Refinance Mega Thread

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jibantik
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Re: Refinance Mega Thread

Post by jibantik » Wed Apr 15, 2020 6:07 pm

orangecrushv wrote:
Wed Apr 15, 2020 1:25 pm
I've only just locked a rate but I'm liking Northpointe so far, they got an appraisal waiver within minute of submitting docs and the total costs out of pocket should be $1600 (title insurance is expensive in Texas) for a 15-year at 2.5%... Beats everyone else I've tried!
What do you need to get appraisal waived?

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Thrifty Femme
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Re: Refinance Mega Thread

Post by Thrifty Femme » Wed Apr 15, 2020 6:33 pm

jibantik wrote:
Wed Apr 15, 2020 6:07 pm
orangecrushv wrote:
Wed Apr 15, 2020 1:25 pm
I've only just locked a rate but I'm liking Northpointe so far, they got an appraisal waiver within minute of submitting docs and the total costs out of pocket should be $1600 (title insurance is expensive in Texas) for a 15-year at 2.5%... Beats everyone else I've tried!
What do you need to get appraisal waived?
I'm guessing a great LTV percentage and an active real estate market with many comps available.

booboo1234
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Re: Refinance Mega Thread

Post by booboo1234 » Wed Apr 15, 2020 6:56 pm

Thrifty Femme wrote:
Wed Apr 15, 2020 6:33 pm
jibantik wrote:
Wed Apr 15, 2020 6:07 pm
orangecrushv wrote:
Wed Apr 15, 2020 1:25 pm
I've only just locked a rate but I'm liking Northpointe so far, they got an appraisal waiver within minute of submitting docs and the total costs out of pocket should be $1600 (title insurance is expensive in Texas) for a 15-year at 2.5%... Beats everyone else I've tried!
What do you need to get appraisal waived?
I'm guessing a great LTV percentage and an active real estate market with many comps available.
not necessarily. i got my appraisal waived with a 85 percent ltv

calimero
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Re: Refinance Mega Thread

Post by calimero » Wed Apr 15, 2020 7:05 pm

Can anyone offer tips where to get best 30 year refi rates currently for IL for about $220k, exceptional credit?
Tried a couple of sites. Seems like around 3.5%.
I think I came across a "First Merchants" in Indiana with 3.125%. Not sure how trustworthy...

RobLyons
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Re: Refinance Mega Thread

Post by RobLyons » Wed Apr 15, 2020 8:11 pm

Berean wrote:
Mon Apr 13, 2020 9:53 pm
RobLyons wrote:
Wed Apr 08, 2020 1:44 pm
kd2008 wrote:
Tue Apr 07, 2020 4:40 pm
RobLyons wrote:
Tue Apr 07, 2020 4:12 pm
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.
Are there any points or origination fee associated with it? If not, then go for it ...

Origination fee $1,195
Discount fee (points) 0.074 - $164.65

Still worth it?
Rob, after seeing your post, I contacted Northpointe. They gave me four alternatives. One is quite similar to yours: 2.375%, same origination fee and points, no lender credit, net loan costs of $3,200. This option would reduce my current monthly payment by $89, meaning it would take me 36 months to recoup my costs.

They gave me another option: 2.625%, same origination fee, no points, $1,300 lender credit, net loan costs of $1,500. This option would reduce my current monthly payment by $70, meaning it would take only 21 months to recoup my costs.

I think the second option is better. Did they give you something similar?

PM sent.
"Great parenting sets the foundation for a better world"

orangecrushv
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Re: Refinance Mega Thread

Post by orangecrushv » Wed Apr 15, 2020 8:38 pm

jibantik wrote:
Wed Apr 15, 2020 6:07 pm
orangecrushv wrote:
Wed Apr 15, 2020 1:25 pm
I've only just locked a rate but I'm liking Northpointe so far, they got an appraisal waiver within minute of submitting docs and the total costs out of pocket should be $1600 (title insurance is expensive in Texas) for a 15-year at 2.5%... Beats everyone else I've tried!
What do you need to get appraisal waived?
https://singlefamily.fanniemae.com/media/9456/display

ig77
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Re: Refinance Mega Thread

Post by ig77 » Wed Apr 15, 2020 9:11 pm

Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of?

We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we can pay more than the monthly payments for a 30 year. We thought we should go with a 20 year or a 30 year and make additional payments against the principal.

Thoughts?

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Wed Apr 15, 2020 10:14 pm

ig77 wrote:
Wed Apr 15, 2020 9:11 pm
Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of?

We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we can pay more than the monthly payments for a 30 year. We thought we should go with a 20 year or a 30 year and make additional payments against the principal.

Thoughts?
There is no harm in looking. Some lenders don't offer them, and for those that do they are often not meaningfully cheaper than the 30-yr--perhaps because they are less common and thus more expensive to bundle--in which case it is better to just take the 30 and plan to make additional principal payments.

kinless
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Re: Refinance Mega Thread

Post by kinless » Wed Apr 15, 2020 10:35 pm

ig77 wrote:
Wed Apr 15, 2020 9:11 pm
Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of?

We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we can pay more than the monthly payments for a 30 year. We thought we should go with a 20 year or a 30 year and make additional payments against the principal.

Thoughts?
About to close on a 20-year tomorrow (3.125% zero cost). I was 10 years into a 30-year @ 4.0% so endgame is still about the same, saving $120/month. I happened to lock right before rates skyrocketed, but yes research showed the 20-years were pretty much in sync with the 30-year. It was at most a 0.125 difference, if not exactly the same. If you want to play it safe I agree with the previous poster, go for the 30-year and just add extra principal.

MTZ
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Re: Refinance Mega Thread

Post by MTZ » Wed Apr 15, 2020 10:50 pm

Bit the bullet and locked 3% 30yr fixed with LenderFi today. We were offered 3.125 no cost or $400 for the 3%. We spent the $400.

I feel like rates may drift downward and maybe hit bottom in June but I'd rather just get this thing closed and start enjoying the lower payment, it's a lot of savings coming from 3.75.

wootwoot
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Re: Refinance Mega Thread

Post by wootwoot » Wed Apr 15, 2020 11:54 pm

MTZ wrote:
Wed Apr 15, 2020 10:50 pm
Bit the bullet and locked 3% 30yr fixed with LenderFi today. We were offered 3.125 no cost or $400 for the 3%. We spent the $400.

I feel like rates may drift downward and maybe hit bottom in June but I'd rather just get this thing closed and start enjoying the lower payment, it's a lot of savings coming from 3.75.
Can you provide any additional info on your loan? I've checked LenderFi 3 times throughout the day and the best no cost rate was 3.75.

MTZ
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Re: Refinance Mega Thread

Post by MTZ » Thu Apr 16, 2020 12:05 am

wootwoot wrote:
Wed Apr 15, 2020 11:54 pm
Can you provide any additional info on your loan? I've checked LenderFi 3 times throughout the day and the best no cost rate was 3.75.
510k conforming (bringing in a little cash to get down to this balance), ~30% LTV (SF bay area with a lot of appreciation over the last 7 years), excellent credit scores. Let me know if you want any other info.

It seems like you have to apply and talk to someone as the rates I was offered over the phone were lower than what I was seeing on the site.

mw1739
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Re: Refinance Mega Thread

Post by mw1739 » Thu Apr 16, 2020 6:25 am

Finally got a closing date scheduled with a local credit union. Took ~ 45 days to receive final approval even with an appraisal waiver.

2.875% 20 year cashout refi.
Cash to close only for prepaid escrow

easye418
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Re: Refinance Mega Thread

Post by easye418 » Thu Apr 16, 2020 9:22 am

MTZ wrote:
Wed Apr 15, 2020 10:50 pm
Bit the bullet and locked 3% 30yr fixed with LenderFi today. We were offered 3.125 no cost or $400 for the 3%. We spent the $400.

I feel like rates may drift downward and maybe hit bottom in June but I'd rather just get this thing closed and start enjoying the lower payment, it's a lot of savings coming from 3.75.
Would love to get this (3%), applied on LenderFi right now. waiting to talk to someone.

amindu
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Re: Refinance Mega Thread

Post by amindu » Thu Apr 16, 2020 10:13 am

mw1739 wrote:
Thu Apr 16, 2020 6:25 am
Finally got a closing date scheduled with a local credit union. Took ~ 45 days to receive final approval even with an appraisal waiver.

2.875% 20 year cashout refi.
Cash to close only for prepaid escrow
Hi do you mind sharing which credit union? Thanks

wootwoot
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Re: Refinance Mega Thread

Post by wootwoot » Thu Apr 16, 2020 10:41 am

MTZ wrote:
Thu Apr 16, 2020 12:05 am
wootwoot wrote:
Wed Apr 15, 2020 11:54 pm
Can you provide any additional info on your loan? I've checked LenderFi 3 times throughout the day and the best no cost rate was 3.75.
510k conforming (bringing in a little cash to get down to this balance), ~30% LTV (SF bay area with a lot of appreciation over the last 7 years), excellent credit scores. Let me know if you want any other info.

It seems like you have to apply and talk to someone as the rates I was offered over the phone were lower than what I was seeing on the site.
Thank you that is helpful. When checking today the rates dropped from 3.75 to 3.5 no cost refi. I'm tempted to apply and see what they have to offer on the phone. If I could get a no cost 3.25% or lower 30 year I'd be really happy.

calimero
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Re: Refinance Mega Thread

Post by calimero » Thu Apr 16, 2020 10:42 am

anybody working with Ally?

easye418
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Re: Refinance Mega Thread

Post by easye418 » Thu Apr 16, 2020 10:47 am

wootwoot wrote:
Thu Apr 16, 2020 10:41 am
MTZ wrote:
Thu Apr 16, 2020 12:05 am
wootwoot wrote:
Wed Apr 15, 2020 11:54 pm
Can you provide any additional info on your loan? I've checked LenderFi 3 times throughout the day and the best no cost rate was 3.75.
510k conforming (bringing in a little cash to get down to this balance), ~30% LTV (SF bay area with a lot of appreciation over the last 7 years), excellent credit scores. Let me know if you want any other info.

It seems like you have to apply and talk to someone as the rates I was offered over the phone were lower than what I was seeing on the site.
Thank you that is helpful. When checking today the rates dropped from 3.75 to 3.5 no cost refi. I'm tempted to apply and see what they have to offer on the phone. If I could get a no cost 3.25% or lower 30 year I'd be really happy.
That's what I did. System botched my application, painfully slow response from my loan guy.

Northepointe is painfully slow as well. Cant even get a LE.

TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy » Thu Apr 16, 2020 11:15 am

easye418 wrote:
Thu Apr 16, 2020 10:47 am


That's what I did. System botched my application, painfully slow response from my loan guy.

Northepointe is painfully slow as well. Cant even get a LE.
Northpointe came back with a 3.25% 30 year, and 2.375% for 15 year. First one has a credit associated with it.
I am just worried whether they will start the process and then abandon it down the line, and say they cant make the mortgage after appraisal like someone else pointed out.

easye418
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Re: Refinance Mega Thread

Post by easye418 » Thu Apr 16, 2020 4:27 pm

Dang, I am tempted to do the Northpointe 2.625% 15 year just offered instead of the 3.375% 30 year (cash out refi). Tough choice. Think I am leaning 30 year for flexibility if necessary.

Edit: LOL nevermind. Northpointe wanted like $9K in points to get to 3.375% on a 30, gonna keep my 3.375% 30 for $1k instead.
Last edited by easye418 on Thu Apr 16, 2020 4:55 pm, edited 2 times in total.

anonsdca
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Re: Refinance Mega Thread

Post by anonsdca » Thu Apr 16, 2020 4:33 pm

wootwoot wrote:
Wed Apr 15, 2020 11:54 pm
MTZ wrote:
Wed Apr 15, 2020 10:50 pm
Bit the bullet and locked 3% 30yr fixed with LenderFi today. We were offered 3.125 no cost or $400 for the 3%. We spent the $400.

I feel like rates may drift downward and maybe hit bottom in June but I'd rather just get this thing closed and start enjoying the lower payment, it's a lot of savings coming from 3.75.
Can you provide any additional info on your loan? I've checked LenderFi 3 times throughout the day and the best no cost rate was 3.75.
Yeah, I was going to that also. Just checked last night and I see those higher rates also AND I was suprised they were that high.

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Thu Apr 16, 2020 6:14 pm

My 2.875/15 investment property refinance has moved to processing with Northpointe. Got an appraisal waiver and it's a 60-day lock, so I'm hopeful it will actually go through. I'll be curious to hear how others' Northpointe timelines are going.

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Thu Apr 16, 2020 6:39 pm

frankandbeans wrote:
Thu Apr 16, 2020 6:14 pm
My 2.875/15 investment property refinance has moved to processing with Northpointe. Got an appraisal waiver and it's a 60-day lock, so I'm hopeful it will actually go through. I'll be curious to hear how others' Northpointe timelines are going.

How long did it take after completeled application and document upload.

Thank you

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Thu Apr 16, 2020 6:53 pm

darkhorse wrote:
Thu Apr 16, 2020 6:39 pm
frankandbeans wrote:
Thu Apr 16, 2020 6:14 pm
My 2.875/15 investment property refinance has moved to processing with Northpointe. Got an appraisal waiver and it's a 60-day lock, so I'm hopeful it will actually go through. I'll be curious to hear how others' Northpointe timelines are going.

How long did it take after completeled application and document upload.

Thank you
My loan officer has been extremely quick and responsive--way more so than LenderFi was last month.

4/11 (Sat): Submitted info through contact form on website
4/12 (Sun): Received quote, submitted app and docs, and locked rate
4/14 (Tues): Received/signed initial disclosures and lock agreement and paid deposit
4/15 (Wed): Received confirmation loan sent to processing

Planner01
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Re: Refinance Mega Thread

Post by Planner01 » Thu Apr 16, 2020 7:39 pm

Applied on 3/5 and closed today a (no points) 2.75% - 15 year loan, which we are targeting at paying off by May 2024. We used Costco’s portal to access Lending.com which turned out to be Finance of America Mortgage.

I expect to get the information of what bank the loan was sold to in the next week.
Last edited by Planner01 on Fri Apr 17, 2020 5:09 am, edited 1 time in total.

MindBogler
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Re: Refinance Mega Thread

Post by MindBogler » Thu Apr 16, 2020 7:54 pm

I will be closing next week on a 2.75% / 30yr. LTV is about 50%, it is a conforming loan and the out of pocket cost is ~$750. I thought for a few weeks it wouldn't happen but got the good news today. This is a VA loan.

dziuniek
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Location: Corrupticut

Re: Refinance Mega Thread

Post by dziuniek » Thu Apr 16, 2020 8:02 pm

Closing this weekend.

30 Year, 3.125% - there are fees, but no points. Down from 4%, yeehaw! Good enough, can't time it perfectly.

barberakb
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Re: Refinance Mega Thread

Post by barberakb » Fri Apr 17, 2020 2:02 am

got offered 2.5% today 15 yr with about $1700 in closing costs

London
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Re: Refinance Mega Thread

Post by London » Fri Apr 17, 2020 5:41 am

I closed this week with LoanDepot. 3%, 30 Year, about $1.2k in fees. High balance conventional with a LTV of about 45%. I was going from 3.5% before so not a huge save.

The process was pretty smooth. My initial contact was great. The closing/funding was a little slow but the whole thing took less than 5 weeks. I’m hoping they sell the loan or the servicing as their online portal for payments doesn’t look that great. Other than that, it was a good place to work with. Thanks to this thread for giving me the push to do it back in March.

Looks like further refis from loan depot are cheaper. So if the world falls apart and I can get 2.5, I’ll do it again.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Fri Apr 17, 2020 6:54 am

dziuniek wrote:
Thu Apr 16, 2020 8:02 pm
Closing this weekend.

30 Year, 3.125% - there are fees, but no points. Down from 4%, yeehaw! Good enough, can't time it perfectly.
Can you please share the lender?

Steven in NC
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Re: Refinance Mega Thread

Post by Steven in NC » Fri Apr 17, 2020 1:25 pm

Another question if anyone working with Ally. Today on the phone quoted the following:

3% 15years
3.5% 20 years
?? for 30 years

$450K/90% LTV

Contacting LoanDepot now...update below.
2.875% 30 and 20
2.5% 15

Loan fees identical between LoanDepot and Local bank.
Last edited by Steven in NC on Fri Apr 17, 2020 2:37 pm, edited 4 times in total.

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Fri Apr 17, 2020 1:40 pm

frankandbeans wrote:
Thu Apr 16, 2020 6:53 pm
darkhorse wrote:
Thu Apr 16, 2020 6:39 pm
frankandbeans wrote:
Thu Apr 16, 2020 6:14 pm
My 2.875/15 investment property refinance has moved to processing with Northpointe. Got an appraisal waiver and it's a 60-day lock, so I'm hopeful it will actually go through. I'll be curious to hear how others' Northpointe timelines are going.

How long did it take after completeled application and document upload.

Thank you
My loan officer has been extremely quick and responsive--way more so than LenderFi was last month.

4/11 (Sat): Submitted info through contact form on website
4/12 (Sun): Received quote, submitted app and docs, and locked rate
4/14 (Tues): Received/signed initial disclosures and lock agreement and paid deposit
4/15 (Wed): Received confirmation loan sent to processing
That's great. It has been slower for me and hard to get response from loan officer .

Hopefully things work out especially given their rate was lower v than the most.

easye418
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Joined: Wed Apr 22, 2015 8:04 am

Re: Refinance Mega Thread

Post by easye418 » Fri Apr 17, 2020 2:37 pm

Got pretty much a 30 year 3.25% no cost refi using the Better AMEX credit. Might just take that.

I had a 3.375%, $1k cost cash out refi but the appraisal didn't come back.

il0kin
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Re: Refinance Mega Thread

Post by il0kin » Fri Apr 17, 2020 3:00 pm

ig77 wrote:
Wed Apr 15, 2020 9:11 pm
Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of?

We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we can pay more than the monthly payments for a 30 year. We thought we should go with a 20 year or a 30 year and make additional payments against the principal.

Thoughts?
Search my posts, we just closed a 20 year 3.125 (225k loan). We were 4 years into a 30 year and still had PMI. I don’t remember the exact numbers without looking, but I think it’s about $75/mo more and saved 75-80k in interest with a shorter payoff.

Going to a 15 year was an additional $250/mo or so, and we aren’t quite maxing retirement accounts and have kids in daycare, so the 20 seemed like a great middle ground. Build equity faster, loan paid off at 51.

il0kin
Posts: 319
Joined: Mon Feb 26, 2018 8:19 pm

Re: Refinance Mega Thread

Post by il0kin » Fri Apr 17, 2020 3:01 pm

ig77 wrote:
Wed Apr 15, 2020 9:11 pm
Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of?

We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we can pay more than the monthly payments for a 30 year. We thought we should go with a 20 year or a 30 year and make additional payments against the principal.

Thoughts?
Search my posts, we just closed a 20 year 3.125 (225k loan). We were 4 years into a 30 year and still had PMI. I don’t remember the exact numbers without looking, but I think it’s about $75/mo more and saved 75-80k in interest with a shorter payoff.

Going to a 15 year was an additional $250/mo or so, and we aren’t quite maxing retirement accounts and have kids in daycare, so the 20 seemed like a great middle ground. Build equity faster, loan paid off at 51.

9999
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Joined: Tue Apr 14, 2020 9:10 pm

Re: Refinance Mega Thread

Post by 9999 » Fri Apr 17, 2020 3:14 pm

Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?

finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Fri Apr 17, 2020 3:15 pm

9999 wrote:
Fri Apr 17, 2020 3:14 pm
Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?
Did they give you a quote first?
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

9999
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Re: Refinance Mega Thread

Post by 9999 » Fri Apr 17, 2020 3:27 pm

finite_difference wrote:
Fri Apr 17, 2020 3:15 pm
9999 wrote:
Fri Apr 17, 2020 3:14 pm
Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?
Did they give you a quote first?
Yes, locked and submitted application along with supporting documents. Maybe I'm just being paranoid?

frankandbeans
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Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Fri Apr 17, 2020 3:43 pm

9999 wrote:
Fri Apr 17, 2020 3:27 pm
finite_difference wrote:
Fri Apr 17, 2020 3:15 pm
9999 wrote:
Fri Apr 17, 2020 3:14 pm
Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?
Did they give you a quote first?
Yes, locked and submitted application along with supporting documents. Maybe I'm just being paranoid?
This was discussed above in this thread. I wasn't thrilled about it but paid it, partly because they waived appraisal so the number of things that could go wrong went down by one.

finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Fri Apr 17, 2020 4:08 pm

9999 wrote:
Fri Apr 17, 2020 3:27 pm
finite_difference wrote:
Fri Apr 17, 2020 3:15 pm
9999 wrote:
Fri Apr 17, 2020 3:14 pm
Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?
Did they give you a quote first?
Yes, locked and submitted application along with supporting documents. Maybe I'm just being paranoid?
As long as you’re not planning to back out, I wouldn’t worry about it. And if you do want to back out, just need to convince the new lender you need an additional $400 to get their business.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

calimero
Posts: 90
Joined: Mon Dec 29, 2014 8:04 pm

Re: Refinance Mega Thread

Post by calimero » Fri Apr 17, 2020 5:23 pm

Steven in NC wrote:
Fri Apr 17, 2020 1:25 pm
Another question if anyone working with Ally. Today on the phone quoted the following:

3% 15years
3.5% 20 years
?? for 30 years

$450K/90% LTV

Contacting LoanDepot now...update below.
2.875% 30 and 20
2.5% 15

Loan fees identical between LoanDepot and Local bank.
I just contacted LoanDepot. They quoted 3.3% on 20 year + $4376 fees !! (no points)

barberakb
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Re: Refinance Mega Thread

Post by barberakb » Fri Apr 17, 2020 5:47 pm

northpointe had way better rates than loan depot for me. And lower fees

Soares1234
Posts: 27
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 » Fri Apr 17, 2020 5:58 pm

Looks like rates dropped today per some quotes I got from some lenders compared to last week.

kski74
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Re: Refinance Mega Thread

Post by kski74 » Fri Apr 17, 2020 6:02 pm

9999 wrote:
Fri Apr 17, 2020 3:14 pm
Northpointe wants a $400 nonrefundable deposit (goes towards fees at closing, however). I am a little leary of the risk of paying the deposit and then having them back out. Anyone know anything about this?
In same situation. I agreed to it (appraisal was waved), but also have Quicken Loans underwriting at the same time because of the $2,500 AmEx. Quicken matched the no cost closing from Northpointe, but aren't doing any rate locks anymore so all depends what the rates will be in a few weeks.

I will say at AimLoan matched the Northpointe rate and no-cost refinance, but were slow to respond and I had already paid the deposit with Northpointe. If you haven't paid the deposit, maybe see if AimLoan will match the Loan Estimate.

easye418
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Joined: Wed Apr 22, 2015 8:04 am

Re: Refinance Mega Thread

Post by easye418 » Fri Apr 17, 2020 8:42 pm

LenderFi was great when I spoke with the guy, website a bit clunky.

I have to subordinate a 2nd loan but he still got me at 3.25% for low closing cost. Take the Loan Estimate to Better for the $2500 credit. Would have went with him if it wasn't for the $2500 credit. Better.com is a bit difficult to work with.

wootwoot
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Joined: Tue Jan 27, 2009 7:37 pm

Re: Refinance Mega Thread

Post by wootwoot » Fri Apr 17, 2020 8:46 pm

easye418 wrote:
Fri Apr 17, 2020 8:42 pm
LenderFi was great when I spoke with the guy, website a bit clunky.

I have to subordinate a 2nd loan but he still got me at 3.25% for low closing cost. Take the Loan Estimate to Better for the $2500 credit. Would have went with him if it wasn't for the $2500 credit. Better.com is a bit difficult to work with.
When you applied at LenderFi what was the no-cost refi rate?

thatme
Posts: 149
Joined: Wed Feb 18, 2015 12:54 pm

Re: Refinance Mega Thread

Post by thatme » Fri Apr 17, 2020 9:03 pm

I closed my LenderFi refi today. 2.375%, 15 years, 450k loan balance. True no-cost, no appraisal refi. They went over my 30-day lock period but they continued to honor the rate and everything went smoothly. Overall, a great experience!

easye418
Posts: 353
Joined: Wed Apr 22, 2015 8:04 am

Re: Refinance Mega Thread

Post by easye418 » Fri Apr 17, 2020 9:16 pm

wootwoot wrote:
Fri Apr 17, 2020 8:46 pm
easye418 wrote:
Fri Apr 17, 2020 8:42 pm
LenderFi was great when I spoke with the guy, website a bit clunky.

I have to subordinate a 2nd loan but he still got me at 3.25% for low closing cost. Take the Loan Estimate to Better for the $2500 credit. Would have went with him if it wasn't for the $2500 credit. Better.com is a bit difficult to work with.
When you applied at LenderFi what was the no-cost refi rate?
3.375% was $900, 3.25% is $2100 ($900 lender credit - $3000 closing costs (title in TX is expensive). I suppose true no cost would be the 3.5% and I would get a few bucks back. I am getting the $2500 credit from Better so I don't mind paying a bit.

Jim123
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Joined: Thu Apr 16, 2020 3:08 pm

Re: Refinance Mega Thread

Post by Jim123 » Fri Apr 17, 2020 10:20 pm

1st post, new to this blog.

Is there any reason to believe that mortgage refinance rates are going to increase significantly any time soon? I know that mortgage interest rates aren't technically tied to the Fed Interest rate or the 10 year treasury, but they are correlated. I don't think in this environment that the Fed will raise interest rates anytime soon. I'm asking because I keep seeing everyone discussing "locking" these rates and it's hard not to feel like I should be doing something ASAP. However, if the banks/credit unions are busy right now due to the rush and are purposefully holding the rates higher to control refinance demand, won't rates drop due to this alone in a couple months once the backlog is worked through?

I do plan on refinancing but I figure it may be worth waiting a couple months to see how things shake out. Currently in year 9 of a 30 year fixed at 4%. Remaining balance is $320k in a house last appraised at $675k in 2012. Would like to refi into a 10 or 15 year fixed (whichever has the lowest interest rate) and pay additional principal as well. Planning on staying in the house. I have also debated just staying in my current mortgage and paying significantly more in principal each month. I think the numbers still work out better to refinance, because even with paying extra I would still need probably 7 years to pay it off. Thoughts?

barberakb
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Re: Refinance Mega Thread

Post by barberakb » Sat Apr 18, 2020 1:29 am

If thats what u are worried about, just do a no cost refi. You could refi later if the rates drop.

At 4% you could save alot of $ by doing it now.

Should be able to get atleast a 3% at no cost to you.

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