American Express Cardholders: $2,000 – $6,000 For Purchasing/Refinancing Mortgage With Better.com

Update 1/3/22: Available again.

The Offer

Direct link to offer

  • American Express is offering $2,000 for cardholders who finance or refinance their home loan with Better.com.
  • Get $6,000 for jumbo mortgages.

 

The Fine Print

  • This offer is only available for mortgages on properties located in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, and Washington, DC.

  • This offer is only available to basic account holders of a personal consumer American Express Card, issued by a U.S. banking subsidiary of American Express (“eligible Card Members”), that meet the following requirements:

    • Access the offer by:

      • Prior to 9/13/22 (the “Lock Rate-By Date”), create an account with Better Mortgage by either: clicking the “I’m purchasing” or “I’m refinancing” link on better.com/with/amex; or

      • If you have already created an account with Better Mortgage, contact your Better Mortgage Loan consultant or call (877-688-3252) to request the offer prior to your loan closing; and

    • Lock your rate on a Better Mortgage loan application by the “Lock Rate-by-Date”, at which point an appraisal fee is charged; and

    • Qualify for and successfully close your mortgage loan with Better Mortgage by 12/17/22 (the “Close-by-Date”).

  • This offer is not available to: Additional Card Members or holders of American Express Corporate Cards, Small Business Cards, Prepaid Cards and products, and American Express-branded cards or account numbers issued by other financial institutions.

  • To receive the statement credit, the eligible Card Member must be a borrower or co-borrower(s) on the loan application and enter their own 15-digit card number when prompted by Better Mortgage. The card account must not be in a cancelled status at the time the statement credit is applied.
  • Card Members will not receive a statement credit if their mortgage: (1) closes after 12/17/22 “Close-by-Date” for any reason, including delays caused by events out of their control; (2) is not successfully funded; (3) is for a property in a non-qualifying state; or (4) closes before 6/10/21.

Our Verdict

We saw similar offers in the past. I believe this offer is for all AmEx cardholders; correct me if I’m wrong. You’re normally just better off going for the best rate rather than chasing these types of refinance offers, but worth pointing out this deal is case you find their rate to be best. Also, readers note that you can get a Best Rate Guarantee from Better.com which matches any rate with $100 savings, and you’ll still be eligible for the $2,000 bonus when doing the guarantee.

Hat tip to reader newbie
    Chuck
  • On January 3, 2022, 17:38
Tags: american expressloans

View Comments (85)

  • For other maniacs looking to buy in this market, this offer is extended through 2024.

    "Lock your rate by 4/4/24 and close by 7/8/24"

  • A few questions...

    1. How can I check which amex cards qualify? I have the schwab platinum which I assumed wouldn't qualify because it's branded. But someone below said Hilton Aspire worked...

    2. Will the $2k be enough to cover the refi cost? It seems like it would with the cost being ~$1k. Just want to see if that's people's experience.

    3. It looks like they would try to jack up the rate when you apply with this promo. But they would also match others' rate after you lock in a rate with them. Is the correct play to apply with the promo, lock the rate, and then ask them to match the best rate that I can find?

    • 1. Any amex will work.
      2. I have twice gotten a no-cost refi with better, meaning the lender credits covered the loan costs - then made money with the AMex credits.
      3. Yes they will give you super crap terms at first. Pick something and lock, then have an application going with another company to the point that you get the formal loan estimate (with presumably acceptable/better terms). Email that to your better.com rep and ask them to match, they usually will or even beat. They will say they cannot do anything if you have not locked with them. It is hard for people to swallow the concept of locking on terms they would never accept, but it is the only way they will play ball to negotiate. I've heard some people say they could not beat an outside deal, but then you don't move forward with better. com and you really are not out anything.

      Lots of good details in threads at slickdeals site.

      • Hi Beth- On your first point about any Amex... I have an Amex card for my small business and I am the account holder. It is the card I use for business expenses, not my personal card. Do you know if I can get the offer using my business card?

      • Thanks for the awesome response. The last part is where I get concerned. So when I lock my terms, I'm also committing to the appraisal fee right? At least that's what the fine print above says. I feel like I will be risking a few hundred dollars.

        • That’s correct. Appraisal fee is payable upon locking the rate, even if it gets waived later. If LTV is low Fannie/Freddie may waive appraisal requirement but you will only know shortly before closing.

  • Any idea if the 6 month waiting period is from the date of the statement credit posting, closing, or the date you did the rate lock on the previous offer? Will they let you know if you're ineligible or is it a guessing game? Just trying to gauge how close to the 6 months I can get.

  • Anybody churn this? I think it's a six month wait from closing until you can get the $2k credit again?
    I did two re-fi's with Better last year and two with LenderFi.
    Better was a little easier, due to their superior online portal, LenderFi was a little faster (18 days from app to close).
    If you use Better, go to Bankrate first and enter your info and screenshot the Better rate with the lowest yield between APR and interest rate, even if it's not the rate you want (you can change it later).
    Then use this with the Better rep to get a lower rate. They don't give you the best rate on your first app, you need to play the game s little.
    With LenderFi it was different, streamlined, no back and forth, just fast.
    No points no fees is the way to go.

  • I've had 8 mortgages since 2009 - 2 purchases and 6 refinances. Better was fairly average for me... typical W2 income, interest income, dividends, capital gains, etc. We had 60+ conditions/tasks to close which I thought was kind of crazy. I've refied with a lot of companies, including going through the infamous Provident Funding underwriting wringer on a purchase loan, and even they didn't throw anywhere near 60 conditions to close at me.

    I referred my parents to Better to get a loan this past year as a stopgap while their existing house sold and that was a terrible call. Their processors and underwriters don't know the ins-and-outs of Fannie rules for retirement income very well and miscategorized about half of their income. They excluded a deferred compensation plan and wouldn't count their 401k as an asset that could repay the loan even though Fannie underwriting guidelines clearly stated they could in their situation. The amount they were willing to lend them was 10% of the pre-approved amount. No one would listen to them on the phone and they ultimately had to get a mortgage from a local lender that knew what Fannie's guidelines were.

    I think many won't have any problems, but if you have anything non-standard in terms of income or assets, I would avoid them and choose someone else. Of my 8 loans, LenderFi was the best experience, and some fly-by-night on Zillow called BlueSky was far and away the worst.

    • Oh no, a realtor friend referred me to BlueSky due to non-standard income (small biz LLC ownership). What were the issues?

  • Done 5 refis with better in like 2.5 years, same house, same mortgage. No pts, no lender fees. No minimum wait (though was a problem that my previous refi wasn't even registered yet at the county so that caused a bit of a delay.

    If you got your ducks in line, super easy process.

    Things might have changed in last few months, but my experiences...

    You'll notice that their non-promo rate table is a bit better than their amex promo table. Mention that, and they'll credit you a couple hundred to make up most/all of it. Plus, after you lock, keep getting GFEs from others. Better will matched all my better offers without considering the amex promo. I brought the counter offers to better relatively soon after locking; I likely wouldn't try to spring this last minute. Takes all the "what if rates go lower" anxiety away.

    • How did you compare promo vs non-promo rate table? And do you have a list of other lenders you'd recommend getting GFEs from?

  • Before you mortgage/refi with this company, you should google "Better layoff" and see what type of company you're getting in with. The CEO of this company invited 900 people into a Zoom meeting and laid them all off in a video chat. Boom, you're fired immediately, don't let the door hit you on the way out. You can make your own decisions about who to incentivize with your money, but I know for me personally I would not support this business.

    • Nice try but I will still support them if they are giving me the best rate for a mortgage and this $2K bonus.

  • I was sent this offer for 6k but I will not be doing business with a company like better.com. I don't give my business to companies who treat their employees like that. Also, the idea of being locked into a mortgage with these people sounds horrifying.

  • Don't do this. You're gonna regret it.
    Better dot com recently laid off a lot of people on Zoom.
    The video is on YouTube and you will not forget the last words that the CEO said to those people.
    They're just playing musical chairs on a Titanic, which is gonna sink either way.
    On the other hand, the CEO of Zillow is more humanizing.

    • Looks like lot of negative publicity around people being laid off over Zoom call. But i did 3 refinances with Better and all have been truly great experiences. Outstanding digital experience. Never had to speak to a human. Everything was through their digital online platform.

    • I used better and have no regrets. Simple process, got a lower rate, got $2,000 credit, and came out ahead.

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