Refinance Mega Thread

[PavlovsCat]

After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

[ray.james]

Anyone has good deals deals on 7/1 or 10/1 arm with Jumbo mortgages?

[kski74]

After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

Yes, I looked at Better, but they don't operate in MA.

[livelifealittle]

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher %

[PavlovsCat]

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Numerous reports on other forums of non-targeted people getting the $2500 back. I myself was not targeted, but used the link and confirmed with my officer that my account was flagged for the Amex deal... I would look into it if I were you.

[Bandit390]

Closed yesterday with a no-cost refinance at loandepot. 30 year - 3.5%

[Dr. Gaius Baltar]

I was just told by Crosscountry Mortgage (Costco mortgage program) that I can't refinance to 3.125% because there's a "net tangible benefit" rule that prevents it? Is this a real thing?

I'm currently on a 30 year fixed conventional mortgage, 3.375%, not FHA or VA or anything like that. Last time I did a refi was in November.
I was trying to do a refi to 3.125% with 0.19 points, and taking $1,700 cash out, to pay for most of the closing costs. Again, 30 year fixed, not FHA or VA.

The person at Crosscountry said that due to the Net Tangible Benefit Rule, the only way I could refinance to a new 30 year fixed is if the interest rate was dropping down by half a point, so from 3.375% to 2.875%. I can't go from 3.375% to 3.125%.

How can this be? According to the Bankrate mortgage refinance break-even calculator, this refi would reduce my interest costs by $15,150 over the life of the loan. This seems like a tangible benefit to me. Was he mistaken, or is this an actual rule?

[livelifealittle]

Numerous reports on other forums of non-targeted people getting the $2500 back. I myself was not targeted, but used the link and confirmed with my officer that my account was flagged for the Amex deal... I would look into it if I were you.

I was feeling disappointed already since we locked yesterday but Better.com is not available in my state anyway (NV). That made it easier to swallow what could've been $2,500 lost opportunity cost. Thanks for the tip though and I'm glad you were able to get the $2,500. That is an awesome deal.

[psychoslowmatic]

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher %

Who were the investment loans with?

[tarnation]

Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we go past rate lock. Do we ask to reprice or will that delay closing?

I called and emailed asking to re-lock since their current quote was a 0.25 point lower and our loan officer said, we'll have to wait until you get final approval before we do anything and see if pricing changes. I'm guessing he's just stalling hoping they go back up.

[kski74]

After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

Yes, I looked at Better, but they don't operate in MA.

This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?

[kski74]

This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?

Wrinkle. Quicken Loans will NOT lock on the 3.125%. They are saying this is company policy and are not doing any locks at the moment. They will only lock the rate once it goes through the underwriting process, which they estimate could take up to 4 weeks, perhaps less since we received an appraisal waiver. There is 1/8 padding in the rate so if it goes to 3.25% in a few weeks, they will eat the difference. If the rate drops, they'll give us the lower rate, but if it goes up, we lose.

So, we have the option of lender A at 3.125% with a $237 credit (that rate is locked) or Quicken Loans at 3.125% + $2,500 AmEx incentive, but with no lock.

What do you think?

[mervinj7]

This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?

Wrinkle. Quicken Loans will NOT lock on the 3.125%. They are saying this is company policy and are not doing any locks at the moment. They will only lock the rate once it goes through the underwriting process, which they estimate could take up to 4 weeks, perhaps less since we received an appraisal waiver. There is 1/8 padding in the rate so if it goes to 3.25% in a few weeks, they will eat the difference. If the rate drops, they'll give us the lower rate, but if it goes up, we lose.

So, we have the option of lender A at 3.125% with a $237 credit (that rate is locked) or Quicken Loans at 3.125% + $2,500 AmEx incentive, but with no lock.

What do you think?

Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).

[bandoba]

Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).

So there is no cost for locking other than running credit pull in most of these places? Is that standard practice or does it depend on lender?

[kski74]

Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).

Interesting. Unfortunately, Lender A has a non-refundable $400 deposit. It is only refundable if the loan doesn't close and it's an issue on their end.

[Inframan4712]

2 days ago I applied for and locked $350k 2.5 percent 15 year 80 percent LTV refinance. Appraisal waived, plus other lender credits mean I only pay escrow at closing plus get $500 deducted from that. So better than no-cost refinance.

Northpointe Mortgage. The deals are out there.

[kski74]

Interesting article that takes note of the new trend I encountered today (lender will simply not lock a rate). Not sure which lenders besides Quicken Loans by Rocket Mortgage are refusing to do any locks, but it seems to be a new development: https://themortgagereports.com/64357/co ... rate-locks

[anonima]

I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).

[jolmscheid]

I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).

Thanks for this...how long ago were you able to get the 2.325% with Northpointe?

[anonima]

[/quote]

Thanks for this...how long ago were you able to get the 2.325% with Northpointe?
[/quote]

Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.

[gotham1007]

Can anyone recommend a lender or mortgage broker for non occupied investment property? Ive just been getting ridiculous quotes with excessive points and fees. Im 740+ with 65%LTV

[4th and Inches]

Can anyone recommend a lender or mortgage broker for non occupied investment property? Ive just been getting ridiculous quotes with excessive points and fees. Im 740+ with 65%LTV

Try lenderfi.com. No personal info needed if you scroll down to the loan options towards the bottom. Pretty much what you see is what you’d get. They have been swamped and when they get close to capacity they raise rates big time to shoo people off.

[AZAttorney11]

Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.

I’d love to reach out to the loan officer myself. Northpointe looks quite interesting at the moment! If you’re uncomfortable posting his / her contact information, could you please send me a private message with the details? I’d like to send them an email this weekend and get some quotes. Thanks!

[anonima]

Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.

I’d love to reach out to the loan officer myself. Northpointe looks quite interesting at the moment! If you’re uncomfortable posting his / her contact information, could you please send me a private message with the details? I’d like to send them an email this weekend and get some quotes. Thanks!

Sure, just sent you a message. Good luck!

[Berean]

Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.

Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...

I made an inquiry on the site and was contacted by phone by a loan officer. After some questions, he emailed me the quote.

I'll take that deal right now. Can you give me his telephone number?

[dabrian]

Doing a 7 year adjustable at 2.5 with 1% origination with my local CU. My options are pretty limited with low balance.
Value 120k
Balance 71k

[isubrama]

I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).

I'm looking to refinance. Could you please private message me his/her contact information ? Thanks.

[lepa71]

I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher %

Who were the investment loans with?

I would love to know it as well. Who does it for investment property?

[lepa71]

Does Lenderfi operate in MN? I can't make their site to give me any rates. Thanks

[RobLyons]

Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.

Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...

I made an inquiry on the site and was contacted by phone by a loan officer. After some questions, he emailed me the quote.

I'll take that deal right now. Can you give me his telephone number?

Sure! I can't say how smooth the full process is yet, as I was just approved, but it's not terrible so far.
Let me know how it goes!

Ryan Bird
Loan Officer
NMLS 150099
p 616-726-5552 | f 616-588-6328
ryan.bird@northpointe.com

[Inframan4712]

I used Northpointe a few years ago for a refinance and it was very smooth.

[frankandbeans]

I reached out to Northpointe today about a refinance of an investment property. They quoted 2.875/15 or 3.5/30, with pretty average closing costs (about $2500, excluding prepaids/escrows). These are the best rates I've seen anywhere lately for refinancing a non-owner occupied property. I'm applying for the 2.875 (currently about 8 years into a 3.75/30).

[jibantik]

Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??

[ipabrewer]

Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??

I think it's too much to ask, based on my experience. Not for a 20 years, or 15 years though.

Maybe in a few weeks... I am still waiting.

[kski74]

Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??

20-year mortgage were around 2.875% a month ago for a short period. But below 3% on a 30-year is unlikely imo. I've been shopping aggressively and haven't seen anything that low unless you are paying several points. I locked on a 30-year at 3.125% with no costs on Friday. That was the lowest rate I've seen with no out-of-pocket expenses in the past 4-5 weeks.

[jibantik]

Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.

[kski74]

Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.

Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.

[jibantik]

Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.

Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.

Got an app at northpointe I will see how it goes, thanks.

[yogesh]

I would love to refinance at <2.50%/15-yr-fixed/zero-closing or <3.00%/30-yr-fixed/zero-closing if available at northpointe or elsewhere.
Currently at 3.25%/30-yr-fixed/3-years-into so not bad to begin with.

May I request quoting APRs for clear comparisons?

[kski74]

I would love to refinance at <2.50%/15-yr-fixed/zero-closing or <3.00%/30-yr-fixed/zero-closing if available at northpointe or elsewhere.
Currently at 3.25%/30-yr-fixed/3-years-into so not bad to begin with.

May I request quoting APRs for clear comparisons?

Got 3 quotes for 3.125% 30-year APR on Friday.

[ig77]

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.

[tarnation]

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.

Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/

[ig77]

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.

Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/

Thanks. Looks like it was last updated last week. I was looking for something that showed the current day's rates.

[BruDude]

Just spoke with Northpointe and the best they could do in my area was 2.875% on a 15-year with 0.5 points even though the website shows 2.625 right now. Told the loan officer to call me if the rate drops, he said he will see what he can do to get it lower.

[mervinj7]

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.

Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/

Thanks. Looks like it was last updated last week. I was looking for something that showed the current day's rates.

Survey is updated every business day.

http://www.mortgagenewsdaily.com/mortga ... daily.aspx

[ig77]

http://www.mortgagenewsdaily.com/mortga ... daily.aspx

Awesome! Thanks

[2babogle]

Just spoke with Northpointe and the best they could do in my area was 2.875% on a 15-year with 0.5 points even though the website shows 2.625 right now. Told the loan officer to call me if the rate drops, he said he will see what he can do to get it lower.

Weird. I just did the same thing and got 2.375 on a 15 w/~2k out of pocket on a 500k loan.
My guess is the particulars of the loan make a difference.

[viveks]

Just wondering if loan officer at Northpointe working with mentioned anything about $400.00 deposit for loan process? The amount is non refundable if the loan doesn't close other amount would be credited back at the time of closing.

Thanks!

[huskerfan1414]

Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.

Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.

Can you please expand on that quicken loans/american express detail?
Is that for any type of AmEx card?

Also, does northpointe deal with anyone or just michigan? TIA

[frankandbeans]

Just wondering if loan officer at Northpointe working with mentioned anything about $400.00 deposit for loan process? The amount is non refundable if the loan doesn't close other amount would be credited back at the time of closing.

Thanks!

Yeah, same. I'm not crazy about this policy and haven't decided if I'm going to pay it and move forward. It's one thing if I withdraw or if my situation changes (e.g. loss of income), but if they can't get the loan funded and closed due to a third party I will be pretty annoyed (and will make a stink) if they don't give me the money back.