Refinance Mega Thread

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whodidntante
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Re: Refinance Mega Thread

Post by whodidntante »

You could sell some of your recently beaten down equities to eliminate your mortgage and then use futures to rebuild your equity exposure. This will have a lower rate on leverage than any currently available mortgage. The closing is fast and costs only a few dollars at most.

I'll show myself out now. :twisted:
HEDGEFUNDIE
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Re: Refinance Mega Thread

Post by HEDGEFUNDIE »

whodidntante wrote: Tue Mar 03, 2020 9:19 pm You could sell some of your recently beaten down equities to eliminate your mortgage and then use futures to rebuild your equity exposure. This will have a lower rate on leverage than any currently available mortgage.
Are you sure about that?

I’m pretty sure the RFR is higher than some mortgage rates right now
wilked
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Re: Refinance Mega Thread

Post by wilked »

FiscallyResponsible wrote: Tue Mar 03, 2020 12:21 pm I just refinanced my home through Costco (they have 6 or 8 preferred lenders)... the way they minimize closing costs is pretty awesome. I did a 30 year at 3.25% (I owe 407k on a house worth ~ 650k) and my closing costs were around $1,000. I received a $700 lender credit on top of that and they waived my appraisal based on my equity and prices in the area. I would strongly advise anyone to check it out through their website. They had 2.5% on a 15 year yesterday at 0 points as well... again closing costs would have been the same.

I have done 3 or 4 refinances in the last 10 years or so through various banks and mortgage brokers. I have yet to see anyone top what Costco is able to do. It's well worth the $120 membership for the year.
Not that great a price

I filled the application out yesterday with my bank. 30 yr, 2.875% (I owe $400K on a house worth $650-700). Closing costs of $750. Waived the appraisal.
Triple digit golfer
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Re: Refinance Mega Thread

Post by Triple digit golfer »

I posted this in a separate thread, but figured I'd post it here and maybe get some bites.

Here are the facts:

Current mortgage
$315k remaining on 30 year fixed at 3.5%
25.5 years remaining, $1,556 monthly PI
85% LTV, but no PMI because I accepted the 3.5% rate instead of 3.375% with PMI.

Potential refinance
2.875% 30 year fixed
Would require roughly $20k to be paid down in order to get to 80% LTV.
$4,460 closing costs which would be rolled into the new loan
New loan would be $299.5k. PI would be $1,243. I would be putting the additional $313 per month savings to the mortgage. It would be paid off in 21.5 years vs. 25.5 with the original loan.

I absolutely do not want to sell any equities, so I would take the $20k from my bond portfolio to put down. In a sense, then, am I not really losing anything in terms of time value of money because I'm putting $20k into a 3.5% loan vs. holding the $20k in a 2.2% yielding bond fund? Maybe even coming out ahead?

However, I will be directing new money to whichever asset class is lagging as my IPS calls for, so over time I will ultimately end up replenishing the bonds anyway. Even if I take the $20k in bonds now, my portfolio will be right on the desired stock/bond ratio because the portfolio is large enough (high six figures) that $20k doesn't make a large difference either way percentage wise. My AA is 80/20 and right now we're at 78/22. Pulling the $20k will make us 80/20.

How do I determine whether to:

A. Put the $20k down, do the refinance, pay the additional monthly savings to principal

B. Do nothing, keep the $20k invested and keep the current mortgage as is

C. Something else?
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

wilked wrote: Wed Mar 04, 2020 4:18 pm
FiscallyResponsible wrote: Tue Mar 03, 2020 12:21 pm I just refinanced my home through Costco (they have 6 or 8 preferred lenders)... the way they minimize closing costs is pretty awesome. I did a 30 year at 3.25% (I owe 407k on a house worth ~ 650k) and my closing costs were around $1,000. I received a $700 lender credit on top of that and they waived my appraisal based on my equity and prices in the area. I would strongly advise anyone to check it out through their website. They had 2.5% on a 15 year yesterday at 0 points as well... again closing costs would have been the same.

I have done 3 or 4 refinances in the last 10 years or so through various banks and mortgage brokers. I have yet to see anyone top what Costco is able to do. It's well worth the $120 membership for the year.
Not that great a price

I filled the application out yesterday with my bank. 30 yr, 2.875% (I owe $400K on a house worth $650-700). Closing costs of $750. Waived the appraisal.
What bank is that? Last I checked, one of the Costco lenders was down to 2.99% for a 30 year w/some sort of lender credit that would negate most of the closing costs (which were 1200).
wilked
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Re: Refinance Mega Thread

Post by wilked »

FiscallyResponsible wrote: Wed Mar 04, 2020 4:25 pm
wilked wrote: Wed Mar 04, 2020 4:18 pm
FiscallyResponsible wrote: Tue Mar 03, 2020 12:21 pm I just refinanced my home through Costco (they have 6 or 8 preferred lenders)... the way they minimize closing costs is pretty awesome. I did a 30 year at 3.25% (I owe 407k on a house worth ~ 650k) and my closing costs were around $1,000. I received a $700 lender credit on top of that and they waived my appraisal based on my equity and prices in the area. I would strongly advise anyone to check it out through their website. They had 2.5% on a 15 year yesterday at 0 points as well... again closing costs would have been the same.

I have done 3 or 4 refinances in the last 10 years or so through various banks and mortgage brokers. I have yet to see anyone top what Costco is able to do. It's well worth the $120 membership for the year.
Not that great a price

I filled the application out yesterday with my bank. 30 yr, 2.875% (I owe $400K on a house worth $650-700). Closing costs of $750. Waived the appraisal.
What bank is that? Last I checked, one of the Costco lenders was down to 2.99% for a 30 year w/some sort of lender credit that would negate most of the closing costs (which were 1200).
I'm using American Federal Mortgage

Was quoted yesterday morning, and now fully rate locked and in the process of underwriting
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rhinopylon
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Re: Refinance Mega Thread

Post by rhinopylon »

FiscallyResponsible wrote: Wed Mar 04, 2020 4:25 pm
wilked wrote: Wed Mar 04, 2020 4:18 pm
FiscallyResponsible wrote: Tue Mar 03, 2020 12:21 pm I just refinanced my home through Costco (they have 6 or 8 preferred lenders)... the way they minimize closing costs is pretty awesome. I did a 30 year at 3.25% (I owe 407k on a house worth ~ 650k) and my closing costs were around $1,000. I received a $700 lender credit on top of that and they waived my appraisal based on my equity and prices in the area. I would strongly advise anyone to check it out through their website. They had 2.5% on a 15 year yesterday at 0 points as well... again closing costs would have been the same.

I have done 3 or 4 refinances in the last 10 years or so through various banks and mortgage brokers. I have yet to see anyone top what Costco is able to do. It's well worth the $120 membership for the year.
Not that great a price

I filled the application out yesterday with my bank. 30 yr, 2.875% (I owe $400K on a house worth $650-700). Closing costs of $750. Waived the appraisal.
What bank is that? Last I checked, one of the Costco lenders was down to 2.99% for a 30 year w/some sort of lender credit that would negate most of the closing costs (which were 1200).
What lender did you end up choosing with Costco?
Jmn
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Re: Refinance Mega Thread

Post by Jmn »

Looking to do a jumbo 15 year fixed refi at around 2.75% in CA with or without asset move - anyone have success recently and if so please post or DM me the details. Much appreciated!
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

rhinopylon wrote: Wed Mar 04, 2020 6:55 pm
FiscallyResponsible wrote: Wed Mar 04, 2020 4:25 pm
wilked wrote: Wed Mar 04, 2020 4:18 pm
FiscallyResponsible wrote: Tue Mar 03, 2020 12:21 pm I just refinanced my home through Costco (they have 6 or 8 preferred lenders)... the way they minimize closing costs is pretty awesome. I did a 30 year at 3.25% (I owe 407k on a house worth ~ 650k) and my closing costs were around $1,000. I received a $700 lender credit on top of that and they waived my appraisal based on my equity and prices in the area. I would strongly advise anyone to check it out through their website. They had 2.5% on a 15 year yesterday at 0 points as well... again closing costs would have been the same.

I have done 3 or 4 refinances in the last 10 years or so through various banks and mortgage brokers. I have yet to see anyone top what Costco is able to do. It's well worth the $120 membership for the year.
Not that great a price

I filled the application out yesterday with my bank. 30 yr, 2.875% (I owe $400K on a house worth $650-700). Closing costs of $750. Waived the appraisal.
What bank is that? Last I checked, one of the Costco lenders was down to 2.99% for a 30 year w/some sort of lender credit that would negate most of the closing costs (which were 1200).
What lender did you end up choosing with Costco?
I went with First Choice Mortgage. The listed rate through the website was 3.25 or 3.375%, but I called them up and they offered me 2.99% w/500 lender credit. My initial inquiry was from the day before because I saw that vender drop their rate to 3.0% for a couple hours. I locked the 2.99% rate in tonight.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
That is one heck of an offer! Congrats on locking that up... I would say it's a safe bet that you will not be refinancing again.
THINICE
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Re: Refinance Mega Thread

Post by THINICE »

prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
What state is that for?

The lowest I'm showing for a 15 is 3.125%
turnturnturn
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Re: Refinance Mega Thread

Post by turnturnturn »

kd2008 wrote: Tue Mar 03, 2020 4:50 pm I am in the process of refi with Lenderfi. I locked the rate about a week ago. Now if I check the rates on the website, the rates have gone up. Do you think it is their cookies playing a number on me? I am having a hard time believing this is the case. Just wanted to check how much lower have the rates gone.
I've applied for a refi at LenderFI and I'm confused about the process. I entered my property info, income info, etc., and then chose a loan with a rate, points, and fees. I got an email back with a link to upload documentation, which I did. Now my Loan Status is "Loan Approval (Chose Loan)". I also have a Conditional Approval Letter, which specifies the rate, but not the fees. If it takes LenderFI a few days to give final approval on the refi (which I understand is common, based on the other posts here), will they honor the rate and fees I've chosen? So the rate isn't formally "locked", but LenderFI will still provide a refi at the specified rate and fees, is that correct?
mega317
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Re: Refinance Mega Thread

Post by mega317 »

turnturnturn wrote: Wed Mar 04, 2020 11:25 pm will they honor the rate and fees I've chosen? So the rate isn't formally "locked", but LenderFI will still provide a refi at the specified rate and fees, is that correct?
I'm not so sure. The terms changed (slightly, for the better) from the conditional approval to when I locked today.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
SEAworld9
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Re: Refinance Mega Thread

Post by SEAworld9 »

turnturnturn wrote: Wed Mar 04, 2020 11:25 pm
kd2008 wrote: Tue Mar 03, 2020 4:50 pm I am in the process of refi with Lenderfi. I locked the rate about a week ago. Now if I check the rates on the website, the rates have gone up. Do you think it is their cookies playing a number on me? I am having a hard time believing this is the case. Just wanted to check how much lower have the rates gone.
I've applied for a refi at LenderFI and I'm confused about the process. I entered my property info, income info, etc., and then chose a loan with a rate, points, and fees. I got an email back with a link to upload documentation, which I did. Now my Loan Status is "Loan Approval (Chose Loan)". I also have a Conditional Approval Letter, which specifies the rate, but not the fees. If it takes LenderFI a few days to give final approval on the refi (which I understand is common, based on the other posts here), will they honor the rate and fees I've chosen? So the rate isn't formally "locked", but LenderFI will still provide a refi at the specified rate and fees, is that correct?
I’m in the same boat with lenderfi, at the same point in the process. Totally not clear what’s supposed to happen.
Momus
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Re: Refinance Mega Thread

Post by Momus »

I got 3.125% 30 yr in 2013. At what point, refinancing is better for me? I don't think it's worth it yet given the current rate... What do you guys think?
user280
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Re: Refinance Mega Thread

Post by user280 »

SEAworld9 wrote: Thu Mar 05, 2020 2:02 am
turnturnturn wrote: Wed Mar 04, 2020 11:25 pm
kd2008 wrote: Tue Mar 03, 2020 4:50 pm I am in the process of refi with Lenderfi. I locked the rate about a week ago. Now if I check the rates on the website, the rates have gone up. Do you think it is their cookies playing a number on me? I am having a hard time believing this is the case. Just wanted to check how much lower have the rates gone.
I've applied for a refi at LenderFI and I'm confused about the process. I entered my property info, income info, etc., and then chose a loan with a rate, points, and fees. I got an email back with a link to upload documentation, which I did. Now my Loan Status is "Loan Approval (Chose Loan)". I also have a Conditional Approval Letter, which specifies the rate, but not the fees. If it takes LenderFI a few days to give final approval on the refi (which I understand is common, based on the other posts here), will they honor the rate and fees I've chosen? So the rate isn't formally "locked", but LenderFI will still provide a refi at the specified rate and fees, is that correct?
I’m in the same boat with lenderfi, at the same point in the process. Totally not clear what’s supposed to happen.
I would go to the online portal (the one you can access after you do the online application and they pull credit) and find your loan agent's contact info if you have trouble downloading a loan estimate yourself. Give them a call. I had to go to some access page where the access code was my 5 digit zip code..

Fyi I just went thru lenderfi on Monday. They provided the best quote I've received so far, a no cost loan at 3.0%. Seems rates have gone up as there are now a couple thousand in costs to achieve this same rate. I didn't lock yet, though...
wilked
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Re: Refinance Mega Thread

Post by wilked »

Momus wrote: Thu Mar 05, 2020 2:11 am I got 3.125% 30 yr in 2013. At what point, refinancing is better for me? I don't think it's worth it yet given the current rate... What do you guys think?
I’d think moving to a 15 yr would be the only possibility for you
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

THINICE wrote: Wed Mar 04, 2020 11:22 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
What state is that for?

The lowest I'm showing for a 15 is 3.125%
I am in NJ. Online for me it showed 3.125% for 30 years. I basically picked the lowest rate - Mutual of Omaha. When i applied with basic info, got an email with name/contact - when i called the guy gave me lower rate over phone. In theory you could try more than one lender - I'm already dealing with 2 others, so didn't want to bother - just tried lowest one from costco.

I'm guessing the online rate is not always upto date.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

FiscallyResponsible wrote: Wed Mar 04, 2020 11:14 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
That is one heck of an offer! Congrats on locking that up... I would say it's a safe bet that you will not be refinancing again.
Did not lock it yet ... just spoke with the guy yesterday, and gave me email with stuff i need to submit (paystub, tax return etc). I asked for full cost estimate .. waiting for that. Over phone, he gave me a rough idea - basically I pay for appraisal up front, and they refund me back if i proceed with them.

What i told them is I first need to see the thing in writing/estimate. Don't want any big surprises. Same thing with loanDepot, didn't get it writing estimtate yet - they said they were busy and some dept is working on it. Seems all of them are getting heavy refi request.
bryansmile
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Re: Refinance Mega Thread

Post by bryansmile »

Momus wrote: Thu Mar 05, 2020 2:11 am I got 3.125% 30 yr in 2013. At what point, refinancing is better for me? I don't think it's worth it yet given the current rate... What do you guys think?
Anything lower is worth it if it's no cost. Right now for the 30 year no cost I've seen 3%. If you expect the rate to go lower soon, then wait.
davebo
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Re: Refinance Mega Thread

Post by davebo »

I have a $345K mortgage, 3.5%, 22 years left.

Options are going for a 20 year mortgage @ 3% OR a 30 year mortgage at 3.25% Leaning towards doing the 30 year mortgage because I like the flexibility of a low pymt with the option to put more towards the principal. Thoughts?
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

prozario01 wrote: Thu Mar 05, 2020 9:35 am
FiscallyResponsible wrote: Wed Mar 04, 2020 11:14 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
That is one heck of an offer! Congrats on locking that up... I would say it's a safe bet that you will not be refinancing again.
Did not lock it yet ... just spoke with the guy yesterday, and gave me email with stuff i need to submit (paystub, tax return etc). I asked for full cost estimate .. waiting for that. Over phone, he gave me a rough idea - basically I pay for appraisal up front, and they refund me back if i proceed with them.

What i told them is I first need to see the thing in writing/estimate. Don't want any big surprises. Same thing with loanDepot, didn't get it writing estimtate yet - they said they were busy and some dept is working on it. Seems all of them are getting heavy refi request.
Darn it .. the guy gave me wrong info .. it was 15 year that is 2.75%. After followup call, now i caught the mistake. 30 year is 3% .. almost same as loandepot .. but with credit for apprisal fee, it comes up slightly lower. Still good, but not as good as I originally thought.

Still waiting for paperwork - however, they do seem fairly responsive, and working through it fast.

I just had NJ appraisal done from the state .. the guy tried to waive it, but system is not taking it. Either way they cover the appraisal fee, but i guess i could have gotten bit more cost reduction if it wasn't required.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

davebo wrote: Thu Mar 05, 2020 10:52 am I have a $345K mortgage, 3.5%, 22 years left.

Options are going for a 20 year mortgage @ 3% OR a 30 year mortgage at 3.25% Leaning towards doing the 30 year mortgage because I like the flexibility of a low pymt with the option to put more towards the principal. Thoughts?
You should be able to get safe rate for 30 year .. few i checked, almost all of them are same for 20 & 30 years. Try few other sites like costo, loandepot etc.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

prozario01 wrote: Thu Mar 05, 2020 9:32 am
THINICE wrote: Wed Mar 04, 2020 11:22 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
What state is that for?

The lowest I'm showing for a 15 is 3.125%
I am in NJ. Online for me it showed 3.125% for 30 years. I basically picked the lowest rate - Mutual of Omaha. When i applied with basic info, got an email with name/contact - when i called the guy gave me lower rate over phone. In theory you could try more than one lender - I'm already dealing with 2 others, so didn't want to bother - just tried lowest one from costco.

I'm guessing the online rate is not always upto date.
i made another post .. upon follow up, the guy gave me wrong info .. he was quoting 15 year, and thinking it was 30 year. Today i have him checked again - he said rate didn't change, but now says 3% .. then i realized what he did. So it is 3% for 30 years for NJ, and 2.75% rate is for 15 years. But still it seems to be lowest so far, as they cover apprisal fee, and their bank fee is capped at $175 by costco. I'm waiting for estimate sheet .. they said they'll send it tonight.

I'm tempted to go with 15 year .. but it is bit too tight in terms of monthly payment.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

prozario01 wrote: Thu Mar 05, 2020 9:35 am ... just spoke with the guy yesterday, and gave me email with stuff i need to submit (paystub, tax return etc). I asked for full cost estimate .. waiting for that. Over phone, he gave me a rough idea - basically I pay for appraisal up front, and they refund me back if i proceed with them.
Did you not sign all the forms on docusign? I did that before uploading my pay stubs etc. It had all of the costs and I was locked at that time. He sent the email while we were still on the phone.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
jibantik
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Re: Refinance Mega Thread

Post by jibantik »

When applying for a refinance, how is property value determined for LTV? Is it based on tax assessment, straight equity from your current mortgage, outside appraisal, the cost you paid to obtain your property?

Basically when you fill in these forms, what do you put for "property value"?
Eyeski
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Re: Refinance Mega Thread

Post by Eyeski »

Where are people getting these great rates?

I’m in Utah and Aimloan is the best I can do at 2.875% for a 15 year loan with ~1500 closing costs. I’ve checked Multiple other lenders (better.com, ally, 2 local lenders, Costco as a non-member, lenderfi isn’t licensed in Utah) and they all come up a bit short. I wonder if it’s because of the state I’m in or the specifics of my mortgage: 188k remaining on a condo valued at 410k.
Last edited by Eyeski on Thu Mar 05, 2020 11:32 am, edited 1 time in total.
SirBotsALots
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Post by SirBotsALots »

For my refi the property value was initially from zillow and was updated once the appraisal came in. I asked to use a recently received tax assessment and was told that wasn't an option.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

mega317 wrote: Thu Mar 05, 2020 11:01 am
prozario01 wrote: Thu Mar 05, 2020 9:35 am ... just spoke with the guy yesterday, and gave me email with stuff i need to submit (paystub, tax return etc). I asked for full cost estimate .. waiting for that. Over phone, he gave me a rough idea - basically I pay for appraisal up front, and they refund me back if i proceed with them.
Did you not sign all the forms on docusign? I did that before uploading my pay stubs etc. It had all of the costs and I was locked at that time. He sent the email while we were still on the phone.
Which bank are you going through? Mine is Mutual of Omaha (through costco) .. the guy told me those doc should come today.
Also if you don't mind - what is your rate?
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rhinopylon
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Post by rhinopylon »

I just received a call with a 30 year quote at 3.125 and the 15 year quote at 2.75.
For other people's reference, the fees associated are as follows:
$175 Lender fee - capped by costco
$445 Appraisal fee - he mentioned this may be waived but we wouldn't know until he submitted the application to Fannie Mae
$1275 Title fees
===
Total fees of $1895
Bank waiver of $900
Net fees of $995 with a potential $445 appraisal fee refund
davebo
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Re: Refinance Mega Thread

Post by davebo »

prozario01 wrote: Thu Mar 05, 2020 11:01 am
prozario01 wrote: Thu Mar 05, 2020 9:32 am
THINICE wrote: Wed Mar 04, 2020 11:22 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
What state is that for?

The lowest I'm showing for a 15 is 3.125%
I am in NJ. Online for me it showed 3.125% for 30 years. I basically picked the lowest rate - Mutual of Omaha. When i applied with basic info, got an email with name/contact - when i called the guy gave me lower rate over phone. In theory you could try more than one lender - I'm already dealing with 2 others, so didn't want to bother - just tried lowest one from costco.

I'm guessing the online rate is not always upto date.
i made another post .. upon follow up, the guy gave me wrong info .. he was quoting 15 year, and thinking it was 30 year. Today i have him checked again - he said rate didn't change, but now says 3% .. then i realized what he did. So it is 3% for 30 years for NJ, and 2.75% rate is for 15 years. But still it seems to be lowest so far, as they cover apprisal fee, and their bank fee is capped at $175 by costco. I'm waiting for estimate sheet .. they said they'll send it tonight.

I'm tempted to go with 15 year .. but it is bit too tight in terms of monthly payment.
That rate seems too good to be true, I'd check the fine print.
rene
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Re: Refinance Mega Thread

Post by rene »

jibantik wrote: Thu Mar 05, 2020 11:23 am When applying for a refinance, how is property value determined for LTV? Is it based on tax assessment, straight equity from your current mortgage, outside appraisal, the cost you paid to obtain your property?

Basically when you fill in these forms, what do you put for "property value"?
I use the estimated value from Zillow. These days you might get lucky and Fannie Mae might allow mortgage lenders to skip physical appraisal. Saves time and money.
kinless
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Re: Refinance Mega Thread

Post by kinless »

purpleKatz wrote: Tue Mar 03, 2020 11:24 am Try raterabbit.com The prices keep changing every few hours - but it has reached 3.25% for no-cost. Right now its sitting at 3.25%, 20-yr fixed, $400 closing costs for a SoCal townhouse with 40% LTV.
RateRabbit finally started working again. Yesterday for a 20-year fixed they were at 3.375% no-cost, but this morning changed to 3.25% no-cost. With the 10-Year T approaching 0.9% I'm tempted to stick it out and wait for 3.125% no-cost. Not in any hurry. In fact I'd rather wait until my current impound pays the property tax bill next week before messing around with transfers.

Thought LenderFi would be more competitive but their closing costs have been creeping up the last few days. A 20-year 3.25% now costs over $1000.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

rhinopylon wrote: Thu Mar 05, 2020 11:45 am I just received a call with a 30 year quote at 3.125 and the 15 year quote at 2.75.
For other people's reference, the fees associated are as follows:
$175 Lender fee - capped by costco
$445 Appraisal fee - he mentioned this may be waived but we wouldn't know until he submitted the application to Fannie Mae
$1275 Title fees
===
Total fees of $1895
Bank waiver of $900
Net fees of $995 with a potential $445 appraisal fee refund
Which bank did you pick? What is this "bank waiver"? Is it like paying bit higher rate to cover some of closing cost?
Count of Notre Dame
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Re: Refinance Mega Thread

Post by Count of Notre Dame »

Per my friend who is a mortgage broker:

"The rates aren't moving after the Fed cut. Seems the banks are in cahoots and not moving the rates with the bond. Instead they are just making big margins...."
livelifealittle
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Re: Refinance Mega Thread

Post by livelifealittle »

Anyone got a good rate in NV? I'm not finding anyone who can get anywhere near 3.25% no fee, let alone 3%. And today's rate is actually higher than yesterday.
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

davebo wrote: Thu Mar 05, 2020 11:50 am
prozario01 wrote: Thu Mar 05, 2020 11:01 am
prozario01 wrote: Thu Mar 05, 2020 9:32 am
THINICE wrote: Wed Mar 04, 2020 11:22 pm
prozario01 wrote: Wed Mar 04, 2020 10:16 pm thanks to the poster who mentioned COSTCO ... didn't know about it, just tried it out and got the lowest rate so far ... Mutual of Omaha - 30 year at 2.75% - they pay appraisal fee - and rest of the cost are mine. I pay cost negotiated fee of $175 or so, plus title insurance. Waiting for full estimate. If i take 3% .. they give me rebate of around $1,700 to cover closing cost (plus part of the deal is they pay appraisal fee). Better for me compared to LoanDepot & few others i checked.
What state is that for?

The lowest I'm showing for a 15 is 3.125%
I am in NJ. Online for me it showed 3.125% for 30 years. I basically picked the lowest rate - Mutual of Omaha. When i applied with basic info, got an email with name/contact - when i called the guy gave me lower rate over phone. In theory you could try more than one lender - I'm already dealing with 2 others, so didn't want to bother - just tried lowest one from costco.

I'm guessing the online rate is not always upto date.
i made another post .. upon follow up, the guy gave me wrong info .. he was quoting 15 year, and thinking it was 30 year. Today i have him checked again - he said rate didn't change, but now says 3% .. then i realized what he did. So it is 3% for 30 years for NJ, and 2.75% rate is for 15 years. But still it seems to be lowest so far, as they cover apprisal fee, and their bank fee is capped at $175 by costco. I'm waiting for estimate sheet .. they said they'll send it tonight.

I'm tempted to go with 15 year .. but it is bit too tight in terms of monthly payment.
That rate seems too good to be true, I'd check the fine print.
anxiously waiting for the doc - so far it is over phone; but the guy seems honest, just not sure if he knows everything (yesterday mixed up 15 year rate with 30 year rate). I do see costco website today has higher rate. Maybe too many people applying!!
kinless
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Re: Refinance Mega Thread

Post by kinless »

Count of Notre Dame wrote: Thu Mar 05, 2020 12:28 pm Per my friend who is a mortgage broker:

"The rates aren't moving after the Fed cut. Seems the banks are in cahoots and not moving the rates with the bond. Instead they are just making big margins...."
Mortgage rates typically don't follow the Fed Funds rate, but rather the 10-year T-bill, which to be sure has also been steadily dropping. (Just hit a record low at 0.91% this morning). But I agree that lenders are lagging behind market forces, likely due to the massive business they have right now. It's just like fuel prices. The source (oil, t-bills) may drop like a rock, but the resulting prices (fuel, mortgage rates) drop like a feather.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

prozario01 wrote: Thu Mar 05, 2020 12:40 pm
davebo wrote: Thu Mar 05, 2020 11:50 am
prozario01 wrote: Thu Mar 05, 2020 11:01 am
prozario01 wrote: Thu Mar 05, 2020 9:32 am
THINICE wrote: Wed Mar 04, 2020 11:22 pm

What state is that for?

The lowest I'm showing for a 15 is 3.125%
I am in NJ. Online for me it showed 3.125% for 30 years. I basically picked the lowest rate - Mutual of Omaha. When i applied with basic info, got an email with name/contact - when i called the guy gave me lower rate over phone. In theory you could try more than one lender - I'm already dealing with 2 others, so didn't want to bother - just tried lowest one from costco.

I'm guessing the online rate is not always upto date.
i made another post .. upon follow up, the guy gave me wrong info .. he was quoting 15 year, and thinking it was 30 year. Today i have him checked again - he said rate didn't change, but now says 3% .. then i realized what he did. So it is 3% for 30 years for NJ, and 2.75% rate is for 15 years. But still it seems to be lowest so far, as they cover apprisal fee, and their bank fee is capped at $175 by costco. I'm waiting for estimate sheet .. they said they'll send it tonight.

I'm tempted to go with 15 year .. but it is bit too tight in terms of monthly payment.
That rate seems too good to be true, I'd check the fine print.
anxiously waiting for the doc - so far it is over phone; but the guy seems honest, just not sure if he knows everything (yesterday mixed up 15 year rate with 30 year rate). I do see costco website today has higher rate. Maybe too many people applying!!
Record high amount of applications.
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rhinopylon
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Re: Refinance Mega Thread

Post by rhinopylon »

prozario01 wrote: Thu Mar 05, 2020 12:26 pm
rhinopylon wrote: Thu Mar 05, 2020 11:45 am I just received a call with a 30 year quote at 3.125 and the 15 year quote at 2.75.
For other people's reference, the fees associated are as follows:
$175 Lender fee - capped by costco
$445 Appraisal fee - he mentioned this may be waived but we wouldn't know until he submitted the application to Fannie Mae
$1275 Title fees
===
Total fees of $1895
Bank waiver of $900
Net fees of $995 with a potential $445 appraisal fee refund
Which bank did you pick? What is this "bank waiver"? Is it like paying bit higher rate to cover some of closing cost?
I haven't picked a lender yet; still waiting to hear back from one of them. This above example was through Consumer Direct.
The waiver he's offering was just some kind of bonus as you can see from the rates they're some of the lowest available already. No points paid, nothing rolled into the mortgage. I would need to pay only $995 net fees at the time of closing to cover the title fees. Potentially the $445 appraisal fee is waived too but no guarantee on that.
MDfan
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Re: Refinance Mega Thread

Post by MDfan »

We have a 20-year rate of 3.375% with about 16 years left. Does it make any sense for us to refinance? Maybe to a 15-year?
prozario01
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Re: Refinance Mega Thread

Post by prozario01 »

MDfan wrote: Thu Mar 05, 2020 12:59 pm We have a 20-year rate of 3.375% with about 16 years left. Does it make any sense for us to refinance? Maybe to a 15-year?
15 year you could get at 3% with no cost .. maybe slightly lower - why not.
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Ramjet
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Re: Refinance Mega Thread

Post by Ramjet »

MDfan wrote: Thu Mar 05, 2020 12:59 pm We have a 20-year rate of 3.375% with about 16 years left. Does it make any sense for us to refinance? Maybe to a 15-year?
It could. I have a 20 year @ 3.75%, just got quoted for a 15 year @ 2.85%

It would increase my payment by $40/month, but I'll be done paying 3 years sooner and save 37K in interest
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Ramjet
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Re: Refinance Mega Thread

Post by Ramjet »

Fed meets in 2 weeks I think, waiting to see if they cut again before I do anything
livelifealittle
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Re: Refinance Mega Thread

Post by livelifealittle »

Ramjet wrote: Thu Mar 05, 2020 1:20 pm Fed meets in 2 weeks I think, waiting to see if they cut again before I do anything
Awesome. We have 1 primary and 2 rentals to refi and best I can find for the main residence is 3.25% 30yr 0 pt but with $995 loan fee.
Jwulgaru
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Re: Refinance Mega Thread

Post by Jwulgaru »

I don't know where people are getting these great Lenderfi results, but they are garbage for me. Current mortgage around 80K 3.75%, home value 300k+ and the best Lenderfi can give me is 3.6 for a 30 and 4.125 for a 15 year. What the heck? Credit score 800+

Costco was just as terrible.
Last edited by Jwulgaru on Thu Mar 05, 2020 1:38 pm, edited 1 time in total.
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rhinopylon
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Re: Refinance Mega Thread

Post by rhinopylon »

When people talk about a "no cost" refinance, is it assumed that you still have to pay title fees?
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Re: Refinance Mega Thread

Post by abuss368 »

Why are refinance rates always higher than first time purchase rates?
John C. Bogle: “Simplicity is the master key to financial success."
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Ramjet
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Re: Refinance Mega Thread

Post by Ramjet »

Jwulgaru wrote: Thu Mar 05, 2020 1:36 pm I don't know where people are getting these great Lenderfi results, but they are garbage for me. Current mortgage around 80K 3.75%, home value 300k+ and the best Lenderfi can give me is 3.6 for a 30 and 4.125 for a 15 year. What the heck? Credit score 800+

Costco was just as terrible.
Garbage for me too, but AimLoan gave me a good one and also was very transparent with closing costs
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