Search found 341 matches

by ChiKid24
Wed Aug 05, 2020 11:59 am
Forum: Personal Investments
Topic: Should I max my 401K?
Replies: 22
Views: 1659

Re: Should I max my 401K?

I'm going to disagree with all those saying yes. It sounds like maxing your 401k means your net income won't cover your expenses so you would have to pull from savings and/or your investments. If pulling from savings, there isn't a tax impact but you do need to evaluate what type of savings you are ...
by ChiKid24
Tue Aug 04, 2020 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Sorry if this has been covered but can y’all help me work through the no-cost vs lower rate approach. I have an offer for 2.125 on a 15-year fixed and $4k in closing costs. I could pay $0 in closing costs and pay 2.375 which ends up being about $60 more per month. What would y’all do? The method ma...
by ChiKid24
Tue Aug 04, 2020 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Alright, new topic within the thread. I've been preaching the "no cost" refi trick here along with many others like BrandonBogle. And I still believe it's the right move to sacrifice a bit on rate to get a lender credit that covers costs in Sections A, B, C, and E of the loan estimate. Tha...
by ChiKid24
Tue Aug 04, 2020 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Does anyone know if Better has a 6 month clawback rule? I just closed July 16 on a 2.875% loan with them and am just waiting for my $2500 AMEX Promo to post. Looks like as soon as that happens I’ll be looking to refi again down to the 2.5% level. Same boat here with a similar rate and timeline. No ...
by ChiKid24
Tue Aug 04, 2020 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Better.com says I cannot have the title issued in my living trusts name. Has anyone dealt with this before - my previous refi with BofA did not have this problem since they were able to get the title issued in name of my living trust after closing. Does any one know how difficult or expensive it wo...
by ChiKid24
Tue Aug 04, 2020 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Rental property investing and #'s explained (why real estate can be a great investment)
Replies: 138
Views: 9296

Re: Rental property investing and #'s explained (why real estate can be a great investment)

Hello all, I have had someone in another post not believe my claims of being able to beat the avg return (9-10% return) of stocks through real estate investing. They asked to see my #'s and I have seen similar posts in other threads. So, I'm here to post the #'s on one of my actual rental propertie...
by ChiKid24
Tue Aug 04, 2020 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Best Mortgage Refi Rate - FICO Credit Score vs Fannie Mae LLPA Table
Replies: 3
Views: 344

Re: Best Mortgage Refi Rate - FICO Credit Score vs Fannie Mae LLPA Table

Cool chart. To me, one thing that really stands out is the difference between an "Investment Property" and a "Second Home". As someone who has started thinking about a weekend home that could also be a short term rental, it looks like I'd save a bunch on the mortgage if I categor...
by ChiKid24
Mon Aug 03, 2020 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1595
Views: 148822

Re: My LenderFi refinance is going well

We closed refinance with lenderfi on July 10. with no closing costs, lender credits is $1600. So we closed for 2.87% 30 year. . home value is 525k, current loan is 290k. No appraisal. But i have a question Lenderfi asked us to sign a document which says we should not refinance until 6 months, in ca...
by ChiKid24
Mon Aug 03, 2020 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

For those of you in California, Owning.com published new rates on their website today. No closing costs:

Loans up to $510,400
- 15 year at 2.25%
- 30 year at 2.50%

Loans up to $765,600
- 15 year at 2.50%
- 30 year at 2.625%
by ChiKid24
Mon Aug 03, 2020 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Does this sound like a good deal?.. LenderFi 20-year @ 2.5% and $360 closing. We'd be financing $293k and original loan is a 30-year for $318k @ 3.5%. We're 4 years into the loan. Thanks! The term and rate look good. Couple of questions for you: 1) How is the "$360 closing" defined? Is th...
by ChiKid24
Mon Aug 03, 2020 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I locked back in June on a 15 year at 2.625 with $3,000 in closing costs for a refi (no cash out) for $470k on an $800k property with FICO scores in the 800s. It seems to me this rate is uncompetitive now. Can I negotiate something lower with the current lender? Do I need to just cut bait and go wi...
by ChiKid24
Mon Aug 03, 2020 10:38 am
Forum: Personal Consumer Issues
Topic: A Simple Baseball Question, Maybe
Replies: 31
Views: 2643

Re: A Simple Baseball Question, Maybe

Being retired and staying at home waiting for the Covid virus to disappear sometimes makes my mind wander to places I never knew I had in my brain. For example, while watching our beloved Red Sox do what they are paid to do it got me to wondering how the announcers are able to (with 100% certainty)...
by ChiKid24
Mon Aug 03, 2020 4:28 am
Forum: Personal Finance (Not Investing)
Topic: 8 years into 30 year fixed mortgage - refi?
Replies: 9
Views: 1211

Re: 8 years into 30 year fixed mortgage - refi?

If the reset is bothering you, I bet you can do a 20-year loan at a similar or better rate. Your monthly payment would likely be similar or maybe even lower and you'll be shaving two years off the loan.
by ChiKid24
Sun Aug 02, 2020 9:52 pm
Forum: Personal Investments
Topic: Best investments for savings
Replies: 8
Views: 1369

Re: Best investments for savings

You're in your 30s and all this cash is sitting in IRAs, 401ks, 529s and HSAs. These types of accounts typically aren't accessed until someone is at or near retirement age, likely 20+ years from now for you. So let me ask, do you expect the market to be higher or lower in 20+ years than it is today?...
by ChiKid24
Sun Aug 02, 2020 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Below is my Current situation in trying to get my mortgage rate down. 1. My Current mortgage with Lender A is at 3.5% for 350K. 2. I am in talk with multiple lenders for financing & in advanced stage with Lender B, where underwriting in progress & very likely the closing is expected in 1 we...
by ChiKid24
Sun Aug 02, 2020 6:20 am
Forum: Personal Finance (Not Investing)
Topic: More than $500K profit on sale of primary residence
Replies: 24
Views: 3254

Re: More than $500K profit on sale of primary residence

I've lived in my house for 10 years. Selling it this month will net me a gain of ~800K. Including the Net Investment Income Tax (NIIT), the overall tax rate will be ~25% on $300K. Is there a way to avoid this tax? First, make sure you are properly calculating the gain. Did you have any remodeling o...
by ChiKid24
Sat Aug 01, 2020 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Thanks for the explanation, but even when I logged in to my current lender and they have a tool to show the "pay-off" amount, it still didnt match my closing doc. So shouldn't these 2 numbers be the same? No. As stated in the previous reply, they add a few days of buffer to the payoff quo...
by ChiKid24
Fri Jul 31, 2020 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Any idea how long it takes to get to the finish line after the loan at Lenderfi goes to the Underwriter for "clear to close"? I just closed with LenderFi, here was my timeline: 7/08 Wed - initial app 7/09 Thu - rate locked 7/10 Fri - all docs submitted 7/15 Wed - updated disclosures refle...
by ChiKid24
Fri Jul 31, 2020 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Any idea how long it takes to get to the finish line after the loan at Lenderfi goes to the Underwriter for "clear to close"? I just closed with LenderFi, here was my timeline: 7/08 Wed - initial app 7/09 Thu - rate locked 7/10 Fri - all docs submitted 7/15 Wed - updated disclosures refle...
by ChiKid24
Fri Jul 31, 2020 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Hello, I have an outstanding loan for $570K in California. Does it make sense for me to pay off 60k or so to bring the loan owed to $510K for a lower interest rate or are the refinancing rates same for Jumbo or no-Jumbo? If you recommend bringing my loan amount down to $510, when should I pay it of...
by ChiKid24
Fri Jul 31, 2020 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Question: I owe $535k on a jumbo 85/15 at 4.5%. I want to refinance and was planning to do so in a conforming loan. Is the best bet to pay the mortgage down to $510 (conforming for my county) before I get started? It seems to me with online refi services that would simplify the process and make it ...
by ChiKid24
Thu Jul 30, 2020 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1595
Views: 148822

Re: My LenderFi refinance is going well

The loan is gone to underwriting to "close" and the appraisal came higher than what is mentioned on the application. Does this mean the interest rate can be better since the LTV has changed from 59% to 55%? All lenders are different, but with Lenderfi there was no improvement once I got t...
by ChiKid24
Thu Jul 30, 2020 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Did you apply by selecting "choose" on an offered rate from the website? Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal...
by ChiKid24
Wed Jul 29, 2020 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

A total noob question: if lenders credit exceeds D+E, can the extra amount be used to pay for F (prepaid interests and tax)? Yes! The extra can be used for F and G, reduce the loan balance or even cash back (up to a certain amount). Some lenders (like Lenderfi) don't appear to offer you credits hig...
by ChiKid24
Wed Jul 29, 2020 11:54 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian. Are you receiving enough lender c...
by ChiKid24
Wed Jul 29, 2020 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Relationship mortgage discounts for moving a million assets
Replies: 689
Views: 100908

Re: Relationship mortgage discounts for moving a million assets

I'm going through a similar process myself! Looking for a 761K 30 year fixed loan in the Bay Area. I started off the process by sending in a loan estimate from Loan Depot for 2.75% with $3170 in A+B+C fees, $3040 in lender credit and requesting a rate match. Here's what I'm working on Chase 2.5% fo...
by ChiKid24
Tue Jul 28, 2020 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details - Principal - $540K Current Rate: 3.75% - 30YR fixed start 2015 I have only spoken to TD Bank and they are offering me the following - Option 1 Loan - $510K ...
by ChiKid24
Tue Jul 28, 2020 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

fortfun wrote: Mon Jul 27, 2020 11:34 pm What is the best/lowest rate company to refi with now-a-days?
I went with Lenderfi. Others have too. Have also seen mentions of competitive rates from Loan Depot, Owning, Loan Cabin, United Wholesale (through a broker like Keystone) and Better. Shop around!
by ChiKid24
Mon Jul 27, 2020 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Got a no cost 2.75 30 yr offer. Took it to the lender I've used for my last 2 refis. They had previously said they would not match it. But after giving them the LE from lender #1, they decided to match it. On Friday, they did my credit check and I signed some initial Covid disclosures. As of now (M...
by ChiKid24
Mon Jul 27, 2020 6:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Thank you, BrandonBogle. I wanted to post the screenshot that I have received but it has loan officer's handwriting. So I will skip that. The table is from Loan Cabin, and we know they do not charge a "lender fee." So I am really looking forward to understand what they mean by Closing Cos...
by ChiKid24
Mon Jul 27, 2020 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I am trying to get a quote from Loan Cabin. Do you have to apply for the loan before you can see an offer? Initially I submitted some basic information but they did not contact me. I then applied and contacted the assigned loan officer. We pickup our food from the drive through two minutes after or...
by ChiKid24
Mon Jul 27, 2020 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Got a no cost 2.75 30 yr offer. Took it to the lender I've used for my last 2 refis. They had previously said they would not match it. But after giving them the LE from lender #1, they decided to match it. On Friday, they did my credit check and I signed some initial Covid disclosures. As of now (M...
by ChiKid24
Mon Jul 27, 2020 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

If anyone could possibly give some insight to this I would very much appreciate. My loan officer from Loan Cabin sends me a screenshot of a table with following information. Rate Closing Cost($) Discount/Rebate(%) Discount/Rebate($) 2.500 78 0.020 78 2.625 0 -0.790 -3,081 I wonder what the Closing ...
by ChiKid24
Mon Jul 27, 2020 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

One has to wonder how many folks would be far better off just adding extra principal payments to their current mortgage payments vs doing a refi. This would have the same net effect for many without any refinancing hassle, also keeps one in control of the payment amount in the event of a job loss e...
by ChiKid24
Mon Jul 27, 2020 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I went from 2.875% -> 2.625% at no cost in May. I have the option now of going from 2.625% -> 2.25% and being paid $1k to do it, or being paid $3k to refinance to my same 2.625%. It isn't much hassle for certain folks. I'm a W2 employee and have online statements of my main checking and brokerage a...
by ChiKid24
Sun Jul 26, 2020 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Have 30-year mortgage rates fallen in last month? Advice for requesting re-lock
Replies: 33
Views: 2944

Re: Have 30-year mortgage rates fallen in last month? Advice for requesting re-lock

I would just shop around and see if you can get better. Unless you've already spent money with the guy you're locked with (like for an appraisal), there is nothing to keep you from going with someone else. Locks are binding on their end, not yours. If you find a better quote elsewhere you can take i...
by ChiKid24
Sun Jul 26, 2020 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Refinancing Debate - 15yr (pay mortgage quicker) or 30yr (increase cashflow)
Replies: 32
Views: 1984

Re: Refinancing Debate - 15yr (pay mortgage quicker) or 30yr (increase cashflow)

Hello, Long time reader, first time poster! Currently debating the following scenario and greatly value any input. My wife and I are 50. Two kids - #1 -18 yrs, #2- 15 yrs. Kid #1 going starts college in the fall. So mortgage rates are at all time low while at same time I have college tuition/expens...
by ChiKid24
Sat Jul 25, 2020 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I went through a broker and getting 2.875% for 30 years on a $400k loan. I am paying title fee's and broker fee which is about $4500. I don't understand how banks will credit you fees just to get your business when there are ton of qualified folks applying. For reference I have a 840 Fico, 30% DTI....
by ChiKid24
Fri Jul 24, 2020 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

What are people’s thought on going with a new lender? Just got an offer from a new local lender, who looks they got their license this May. But it was by far the best offer I’ve gotten with just over 500 in fees at 2.87% The best better could do was 3% with 2000 in closing costs (plus pre paids) an...
by ChiKid24
Fri Jul 24, 2020 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I went through a broker and getting 2.875% for 30 years on a $400k loan. I am paying title fee's and broker fee which is about $4500. I don't understand how banks will credit you fees just to get your business when there are ton of qualified folks applying. For reference I have a 840 Fico, 30% DTI....
by ChiKid24
Thu Jul 23, 2020 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Here in PA, tried shopping around, but I keep getting astronomical fees! For example from my current lender, Chase: both me and the spouse have over 800 fico scores 15 year mortgage Loan terms: Loan amount $131,688( I only owe 122,930 @ 3.75 as of right now fyi) Interest rate 2.49% Costs at closing...
by ChiKid24
Thu Jul 23, 2020 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Loan Depot offered a 2.625% 30Y FRM with lender credit covering all the closing costs and fees. I have to pay only prepaid interests and payoff amount due to my present lender. No escrow account needed. No appraisal required. Michigan property. These are all negotiated by e-mails before submitting ...
by ChiKid24
Thu Jul 23, 2020 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

^^^ thanks. Also, wondering if anyone has been able to get a lower rate with lenderfi after the lock? My experience with Lenderfi is that they will not adjust or float down after you lock. You can shop their estimate to others to see if you get better. I'm in process at 2.75% with credit to cover c...
by ChiKid24
Thu Jul 23, 2020 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

^^^ thanks. Also, wondering if anyone has been able to get a lower rate with lenderfi after the lock? My experience with Lenderfi is that they will not adjust or float down after you lock. You can shop their estimate to others to see if you get better. I'm in process at 2.75% with credit to cover c...
by ChiKid24
Thu Jul 23, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

I have locked down few days back on refinancing for 30 years fixed 2.625. But its costing me about $3500 with all costs. Should I try with LenderFi and I can I simply say no to first-party? Yes, this is called shopping and there is no issue. It sounds like some have gotten this rate with full credi...
by ChiKid24
Thu Jul 23, 2020 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Is it okay to continue shopping around for a better rate (no pun intended)? As others have said, you can shop around until you're at the closing table. Actually you can shop until 3 days AFTER you sign at the closing table. There is a mandatory 3-day rescission period in every refi transaction.
by ChiKid24
Tue Jul 21, 2020 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside. Thanks mets914. Only concern I would have is LenderFi's clawback clause. Don't want to be locked out of the market for 6 months. I'm in the process with Lenderfi and not too concerned with the c...
by ChiKid24
Mon Jul 20, 2020 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Has anyone gone past their rate lock timeframe with Better? Mine is about to expire (because the subordination on the HELOC is taking forever). Trying to determine what might happen and Better is very slow with communication. This happened to me. You need to make sure Better does a rusb order with ...
by ChiKid24
Mon Jul 20, 2020 7:58 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

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? I never show all of mine. I chase account bonuses so have too many accounts in...
by ChiKid24
Fri Jul 17, 2020 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9303
Views: 649195

Re: Refinance Mega Thread

Hi, What are the consequences if the appraisal comes lower than the value you entered when applying? Based on 2 banks, they came up with a value way above what I thought, so I used that number for my current refinance. My loan amt is 200k and I think my house can sell for $320k - $330k just based o...