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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

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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9,848 Comments

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Jul 16, 2020 11:15 PM
3,754 Posts
Joined Oct 2010
k1ngkev1n1Jul 16, 2020 11:15 PM
3,754 Posts
Quote from myles370 :
Loan Cabin had the best rates by far out of all of discount originators I tried online. Yesterday, on 30 year FRM they sent me 2.875% with $5800 lender credit. Sent to Better to match and they said they have a $5000 lender credit cap so after adjusting the rate table to match this Loan Cabin quote, Better offered 2.75% with $4550 lender credit. Already have an updated LE from Better so will proceed accordingly. This is like the 5th competitor quote Better has done for me since locking in last Monday 7/6/20. I've had great customer service.
dam really good beats my 3600 credit haha.
Jul 16, 2020 11:15 PM
43 Posts
Joined Jan 2019
superwalletJul 16, 2020 11:15 PM
43 Posts
Quote from skdeal :
Mine was $510,000 and Better matched it to Lenderfi.
Mine was $560K loan and Better refused to match the LE from Loan Cabin.

I have a comparable LE from Lenderfi. Any tips on getting Better to match it?
Jul 16, 2020 11:21 PM
1,228 Posts
Joined Dec 2007
tran1981Jul 16, 2020 11:21 PM
1,228 Posts
LenderFi said they can not provide lender credit greater than closing cost? They can do 30yr fix 2.625 to cover A+B+C but only cover D (A+B+C) + E at 2.75. Not sure what to take? E is ~$1000 more.
Last edited by tran1981 July 16, 2020 at 04:31 PM.
Jul 16, 2020 11:45 PM
105 Posts
Joined Sep 2010
myles370Jul 16, 2020 11:45 PM
105 Posts
Quote from David9569 :
Why does Better keep matching? Don't they know that the other offer is actually worse when you lose your 2500K? Are they in the middle of preceding on the loan?
No idea. I've never ever seen a lender willing to adjust a locked in rate after locking in unless a material change occurs (like 0.75% change in rate) which usually never happens. I guess it's their policy to try and not be beat by competitors. The $2500 AMEX promo just really sweetens the deal.
Jul 16, 2020 11:46 PM
105 Posts
Joined Sep 2010
myles370Jul 16, 2020 11:46 PM
105 Posts
Quote from k1ngkev1n1 :
dam really good beats my 3600 credit haha.
On 7/6 I started with 2.875% and I think a $1k lender credit. Insane what over a week will do you rates In this environment and the fact that Better was still OK with matching.
Jul 16, 2020 11:49 PM
105 Posts
Joined Sep 2010
myles370Jul 16, 2020 11:49 PM
105 Posts
Quote from prs98 :
this is awesome. just make sure you get $2500 on top of it Smilie
Oh 100%. Ive already asked my loan concierge about 3 times to confirm my app was tied to AMEX promo and when to expect the task of providing my card number. Not missing out on that. Coming out about $3k cash flow positive at closing once get the $2500 statement credit, then another $275/mo interest savings thereafter. So crazy.
Jul 16, 2020 11:52 PM
3,754 Posts
Joined Oct 2010
k1ngkev1n1Jul 16, 2020 11:52 PM
3,754 Posts
Quote from myles370 :
Oh 100%. Ive already asked my loan concierge about 3 times to confirm my app was tied to AMEX promo and when to expect the task of providing my card number. Not missing out on that. Coming out about $3k cash flow positive at closing once get the $2500 statement credit, then another $275/mo interest savings thereafter. So crazy.
How much r ur closing costs?

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Jul 16, 2020 11:57 PM
2,022 Posts
Joined Feb 2008
stm69Jul 16, 2020 11:57 PM
2,022 Posts
Anyone know what Loan Cabin's costs generally look like? Just browsing their site, I'm getting a 2.375% rate buying half a point for a 30 year, but unsure what their A+B+C looks like at that. If they're reasonable, that would be about a costless 2.5% or credits back at 2.625%
Jul 17, 2020 12:03 AM
93 Posts
Joined Jul 2018
prs98Jul 17, 2020 12:03 AM
93 Posts
Quote from myles370 :
Oh 100%. Ive already asked my loan concierge about 3 times to confirm my app was tied to AMEX promo and when to expect the task of providing my card number. Not missing out on that. Coming out about $3k cash flow positive at closing once get the $2500 statement credit, then another $275/mo interest savings thereafter. So crazy.
beauty of a helpful community Smilie
Jul 17, 2020 12:11 AM
105 Posts
Joined Sep 2010
myles370Jul 17, 2020 12:11 AM
105 Posts
Quote from k1ngkev1n1 :
How much r ur closing costs?
a+b+c = $1670

Gross closing costs + prepaids + new escrow = $8367
Less lender credit = ($4513)
Net closing costs + prepaids + new escrow = $3854

Offset by Amount in escrow at current lender to be refunded of $4400 + AMEX statement credit of $2500.
Jul 17, 2020 12:15 AM
105 Posts
Joined Sep 2010
myles370Jul 17, 2020 12:15 AM
105 Posts
Quote from stm69 :
Anyone know what Loan Cabin's costs generally look like? Just browsing their site, I'm getting a 2.375% rate buying half a point for a 30 year, but unsure what their A+B+C looks like at that. If they're reasonable, that would be about a costless 2.5% or credits back at 2.625%
My LE from Loan Cabin has $0 origination fee, $510 appraisal fee, $2048 title fees so a+b+c of $2558. Their title fees are definitely on the high end but can shop around for those and use a lower cost title company. Their rate pricing was by far the best as compared to the other 6 or 7 I got quotes from. Samantha was great and was OK only communicating via email and no questions asked was fine with emailing over quote on formal LE form. I do think they are slammed though. I had to follow up with them a couple times after submitting application to get a quote but was 100% worth it.
Jul 17, 2020 12:42 AM
3,754 Posts
Joined Oct 2010
k1ngkev1n1Jul 17, 2020 12:42 AM
3,754 Posts
Quote from myles370 :
a+b+c = $1670

Gross closing costs + prepaids + new escrow = $8367
Less lender credit = ($4513)
Net closing costs + prepaids + new escrow = $3854

Offset by Amount in escrow at current lender to be refunded of $4400 + AMEX statement credit of $2500.
Oh maybe my credit is lower too bc I don't have an escrow but urs is a great deal.
Jul 17, 2020 12:46 AM
126 Posts
Joined Jun 2020
LetsgogogoJul 17, 2020 12:46 AM
126 Posts
a+b+c = $1670

Gross closing costs + prepaids + new escrow = $8367
Less lender credit = ($4513)
Net closing costs + prepaids + new escrow = $3854

Offset by Amount in escrow at current lender to be refunded of $4400 + AMEX statement credit of $2500.



Is this $4400 in cash back to you?
Jul 17, 2020 12:56 AM
105 Posts
Joined Sep 2010
myles370Jul 17, 2020 12:56 AM
105 Posts
Quote from Letsgogogo :
a+b+c = $1670

Gross closing costs + prepaids + new escrow = $8367
Less lender credit = ($4513)
Net closing costs + prepaids + new escrow = $3854

Offset by Amount in escrow at current lender to be refunded of $4400 + AMEX statement credit of $2500.



Is this $4400 in cash back to you?
Yes - will be refunded back from previous lender via check within a 5-7 days after closing. The new refi is establishing an entirely new escrow balance. So the previous escrow old lender is holding is refunded back to you. So take a look at what your escrow balance is on most recent mortgage statement and factor that as being refunded back to you into your math.
Last edited by myles370 July 16, 2020 at 05:58 PM.

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Jul 17, 2020 12:57 AM
5,266 Posts
Joined Jul 2006
shahhereJul 17, 2020 12:57 AM
5,266 Posts
Quote from Letsgogogo :
a+b+c = $1670

Gross closing costs + prepaids + new escrow = $8367
Less lender credit = ($4513)
Net closing costs + prepaids + new escrow = $3854

Offset by Amount in escrow at current lender to be refunded of $4400 + AMEX statement credit of $2500.



Is this $4400 in cash back to you?

That sounds like he is saying his Escrows from the current lender will be refunded back to him since the new Escrows will fund them.


Shahhere

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