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tunerunner wrote: ↑Tue Jan 24, 2023 11:56 pm There seems to be some disagreement about when you can close the account(s) after signing up without losing the bonus. 90 days or 6months?

Yeah, I'm a bit confused about that. DoctorOfCredit's https://www.doctorofcredit.com/targeted ... ngs-bonus/ offer page seems to indicate there's an early termination fee of the bonus amount if you close the account before 6 months, but that's not in the official T&Cs -- just that you have to keep the accounts open for when you receive the credit, which is ~90 days.

Curious as well what the requirement is here....

Hi all -- Long time lurker and first time posting for advice in this forum! I've been doing backdoor Roth IRA contributions for many years on my account. We never did it on DW's account because she had a bunch of rollover money from an old 401(k) mixed with non-deductible contributions back when she was making more and before Backdoor Roths were allowed, and I never wanted to sort through it (kind of a mistake). Last year I finally sorted out her non-deductible basis from old tax returns and memory, and rolled over the pre-tax into a non-prototype Solo 401(k) (DW has her own business now) and then did a non-deductible contribution (for 2022) into her Rollover IRA and did the backdoor to Roth IRA finally. So I thought we were in good shape -...

I had this happen recently on my house (in the Bay Area), more b/c I didn't investigate the HELOC fast enough and ended up wanting to do it when we already had work going on and it was plainly obvious. I mainly wanted the HELOC b/c of the tax advantaged nature of the interest payments. Not a lot of HELOCs will be done without any appraisal, I think some newer online-only vendors but they are at significantly higher interest rates. I shopped around at the big/local banks and most either paused HELOCs during COVID right now or want an appraisal. What I ended up doing was a personal loan through my bank, as a bridge, and then the plan will be to refinance with a HELOC once the work is done. If you can get the amount you need through another ty...

Hi, An update and a question. I ended up locking my rate (2.25%) and proceeding with Aimloan and everything is going smoothly so far. I was just asked to select one of the following options for tenancy: 1. Tenants in Common 2. Joint Tenants 3. Community Property I'm not sure about which option is best, but a few web searches seem to indicate that Community Property might be best. Any thoughts on this would be appreciated. If it helps, the property is in CA and is our primary residence. My wife and I are both on the title, and it is currently in a revocable living trust. It will be removed from the trust for the refi and then placed back into the trust. This won't matter much since you're putting it back into the trust (and therefore changi...

JHC wrote: ↑Thu Jan 07, 2021 12:05 pm I'm trying to pick between refi options right now, open to advice.

Here is the relevant info / options:

State: CA
Outstanding mortgage: $583k
Property Value: $1M

Interactive Mortgage
30 yr fixed, 2.375 APR, zero closing costs (appraisal waived, lender credits to cover title, pay off fees, etc.).

Loan Depot
30 yr fixed, rate of 2.25% with a 2.289% APR ($3k in fees)


Despite the higher APR, my gut is to with Interactive Mortgage with the zero closing costs. Thoughts?

Did you try to get LD to match IM? I was able to get an aggressive LO at LD to match IM.

But between these two options, I'd easily take the IM 2.375% with no cost.

I know it only applies to CA residents, but I am closing on a refi with Interactive Mortgage this Saturday. Was able to get a 30 year 2.375%, completely no cost and only had to pay prepaid interest. Total loan amount of $354,000.00. Let us know if you're seeing delays on funding. Seems like some anecdotes in the thread indicate another few weeks from close to funding, which can be frustrating. Yes they are delaying funding still. My loan funded today 22 days after signing. I asked many many times and all they would say is "your in line". What is frustrating is that your old bank continues to charge interest but your 1st payment to IM is fixed in the closing paperwork. So in some sense you are paying 2x interest. Legally how far c...

mcdb84 wrote: ↑Wed Dec 16, 2020 12:36 pm I know it only applies to CA residents, but I am closing on a refi with Interactive Mortgage this Saturday. Was able to get a 30 year 2.375%, completely no cost and only had to pay prepaid interest. Total loan amount of $354,000.00.

EDIT: Darn double post

mcdb84 wrote: ↑Wed Dec 16, 2020 12:36 pm I know it only applies to CA residents, but I am closing on a refi with Interactive Mortgage this Saturday. Was able to get a 30 year 2.375%, completely no cost and only had to pay prepaid interest. Total loan amount of $354,000.00.

Let us know if you're seeing delays on funding. Seems like some anecdotes in the thread indicate another few weeks from close to funding, which can be frustrating.

Another data point. My AF was due October 1 and paid already. Called yesterday and was offered $250. Have had the card since launch and haven't asked for other retention offers prior to this. I was also grandfathered into the $450 fee instead of the $550 fee for this year.

Typical spend was $15-20k/year with travel/dining out. Have a few other personal cards, business cards (with my wife), and a joint checking account with small balance for everyday use.

SriniC wrote: ↑Tue Dec 08, 2020 1:31 am I just started following this thread. Who is the lender referred as "IM" here. Appreciate your help.

www.interactivemortgage.com

They are only licensed in CA and AZ I believe, so if you're not in one of those two states you have to use another lender, unfortunately.

For those using Loan Depot and not getting appraisal waived, how did the lender credit work with the appraisal deposit?

Do they refund the appraisal fee later before closing?

IamLaura wrote: ↑Sun Dec 06, 2020 1:10 pm I received word that my mortgage with Interactive was funded Friday, and now it's two days later, and my old mortgage has not been paid off yet. When can I expect my old mortgage to be paid off? I am paying double interest in the meantime, right? I saw that they are not legally allowed to charge me for more than two days of interest. How do I make sure that I don't pay extra?

Did you sign a waiver of closing on Friday? Usually it’s in the initial disclosure — if you signed it then IM can’t technically fund on a Friday and make you lose money on two days of interest. But any update won’t happen until bank opens on Monday I would imagine. Double check your signed disclosure packet. They may have meant they’ll find Monday.

Calirefi2020 wrote: ↑Sat Dec 05, 2020 5:53 pm

postal007 wrote: ↑Sat Dec 05, 2020 4:57 pm

Calirefi2020 wrote: ↑Sat Dec 05, 2020 6:31 am Did anyone get 2.375 or less rate with $0 costs and fees on 30 year high balance loans ( 590k) in the past week or so? The best I’m seeing is 2.5..

Have you tried Interactive Mortgage? You have to have a single family home and LTV 60% or less, probably same for many other lenders to get the 2.375% rate.

Yea I did, 2.375 is for 510k or under.. still have not come across someone who can offer that rate on high balance loans

Interesting, my loan is $560k. What's your LTV?

soobaerodude wrote: ↑Fri Dec 04, 2020 2:01 pm

learn2invest2day wrote: ↑Thu Dec 03, 2020 9:12 pm I sent the latest quote from IM to LD and Better. Better said they cannot match after some emails. LD said they will match and gave a new loan estimate which was almost same as IM (except appraisal fee). Rocket mortgage said 3%. Amerisave called me and left a voice mail but did not respond back to my email (even without discussing any estimates I had). I haven't heard anything at all from Loan Cabin.

If you had locked with Better, then sent the IM LE to your loan processor, they would beat it. Better is more eager to match after locking

I made this mistake recently, sent an IM LE before locking, no joy. I got LD to match though... do you think if I lock with Better now and send the LD LE they'd play ball at this stage?

Calirefi2020 wrote: ↑Sat Dec 05, 2020 6:31 am Did anyone get 2.375 or less rate with $0 costs and fees on 30 year high balance loans ( 590k) in the past week or so? The best I’m seeing is 2.5..

Have you tried Interactive Mortgage? You have to have a single family home and LTV 60% or less, probably same for many other lenders to get the 2.375% rate.

InvestDoc wrote: ↑Thu Dec 03, 2020 12:47 am

confused1 wrote: ↑Wed Dec 02, 2020 10:54 pm

confused1 wrote: ↑Tue Nov 03, 2020 2:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far

Quick update - All going well so far. Looking to close in next 10-15 days.

FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.

I was going to do my second re-fi this year with IM but now thinking I should try to get LD to match and go with LD given everyone's experiences. And I thought it was bad with Owning where it took ~1.5 weeks to fund.

Are folks starting to see an explicit pricing in of the new "adverse market fee" from Fannie/Freddie? I thought lenders were already pricing this in, but just got a loan estimate from Interactive Mortgage for a 2.375% "no cost" mortgage with a 0.5% fee tacked onto it. It's currently indicated as "origination fee/points" and I'm getting clarify from my loan officer today about it, but seems like it's IM's way to pass on the new fee.

EDIT: Looks like it was a mistake, my loan officer updated my LE to take it out. Looks like IM does tack on the 0.5% fee by default onto the LE and the loan officers have to back it out manually. Interesting setup!

Those working with Interactive Mortgage, if you get Eric Park please stay away. He's a complete d-bag. About 3-4 months ago I had locked with both IM (via Eric) and Owning for my last refi, and Owning ended up giving me a better offer so I withdrew from IM (I was pretty open that I was shopping at the time). I reached out again because IM is offering the 2.375% rate and he sends me the reply below. Weren't you and your friend the same two guys who wasted my time and left me in the dark? I guess someone was butt-hurt I took a better offer lol. I mean I get being a bit upset but this is your business. I'm not going to deal with the clown — as I said I'm sure any of his other associates would be happy to get my business. What a douche! did yo...

Those working with Interactive Mortgage, if you get Eric Park please stay away. He's a complete d-bag.

About 3-4 months ago I had locked with both IM (via Eric) and Owning for my last refi, and Owning ended up giving me a better offer so I withdrew from IM (I was pretty open that I was shopping at the time). I reached out again because IM is offering the 2.375% rate and he sends me the reply below.

Weren't you and your friend the same two guys who wasted my time and left me in the dark?

I guess someone was butt-hurt I took a better offer lol. I mean I get being a bit upset but this is your business. I'm not going to deal with the clown — as I said I'm sure any of his other associates would be happy to get my business. What a douche!

Update from me on my experience with Owning. 8/30 apply online, phone call within an hour. 9/1 lock 9/9 a few phone calls asking for documentation, underwriters don't like something. 9/10 sign closing docs. I know at this time that I'm not through underwriting. Don't send any cash. 9/14 and 15 underwriters still aren't happy, and apparently the processor stinks, on the phone with LO for a while trying to sort it out. 9/16 told verbally that we're good to go, given another estimated closing statement and asked to wire funds. 9/22 today the loan funded and sent final closing statement. Someone owes me over $1000 in extra interest paid on both ends (prepaids were from 9/14 and the estimated payoff amount went into October) and I'm not thrille...

Update from me on my experience with Owning. 8/30 apply online, phone call within an hour. 9/1 lock 9/9 a few phone calls asking for documentation, underwriters don't like something. 9/10 sign closing docs. I know at this time that I'm not through underwriting. Don't send any cash. 9/14 and 15 underwriters still aren't happy, and apparently the processor stinks, on the phone with LO for a while trying to sort it out. 9/16 told verbally that we're good to go, given another estimated closing statement and asked to wire funds. 9/22 today the loan funded and sent final closing statement. Someone owes me over $1000 in extra interest paid on both ends (prepaids were from 9/14 and the estimated payoff amount went into October) and I'm not thrille...

I'm currently in the process with Owning. Applied on 9/1 and will be signing closing docs with the notary tonight. I've read some people mention that Owning will move forward with closing docs before the loan being approved by underwriting. Anyone want to share their experiences with that? Is there anything I should look out for? How long should I expect for it to be 100% complete? Lol yep. I posted last night on this. Applied 8/31, Signed Thursday, last night there was a kind of frantic call from LO because underwriting doesn’t like how my paystubs are reported out. More phone calls today, apparently my wife’s (kind of small) income which we hadn’t included will make the difference? Don’t have final word yet. I wish they would just wait t...

In CA, LTV 30%, $585K loan on $2M value. FICO 800+. Best rate I see is from LenderFi at 2.375% no cost for 15 years. 2.625% no cost for 30 years. Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up. thanks! Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go. PM me if you need a contact there. For people with smaller loan sizes, you can get up to $300k by making it a cash out refi...

Can you lock with two lenders? Is there any reason to do so, if the rates are the same and appraisal is waived in both cases? E.g. concerns over time to close? Does it matter at all if one lender is a broker (i.e. LenderFi) and another is a direct lender (e.g. Loan Depot)? There's nothing preventing you from locking with multiple lenders. The restrictions on the lock mainly apply to the lender, not the homeowner. I locked with Owning, Interactive Mortgage, and Loan Depot early last week. Owning moved by the far the fastest, signing on Monday if everything goes well, even before my apps were in processing at the other two. I'll plan to let the two know when I close to cancel/withdraw my app. But I thinking locking with multiple folks is sma...

Just wanted to give another data point here, since this thread is so helpful. State : CA Loan Amoun t: $565k LTV : ~40% Current Rate : 2.85% (First Republic) on a 30 year fixed I had just refied earlier this year with First Republic, but rates kept dropping, so was looking for a no-cost refi on another 30-year fixed. Of the lenders I contacted, here's what I got on Friday: Owning: 2.625%, no cost LenderFi: 2.75%, no cost. Followed up today and said they can't match Owning offer on a no-cost Loan Depot: 2.825%, $500 costs. Reaching out soon to ask for a match Better: Uncompetitive. Told me to take the Owning offer and run for the hills. I'm planning to forward the Owning LE to First Republic soon to see if they can do some kind of loan modi...

Just wanted to give another data point here, since this thread is so helpful. State : CA Loan Amoun t: $565k LTV : ~40% Current Rate : 2.85% (First Republic) on a 30 year fixed I had just refied earlier this year with First Republic, but rates kept dropping, so was looking for a no-cost refi on another 30-year fixed. Of the lenders I contacted, here's what I got on Friday: Owning: 2.625%, no cost LenderFi: 2.75%, no cost. Followed up today and said they can't match Owning offer on a no-cost Loan Depot: 2.825%, $500 costs. Reaching out soon to ask for a match Better: Uncompetitive. Told me to take the Owning offer and run for the hills. I'm planning to forward the Owning LE to First Republic soon to see if they can do some kind of loan modi...

Just wanted to give another data point here, since this thread is so helpful. State : CA Loan Amoun t: $565k LTV : ~40% Current Rate : 2.85% (First Republic) on a 30 year fixed I had just refied earlier this year with First Republic, but rates kept dropping, so was looking for a no-cost refi on another 30-year fixed. Of the lenders I contacted, here's what I got on Friday: Owning: 2.625%, no cost LenderFi: 2.75%, no cost. Followed up today and said they can't match Owning offer on a no-cost Loan Depot: 2.825%, $500 costs. Reaching out soon to ask for a match Better: Uncompetitive. Told me to take the Owning offer and run for the hills. I'm planning to forward the Owning LE to First Republic soon to see if they can do some kind of loan modi...

Just wanted to give another data point here, since this thread is so helpful. State : CA Loan Amoun t: $565k LTV : ~40% Current Rate : 2.85% (First Republic) on a 30 year fixed I had just refied earlier this year with First Republic, but rates kept dropping, so was looking for a no-cost refi on another 30-year fixed. Of the lenders I contacted, here's what I got on Friday: Owning: 2.625%, no cost LenderFi: 2.75%, no cost. Followed up today and said they can't match Owning offer on a no-cost Loan Depot: 2.825%, $500 costs. Reaching out soon to ask for a match Better: Uncompetitive. Told me to take the Owning offer and run for the hills. I'm planning to forward the Owning LE to First Republic soon to see if they can do some kind of loan modif...

Closed on a refinance on Monday for 2.85% for a 30-year fixed at First Republic. Locked in mid-March, right as the SIP orders were coming in, finally closed (~50 day closing).

Rate: 2.85%, 30-year fixed
Points: None
Closing Costs: ~$2500 third party costs and recording costs (waived $600 origination costs)
Loan Amount: $570K
LTV: 40%
Previous Rate: 3.625% @ Wells (Wells voluntarily dropped from 4% to 3.625% after I started shopping around)
State: CA

Originally asked for open checking and ~$100k balance, but didn't require the balance for closing. I did move some money over but not $100k. Hope this helps!

I got a 3.125% rate at Chase with $250k deposit requirement (Chase Private Client) on a 30-year fixed, high-conforming. Used CashCall quote to match, and pitted them back and forth to get Chase down. Only a slight credit, but closing costs are ~$2k (removing prepaids).