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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.
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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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Jul 5, 2020
3,913 Posts
Joined Jan 2007
Jul 5, 2020
Freak4Dell
Jul 5, 2020
3,913 Posts
Quote from YanksIn2009 :
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.
Yeah, you're absolutely right that they are owned by the builder. They don't keep any loans; instead they sell them immediately. But at the rate differentials they're talking about, I find it real hard to believe that going down a quarter point, but still remaining half a point higher than competing offers, would have suddenly made my loan impossible to sell. And if it does, they need to find new buyers, because I know for a fact that there are lenders who sell their loans and still offer pretty good rates.

I have no problem with builders bringing services in-house to try and make more money. Like I said, I used their subsidiary insurance agency and title company. As long as the numbers work, I really don't care who owns what. The lending arm in particular just has their heads up their asses. I will say that while the sales guy seemed a tad annoyed that I chose not to go with their lender, he didn't put up a fight about at all. I was very clear with him from the beginning that I would choose whatever works best for me, and I told him I didn't care about the closing cost credit, and that was that. They didn't try to force me into using their lender or anything.
Jul 5, 2020
1,004 Posts
Joined Mar 2019
Jul 5, 2020
CycloneFW
Jul 5, 2020
1,004 Posts
On this builder-lender discussion where the builder charges more if you don't use their in-house lender, did they offer some option (even at a high rate) for no closing costs?

One could get the loan through them and refinance shortly thereafter if the numbers make sense.

That latter part may be exactly why you didn't though.
Jul 5, 2020
6,329 Posts
Joined Oct 2010
Jul 5, 2020
YanksIn2009
Jul 5, 2020
6,329 Posts
Quote from Freak4Dell :
Yeah, you're absolutely right that they are owned by the builder. They don't keep any loans; instead they sell them immediately. But at the rate differentials they're talking about, I find it real hard to believe that going down a quarter point, but still remaining half a point higher than competing offers, would have suddenly made my loan impossible to sell. And if it does, they need to find new buyers, because I know for a fact that there are lenders who sell their loans and still offer pretty good rates.

I have no problem with builders bringing services in-house to try and make more money. Like I said, I used their subsidiary insurance agency and title company. As long as the numbers work, I really don't care who owns what. The lending arm in particular just has their heads up their asses. I will say that while the sales guy seemed a tad annoyed that I chose not to go with their lender, he didn't put up a fight about at all. I was very clear with him from the beginning that I would choose whatever works best for me, and I told him I didn't care about the closing cost credit, and that was that. They didn't try to force me into using their lender or anything.
They can't force anyone into anything. All they can do is make it financially appealing or not. Like I said, they set it up so that if it is not at a certain threshold where they make whatever they want to make, they simply will not do it or budge. While not illegal, it is kind of ridiculous and like I said, some even go so far as to charge cash buyers more.

The one I mentioned before told my friend to take a loan and then refinance afterwards with someone else to get the "benefit" of the bogus closing cost savings. You know something is not kosher when they argue to not pay cash and in fact charge more for it. In this case they lost a customer for it which is just as well as my friend found a better place in a better area a month or so later. But the fact that the bogus loan was more important to them than a sale is also pretty revealing imo.
Jul 5, 2020
11,083 Posts
Joined Aug 2007
Jul 5, 2020
damnyou
Jul 5, 2020
11,083 Posts
Surprised to see that they are offering very high rates if you are buying investment property.
Jul 5, 2020
3,913 Posts
Joined Jan 2007
Jul 5, 2020
Freak4Dell
Jul 5, 2020
3,913 Posts
Quote from YanksIn2009 :
They can't force anyone into anything. All they can do is make it financially appealing or not. Like I said, they set it up so that if it is not at a certain threshold where they make whatever they want to make, they simply will not do it or budge. While not illegal, it is kind of ridiculous and like I said, some even go so far as to charge cash buyers more.

The one I mentioned before told my friend to take a loan and then refinance afterwards with someone else to get the "benefit" of the bogus closing cost savings. You know something is not kosher when they argue to not pay cash and in fact charge more for it. In this case they lost a customer for it which is just as well as my friend found a better place in a better area a month or so later. But the fact that the bogus loan was more important to them than a sale is also pretty revealing imo.
Yeah, agreed that's super shady and I would not have been happy with that. I could see them advising not to pay cash (obviously because they make more money, but it's also legitimately good advice when mortgages are so cheap), but charging more for cash is insane. I would have walked away as well. Luckily no such problems for me.
Pro
Jul 5, 2020
5,205 Posts
Joined Feb 2008
Jul 5, 2020
unlvrebels
Pro
Jul 5, 2020
5,205 Posts
Quote from damnyou :
Surprised to see that they are offering very high rates if you are buying investment property.
Investment properties generally get higher rate (especially during COVID) due to the increased risk of foreclosure. There are few lenders who give decent rates. Try AIM Loan.
Jul 5, 2020
11,083 Posts
Joined Aug 2007
Jul 5, 2020
damnyou
Jul 5, 2020
11,083 Posts
Quote from unlvrebels :
Investment properties generally get higher rate (especially during COVID) due to the increased risk of foreclosure. There are few lenders who give decent rates. Try AIM Loan.
Yeah I am talking with Provident about it. Thanks for another suggestion

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Jul 5, 2020
205 Posts
Joined Aug 2013
Jul 5, 2020
SomeXYZ
Jul 5, 2020
205 Posts
Hi,

Can some give me good lenders info in GA state?

Thanks.
Jul 5, 2020
11,083 Posts
Joined Aug 2007
Jul 5, 2020
damnyou
Jul 5, 2020
11,083 Posts
Quote from SomeXYZ :
Hi,

Can some give me good lenders info in GA state?

Thanks.
I am in GA and I would recommend starting with Provident. You can also contact Delta Community Credit Union. I also had good experience with small banks like Ameris (earlier known as Fidelity Bank), NorthPointe Bank and Rensant Bank. By small I meant not as large compared to Wells Fargo, Chase or BoA
1
Jul 5, 2020
205 Posts
Joined Aug 2013
Jul 5, 2020
SomeXYZ
Jul 5, 2020
205 Posts
Quote from damnyou :
I am in GA and I would recommend starting with Provident. You can also contact Delta Community Credit Union. I also had good experience with small banks like Ameris (earlier known as Fidelity Bank), NorthPointe Bank and Rensant Bank. By small I meant not as large compared to Wells Fargo, Chase or BoA
Thank you.
Jul 5, 2020
383 Posts
Joined Jun 2010
Jul 5, 2020
TxJDog
Jul 5, 2020
383 Posts
Quote from Mikey122687 :
Has anyone gotten better to "match" a lower rate (ie 2.75 to 2.625) during processing and after they cleared all lenders title?
yeah I was able to get them to match a rate 2 weeks prior to closing and also got them to offer a better lender credit on the same day that I received by Final Disclosures which was a week before closing.
Jul 5, 2020
384 Posts
Joined Apr 2016
Jul 5, 2020
physio1213
Jul 5, 2020
384 Posts
Quote from TxJDog :
yeah I was able to get them to match a rate 2 weeks prior to closing and also got them to offer a better lender credit on the same day that I received by Final Disclosures which was a week before closing.
If you can provide them official LE,then YES. By the time I went to get official LE rate changed again so I was left with an unofficial LE with lower rates. SO they didt honor the rate instead they gave me the lender credit. Ask for max lender credit you can think of and negotiate hard. I did all this a week before closing.
Jul 5, 2020
899 Posts
Joined Aug 2010
Jul 5, 2020
JetBlast
Jul 5, 2020
899 Posts
Quote from physio1213 :
If you can provide them official LE,then YES. By the time I went to get official LE rate changed again so I was left with an unofficial LE with lower rates. SO they didt honor the rate instead they gave me the lender credit. Ask for max lender credit you can think of and negotiate hard. I did all this a week before closing.
Did you email Arnold directly? I just sent an application to Loan Cabin as they had some really low advertised rates. I'm trying to close with Better on Friday so hoping to reduce my rate by another 1/8 and I'll be happy.
Jul 5, 2020
706 Posts
Joined Oct 2009
Jul 5, 2020
aroundtheriver
Jul 5, 2020
706 Posts
I combed through a few pages on the thread, but bumping this question...

I refinanced in April to a 20 year and received the $2,500 credit. Looking to refi again to drop the rate a bit before the promo expires. Has anyone successfully received the $2,500 twice on the same card?

It's showing in my Better account I qualify (concierge and free appraisal), though would love confirmation.

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Jul 5, 2020
1,004 Posts
Joined Mar 2019
Jul 5, 2020
CycloneFW
Jul 5, 2020
1,004 Posts
Quote from aroundtheriver :
Has anyone successfully received the $2,500 twice on the same card?
Yes, two folks shared about 10-15 pages back that they got both credits to the same card. One of them said the two credits were for different properties though. That same person is on round 3 now.

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