Search found 28 matches

by thrillhou
Thu Sep 03, 2020 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi ...
by thrillhou
Thu Sep 03, 2020 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi ...
by thrillhou
Thu Sep 03, 2020 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well. What does "per diem interest for current loan" mean? I see that now. Best hopes and wishes from them for the fundin...
by thrillhou
Thu Sep 03, 2020 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi ...
by thrillhou
Thu Sep 03, 2020 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Awesome! Looks like your worst case scenario will be to net $1000 on a 2.5% 30-year, which is great, and particularly impressive considering your loan size is above the $510k conforming limit! I've heard good things about Owning from a few people, and apparently they close really fast (2-3 weeks), ...
by thrillhou
Thu Sep 03, 2020 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

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 ano...
by thrillhou
Sat Aug 29, 2020 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

It's correct that the lender credit can be used to lower the loan amount, right?

Assuming so, how far can you push the credit? Theoretically, what if you ask for a 30% mortgage and get some huge amount back which lowers your loan. Then, refi again (and again... ad nauseam)
by thrillhou
Sat Aug 29, 2020 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

How do you determine what amount to request in your refinance? (Assuming you simply want to pay off your old loan and not do a cash-out refi). I hope to start shopping this next week for rates. It seems likely I'd close sometime near the end of September or early October. The October 1st payoff amo...
by thrillhou
Tue Aug 18, 2020 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Owning has some weird looking rates today. I assume this is because of the new Fannie/Freddie fee. Good news is that their 30yr fixed rates have actually done down from where they were the past few days. I can't remember exactly but it looks like they went to APR and also changed from "no clos...
by thrillhou
Mon Aug 17, 2020 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

The amount in d to be offset by the lender credit to be true no cost. The question is, did LF take that into account when they sent me the LE? It seems they just made the loan amount = mortgage balance from the credit report. But that doesn't mean it's the payoff amount. So there will be a gap betw...
by thrillhou
Mon Aug 10, 2020 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I was told from one of the companies that, "pre-paid taxes will be due at the time of closing for ALL lenders, as this is a requirement set by Fannie Mae if your property taxes are due around the same time as your first monthly payment." I do not have escrow included in my refi and it is ...
by thrillhou
Mon Aug 10, 2020 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I was told from one of the companies that, "pre-paid taxes will be due at the time of closing for ALL lenders, as this is a requirement set by Fannie Mae if your property taxes are due around the same time as your first monthly payment." I do not have escrow included in my refi and it is n...
by thrillhou
Sun Aug 09, 2020 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Questions on the timing of closing and if it's near the regular monthly payment date: I received the closing doc, and it shows the amount of the loan I requested, but still shows the current loan's balance for June, and it wants cash brought to closing to cover this amount. But, it's already ~$2400 ...
by thrillhou
Fri Aug 07, 2020 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning? I posted yesterday, but here's a summary that might help answer: I applied online to LC and Owning yesterday (Thursday) afternoon. Owning i...
by thrillhou
Thu Aug 06, 2020 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Hey guys, Just locked in a 2.5% conventional 30 year fixed with Owning.com. Since I have over 50% equity, they didn't charge me the 0.25% origination charge. Absolutely no closing costs at all: No origination, No title charges, No recording charges. They gave me lender credit of $1104.00 to cover a...
by thrillhou
Thu Aug 06, 2020 12:48 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Hey guys, Just locked in a 2.5% conventional 30 year fixed with Owning.com. Since I have over 50% equity, they didn't charge me the 0.25% origination charge. Absolutely no closing costs at all: No origination, No title charges, No recording charges. They gave me lender credit of $1104.00 to cover a...
by thrillhou
Tue Aug 04, 2020 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Moral of the story: No cost refi is just one component to saving money. If you have the ability, pay extra each month to keep your monthly payment the same as it was and see the compounding effect bring you significant value! Yup, that's exactly what I was trying preach way back on Page 82. Thanks ...
by thrillhou
Sun Aug 02, 2020 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I want to be clear on an aspect of the refi application process. When the refi company asks for expenses, should the applicant include the current mortgage amount? I ask, because for a first-time mortgage, a person doesn't have that. Also, the process of refinancing necessarily replaces the current ...
by thrillhou
Sat Aug 01, 2020 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: ~

I would do it. I just closed earlier in the week on under $140k at 3.25% (lowered my rate and dropped PMI). I got dinged because the LTV was between 70-80%, so Fannie Mae charges a .5% Loan Level Pricing Adjustment to the lender when the ultimately sell the loan off to FNMA. So for me, small balanc...
by thrillhou
Sat Aug 01, 2020 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I'm interested in comparing the equivalent total out of pocket costs of sticking with my current loan vs a refi. Here are two possible methods for an apples to apples comparison where my out of pocket costs going forward under both a refi and existing loan scenarios are the same. Which method is co...
by thrillhou
Fri Jul 31, 2020 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

About 25 min ago, LC had the 15 yr showing 1.75% with $0 points. I took a photo with my phone of the screen (I was having computer problems, or I would have just done a screen capture, but that's a different story... ) The 30 yr was 2.375% with $280 in fees. Now, if I refresh the site with the same ...
by thrillhou
Sat Jul 25, 2020 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I just wanted to say thanks for this thread and report my experience. For whatever reason, those of us in Texas aren't seeing the really low rates. Earlier in the thread, a few recommendations were given for Texans, primarily Northepoint and Keystone. Northepoint was ok, but not the best. Probably ...
by thrillhou
Sat Jul 25, 2020 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

Folks: Thought I posted earlier - but must not have - apologies if a duplicate appears. I am looking at a refinance, am starting with my local credit union. The plan is to shop around. How much detail should I expect to provide to a lender before getting rate information / cost data? My credit unio...
by thrillhou
Thu Jul 23, 2020 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

is there a way to see Loan Cabin or Loan Depot rates without applying? I can't seem to find rates for either? For Loan Cabin, this should work: www.loancabin.com/rates/ then, click the down arrow to drop down their assumptions. My browser would sometimes clear an entry after I made it, so something...
by thrillhou
Mon Jul 20, 2020 12:52 am
Forum: Personal Finance (Not Investing)
Topic: For me, putting cash into bonds doesn't make sense when I have a mortgage
Replies: 75
Views: 7605

Re: For me, putting cash into bonds doesn't make sense when I have a mortgage

Thank you all for an interesting thread with lots to think about. Forgive me if these are novice questions, and if so, I hope they can be easily answered. First, why is there not more discussion about the extra gain in equity when paying a mortgage down? The money from selling bonds goes somewhere -...
by thrillhou
Mon Jul 20, 2020 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

What differences in loan offers might there be if not all personal assets' statements are provided (or told) to the LO? Put another way, can anyone comment on how assets -- independent of income -- change the refi offer?
by thrillhou
Sun Jul 19, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

I have a general question about refinancing and the effect on building equity. Is there a forum consensus on the importance or value of equity or otherwise building equity in your home? I ask, because it seems like at some point refinancing may not be beneficial since the finally payment keeps getti...
by thrillhou
Sun Jul 19, 2020 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660275

Re: Refinance Mega Thread

General question - is there a good online / XLS-based calculator you'd recommend to compare existing mortgage to a new mortgage offer to see if it makes sense? My existing mortgage is 30y fixed- 156k @ 3.625%, starting Dec 2016, 145k left. I don't currently know what my closing costs on that mortga...