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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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Jul 17, 2020 10:15 PM
233 Posts
Joined Sep 2008
dealer89Jul 17, 2020 10:15 PM
233 Posts
Quote from skdeal :
Did this task show up initially or later in the process. I locked yesterday and immediately multiple tasks showed up to upload documents and signatures etc. but didn't see anything related to "Eligible card for statement credit". Wondering if I need to reach out to Beter and ask about it.

It is almost the last task before closing
Jul 17, 2020 10:33 PM
5,265 Posts
Joined Jul 2006
shahhereJul 17, 2020 10:33 PM
5,265 Posts
Quote from yoyospy :
Does any one have a sample LE from WaterMark?

Over the phone he gave me number of 2.625 with lender credit of $1800 for a 30 year fixed.

Only problem is that he's pretty much refusing to give me a LE unless i lock.

Can i lock and then back out?

Can i just get a copy of LE and fill out his numbers just so i can use it for better.com to compete. This is super frustrating.

Locking will essentially prevent you from reapplying with them for a while; its 6 months in most/many cases so thats what you'd lose. They like other lenders dont want you to keep shopping them over and over again.


Most lenders are willing to beat/match including Watermark who has said that if you find a lower LE they'll match/beat (lets see).


Shahhere
Jul 17, 2020 10:50 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 10:50 PM
93 Posts
Quote from BabyDoll123 :
Credit is above 800 but loan is 190K. I was wondering if it is because the loan amount is below 200? Any advice ? Thank you!
I think someone beat me to the punch. Try rolling in escrow, if it is refi ask the loan officer to raise the appraisal value of home to next tier (even if redfin/zillow says X$ ask him/her to bump it up to understand where the next drop in rates occurs. If the appraisal gets waived then you are gold. DOn't do cash out refi or this method won't work).

Lastly shop around, you started with better. Posts indicate that rates will be initially better with loan depot, loan cabin, watermark.
Jul 17, 2020 10:52 PM
1,018 Posts
Joined Mar 2019
CycloneFWJul 17, 2020 10:52 PM
1,018 Posts
Quote from shahhere :
Locking will essentially prevent you from reapplying with them for a while; its 6 months in most/many cases so thats what you'd lose. They like other lenders dont want you to keep shopping them over and over again.


Most lenders are willing to beat/match including Watermark who has said that if you find a lower LE they'll match/beat (lets see).


Shahhere
For Watermark it is 60 days. I asked when they couldn't meet Better's offer inclusive of Amex. Had they done that, I would have just wrapped up with them. But I did ask when I can come back to them "if rates continue to make another refi worthwhile" and my loan officer said 60 days. Meanwhile, they were willing to meet/beat other offers, but the Amex credit had to be on the Loan Estimate. I didn't fault them for having that as a requirement.
Jul 17, 2020 10:58 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 10:58 PM
93 Posts
Quote from Letsgogogo :
Is it possible to change estimated property value after lock?

I don't want appraisal coming in low, and affecting me later on. For those of you who changed it, did rate/lender credit change at all?
It changes. My loan officer bumped up the appraisal value as high as possible to see where he can go to drop the rates and max out credits. If your LO didn't do that for you that person isn't a good one. The key to this is the appraisal waiver. It happens for refi often, especially in hot markets (e.g., san fran) and when you purchased the property recently (say couple years back). Try calling your loan officer to argue change to appraisal and re-eval of rate. Threaten if you he/she says no. You can still shop around.
Jul 17, 2020 11:03 PM
126 Posts
Joined Jun 2020
LetsgogogoJul 17, 2020 11:03 PM
126 Posts
Quote from JasonC8362 :
It changes. My loan officer bumped up the appraisal value as high as possible to see where he can go to drop the rates and max out credits. If your LO didn't do that for you that person isn't a good one. The key to this is the appraisal waiver. It happens for refi often, especially in hot markets (e.g., san fran) and when you purchased the property recently (say couple years back). Try calling your loan officer to argue change to appraisal and re-eval of rate. Threaten if you he/she says no. You can still shop around.
I'm going with better.com, so apparently, they're not the brightest.

I'd rather just put 440k when the actual price is 460k just for peace of mind. But, I did put in 460k, and I'm forced into appraisal.
Jul 17, 2020 11:06 PM
2,853 Posts
Joined Jun 2008
KaatuPaadiJul 17, 2020 11:06 PM
2,853 Posts
So my loan is approved.. How long for me to get the loan disclosure and option to choose closing date??.

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Jul 17, 2020 11:07 PM
126 Posts
Joined Jun 2020
LetsgogogoJul 17, 2020 11:07 PM
126 Posts
Quote from JasonC8362 :
It changes. My loan officer bumped up the appraisal value as high as possible to see where he can go to drop the rates and max out credits. If your LO didn't do that for you that person isn't a good one. The key to this is the appraisal waiver. It happens for refi often, especially in hot markets (e.g., san fran) and when you purchased the property recently (say couple years back). Try calling your loan officer to argue change to appraisal and re-eval of rate. Threaten if you he/she says no. You can still shop around.
Does it matter in cases of 50% LTV v 54% LTV? Or 60% LTV and 63% LTV?
Jul 17, 2020 11:07 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 11:07 PM
93 Posts
Deleted.
Last edited by JasonC8362 July 17, 2020 at 04:20 PM.
Jul 17, 2020 11:20 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 11:20 PM
93 Posts
Quote from Letsgogogo :
Does it matter in cases of 50% LTV v 54% LTV? Or 60% LTV and 63% LTV?
Depends. The rates will drop as your LTV drops but only the LO will know as they put into their system.
Jul 17, 2020 11:22 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 11:22 PM
93 Posts
Quote from yoyospy :
Does any one have a sample LE from WaterMark?

Over the phone he gave me number of 2.625 with lender credit of $1800 for a 30 year fixed.

Only problem is that he's pretty much refusing to give me a LE unless i lock.

Can i lock and then back out?

Can i just get a copy of LE and fill out his numbers just so i can use it for better.com to compete. This is super frustrating.
Yes you can lock and back out. Whatever fees you put in or agree on (I think lenderfi asks you 750$ for a lock) you will have to pony up. Make sure with your LO that you aren't putting money in. I paid 20$ for a credit check at Loan Depot and that was it and luckily it was the best rate. I could care less of losing it if it meant hundreds or a thousand+ difference.
Last edited by JasonC8362 July 17, 2020 at 04:41 PM.
Jul 17, 2020 11:23 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 11:23 PM
93 Posts
Quote from Letsgogogo :
Does it matter in cases of 50% LTV v 54% LTV? Or 60% LTV and 63% LTV?
You gotta ask your LO to put in to find the sweet spot. once you know what it is use that whenever you ask for an estimate with a different lender.
Jul 17, 2020 11:24 PM
126 Posts
Joined Jun 2020
LetsgogogoJul 17, 2020 11:24 PM
126 Posts
Quote from JasonC8362 :
Depends. The rates will drop as your LTV drops but only the LO will know as they put into their system.
Yeah hard to tell. I got it matched from a competing lender, so I don't know how they input it. They are not the brightest LO, as everyone on this thread knows. I'd have avoided them 100% if I was purchasing a house.
Jul 17, 2020 11:32 PM
93 Posts
Joined Feb 2017
JasonC8362Jul 17, 2020 11:32 PM
93 Posts
Quote from Letsgogogo :
Yeah hard to tell. I got it matched from a competing lender, so I don't know how they input it. They are not the brightest LO, as everyone on this thread knows. I'd have avoided them 100% if I was purchasing a housey
My 1st tier for a rate drop required 10% increase in property value from when I bought 1 year ago. That isn't so bad. The next tier required a 30% bump up (unrealistic ot expect that in 1 year). If I pursued the 30% bump, I would definitely get an appraisal (which I didn't want and most likely would not get approved for) so I kept myself happy with the rate drop from the 10% increase in property value. No appraisal was needed.

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Pro
Jul 17, 2020 11:36 PM
1,410 Posts
Joined Jan 2004
seawolf
Pro
Jul 17, 2020 11:36 PM
1,410 Posts
Quote from gk6740 :
For those that have "funded" with Better.com.... any experiences.

Days until the old mortgage shows being paid off?

If Better actually owes you money when they realize they figured the payoff wrong - how long to get a check?
Better would not owe you money. The current lender would owe you money for overpayment.

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