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Amex offer: $2,500 statement credit for home refinance Better.com

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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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This comment has been rated as unhelpful by Slickdeals users
Joined Feb 2007
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#8041
Quote from presto987
:
That is phenomenal, especially with the Amex credit on top. This was a 30-year, right?
Yes, 30 years.
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Joined Oct 2004
What title?
2,880 Posts
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#8042
Quote from zakster
:
I was able to successfully match LC's rate of 2.5% with $3300 lender credits with Better for my primary residence and 2.875% with $200 credit for investment. They were only able to beat it by $100 unlike $1000 that others were able to accomplish. I will get $5000 Amex statement credit as well.
LC gave u a rate of 2.875 for investment property?
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Joined Jan 2012
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#8043
Can someone explain how lender credits apply if it is greater than closing costs? It's not extra money/refund back, correct?

Current LE:

ACEFG: $2200 + B $500 appraisal = $2700
Lender credit: $2700

I charged the appraisal on my CC the day I locked in and was told it would be refunded (AMEX deal). If my numbers are right, I should pocket $3000 net.

Do they remove the appraisal from LE at closing AND refund my CC? If so then it would be:

$2200 - 2700 credit = $500 refund check on top of $2500 bonus and $500 CC refund

Is this correct? My rate is the "lowest" on the rate sheet so I cannot apply the excess credit to buy down points. Thanks!
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Joined Jul 2011
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#8044
I used better.com last year and while there were some hiccups, it went okay. This time it has been horrid. Ayinde, my loan officer, was not very responsive. Was supposed to update my rates on the my task and just didn't do it. After getting fedup I went with another person through Costco for 2.625 with no cost. Won't be using better in the future.
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Joined Apr 2007
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#8045
Quote from scorpioneyes
:
Can someone explain how lender credits apply if it is greater than closing costs? It's not extra money/refund back, correct?

Current LE:

ACEFG: $2200 + B $500 appraisal = $2700
Lender credit: $2700

I charged the appraisal on my CC the day I locked in and was told it would be refunded (AMEX deal). If my numbers are right, I should pocket $3000 net.

Do they remove the appraisal from LE at closing AND refund my CC? If so then it would be:

$2200 - 2700 credit = $500 refund check on top of $2500 bonus and $500 CC refund

Is this correct? My rate is the "lowest" on the rate sheet so I cannot apply the excess credit to buy down points. Thanks!
I think you're double counting. You wouldn't get the $500 appraisal refund twice.
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Joined Feb 2007
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#8046
Quote from iridium
:
LC gave u a rate of 2.875 for investment property?
Yes, for a $315K loan in CA.
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Joined Mar 2019
L5: Journeyman
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#8047
Quote from Ders
:
What if I locked on a Thursday? Where is this documented?
See my post from earlier today. It is on page 535.
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Joined Jan 2020
L3: Novice
279 Posts
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#8048
Quote from CycloneFW
:
Better uses this index for their float policy (regardless of which term your loan is for): https://fred.stlouisfed.org/series/MORTGAGE30US

With today's update, if you locked your rate June 19th - June 24th, you now qualify for a 0.125% float because the index dropped 0.25%.

** If you applied after June 25th, you do NOT qualify for a float down yet. **

What is unknown is if you got a match after locking, will your original lock date apply or will the Thursday after the match apply?

Also unknown is if you lock on a Thursday. The way it was reported about 30-40 pages ago is the rate on the Thursday after you lock is what is used. But perhaps if you locked on Thursday, that rate is the one used.
What does it mean if your loan does not qualify for a float down? They offered credits instead. What situations would this occur?
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Joined Apr 2006
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#8049
Quote from scorpioneyes
:
Can someone explain how lender credits apply if it is greater than closing costs? It's not extra money/refund back, correct?

Current LE:

ACEFG: $2200 + B $500 appraisal = $2700
Lender credit: $2700

I charged the appraisal on my CC the day I locked in and was told it would be refunded (AMEX deal). If my numbers are right, I should pocket $3000 net.

Do they remove the appraisal from LE at closing AND refund my CC? If so then it would be:

$2200 - 2700 credit = $500 refund check on top of $2500 bonus and $500 CC refund

Is this correct? My rate is the "lowest" on the rate sheet so I cannot apply the excess credit to buy down points. Thanks!
don't think they'd be sending you a refund check if they're already refudning your cc
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Joined Jan 2012
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#8050
Quote from presto987
:
I think you're double counting. You wouldn't get the $500 appraisal refund twice.
it wouldn't be double-counting. my LE states i'm being charged for something that should be waived. in addition to that, I've already paid for the appraisal. So in other words, I should get a refund towards my CC, and the the fee should be removed from the LE, which results in a closing cost less than the lender credit. I was just wondering what happens to that credit.
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Last edited by scorpioneyes August 7, 2020 at 02:07 AM.
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Joined Jul 2006
Call me Mr. Deals
2,758 Posts
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#8051
Anyone push Better the day before closing to "Inquire about pulling the loan and not closing" to see if they will provide anything better Credit wise?


As noted I am being asked to bring a ton more to close and pay up almost $6,000 in taxes which are already sitting in an escrow with current lender. I can float but want to see if this can be pushed into a last minute negotiation with Better if anyone has any experience.


I've emailed the Better team about my "Inquiry" as such and have not asked them to cancel or pull anything but just to "explore my options" and noted "material changes in the closing disclosures".


RISK? Pointers from Experience?


Shahhere
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Joined Mar 2013
L3: Novice
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#8052
Arghhh.... Better makes me explain every single credit pull I had within the last 2-3 weeks. I was shopping around for a rate, duh!
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Joined Nov 2011
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#8053
Quote :
Quote from shahhere
:
Anyone push Better the day before closing to "Inquire about pulling the loan and not closing" to see if they will provide anything better Credit wise?


As noted I am being asked to bring a ton more to close and pay up almost $6,000 in taxes which are already sitting in an escrow with current lender. I can float but want to see if this can be pushed into a last minute negotiation with Better if anyone has any experience.


I've emailed the Better team about my "Inquiry" as such and have not asked them to cancel or pull anything but just to "explore my options" and noted "material changes in the closing disclosures".


RISK? Pointers from Experience?


Shahhere
If you just missed the cutoff for a floatdown, I would call them up and ask to verbally speak with the closing expert and ask what can be done to accommodate the new rate - you are "confident" that you can close with a lower rate at this point but since you've invested time with Better, you'd like to stay with them and hope they feel the same in regards to time spent and the relationship you've built. A little goodwill from them would go a long way to keep you a loyal customer, and that you WILL be doing business again with them should they show some accommodation - you received the CDs the moment before the rate window revealed a lower rate.and the right thing to do what be to help you out a little bit. You know of several people who closed at your rate with significantly bigger lender credits, so you know they have some room.

I'd say something along those lines. At this point you have to appeal to emotion. These guys get paid on number of loans closed, so it's in their best interest to push to get a little sumtin' sumtin' for you, you know?
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Joined Nov 2007
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#8054
So if I locked rate with better on Tuesday evening and I saw yesterday that it said my file went to underwriting and I'm seeing my appraisal in there used from my May closing, then what the chances I can get a closing date after Aug 31st?

I'd prefer a sept close so I have no payment due in sept or October.

Can I just say I'm out of town last of August and request a sept date?
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Joined Jul 2006
Call me Mr. Deals
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#8055
Quote from Rhizzlebop
:
So if I locked rate with better on Tuesday evening and I saw yesterday that it said my file went to underwriting and I'm seeing my appraisal in there used from my May closing, then what the chances I can get a closing date after Aug 31st?

I'd prefer a sept close so I have no payment due in sept or October.

Can I just say I'm out of town last of August and request a sept date?

You have 30 days from application date to lock. Once you "Lock" you then have 30 or 60 days additional (not sure which one) but once I locked my Better.com portal showed a Lock Expiration Date on the right for me it was July 7th to August 7th.


You'd need to close before that date and closing is several steps deep btw, you have to have clear to close from Title Company, then it will go into Final Underwriting with Better then it will go to a closing expert who will then provide you with closing disclosures and then 3 days after CD has been drawn will you be able to setup an appointment with a notary to sign your docs. Note that 3 more days after all that is when your new loan will fund (right to rescind period for primary residence).


Unless you are cleared by the title company and/or are up against your lock expiration date you should have enough time.......even after your lock date expires there are exceptions to extend and it depends on Better to charge or not charge you the lock extension which isnt particularly expensive but is an added cost.


Shahhere
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