Posted by William Charles on October 25, 2019
Credit Cards

Published on October 25th, 2019 | by William Charles

15

[Targeted] American Express Cardholders: $2,500 For Purchasing/ Refinancing With Quicken Loans

The Offer

No direct link, targeted offer

  • American Express is offering some cardholders $2,500 if they refinance their home loan with Quicken Loans

The Fine Print

  • Must be used by October 20th, 2020

Our Verdict

Seems like people are being targeted if their loan is already with Quicken. Personally I’d be chasing the best rate on a home loan rather than this $2,500 bonus but it might be possible that the extra $2,500 makes this the best option.

Hat tip to HulaHoop1738 & reader Joel



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Jags
Jags

Quicken is a solid 0.5% higher than most competitive offers on the market. I highly doubt $2500 makes this at all worthwhile.

Kevin
Kevin

That’s exactly what I came to post. Going from 3.5% to 4% costs over $20,000 in extra interest on a 30 year for a $200k home. I’ve never seen QL be less than .5% higher than the best available rates.

For reference, I refinanced earlier this month at a 3.39% APR. Quicken Loans is showing 4.24% right now.

I don’t make many blanket statements with finances, but I do tell people never to go through QL because of how much it will cost them over the life of the loan.

Aditya Shrivastava
Aditya Shrivastava

Who offers the best rate, generally?

Kevin
Kevin

As someone else mentioned, Provident Funding is often very competitive (it’s who I refinanced with). I would also suggest checking sites like Zillow, NerdWallet, and Bankrate to see rates from multiple sources just to get an idea, you may occasionally see a smaller regional lender that’s competitive.

You could also talk with a mortgage broker to see what they can find, which is what I did and they found the rate from Provident.

Randy Bennett
Randy Bennett

Credit unions

Roshan Patel
Roshan Patel

That’s a great rate and if you dont mind, can you share what company did you go with for your refinancing?

michael
michael

Here is the thing though, they show that rate but really it’s not even what really happens. I just refied with them for 3.375 on a 30 for a quarter point. It was far and away the best offer out there and I closed in 15 days.

Kate Beckett
Kate Beckett

My experience with Quicken Loans was an eye opener. They offered me a 3.1% on a15 year refinance loan. I was so happy. It was not until I looked at all the loan documents that I realized I was paying points to get the low rate. I was never told I was paying points, in fact as I was E signing the documents my loan person purposely had me skip over that part. Loan Depot called me as I was reviewing this mess and offered me a 3% n and I wouldn’t need to pay for points.

Antonio
Antonio

Hi, Kevin!

Thanks for the info.

Did you buy down your rate?

I currently have a 3.37 – paid two years into the loan. My goal is to refinance to remove the PMI.

I’ve narrowed it down to Costco and Navy FCU. Both are offering the same rate (3.65) and cost ($4-4,500). I’m leaning more towards Costco right now because the origination fee is only 250 where as Navy’s is 1% of the loan amount.

Also, Navy is closing between 70-80 days where as Costco is 20-30.

I’m in California.

I welcome any feedback, suggestion or advice.

AKJohnny
AKJohnny

I’ve never had anything to do with Quicken and I got this email… I just quoted them and Chase and I’ll need to crunch the #s to see which one makes more sense… my Chase Banker said he can get me $50k UR points for closing mortgage with them since I have CSP…

HarryTheFirstHarry
HarryTheFirstHarry

Try Provident Funding. At this time they are the only lender on the market that advertises their rate sheet in full updated daily (or hourly) based on market variance without asking a single question about you or your email. If you have a relationship or a referral or through your employer discount they will give you a further 0.25% off the closing costs. Most others including Chase quote you a price and then either ask you to enter personal details and when you are ready to lock the rate will be different based on your the daily rate as well as your specific requirements.
Edit: I’m in no way affiliated with them – have done a few refis through them though.

MoreSun
MoreSun

Hmm, they’re already the biggest lender in the nation for residential mortgages, guess they intend to keep it that way…

Skor
Skor

$2500 may not be enough to cover the interest difference due to quickens higher rate. I refinanced in first week of September at 2.875% and quicken quoted me 3.625% then

Joe
Joe

Not a bad deal if quicken is willing to match the best rate you’ve found. Though I’d assume it’s unlikely if you’re getting any kind of relationship rate.

Xov581
Xov581

I wonder if this offer stacks with the schwab relationship discount

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