Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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3250 lender credit with ABC of 1376 with 2.375 rate in Texas and LTV ratio of 70 percent
Any recent offers that are better than this for 15 year ?
​
Depending on your goals, 2.25 might be better in the long run than 2.375 if you could negotiate on how much you save now.
30 year
2.625%
0 points
$1499 origination
$625 lender credit
Got an appraisal waiver. Fannie has my house at a ridiculous high value, but I'm not complaining.
Sent it to Better, but was thoroughly unimpressed with their customer service. Couldn't get a hold of anyone that could actually make a determination of if they could match it. And I've been contacted by three different people from better leading up to this but nobody can't return a message.
Meanwhile I have to say I've been very impressed with Watermark. Been dealing with one person. Emails/texts responded to in minutes and every time I've called he's picked up. Apparently my wife's company reports to some system they can use for income verification so I don't even have to send tax documents and W2s. They just needed homeowners dec sheet, mortgage statement, and photo IDs.
Edit: Figures, right after this got the updated loan estimate from Better. They ultimately did match.
Since watermark charges origination fee of $1500 and tries to compensate with lender credits to some degree, when better.com matches their offer, does it mean that better.com gave the same lender credits as watermark with NO origination charges since they won't have any similar to watermark? Only comparing the costs (A+B+C) against the Lender credits from better vs watermark.
If better.com could do that lender credit match or beat it, combined with Amex offer makes better.com offer a killer deal.
Trying to get some info ahead while waiting for better.com to respond with match or reject. Appreciate your insights. TIA
Someone reported that it's been 2 months and they still haven't received any credit from AMEX and not sure if that ever gets received.
Will we get any confirmation from AMEX that we were qualified for this offer after closure as an assurance to get this credit and it's just a matter of waiting longer similar to rebates ?
Trying to see if this discussion helps others to take the right call when they are factoring this $2500 credit from AMEX to make the right financial decision that cannot be undone.
Credit card companies like AMEX make money 2 ways:
1. The biggest is interest on balances paid by the customer
2. The second is fees they charge retailers to accept their card as payment. I don't know about now but back in the day AMEX had some of the highest retail fees because their card help prestige over other cards.
At one point in time, I think Visa and MC fees were about 2%-2.5% paid by retailers (actually customers because that $ is rolled into the sell price) while AMEX was 3-3.5%.
I think that % difference shrunk over the years because more and more retailers stopped accepting AMEX, which caused AMEX to lower their %.
In this case, if X number of people apply/get accepted solely for this offer, they will use their card at least a handful of times (even if they never carry a balance), that's pretty much free money to AMEX they really didn't have to promote.
TL
Credit card companies like AMEX make money 2 ways:
1. The biggest is interest on balances paid by the customer
2. The second is fees they charge retailers to accept their card as payment. I don't know about now but back in the day AMEX had some of the highest retail fees because their card help prestige over other cards.
At one point in time, I think Visa and MC fees were about 2%-2.5% paid by retailers (actually customers because that $ is rolled into the sell price) while AMEX was 3-3.5%.
I think that % difference shrunk over the years because more and more retailers stopped accepting AMEX, which caused AMEX to lower their %.
In this case, if X number of people apply/get accepted solely for this offer, they will use their card at least a handful of times (even if they never carry a balance), that's pretty much free money to AMEX they really didn't have to promote.
TL
If your Amex card is barely used, when then 2500 statement credit applies, does it become negative balance on the account for certain time until they decide to mail the remaining balance in the form of check? Personally, I only use Amex card where there are good offers from them to consider. Other cards I have seems to have at least better cash back.
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3250 lender credit with ABC of 1376 with 2.375 rate in Texas and LTV ratio of 70 percent
Any recent offers that are better than this for 15 year ?
​
If others have any better recommendations to at least get competitive lender offers for 15yr fixed term, please kindly share. 2.25% with $2200 in lender credits is the best I have analyzed so far for a 15yr fixed with around 50% LV ratio while having excellent credit score.
Since watermark charges origination fee of $1500 and tries to compensate with lender credits to some degree, when better.com matches their offer, does it mean that better.com gave the same lender credits as watermark with NO origination charges since they won't have any similar to watermark? Only comparing the costs (A+B+C) against the Lender credits from better vs watermark.
If better.com could do that lender credit match or beat it, combined with Amex offer makes better.com offer a killer deal.
Trying to get some info ahead while waiting for better.com to respond with match or reject. Appreciate your insights. TIA
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