Search found 117 matches

by presto987
Tue Oct 20, 2020 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I’ve been following these threads daily but am wondering what lenders are offering the quickest closing these days? I’m currently 75 days into a mortgage refinance that is nowhere close to closing. At the time I locked, they were offering competitive rates (2.625% 30 year with ~3000 in fees on A+B+...
by presto987
Mon Oct 19, 2020 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to Austin
Replies: 35
Views: 2080

Re: Moving to Austin

Wow, 2 years ago when you posted on here, your comp was 415k. What happened?
by presto987
Mon Oct 19, 2020 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Should I take Mortgage with Higher Rate?
Replies: 11
Views: 1097

Re: Should I take Mortgage with Higher Rate?

If you're planning to pay off the mortgage in a short timeframe, it generally makes sense to take the higher interest rate in exchange for lower closing costs. There are plenty of examples of people doing this in the refinance thread. When I bought my house, I could have had a 2.5% ARM but opted for...
by presto987
Fri Oct 16, 2020 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I know one shouldn't take out a 'loan' during a purchase/refi, but what about selling a stock in taxable? Would this have any effect on a refi after you lock and are doing all the paperwork? Selling stock meaning, break even or a capital gain, not a capital loss. Should not be an issue. Taking out ...
by presto987
Fri Oct 16, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Unless you're really in need of the cash, obviously it doesn't make sense to pay thousands in fees for a 100k cash-out. The cash-out aspect is going to contribute around 0.5-1 point toward the cost. Beyond that, the small loan size is definitely an issue. You also might need to check with more lende...
by presto987
Fri Oct 16, 2020 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Hey there Boglehead refinancers! Query what rates folks are closing at currently for 30-year fixed-rate mortgages at low- or no upfront cost. Yesterday the St. Louis Fed posted an all-time-low 2.81% national average for the 30-year. https://fred.stlouisfed.org/series/MORTGAGE30US I see that some of...
by presto987
Thu Oct 15, 2020 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

People's experience with a lender can be HIGHLY dependent on what LO and Loan Processor they get. When I completed a refi with Better, every single person I dealt with was responsive and excellent, even though they were extremely busy (this was in August). They beat a competing LE, and I closed in a...
by presto987
Thu Oct 15, 2020 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

When you go to better.com/amex, it redirects you to a page that says "this offer has expired" but offers a $500 credit. This is totally different from the Amex offer though. This $500 credit simply shows up as additional lender credit on Better's rate sheet, unlike the true Amex offer where you got ...
by presto987
Wed Oct 14, 2020 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

^ I don't know about VA streamline refi's, but in general, many lenders have been taking a long time to close refi's. It is currently common for lenders, including LoanDepot, to overshoot the lock date, but it seems that in almost all cases, lenders are extending the lock at no cost. If LD canceled ...
by presto987
Wed Oct 14, 2020 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Thanks for the detailed explanation. I am trying to figure out how to compare the different quotes. Maybe I need to ask lenders to apply credits to make their offers zero fees so that I have a point of comparison. Does anyone have a calculator that can tell me how long I would have to stay in my mo...
by presto987
Wed Oct 14, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Refinance 15/20/30 year?
Replies: 19
Views: 1851

Re: Refinance 15/20/30 year?

In my recent experience on two refis, for which I shopped around extensively and got quotes from multiple lenders, usually a 0.125% reduction came with 0.5-0.6 points. For example, I'm currently locked on a refi where going from 2.75% to 2.25% would be a 2.2 point swing. Relative to that, your $3k i...
by presto987
Tue Oct 13, 2020 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Is it always better to take the zero fee option? My vote is yes. But what if the zero fee option has a higher interest rate? I'm so confused trying to figure out how to compare all the options with points, fees, credits, interest rates... Points, fees, and credits ultimately add up to a single doll...
by presto987
Tue Oct 13, 2020 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Bandoba, what state are you in? Interactive Mortgage is still advertising a 2.5% no-cost 30-year in CA if you meet certain parameters. They also operate in 3 other states. Up until several days ago, they were advertising 2.375%. 2 months ago, LenderFi offered me a 2.5% no-cost 30-year (I am in CA). ...
by presto987
Tue Oct 13, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: House sale quandary - under contract!
Replies: 71
Views: 10098

Re: House sale quandary - under contract!

Just read this whole thread. Congratulations!
by presto987
Tue Oct 13, 2020 10:50 am
Forum: Personal Finance (Not Investing)
Topic: quick, no hassle online lender
Replies: 1
Views: 283

Re: quick, no hassle online lender

Check the Refinance Mega Thread. Tons of info on there. What state are you in? Many lenders are only licensed in certain states.
by presto987
Mon Oct 12, 2020 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1371
Views: 123893

Re: My LenderFi refinance is going well

A 0.25% spread between the website rate and the post-application offered rate seems consistent with what others have reported (and what I got 2 months ago).
by presto987
Sun Oct 11, 2020 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses. I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN). I Closed with Loan Cabin a...
by presto987
Sun Oct 11, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Presto, first post over here, but I have been following this thread for a few weeks. Can you send me the LO you recommend from LD? The forum doesn't let me private message yet (or maybe i'm doing it wrong). I submitted online to LenderFi today and waiting to hear back, but I want to check with LD o...
by presto987
Sun Oct 11, 2020 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

The fee is already baked into pricing, except maybe for lenders who are closing very quickly. Dec 1 is the cutoff for when the lender transfers the loan to Fannie/Freddie. It takes at least a couple of weeks after funding for that to happen. So even if you lock now and close in 30 days, by the time ...
by presto987
Sat Oct 10, 2020 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

^ Correct.
by presto987
Thu Oct 08, 2020 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Interactive Mortgage isn't licensed in Kansas.

Most lenders would probably approve you assuming you meet their other criteria, but you're not going to get rates as low as what other people are talking about in this thread.
by presto987
Thu Oct 08, 2020 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Therefore, only lock-in with them if you really intend on using them. It's fine to shop around because it's a free market but if you're going to shop, do it before you lock-in with a lender so they haven't started any work for you. The problem is that most lenders will only pricematch a locked LE. ...
by presto987
Thu Oct 08, 2020 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I’m currently in process of refi with Lenderfi ( 30 year fixed) $617k loan( high conforming in SoCal) condo 81% LTV..2.875%..Loan may likely close by 10/17.. I am wondering if any one with similar terms had received under 2.5% rate recently.. I could pay off some principal and bring down LTV to und...
by presto987
Thu Oct 08, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

No. LenderFi is the only lender that people here have reported as asking you to sign a document to agree that you will not refi within 6 months and that they may claw back lender credits if you do. On a related note, though, it seems that Better is getting more difficult about doing multiple refis ...
by presto987
Thu Oct 08, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: title insurance on refinance
Replies: 2
Views: 266

Re: title insurance on refinance

Radian is doing title services for refis, but they only work with certain lenders. Search the Refinance Mega Thread for more info. Beyond that, you may want to specify what state you're in and what lender you're working with. Title companies can be state-specific, and some of them only work with cer...
by presto987
Wed Oct 07, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1371
Views: 123893

Re: My LenderFi refinance is going well

I would definitely jump ship for $2500.
by presto987
Wed Oct 07, 2020 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

No. LenderFi is the only lender that people here have reported as asking you to sign a document to agree that you will not refi within 6 months and that they may claw back lender credits if you do. On a related note, though, it seems that Better is getting more difficult about doing multiple refis w...
by presto987
Tue Oct 06, 2020 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Signed closing papers through Better on Friday 10/2. The loan should fund tomorrow. Thinking of trying to call Interactive Mortgage to see if I can squeeze in one more refinance before the end of the year, if I can get a better rate for a no-cost refi (I'm skeptical). Should I be calling them today...
by presto987
Tue Oct 06, 2020 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Does anybody know if IM would offer their 2.375 if you're above the 60% ltv. I'm just under 75% but otherwise would be a good candidate. I already closed on a 2.5% no cost refi. Also, does IM require tax escrow? Reports from people with > 60% LTV said that they were not eligible for the advertised ...
by presto987
Tue Oct 06, 2020 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Re: Interactive Mortgage I locked with IM but withdrew my application when I was about to receive the initial closing disclosures. My experience was very good. In 30 minutes over the phone, I got a rate quote (which was consistent with the advertised rates), did the application verbally, and locked ...
by presto987
Tue Oct 06, 2020 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I'm approaching closing this week as communicated by my new lender. they requested the payoff statement from my current lender and that states the payoff balance as of Oct 26th. Few generic questions I have - - Does it mean my new lender can't disburse funds before Oct 26h? - if they do, would the ...
by presto987
Tue Oct 06, 2020 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Hello all the refinance gurus ! I have recently refinanced through owning (15 years @2.25 no cash out). I just got a letter that my loan has been transferred to another company. - Is it safe to refinance again to get 15 years @2.00 ? - I have read all the closing documents and there was no mention ...
by presto987
Tue Oct 06, 2020 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

If you got a great deal why don’t you go with that company? Why do you run to better to match? And you would drop all the work you’ve done with better for $200? I am not pumpkinwaggle, but I'll respond with my thoughts. There is certainly something to be said for going with the company that gave yo...
by presto987
Tue Oct 06, 2020 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

^ It sounds like you might qualify for Interactive Mortgage's advertised rates. It needs to be single family (not condo). 1.99% at no cost for a 15-year. If you are closing very soon with Amerisave, then maybe you have time to refi again with IM before that deal goes away :) If Amerisave allows you ...
by presto987
Mon Oct 05, 2020 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

It's pretty good. Just seems like section C is really high. Maybe shop that around.
by presto987
Mon Oct 05, 2020 11:22 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

My quote from Loan Cabin, how does this look? Loan 359k Rate 2.625 A B C E = 3,446 Credit = 3,000 I also see closing costs financed (paid from Loan amount) = 793 I can also shop for title insurance. This assumes 1,600 which seems high. A+B+C+E seems really high even after accounting for the $1600 i...
by presto987
Mon Oct 05, 2020 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

You are absolutely right! The tricky part is to determine if the difference between the 30 fixed and 10 ARM is big enough to take the interest rate risk. Currently the difference is 0.5% for me, a very hard call... What are the actual rates you're considering? And what is the approximate loan size?...
by presto987
Mon Oct 05, 2020 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

You are absolutely right! The tricky part is to determine if the difference between the 30 fixed and 10 ARM is big enough to take the interest rate risk. Currently the difference is 0.5% for me, a very hard call... What are the actual rates you're considering? And what is the approximate loan size?...
by presto987
Mon Oct 05, 2020 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I've been working on my refinance in NJ for awhile and we're getting close to having it go through. I just wanted to make sure the rate I got back in July is still competitive. 2.625% 20 year fixed No closing costs $2,500 AmEx Credit State- NJ Thanks! Seems pretty good. Obviously people have done b...
by presto987
Mon Oct 05, 2020 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Interested in some feedback about a possible refinance. I just purchased my home a bit over a month ago in CT. LTV just slightly under 80%, principal around 500k. Current loan is 15 year at 2.5% with a local-ish bank. I just locked a 15 year fixed at 2.125% with Loan Depot. A+B+C+E-Lender credits =...
by presto987
Mon Oct 05, 2020 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Quick question for the folks on the forum... So I just got the pre closing disclosure and it looks like LenderFi added a two month prepaid property taxes and insurance to it. This wasn’t on the loan estimate. This has obviously bumped up the closing costs. There is also a 3 month escrow for propert...
by presto987
Mon Oct 05, 2020 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Does refinancing to a 30 year mortgage "reset" my mortage back to day 1 of a 30 year mortgage or does it carry on from where I'm at with my current mortgage? e.g. 25 years left on original mortgage taken out in 2015. If the first statement is true, does this negate the cost savings from the reduced...
by presto987
Sun Oct 04, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

To need403bhelp: Nice work! Worst case, you are going to wind up with a 2.25% rate while netting $3500 in the process (not to mention the $ from the lenders who could not beat your offers). I assume the lender that you’re about to close with doesn’t match other offers after you lock? And no float do...
by presto987
Sun Oct 04, 2020 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

In case helpful to folks here, cross-posting something that I posted on Slickdeals. Here are some of the current recommended lenders. Great pricing upfront (no cost refis): - Interactive Mortgage (CA and 3 other states only) - LenderFi Great upfront pricing with ability to get large lender credits: ...
by presto987
Sat Oct 03, 2020 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Well, I’d call it “misleading” or “unhelpful”, not a bait and switch. The rate itself is probably 2.125% or 2.25%. Then the points cause the APR to go up to 2.39%. So it is probably accurate, but it doesn’t tell you the whole story, because APR assumes that the costs are amortized over the entire te...
by presto987
Fri Oct 02, 2020 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

Did you need to send him an LE from IM, or did he just go by what you told him? Or I guess you could show the IM website since they list their rate publicly there.
by presto987
Fri Oct 02, 2020 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I was locked in with interactive mortgage but I got a call from loan depot and I told them about my 2.375% rate at interactive they said they could probably do 2.25%. No cost loan. it took a full application and a 1 hour of waiting but they did confirm that I would get no cost 30 year fixed refi at...
by presto987
Fri Oct 02, 2020 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I locked and started the process with Loan Cabin 9 weeks ago. Still in the queue for the underwriter to review. I have been checking with my LO every week. When I asked for a rate sheet, the LO said there is none and there is only one rate: the rate that I locked. When I asked for a rate float down...
by presto987
Fri Oct 02, 2020 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

I locked and started the process with Loan Cabin 9 weeks ago. Still in the queue for the underwriter to review. I have been checking with my LO every week. When I asked for a rate sheet, the LO said there is none and there is only one rate: the rate that I locked. When I asked for a rate float down...
by presto987
Thu Oct 01, 2020 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7427
Views: 506999

Re: Refinance Mega Thread

LoanDepot is hit or miss depending on who you get. When I first applied, I got a phone call from someone who was unhelpful and somewhat rude. He had no interest in trying to beat my other offer. I subsequently found an LO who was responsive, helpful, and able to access good deals. She is accessible ...