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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

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Must have an amex to add offer to your account. Details:

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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 18, 2020 06:02 AM
2,925 Posts
Joined Sep 2010
tayninhJul 18, 2020 06:02 AM
2,925 Posts
Quote from leemaverickly :
If you do a hard pull, they can't refuse to give you loan estimate. It's federal law that they have to provide that within 3 business days.
Wow, I just read into it and you're right. So the Casey dude from Watermark illegally refused to provide me one after I filled out the application online and they also did a hard credit pull.
They basically just need few info below and are required to provide us a LE.
——————-
Since October 3, 2015, loan officers are required to provide you with a Loan Estimate once you have provided certain information.
Loan officers are required to provide you with a Loan Estimate once you have provided:

your name,
your income,
your Social Security number (so the lender can pull a credit report),
the property address,
an estimate of the value of the property, and
the desired loan amount.
Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate.
Jul 18, 2020 06:06 AM
499 Posts
Joined Feb 2012
Mikey122687Jul 18, 2020 06:06 AM
499 Posts
Just closed with better

2.75% 30 years Loan Amount 357k
ABC = $1140
Lender Credit = $3440
AMEX Credit = $2500
Jul 18, 2020 06:11 AM
2,704 Posts
Joined Sep 2009
halluc1nati0nJul 18, 2020 06:11 AM
2,704 Posts
Quote from pamif :
Why worry about cash out? At such a low rate, the more, the better. You can put the cash into a sp500 fund that has an average return of 10% per year, so you earn the 7.25% difference.
Yeah, don't bank on getting 10% returns from the stock market.
Jul 18, 2020 06:33 AM
540 Posts
Joined Nov 2010
mrseanJul 18, 2020 06:33 AM
540 Posts
Can somebody PM me a contact for Loan Cabin please?
Jul 18, 2020 10:52 AM
5,265 Posts
Joined Jul 2006
shahhereJul 18, 2020 10:52 AM
5,265 Posts
Quote from mrsean :
Can somebody PM me a contact for Loan Cabin please?
Samantha is the contact for all loan cabin items, hence being overwhelmed..... did you need someone else or her contact?

Shahhere
Jul 18, 2020 12:13 PM
908 Posts
Joined Nov 2017
gk6740Jul 18, 2020 12:13 PM
908 Posts
Quote from leemaverickly :
If you do a hard pull, they can't refuse to give you loan estimate. It's federal law that they have to provide that within 3 business days.
The lock only locks the rate/terms. It does NOT force you to close. If they want to be jerks, get the quote and then move to another lender.
Jul 18, 2020 01:48 PM
1,371 Posts
Joined Dec 2004
missourianJul 18, 2020 01:48 PM
1,371 Posts
Quote from Mikey122687 :
Just closed with better

2.75% 30 years Loan Amount 357k
ABC = $1140
Lender Credit = $3440
AMEX Credit = $2500
Do Better price match its own price like above? I will bite the bullet today if I get the same price. I already submitted at so many places, no one willing to give me a official LE. They are making a phone call and Ra Ra Ra and that's it.

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Jul 18, 2020 02:04 PM
1,371 Posts
Joined Dec 2004
missourianJul 18, 2020 02:04 PM
1,371 Posts
Quote from Mikey122687 :
Just closed with better

2.75% 30 years Loan Amount 357k
ABC = $1140
Lender Credit = $3440
AMEX Credit = $2500
Which state you are from? A+B+C of $1140 very good. For my 300K loan B (Title & Recording) alone coming around $1700 for me in TX. Yes I shopped around that is best price I got, it seems it vary by state
Jul 18, 2020 02:27 PM
58 Posts
Joined Nov 2010
mini123Jul 18, 2020 02:27 PM
58 Posts
I have solar loan separately.Does it become a problem during refinance?
Jul 18, 2020 02:48 PM
5,265 Posts
Joined Jul 2006
shahhereJul 18, 2020 02:48 PM
5,265 Posts
I've updated my second post in the master Mortgage thread to help answer reoccurring questions and explanations for the mortgage process as I understand it and to answer many other questions. If you think I should include additional topics or clarifications please provide me the feedback. User that ask general questions should be pointed to the post directly:


https://slickdeals.net/forums/showpost.php?p=138528260&postcount=3




Homework and Understanding:

Step1: The goal is to get a formal Loan Estimate (LE) from any lender you apply with and provide them your Social Security to do a Hard Pull. Note that for Mortgage related SS Hard pulls they are combined as a single inquiry and do not drop your credit score like individual credit card applications as this applies to Student Loan and Auto Loan shopping as well and is looked at a 14-45 day window.
Reference: https://www.myfico.com/credit-edu...-inquiries
Reference: https://www.equifax.com/personal/...it-report/
Step2: Understanding the Loan Estimate as they are overall in a standard format:
A – Charges in this section are what the Lender charges you such as Origination; Points, App Fee etc. This is what you want to be Zero as most lenders will waive or give you credit toward this being zero.
B – Internal lender fees such as Credit Reporting Fee; Flood Certification fee. Again this is what the lender has to pay when you apply and in most cases the lender will not charge this while you are shopping and some will make you pay this upfront which is ok.
C – Title Costs – In most states (PA, VA, FL excluded) the title costs are reasonable and this is what you generally pay for but you can shop this with other Title Companies and not just the one brought in by the Lender.
D = A+B+C
E – Taxes & Fees – Standard items you pay Uncle Sam
F – Prepaid – Lenders will collect certain premiums on your behalf upfront such as Insurance and City/School Taxes.
G – Escrows – Similar to above Lenders will collect this on your behalf to reduce the risk of you not paying them. Escrows can be waived but will cost you a 0.25% as it's a risk that you won't pay on time to most lender/Fannie etc.
H – Other – Generally listed and standard.
I = E+F+G+H
J – (D+I) + Any Lender Credit that is offered to offset any charges in A&B or a bigger credit towards closing your loan.
Step3: Closing Cost shopping:
1. Lenders as of this writing are competing and are willing to have Zero Dollars charges in A&B from above and is considered a "No Cost" or "No Fee" loan.
2. All third party charges such as C=Title and Taxes and Escrows are in addition to this offering.
3. Many lenders will provide an even bigger credit than what the charges are in A&B as well as cover other items from C-I; this is termed "No Closing Costs" as it falls in 3 categories:
i. Negative Credit - Getting money left over from the credit to be used to either get up to a $2000 refund. Apply the remainder towards principle reduction (this changes your credit received as it changes the $$ you are borrowing as well.
ii. $0 – Most of the time you'll net very little left over or for you to pay out of pocket in this case. If you negotiated a "No Closing Cost" loan then the lender will should cover any unforeseen costs in A&B at the least.
iii. Cash required to close – In this scenario you'll have to bring additional funds to close the loan as after A-J would not cover all the closing costs.
4. Unless you LOCK the rate with the lender there are changes your numbers will change and so if the rates are low it's in your best interest to Lock.
5. Most lenders that I've shopped provide a "Float" option to further reduce your rate if there is a change of an 1/8 - ¼ % change in the rates. Many lenders are also willing to match other Lenders to match or beat the rates.
Applying:

Step4: Apply to 5-15 places to yield the best results when shopping. Apply to your local Banks but note that many smaller mortgage companies have a higher threshold for rates and credits in your favor. Applying means that you'll have to provide your Social Security# and some preliminary data in an application to get documents sent to you such as a Loan Estimate (LE). Note from above that Mortgage, Student & Car Loan Hard Pulls are groups as single hits and won't drop your credit score in most cases for 14-45 days. Below are the most competitive lenders that I've encountered for my scenario with my own feedback:


30 Year rates to use for other rate platforms and please note that my rate will not necessarily mean you'll get that rate as market and individual changes will determine that and even your negotiation pull will determine that:
2.625% - WatermarkHomeLoans.com - Michael C - 949-577-9120 – Most Competitive and might take 2-3 days to response. Should be able to get either no Costs for A&B or some credit back towards closing in J
2.625% - Loancabin.com - Competitive rates but are looking at 3-4 days response time - Should be able to kick you back some credit ($1000 to $2000)
2.75% Loan Depot – Competitive rates for many but get a bit pushy to lock which is OK if the offer is good.
3% LenderFi – No longer taking new application but were competitive and should be checked.
3.375% Better.com- Will consider Lender Match to beat Competitors and combine with Amex cashback
Not all Lender will service your state so keep looking and look for other local smaller lenders and banks.

Step5: While applying take note to provide and send/upload all documents to the lender in as little of a time as possible as many lenders will drop your application if it's not received in 2 business days. Normal documentation:
1. Last 2 Paystubs
2. Last 2 Bank Statements to show that you have money to pay during closing. Note; large transactions over certain dollar amount will get scrutinized and funds will need to come out of these bank account else you'll have trouble closing.
3. W2/Tax Filings from last 2 years. More years might be needed for some.
4. Home Owners Insurance – Declaration pages.
5. Current Lender Statement
6. Current Lender Payoff Statement
7. Driving License or other Government ID Scan.
Step6: Title Company. As noted above you are allowed to pick your own Title company and in many cases you'll find competitive rates here with large savings compared to the Lender's preferred Title Company. Title Companies I've used in the past with good success and others:
1. Radian Title Services - 412-494-0400 - [email protected] – Best rates I've found hands down in 12 years of shopping. Currently not taking consumer direct inquiries and will require your lender to be established with them so the lender will have to place the order using the above email/phone.
2. AltTitle – Competitive all-inclusive rates.
3. Fidelity Title – Competitive rates
Step7: Negative points.

Step8: Breakeven Calculations and understanding money factor


Shahhere
Jul 18, 2020 03:13 PM
540 Posts
Joined Nov 2010
mrseanJul 18, 2020 03:13 PM
540 Posts
Quote from shahhere :
Samantha is the contact for all loan cabin items, hence being overwhelmed..... did you need someone else or her contact?

Shahhere
Just anybody there that I can speak with about refiancing asap.
Jul 18, 2020 03:16 PM
5,265 Posts
Joined Jul 2006
shahhereJul 18, 2020 03:16 PM
5,265 Posts
Quote from mrsean :
Just anybody there that I can speak with about refiancing asap.

I dont know about quickly lol, some days she is super active some days it takes her 3-4 days:

Samantha Schlarb | SVP of Mortgage Banking |PH: 312-350-2324 – [email protected]


She had okayed me using her contact when asked a few weeks back.


Also, option 2 on their phone will go to her voicemail which is apparently full so Email is the fastest to get a response.


Shahhere
Jul 18, 2020 03:19 PM
2,476 Posts
Joined Jun 2011
savemybucksJul 18, 2020 03:19 PM
2,476 Posts
Anybody got lower than 2.25% on 15 year with 0 points ?
Jul 18, 2020 03:23 PM
1,018 Posts
Joined Mar 2019
CycloneFWJul 18, 2020 03:23 PM
1,018 Posts
Quote from mini123 :
I have solar loan separately.Does it become a problem during refinance?
To a degree. If this is a secured loan via a lien against the house (and they typically are), then it would be the same as having a HELOC that you want to keep open. The new lender would need to go through getting a subordination from the solar lender so the new mortgage can be in the 1st lien position.

Doable, but right now some lenders are refusing to work with borrowers who would have a "second mortgage" on the property.

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Jul 18, 2020 03:28 PM
1,018 Posts
Joined Mar 2019
CycloneFWJul 18, 2020 03:28 PM
1,018 Posts
Quote from savemybucks :
Anybody got lower than 2.25% on 15 year with 0 points ?
Kind of. I got 2.25% with negative points. But that isn't really what you are asking since this is was with Watermark (before rates went down further too), so there would have been an origination charge. I suspect you mean 2.25^ on 15-year with $0 section A (or offset in section J)?

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