Refinance Mega Thread

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All_About_Benjis
Posts: 76
Joined: Tue Aug 15, 2017 10:28 am

Re: Refinance Mega Thread

Post by All_About_Benjis »

wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Jags4186
Posts: 5945
Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Should work with any AMEX consumer card.
All_About_Benjis
Posts: 76
Joined: Tue Aug 15, 2017 10:28 am

Re: Refinance Mega Thread

Post by All_About_Benjis »

Jags4186 wrote: Mon Jun 14, 2021 7:31 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Should work with any AMEX consumer card.
Great...thanks!

Anyone have thoughts on going from a 30-year @ 2.875% (~$500k loan balance; 29.5 years remaining) to a 15-year at 2%? We can easily make the 15-year monthly payment (while still maxing out all retirement accounts and putting some away in our taxable), just trying to decide if it's better to pay off the house or put the money in the market.

Opinions/advice appreciated.
DrGrnTum
Posts: 150
Joined: Sat Oct 24, 2015 11:22 am

Re: Refinance Mega Thread

Post by DrGrnTum »

All_About_Benjis wrote: Mon Jun 14, 2021 7:49 pm
Jags4186 wrote: Mon Jun 14, 2021 7:31 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Should work with any AMEX consumer card.
Great...thanks!

Anyone have thoughts on going from a 30-year @ 2.875% (~$500k loan balance; 29.5 years remaining) to a 15-year at 2%? We can easily make the 15-year monthly payment (while still maxing out all retirement accounts and putting some away in our taxable), just trying to decide if it's better to pay off the house or put the money in the market.

Opinions/advice appreciated.
I would double check if a Amex Co-Branded card will work for this promotion.
mceagle555
Posts: 84
Joined: Mon Aug 31, 2020 12:41 pm

Re: Refinance Mega Thread

Post by mceagle555 »

All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
All_About_Benjis
Posts: 76
Joined: Tue Aug 15, 2017 10:28 am

Re: Refinance Mega Thread

Post by All_About_Benjis »

mceagle555 wrote: Mon Jun 14, 2021 9:50 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
User avatar
BrandonBogle
Posts: 4015
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
mceagle555 wrote: Mon Jun 14, 2021 9:50 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
I’m sure the standard Bonvoy card you have, assuming it’s a personal card, will be fine and have no issues with the promo.
seawolf21
Posts: 1102
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
mceagle555 wrote: Mon Jun 14, 2021 9:50 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
Not sure where that list of cards came from but terms at this link makes no mention of a specific set of cards. It just need to be a US consumer card issued by AMEX (not AMEX issued by other banks such as Macys AMEX).

https://better.com/with/amex-whats-the-fine-print
Gladiators2Swansons
Posts: 41
Joined: Sun Mar 03, 2019 1:38 pm

Re: Refinance Mega Thread

Post by Gladiators2Swansons »

We currently have 11.25 years left on a 3% fixed mortgage. We have a 15-year refinance rate locked at 2.5% fixed with ~$800 of closing costs and no points paid. Documentation has been submitted and the refinance is going through underwriting. For simplicity, assume that the refinance will close if we do nothing.

Our current mortgage payment is easily manageable, but the refinance seems worthwhile because of the lower rate and the budgetary flexibility offered by the lower monthly payment (we’re aware the majority of the payment decrease is from extending the term as opposed to lowering the interest rate). The refinance is nice, but not a necessity.

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

According to Bankrate, our rate would stay at 2.5% if we started a new refinance today (I think I saw a 2.375% estimated rate earlier today, but it’s gone now). My credit score provided by the current lender is 766.

We’re leaning towards withdrawing the current refinance, applying for an Amex card, and going after Better’s statement credit, but wanted to see if there are any downsides we’re overlooking.

Would the hard credit pulls from the current refinance and potential Amex application drop my credit score enough to impact the rate we would get on the Better refinance?

It would be nice to avoid paying closing costs twice in quick succession, so we’re hesitant to close with the current refinance and immediately apply for another refinance.

Thanks for the opinions!
mceagle555
Posts: 84
Joined: Mon Aug 31, 2020 12:41 pm

Re: Refinance Mega Thread

Post by mceagle555 »

seawolf21 wrote: Mon Jun 14, 2021 10:36 pm
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
mceagle555 wrote: Mon Jun 14, 2021 9:50 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
Not sure where that list of cards came from but terms at this link makes no mention of a specific set of cards. It just need to be a US consumer card issued by AMEX (not AMEX issued by other banks such as Macys AMEX).

https://better.com/with/amex-whats-the-fine-print
The list came directly from a Better employee
mceagle555
Posts: 84
Joined: Mon Aug 31, 2020 12:41 pm

Re: Refinance Mega Thread

Post by mceagle555 »

Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
User avatar
FrugalProfessor
Posts: 378
Joined: Thu May 25, 2017 11:34 am
Contact:

Re: Refinance Mega Thread

Post by FrugalProfessor »

I just locked a 2% 15Y mortgage at better with the $2k Amex promo. Loan estimate parameters:
A: $222
B: $64
C: was $720 when I shopped this out locally six months ago; there was incredible dispersion in pricing among the six or so title companies I called. >$1k/hr (pre/tax) by calling around. Most quoted >$1300.
D: $94 (thank goodness my state is cheap, otherwise it would crush small refi's like mine)

Total (relevant) closing costs before Amex Credit: $1100
Total (relevant) closing costs after Amex Credit: -$900

Best of luck to those who end up following suit.

My calcs say I come out about $5k ahead on the entire transaction (in PV terms) relative to my already cheap 15Y mortgage, thanks in large part to the Amex credit.

A couple random observations about the application process:
* Better charged a ~$75 fee (e.g. higher points) to waive escrow. I paid it happily.
* Better lowered the fees/points once I elected to bake the closing costs into the loan. This presumably makes sense since larger loan balances are more lucrative. The oddity is that even though I selected the "waive escrow" option in my rate table, a large prepaid prop tax payment (>$4k) was still baked into the preliminary loan estimate. I think I may have benefited from the failure of their system to update this appropriately in their rate table.
* You don't need an Amex number at the beginning of your application. You can add it later.



<begin unnecessary Amex rant>

I didn't have an Amex before today, so I thought hard about which one to get. I pre-qualified for the 125k bonus points for the $550 annual fee platinum card but opted instead for the $0 annual fee blue cash every day card. I figure this card will be great to keep dormant in the sock drawer for the periodic Better/Amex promo or Amex small business promotions that they do. If nothing else, I consider it my card with a $2k sign up bonus with $0 minimum spend.

Don't ridicule me too much for leaving money on the table by not going after the 125k sign up bonus on the platinum (even though the $550 fee is not waived the first year). What really sealed the deal or me was the lack of downgrade options to a $0 fee card (apparently only down-gradable to gold/green). On the other hand, transferring the 125k AMEX points to a Schwab Card at 1.25 cents/point seemed lucrative until I read speculation that the program might be cancelled (plus it entailed opening up yet another card which seemed silly; if you give a mouse a cookie, he's going to ask for a glass of milk....): https://www.doctorofcredit.com/american ... e-removed/

<end unnecessary Amex rant>
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.
Gladiators2Swansons
Posts: 41
Joined: Sun Mar 03, 2019 1:38 pm

Re: Refinance Mega Thread

Post by Gladiators2Swansons »

mceagle555 wrote: Mon Jun 14, 2021 11:06 pm
Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
Thanks for pointing this out. Nice to know there's no rush on this offer.
seawolf21
Posts: 1102
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

mceagle555 wrote: Mon Jun 14, 2021 11:04 pm
seawolf21 wrote: Mon Jun 14, 2021 10:36 pm
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
mceagle555 wrote: Mon Jun 14, 2021 9:50 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm

Any idea if this works with the Amex/Marriott Bonvoy card?
Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
Not sure where that list of cards came from but terms at this link makes no mention of a specific set of cards. It just need to be a US consumer card issued by AMEX (not AMEX issued by other banks such as Macys AMEX).

https://better.com/with/amex-whats-the-fine-print
The list came directly from a Better employee
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.


IMO That list of cards seem questionable if it is meant to be the only cards eligible vs. examples.

Do these cards still exist?
Green Preferred
Optima Card
Starwood Preferred Guest Card

What about Morgan Stanley/Goldman Sachs/Schwab Platinum AMEX?

In any case, the terms are:
This offer is only available to basic account holders of a personal consumer American Express Card, issued by a U.S. banking subsidiary of American Express (“eligible Card Members”), that meet the following requirements:

Access the offer by:
•Prior to 9/13/22 (the “Lock Rate-By Date”), create an account with Better Mortgage by either: clicking the “I’m purchasing” or “I’m refinancing” link on better.com/with/amex; or
•If you have already created an account with Better Mortgage, contact your Better Mortgage Loan consultant or call (877-688-3252) to request the offer prior to your loan closing; and
•Lock your rate on a Better Mortgage loan application by the “Lock Rate-by-Date”, at which point an appraisal fee is charged; and
•Qualify for and successfully close your mortgage loan with Better Mortgage by 12/17/22 (the “Close-by-Date”).
apres_all_day
Posts: 24
Joined: Tue Jan 05, 2021 3:17 pm

Re: Refinance Mega Thread

Post by apres_all_day »

seawolf21 wrote: Tue Jun 15, 2021 8:03 am
mceagle555 wrote: Mon Jun 14, 2021 11:04 pm
seawolf21 wrote: Mon Jun 14, 2021 10:36 pm
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
mceagle555 wrote: Mon Jun 14, 2021 9:50 pm

Here is the complete list of Amex cards the promo will work for per Better.com

Delta Reserve Card
Green Preferred
Optima Card
Platinum Delta Skymiles
Blue from American Express
Preferred Rewards Gold
Rewards Gold Card
Starwood Preferred Guest Card
Amex Everyday
Blue Cash
Blue Cash Everyday
Blue Cash Preferred
Blue Delta SkyMiles
Cash Magnet Card
Centurion Card (Black Card)
Delta Skymiles
Everyday Preferred Card
Gold Card
Gold Delta Skymiles
Green Card
Hilton Honors
Platinum Card
Hilton Honors Ascend
Hilton Honors Aspire
Marriott Bonvoy Brilliant
Traditional Gold
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
Not sure where that list of cards came from but terms at this link makes no mention of a specific set of cards. It just need to be a US consumer card issued by AMEX (not AMEX issued by other banks such as Macys AMEX).

https://better.com/with/amex-whats-the-fine-print
The list came directly from a Better employee
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.


IMO That list of cards seem questionable if it is meant to be the only cards eligible vs. examples.

Do these cards still exist?
Green Preferred
Optima Card
Starwood Preferred Guest Card

What about Morgan Stanley/Goldman Sachs/Schwab Platinum AMEX?

In any case, the terms are:
This offer is only available to basic account holders of a personal consumer American Express Card, issued by a U.S. banking subsidiary of American Express (“eligible Card Members”), that meet the following requirements:

Access the offer by:
•Prior to 9/13/22 (the “Lock Rate-By Date”), create an account with Better Mortgage by either: clicking the “I’m purchasing” or “I’m refinancing” link on better.com/with/amex; or
•If you have already created an account with Better Mortgage, contact your Better Mortgage Loan consultant or call (877-688-3252) to request the offer prior to your loan closing; and
•Lock your rate on a Better Mortgage loan application by the “Lock Rate-by-Date”, at which point an appraisal fee is charged; and
•Qualify for and successfully close your mortgage loan with Better Mortgage by 12/17/22 (the “Close-by-Date”).
AmEx cards issued by Morgan Stanley/Goldman Sachs/Schwab Platinum would not meet the requirement that the card be "issued by a U.S. banking subsidiary of American Express." Those are standalone banks and ,therefore, are not subsidiaries of AmEx.

Always good to confirm with Better, but I would be surprised if they honored those cards for purposes of the promotion.
seawolf21
Posts: 1102
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

apres_all_day wrote: Tue Jun 15, 2021 9:21 am
seawolf21 wrote: Tue Jun 15, 2021 8:03 am
mceagle555 wrote: Mon Jun 14, 2021 11:04 pm
seawolf21 wrote: Mon Jun 14, 2021 10:36 pm
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm

Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.
Not sure where that list of cards came from but terms at this link makes no mention of a specific set of cards. It just need to be a US consumer card issued by AMEX (not AMEX issued by other banks such as Macys AMEX).

https://better.com/with/amex-whats-the-fine-print
The list came directly from a Better employee
All_About_Benjis wrote: Mon Jun 14, 2021 10:11 pm
Thanks for this list. I have the standard Bonvoy (dropped down from the Bonvoy brilliant during the pandemic), so it's look like I'm out of luck.


IMO That list of cards seem questionable if it is meant to be the only cards eligible vs. examples.

Do these cards still exist?
Green Preferred
Optima Card
Starwood Preferred Guest Card

What about Morgan Stanley/Goldman Sachs/Schwab Platinum AMEX?

In any case, the terms are:
This offer is only available to basic account holders of a personal consumer American Express Card, issued by a U.S. banking subsidiary of American Express (“eligible Card Members”), that meet the following requirements:

Access the offer by:
•Prior to 9/13/22 (the “Lock Rate-By Date”), create an account with Better Mortgage by either: clicking the “I’m purchasing” or “I’m refinancing” link on better.com/with/amex; or
•If you have already created an account with Better Mortgage, contact your Better Mortgage Loan consultant or call (877-688-3252) to request the offer prior to your loan closing; and
•Lock your rate on a Better Mortgage loan application by the “Lock Rate-by-Date”, at which point an appraisal fee is charged; and
•Qualify for and successfully close your mortgage loan with Better Mortgage by 12/17/22 (the “Close-by-Date”).
AmEx cards issued by Morgan Stanley/Goldman Sachs/Schwab Platinum would not meet the requirement that the card be "issued by a U.S. banking subsidiary of American Express." Those are standalone banks and ,therefore, are not subsidiaries of AmEx.

Always good to confirm with Better, but I would be surprised if they honored those cards for purposes of the promotion.
Morgan Stanley/Goldman Sachs/Schwab Platinum are all issued by AMEX. They are not issued by Morgan Stanley/Goldman Sachs/Schwab (eg application/credit report/servicing all performed by AMEX). A example of an AMEX card not issued by AMEX is Macy's AMEX.
Familyman2012
Posts: 167
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

Gladiators2Swansons wrote: Tue Jun 15, 2021 7:12 am
mceagle555 wrote: Mon Jun 14, 2021 11:06 pm
Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
Thanks for pointing this out. Nice to know there's no rush on this offer.
Yes, I agree there’s no rush to get the deal. But who knows where interest rate will be next year. If rates move higher next year, than the $2000 Amex doesn’t seem like that good of deal. If you can lock a better rate now, I would do it now. Ymmv
seawolf21
Posts: 1102
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

Familyman2012 wrote: Tue Jun 15, 2021 9:47 am
Gladiators2Swansons wrote: Tue Jun 15, 2021 7:12 am
mceagle555 wrote: Mon Jun 14, 2021 11:06 pm
Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
Thanks for pointing this out. Nice to know there's no rush on this offer.
Yes, I agree there’s no rush to get the deal. But who knows where interest rate will be next year. If rates move higher next year, than the $2000 Amex doesn’t seem like that good of deal. If you can lock a better rate now, I would do it now. Ymmv
+1

More money being pumped into economy by the new Child Tax Credit starting next month. Assuming reopening trajectory stays on course, rates are going in only one direction.
Familyman2012
Posts: 167
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

seawolf21 wrote: Tue Jun 15, 2021 9:53 am
Familyman2012 wrote: Tue Jun 15, 2021 9:47 am
Gladiators2Swansons wrote: Tue Jun 15, 2021 7:12 am
mceagle555 wrote: Mon Jun 14, 2021 11:06 pm
Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
Thanks for pointing this out. Nice to know there's no rush on this offer.
Yes, I agree there’s no rush to get the deal. But who knows where interest rate will be next year. If rates move higher next year, than the $2000 Amex doesn’t seem like that good of deal. If you can lock a better rate now, I would do it now. Ymmv
+1

More money being pumped into economy by the new Child Tax Credit starting next month. Assuming reopening trajectory stays on course, rates are going in only one direction.
Great point, Also.. if you refi now and somehow rates drop in 6 months. Refi again to get the Amex offer twice
All_About_Benjis
Posts: 76
Joined: Tue Aug 15, 2017 10:28 am

Re: Refinance Mega Thread

Post by All_About_Benjis »

seawolf21 wrote: Tue Jun 15, 2021 9:53 am
Familyman2012 wrote: Tue Jun 15, 2021 9:47 am
Gladiators2Swansons wrote: Tue Jun 15, 2021 7:12 am
mceagle555 wrote: Mon Jun 14, 2021 11:06 pm
Gladiators2Swansons wrote: Mon Jun 14, 2021 10:59 pm

We just saw the Amex/Better offer of a $2,000 statement credit for locking with Better by mid-September and closing by mid-December. We do not currently have an Amex card. The current refinance is not with Better.

Worth noting that the Better promotion runs into 2022 (next year).

Lock your rate by 9/13/22 and close by 12/17/22 to qualify for the statement credit — for eligible Card Members onl
Thanks for pointing this out. Nice to know there's no rush on this offer.
Yes, I agree there’s no rush to get the deal. But who knows where interest rate will be next year. If rates move higher next year, than the $2000 Amex doesn’t seem like that good of deal. If you can lock a better rate now, I would do it now. Ymmv
+1

More money being pumped into economy by the new Child Tax Credit starting next month. Assuming reopening trajectory stays on course, rates are going in only one direction.
That's my thinking. I want to get the rate as low as possible (and lock in the payment) before we see the impacts of inflation. Just can't decide if I should stick with the 30-year or move to a 15-year.
BeerTooth
Posts: 358
Joined: Wed Nov 24, 2010 3:07 pm

Re: Refinance Mega Thread

Post by BeerTooth »

refi in progress with Sebonic/Cardinal

contacted Radian for a quote on title insurance was told

"Radian’s consumer channel of business is temporarily suspended. Currently, we are only accepting orders from lenders that we have an active account with. Unfortunately, we do not have an active account or relationship with Sebonic Financial, so we are unable to provide a quote at this time. I apologize for the inconvenience."

any other leads for cheap online title services?

Sebonic disclosures list:
Lender's Title Ins - $403
Recording - $25
Settlement Fee - $400
Title Search Fee - $75
apres_all_day
Posts: 24
Joined: Tue Jan 05, 2021 3:17 pm

Re: Refinance Mega Thread

Post by apres_all_day »

BeerTooth wrote: Tue Jun 15, 2021 1:26 pm refi in progress with Sebonic/Cardinal

contacted Radian for a quote on title insurance was told

"Radian’s consumer channel of business is temporarily suspended. Currently, we are only accepting orders from lenders that we have an active account with. Unfortunately, we do not have an active account or relationship with Sebonic Financial, so we are unable to provide a quote at this time. I apologize for the inconvenience."

any other leads for cheap online title services?

Sebonic disclosures list:
Lender's Title Ins - $403
Recording - $25
Settlement Fee - $400
Title Search Fee - $75
That's absurdly cheap title insurance coverage. Not sure you will get lower than that.
apres_all_day
Posts: 24
Joined: Tue Jan 05, 2021 3:17 pm

Re: Refinance Mega Thread

Post by apres_all_day »

apres_all_day wrote: Tue Jun 15, 2021 1:39 pm
BeerTooth wrote: Tue Jun 15, 2021 1:26 pm refi in progress with Sebonic/Cardinal

contacted Radian for a quote on title insurance was told

"Radian’s consumer channel of business is temporarily suspended. Currently, we are only accepting orders from lenders that we have an active account with. Unfortunately, we do not have an active account or relationship with Sebonic Financial, so we are unable to provide a quote at this time. I apologize for the inconvenience."

any other leads for cheap online title services?

Sebonic disclosures list:
Lender's Title Ins - $403
Recording - $25
Settlement Fee - $400
Title Search Fee - $75
That's absurdly cheap title insurance coverage. Not sure you will get lower than that.
I will add that I live in Washington, DC and Redfin has a page that lists all the title companies that service DC:
https://www.redfin.com/buy-a-home/openb ... le-company

There is likely a similar page on the Redfin site for your state/major metro area.
apres_all_day
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Joined: Tue Jan 05, 2021 3:17 pm

Re: Refinance Mega Thread

Post by apres_all_day »

apres_all_day wrote: Mon Jun 14, 2021 2:09 pm
insahmniak wrote: Mon Jun 14, 2021 12:38 am We locked with Better a week ago and we are moving through the process but haven't scheduled closing yet. I am also an Amex member. Too late for me to get the Amex /Better deal?
I'm also locked with Better and just cleared underwriting last Friday. I just got off the phone with my mortgage guy there and he's looking into getting me the Amex credit. He needed to discuss with management, but he thinks it's possible. He confirmed that I have have a consumer Amex credit card; the business card don't count for this promotion. I have the Delta Skymiles card and he confirmed that card will count.

For anyone looking to open a card, I would suggest Delta Skymiles given the big mileage bonus and no fee for the first year. You can always cancel the card.

I also brought up the Radian issue and he told me that I should still be good to go forward since I had a quote from Radian. He assured me that Better's in-house title team will work it out :beer

I'll keep this group posted about the Radian issue. Sounds a bit weird, TBH. My title estimate from Better went down a bit ($600 or so) ever since I mentioned the estimate from Radian, but it's still very high compared to other quotes people have posted here:

Current amounts on my loan estimate:
Title closing protection letter: $50
Title lenders insurance: $1968
Title search abstract: $100
Title settlement fee: $500
TOTAL: $2,618

:| :annoyed
To follow up on my previous post:
My Better.com loan estimate was updated this afternoon to reflect that Radian is now my settlement services provider. Previously, it showed Better.com's in-house settlement services as the default provider (and their attendant high fees).

I now have the following costs under Section C of the loan estimate:
C. Services You Can Shop For $1,080
Title - Closing protection letter $50
Title - Lender's title insurance $580
Title - Settlement fee $450

This is $1500 less than what Better.com wanted to charge.

Further, my loan estimate now has a specific line item for the AmEx credit in Section H:
H. Other $0
AMEX Credit, Paid by Better POC ($2,000) - $0

So, in short, over the last 24 hours my refinance has become approximately $3500 cheaper. :mrgreen: :moneybag :beer
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

apres_all_day wrote: Tue Jun 15, 2021 2:27 pm
apres_all_day wrote: Mon Jun 14, 2021 2:09 pm
insahmniak wrote: Mon Jun 14, 2021 12:38 am We locked with Better a week ago and we are moving through the process but haven't scheduled closing yet. I am also an Amex member. Too late for me to get the Amex /Better deal?
I'm also locked with Better and just cleared underwriting last Friday. I just got off the phone with my mortgage guy there and he's looking into getting me the Amex credit. He needed to discuss with management, but he thinks it's possible. He confirmed that I have have a consumer Amex credit card; the business card don't count for this promotion. I have the Delta Skymiles card and he confirmed that card will count.

For anyone looking to open a card, I would suggest Delta Skymiles given the big mileage bonus and no fee for the first year. You can always cancel the card.

I also brought up the Radian issue and he told me that I should still be good to go forward since I had a quote from Radian. He assured me that Better's in-house title team will work it out :beer

I'll keep this group posted about the Radian issue. Sounds a bit weird, TBH. My title estimate from Better went down a bit ($600 or so) ever since I mentioned the estimate from Radian, but it's still very high compared to other quotes people have posted here:

Current amounts on my loan estimate:
Title closing protection letter: $50
Title lenders insurance: $1968
Title search abstract: $100
Title settlement fee: $500
TOTAL: $2,618

:| :annoyed
To follow up on my previous post:
My Better.com loan estimate was updated this afternoon to reflect that Radian is now my settlement services provider. Previously, it showed Better.com's in-house settlement services as the default provider (and their attendant high fees).

I now have the following costs under Section C of the loan estimate:
C. Services You Can Shop For $1,080
Title - Closing protection letter $50
Title - Lender's title insurance $580
Title - Settlement fee $450

This is $1500 less than what Better.com wanted to charge.

Further, my loan estimate now has a specific line item for the AmEx credit in Section H:
H. Other $0
AMEX Credit, Paid by Better POC ($2,000) - $0

So, in short, over the last 24 hours my refinance has become approximately $3500 cheaper. :mrgreen: :moneybag :beer
A customer rep from radian message me saying they no longer work with better. Interesting
apres_all_day
Posts: 24
Joined: Tue Jan 05, 2021 3:17 pm

Re: Refinance Mega Thread

Post by apres_all_day »

Familyman2012 wrote: Tue Jun 15, 2021 3:45 pm
apres_all_day wrote: Tue Jun 15, 2021 2:27 pm
apres_all_day wrote: Mon Jun 14, 2021 2:09 pm
insahmniak wrote: Mon Jun 14, 2021 12:38 am We locked with Better a week ago and we are moving through the process but haven't scheduled closing yet. I am also an Amex member. Too late for me to get the Amex /Better deal?
I'm also locked with Better and just cleared underwriting last Friday. I just got off the phone with my mortgage guy there and he's looking into getting me the Amex credit. He needed to discuss with management, but he thinks it's possible. He confirmed that I have have a consumer Amex credit card; the business card don't count for this promotion. I have the Delta Skymiles card and he confirmed that card will count.

For anyone looking to open a card, I would suggest Delta Skymiles given the big mileage bonus and no fee for the first year. You can always cancel the card.

I also brought up the Radian issue and he told me that I should still be good to go forward since I had a quote from Radian. He assured me that Better's in-house title team will work it out :beer

I'll keep this group posted about the Radian issue. Sounds a bit weird, TBH. My title estimate from Better went down a bit ($600 or so) ever since I mentioned the estimate from Radian, but it's still very high compared to other quotes people have posted here:

Current amounts on my loan estimate:
Title closing protection letter: $50
Title lenders insurance: $1968
Title search abstract: $100
Title settlement fee: $500
TOTAL: $2,618

:| :annoyed
To follow up on my previous post:
My Better.com loan estimate was updated this afternoon to reflect that Radian is now my settlement services provider. Previously, it showed Better.com's in-house settlement services as the default provider (and their attendant high fees).

I now have the following costs under Section C of the loan estimate:
C. Services You Can Shop For $1,080
Title - Closing protection letter $50
Title - Lender's title insurance $580
Title - Settlement fee $450

This is $1500 less than what Better.com wanted to charge.

Further, my loan estimate now has a specific line item for the AmEx credit in Section H:
H. Other $0
AMEX Credit, Paid by Better POC ($2,000) - $0

So, in short, over the last 24 hours my refinance has become approximately $3500 cheaper. :mrgreen: :moneybag :beer
A customer rep from radian message me saying they no longer work with better. Interesting
Perhaps I was one of the last to use Radian, given that Radian sent me an estimate via email on June 8. I posted the Radian email address here on this thread.

My on page 5 of my loan estimate under the "Service Providers" heading I now have RADIAN SETTLEMENT SERVICES INC. listed as my title/closing provider. For the last week it has said "Better Settlement Services," so clearly the title group at Better has confirmed everything with Radian.

I reached out to some local title offices in my area and they all provided me with lenders title insurance that was very similar to what Better's in house title company was offering me ($1800-1900). Radian is doing it for less than one-third of that cost - $580 :shock: :sharebeer
User avatar
BrandonBogle
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Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

apres_all_day wrote: Tue Jun 15, 2021 3:57 pm Perhaps I was one of the last to use Radian, given that Radian sent me an estimate via email on June 8. I posted the Radian email address here on this thread.

My on page 5 of my loan estimate under the "Service Providers" heading I now have RADIAN SETTLEMENT SERVICES INC. listed as my title/closing provider. For the last week it has said "Better Settlement Services," so clearly the title group at Better has confirmed everything with Radian.

I reached out to some local title offices in my area and they all provided me with lenders title insurance that was very similar to what Better's in house title company was offering me ($1800-1900). Radian is doing it for less than one-third of that cost - $580 :shock: :sharebeer
Please bare in mind this could also be state-specific. Elsewhere, someone in CA couldn’t use Radian, but the same day could for PA. Unknown if that was after apres’ success on 6/8 though. Radian worked for me in NC at the end of May.
mceagle555
Posts: 84
Joined: Mon Aug 31, 2020 12:41 pm

Re: Refinance Mega Thread

Post by mceagle555 »

BrandonBogle wrote: Tue Jun 15, 2021 4:01 pm
apres_all_day wrote: Tue Jun 15, 2021 3:57 pm Perhaps I was one of the last to use Radian, given that Radian sent me an estimate via email on June 8. I posted the Radian email address here on this thread.

My on page 5 of my loan estimate under the "Service Providers" heading I now have RADIAN SETTLEMENT SERVICES INC. listed as my title/closing provider. For the last week it has said "Better Settlement Services," so clearly the title group at Better has confirmed everything with Radian.

I reached out to some local title offices in my area and they all provided me with lenders title insurance that was very similar to what Better's in house title company was offering me ($1800-1900). Radian is doing it for less than one-third of that cost - $580 :shock: :sharebeer
Please bare in mind this could also be state-specific. Elsewhere, someone in CA couldn’t use Radian, but the same day could for PA. Unknown if that was after apres’ success on 6/8 though. Radian worked for me in NC at the end of May.
Data point: I provided Better my Radian quote on 6/7. Apres' was on 6/8.
CaptainCrunch
Posts: 4
Joined: Sun Mar 07, 2021 11:38 pm

Re: Refinance Mega Thread

Post by CaptainCrunch »

Looking to get a jumbo mortgage 30y fixed 80% LTV. New Purchase.

I got a few quotes at 2.75% no points. Anyone found better than this?
henry.c221
Posts: 16
Joined: Mon Sep 17, 2012 12:45 am

Re: Refinance Mega Thread

Post by henry.c221 »

Hi Boghlehead,

I need advise, though not totally refi related.

I've recently made an offer for a condo in New York City and the seller accepted. I have a credit score in the 800s and will be paying at minimum 20% down payment. I'm currently looking for a lender and was wondering what's the best way to approach this. I'm looking at bankrate.com and using that as a benchmark. I see people suggesting online lenders such as Better.com /Rocket Mortgage but would it be better to get a loan from a bank/credit union where there is a physical brick and mortar vs an online company? Any suggestions or advise?
jmw
Posts: 135
Joined: Thu Jul 02, 2015 2:01 pm

Re: Refinance Mega Thread

Post by jmw »

henry.c221 wrote: Wed Jun 16, 2021 7:08 pm Hi Boghlehead,

I need advise, though not totally refi related.

I've recently made an offer for a condo in New York City and the seller accepted. I have a credit score in the 800s and will be paying at minimum 20% down payment. I'm currently looking for a lender and was wondering what's the best way to approach this. I'm looking at bankrate.com and using that as a benchmark. I see people suggesting online lenders such as Better.com /Rocket Mortgage but would it be better to get a loan from a bank/credit union where there is a physical brick and mortar vs an online company? Any suggestions or advise?
If your realtor is any good, use his recommended mortgage broker or find a really good mortgage broker yourself if your realtor has been so-so or worse. Banks and credit unions are notorious for slow service on top of their bad pricing. I've seen purchases die because banks sit on the file for too long and visiting the brick and mortar branch won't save the deal because the loan officer is probably working from home. But if your file is squeaky clean (eg. no hint of self employment), then you should have no delays that could kill the deal from an online lender. You can refi later for the absolute best pricing when your earnest money isn't on the line. So I'd go with a good mortgage broker who can get you to the right lender.
Renzi
Posts: 18
Joined: Wed Nov 07, 2018 9:32 am

Re: Refinance Mega Thread

Post by Renzi »

Just finished shopping around and locked with Better, 2.875% 30yr 75% LTV. No points and $1,400 lender credit. TX so closing costs are around $3,000, netting $400-500 after the credit. Would have been $1,400-1,500 net, but pricing changed today and I didn't lock in time. Previous pricing was 2.75% with $300 credit, putting me about $700 away from no-cost, or 2.875% with $2,400 lender credit. Better's initial offer was the best I received even after shopping around (even without the credit), and if you call and speak to them to get the AMEX credit, the pricing is slightly better. I'm coming from a 3% rate and getting rid of PMI, no appraisal required.

My understanding is I can refi again and still claim the credit as long as the offer is valid. I refied with Better in Apr 20 and got the $2,500 amex credit then as well, so figured I would lock in the slight reduction and remove PMI now. Should have moved a bit quicker today though.
Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

BrandonBogle wrote: Mon Jun 14, 2021 6:46 pm
Jags4186 wrote: Mon Jun 14, 2021 6:37 pm So the better.com offer I have available right now is:

$296k, 30 year fixed 2.75%, $938 credits. I’d should be able to get the $2000 AMEX credit ask well. It shows $2450 in closing costs, appraisal waived, but since I refi’d with Better.com last July I should be able to get a reissue rate which should hopefully save me another me another $800 or so.

Debating whether I should do it or not, I’m at 2.875%.
A. $296k @ 29 years @ 2.875% = $140,956 interest
B. $296k @ 30 years @ 2.75% = $139,295 interest
C. $296k @ 29 years @ 2.75% (by paying over the monthly minimum) = $134,140 interest

A = $0 saved
B = $140,956 - $139,295 = $1,661 - $2,450 (closing costs) + $800 (reissue improvement) = $11 + $938 (lender credits) + $2k (Amex bonus) = $2,949 saved
C = $140,956 - $134,140 = $6,816 - $2,450 + $800 = $5,166 + $938 + $2k = $8,104 saved

Given those choices, I know which one I would pick!
Looks like I waited a little too long. I went from a $958 credit to needing to pay $1465 in points to get a 2.75% rate. We’ll see what happens over the next couple weeks. That $2000 AMEX credit isn’t going anywhere for a little while.
mattshwink
Posts: 412
Joined: Mon Sep 21, 2015 10:01 am

Re: Refinance Mega Thread

Post by mattshwink »

henry.c221 wrote: Wed Jun 16, 2021 7:08 pm Hi Boghlehead,

I need advise, though not totally refi related.

I've recently made an offer for a condo in New York City and the seller accepted. I have a credit score in the 800s and will be paying at minimum 20% down payment. I'm currently looking for a lender and was wondering what's the best way to approach this. I'm looking at bankrate.com and using that as a benchmark. I see people suggesting online lenders such as Better.com /Rocket Mortgage but would it be better to get a loan from a bank/credit union where there is a physical brick and mortar vs an online company? Any suggestions or advise?
Has your offer been accepted? Then shop around. Where the best deal is can vary greatly.

One of the important considerations is how long you expect to live there. If it's 5 or 10 years then this can influence how worth it is is to pay points (though with those periods it usually is). I use the calculators on mtgprofessor.com to compare rates.

Try to shop lenders on the same day. If they want you to pay for a credit check before offering a rate and points move on. Over the years I've had good luck with aimloan.com, good mortgage.com, and First Mortgage Direct. Folks here have had good luck with better and even Loan Depot. My experience has been that online has been better that brick and mortar, but that's not everyone's experience. Shop and find the best price for you.
mattshwink
Posts: 412
Joined: Mon Sep 21, 2015 10:01 am

Re: Refinance Mega Thread

Post by mattshwink »

henry.c221 wrote: Wed Jun 16, 2021 7:08 pm Hi Boghlehead,

I need advise, though not totally refi related.

I've recently made an offer for a condo in New York City and the seller accepted. I have a credit score in the 800s and will be paying at minimum 20% down payment. I'm currently looking for a lender and was wondering what's the best way to approach this. I'm looking at bankrate.com and using that as a benchmark. I see people suggesting online lenders such as Better.com /Rocket Mortgage but would it be better to get a loan from a bank/credit union where there is a physical brick and mortar vs an online company? Any suggestions or advise?
Has your offer been accepted? Then shop around. Where the best deal is can vary greatly.

One of the important considerations is how long you expect to live there. If it's 5 or 10 years then this can influence how worth it is is to pay points (though with those periods it usually is). I use the calculators on mtgprofessor.com to compare rates.

Try to shop lenders on the same day. If they want you to pay for a credit check before offering a rate and points move on. Over the years I've had good luck with aimloan.com, good mortgage.com, and First Mortgage Direct. Folks here have had good luck with better and even Loan Depot. My experience has been that online has been better that brick and mortar, but that's not everyone's experience. Shop and find the best price for you.
Qw1221wq
Posts: 30
Joined: Sat Jun 13, 2020 11:54 am

Re: Refinance Mega Thread

Post by Qw1221wq »

Jags4186 wrote: Thu Jun 17, 2021 7:31 am
BrandonBogle wrote: Mon Jun 14, 2021 6:46 pm
Jags4186 wrote: Mon Jun 14, 2021 6:37 pm So the better.com offer I have available right now is:

$296k, 30 year fixed 2.75%, $938 credits. I’d should be able to get the $2000 AMEX credit ask well. It shows $2450 in closing costs, appraisal waived, but since I refi’d with Better.com last July I should be able to get a reissue rate which should hopefully save me another me another $800 or so.

Debating whether I should do it or not, I’m at 2.875%.
A. $296k @ 29 years @ 2.875% = $140,956 interest
B. $296k @ 30 years @ 2.75% = $139,295 interest
C. $296k @ 29 years @ 2.75% (by paying over the monthly minimum) = $134,140 interest

A = $0 saved
B = $140,956 - $139,295 = $1,661 - $2,450 (closing costs) + $800 (reissue improvement) = $11 + $938 (lender credits) + $2k (Amex bonus) = $2,949 saved
C = $140,956 - $134,140 = $6,816 - $2,450 + $800 = $5,166 + $938 + $2k = $8,104 saved

Given those choices, I know which one I would pick!
Looks like I waited a little too long. I went from a $958 credit to needing to pay $1465 in points to get a 2.75% rate. We’ll see what happens over the next couple weeks. That $2000 AMEX credit isn’t going anywhere for a little while.
What is a reissue rate and how do we request it?
Jags4186
Posts: 5945
Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

Qw1221wq wrote: Thu Jun 17, 2021 8:03 am
Jags4186 wrote: Thu Jun 17, 2021 7:31 am
BrandonBogle wrote: Mon Jun 14, 2021 6:46 pm
Jags4186 wrote: Mon Jun 14, 2021 6:37 pm So the better.com offer I have available right now is:

$296k, 30 year fixed 2.75%, $938 credits. I’d should be able to get the $2000 AMEX credit ask well. It shows $2450 in closing costs, appraisal waived, but since I refi’d with Better.com last July I should be able to get a reissue rate which should hopefully save me another me another $800 or so.

Debating whether I should do it or not, I’m at 2.875%.
A. $296k @ 29 years @ 2.875% = $140,956 interest
B. $296k @ 30 years @ 2.75% = $139,295 interest
C. $296k @ 29 years @ 2.75% (by paying over the monthly minimum) = $134,140 interest

A = $0 saved
B = $140,956 - $139,295 = $1,661 - $2,450 (closing costs) + $800 (reissue improvement) = $11 + $938 (lender credits) + $2k (Amex bonus) = $2,949 saved
C = $140,956 - $134,140 = $6,816 - $2,450 + $800 = $5,166 + $938 + $2k = $8,104 saved

Given those choices, I know which one I would pick!
Looks like I waited a little too long. I went from a $958 credit to needing to pay $1465 in points to get a 2.75% rate. We’ll see what happens over the next couple weeks. That $2000 AMEX credit isn’t going anywhere for a little while.
What is a reissue rate and how do we request it?
If you refinance within 12 months of the last loan closure they can provide title insurance at a cheaper rate called a reissue rate. It saves you about 50% off title insurance. You just have to ask.
Stormfloatter
Posts: 18
Joined: Sat May 29, 2021 7:19 am

Re: Refinance Mega Thread

Post by Stormfloatter »

henry.c221 wrote: Wed Jun 16, 2021 7:08 pm Hi Boghlehead,

I need advise, though not totally refi related.

I've recently made an offer for a condo in New York City and the seller accepted. I have a credit score in the 800s and will be paying at minimum 20% down payment. I'm currently looking for a lender and was wondering what's the best way to approach this. I'm looking at bankrate.com and using that as a benchmark. I see people suggesting online lenders such as Better.com /Rocket Mortgage but would it be better to get a loan from a bank/credit union where there is a physical brick and mortar vs an online company? Any suggestions or advise?
Check out lenderfi. They closed my refinance in 20 days. Mentioned that they can close purchases in 30 days. Rates are very competitive. Everything is done online. Very efficient.
seawolf21
Posts: 1102
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

Renzi wrote: Wed Jun 16, 2021 8:38 pm Just finished shopping around and locked with Better, 2.875% 30yr 75% LTV. No points and $1,400 lender credit. TX so closing costs are around $3,000, netting $400-500 after the credit. Would have been $1,400-1,500 net, but pricing changed today and I didn't lock in time. Previous pricing was 2.75% with $300 credit, putting me about $700 away from no-cost, or 2.875% with $2,400 lender credit. Better's initial offer was the best I received even after shopping around (even without the credit), and if you call and speak to them to get the AMEX credit, the pricing is slightly better. I'm coming from a 3% rate and getting rid of PMI, no appraisal required.

My understanding is I can refi again and still claim the credit as long as the offer is valid. I refied with Better in Apr 20 and got the $2,500 amex credit then as well, so figured I would lock in the slight reduction and remove PMI now. Should have moved a bit quicker today though.
I seen similar as well. Last year, better's offer were uncompetitive without making use of price match guarantee. Their initial offers now are actually very competitive.
Jags4186 wrote: Thu Jun 17, 2021 8:17 am
Qw1221wq wrote: Thu Jun 17, 2021 8:03 am
Jags4186 wrote: Thu Jun 17, 2021 7:31 am
BrandonBogle wrote: Mon Jun 14, 2021 6:46 pm
Jags4186 wrote: Mon Jun 14, 2021 6:37 pm So the better.com offer I have available right now is:

$296k, 30 year fixed 2.75%, $938 credits. I’d should be able to get the $2000 AMEX credit ask well. It shows $2450 in closing costs, appraisal waived, but since I refi’d with Better.com last July I should be able to get a reissue rate which should hopefully save me another me another $800 or so.

Debating whether I should do it or not, I’m at 2.875%.
A. $296k @ 29 years @ 2.875% = $140,956 interest
B. $296k @ 30 years @ 2.75% = $139,295 interest
C. $296k @ 29 years @ 2.75% (by paying over the monthly minimum) = $134,140 interest

A = $0 saved
B = $140,956 - $139,295 = $1,661 - $2,450 (closing costs) + $800 (reissue improvement) = $11 + $938 (lender credits) + $2k (Amex bonus) = $2,949 saved
C = $140,956 - $134,140 = $6,816 - $2,450 + $800 = $5,166 + $938 + $2k = $8,104 saved

Given those choices, I know which one I would pick!
Looks like I waited a little too long. I went from a $958 credit to needing to pay $1465 in points to get a 2.75% rate. We’ll see what happens over the next couple weeks. That $2000 AMEX credit isn’t going anywhere for a little while.
What is a reissue rate and how do we request it?
If you refinance within 12 months of the last loan closure they can provide title insurance at a cheaper rate called a reissue rate. It saves you about 50% off title insurance. You just have to ask.
I didn't see a state mentioned so just throwing it out there that whether there is a reissue rate depends on state.

FWIW - There was a big jump in 10 year treasury yield yesterday afternoon after the Federal Open Market Committee.
sippyCUP
Posts: 78
Joined: Sat Mar 22, 2008 6:54 pm
Location: Knoxville, TN

Re: Refinance Mega Thread

Post by sippyCUP »

Wondering if anyone else knew how lenders treat VA seasoning requirements:

"Any VA loan that is a refinance must have a new note date on or after the later of

the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and
the date that is 210 days after the first payment due date of the loan being refinanced."

The 210 day rule is my longer one, it's 9/1/21 based on last refi.

I'm current @ 2.75% and 1.75% seems to be out there.

Rocket Mortgage cold called me yesterday, I anticipate that although they are offering 1.75%, their loan costs will be garbage. So I really need to shop the loan estimate with Loan Depot, Better.com, etc. to get a good deal. But if one or more lenders balk at my "unseasonaed loan" and tell me to come back in September, that undermines my strategy.

Seems like if the lenders are willing to go into underwriting now with a note date of 9/1/21 or thereabouts, I could be in business. I emailed Rocketmortgage about this as a litmus test before I go into full shopping mode, just curious about others' experiences. I will also share what RM says.

Thank you,
Eric
sippyCUP
Posts: 78
Joined: Sat Mar 22, 2008 6:54 pm
Location: Knoxville, TN

Re: Refinance Mega Thread

Post by sippyCUP »

Looks like Loan Depot is willing to take my application now, while Rocket Mortgage isn't willing. The VA says Note Date is the funding date, not the application date.

Hmmmm...
User avatar
BrandonBogle
Posts: 4015
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Jags4186 wrote: Thu Jun 17, 2021 8:17 am
Qw1221wq wrote: Thu Jun 17, 2021 8:03 am What is a reissue rate and how do we request it?
If you refinance within 12 months of the last loan closure they can provide title insurance at a cheaper rate called a reissue rate. It saves you about 50% off title insurance. You just have to ask.
What it is is what Jags said. However, the timeline and components vary by state, if it’s even available in your state. In NC, it isn’t 12 months, but 15 years since the last policy was issued. And you don’t need to get it from the company you did last time in those 15 years.
jljl222
Posts: 15
Joined: Mon Jan 01, 2018 12:24 pm

Re: Refinance Mega Thread

Post by jljl222 »

Can someone recommend a couple of low-fee title/closing companies aside from the following?

Amrock - doesn't accept my lender BofA
Radian - doesn't serve my state
Title Forward - not accepting refinances due to volume

I have a quote from the company I used on my last refi. They don't have reissue rates. A couple other local companies I called have similar title insurance rate (maybe regulated by my state), so I think mainly looking for a company with lower closing/escrow fee.
seawolf21
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Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

jljl222 wrote: Thu Jun 17, 2021 8:32 pm Can someone recommend a couple of low-fee title/closing companies aside from the following?

Amrock - doesn't accept my lender BofA
Radian - doesn't serve my state
Title Forward - not accepting refinances due to volume

I have a quote from the company I used on my last refi. They don't have reissue rates. A couple other local companies I called have similar title insurance rate (maybe regulated by my state), so I think mainly looking for a company with lower closing/escrow fee.
Varies by state. Which state?
jljl222
Posts: 15
Joined: Mon Jan 01, 2018 12:24 pm

Re: Refinance Mega Thread

Post by jljl222 »

seawolf21 wrote: Thu Jun 17, 2021 9:32 pm
jljl222 wrote: Thu Jun 17, 2021 8:32 pm Can someone recommend a couple of low-fee title/closing companies aside from the following?

Amrock - doesn't accept my lender BofA
Radian - doesn't serve my state
Title Forward - not accepting refinances due to volume

I have a quote from the company I used on my last refi. They don't have reissue rates. A couple other local companies I called have similar title insurance rate (maybe regulated by my state), so I think mainly looking for a company with lower closing/escrow fee.
Varies by state. Which state?
WA
drk
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Joined: Mon Jul 24, 2017 10:33 pm
Location: Overlooking Elliott Bay

Re: Refinance Mega Thread

Post by drk »

jljl222 wrote: Thu Jun 17, 2021 11:26 pm WA
Get a quote from JetClosing.
HymanRoth
Posts: 1
Joined: Fri Jun 18, 2021 9:08 am

Re: Refinance Mega Thread

Post by HymanRoth »

drk wrote: Thu Jun 17, 2021 11:39 pm
jljl222 wrote: Thu Jun 17, 2021 11:26 pm WA
Get a quote from JetClosing.
Currently finalizing Refi in GA. Any low cost title insurance companies of choice here?
Thanks!
drk
Posts: 2393
Joined: Mon Jul 24, 2017 10:33 pm
Location: Overlooking Elliott Bay

Re: Refinance Mega Thread

Post by drk »

HymanRoth wrote: Fri Jun 18, 2021 9:11 am Currently finalizing Refi in GA. Any low cost title insurance companies of choice here?
Thanks!
Welcome to the forum. No idea, though, sorry.
jay22
Posts: 984
Joined: Thu Aug 23, 2012 8:56 am
Location: Sacramento, CA

Re: Refinance Mega Thread

Post by jay22 »

Didn't realize we could shop around for title companies. I should have done that rather than just going with what my real estate agent recommended. :oops:
keith6014
Posts: 450
Joined: Thu Jan 02, 2014 11:58 pm

Re: Refinance Mega Thread

Post by keith6014 »

Recently long term rates dropped a lot. However, 30 year mortgage rate haven't at-least with LenderFi's site. Are they still competitive?
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