American Express Cardholders, Get $2,500 Credit for New Mortgage or Refinance
American Express has send out emails with an offer for a $2,500 statement credit for refinancing or applying for a new mortgage. The offer is tied to a specific American Express card, but there is also a public offer page, so it might be available to everyone. In order to get the bonus you need to get a mortgage with Rocket Mortgage. This is similar to the offer we saw late last year, for refinancing with Quicken Loans. Rocket Mortgage is the online and mobile-friendly mortgage application process developed by Quicken Loans. You need to apply by 7/25/20 and close by 10/28/20 to get the offer. Check out the offer page here.
This offer is different from a credit card sign up bonus or a bank offer. Refinancing your mortgage just to get a bonus is not a great idea. You need to crunch some numbers because small changes on the interest rate of your mortgage will make a huge difference over the years. You should really sit down, check the rate you have for your mortgage, see what Rocket Mortgage can offer, and also figure out what fees are involved. If you already have a mortgage with Rocket Mortgage, it would make refinancing cheaper. Plus with the falling interest rates, some people could find that they can get a better deal even with the fees and closing costs that come with refinancing.
- Apply by 7/25/20 to unlock this offer and close by 10/28/20 to receive the statement credit.
- The mortgage loan and mortgage services that are part of this offer are provided exclusively by Quicken Loans, and are not provided, underwritten or serviced by American Express. This offer does not constitute an endorsement or recommendation of Quicken Loans or its mortgage services by American Express. American Express is not responsible for any of the activities of Quicken Loans.
- Offer only available on new purchase or refinance loans. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, Agency Plus loans, Portfolio Products, and Advantage Products. Offer cannot be combined with any other discounts or promotions. Acceptance of this offer constitutes acceptance of these terms and conditions. Additional restrictions/conditions may apply. This offer may be modified or revoked in whole or in part at any time.
- “Eligible Cards” include personal consumer American Express Cards issued by a U.S. banking subsidiary of American Express that are not canceled. Prepaid Cards and products, American Express Corporate Cards, American Express Small Business Cards and American Express-branded cards or account numbers issued by other financial institutions are not eligible. Additional Card Members on your account are not eligible for this offer.
- In the mortgage application, your current address must be in one of the following states: AL, AZ, CA, CO, CT, FL, GA, IL, IN, MA, MD, MI, MN, NC, NJ, NY, OH, PA, SC, TN, TX, UT, VA, WA, WI (each, an “eligible State”)
The bonus alone is probably not enough reason to refinance. But if the numbers work out and mortgage rates make sense for you, then an extra $2,500 makes it much better.
Let me know if you received this offer, or what you think about it? Anyone has dealt with Rocket Mortgage for mortgages in the past?