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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 24, 2020 06:24 PM
1,020 Posts
Joined Apr 2006
wowpawJul 24, 2020 06:24 PM
1,020 Posts
Quote from Zwitterion :
Confirmed you only need to have an application in by midnight tomorrow, not a lock, to retain promotion.
My concierge just told me the exact same thing. Just got off the phone with her
Jul 24, 2020 06:28 PM
3,151 Posts
Joined Jun 2007
nicemannJul 24, 2020 06:28 PM
3,151 Posts
Here is a good list of contacts for Loan Cabin. https://www.loanconsultants.org/meet-our-team-2

Use https://www.nmlsconsumeraccess.or...loan+cabin to verify that LO is licensed for your state. Probably even better to just email them before you apply so you can just work directly with them and see how fast they respond.
Jul 24, 2020 06:28 PM
253 Posts
Joined Apr 2008
nic3456Jul 24, 2020 06:28 PM
253 Posts
Can start a new refi before the current is finished? I'm closing with Better soon to get the AMEX credit, but its taking forever to do the HELOC subordination. Since I started the process rates have dropped quite a bit and thinking about exploring a new one.
Jul 24, 2020 06:29 PM
95 Posts
Joined Jun 2014
vijay_slickJul 24, 2020 06:29 PM
95 Posts
Quote from Deals_bob :
Samantha Schlarb
Thanks. I dropped a mail and immediately got a response `Due to very high loan volume and influx of applications we are reviewing applications in the order they are received.`
Jul 24, 2020 06:33 PM
515 Posts
Joined Oct 2012
Deals_bobJul 24, 2020 06:33 PM
515 Posts
Quote from vijay_slick :
Thanks. I dropped a mail and immediately got a response `Due to very high loan volume and influx of applications we are reviewing applications in the order they are received.`
She will assign loan officer and reply back to you. No worries.
Jul 24, 2020 06:50 PM
279 Posts
Joined Sep 2007
fenix8o0Jul 24, 2020 06:50 PM
279 Posts
Has anyone looked into whether the amex credit is taxable. I have two offers that are similar but if I end up getting taxed the $2500 then better offer is worse.

The terms say this:
The value of the statement credit may be taxable income to you, and you are responsible for any federal, state or other taxes resulting from the credit. Consult your tax advisor if you have any questions about the tax treatment of your statement credit.
Jul 24, 2020 07:00 PM
276 Posts
Joined Nov 2006
cynoJul 24, 2020 07:00 PM
276 Posts
Quote from tayninh :
Yep, they either put $0 in Appraisal in B or pay us back later. Amex should also refund us for upfront paid.

Anyone who've closed out can chime in?
They did not respond yet. I wanted to see it mentioned somewhere that I paid for the appraisal and will not complete my tasks until they respond.

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Jul 24, 2020 07:01 PM
192 Posts
Joined Jan 2007
mratlantaJul 24, 2020 07:01 PM
192 Posts
Quote from wowpaw :
My concierge just told me the exact same thing. Just got off the phone with her
What offer ?
Jul 24, 2020 07:05 PM
2,476 Posts
Joined Jun 2011
savemybucksJul 24, 2020 07:05 PM
2,476 Posts
Quote from fenix8o0 :
Has anyone looked into whether the amex credit is taxable. I have two offers that are similar but if I end up getting taxed the $2500 then better offer is worse.

The terms say this:
The value of the statement credit may be taxable income to you, and you are responsible for any federal, state or other taxes resulting from the credit. Consult your tax advisor if you have any questions about the tax treatment of your statement credit.
No one knows yet I think. No one got amex credit last year. We will find out come Jan/Feb.
Jul 24, 2020 07:21 PM
279 Posts
Joined Sep 2007
fenix8o0Jul 24, 2020 07:21 PM
279 Posts
Wondering if anyone has talked to an accountant. Amex has been sending 1099s for referrals and cracking down on bonus on their cards. I'm going to guess they will send 1099s for this. It should concern those who are doing multiple offers, the increase tax liability can jeopardize benefits, retirement contributions and much more.
Jul 24, 2020 07:33 PM
22 Posts
Joined Jul 2020
michiganwolves50Jul 24, 2020 07:33 PM
22 Posts
Quote from nicemann :
Here is a good list of contacts for Loan Cabin. https://www.loanconsultants.org/meet-our-team-2

Use https://www.nmlsconsumeraccess.or...loan+cabin [nmlsconsumeraccess.org] to verify that LO is licensed for your state. Probably even better to just email them before you apply so you can just work directly with them and see how fast they respond.
Hi, I received an LE recently where Loan Cabin was the best offer. Email [email protected] for the quickest response. I found this was the easiest.
Jul 24, 2020 07:38 PM
231 Posts
Joined Feb 2007
pakman134Jul 24, 2020 07:38 PM
231 Posts
Thanks OP and the rest of the community on helping me score this deal. Perhaps not as slick as some recent posts, but here is another data point on a successful refinancing -

~200k loan, 78% LTV, 780+ credit
30 year fixed @ 2.875%
A ($0) + B ($64) + C ($1162) = $1226
Lender Credit - $1788
Expected AMEX Credit - $2500

Net result ~$3000 cash in pocket and going from 3.5% (just closed Dec 2019) to 2.875% which should save me thousands over the life of the loan.

Timeline -
July 1 - Applied w/ Better (rates were not competitive); same day sent in competing LE from Loan Cabin - 2.875% 30 years A($0) + B($510) + C ($1255) = $1765, no lender credits
July 2 - Better beat LC but took into consideration AMEX credits - 2.875% 30 years - A ($868) + B ($64) + C (1161) = $2093; Decided to lock and move forward since it was still ~$400 cash in pocket after AMEX 2500 credit
July 3 - Title Ordered
July 8 - Loan Conditionally Approved
July 11 - Title Received/Cleared
July 14 - Requested and received another LE from Load Depot (2.75% @ 30 years, zero lender fees/credits)
July 16 - Better offered 2.875% 0 points w/ 1788 lender credit (see above for complete ABC); Said they coudl do 2.75% but would need to pay points/lower credit; Accepted and Refinance got final approved
July 17 - AMEX task to put in last 5 digits card info
July 20 - Initial closing disclosures and scheduled closing date
July 22- Received final closing disclosures
July 23 - Closed / signed with mobile notary, waiting on loan to fund
Jul 24, 2020 07:53 PM
1,020 Posts
Joined Apr 2006
wowpawJul 24, 2020 07:53 PM
1,020 Posts
Just got Better to match my Loan Cabin LE. It may not be the best deal in this thread but I'm happy with it.

2.5% on a 30year. No points. A+B+C=$1100. $500 in lender credit. $2500 in AMEX promo.
Jul 24, 2020 07:54 PM
41,567 Posts
Joined Apr 2006
SDRebelJul 24, 2020 07:54 PM
41,567 Posts
Quote from Zwitterion :
I'm closing Monday. I wonder if a "Start a New Loan" on their website, I'll preserve the opportunity to do another refinance with an Amex credit?
I closed a couple of weeks ago and started another one today. hoping it works

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Jul 24, 2020 07:57 PM
41,567 Posts
Joined Apr 2006
SDRebelJul 24, 2020 07:57 PM
41,567 Posts
Quote from fenix8o0 :
Wondering if anyone has talked to an accountant. Amex has been sending 1099s for referrals and cracking down on bonus on their cards. I'm going to guess they will send 1099s for this. It should concern those who are doing multiple offers, the increase tax liability can jeopardize benefits, retirement contributions and much more.
but referrals don't require spending any money or making a purchase. I think this one can qualify as cashback, which is not taxable

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