They are supposed to post my extra miles this month!!

Thanks Ultraman!!

Great News Arrosen!

We signed the loan papers with Wachovia for our 4th loan and 250,000 more United Miles. Now I have to wait a year for my next loan. :(

Paging Wachovia veterans: Loan closed yesterday and I wired the money back this morning. It just came back as others have noted. Should I resend tomorrow? Schwab doesn't charge me wire fees so there is no cost involved.

Got my 140K miles this morning. UA always post miles on Saturday morning.

Thanks again.

Congratulations to all you loan "sharks". I'm assuming that this offer has been gone for quite some time. If so, could someone change the heading of this thread. I always see it and get jealous, click thinking it might be on, and get disappointed.

It actually is still available thru Wachovia. I'm just finishing up the process right now. I should have approval in a couple of days. You can only do this once every 12 months now.

Anyone able to get money wired from Wachovia recently? I was told they can no longer wire the money due to policy change? I applied in May and had to reapply due to some restriction on closing my other HELOC and I was told that.

Thanks.

Yes, received mine via wire 7/27.

Yes, received mine via wire 7/27.

Thanks.

Yes. Just received loan approval :)

I was told to just fax a voided copy of a check form my bank account, and the money would be wired in. I told the loan officer that the only reason I picked Wachovia to do my Equity loan was for the miles, and she was completely understanding.
It might be a little harder than it used to, to get the money wired back quickly though. I'll post more when I get to that point. She gave me a number to call, and said to call them everyday to attempt to payback as fast as possible.

I completed a loan with Wachovia in June and called to obtain the information to wire back the money on the same day it was wired to my bank account. Initially I was given bad information, but eventually I found out that there is a "holding" account Wachovia uses until the equity line account is set up for the customer. The payment is posted as of the date they receive the wire. I received excellent customer service when the issue was brought to the attention of the manager.

Thanks to Ultraman for sharing the details on this entire process. Also, everyone else that has posted. I received 180,000 United miles!

I just spoke with Wachovia and they are still offering the bonus miles but you have to pay for the appraisal and all other fees now...have other people done this? How many days interest have people had to pay and how quickly do the miles post to your account?

Sorry for so many questions but I am 1st timer!

First of all, I'd call again and talk to someone else. Oftentimes, employees spout their mouths off without knowing what their talking about. There are 2 kinds of appraisals; desktop appraisals, and full appraisals. I think they have always charged for the full appraisal, but if you borrow below a certain amount ( I think 250K), then they can do a desktop appraisal for "most" areas, and that is free.
As far as other costs go; unless something major has changed, I think you might have gotten the wrong person. If it turns out to be the case though, please let us know for sure.

Is the "once every 12 months" per lender, or for the whole program? I did Chase earlier (even though my process got messed up and I still haven't received my miles) and I would like to do Wachovia. TIA

I'm pretty sure it's per lender. In fact Chase has ceased the offer they had before, and now it can only be done along with a first mortgage. Wachovia is the only one doing the miles for HELOC only. You might have to wait until your Chase closes, and then cancel it before you can do the Wachovia loan. They were pretty stringent with me, and made me cancel a small equity line that I had on a rental property.

First of all, I'd call again and talk to someone else. Oftentimes, employees spout their mouths off without knowing what their talking about. There are 2 kinds of appraisals; desktop appraisals, and full appraisals. I think they have always charged for the full appraisal, but if you borrow below a certain amount ( I think 250K), then they can do a desktop appraisal for "most" areas, and that is free.
As far as other costs go; unless something major has changed, I think you might have gotten the wrong person. If it turns out to be the case though, please let us know for sure.


Wachovia is now making the customer pay for all fees and charges on the loan. If an electronic appraisal cannot be completed ($250k is the limit) then the customer must pay the $485 appraisal fee up front. All of the other costs can be rolled into the loan however. It lowers the value of the offer but if you are getting 125k miles it still seems worth it. I am in the application process now and will let people know how it goes.

I just called last week for the offer and was told that as of 2 weeks ago
this offers now requires the applicant to pay for a $450 application fee and for
an appraisal. I asked why Wachovia changed the offer for this deal and was
told that they changed it because too many people were signing up for the
miles and then immediately cancelling. I'm very interested in learning about how things work out for MoCheex.

Well I guess I got my application started just in time. It doesn't surprise me that they're starting to crack down if people are indeed canceling the loans right away. Since you can't apply again now, and the loan terms are actually pretty good, I have no intention of canceling the loan unless something better comes along.
Please keep us informed of the exact costs so people can determine whether or not the costs are worth it for them.

Wachovia now charges $15 for the electronic appraisal and it must be paid up front. They do not require all that much information to process the loan so from a time perspective it seems worth it. I notice they just changed the promo to include less miles for every $10k financed so it might not be as tempting an offer now. I called to check with the Awards people and i got in under the old mileage offer. I will let you know other costs etc as I proress through the process.

50,000 mile maximum now or am I looking at the wrong page?

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

50,000 mile maximum now or am I looking at the wrong page?

http://www.united.com/page/article/0,6722,50776,00.html
That is correct. They have changed the rules to cut down on people racking up a few 100k miles for $100 (see the name of this thread).

That is correct. They have changed the rules to cut down on people racking up a few 100k miles for $100 (see the name of this thread).

Yeah. Luckily, I applied 3 weeks ago with Wachovia and was just funded Monday. Got 125K Miles for $250K (online appraisal) and no fees.

Thanks Ultraman!

Yeah. Luckily, I applied 3 weeks ago with Wachovia and was just funded Monday. Got 125K Miles for $250K (online appraisal) and no fees.

Thanks Ultraman!

Your quite welcome. I funded my last loan on the 5th and now I wait for my 250K points. It was great while it lasted.

Thanks from me as well. Mine just funded today. I guess it takes 6-8 weeks to get the miles?

I spoke to Wachovia as well and they advised that there is about $600 in fees for a Home Equity loan. The fees can either be financed into the loan amount or paid at closing. I was told that there was no prepayment penalty with Wachovia on the Home Equity loans.

I talked to Chase and while they didn't have the same lender fees on the Home Equity loans, they did have a prepayment penalty if you paid off the Home Equity loan under three years for just the Home Equity loans.

There is also a 50,000 mileage earning limit on just Home Equity loans, however no limit for earning miles on other types of home loans for buying or refinancing a home. The 12 month restriction is on any Home Equity loan that was originally closed through the Awards For Mortgage And Real Estate program with any of the participating lenders and paid off within 12 months of applying with any of the participating lenders for a Home Equity loan in the Awards For Mortgage And Real Estate program.

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

So Ultraman, with this last 250k miles, what is your final tally?

So Ultraman, with this last 250k miles, what is your final tally?


Loan Amt Bank Interest Paid Fees Paid Miles Earned
$360,000 Chase $140 $0 180 K
400,000 " 0 0 200 K

500,000 Wachovia $308 0 250K
500,000 " $210 0 250K
500,000 " $210 0 250K
499,500 " $75 0 250K

Total $ 943 1,380,000
Cost per mile: .068 cents per mile (or $ .00068/mile)

Bonus: Invested $100K for a year in Ameritrade for Starwood points (borrowed from HELOC).
Starwood points: 160,000 ---> Continental 200K miles
Cost ~ $5,000 Investment return: $ 15,000 (lucky investments)

I am taking money from the last HELOC and opening 7 Fidelity accounts for $50K each for 175,000 United Miles in six months.

Great program while it lasted.

Very good.

It's interesting you mention the Fidelity offer. I just opened an account and moved $50k from another brokerage into Fidelity for the 25k miles. It hadn't occured to me to use the borrowed money from Wachovia to open numerous Fidelity accounts. How do you minimize the risk by investing borrowed money? Do you simply park it in money market accounts, and are you sure Fidelity is OK with opening numerous accounts?

Bonus: Invested $100K for a year in Ameritrade for Starwood points (borrowed from HELOC).
Starwood points: 160,000 ---> Continental 200K miles
Cost ~ $5,000 Investment return: $ 15,000 (lucky investments)



What offer was this? Best I have ever seen (and did) is $25K for 20,000 *points.

As for the Fidelity investments for 25k, it's clearly stated in the small print @ united.com:

"This offer is available for new households only. Limit one per household, per lifetime. This offer is valid for Retail customers only and does not apply to clients of Registered Investment Advisors working with Fidelity Investments."

How will you open 7 accounts and get 7 x 25k miles?

As for the Fidelity investments for 25k, it's clearly stated in the small print @ united.com:

"This offer is available for new households only. Limit one per household, per lifetime. This offer is valid for Retail customers only and does not apply to clients of Registered Investment Advisors working with Fidelity Investments."

How will you open 7 accounts and get 7 x 25k miles?

I haven't tried 7 accounts. But I have been a Fidelity customer since '99. They tend to be very customer service oriented and will bend rules to accommodate you. When I closed my Wachovia loan on the 15th, I asked to have funds wired directly to my Fidelity account. Then, I called Fidelity (1-800-544-3719) to get credit for the United Miles and they gladly obliged. Granted, they asked if I had registered for the promo, which I did prior to calling. ( https://scs.fidelity.com/other/offers/registration_ual.shtml?MSC=UA03 ).

How do you minimize the risk by investing borrowed money? Do you simply park it in money market accounts, and are you sure Fidelity is OK with opening numerous accounts?

There is no sure way. If you put it in a money market fund, the interest will almost certainly be less than the interest charged on the mortgage/HELOC. If you invest in stocks or other securities, you may outperform or under perform. I do not intend to do this, but if I did, I would compare the two interest rates mmf vs. HELOC and calculate what my cost would be. Over six months, that could add up.
Then I would decide if that cost justified that many miles.

There is no sure way. If you put it in a money market fund, the interest will almost certainly be less than the interest charged on the mortgage/HELOC. If you invest in stocks or other securities, you may outperform or under perform. I do not intend to do this, but if I did, I would compare the two interest rates mmf vs. HELOC and calculate what my cost would be. Over six months, that could add up.
Then I would decide if that cost justified that many miles.

Yes, after thinking about it, I realized I would not likely do something like that, because it's just not worth it. Still, it was intriguing for awhile.

I have scrapped trying to work with Wachovia. After days of not returning calls and emails they told me they needed to now do a full appraisal on all properties and they needed a check from me prior to ordering it. It does not seem worth it to me to now pay $500 for the appraisal and then jump through all the additional hoops they now want you to jump through. I was really dissapointed in the service and flip flopping of rules and regulations. :td: I asked a supervisor why there we so many changes to the rules recently and they said people have been taking advantage of the promos and abusing the system. I guess I will try to figure out another way to get 150k miles....

I have scrapped trying to work with Wachovia. After days of not returning calls and emails they told me they needed to now do a full appraisal on all properties and they needed a check from me prior to ordering it. It does not seem worth it to me to now pay $500 for the appraisal and then jump through all the additional hoops they now want you to jump through. I was really dissapointed in the service and flip flopping of rules and regulations. :td: I asked a supervisor why there we so many changes to the rules recently and they said people have been taking advantage of the promos and abusing the system. I guess I will try to figure out another way to get 150k miles....

That is to bad you had such a poor experience. I was tempted a year ago to keep the program quiet but felt that the program was to good to hide from all the great flyertalk folks. This program stayed alive a lot longer than most due to the loan process and need for the borrower to have equity to get the miles. To bad you did not do you loan last year.

That is to bad you had such a poor experience. I was tempted a year ago to keep the program quiet but felt that the program was to good to hide from all the great flyertalk folks. This program stayed alive a lot longer than most due to the loan process and need for the borrower to have equity to get the miles. To bad you did not do you loan last year.
Thanks for the effort Ultraman...what a find. Wish I had found it earlier as I refinanced a couple of different properties and would've liked to take a few HELOC's and racked up 500k miles in the process! I am sure Wachovia has lost quite a bit on people filpping really quickly and finally wised up!

Thanks, Ultraman. My second batch just posted, from Wachovia HELOC. Besides the 214250 miles, I actually earned cash on this transaction through means best not to reveal here. Since we are Wachovia shareholders, I am glad this game is over.

Looks like I just got in under the wire. I applied mid-May.

I closed on a 270K HELOC with Wachovia early August. 39,750 United miles just posted from LendingTree.

No closing costs. Prime - 0.5%.

And I just applied for the United CC. 20,000 United miles. Fee free first year. Sweet.

Thanks FT'ers!

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.

Ok. I am reaching a dead-end here. I was told during the process by AFM that the draw didn't have to be at the time of closing, so I took the draw later, and didn't get any miles. Unfortunately, I didn't take down the name of the person that I spoke to. Now AFM is claiming that there is no way anyone there could have told me that. Chase also is refusing to budge. Any ideas on how to handle this now? This was my one and only application, so it is upsetting, after having gone through all the hassle.

TIA.

Ok. I am reaching a dead-end here. I was told during the process by AFM that the draw didn't have to be at the time of closing, so I took the draw later, and didn't get any miles.
TIA.

That was one thing they made pretty clear with me on the phone that it was based upon the draw at closing. I would continue to push from all sides with the people from Awards....that is all you can do. Explain to them how you would have had X miles had you drawn at closing and that you are not dumb and would have done so bc X miles is worth alot. Good luck.

That was one thing they made pretty clear with me on the phone that it was based upon the draw at closing. I would continue to push from all sides with the people from Awards....that is all you can do. Explain to them how you would have had X miles had you drawn at closing and that you are not dumb and would have done so bc X miles is worth alot. Good luck.


I had the same issue with Wachovia on my third loan (Brain dead) and pushed on my loan agent because AFT said they would only give the miles if approved by the mortage bank. After 2 weeks the miles showed up. Good Luck.

Looks like I just got in under the wire. I applied mid-May.

I closed on a 270K HELOC with Wachovia early August. 39,750 United miles just posted from LendingTree.

No closing costs. Prime - 0.5%.

And I just applied for the United CC. 20,000 United miles. Fee free first year. Sweet.

Thanks FT'ers!

Shouldnt you be getting 135K miles for 270K HELOC? I assume if you closed early auguest you must have started your application before auguest 1st so you should have gotten in the previous program terms.

I applied at the end of July so I am expecting to get 5k miles for each 10K loans.

Shouldnt you be getting 135K miles for 270K HELOC? I assume if you closed early auguest you must have started your application before auguest 1st so you should have gotten in the previous program terms.

I applied at the end of July so I am expecting to get 5k miles for each 10K loans.

This was a HELOC (line of credit), not a loan. I didn't pay anything to open it. I haven't paid any interest either (until I take money out that is).

39,750 miles was about what I expected from what I remember of the terms (I should have printed them out).

135K would have been even sweeter.

This was a HELOC (line of credit), not a loan. I didn't pay anything to open it. I haven't paid any interest either (until I take money out that is).

39,750 miles was about what I expected from what I remember of the terms (I should have printed them out).

135K would have been even sweeter.You actually got miles without taking money out? I think that is a first. Everyone else had to draw down the whole line and pay it right back.

You actually got miles without taking money out?

Yes. Nothing out of my pocket.

One difference might be that I was already a Wachovia customer. I have had ever increasing HELOC's over the last few years on my old house. I used my previous line as a bridge loan to the new house.

I pissed off the financial specialist at my bank BTW. I applied to LendingTree, saw that the best offer was Wachovia (no closing costs + prime-0.5% + miles) then went to visit her. Best she said she could do was no closing costs + prime-0.25%. Then I told her about the better offer from her own bank through LendingTree...

She had to ask her boss and she said she could do prime-0.5% too but no miles. No miles? No dice I said :D

Yes. Nothing out of my pocket. OK, I am confused. You opened a new line through Lending Tree and haven't yet drawn down any funds? Or you just haven't paid any interest yet?

OK, I am confused. You opened a new line through Lending Tree and haven't yet drawn down any funds? Or you just haven't paid any interest yet?

My balance was/is zero. So no interest paid. I got less miles than a loan :td: but I didn't have to pay anything/worry about wire transfers/etc. ^

OT: the credit line over 10K gives me Crown banking (free traveller/official checks, check printing, safety deposit box, bill pay, etc.) with Wachovia. Usual is $20/month or something like 5K in deposits. The line is tied to my checking so no worries about overdrafts. That allows me to have a razor thin balance in my checking, where the interest is low.

OT2: Wachovia will typically go to 90% of appraised house value (minus outstanding mortgages of course) with income verification

I took an equity line of credit with Wash Mutual as well. How do you get United Miles with Wash Mutual?

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:[/QUOTE]

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:
Heck on an idea.

Based on the information at http://www.united.com/page/article/0,6722,50776,00.html the special bonus is not available on Home Equity Loans with Washington Mutual and is only available with Wachovia on stand alone Home Equity loans.

Based on the information at http://www.awardsformortgageandrealestate.com/united-airlines/home-equity-loans/
"Customers who have opened up and originated a stand alone Home Equity loan through the Awards For Mortgage And Real Estate program that has been paid off within the previous 12 months from the date of a new stand alone Home Equity loan application being submitted through the Awards For Mortgage And Real Estate program, does not qualify to earn miles for a new stand alone Home Equity loan (this 12 month restriction only applies to stand alone Home Equity loans)."

One more thanks to Ultraman. 121,000 points just posted to my United MP account. Will I be the last one?

I'll be using the points to get 2 reward business class tickets for my Mom and Brother to fly from Montreal to Thailand. It's a 17.5 hour flight from JFK. I will meet them, but leaving from LAX.

Thanks Ultraman! My Wachovia loan 125K points just posted over the weekend. I'm going to save up to have enough for 2 biz class tickets to Australia next year.

Sorry to bump an old thread. My United 250K miles were posted yesterday. Thanks Ultraman!

Cost: 20$ wire fee. I started in July and closed in October I guess I am probably the last one here.

Even for $500, receiving 212,500 miles is a good deal.

I took an equity line of credit with Wash Mutual as well. How do you get United Miles with Wash Mutual?

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:[/QUOTE]

Wow, I just saw this thread.... what an incredible job. CHASE or whoever opened these lines must've lost a good bit of $$ on this program, since I'm sure they had to pay the airlines for the miles. Nice one guys.

Do guys think this can be done again this year? Who all will be the partner in providing the loans...Chase/Wachovia?

Any thaughts??

Hi,

I was having trouble getting the miles from Chase. Does anyone have a saved copy of the offer (either a PDF or other electronic form, or a paper copy) that they can send me? I had applied last January but I was wrongly told by them that I could take the draw any time, so I didn't take the money at closing - hence all the problems. Now they are willing to consider but they don't have the details of the offer that shows that I would have received 5K miles for every 10K withdrawn (they are offering me 25K miles because they say that's the max under the promotion that they can see, whereas my draw was for 500K, so I should have qualified for 250K miles). So anyone who has that offer saved, I would appreciate it very much.

TIA.

Do guys think this can be done again this year? Who all will be the partner in providing the loans...Chase/Wachovia?

Any thaughts??

wondering the same thing...

Why do you people fool around with this sort of thing for miles?

Let's say I purchase a commercial property for $3,000,000 Cash, Finance $3,000,000 on a $10,000,000 building, I will earn how many starwood starpoints:

Purchasing through a partner real estate agent (which I wouldn't do, because I would negotiate a better deal from a broker who I have done business with before)---- 550,000 starpoints

Financing through a partner bank, which again I wouldn’t do--- 375,000 starpoints.

Total starpoints: 925,000 ----

Valued at $.015 each, this equals $13,875 dollars.

Now I am going to go through this hassle for $13,875 worth of miles on a $13,000,000 development?

And there is no way I would risk any sort of problems, such as tying up finance lines, on a scheme to earn miles. It is just not worth it.

It would be easier for me to buy those 925,000 miles. You can buy 1,000,000 miles from AA for $24,650.00 (through their corporate incentive program). It would require an additional, say $10,000 in legal fees to incorporate the system according the the AA rules, such as through creating an offshore nonprofit to be allowed to give 60,000 a year to "donors". And yes, you would have to wait nearly a decade to get the miles (or less if you give them to family members as well). But I can save much more than $40,000 by using my own broker who would agree to split their brokerage fee with me.

In fact, I would do neither of the above. I would pay for my tickets, or use miles I already have. Unless they are British Airways miles, I don't need any more, and even then, it wouldn’t be worth such a pain in the neck to earn them.

So, for me at least, it would not be worth it at all.

That is the beauty of this country. People have the right to disagree and do different things.

Good Luck Sany

That is the beauty of this country. People have the right to disagree and do different things.

Good Luck Sany


I hope I was not misunderstood. In fact, I can see how I would have been.

I didn't start off the post on the right note.

It should have started off with something like this: For me, this doesn't seem to work.

I respect other people's right to do as they choose. It just doesn't happen to work in my favor.

Hi,

I was having trouble getting the miles from Chase. Does anyone have a saved copy of the offer (either a PDF or other electronic form, or a paper copy) that they can send me? I had applied last January but I was wrongly told by them that I could take the draw any time, so I didn't take the money at closing - hence all the problems. Now they are willing to consider but they don't have the details of the offer that shows that I would have received 5K miles for every 10K withdrawn (they are offering me 25K miles because they say that's the max under the promotion that they can see, whereas my draw was for 500K, so I should have qualified for 250K miles). So anyone who has that offer saved, I would appreciate it very much.

TIA.

Bump.. Anyone who has the material saved?

Why do you people fool around with this sort of thing for miles?

Let's say I purchase a commercial property for $3,000,000 Cash, Finance $3,000,000 on a $10,000,000 building, I will earn how many starwood starpoints:

Purchasing through a partner real estate agent (which I wouldn't do, because I would negotiate a better deal from a broker who I have done business with before)---- 550,000 starpoints

Financing through a partner bank, which again I wouldn’t do--- 375,000 starpoints.

Total starpoints: 925,000 ----

Valued at $.015 each, this equals $13,875 dollars.

Now I am going to go through this hassle for $13,875 worth of miles on a $13,000,000 development?

And there is no way I would risk any sort of problems, such as tying up finance lines, on a scheme to earn miles. It is just not worth it.

It would be easier for me to buy those 925,000 miles. You can buy 1,000,000 miles from AA for $24,650.00 (through their corporate incentive program). It would require an additional, say $10,000 in legal fees to incorporate the system according the the AA rules, such as through creating an offshore nonprofit to be allowed to give 60,000 a year to "donors". And yes, you would have to wait nearly a decade to get the miles (or less if you give them to family members as well). But I can save much more than $40,000 by using my own broker who would agree to split their brokerage fee with me.

In fact, I would do neither of the above. I would pay for my tickets, or use miles I already have. Unless they are British Airways miles, I don't need any more, and even then, it wouldn’t be worth such a pain in the neck to earn them.

So, for me at least, it would not be worth it at all.

The entire point of this board is getting the most miles for the least $$$; maximizing mileage earning opportunities. Capice? This particular "you people" got over a million AA miles for $8,000 for buying a few hundred magazine subscriptions back in 2002. It took the better part of two months effort to get credited for the miles but they ALL went in my account, all at the same time, and got me insta-life gold on AA and halfway to life Platinum (which I've now made through OTHER knowledge gained here). Worth the time and effort? HECK YES!

The fact is that most on here don't have the option of spending $35,000 to buy a million miles even if they were delivered instantly. They're HAPPY to go through the extra effort and trouble and strife if it means getting miles for virtually nothing. Does the time and effort investment make sense? That's down to the individual and what you consider a waste of time may be right up someone else's alley. Obviously such things make sense for MANY people, else FT wouldn't be here. Do what works for you. Don't denigrate someone else for doing what works for them.

Sorry to bump an old thread. My United 250K miles were posted yesterday. Thanks Ultraman!

Cost: 20$ wire fee. I started in July and closed in October I guess I am probably the last one here.

I always look forward to these posts! Your Wecome.

Last year and this year our family has flown United to:
SFO-Nova Scotia (Canoe Camping trip)
SFO-Denver
SFO-Boston
SFO-Hawaii
SFO-South Africa
SFO-NYC
SFO-Alaska

and we still have 700K miles left for a cost of under $1000. The trouble of doing the loans was well worth it. :)

Why do you people fool around with this sort of thing for miles?

Let's say I purchase a commercial property for $3,000,000 Cash, Finance $3,000,000 on a $10,000,000 building, I will earn how many starwood starpoints:

Purchasing through a partner real estate agent (which I wouldn't do, because I would negotiate a better deal from a broker who I have done business with before)---- 550,000 starpoints

Financing through a partner bank, which again I wouldn’t do--- 375,000 starpoints.

Total starpoints: 925,000 ----

Valued at $.015 each, this equals $13,875 dollars.

Now I am going to go through this hassle for $13,875 worth of miles on a $13,000,000 development?

And there is no way I would risk any sort of problems, such as tying up finance lines, on a scheme to earn miles. It is just not worth it.

It would be easier for me to buy those 925,000 miles. You can buy 1,000,000 miles from AA for $24,650.00 (through their corporate incentive program). It would require an additional, say $10,000 in legal fees to incorporate the system according the the AA rules, such as through creating an offshore nonprofit to be allowed to give 60,000 a year to "donors". And yes, you would have to wait nearly a decade to get the miles (or less if you give them to family members as well). But I can save much more than $40,000 by using my own broker who would agree to split their brokerage fee with me.

In fact, I would do neither of the above. I would pay for my tickets, or use miles I already have. Unless they are British Airways miles, I don't need any more, and even then, it wouldn’t be worth such a pain in the neck to earn them.

So, for me at least, it would not be worth it at all.

Sany

If you followed the advice you would see that the 1.4miles cost me about $1,000 and 12 hours of my time. For me it was well worth it.

Ultraman

200,000 miles for $52.00 and maybe an hour plus the time for closing in my kitchen.

WELL WORTH IT.....

Cheers

Sorry about my ignorance. What is the latest deal?

Is it possible to take out a home equity loan, close it out after a month or two with an early buyoff, and still keep the points? If so, what is the total cost? Wondering, if the cost would and hassle would be worth the points.

Thanks.

Hi,

I was having trouble getting the miles from Chase. Does anyone have a saved copy of the offer (either a PDF or other electronic form, or a paper copy) that they can send me? I had applied last January but I was wrongly told by them that I could take the draw any time, so I didn't take the money at closing - hence all the problems. Now they are willing to consider but they don't have the details of the offer that shows that I would have received 5K miles for every 10K withdrawn (they are offering me 25K miles because they say that's the max under the promotion that they can see, whereas my draw was for 500K, so I should have qualified for 250K miles). So anyone who has that offer saved, I would appreciate it very much.

TIA.

Bump once more.

An update.

As I said in post #537, I had opened a $270K HELOC with Wachovia thru LendingTree, no funds withdrawn at closing, no fees at all, rate was prime-0.5%, no early closing fee. I got 40K UA miles.

I have been looking for an encore since...

I saw an offer in the spring for Starwood thru awardsformortgage. Can't remember the terms exactly but it was for 50K starpoints I believe. I applied and got a couple of offers. The best was from Wachovia, like the first time, but the rate was like prime-0.25%. No thank you.

A few weeks later I got an offer from United, 1250 miles per $10,000 of funds withdrawn (or so said the fine-print), thru LendingTree. I applied once more.

I received 5 offers. Chase was not competitive at all. Citi was pretty good but had a fee of $1100 for closing within 3 years. I couldn't talk them out of it. 2 other offers were similar. The best, yet again, was from Wachovia.

No fees at all, opening or closing, prime - 0.75%. Bingo!

(funny how offers differ depending on source, uh?)

The appraisal came in a little higher than expected so I asked them to increase the line size a bit. They said no problem.

I then had to make a decision to make... should I take funds out and get the miles or not? Talking to the rep it sounded like it could take 3 weeks before I could pay it.

Let's see. $10K * 7.5% * 21 / 365 = $42.50, to get 1250 UA miles. 3.5 cents a mile. Uhm. No.

So I closed without taking any money out. That was about 2 months ago.

This morning 53,000 miles posted in my UA account anyway. Yeah!

I wouldn't go through this just for the miles: opening a couple of credit cards is much easier (and doesn't require you to have equity in your house).

The appraisal came in a little higher than expected so I asked them to increase the line size a bit. They said no problem.


Don't you pay property tax based on the appraised value of the property? So if you bought property for $500k then 5 years later had it re-appraised at $600k, from that point on you're stuck paying taxes on the $600k value rather than the original $500k value.

I guess property tax is done through local municipalities so the rules vary. I also don't own property so I could easily be mistaken, but I'm curious.

Appraised value is different that assesed value. Assesed value is usually what you pay property taxes based on. Appraised value is just an estimate of what a bank thinks your property is worth.

Appraised value is different that assesed value. Assesed value is usually what you pay property taxes based on. Appraised value is just an estimate of what a bank thinks your property is worth.

Yes. And I think I won't get reassessed for 10 years in PA, unless I do some additions.

Has anyone seen a similar program to this for 2007?

Yes. And I think I won't get reassessed for 10 years in PA, unless I do some additions.

I think you could go to town hall and for like $1 you would be able to get updated tax records. If there is any error in your document or you see a wall drawn on the VISION report that is not there or something, you could contest that and have them reassess. As well, you could just pull some el cheapo building permit and do like a new light fixture or maybe say you did something small and then once inspected, it is updated again eventually. I did a ton of home improvement on my home and not only did I have it appraised, but also, my realtor did me a favor of pulling comps from surrounding houses against MLS reports online and this, plus the assessment updates helped me pinpoint what was avail in equity, etc.

:)MM

I think the deal is still around but not as attractive. FWIW:

AwardsForMortgage:
http://www.awardsformortgageandrealestate.com/united%2Dairlines/bonus/
3750 miles for every $10k. Both Wachovia and Chase.

United:
http://www.united.com/page/article/0,6722,50776,00.html
Lending tree: 1k miles + 1250 for every $10k
HomeLoanCenter: 7.5kmiles + 1750 for every $10k


Starwood:
http://www.awardsformortgageandrealestate.com/starwood/index.htm
1250 for every $10k financed. add in starwood's 25% bonus (20k->25k) works out to about 1562 miles for every $10k.



I haven't received miles from when I opened chase 2 years back, sooo lazy. Never dealt with homeloancenter either. Anyone know if these things are still doable?

you definitely get more when buying/selling

I have a bunch of these (maybe all of them) listed on the Finance page of my website below, in the Home Buying section.

I am being told

The rates are not as good as they where when these deals first started.
Applying for a loan quote now subjects you to many phone calls.
They have really clamped down on churning - rather late in the game, I think. People had been churning for mega miles for about a year, believe.

I got quotes from the same bank thru AwardsForMortgage and then thru LendingTree. The terms thru LendingTree were significantly better in my case.

I got quotes from the same bank thru AwardsForMortgage and then thru LendingTree. The terms thru LendingTree were significantly better in my case.

You're referring to the rate quote right? Because in terms of miles offered AwardsForMortgage is significantly better. I'm only carry a minimal amt on the credit line so the difference of half an apr is not that much to me.

It's good to use the HELOC as an emergency fund as well.

You're referring to the rate quote right? Because in terms of miles offered AwardsForMortgage is significantly better. I'm only carry a minimal amt on the credit line so the difference of half an apr is not that much to me.

It's good to use the HELOC as an emergency fund as well.

Yes, the rate quote wasn't as good. A difference of 0.5% if I remember correctly. I guess that's how they fund the better reward.

And yes, a HELOC is great in lieu of an emergency fund. The fine print with Wachovia says they reserve the right to lock it if your situation changes however so you can't totally count on it.

I have used it as a bridge loan before, when buying a house when the previous one isn't sold yet. I also use it to remove temptation. Say I have some money about to come in, I'll send a check from the HELOC to the principal of my mortgage or as an IRA deposit. That way I'm not tempted to spend when I actually get the money: I have to repay the HELOC. Works for me.

How fast one might expect to see MP points posted once the HELOC funds are drawn? (Especially for current deals)

Is there a HELOC that gives points on DL?

I believe so. Check the Home Buying section of the Finance page of my website below.

It looks like Awards for Mortgage increased the maximum amount of miles award for home equity loans from 25k to 50k.

It looks like Awards for Mortgage increased the maximum amount of miles award for home equity loans from 25k to 50k.

They also added a churn restriction where you can only earn maximum of 50k miles every year (simplistic speaking).

Need you guys' help on chasing down some points.

I closed a $262k HELOC with chase through awardsformortgageandrealestate on 5/2005, but did not actively check to see if the points posted. I just checked this year, but the program has already expired and I'm having a hard time getting them to honor the payout.

After lengthy discussions/digging with Steve, they finally agreed to give me points on this antiquated account. However they're using the 1300/per 10k financed instead of the 5000/per 10k financed promotion that united was running at the time. If anyone has the promotion code for the United 5k/10k deal at the time, it would be much appreciated!

Thanks for your help. This is the difference between 30k miles vs 100k+ miles.

Need you guys' help on chasing down some points.

I closed a $262k HELOC with chase through awardsformortgageandrealestate on 5/2005, but did not actively check to see if the points posted. I just checked this year, but the program has already expired and I'm having a hard time getting them to honor the payout.

After lengthy discussions/digging with Steve, they finally agreed to give me points on this antiquated account. However they're using the 1300/per 10k financed instead of the 5000/per 10k financed promotion that united was running at the time. If anyone has the promotion code for the United 5k/10k deal at the time, it would be much appreciated!

Thanks for your help. This is the difference between 30k miles vs 100k+ miles.

Hope this helps:

----------------------- (from 2005 http://www.frequentflier.com)

More Real Estate Miles from United
..................................

Between July 19 and Oct. 19, Mileage Plus members will earn bonus miles for selected real estate transactions as follows --

For every $10,000 financed or refinanced at closing, earn a 500-mile bonus (1,800 miles versus 1,300 regularly) with Washington Mutual Home Loans, Chase Home Finance, CitiMortgage, or Wachovia's Corporate Mortgage Services division. Cite reservation code LN500 to receive the bonus.

For every $10,000 financed at closing, earn a 2,950-mile bonus (4,250 miles versus 1,300 regularly) with a second mortgage Home Equity Loan or Line Of Credit from Chase Home Finance or Wachovia's Corporate Mortgage Services division. Cite reservation code HE2950 to receive the bonus.

Earn a 10,000-mile bonus for each buy and/or sell transaction when buying or selling a home through a participating real estate agent in the Awards for Mortgage and Real Estate program. Cite reservation code RE10K.

All qualifying transactions must close by Mar. 31, 2005.

-> More: http://www.awardsformortgageandrealestate.com/united/

----------------------- end 2005

Thanks, that'very close. Code HE2950 was 4250 miles/10k but the original deal was 5000 miles/10k. Need to see if we can find the code for that.

Think I found it. HE3700.

5,000 miles for every $10,000 financed at closing (regularly 1,300 miles per $10,000 - a 3,700 mile bonus) with a second mortgage Home Equity Loan or Line Of Credit from Chase Home Finance or Wachovia's Corporate Mortgage Services division. Home loan applications must be received between November 11, 2004 and January 31, 2005. For eligibility, provide reservation 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 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.



Thanks!