good to work with through closing. I have a few more days to go before closing, so I hope I'm not jinxing it, but so far I'm happy with the lender I chose.
At the end of the day, I just don't see why it matters. Nobody should be window shopping a mortgage. Publicly available rates give more than enough information to know whether it's time to be serious about buying or refinancing, and if you are serious, you will have to do at least 1 hard inquiry. Given that 1 hard inquiry has the exact same effect as 20 hard inquiries, there's really no downside to just doing the credit check. Unless you're just paranoid about security or something. I would say the only time to be worried about a credit check is if you're on the fence about whether you'll be approved for a loan at all. But for that, there's plenty of lenders that can do a pre-qualification with a soft check, so impact.
Thats why its so invaluable to have a website like this and people's contribution like mine and others who are posting their own rates and % and points which helps not having to submit and get Loan Estimates yourself.
These numbers sharing should give you a very good baseline of what your numbers should be given the same credit guideline and the fact that rates did not drastically change since the OP posted.
https://slickdeals.net/e/1223863-03-06-2009-best-mortgage-rates-from-big-reputable-lenders-30year-5-15year-5-arm-s-etc
Shahhere
https://slickdeals.net/e/1223863-03-06-2009-best-mortgage-rates-from-big-reputable-lenders-30year-5-15year-5-arm-s-etc
Shahhere
Shahhere
LOL, anyone know how to revive an archive? From FW where I had a much much longer thread but its dead:
https://www.fatwallet.c
Shahhere
I have copied the shell over to a new thread that i'll link in the wiki of this one:
https://slickdeals.net/f/14173061-07-04-2020-best-mortgage-rates-from-big-reputable-lenders-and-sd-reviews-30year-2-75-15year-2-25-etc?v=1&p=13852
People who have good LE can reply to to that thread and i'll update the main post with the lender information.
Shahhere
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My friend was looking to pay cash and the builders were going to charge him more let alone not cover closing costs. Even the real estate agent called them out for running a scam on cash buyers with that. They want you to take a loan out through their firm because they make a lot of money off the loan over time and the terms are often no where near as good as elsewhere. In this case, they actually wanted to raise the price of the home for cash buyers, which beyond being unethical, I thought was illegal, but just their attitude was enough to make my friend run away from them.
Again, I did not mean to not shop around
I am in CA, excellent credit score, and LTV will be around 60%. It will be regular conventional loan (loan amount around 300K).
Thanks.
I am in CA, excellent credit score, and LTV will be around 60%. It will be regular conventional loan (loan amount around 300K).
Thanks.
I don't know if this Better offer will still be around, but it's unlikely that interest rates are going to change much in the next few months. So it's probably a waste of time thinking about it right now. Once you get closer to completion on the build, start shopping around and find a loan that works best for you.
I don't know if this Better offer will still be around, but it's unlikely that interest rates are going to change much in the next few months. So it's probably a waste of time thinking about it right now. Once you get closer to completion on the build, start shopping around and find a loan that works best for you.
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Actually, you probably would find the lender is owned in part at least by the same people who are behind the construction. It is basically a pseudo-scam imo where they offer a "deal" on closing costs but only if you go through a lender they own in whole or part. Basically it is designed to make even more money off an inflated rate loan\financing. They will not budge because they have no incentive to offer comparable rates to other lenders. Their incentive is to make money off the new construction at a certain level and if they can't get that done, they don't want to finance your loan at a lower rate and take on the risk. They are basically not in the loan business, but in the loan business for the new construction only at inflated rates. All of which I suppose is legal until possibly imo they start charging more to cash buyers, but somehow they do not get called out on it.
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