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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
expiredGreenworld123 posted Dec 08, 2019 02:27 PM

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.
Community Notes
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 16, 2020 02:09 AM
1,018 Posts
Joined Mar 2019
CycloneFWJul 16, 2020 02:09 AM
1,018 Posts
Quote from Letsgogogo :
Was this confirmed by better? I heard that sometimes the credit just goes away. I guess that's not true?
https://selling-guide.fanniemae.c...7-2019.htm

https://selling-guide.fanniemae.c...inance.htm
Jul 16, 2020 02:10 AM
1,018 Posts
Joined Mar 2019
CycloneFWJul 16, 2020 02:10 AM
1,018 Posts
Quote from prs98 :
lock fee is refunded and should appear in LE as lender credit. Anyways good luck!
Only if you actually close with AFMC. If you end up elsewhere, you lose the lock fee.
Jul 16, 2020 02:12 AM
598 Posts
Joined Jan 2008
vulcanboltJul 16, 2020 02:12 AM
598 Posts
Quote from CycloneFW :
Only if you actually close with AFMC. If you end up elsewhere, you lose the lock fee.
I think he means , when better asks for a LE to match and if the rate is locked they don't ask for the LE to be dated within 24 hours and that window is more or non existent since the rate is locked
Jul 16, 2020 02:17 AM
1,228 Posts
Joined Dec 2007
tran1981Jul 16, 2020 02:17 AM
1,228 Posts
Quote from tedzo :
Martin Franco.

So, other than Better, WM and Loan Cabin, who else is quoting decent rates?
Do you have contact info?
Jul 16, 2020 02:19 AM
1,018 Posts
Joined Mar 2019
CycloneFWJul 16, 2020 02:19 AM
1,018 Posts
Quote from nagraw4 :
What do you mean when you say - Better also has a bigger window on rate locked LEs?
The first email from my concierge included
Quote from Better Loan Concierge Introduction Email :
We are also willing to make adjustments in case another lender is beating our deal. So keep any competing loan estimates or detailed fee sheets & send them my way for comparison. Keep in mind, that due to the volatile market trends, that we may need to have them dated within the last business day unless they're already locked in.
Jul 16, 2020 02:21 AM
1,018 Posts
Joined Mar 2019
CycloneFWJul 16, 2020 02:21 AM
1,018 Posts
Quote from dsrb4u :
I think he means , when better asks for a LE to match and if the rate is locked they don't ask for the LE to be dated within 24 hours and that window is more or non existent since the rate is locked
I'm confused by your statement. That is what I said upthread, not the person I'm quoting in my reply.

Quote from CycloneFW :
Proceed with LenderFi. When they lock your rate, that will generate a new Loan Estimate. Better also has a bigger window on rate locked LEs.
For the one I was answering above that you quoted me on, this is the conversation:
Quote from prs98 :
Try AFMC
Quote from nagraw4 :
I did. Their quote was about $500 off from watermark. But the biggest let down was they were charging $750 lock fee!
Quote from prs98 :
lock fee is refunded and should appear in LE as lender credit. Anyways good luck!
Quote from CycloneFW :
Only if you actually close with AFMC. If you end up elsewhere, you lose the lock fee.
Last edited by CycloneFW July 15, 2020 at 07:23 PM.
Jul 16, 2020 02:29 AM
93 Posts
Joined Jul 2018
prs98Jul 16, 2020 02:29 AM
93 Posts
Quote from CycloneFW :
Only if you actually close with AFMC. If you end up elsewhere, you lose the lock fee.
Yeah, only do this if AFMC is your best quote.

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Jul 16, 2020 02:34 AM
126 Posts
Joined Oct 2018
David9569Jul 16, 2020 02:34 AM
126 Posts
Quote from dakilla2571 :
Better matched my WM and sort of beat it by $100. He beat it by $100 if you include the appraisal fee and two survey fees which were included on the WM LE but left off the Better LE. In total that's $1275 in fees which are on the WM and not on the Better LE.

WM A+B+C = 5180 (includes $500 appraisal, $425 land survey, and $350 survey fee) less 2100 credit = 3080
Better A+B+C = $2980

But better already waives the appraisal fee and the survey fees (not sure why there are two) won't be charged anyway as I already have a survey. So i feel like those should be deducted out (or at the minimum the survey fees) should be deducted out, when Better runs the calculation to "beat" WM. Right?

Of course, Better sent over their LE at close and the email says I need to lock tonight or the rates expire. I've sent a reply email but they are already closed.

Any thoughts on what I should do? Go ahead and lock and then try to get an additional credit tomorrow? Or roll the dice that they will match tomorrow?
This is almost the exact situation I was in yesterday. For me, my LE included $450 in an appraisal that I already had proof was going to be unnecessary. So they "matched me +100 without an appraisal from them as a cost), but actually put me down -350. They had a high title quote though, so really only down 150.

I did try to "fight" it but couldn't get a hold of anybody but the receptionist folks all day. In the end my guy got back to me that the wait was he tried to get management to match it but they wouldn't... I think he was bull sh*tting me about that though. I think their policy is basically they will screw you as much as they can with their loan estimate. I think your case may have more merit than mine, but you'll probably just be wasting your time.

Some good news, the part about rates expiring at midnight is likely not going to be a problem. They confirmed that today.

In any case I locked in and I'm proceeding with Better, since with the $2500 they still beat LoanCabin by over 2K. I had a lot of trouble getting a hold of somebody after that, but when I called the receptionist woman was able to confirm the Amex offer was added.

My final numbers should be 290K off of 400K value 30 years 2.625 with no origination fees 1300 lender credits, and 2500 from Amex. Even if rates continue to go down, the Better/Amex offer is going away soon, so I'm happy.
Last edited by David9569 July 15, 2020 at 07:36 PM.
Jul 16, 2020 02:39 AM
166 Posts
Joined Dec 2010
nagraw4Jul 16, 2020 02:39 AM
166 Posts
Quote from CycloneFW :
The first email from my concierge included
So to clarify, if the rate is locked with a competitor, Better will consider a quote that is older than 24 hrs?
Jul 16, 2020 02:51 AM
10 Posts
Joined Jun 2020
GianAngeloGiraffeJul 16, 2020 02:51 AM
10 Posts
I'm closing with LD in the next couple of days. Thanks to everyone for your thoughts, info, and advice.

I would like to try to refi again if possible. Will the lenders permit me to refi to make my loan .125 lower? Or does it need to be . 25 lower or more? It is helpful to delete my current Better application and start over in hope of getting a loan officer that's more eager to match than my previous guy was? Thanks!
Jul 16, 2020 02:56 AM
126 Posts
Joined Oct 2018
David9569Jul 16, 2020 02:56 AM
126 Posts
This feels kind of like the elephant in the room, but why is Better doing this? How does it benefit them to match everybody else, and then also give $2500? And how does Amex fit into the equation if Better is the one paying for it? Is the RAT team trying to get inside info. on us?
Jul 16, 2020 03:10 AM
713 Posts
Joined Nov 2004
bobofooshJul 16, 2020 03:10 AM
713 Posts
Quote from bobofoosh :
They responded today they're trying to match. Will let me know tomorrow.
They said no match and came back with nothing. I'm going to probably go with LoanCabin. The interest savings is $20,000+ and OOP is still cheaper with LoanCabin even with the Amex credit at Better.
Jul 16, 2020 04:32 AM
36 Posts
Joined Jul 2009
lileorJul 16, 2020 04:32 AM
36 Posts
Quote from halluc1nati0n :
Can you let us know who charged the $200 mobile signing fee in the updated LE? Did it come from Better as you were not using their recommended title company?
I asked Better to use Fidelity for title/escrow, so the mobile signing fee estimated was provided by Fidelity. The actual charge was $175.
Jul 16, 2020 05:22 AM
3,754 Posts
Joined Oct 2010
k1ngkev1n1Jul 16, 2020 05:22 AM
3,754 Posts
Quote from lileor :
I asked Better to use Fidelity for title/escrow, so the mobile signing fee estimated was provided by Fidelity. The actual charge was $175.
My LE has 910 for section C how much is fidelity for the same service?

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Jul 16, 2020 06:14 AM
593 Posts
Joined Dec 2016
samsungs70Jul 16, 2020 06:14 AM
593 Posts
Quote from David9569 :
Until you have a loan estimate, I wouldn't trust what they said. They are probably talking about their fees, not total fees. I don't think you fully understand how this works yet. At the rate they are quoting you, not only should you not be paying out of pocket, but they should probably be putting many thousands of dollars in your pocket.
Thanks. So apparently my guy's rate is not good. I got it. But if he sent me a loan estimate and the total fees is $500 appraisal (or I could tell him that I only do it if he absorbed that $500) it's still not a good deal?

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