170,000 United Miles for $100 [Archive] - Page 2

hyderabad

Mar 16, 05, 10:38 am

I closed with Wachovia Mid Feb. When I found out the deal with Chase will be gone end of this month, I applied for chase two weeks ago. (I got 83,000 miles with chase end of September) When I gave the information for the loan over the phone, they said I have to close Wachovia (190,000). I am done with the closing and they did not ask about wachovia at all. I want to close it after I see the miles posted. Thanks, ultraman for all the information. May be, i will try wachovia once again after a few months if they are still in existance.

ultraman

Mar 16, 05, 5:23 pm

Bidkat

Mar 17, 05, 4:08 am

My loan closed months ago, but I never really thought I'd see the miles.

Logged into Miletracker today. United account said "Change: 225,000".

Life is good. :-)

ultraman

Mar 17, 05, 10:50 am

My loan closed months ago, but I never really thought I'd see the miles.

Logged into Miletracker today. United account said "Change: 225,000".

Life is good. :-)

Must be that "Luck of the Irish" Enjoy your pot of gold. ^

Flyer Jon

Mar 17, 05, 1:39 pm

Closed HELOC last week with Wachovia. Took full amount.

Checked account was open and showing debit balance -- took 5 business days. Yesterday, I wired funds back to Wachovia keeping $500 out. If they credit today, I will owe a little over $400 interest + cost of wire.

Now I pray!! What sort of time frame to receive points should I expect?

Once again, thankyou Ultraman.

ultraman

Mar 17, 05, 7:09 pm

Karmic Flyer

Mar 19, 05, 6:13 pm

Trust Deed is recorded. Go to any title company and they can give you a copy at customer service.

Thanks "ned".
It's the 1st Mortgage Note that they need to process the loan. I mis-wrote the name of paper needed to close the deal.

-KF

RobUAIntl

Mar 20, 05, 10:54 pm

Am going to apply (finally) tomorrow. Plan is to call Jeremy at Chase.

I just checked united.com and saw that Lending Tree is giving 6K miles per $10K financed. This seems to be a better deal than Chase. Anyone have any experience here? I'd like some advice.

http://www.united.com/page/article/0,6722,50776,00.html

LendingTree

Bonus miles for Buying or Selling your Home and Home Equity Loans...
Dates: Home Equity Loan and Line of Credit requests submitted between February 15, 2005 and March 31, 2005
Offer: Earn 6,000 bonus miles (plus 1,250 miles per $10,000) after closing your next home equity loan or line of credit through LendingTree. Consolidate debt, make home improvements or finance a major purchase and get a great interest rate.
Get started now: To qualify, submit your request at www.united.lendingtree.com or call 1-866-255-7775. Submit before 3/31/2005 and use reservation code UN6-6000 to earn bonus miles.

avlff

Mar 21, 05, 7:03 am

Sounds to me like the LendingTree offer is for 1250 mi per $10K plus a single 6000 mi bonus for the loan.

So a $100K loan would result in 12,500 mi (1250mi x 10) plus 6000 bonus mi for a total of 18,500 miles.

tornado

Mar 28, 05, 8:38 am

Awards for Mortgage & Real Estate
Dates: Home Equity Loan applications submitted between April 1, 2005 through June 30, 2005 with Wachovia Corporate Mortgage Services
Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan. That’s a 3,700-mile bonus. Unlike other programs, there is no limit on the amount of miles that can be earned.
Terms and conditions: Terms and conditions apply
Get started now: To qualify, all home loan applications must be submitted online at united.com/awards4mre or at 1-877-633-2200. Provide promo code HE3700 at the time of registration.

Dates: Home Equity Loan applications submitted between April 1, 2005 through June 30, 2005 with Chase Home Finance and closed on the same day and property address as a first mortgage loan with Chase Home Finance
Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on only a s econd mortgage Home Equity Loan closed on the same property address on the same day with a Chase Home Finance first mortgage loan. That’s a 3,700-mile bonus. Unlike other programs, there is no limit on the amount of miles that can be earned.
Terms and conditions: Terms and conditions apply
Get started now: To qualify, all home loan applications must be submitted online at united.com/awards4mre or at 1-877-633-2200. Provide promo code HE3700 at the time of registration.

s975

Mar 29, 05, 7:26 pm

Has anyone applied for a HELOC with Wachovia on a Virginia property thru this awards program? I applied for a 200k line and they want to charge me $3.33 for every $1000. Is this a legit fee/tax? They call it a Doc Stamp Tax and say it is required for Virginia. Thanks.

tph4

Mar 29, 05, 7:55 pm

Being the procrastinator that I am I waited until today to call as I thought the offer was through 3/31. I called and registered but then could not get a hold of jeremy. Now I looked at the web site and it looks like the conditions change 4/1/05. Now it says something about having to close a second on the same day as the first. Anyone have any ideas. thanks

dhacker

Mar 31, 05, 1:47 pm

Wacovia (with original bolding maintained):

Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan.

Chase (with original bolding):

Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on only a s econd mortgage Home Equity Loan closed on the same property address on the same day with a Chase Home Finance first mortgage loan. That’s a 3,700-mile bonus.

The way I read the changes, Wachovia is still offering the original deal on both stand-alone HELOCs and 1st-2nd combinations and Chase is not. For those of us who procrastinated AND never intended to double (or triple) dip, it appears there's still time.

Since I'm lazy (as well as late), could someone tell me whether there was anything posted about Wachovia's version of the promotion being inferior in comparison to Chase?

alex007

Mar 31, 05, 2:56 pm

dhacker

Mar 31, 05, 3:29 pm

Am I reading the offer wrong or has it just been changed recently? It now looks like it requires the LoC closed on the same day as the first mortgage with the same lender:

"Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan".

Does it help if I insert "a)" and "b)" into their sentence?

Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both

a) a stand alone second mortgage Home Equity Loan

and on

b) Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan.

Contrast that with the new Chase language and its clear (to me) that Wachovia will award the miles on a stand alone loan. Is there some other way to read this that I don't get? I do wish they would have used the word "either " in place of "both".

Paiteaw

Apr 1, 05, 5:40 pm

:cool: Wacovia (with original bolding maintained):

Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan.

Chase (with original bolding):

Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on only a s econd mortgage Home Equity Loan closed on the same property address on the same day with a Chase Home Finance first mortgage loan. That’s a 3,700-mile bonus.

The way I read the changes, Wachovia is still offering the original deal on both stand-alone HELOCs and 1st-2nd combinations and Chase is not. For those of us who procrastinated AND never intended to double (or triple) dip, it appears there's still time.

Since I'm lazy (as well as late), could someone tell me whether there was anything posted about Wachovia's version of the promotion being inferior in comparison to Chase?

Well, Wachovia requires that YOU pay the recordation taxes on the loan if you are in Montgomery County, MD. While Chase picks up ALL the closing costs. The recordation tax can amount to several hundred dollars depending on the size of the mortgage or equity line of credit.
That sealed the deal for me. Just paid off my second line of credit from Chase the other day Cheapest and easiest miles I've ever paid for. :cool:

ultraman

Apr 4, 05, 7:38 pm

I just talked with Awards for Mortgage & Real Estate as well as started my third HELOC with Wachovia. They both said that the Wachovia Mileage Plus program has not changed except that it expires on June 30th rather than 10/15/05.
This loan is on a rental property and has no points, no fees, no appraisal and no prepayment cost. They are charging me prime +0%. I just funded my 2nd loan with them on my personal residence but told the loan officer I will pay it off before close of the 3rd loan. There should be time to do one more loan before the end of June. :)

Simba

Apr 5, 05, 2:19 pm

Glad this is still available. I just wired all but $100. of my draw from Chase and hope to start another. Can you please give me the name of the agent you used from wachovia. thanks

ultraman

Apr 5, 05, 6:29 pm

Glad this is still available. I just wired all but $100. of my draw from Chase and hope to start another. Can you please give me the name of the agent you used from wachovia. thanks

Just go thru the Awards for mile phone # and they will assign a loan officer. When they see you Chase HELOC on your credit report just tell them that you are paying it off.

I just made a costly mistake. I waited until my loan was on their computer before doing my "initial" draw. The terms state that the draws has to be at closing. A 250,000 point error on my part. Easy come easy go.

sgb

Apr 6, 05, 9:09 am

Just go thru the Awards for mile phone # and they will assign a loan officer. When they see you Chase HELOC on your credit report just tell them that you are paying it off.

I just made a costly mistake. I waited until my loan was on their computer before doing my "initial" draw. The terms state that the draws has to be at closing. A 250,000 point error on my part. Easy come easy go.

Is that really the case? My closing has already taken place and I was planning to do the initial draw after my account was set up for the wire transfer. A friend who just started the process was told the miles were based on the first draw. Since you've done this a few times I would assume you know this much better, but have you been denied the miles already?

ultraman

Apr 6, 05, 10:14 am

Is that really the case? My closing has already taken place and I was planning to do the initial draw after my account was set up for the wire transfer. A friend who just started the process was told the miles were based on the first draw. Since you've done this a few times I would assume you know this much better, but have you been denied the miles already?

Per the terms of the program that is the case.
"Home Equity Line Of Credit loan miles offered by participating lenders are only earned on the initial financed loan advance amount withdrawn on the closing date and will not be earned on the line of credit amount or on future advances. "

Has anyone received miles on an initial draw done after the close of escrow?

sgb

Apr 6, 05, 10:21 am

Per the terms of the program that is the case.
"Home Equity Line Of Credit loan miles offered by participating lenders are only earned on the initial financed loan advance amount withdrawn on the closing date and will not be earned on the line of credit amount or on future advances. "

Has anyone received miles on an initial draw done after the close of escrow?

bummer! Does anyone know if these have been the terms from the beginning, or if this is a recent change? I don't recall noticing this earlier, but that could have been an oversight on my part. Maybe time to call the Awards for Mortgage folks and get a clarification.

sgb

Apr 6, 05, 10:29 am

bummer! Does anyone know if these have been the terms from the beginning, or if this is a recent change? I don't recall noticing this earlier, but that could have been an oversight on my part. Maybe time to call the Awards for Mortgage folks and get a clarification.

Ok. I just called the Awards for Mortgage number, and the rep told me that for Home Equity, the miles are based on the first draw. It doesn't have to be at the closing time. When I did my closing, I wasn't even asked if I wanted to make an initial draw at that time. Makes me feel a little better, but we'll see.

Deltahater

Apr 6, 05, 9:51 pm

My Chase agent told me it is all about the first draw AT closing. Chase only gave me 90% of the HELOC, but I took it all. I got 120,000 miles after talking to Steve.

In the process of my second Chase loan that I applied for and was approved for prior to 3/31/05.

Don't think Wachovia does business in TX. Does anybody have any other options or this is the end of my rainbow? :eek:

desi

Apr 6, 05, 10:10 pm

They are playing a game now.

At closing they claim that they have not received the authorization for draw.
(Even if it has been faxed twice and verbally confirmed)

They make you fill another form after recession period is over.

Then claim that they never paid out anything at closing. SO you do not get ANY miles.

This of course after making you wait 7 weks telling you that your miles will post any day now.

Bythye way, this was not a losing proposition for the bank.

Chase purchases miles in bulk at rate of 1 cent per mile. By that math, it is costing them 0.5% of the loan which is lot cheaper than 1% they normally give for identical HELOC to a mortgage broker.

liveforflying

Apr 8, 05, 11:23 am

ultraman

Apr 8, 05, 12:24 pm

Hi,

I am new to all this.

I have a house worth 280000 $ and it is paid off.

What is the best option for me to get this deal ?.

Shall I apply for the Home Equity Loan or Home Equity Line of Credit deal at Wachovia or chase ?.

What will be the exact process to follow ?. Do I have to have 2nd Mortgage ?.

Do I have to draw the amount on date of closing or wait ?.

Once I close, can I wire the money next day to them or send a check immediately or wait for some days ?.

Are there any costs involved other than paying for intrest ?.

I am confused looking at so many posts so I am asking in detail.

Thanks for all your help.

The only option for a HELOC is with Wachovia. For my loans they did not charge for fees, prepayment, or appriasal. You should draw the full amount at closing and wire it back the next day if you can or mail a check. The only cost is the interest on the money. Register at award for mile and they will connect you to a loan agent and you will find out the fees etc. when you do the application on the phone.

Good Luck

liveforflying

Apr 8, 05, 6:56 pm

The only option for a HELOC is with Wachovia. For my loans they did not charge for fees, prepayment, or appriasal. You should draw the full amount at closing and wire it back the next day if you can or mail a check. The only cost is the interest on the money. Register at award for mile and they will connect you to a loan agent and you will find out the fees etc. when you do the application on the phone.

Good Luck

Thanks for the information.

For Wachovia can we pay the next day or we have to wait till the load appears in their system ?.

Also you get miles for taking home equity loan or home equity line of credit ?.

Thanks again.

ngupta

Apr 8, 05, 8:43 pm

Karmic Flyer

Apr 9, 05, 4:13 pm

ultraman, you are the man!

Miles were sent to the UA MilesPlus on 3/25 and they posted them on 4/8, exactly 7 weeks to the day my HELOC was funded.

Next up is Wachovia, which should close some time towards the end of next week with funding/initial draw 3 days later and oh yes, another set of miles 7-8 weeks thereafter.

Thanks again ultraman. How I wish I had started this last year than letting 3-4 months pass by before this couch potato got rolling.

Since all my vacations/trips are already planned till next spring and award tickets obtained, the earliest I would use the UA miles would be for travel in late summer/fall of '06. Hope UA stays in business that long ;)

ultraman

Apr 9, 05, 9:48 pm

Thanks for the information.

For Wachovia can we pay the next day or we have to wait till the load appears in their system ?.

Also you get miles for taking home equity loan or home equity line of credit ?.

Thanks again.

For Wachovia I sent a check the day my wire transfer arrived on my first loan and they did not credit my account for about 10 days. I requested an adjustment and they gave me credit for the full 10 days so for that loan the cost was $0 for 250,000 miles. :cool:
When you call Awards for Travel ask them about the loans that qualify for the United Miles.

Good Luck.

ultraman

Apr 9, 05, 9:50 pm

ultraman, you are the man!

Since all my vacations/trips are already planned till next spring and award tickets obtained, the earliest I would use the UA miles would be for travel in late summer/fall of '06. Hope UA stays in business that long ;)

Your on the loan rotation now. It does my heart well to hear all the sucessful stories for the Flyer Talk folks who use this program. ^

ultraman

Apr 9, 05, 9:51 pm

WOW!!!!

I just checked my UAL account and it has over 150K miles posted today for my Chase HELOC that I opened in Feb.

Awesome job ultraman!!!! You're the best..

I am about to close my HELOC with Wachovia may be next week and can't wait to get miles for that too. Will apply with WaMu and Citi after this. This is great.

Thanks ultraman again!!!!

This sure is less work and money than the Charter One gift cards. With over 1 million miles this year on the loans I have not applied for a single new credit card. ;)

noracle

Apr 10, 05, 7:19 am

ultraman

I got my 115K miles for Wachovia. Many Thanks.

Is it over now with Chase HELOC?

Nora

ultraman

Apr 10, 05, 3:22 pm

ultraman

I got my 115K miles for Wachovia. Many Thanks.

Is it over now with Chase HELOC?

Nora

Nora,

Why don't you call Awards for Travel and find out what types of loan Chase will do for the bonus program?

liveforflying

Apr 10, 05, 8:17 pm

ultraman

I got my 115K miles for Wachovia. Many Thanks.

Is it over now with Chase HELOC?

Nora

Ultraman,

You are great. I can't believe that someone can be so helpful.

Nora,

Which type of loan you took for 115k Miles ?. Home Equity loan or Home Equity line of credit ?.

Thanks.

liveforflying

Apr 11, 05, 1:38 pm

Ultraman,

You are great. I can't believe that someone can be so helpful.

Nora,

Which type of loan you took for 115k Miles ?. Home Equity loan or Home Equity line of credit ?.

Thanks.

One more question.

I applied for the HELOC .

They say that it takes 4-5 weeks to close the loan . Does it take that long for others ?.

Also, once they send me check by next day air, I can deposit that check in my bank account and mail another check to them same day ?.

Are the funds available immediately for the check sent by them ?. Is it cashier's check ?.

What is the overnight address for Wachovia where we can mail the check to ?.

Thanks.

noracle

Apr 11, 05, 5:52 pm

Ultraman,

You are great. I can't believe that someone can be so helpful.

Nora,

Which type of loan you took for 115k Miles ?. Home Equity loan or Home Equity line of credit ?.

Thanks.

My was Home Equity line of credit. Wachovia send me a check, it take 3-4 days for the check to clear in my bank.

Nora

ultraman

Apr 11, 05, 6:12 pm

One more question.

I applied for the HELOC .

They say that it takes 4-5 weeks to close the loan . Does it take that long for others ?.

Also, once they send me check by next day air, I can deposit that check in my bank account and mail another check to them same day ?.

Are the funds available immediately for the check sent by them ?. Is it cashier's check ?.

What is the overnight address for Wachovia where we can mail the check to ?.

Thanks.

For all of my Wachovia HELOC loans I requested a wire transfer which hit my account 4 days after close of escrow. The funds were available when they posted to my bank. There was no charge for the wire transfer.

liveforflying

Apr 11, 05, 8:29 pm

For all of my Wachovia HELOC loans I requested a wire transfer which hit my account 4 days after close of escrow. The funds were available when they posted to my bank. There was no charge for the wire transfer.

Thanks Ultraman.

What is the address to send the check back to them by next day air ?.

Once you pay off Home Equity Line of Credit, how do you close it ?. I do not want it to stay open .

Thanks again for all your help .

ultraman

Apr 12, 05, 9:59 am

Thanks Ultraman.

What is the address to send the check back to them by next day air ?.

Once you pay off Home Equity Line of Credit, how do you close it ?. I do not want it to stay open .

Thanks again for all your help .

I would call to get the address. You should also call to get the close instructions. They typically have you send in the final payment and also mail or fax a statement that you want to close the loan.

westlaker

Apr 12, 05, 2:48 pm

121k UA miles posted last friday for the chase loan closed on early Feb. I just send a letter to Chase Home Finance in Columbus, OH to close the loan. The address is on the back of the loan statement.

I just find this on united.com. It looks like the chase deal is at least good through June, 30.

Dates: Home Equity Loan applications submitted between April 1, 2005 through June 30, 2005 with Chase Home Finance and closed on the same day and property address as a first mortgage loan with Chase Home Finance.
Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on only a second mortgage Home Equity Loan closed on the same property address on the same day with a Chase Home Finance first mortgage loan. That’s a 3,700-mile bonus. Unlike other programs, there is no limit on the amount of miles that can be earned.
Terms and conditions: Terms and conditions apply
Get started now: To qualify, all home loan applications must be submitted online at united.com/awards4mre or at 1-877-633-2200. Provide promo code HE3700 at the time of registration.

liveforflying

Apr 12, 05, 5:38 pm

Karmic Flyer

Apr 12, 05, 7:23 pm

If you have a choice, sign your loan docs on a Tuesday. Wire transfer hits your bank the following Monday. You can return the money the same day, the next day or keep it for 4 days as Wachovia suggests till your account is established. Monday funding should minimize the number of days you get socked for interest as you don't run into a weekend holding a big sack of money.

BTW, Chase had sent a notary public to my house (CA) for signing the loan papaers. But Wachovia asked me to find one myself, pay for it and send the papers back in their pre-paid UPS envelope. I just did that and the signatures cost me $100 @$10 a pop...Ouch!

ultraman

Apr 12, 05, 9:10 pm

kiyotaka

Apr 13, 05, 9:33 am

I was successful in getting UA points last yr thru Chase HELOC which costed me only one day interest. Yesterday, I tried Wachovia HELOC on the same property. I was told that they would charge me state doc stamp fee. I live in Duchess County, NY and the fee is $10 per $1,000. Then $300k HELOC which would earn me 150k UA pts would cost $3k + interest! Dose it sound right???? I also went back to Chase, but I was told that I had to have the 1st mortgage w/ Chase (a new rule), which would disqualify me. So I got to the end of the road.

Kiyo

ultraman

Apr 13, 05, 3:47 pm

PhilC

Apr 14, 05, 11:33 am

weenieman

Apr 14, 05, 5:15 pm

The key words here are - only a second mortgage Home Equity Loan closed on the same property address on the same day with a Chase Home Finance first mortgage loan

One more hoop to jump through. Anybody with experience here ? More closing
costs which kill the deal or ??

ultraman

Apr 14, 05, 9:58 pm

One more hoop to jump through. Anybody with experience here ? More closing
costs which kill the deal or ??

Why not just keep using Wachovia? I closed a loan on a Monday and applied for my 3rd loan the next day. They do not have the first mortgage requirement. ;)

hyderabad

Apr 15, 05, 7:30 am

Ultaman,

I closed Wachovia on Feb 15th and Chase on March 15th. I paid both loans off. Waiting for the miles to be posted. Chase let me take a HELOC without closing wachovia. I have both loans open still. Should I close Wachovia and chase and apply again for wachovia eventhough the miles are not posted yet?

liveforflying

Apr 15, 05, 10:12 am

Why not just keep using Wachovia? I closed a loan on a Monday and applied for my 3rd loan the next day. They do not have the first mortgage requirement. ;)

Ultraman,

Once you close a loan with Wachovia and pay them off, can you reapply with them again for the same property ?.

They know that you are playing this game so they will stop us doing that.

What do you think ?.

Thanks.

Karmic Flyer

Apr 16, 05, 6:53 pm

For those who are wireing money to Wachovia make sure they record the wire on the correct day. I wired them on 4/5 and they received it that day but did not credit my HELOC until 4/7. They are giving me a credit of $150 after I called them.

Thanks for the heads up! I am due to have a fat bank balance on Monday and the money goes back on Monday if Wachovia sends it at a decent hour, else back on Tuesday morning. But I will make sure that they don't charge me for the days between their receiving the money and posting it into my account.

Credit Union will probably work for getting free notary service as you suggested, but it's too far from home and not economical for the two of us to get together for a "witnessed" doc. signing marathon. Wash/Mutual said they have a notary available only for their bank related papers.

BTW, even though it has been nice to receive UA miles, certain hotel credit cards still have to be obtained, first purchase made and then account closed to accrue hilton/marriott/priority points to make the trips a total "reward" experience. :)

Valentino

Apr 18, 05, 3:34 pm

Why not just keep using Wachovia? I closed a loan on a Monday and applied for my 3rd loan the next day. They do not have the first mortgage requirement. ;)

Wachiovia has similar terms like chase. Does it mean I have to have a 1st mortgage inorder to qualify??
"Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan"

Thanks.

PhilC

Apr 18, 05, 4:36 pm

Wachiovia has similar terms like chase. Does it mean I have to have a 1st mortgage inorder to qualify??
"Offer: Earn 5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000) on both a stand alone second mortgage Home Equity Loan and on Home Equity Loans closed on the same property address on the same day with a Wachovia Corporate Mortgage Services first mortgage loan"

Thanks.

Note the word both. What they mean is either a stand alone equity line or one in combination with a first mortgage will qualify.

ngupta

Apr 20, 05, 11:59 am

ultraman

Apr 20, 05, 3:13 pm

Hey ultraman,

I have a started my HELOC process with Wachovia and now they have sent me a package (which I'll get it today) and I have been asked to notorized some of the documents and send them back to them.

I asked them to WIRE me the $$$$ and they are agreed to that and according to them it should be wired on 04/26 (Tuesday).

Question to you is:

Did you get the $$$ wired to your bank when you did this with Wachovia?
When did you send the $$$$ back to them? Same day or waited for few days? How long did you wait?
How did you send the $$$$ to them? Did you wire or..?

Please let me know. Thanks

If you can get the loan number from the Wachovia loan agent then you can wire the money back on the 27th. Wait a few days and then call to close the loan and they will tell you how to do that. If you do not have a loan number then you can mail a check and ref. the application number. You will pay a few more days interest. I have done it both ways.

Good Luck,
Brian

Valentino

Apr 21, 05, 2:13 pm

I'm a little late to the game. But I finally called wachovia today. The rep almost forgot to enter the HE3700 code til I reminded him. He then transferred me to wachovia rep. Got a HELOC with zero closing cost @ prime + %. He said it should take about 3 weeks for closing and the miles is based on initial draw. He also did a electronic appraisal. Hopefully all I'm responsible out of pocket is the interest.

It is just an easy phone call, but I dont know why it takes me forever to make tha

Valentino

Apr 23, 05, 11:36 pm

ultraman

Apr 24, 05, 4:55 pm

Can someone please tell me if their terms for closing cost is the same as mine??

Closing Cost : Lender Pays (Closing Fees will be deducted from loan proceeds)

To me, it seems to read that lender pays first, and I'm still responsible for the closing cost (deducted from loan proceeds). Am I right??

thanks.

Your Loan package that they send should have the "Initial Disbursement Summary" and on there will show any costs that you will need to pay. On mine it shows all costs paid by the lender. I have not paid any closing or fees for my three loans with Wachovia.

Valentino

Apr 26, 05, 10:28 am

Thanks ultraman,
I'll email the rep to confirm.
My prelim statement does show $0 on borrower's column (and closing$$ on lenders column) , but I'm concerned about the verbage on the commitment letter - "closing cost deducted from LOAN PROCEED".

Karmic Flyer

Apr 26, 05, 8:21 pm

.

When did you send the $$$$ back to them? Same day or waited for few days? How long did you wait?
How did you send the $$$$ to them? Did you wire or..?

Please let me know. Thanks

Wachovia wired me the funds per my instructions last Monday. I wired the money right back. On Tuesday my bank called me to tell me that Wachovia had sent the money back. So I overnighted a check on Tuesday. No luck. It did not get accepted since there was no account set-up yet. Called on Thursday and the system showed data about the account entered in their computer but the account was not active. She took down my bank routing no. and account no. and promised to withdraw the money the following day(Friday), when the Wachovia account became active. They made good on that promise.

My Wachovia account showed 4 days worth of interest charged. I called today and requested for the interest charges to be reversed since it was not my fault that they did not get the funds earlier. She was very nice about it and reversed the charges. So $0 interest for this loan.

Moral: Keep the money for 3-4 days till the account is set up and then give them your bank info over the phone. They will take care of withdrawal from your account. No wire transfer charges, no FedEx charges! Just 3-4 days worth of interest charges.

KF

LLM

Apr 27, 05, 1:35 am

How could you wire it back the same day? I didn't get mine from Chase until after Schwab's outgoing wire deadline and in any case they would not let me set up the wire until the next day. Your bank did? Schwab doesn't charge me wire fees, though.

yoyo

Apr 27, 05, 7:16 am

ultraman

Apr 27, 05, 10:51 am

Hi all,

Newbie and late to the game. I think I read most of the posts here. I am planning to try wachovia for the miles and have the following questions:

a. If the house is under both me and my wife, do both of us need to sign on the loan?

b. Does wachovia HELOC require you to keep the credit line open for a couple of years with fees?

c. Can you get both a first mortgage loan and HELOC at the same time (assuming house paid off already)?

THanks.

Welcome to the loan train. To answer your question:

a. Yes
b. No - you can close it a week after opening for no cost. For my HELOC with Wachovia there was not annual fee so if you want to keep it open you can even with a $0 balance.
c. Yes. Your HELOC will be reduced due to the first mortgage. You may want to use Chase for the 1st and the HELOC and then close the HELOC with Chase and do a 2nd HELOC with wachovia (must be started by June 30, 2005.

Good Luck!

ngupta

Apr 27, 05, 2:31 pm

Wachovia wired me the funds per my instructions last Monday. I wired the money right back. On Tuesday my bank called me to tell me that Wachovia had sent the money back. So I overnighted a check on Tuesday. No luck. It did not get accepted since there was no account set-up yet. Called on Thursday and the system showed data about the account entered in their computer but the account was not active. She took down my bank routing no. and account no. and promised to withdraw the money the following day(Friday), when the Wachovia account became active. They made good on that promise.

My Wachovia account showed 4 days worth of interest charged. I called today and requested for the interest charges to be reversed since it was not my fault that they did not get the funds earlier. She was very nice about it and reversed the charges. So $0 interest for this loan.

Moral: Keep the money for 3-4 days till the account is set up and then give them your bank info over the phone. They will take care of withdrawal from your account. No wire transfer charges, no FedEx charges! Just 3-4 days worth of interest charges.

KF

Karmic Flyer,

I was supposed to get the $$$ wired to my credit Union yesterday 04/26, but somehow when Wachovia wired the $$$, they got a kick back as they did not perform the wiring correctly. I found out this morning when I called them this AM to find out what's going on as I did not see the $$$ in my CU. So, see fixed the problem and re-wired the $$$ this am and now I have the $$$ in my CU account. :)

I called them back to ask them since I did not get the $$$ yesterday, I should not be charged for 04/26 as it was not my mistake (they had my routing # wrong). She is going to call me back after checking with her team lead as to what can be done.

ANother thing is that I was given a HELOC account # and when I call Wachovia (1-800-249-3869), they do not see any thing and told me that it takes some time for them to set up an account.

When do I send the $$$ back to pay it off? How do I do this? Should I call them and ask them to draw the $$ from my CU? What number did you call and who that person was, if you remember?

Thanks

yoyo

Apr 27, 05, 3:15 pm

Karmic Flyer

Apr 27, 05, 11:36 pm

Karmic Flyer,

I was supposed to get the $$$ wired to my credit Union yesterday 04/26, but somehow when Wachovia wired the $$$, they got a kick back as they did not perform the wiring correctly. I found out this morning when I called them this AM to find out what's going on as I did not see the $$$ in my CU. So, see fixed the problem and re-wired the $$$ this am and now I have the $$$ in my CU account. :)

I called them back to ask them since I did not get the $$$ yesterday, I should not be charged for 04/26 as it was not my mistake (they had my routing # wrong). She is going to call me back after checking with her team lead as to what can be done.

ANother thing is that I was given a HELOC account # and when I call Wachovia (1-800-249-3869), they do not see any thing and told me that it takes some time for them to set up an account.

When do I send the $$$ back to pay it off? How do I do this? Should I call them and ask them to draw the $$ from my CU? What number did you call and who that person was, if you remember?

Thanks

ngupta,

Based on my experience, your account info should be in their system on 4/26+3days. Call the above no. and navigate through the menu to get a live person (as opposed to a dead person :) ) on line. If they can verify that their system shows your info and the account is to become active the following day, give them the routing no., the account no. you want the funds withdrawn from and the amount to be withdrawn. They will take them out the next day when the account becomes active.

L/L/mom,

When I did HELOC with Chase they sent the funds after the deadline for outgoing wires from my bank, so I had to wait for a day. But Wachovia sent the funds early enough in the day so that I was able to wire them back the same day. Unfortunately they don't hold the funds till your account is active. Chase kept the money and applied it to my account 4 days later when the account was set up in their system.

KF

yoyo

Apr 29, 05, 6:22 am

Welcome to the loan train. To answer your question:

a. Yes
b. No - you can close it a week after opening for no cost. For my HELOC with Wachovia there was not annual fee so if you want to keep it open you can even with a $0 balance.
c. Yes. Your HELOC will be reduced due to the first mortgage. You may want to use Chase for the 1st and the HELOC and then close the HELOC with Chase and do a 2nd HELOC with wachovia (must be started by June 30, 2005.

Good Luck!

A couple more question. When does the interest start to accumulate? The day you close the loan or the day you receive the wired money? If I close the loan on Saturday and have Wachovia wire the money on Monday, do I start paying the interest on the Sunday?
A related question to the above if you start paying interest after you draw on the credit. Do we get the miles based on initial draw or the draw at the closing? It seems like you can can close on the loan, wait for a couple of days for the account to be set up and draw on the credit (with wire) and wire the money right back the second day. Total cost 1 day of interest + wire cost.

THanks.

Deltahater

Apr 29, 05, 8:30 am

I would confirm with your bank, but I am pretty sure the interest starts accumulating when they send the money. In TX for example there is a 3 day holding period in case you change your mind. So I close on a Tuesday, they wait three days and wire the money on the fourth day, which is Monday of the following week. I then wire the money back either on Monday or Tuesday and owe them one or two days of interest.

The amount of miles you get is calculated based on the initial draw. Take all you can get. After that initial draw all you gonna get is cash... no miles.

Hope that helps

ngupta

May 2, 05, 7:37 pm

I have heard that Washington Mutual has withdrawn from this fiasco......

So all we have left is Wachovia as Chase is out of it for quite sometime.

Anyone has any info on this.

Karmic Flyer

May 2, 05, 8:25 pm

I thought of refinacing my house with a small 1st mortgage and a huge 2nd mortgage to be returned within a couple of days for points. I found out that there is no penalty for early payment for the 2nd and no loan orgination cost either. But taking out the 1st mortgage is another story. It involves a substantial cost making it useless for cheap/free points.

Jeremy asked me why I wanted two diff loans rather than one. Well you get the miles on the 2nd and can pay it back right away and get the UA points, was my answer. Then I asked him why was Chase offering a first and second on the same house at the same time. He had no answer to that. In any event it is no go.

KF

daveland

May 4, 05, 1:27 pm

ultraman

May 4, 05, 2:06 pm

This page
http://www.awardsformortgageandrealestate.com/starwood/business/
says you can...

- Earn 1,250 Starpoints for every $10,000 financed at closing on a business loan through Wachovia Small Business Capital.

Anyone tried this? I don't have or want a property but I do have a small business and would play the game if I can take this loan, get the points, and repay it quickly :)

Looks interesting for business owners. It says no line of credit so find out what the costs are and if you can use this loan for non-real estate and let the forum know. Good Luck.

hyderabad

May 5, 05, 2:51 pm

Ultraman,

Have you applied again to wachovia for the miles?

ultraman

May 5, 05, 11:08 pm

Ultraman,

Have you applied again to wachovia for the miles?

I sign the papers next Tuesday. This will be my third loan with Wachovia (750K miles) in addition to my two with Chase (380K miles). I hope they let me do one or two more before the June 30th deadline. My goal was $1 million United miles for less than $1,000. Actual cost for 1.13M miles will be around $800. :cool:

Flyer Jon

May 6, 05, 9:19 am

A couple more question. When does the interest start to accumulate? The day you close the loan or the day you receive the wired money? If I close the loan on Saturday and have Wachovia wire the money on Monday, do I start paying the interest on the Sunday?
A related question to the above if you start paying interest after you draw on the credit. Do we get the miles based on initial draw or the draw at the closing? It seems like you can can close on the loan, wait for a couple of days for the account to be set up and draw on the credit (with wire) and wire the money right back the second day. Total cost 1 day of interest + wire cost.

THanks.

I can confirm that Wachovia starts charging interest as soon as they mail or wire the money. I asked them to wire which they refused, instead they sent a check overnight. I basically lost 2 days of earning interest, yet had to pay them interest.

As deltahater wrote, miles are based on draw commitment at closing.

gof

May 6, 05, 10:16 am

I sign the papers next Tuesday. This will be my third loan with Wachovia (750K miles) in addition to my two with Chase (380K miles). I hope they let me do one or two more before the June 30th deadline. My goal was $1 million United miles for less than $1,000. Actual cost for 1.13M miles will be around $800. :cool:
When you factor in so many miles (too bad the don't have some sort of EQM value :)), what is your realistic equivalent in ticket value? Looks like you've got enough for almost three F round-the-world tickets.

ultraman

May 6, 05, 1:11 pm

I can confirm that Wachovia starts charging interest as soon as they mail or wire the money. I asked them to wire which they refused, instead they sent a check overnight. I basically lost 2 days of earning interest, yet had to pay them interest.

As deltahater wrote, miles are based on draw commitment at closing.

I told Wachovia that I wanted to have the funds wired and they said no problem. I need to fax the underwriter my bank number, account # etc. before the loan signing. The question is how long will it take to get my loan on their computer so I can wire it back. ;)

pgary

May 6, 05, 2:45 pm

PhilC

May 6, 05, 3:01 pm

Here is an interesting article on Marketwatch, titled Home liens may stay on the books despite payoff (http://www.marketwatch.com/news/story.asp?dist=nwhreal&param=archive&siteid=mktw&guid=%7B59A9E720%2DA49D%2D497C%2DA799%2DEDEB6B1DB9 8E%7D&garden=&minisite=).

Are those who are getting these loans checking to be certain that the lien is removed?

Who removes it, you or the bank? And who pays for this? How much?

Thanks.

I believe the bank is supposed to remove it, but it's up to you to check to make sure they did. I've gotten something from the county recorder's office in the past stating the lien has been removed whenever a mortgage was paid off. Depending on the bank, they may charge a small fee (I've never been charged though).

pgary

May 6, 05, 3:16 pm

I believe the bank is supposed to remove it, but it's up to you to check to make sure they did. I've gotten something from the county recorder's office in the past stating the lien has been removed whenever a mortgage was paid off. Depending on the bank, they may charge a small fee (I've never been charged though).

How long after you paid off the loan did it take for the lein to be removed? And which of our banks underdiscussion were you using?

Thanks.

ultraman

May 6, 05, 3:56 pm

How long after you paid off the loan did it take for the lein to be removed? And which of our banks underdiscussion were you using?

Thanks.

I just received the release of my deed for a Chase mortgage that was closed March 28th 2005. So it took just over a month. They charged me $17 when I paid off the HELOC. So far for each loan I have received a deed release from the Banks (Wachovia and Chase).

PhilC

May 6, 05, 4:46 pm

How long after you paid off the loan did it take for the lein to be removed? And which of our banks underdiscussion were you using?

Thanks.

I don't recall exactly how long it took. I think it was about a month or two after the loan was paid off. I was referring to previous loans I had with IndyMac, GMAC, etc. I haven't closed my Chase equity line so no experience with the specific banks under discussion in this thread.

Flyer Jon

May 7, 05, 7:40 am

Hallelujah, Hallelujah!

After closing on March 4, the UA miles finally posted -- Australia, here I come, but not before applying for next loan. :)

hyderabad

May 7, 05, 10:42 am

wachovia charged me $8.

desi

May 10, 05, 11:38 pm

Lein removal is called satisfaction.

When you order the payoff they include the fee in pay-off statement.
When you pay it off by yourself, it is up to the bank. Some charge, some do not. IN future when you refinace, the new mortgage company will require you to make sure that all other liens are removed. Before selling the house, it is a good idea to make sure that all previous liens are removed as you are suppose to give clear title to new ownwer. Satisfaction fee is dependent on your local county where lien is recorded. Some lenders used to abuse this and overcharge customers. But after couple of lawyers got reach from class action lawsuits, these fees have become more reasonable.

Time it takes to remove a lien depends on
a) account needs to be formally closed (request signed by you normally requested by lender but not required - it is up tp them)
b) proper notification from lender to county office (Lets say mortgage company back office is not full of smartest people)
c) your local county office (during refi boom of few years ago, a wait of 18 months in my area was not unheard of)

But it really does not matter as far as you save the "Paid in Full" letter you receive in mail.

Getting 0.5% back in miles is good but how about getting some % of loan amount back in real cash?

Valentino

May 11, 05, 12:17 am

Getting 0.5% back in miles is good but how about getting some % of loan amount back in real cash?

Go thru' upromise, then request cash-out.

http://www.upromise.com/origin/mortgage.html

ultraman

May 11, 05, 10:27 am

Getting 0.5% back in miles is good but how about getting some % of loan amount back in real cash?

You actually get back 50% (5000 miles for 10,000 borrowed) which is great. For my last loan the cost was $70 (one days interest) and I received 250,000 miles which is worth about $2,500 to me.

desi

May 11, 05, 9:15 pm

You actually get back 50% (5000 miles for 10,000 borrowed) which is great. For my last loan the cost was $70 (one days interest) and I received 250,000 miles which is worth about $2,500 to me.

2500 on 500k loan is 0.5% (At conventional rate - can be worth more if used for Intl F/C travel or zero if United go bust)

2% of 500K would be 10,000 USD. (and you do not have to wait for 7 weeks nor any miles involved. Direct rebate right on the HUD-1 Settlement sheet)

Premium pricing in mortgage originationis is the biggest financial engineering stupidity one can find anywhere. They are giving away deep in-the-money call for free!! Anyway that has nothing to do with miles....

ultraman

May 12, 05, 10:57 am

2500 on 500k loan is 0.5% (At conventional rate - can be worth more if used for Intl F/C travel or zero if United go bust)

2% of 500K would be 10,000 USD. (and you do not have to wait for 7 weeks nor any miles involved. Direct rebate right on the HUD-1 Settlement sheet)

Premium pricing in mortgage originationis is the biggest financial engineering stupidity one can find anywhere. They are giving away deep in-the-money call for free!! Anyway that has nothing to do with miles....

The cash back site showed .25% for HELOC so for the $500K loan the rebate would be $1250. Where can I get 2% rebate?

PhilC

May 12, 05, 5:48 pm

Flyer Jon

May 12, 05, 10:31 pm

Is there a specific person/extension number at Awards for Mortgage that I can contact if I didn't receive the correct amount of points? I called Chase, but they referred me back to Awards for Mortgage. Thanks.

Ask for Steve. He's the guy at Awards for Mortgages. I don't have his extension. Just call their toll-free and ask to be connected.

hyderabad

May 13, 05, 8:24 am

steve's extension is 221.

soquel4448

May 13, 05, 10:08 am

Hi all,

i was working as a self-employed the last 5 years. my 1099 and returned income taxes didn't show big numbers :-( and now i am going back to school full time this year. my house has about $500K equity. can i get a HEL with any bank ? do you have any suggestions how i can get some $$ from my home equity to support myself going thru school ? thanks in advance.

Valentino

May 13, 05, 10:17 am

I told Wachovia that I wanted to have the funds wired and they said no problem. I need to fax the underwriter my bank number, account # etc. before the loan signing. The question is how long will it take to get my loan on their computer so I can wire it back. ;)

ultraman,
1. when did u receive the funds after closing on tuesday??
2. when did your account appear on their system?
3. when and how did u wire $$ back
4. how many days int. did u ended up paying?

thanks.

ultraman

May 13, 05, 10:50 am

ultraman,
1. when did u receive the funds after closing on tuesday??
2. when did your account appear on their system?
3. when and how did u wire $$ back
4. how many days int. did u ended up paying?

thanks.

I signed the papers on 5/10, I should receive the wired funds on 5/17. I just called Wachovia and my loan office had the loan # but it is not on their computer yet. My plan is to wire them money on 5/17 when the funds get to my account and it they wire the money back I have a record that I sent it and will ask for an interest credit from that day on. I will let you know what happens.

Mama

May 13, 05, 1:01 pm

Just called and applied for this promotion.
By the way, you need to maintain the Wachovia Home equity loan for minimum of 2 years in order to avoid pre-payment panalty and there is $350 processing fee. However, the open line of credit does not have this requirement. But, the amount of credit they give you is about half of what they will give you for the loan.
Both earn mileage.

beachfan

May 15, 05, 3:59 pm

yoyo

May 16, 05, 7:13 am

I signed the papers on 5/10, I should receive the wired funds on 5/17. I just called Wachovia and my loan office had the loan # but it is not on their computer yet. My plan is to wire them money on 5/17 when the funds get to my account and it they wire the money back I have a record that I sent it and will ask for an interest credit from that day on. I will let you know what happens.

ultraman,

Please keep us posted. Mine will probably close in 2-3 weeks. What execuse did you give to get the second and third loan after the first account is closed? I am not sure if I have time to do second round. Also, anyone able to get more than 500K from wachovia?

ultraman

May 16, 05, 10:34 am

Can't believe I was so slow on this one. But I close on Tuesday!

Key queston, I have existing HELOC which I'm paying off in the closing. And I want to pull out all I can (wire it to Schwab).

I'd like to confirm that the "initial draw" will be both the amount used to payoff existing HELOC and the money I get wired to my Schwab account.

Also, is the "initial draw" limited to 90% of the LOC?

Ultraman is my hero!

I would work with the loan officer and Steve at Awards for Miles to make sure that you receive the miles for both the payoff and draw.
For Wachovia they will let you draw 100% of the LOC. Chase is limited to 90%.

Good luck and enjoy those miles in two months!

Mama

May 18, 05, 1:41 am

I signed the papers on 5/10, I should receive the wired funds on 5/17. I just called Wachovia and my loan office had the loan # but it is not on their computer yet. My plan is to wire them money on 5/17 when the funds get to my account and it they wire the money back I have a record that I sent it and will ask for an interest credit from that day on. I will let you know what happens.

I don't think you can wired back Wachovia the money on the same day you receive the loan. On the disclosure, it says there is a "mandatory 3 day rescission period". I am not sure what "rescission period" is, but I suspect this means you have to pay at least 3 days interest. I will call the loan officer tomorrow to clearify.
I just received my document package for Wachovia home equalty line today. They required copies of W2, 1040, real estate tax bill, employment verification, home owner's insurance...etc. So, it is not as easy as it sounds.

ja_user

May 18, 05, 8:16 am

I don't think you can wired back Wachovia the money on the same day you receive the loan. On the disclosure, it says there is a "mandatory 3 day rescission period". I am not sure what "rescission period" is, but I suspect this means you have to pay at least 3 days interest. I will call the loan officer tomorrow to clearify.
I just received my document package for Wachovia home equalty line today. They required copies of W2, 1040, real estate tax bill, employment verification, home owner's insurance...etc. So, it is not as easy as it sounds.

You have 3 days that you can void the contract (loan), so you have to wait until after that to pay it off. Same when you buy a car, etc.

Mama

May 18, 05, 11:11 am

You have 3 days that you can void the contract (loan), so you have to wait until after that to pay it off. Same when you buy a car, etc.

Therefore, you will have to pay 3 days interest minimum.

LLM

May 18, 05, 11:43 am

My Chase HELOC loan did not actually close until after the three-day waiting period. No bank would give you money before that. If you follow the advice earlier in the thread and sign your docs on Tuesday, the funds will be available for wiring to you on a Monday. Mine arrived late in the day so I was not able to wire it back until Tuesday morning. I called a couple weeks later re the interest due and it was one day, $70, which they withdrew from my account so I did not need to do another wire or send a check.

ultraman

May 18, 05, 11:45 am

Therefore, you will have to pay 3 days interest minimum.

The 3 day period is the first three days after you sign the loan paper in case you change your mind. They will not fund the loan until after the 3 days so you can wire the money back the same day you recieve it or the next day and only pay one day's interest. My last loan cost be $70 interest which was one day's interest on $500,000.00 and a sweet 250,000 united miles. :cool:

Mama

May 18, 05, 2:38 pm

My last loan cost be $70 interest which was one day's interest on $500,000.00 and a sweet 250,000 united miles. :cool:

Wow, $500k open line of credit. Your house must worth millions.

ultraman

May 18, 05, 3:52 pm

Wow, $500k open line of credit. Your house must worth millions.

With the ave house in my town costing $770K it is not hard to get a 500K loan.

ja_user

May 18, 05, 8:54 pm

With the ave house in my town costing $770K it is not hard to get a 500K loan.

In CA it may average $770k, in MCI it is more like $225k for the average new one.

desi

May 18, 05, 11:37 pm

The cash back site showed .25% for HELOC so for the $500K loan the rebate would be $1250. Where can I get 2% rebate?

Yes, upromise site was a terrible deal. Your broker can give you rebate right on HUD-1. Apologize for digressing from Miles but if ultraman ask question, one has to reply (at least on this thread ;))

beachfan

May 21, 05, 2:16 am

The 3 day period is the first three days after you sign the loan paper in case you change your mind. They will not fund the loan until after the 3 days so you can wire the money back the same day you recieve it or the next day and only pay one day's interest. My last loan cost be $70 interest which was one day's interest on $500,000.00 and a sweet 250,000 united miles. :cool:

Probably asked a couple of times already, but is there any chance the money goes against your HELOC 24 hours after you funded? Chase says 2 days, and I'm thinking a "check by phone" might be easier. Anyone try that?

PhilC

May 23, 05, 2:42 pm

Probably asked a couple of times already, but is there any chance the money goes against your HELOC 24 hours after you funded? Chase says 2 days, and I'm thinking a "check by phone" might be easier. Anyone try that?

Are you referring to the check by phone option to pay back the initial draw? If so, I tried to do that and was told by Chase that the max amount they'll accept for a payment by phone was $50K per 24 hour period.

plto6

May 23, 05, 6:55 pm

ultraman

May 24, 05, 10:32 am

Has anyone recieved any miles from Delta or any other program from this offer other than United. I was told that I could get Delta miles. How do I make sure that I get the right number of miles if I go with Delta

Go to Gary's web site: Free Frequent Flyer Miles

http://www.freefrequentflyermiles.com/index.htm

Look under Finance --> Home Buying

He has all the loan programs for each airline.

PhilC

May 24, 05, 1:11 pm

Has anyone recieved any miles from Delta or any other program from this offer other than United. I was told that I could get Delta miles. How do I make sure that I get the right number of miles if I go with Delta

Current Delta offer is here http://www.awardsformortgageandrealestate.com/delta%2Dairlines/bonus/

Just make sure you provide the correct code at time of registration.

daveland

May 24, 05, 2:32 pm

Why not use the SPG offer and then transfer to DL for a 25% bonus?

annerj

May 24, 05, 2:54 pm

Go to Gary's web site: Free Frequent Flyer Miles

http://www.freefrequentflyermiles.com/index.htm

Look under Finance --> Home Buying

He has all the loan programs for each airline.

I was going to do this when selling/buying my new house this year. But after I talked to my agent we worked a cash deal out togther as Delta takes a HUGE percentage of their commission for not that many miles.

Talk to you agent...you might be able to work out a better deal (That said, make sure you contact Delta first then talk to the agent after they find out what % delta wants to take for the referral).

annerj

PhilC

May 24, 05, 3:02 pm

Why not use the SPG offer and then transfer to DL for a 25% bonus?

The current SPG offer is 2500 pts per $10K (I couldn't find a better one) and the DL offer is 3750 miles per $10K. So even considering the SPG transfer bonus, you're better off with the DL offer.

Valentino

May 27, 05, 1:29 pm

baggyboo

May 27, 05, 3:36 pm

Is this true, seems too good .. has anyone else tried it???

Also, I found this website http://goodtraveldeals.net/ that was cheaper than the big guys for what I was looking to book ... does it look OK, shall I book it ... I'm new at onlin ebooking and need advise .. THANKS

I just completed a Equity Line of Credit with Chase Bank and should receive 170K United miles in the next 6 weeks. I wanted to pass this on because the offer is good until Sept. 30, 2004. Right now you can get 4250 miles for each 10,000 borrowed with four banks. The best deal for me was to borrow $400K from Chase for no cost (They paid appraisal, title, etc.). The loan application took about an hour of my time and was approved and funded in a month. As long as you start the loan process by 9/30 they said you will receive the bonus miles.

I drew the full equity line amount last week and then paid it right back and had to pay for 4 days interest. My total after tax cost for this was $100. (see calculation at end of this) The URL that tells how to sign up for the bonus (found on Gary's Free Frequent Flyer Miles web site under Finance- Home Buying)

http://www.united.com/page/article/0,6722,50776,00.html

My cost calculation: $400,000 loan at 5% for 4 days less 35% tax deduction
=400,000x.035/365 days x 4 days x .65 (tax deductible) = $99.73. :p

I have started another equity line of credit with Washington Mutual on my rental house for $500K and it has been approved contingent upon the appraisal. This loan has no costs but you must keep the equity line open (even with a $0 balance) for 3 years or pay a penalty of $500. This loan will net 212,500 miles with United. :cool:

SST

Jun 2, 05, 8:41 am

westlaker

Jun 2, 05, 9:27 am

It's now been 6 weeks since I closed on my Chase HELOC, and haven't seen any of the miles. Does this process REQUIRE me to call and bug them, (the original folks, miles-for-mortgages or whoever), or should I be patient? I'm due for about 70,000 miles, so it's not like I'm forgetting.........

Mine posted around 11 weeks. I was told UA always post HELOC miles on Friday.

hyderabad

Jun 2, 05, 10:36 am

They post it first week of the month. Takes about 6-8 weeks.

PhilC

Jun 2, 05, 4:02 pm

It's now been 6 weeks since I closed on my Chase HELOC, and haven't seen any of the miles. Does this process REQUIRE me to call and bug them, (the original folks, miles-for-mortgages or whoever), or should I be patient? I'm due for about 70,000 miles, so it's not like I'm forgetting.........

Mine took exactly 8 weeks. March 14 closing, May 9 posting. But they didn't post the correct amount. I called Steve at Awards for Mortgages and he promised to correct it by the first week of June (posted June 6).

ExitRowAisle

Jun 7, 05, 6:36 pm

ultraman

Jun 8, 05, 3:58 pm

Flyer Jon

Jun 9, 05, 11:24 am

so I wired the funds back before the a/c was set-up and they rejected the wire. I then wire the funds again 3 days later and this time the wire went thru' fine as the a/c has been set-up. <In case anyone is curious, I do have to pay 2 x wire transfer fees even though the first wire did not go thru'>.

Can someone tell me if I should ask for int. credit adjustment now or wait for the statement?? I called wachovia and the rep says the balance is zero, and he is not sure what to do.

Thanks so much.....

When Wachovia finally set up my account back in Feb, I immediately wired the money. I kept $500 out and returned the rest. Wachovia sat on my wire for 24 hours. I decided not to make a fuss.... until today. I noticed that the last three payments had taken an average of 10 days to post. I could accept the post office taking extra time once, perhaps twice, but not three times out of three.

I called Wachovia and pointed out the time it takes them to post payments. I suggested that this was possibly more than coincidence and requested that they credit me one day's interest from the wire. To my surprise, they did!

A long winded way of saying that it does not seem to matter when you call -- I waited four months to ask.

Paiteaw

Jun 9, 05, 4:25 pm

I found this web site showing a new loan application deadline of 8/31/2005 (vs the old one of 6/30/05). I did call and verify that the deadline is 8/31/05.
So do another loan if you can. I just closed loan #5 and started loan #6.

http://www.awardsformortgageandrealestate.com/united%2Dairlines/bonus/

"To qualify, all loan applications or requests for other services must be submitted online or by phone at 1-877-633-2200 between 6/01/05 and 8/31/05 and closed by 2/28/06."

:) :)

Do own your house completely ?
It appears that Chase now requires that they assume your first mortgage in order for you to qualify for the HE3700 offer on the HELOC . I guess they are tired of the quick payoffs after covering all the closing costs.
I have done the HELOC with Chase twice now, but have no desire to transfer my mortgage to them since I want to retain a low interest rate loan. I suppose I can go for the 1800 mile per 10k offer.
Unfortunately, Wachovia wants to charge transfer taxes in my state making it not worth doing. Oh well.

ultraman

Jun 9, 05, 5:56 pm

Do own your house completely ?
It appears that Chase now requires that they assume your first mortgage in order for you to qualify for the HE3700 offer on the HELOC . I guess they are tired of the quick payoffs after covering all the closing costs.
I have done the HELOC with Chase twice now, but have no desire to transfer my mortgage to them since I want to retain a low interest rate loan. I suppose I can go for the 1800 mile per 10k offer.
Unfortunately, Wachovia wants to charge transfer taxes in my state making it not worth doing. Oh well.

Yes I own my house and a rental free and clear. I only use Wachovia and just keep doing a new HELOC on the other property as I pay off the last one. ;)

LLM

Jun 9, 05, 6:05 pm

Yes I own my house and a rental free and clear. I only use Wachovia and just keep doing a new HELOC on the other property as I pay off the last one. ;)What do you say to explain closing and opening these HELOC's with the same bank? Do you just start over with a different loan officer? Do you formally close the Wachovia HELOC after paying it off? They haven't asked about my Chase HELOC which is paid but not closed and didn't show up on the credit report they pulled.

ultraman

Jun 9, 05, 10:13 pm

What do you say to explain closing and opening these HELOC's with the same bank? Do you just start over with a different loan officer? Do you formally close the Wachovia HELOC after paying it off? They haven't asked about my Chase HELOC which is paid but not closed and didn't show up on the credit report they pulled.

I close the loan as fast as possible after funding (usually takes about 3 days) so that the new loan officer does not ask why I am doing another HELOC.

LLM

Jun 9, 05, 10:19 pm

I close the loan as fast as possible after funding (usually takes about 3 days) so that the new loan officer does not ask why I am doing another HELOC.
Aha! This does not affect you getting your miles? I am still waiting for my Chase miles.

ExitRowAisle

Jun 10, 05, 8:09 am

Has anyone who lives in a state with a mortgage registration tax, stamp fee, etc. (which I have initially been told Wachovia won't absorb) been successful in getting this tax/fee paid by Wachovia in return for accepting a higher interest rate? If so, who did you deal with at Wachovia?

I'm debating whether to go through with this since I can only get the cost per mile down to $.006, inclusive of this tax.

I take it that no one has been successful in working with Wachovia on absorbing the state registration tax in return for other concessions (e.g., higher interest rate, closing penalty, etc.).

Just out of curiosity, what is the most you have been willing to pay per mile for this program? ultraman has gotten his costs down to a negligible level, but he apparently doesn't face the registration tax that many of us have to deal with.

ultraman

Jun 10, 05, 10:20 am

Aha! This does not affect you getting your miles? I am still waiting for my Chase miles.

The miles have always come 6-7 weeks after the close date.

RobUAIntl

Jun 10, 05, 10:52 am

I closed a HELOC with Chase on April 28th. The process was rather painless until closing. They messed up the wire transfer to me and then lost (or misplaced) the wire back to them for 3 weeks. At the end, it looks like the statement shows that the wire out and back happened on the same day and thus I have no interest charges (yes!!).

So I'm waiting for my 175,000 miles to post. Only cost was an hour or two of my time and $15 for the wire transfer fee. The fine print shows a $25 fee to close the account (which they may or may not charge). Once miles posts, I'll close account and apply with Wachovia.

Clearly the biggest challenge will be finding C or F award seats to Italy or Argentina or Spain or .......

Thanks ultraman!!

ultraman

Jun 10, 05, 11:34 am

Thanks ultraman!!

Enjoy those miles. You can always suffer and fly to Hawaii.

sdflyer04

Jun 10, 05, 7:05 pm

I close the loan as fast as possible after funding (usually takes about 3 days) so that the new loan officer does not ask why I am doing another HELOC.

Ultraman, I just want to make sure that I understand what you are saying. Are you saying that you receive the funds from the loan, pay back the loan within days, and then 3 days later close the loan. In other words, you close the loan prior to the posting of the miles? Is that right?

I've only done 1 Chase loan and 1 Wachovia loan (for which I'm waiting for the miles to post). I waited for the miles to post to the Chase loan before closing the loan. I think I will do the same for Wachovia as I should see the miles in about 2 weeks. But, as this program continues, I just want to make sure I understand how you've pulled it off.

When you reapply with Wachovia, have they ever asked why you opened and closed a prior loan with them or Chase? If so, what do you say?

Thanks for the info

SDFLYER

yoyo

Jun 11, 05, 8:41 am

I close the loan as fast as possible after funding (usually takes about 3 days) so that the new loan officer does not ask why I am doing another HELOC.

ultraman,

I assume you call the same 1-800 number but do you ask the name of the person at wachovia before they connect you to make sure you get a different person or are you refering to get a different loan officer at the local branch during closing? I would think that if you apply more than once your ssn will show up in their system so they know you are doing it the second/third time.

I applied on May 4th but still no closing date yet. Its kinda of long wait.

Deltahater

Jun 12, 05, 10:48 am

I have open and closed a loan with Chase within 3 days of funding. I got my miles about 10 weeks later.

5 months later (I got busy with work, life, wife, etc) I applied for a second loan with Chase and they processed it just fine. The only condition that they attached to me receiving the loan was that I pay off the first loan I had with them. That loan had been paid off 5 months ago, but it shows you two things:

They know that you had a previous loan and it does not matter
They are utterly confused and incompetent otherwise they would know that I paid of my first loan with them 5 months ago.

I have since closed on my second loan and Chase was a complete nightmare to work with. First of all, it is really hard to get to a real person. They they ask you 24 questions "for the privacy of your account", before they determine they are unable to help you and transfer you back into the phone loop. You answer the same 24 questions for the new rep and so on and so forth.

To make a long story short, they did not wire me my funds at time of closing, despite my request in writing to do so. Nobody could find my wire, or the quarter million dollars I was supposed to be receiving. Depending on who I talked to I either:

Never had a loan
Paid off my loan
Am delinquient on my loan
Have the funds
Have never requested the funds
Do not exist

At 4:45PM CST or 2:45PM PST the appropriate department at Chase (a Global Bank mind you) just shuts down and no one of the 120,000 other employees is able to appropriate determine my loan status.

About 18 hours later, 5 argumentative discussions with their supervisors (they were argumentative, not me), 3 heart attacks later, they finally found my loan, wired me the money. Not a smooth transaction for a large bank in the year 2005.

The other problem was that I now officially had drawn $0 at closing and thus inelligible for my miles... :mad: :mad: :mad: :mad:

But, to their credit, when I spoke to my loan officer, he assured me he would process the miles based on the wire amount, even though I did not draw anything at closing.

Very painful and frustrating but I think it will all be a blurr when the wife and I sit in Business Class to Europe and smile all the way across the Atlantic

Mama

Jun 13, 05, 1:10 pm

[QUOTE=luvagator]Hi Ultraman:

Simple questions:

I am planning on doing this: Please correct me if I am wrong.
apply for HELOC,

Yes

once approved, withdraw the whole money,

Yes except now Chase will only let you withdraw 90% of the line of credit.

next repay the money within a day.

Yes

I should get a credit for the number of miles within 6-8 weeks

Yes (my last loan took 9 weeks (Wachovia)

I can close the loan with one and restart with another

Yes if they will let you. I did my 2nd loan with the other loan company so that the first loan would be closed for a while before applying again.

How do you repay the money withine one day?
Suppose you received the check today, and deposit it to your checking account, but it is an out-of-state check, so it takes 4 days fot the check to clear on your checking account. Then you write a check to pay and Fedex over-night to pay off the load. This process requires at least 5 days' interest payment.
Am I missing something?

PhilC

Jun 13, 05, 1:18 pm

[QUOTE=ultraman]

How do you repay the money withine one day?
Suppose you received the check today, and deposit it to your checking account, but it is an out-of-state check, so it takes 4 days fot the check to clear on your checking account. Then you write a check to pay and Fedex over-night to pay off the load. This process requires at least 5 days' interest payment.
Am I missing something?

Have the funds wired to you instead of a check and your bank should make the funds available to you the same day.

Mama

Jun 13, 05, 3:15 pm

Have the funds wired to you instead of a check and your bank should make the funds available to you the same day.

For all of my Wachovia HELOC loans I requested a wire transfer which hit my account 4 days after close of escrow. The funds were available when they posted to my bank. There was no charge for the wire transfer.

I just talked to Wachovia, they say they can not wire. They will only over-night the check.

Are they playing game with me now?

PhilC

Jun 13, 05, 4:53 pm

I just talked to Wachovia, they say they can not wire. They will only over-night the check.

Are they playing game with me now?

My HELOC was with Chase. I haven't done Wachovia but am surprised to hear that they won't wire the funds. Have you asked your bank what their funds availability policy is on checks from mortgage lenders?

Mama

Jun 13, 05, 6:21 pm

Wachovia paid for a notary to come to our house (CA) on the first loan and for the next two loans I used my credit union which was free.

Wachovia asked me to find and pay for the notary public myself.

beachfan

Jun 14, 05, 5:11 am

I close the loan as fast as possible after funding (usually takes about 3 days) so that the new loan officer does not ask why I am doing another HELOC.

Great news on the extension!!!! Hooray for Ultraman!!!

How long do you wait in between closing and asking for the next one?

ultraman

Jun 14, 05, 10:18 am

Great news on the extension!!!! Hooray for Ultraman!!!

How long do you wait in between closing and asking for the next one?

I wait about three days.

ultraman

Jun 14, 05, 10:21 am

I just talked to Wachovia, they say they can not wire. They will only over-night the check.

Are they playing game with me now?

Is that a wire when you close the loan or after closing? Wachovia has always wired me the funds at closing. Try this number: Wire 800-735-3320

LLM

Jun 14, 05, 10:24 am

Ultraman, were you able to use your Chase appraisal (which isn't really an appraisal, just a comp) with Wachovia?

Mama

Jun 14, 05, 11:45 am

Is that a wire when you close the loan or after closing? Wachovia has always wired me the funds at closing. Try this number: Wire 800-735-3320

This is the situation:
My Wachovia loan officer called, she told me she was going to over-night the closing doc to me, and I need to sign and notarized and send it back. They will then wait 3 days before cutting the check. I asked her if they can wire the fund, she said no. I asked her if she can provide the notary service for free, she said no.
Since I am doing this for only 70K miles, I may not persue it, cosidering I may have to pay 7 days interest plus the notary fee. Total cost to me could be hundreds of dollars.

Mama

Jun 14, 05, 11:53 am

My HELOC was with Chase. I haven't done Wachovia but am surprised to hear that they won't wire the funds. Have you asked your bank what their funds availability policy is on checks from mortgage lenders?

I am not quite clear what your point is. My bank's T&C clear says out-of-state check takes 4 days to clear. Are you saying mortgage lender check is a special kind of check that would not be considered an out-of-state check?

hyderabad

Jun 14, 05, 3:51 pm

weenieman

Jun 14, 05, 4:29 pm

They are sending my closing papers tomorrow. The lady at wachovia said we can get it notarized for free if we can go to any wachovia branch and tell them that you are getting a loan from them, they will do it for free. Also when you send the papers back, write a note with your checking/bank account number and also a voided check and ask them to wire transfer the money. They will do it. That's what they did it for me three months ago and I am going to close another one this week. They said that will not be a problem.

YMMV, Check with the branch first. "Head office" thinks Wachovia Branch offices will do
all this stuff and some don't (at least in my area). "Head Office" even called
the branch office to no avail. Had to find my own notary. <sigh>

PhilC

Jun 14, 05, 4:37 pm

I am not quite clear what your point is. My bank's T&C clear says out-of-state check takes 4 days to clear. Are you saying mortgage lender check is a special kind of check that would not be considered an out-of-state check?

From the Citibank FAQ's - "Federal Home Loan Bank Checks are generally available the next business day after you deposit them". I'm not sure what they mean by federal home loan bank check and whether it applies in this case. That's why I wondered if you had asked your bank.

priceline

Jun 14, 05, 5:35 pm

LLM

Jun 14, 05, 5:41 pm

I am not quite clear what your point is. My bank's T&C clear says out-of-state check takes 4 days to clear. Are you saying mortgage lender check is a special kind of check that would not be considered an out-of-state check?Mama, your bank can give you immediate credit on any check any time. They are just covering themselves with the T&C. Mine gives me immediate credit on anything. I would check with the branch manager.

ultraman

Jun 14, 05, 6:10 pm

Ultraman, were you able to use your Chase appraisal (which isn't really an appraisal, just a comp) with Wachovia?

If Chase did an appraisal they should accept it as long it is was in the last 4-5 months. I have them do a new appraisal since there is no cost to me.

ultraman

Jun 14, 05, 6:12 pm

This special bonus is available only on a Home Equity Loan closed on the same day and property address with a Chase Home Finance first mortgage loan.

Do I have to have first & second mortgage with the same lender to get these miles?

If you use Wachovia you can have your HELOC with them and your first with any other bank. I stopped using Chase when they changed the rules.

Karmic Flyer

Jun 14, 05, 7:18 pm

My first set of miles was from Chase, about 2 months back. The second set from Wachovia posted today - 8 weeks and 3 days after the loan was funded. I need to start the 2nd Wachovia loan tomorrow and fatten up my mileage account some more before all this goes away. I never had any problem having the funds wired to my CU account or sending the money back. Of course Wachovia does not accept the funds back for 4 days after funding (till the account shows up in their computer). Wachovia HELOC did cost me $100 for notary services but that was because it was not convenient/economical for both of us to show up together at the CU for free notary services. Anyways, it was worth the wait and the small expense to get miles from Wachovia.

Thanks ultraman! You got lot of us rich in UA mileage accounts!!

KF

Mama

Jun 14, 05, 9:12 pm

ngupta

Jun 15, 05, 4:21 am

ultraman

Jun 15, 05, 10:35 am

ultraman,

I got my miles from Chase about 3 months back and from Wachovia yesterday. Thanks for starting this thread.

What's next????
DO you know if I can still do Chase? Is Chase still offering miles?
Can I do Wachovia again, as Wachovia was my last HELOC?

Thanks for your help.

Chase is much harder to do now. They want you to have a 1st mortgage with them. I would close the Wachovia loan (payoff statement etc) wait two weeks and apply for another one. They often don't even know you had a prior HELOC with them. On one of my Wachovia loans the agent who closed my loan asked if I wanted another one.

ultraman

Jun 15, 05, 10:36 am

Thanks ultraman! You got lot of us rich in UA mileage accounts!!

KF

Your quite welcome. We all need to share the wealth. :)

hyderabad

Jun 15, 05, 2:35 pm

Ultraman,

Do you do anything more that writing a note requesting to close the HELOC?

ultraman

Jun 15, 05, 2:49 pm

Ultraman,

Do you do anything more that writing a note requesting to close the HELOC?

You need to call 800-249-3869 and they will fax you the form that you need to fill out and fax back. They will also tell you the payoff amount if you have any money owed.

hyderabad

Jun 15, 05, 2:56 pm

Thank you very much ultraman.

tornado

Jun 16, 05, 2:22 am

2 Months 10 days and I have my miles. Many thanks for the great thread. Sure nice seeing those miles in my account. :)

LLM

Jun 16, 05, 9:56 am

Mine, too, 50 days, 250K for $75. :) A big thanks for the Master of Miles!

ngupta

Jun 16, 05, 10:44 am

Chase is much harder to do now. They want you to have a 1st mortgage with them. I would close the Wachovia loan (payoff statement etc) wait two weeks and apply for another one. They often don't even know you had a prior HELOC with them. On one of my Wachovia loans the agent who closed my loan asked if I wanted another one.

Do you know how long it takes for the account to close with Wachovia? They asked me to send the closure request in writing.

Should I ask for the Payoff Statement?
Also, so Chase is not a good option then. Any other banks other than Chase and Wachovia?

Thank you.