Update 1/3/22: Available again.
Contents
The Offer
- American Express is offering $2,000 for cardholders who finance or refinance their home loan with Rocket Mortgage.
- Get $6,000 for jumbo mortgages.
Our Verdict
Same as the Better.com deal. Better.com has a best rate guarantee which makes it worth doing, don’t think Rocket has the same. An extra $2,000/$6,000 is nice but better to go with the best rate.
View Comments (21)
Refinanced my mortgage with Rocket Mortgage becasue they were offering the $2,000 American Express statment (I have been an American Express credit card holder for 12 years). We closed on November 2021, contacted Rocket Mortgage in January 2022 about that, The guy said "I will look into it". Contacted him again in February 2022 to have an update, he answer "The process began". Contacted him again in March 2022, he answered "I am not sure if we can do that" (he never asked me for my credit card number even after I told him I cna give it to him). Contacted him again in April 2022, he answered "sorry we cannot do that".
Is this American Express credit statment by Rocket Mortgage a scam? In my opinion it looks like it is.
Better won't do mortgage in Tx and can't do VA - I thought that was silly.
Did the Better Amex offer last year. Lots of steps to complete, but went smoothly. Matched competitors lower rate, no points or fees (except appraisal, got the Amex credit. Tried to churn the offer by doing the Rocket one later in the year, but found them to be a lot more strict and require much more paperwork. Ultimately they did not approve my refi application. So will try the Better refi again this year.
Hahaha that was fun.... Rocket offering me 3.34% for a 29 year mortgage - said I was interested in a lower payment and wanted to see what they would throw out, Rocket did not come up on my bankrate.com search. Currently a few months into a 15yr mortgage (refi) at 2.375% that better.com did last summer, that was a true no cost refi with lender credits covering all the loan fees, then got the $2,000 Amex credit. Told rep this info when she laid out the crappy offer, she tries to say 'you aren't paying anything out of pocket with skipping a mortgage payment and the Amex credit!' Lady, I understand math. I MADE $2,000 to do a refi 6 months ago, this crappy offer from Rocket is not worth it.
Rocket mortgage Amex rate for my cash-out refi was 3.5% last year for 30yr FRM, I went outside of Amex and secured a 2.69% from Rocket with a slightly lower origination cost. It may be a one-off but you might want to check the origination cost and rates with and without Amex.
I had rocket match the rates and terms of the better.com plus the 2.5k back last year
Better also has a deal where you can get 1% off your purchase price and another $2k off closing costs for using their real estate group. This stacks with the Amex deal.
lol you both posted within a minute of each other
Different offers, one from rocket the other from better
Has anyone used Rocket for a VA loan? Thanks
The demand for mortgage origination is in the midst of rapid decline, expected to be in the range of -50-80% YOY in the fourth quarter. Hence, all this competition and enticing offers.
There was $2k Amex offer last year with Better and I believe the year before that as well. I was able to get 2.37% on 30y with no points plus the $2k offer.
But you're right they're going to suffer. In fact Better has a few viral videos of how the CEO laid off a significant chunk of his employees due to significant headwinds. Just isn't much incentive when people who wanted to refinance already have and now rates are going up.
Very nice rate. My current rate is 3.125 without any points. Ouch!
Keep an eye on bankrate.com as Better will oftentimes have far better rates than if you go through them directly. Screenshot the page and send it to your LO after getting an initial estimate. In my case they actually beat the bankrate.com offer. Many have done this successfully. Essentially playing Better.com against itself.