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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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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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9,848 Comments

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Jul 9, 2020
900 Posts
Joined Nov 2017
Jul 9, 2020
gk6740
Jul 9, 2020
900 Posts
Quote from k1ngkev1n1 :
has anyone confirmed you dont need an email from amex or offer to get this deal as long as you have an amex card/account? I havent gotten any email or offer, but i have the amex preferred card and blue cash.

thanks,
Reading will help. Maybe a post about 5-10 before yours.
Jul 9, 2020
350 Posts
Joined Jun 2012
Jul 9, 2020
flyeaglesfly33
Jul 9, 2020
350 Posts
Quote from MGoBlue87 :
flyeaglesfly33 - Escrow is actually determined under RESPA laws, and should be the same whether you go with one vendor or another.

The RESPA law states that a lender may (read may as will) keep a cushion of 2 months of escrow as the lowest point during the year.

So, what you need do is go through and look at when Homeowners, taxes, and any other escrow items (HOA/Mortgage insurance) come out, and figure that your $$ comes in on the first and budget when the money goes out. You should aggregate that by month, and then see what month is your lowest balance. That "lowest balance" needs to be the equivalent of two months of your escrow payments. Your initial deposit will need to ensure that the low point is 2-months balance.

Additionally, since it can take up to 45-60 days for the mortgage to be sold and settle at a servicer, the lender is going to protect themselves and require you to bring taxes to the closing table. Since your mortgage collateral is "in limbo" until it is recorded in your county's records, their official "lien" on the property cannot be enforced until that point. So, to protect themselves, they require you bring the taxes to the table to ensure that the taxing authorities cannot place a lien against your house before their lien is filed. Once the mortgage is filed, the "title insurance" that they have would be in alignment with what you agreed to in the course of underwriting, and thus any future tax liens would be subjected to the terms of the mortgage document filed with the county.

Does that help at all? Effectively, escrow prepaids/taxes/insurance should be the same amount of money whether you refinance at better.com or at any other lender, with the same closing date.
I understand what you are saying, but my new loan will not have an escrow account (my old one didn't either) that is why I feel I should not need to pay these prepaids to an account that will not exist.
Jul 9, 2020
3,720 Posts
Joined Oct 2010
Jul 9, 2020
k1ngkev1n1
Jul 9, 2020
3,720 Posts
Quote from gk6740 :
Reading will help. Maybe a post about 5-10 before yours.
thanks for the help! standup contributing member to this thread...Peace
2
Jul 9, 2020
5 Posts
Joined Sep 2006
Jul 9, 2020
ttlax
Jul 9, 2020
5 Posts
Quote from flyeaglesfly33 :
I understand what you are saying, but my new loan will not have an escrow account (my old one didn't either) that is why I feel I should not need to pay these prepaids to an account that will not exist.
The general rule is if it is due within 2 months of closing they can require it to be paid, even with no escrow. I had a company wanting me to pay the rest of my annual insurance premium that had 10 months left. Taxes make sense if due within 2 months of closing.
Jul 9, 2020
350 Posts
Joined Jun 2012
Jul 9, 2020
flyeaglesfly33
Jul 9, 2020
350 Posts
Quote from ttlax :
The general rule is if it is due within 2 months of closing they can require it to be paid, even with no escrow. I had a company wanting me to pay the rest of my annual insurance premium that had 10 months left. Taxes make sense if due within 2 months of closing.
My taxes are actually due 10/31 but if paid by 8/31 you get a 2% discount. They are asking for the 10/31 amount on the disclosure. I plan on paying these on my own by 8/31.
Last edited by flyeaglesfly33 July 9, 2020 at 10:24 AM.
Jul 9, 2020
21,650 Posts
Joined Jun 2005
Jul 9, 2020
shhaggy
Jul 9, 2020
21,650 Posts
Quote from tamuk :
What credit score is required to qualify for 2.875% rate. I just checked their current rates and lowest I am seeing for the excellent score is 3.5%. Am I missing something?
Advertised rates almost always include buying points.
Jul 9, 2020
728 Posts
Joined Dec 2008
Jul 9, 2020
braveheart2012
Jul 9, 2020
728 Posts
Need help - I called my previous title agent company to get the fees on reissuance of the title but they refused to give any fees until the lender opens up with the open order account with them. it is really confusing. how to shop around title insurance.

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Jul 9, 2020
2,741 Posts
Joined Jun 2008
Jul 9, 2020
KaatuPaadi
Jul 9, 2020
2,741 Posts
Quote from sleekwallet :
what?
I went through the whole process in 10 days without talking to anyone, all by email and the better webpage.

I don't understand what you are trying to say
I know. I had confusion with appraisal being schedule twice and getting a match etc etc... Nobody responds quickly and u can never talk to your concierge or processing expert.. Im a first time buyer and I might have more expectations... So not sure but looks like they are busy
Jul 9, 2020
755 Posts
Joined Oct 2007
Jul 9, 2020
swine
Jul 9, 2020
755 Posts
Quote from braveheart2012 :
Need help - I called my previous title agent company to get the fees on reissuance of the title but they refused to give any fees until the lender opens up with the open order account with them. it is really confusing. how to shop around title insurance.
You can use any title company. Not necessary your previous one, to get the reissue discount. It is universal
Jul 9, 2020
3,686 Posts
Joined Jul 2012
Jul 9, 2020
MilesHunter
Jul 9, 2020
3,686 Posts
Quote from k1ngkev1n1 :
get an offer from loan cabin see what they give you. watermark was 2.75% no points as well.
Not really wanting to read through, but does loan cabin require hard pull?
1
Jul 9, 2020
103 Posts
Joined Oct 2018
Jul 9, 2020
OrangeGiraffe2877
Jul 9, 2020
103 Posts
Quote from shahhere :
To be honest if you read the bulk of this thread you'll get your answers and I get it that the thread is long but in these cases reading the last 10 pages will give you a gist of what the current situation is.




1) I've read through this thread and notice many of you have significantly larger credits - is that part of the standard rate quote or discounts offered by your loan person (like my tiny $500)?


Shopping for Rate should be done on whats called a PAR rate or the rate that nets you the closest without paying Points or exuberant costs out of pocket. So for example a 3% rate nets you to pay $300 in fees before 3rd party then from there people (like me) sometimes elect to go up in the rate for more credit. In this example I'll go up to 3.25% and get $2900 in negative points (credit) to close the loan.


The above example depends on several factors such as your loan balance; your credit score etc....so if you only have a $100,000 balance you wont see as big a credit vs someone who has a $300,000 balance.


The rates are so low right now that the lenders are keeping the % high enough but are offering credits back to people is what I think.





2) When presenting the LE, is it customary for Better to beat or simply match the competition?


Better used to match/beat more often based on the responses in the past few months than now in the past 2-4 weeks. In my personal case they came close to the lenders match but are still off by $600+ and if you account for the other LE without the appraisal costs it would be almost $1200; all this not counting their $1000 guarantee which they are no longer doing in lieu of the Amex credit which they are putting in the response.


3) Owning.com: does anyone have any recent experiences to share? My whole office got the 2.99 with zero out-of-pocket costs, and now they're 2.75 but I'm waiting to for them to take loans under $300k


Many people are quoting them and are so far saying that their rates are very competitive but it looks like they are only in Cali so the responses are limited.


4) I've got an investment property as well, and Lenderfi's rates appear to be as low as owner-occupied rates: is it wise or do-able to have two applications happening at the same time? Ideally I would go with Better for my primary home and Lenderfi for the rental


My advice (please note that I am not a certified Mortgage broker so take this on your own accord) is that you line up 4, 6,8, 10 lenders that give you the rate quote before running credit so you have an idea who is worthy of a good rate. Then formally apply to all those that meet your criteria all withing days. Let them run credit as credit checks within the same window count almost as a single hard credit pull especially for mortgage checks and I believe its a 15 day period.


Then once you have gotten Lender Estimates (LE) see if anyone of those lenders are willing to beat your best offer and if the rate looks good your priority would be to lock that rate else it will not stick. Advantage is that you've got that quoted rate without changing and the Downside is that if the rate goes lower you wont be allowed by most lenders to move down or take a bigger credit and will in most cases have to wait another 6 months to reapply with them.


Shahhere
This is a 365-page thread, not realistic for 99% of SDers to read through too much.

Can we take this comment (which is very helpful) and try to turn into a wiki? Not sure if there are any mods who can help in that regard
Jul 9, 2020
3,720 Posts
Joined Oct 2010
Jul 9, 2020
k1ngkev1n1
Jul 9, 2020
3,720 Posts
Quote from MilesHunter :
Not really wanting to read through, but does loan cabin require hard pull?
for an official Loan estimate yes, but they will tell you the rates and stuff and email you a quote with pts and stuff.
Jul 9, 2020
2,520 Posts
Joined Aug 2007
Jul 9, 2020
sleekwallet
Jul 9, 2020
2,520 Posts
Quote from OrangeGiraffe2877 :
This is a 365-page thread, not realistic for 99% of SDers to read through too much.

Can we take this comment (which is very helpful) and try to turn into a wiki? Not sure if there are any mods who can help in that regard

sure dude, go for it
Jul 9, 2020
41,436 Posts
Joined Apr 2006
Jul 9, 2020
SDRebel
Jul 9, 2020
41,436 Posts
Quote from flyeaglesfly33 :
Even if I am not escrowing? It just seems odd to me that I have to prepay something that will not exist?
if you are not doing escrow, then it's something else...

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Jul 9, 2020
900 Posts
Joined Nov 2017
Jul 9, 2020
gk6740
Jul 9, 2020
900 Posts
Quote from MilesHunter :
Not really wanting to read through, but does loan cabin require hard pull?
If you read the posts from even the past day you will get the answer to this question, and many others that you may not even know about.

I get folks do not want to read 5000 posts, but maybe a few hundred to save thousands of dollars?

And maybe not ask the same questions that get asked multiple times each day.

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