Search found 161 matches

by frankandbeans
Thu Nov 05, 2020 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Just a heads up to refinancers to track your prepaids after refinancing. We refinanced with Northpointe over the summer and used their settlement agent, Spruce Land Services. Although we paid about $3700 in tax prepaids at closing, I just noticed that the tax got paid out of escrow. So after a short...
by frankandbeans
Tue Jul 07, 2020 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Q re: JPM Chase Mortgage Interest Rate Reduction
Replies: 4
Views: 480

Re: Q re: JPM Chase Mortgage Interest Rate Reduction

It is technically a loan modification, but you are right that the term more frequently refers to hardship modification. Hence the colloquial phrase "no-refi rate reduction" to refer to a non-hardship program like Chase's, which is what I would call it if inquiring to make sure you don't ge...
by frankandbeans
Fri Jul 03, 2020 8:51 am
Forum: Personal Finance (Not Investing)
Topic: refinance question/property taxes in two places in prepaids?
Replies: 7
Views: 331

Re: refinance question/property taxes in two places in prepaids?

B/c Loan Depot can probably close in a week or two, and I'm having a baby at the end of July...don't want to deal with closing with a newborn in Aug, either mentally or logistically. That alone is worth a few hundred to me. That strikes me as a very reasonable trade-off. Assuming you're coming from...
by frankandbeans
Thu Jul 02, 2020 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: refinance question/property taxes in two places in prepaids?
Replies: 7
Views: 331

Re: refinance question/property taxes in two places in prepaids?

We are refinancing, and got a new lower Loan Estimate from our (likely) lender (Loan Depot) b/c another bank (EagleBank) reached out to us with a lower rate. In the new loan estimate from Loan Depot, for some reason property taxes are listed twice, both in the prepaids (F) and the escrow (G). In ou...
by frankandbeans
Wed Jul 01, 2020 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Reviewing BETTER MORTGAGE's disclosure. They have included a "Mandatory Arbitration Disclosure" requiring me to sign away rights to litigate should there be a dispute with the lender according to MD Regs. Code tit. 9. §03.10.03. I thought we can't be required to do Mandatory arbitration? ...
by frankandbeans
Wed Jul 01, 2020 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing for INVESTMENT property
Replies: 17
Views: 1496

Re: Refinancing for INVESTMENT property

Following. I have a 100k loan on our home at 3.25% interest but am unable to deduct the interest. I would like to borrow 100K on a commercial building I rent out and pay off my home loan. Our local banks charge more for commercial loans than residential. Are there any national companies that do the...
by frankandbeans
Wed Jul 01, 2020 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Quick legal question as I use LE's to lower rates... Noticed this at the bottom of an email, does this mean I would be violating a law that I need concern myself with by sharing LE's between lenders? Note*Confidentiality note at the bottom of email. https://i.imgur.com/AYYBWOX.jpg No, that's just l...
by frankandbeans
Wed Jul 01, 2020 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Refinancing for INVESTMENT property
Replies: 17
Views: 1496

Re: Refinancing for INVESTMENT property

xerxes101 wrote: Mon Jun 29, 2020 6:19 pm
frankandbeans wrote: Sat Jun 20, 2020 1:51 pm Closed earlier this week @ 2.875/15 year with Northpointe.
what were the closing costs, do u mind sharing?
Net out of pocket was just under $3k. 0 points, about $1000 in origination charges.
by frankandbeans
Wed Jul 01, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Don’t they have to show that the loan provides a benefit to you? I don’t think the 2k refund counts, nor the couple bucks your payment will drop. Might be worth asking them if refinancing to the same rate and term are ok. I think you're referring to the Net Tangible Benefit Test, and I agree that t...
by frankandbeans
Sat Jun 27, 2020 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

I got a 3% & ~1.5k closing cost quote on jumbo refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it. if you're saying jumbo as in 765k+, then yes, this is a great deal on a refinance....
by frankandbeans
Sat Jun 27, 2020 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Good morning Bogle fam. I’m close to locking with better but have a question to ask. Hope I’m explaining it correctly and want to make sure the closing cost is correct. Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dol...
by frankandbeans
Fri Jun 26, 2020 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today. This was bogus. They made a mistake. Investment rate is 3.25% for 15yr. Wow. That sucks that they made a mistake. I kept thinking they made a mistake locking me at 2.875 0 pts for an investment pro...
by frankandbeans
Fri Jun 26, 2020 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today. This was bogus. They made a mistake. Investment rate is 3.25% for 15yr. Wow. That sucks that they made a mistake. I kept thinking they made a mistake locking me at 2.875 0 pts for an investment pro...
by frankandbeans
Fri Jun 26, 2020 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Brain, I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit. My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate...
by frankandbeans
Fri Jun 26, 2020 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

This is great advice! Do you know the "certain limited circumstances" where the transfer taxes can increase or can you point me to the reg so I can read up? My initial loan estimate showed $328 in Section E for Recording Fees and Other Taxes". My latest loan estimate is now showing $...
by frankandbeans
Mon Jun 22, 2020 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

I don’t know what to do but I feel like I need to make a decision today because I’m starting to get happy feet. I was all set to close on a refinance when I decided to try better. With the AMEX promo they came in significantly better than my first option. I went back to first option and they origin...
by frankandbeans
Sun Jun 21, 2020 5:51 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

So, have no fear in having multiple inquiries in refinancing, but just do it in relative quick succession. Yeah, people with good stats fear hard-pulls way more than they ought to. I have a lot of them, and I consistently get approved for way more credit than I want/need. +1. And most of the effect...
by frankandbeans
Sat Jun 20, 2020 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing for INVESTMENT property
Replies: 17
Views: 1496

Re: Refinancing for INVESTMENT property

Closed earlier this week @ 2.875/15 year with Northpointe.
by frankandbeans
Fri Jun 19, 2020 6:33 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

LenderFi is the only place I'm aware of that includes it in their papers. It's not clear to me whether it's enforceable or how exactly they would enforce it. Any Bogleheads want to volunteer to find out? :D In all likelihood (and remember, I do NOT have any personal experience here), they would inc...
by frankandbeans
Thu Jun 18, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

I ended up locking with LenderFi today. Superconforming (600ish on an 800 value) 3.125 Zero cost (1500 lender credit covering all costs) Waived appraisal Waived escrow :D I read the fine print on the rate guarantee. They offer a no cost refi for life if *their* rate drops more than 0.25. The catch ...
by frankandbeans
Thu Jun 18, 2020 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

seawolf21 wrote: Thu Jun 18, 2020 10:05 am
You’re right read the wrong section of regs. :)

Thanks.
My bill for legal fees is in the mail :sharebeer
by frankandbeans
Thu Jun 18, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Confused when you wrote regs don’t allow transfer tax to increase. Source? 12 CFR 1026.19(e)(3)(i). Is your transfer tax is section C or E of CD? It should be section E and if so, 12 CFR 1026.19(e)(3)(i) doesn’t apply as it is not a settlement service; it’s a tax. CFPB is explicit about this in its...
by frankandbeans
Thu Jun 18, 2020 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

seawolf21 wrote: Wed Jun 17, 2020 9:28 pm Confused when you wrote regs don’t allow transfer tax to increase. Source?

12 CFR 1026.19(e)(3)(i).
by frankandbeans
Wed Jun 17, 2020 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Closed today on an investment property refinance with Northpointe at 2.875/15y/0pts. About $3k closing costs; rolled everything in and took the max $2k cash out. It took about 70 days to close; process was slow but hassle-free. My thanks to the BH community for bringing Northpointe to my attention--...
by frankandbeans
Sun Jun 14, 2020 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Drawbacks of No Cost Refi if buying new house soon?
Replies: 12
Views: 739

Re: Drawbacks of No Cost Refi if buying new house soon?

$1-1.5k/yr for two years isn't worth it to me for the work required to go through a refinance. I can get a better return for less effort with credit card or checking account bonuses. But like i said, YMMV.
by frankandbeans
Sun Jun 14, 2020 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Drawbacks of No Cost Refi if buying new house soon?
Replies: 12
Views: 739

Re: Drawbacks of No Cost Refi if buying new house soon?

Current credit score is around 815 so hopefully the credit ding shouldn't be too problematic. My credit history via credit cards and student loans goes back 20 years, my mortgage history is only 4 years so hopefully that will be ok too. I'm thinking there is a reasonable chance we may not find a ne...
by frankandbeans
Sun Jun 14, 2020 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Drawbacks of No Cost Refi if buying new house soon?
Replies: 12
Views: 739

Re: Drawbacks of No Cost Refi if buying new house soon?

It can also affect your credit by decreasing your average age of accounts. The amount of this change will depend on how long you've held the current loan and how many other accounts you have. As the previous poster noted, you will generally qualify for the best rates with a score of 740+, so as long...
by frankandbeans
Tue Jun 09, 2020 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2001
Views: 486475

Re: Share your net worth progression

38 and 36 this year. Two kids. Combined annual income $320k plus about $15k from rental income. Residential real estate appreciation in our area has been massive, which has contributed very substantially to our net worth. 2012: 28k (bought first house; lots of grad school debt) 2013: 120k 2014: 160k...
by frankandbeans
Tue Jun 09, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Thanks for pushing me to shop more. I've been going back and forth with Chase & North Pointe and am down to 3.125% with ~$560 of total costs (govt taxes/fees + 3rd party fees - lender credits). If the appraisal gets waived it will be a no-cost ref-fi or very close. I feel a bit bad about wastin...
by frankandbeans
Mon Jun 08, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Replace vs Repair. Home AC 15 yrs old is low on refrigerant. Home Insurance Policy Wrinkle
Replies: 19
Views: 1736

Re: Replace vs Repair. Home AC 15 yrs old is low on refrigerant. Home Insurance Policy Wrinkle

I had this exact situation arise four years ago. System was leaking R22 from somewhere, and I had a home warranty policy on the house from purchase. They offered me a choice: repair the system and add refrigerant for a few hundred dollars, or replace the whole system for about $2500, which was a red...
by frankandbeans
Thu Jun 04, 2020 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Also in the process of refinancing and wanted to do a sanity check. Currently have a 3.875% 30-year fixed with a mid 700s balance from mid-2018. NFCU is offering 3.25% with: $0 lender fees $3k in 3rd party fees ($1460 title lender's coverage, $470 settlement attorney, $350 title service fee, & ...
by frankandbeans
Tue Jun 02, 2020 8:30 pm
Forum: Personal Consumer Issues
Topic: What cellphone plan do you recommend?
Replies: 60
Views: 4086

Re: What cellphone plan do you recommend?

Total Wireless--3 lines, 60GB for $80. Verizon MVNO. Not throttled, video quality not capped, but subject to deprioritization when busy.
by frankandbeans
Tue Jun 02, 2020 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: is a shorter commute worth the extra cost?
Replies: 30
Views: 1784

Re: is a shorter commute worth the extra cost?

It's always a balance, but to me the short-commute premium, holding everything else (lot size, schools, neighborhood, age/size of house) constant is one of the best ways to spend money. And this has been true for so long that the closer-in neighrhoods usually end up holding value better in downturns...
by frankandbeans
Sun May 31, 2020 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Chase reducing credit card limits
Replies: 141
Views: 15777

Re: Chase reducing credit card limits

My Freedom, which I only use for 5% categories, was cut down from $20k to $10k a couple of months ago. I also hold a CSP with a $30k limit, so the theory that they want to limit debt exposure per individual makes sense. (Of course, they also hold a $600k+ mortgage note....)
by frankandbeans
Sun May 31, 2020 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1481
Views: 136436

Re: My LenderFi refinance is going well

Well this is new... received a letter yesterday that as of April 29 my LenderFi loan was sold to FreddieMac. This was after closing docs stated it would be going to PennyMac, with LenderFi walking that back to say they're servicing the loan. That was only after I inquired about it on April 30. So i...
by frankandbeans
Sat May 30, 2020 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

We’re scheduled to close with them next month. The $400 is applied as a credit at closing. I'm closing next week and didn't see the credit listed in the closing disclosure. They did say some of the numbers listed could change. I'll ask my loan office next week. It should show up in the CD. I would ...
by frankandbeans
Wed May 27, 2020 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: How is the Amazon Prime Rewards Visa Signature Card
Replies: 41
Views: 2532

Re: How is the Amazon Prime Rewards Visa Signature Card

I have it but use the Amazon store card more often as there are special deals from time to time. I have better cards for other purchases. So it’s only the store card version that has the special deals then? Or does it alternate or something like that? You can get no interest on large purchases and ...
by frankandbeans
Wed May 27, 2020 6:15 am
Forum: Personal Finance (Not Investing)
Topic: How is the Amazon Prime Rewards Visa Signature Card
Replies: 41
Views: 2532

Re: How is the Amazon Prime Rewards Visa Signature Card

We have the "store card" version through Synchrony. One big advantage of that card is that the transaction line includes item description so I can match the charge up with the purchase on e.g. Mint. That single benefit has stopped me from switching to the Chase card (which I assume doesn't...
by frankandbeans
Tue May 26, 2020 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Help! I’m in the process with a current deal @3.25 for 2100 in closing costs (cc) locked until 6/20. I have gotten the appraisal done and it’s currently with the underwriter set to close on 6/10. I reached out to brokers for UWM deal and I got two deals for 2.99 for 2900 CC + 1/2 point (2900) they ...
by frankandbeans
Tue May 26, 2020 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Market still frozen
Replies: 11
Views: 1201

Re: Jumbo Loan Market still frozen

The “mortgage relationship discount for moving assets” thread sounds like there is still a market with the big banks. Online lenders are typically direct lenders that resell the mortgage, and that is a difficult proposition right now. It’s not like the big banks don’t sell your mortgage either, but...
by frankandbeans
Mon May 25, 2020 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: At what point can I back-out of a refi for a better rate?
Replies: 8
Views: 678

Re: At what point can I back-out of a refi for a better rate?

You have a legal right to rescind until three days after closing. You’ll likely lose any fees you’ve been asked to up-front.
by frankandbeans
Mon May 25, 2020 2:06 pm
Forum: Personal Consumer Issues
Topic: Robot vacuums
Replies: 30
Views: 2187

Re: Robot vacuums

How do these work? Everyone seems to love them, but I don’t understand how they can go from Luxury Vinyl Flooring (LVF) to bathroom rugs, living room rugs, etc. What is a good brand? How about emptying them? Is it nasty? TIA 1. All but the low-duty ones have wheels and motors that can power them on...
by frankandbeans
Mon May 25, 2020 11:49 am
Forum: Personal Consumer Issues
Topic: Pandemic buys that have improved quality of life?
Replies: 185
Views: 19629

Re: Pandemic buys that have improved quality of life?

Robot vacuums. One for each floor. Game changer. Have an amazon link, or similar, to what you bought? Thinking about this.... We got refurb Robovac 30c for $129 each. They appear brand new and have been great. Was debating between one smarter and more expensive vacuum for whole house or a dumber, c...
by frankandbeans
Sun May 24, 2020 7:05 pm
Forum: Personal Consumer Issues
Topic: Pandemic buys that have improved quality of life?
Replies: 185
Views: 19629

Re: Pandemic buys that have improved quality of life?

Robot vacuums. One for each floor. Game changer.
by frankandbeans
Fri May 22, 2020 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

Here is the scenario: 1) 30 Year fixed. 2.875 interest rate, 3.03 APR ( almost 10k closing costs). But broker says, He will provide the credits to cover entire cost at the time of closing, so it will be a zero closing cost loan and will become like a 2.875 rate and APR. 2) 30 Year Fixed. 2.99 rate ...
by frankandbeans
Thu May 21, 2020 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: Renting house to in-laws
Replies: 22
Views: 1729

Re: Renting house to in-laws

and did I mention the two young children whom we are now caring for full time in addition to our demanding jobs? Is the implication here that if your in-laws lived close by that they would help you with this? A fair inference but not the intended one. I only meant to say that we happen to be in a p...
by frankandbeans
Thu May 21, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Renting house to in-laws
Replies: 22
Views: 1729

Re: Renting house to in-laws

Depending on family dynamics, now and going forward, and in the future: 1. Yes. Absolutely. 2. It depends. And, can be great or get really really messy. Questions: 1 Pay rent year round? 2 Cover residence expenses year round (at least this, including insurance, prop tax, etc).? 3 What would they an...
by frankandbeans
Thu May 21, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Renting house to in-laws
Replies: 22
Views: 1729

Re: Renting house to in-laws

What do your in-laws want to do? Do they want to pay you rent all year if they are only there part-time? I should've been clearer about this. Due to COVID-19, their thinking has evolved to a situation where they will be primarily based here but will travel to the extent possible depending on the fu...
by frankandbeans
Thu May 21, 2020 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Renting house to in-laws
Replies: 22
Views: 1729

Renting house to in-laws

Appreciate some Bogleheads advice on this situation. We own a very marketable and profitable rental house in our HCOL area, about 15 minutes from our own house, in a neighborhood that has appreciated substantially and we reasonably expect to do so for the foreseeable future. We have two little kids,...
by frankandbeans
Wed May 20, 2020 6:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7964
Views: 555489

Re: Refinance Mega Thread

They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal. Considering the comments on Northpointe in this forum , re...