Refinance Mega Thread

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mintybarcode
Posts: 32
Joined: Fri May 12, 2017 12:46 pm

Re: Refinance Mega Thread

Post by mintybarcode » Tue Apr 21, 2020 4:03 pm

Steven in NC wrote:
Sat Apr 18, 2020 8:52 am
Update to my post above.

Pulled the trigger with LoanDepot.

Options available.
15 year @ 2.5%
20/30 year @ 2.875%.
30 year @ 3.125% (LPMI)

I am at 89% LTV so PMI was in play. I opted to give up .25% on a 30 to get LenderPMI.

So, ended up with 3.125 @ 30. Crazy low fees.
$558 total loan fees after $2596 in lender credits. I was only into my current mortgage 11 months @4.365% so that helped with credits.

Had my local bank review the worksheet and they just smiled and said they couldn't believe it and couldn't touch that rate (offered 3.625%).

For me, this pays for itself in ~1.5 months and then a monthly savings of ~$500/6K a year. No brainer, right??

This is my second home (primary) as I turned my first home (mortgage free) into rental. So, having a ton of low cost lender $ is no problem for me (emotionally speaking).

Good luck to all...highly recommend LoanDepot (Dallas was my advisers location fwiw).

edit to add - I will update on the timeline but within 4 hours of the initial web submital we had all doc's esigned.
Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.

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ray.james
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Re: Refinance Mega Thread

Post by ray.james » Tue Apr 21, 2020 4:03 pm

Almond wrote:
Tue Apr 21, 2020 3:08 pm
HEDGEFUNDIE wrote:
Tue Apr 21, 2020 2:57 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Talk to BoA
I did today just preliminary quoted . Refinance jumbo 10/1 interest only rates are 3.375, + 3k closing costs. Amount reduced by .25% to move $500k. LTV 50%
In Bay area, provident is offering 3.0 for 10/1 and 2.75 for 7/1 arm.( <80% LTV). I think you can get much better rates. Try Citi as well.

Edit: Provident credit union.
Last edited by ray.james on Tue Apr 21, 2020 4:04 pm, edited 1 time in total.
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939

mintybarcode
Posts: 32
Joined: Fri May 12, 2017 12:46 pm

Re: Refinance Mega Thread

Post by mintybarcode » Tue Apr 21, 2020 4:04 pm

Thrifty Femme wrote:
Tue Apr 21, 2020 4:02 pm
mintybarcode wrote:
Tue Apr 21, 2020 3:57 pm
Thrifty Femme wrote:
Tue Apr 21, 2020 2:56 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Sure. 2.5% 15 year fixed with $600 in closing costs with the appraisal waived, 49.5% LTV, loan amount 206k, not jumbo with Northpointe Bank out of Michigan.
How did you manage to get only $600 for closing costs? I got a quote from Northpointe Bank on a 20 year @ 3.25% with 70% LTV. The origination fee alone is $1,195. The total estimated loan costs is $2,300.
Approximately $1400 credit. The $600 doesn't include escrow and all that jazz.
How? Did you ask for this amount? I did get a credit but only $300.

Almond
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Re: Refinance Mega Thread

Post by Almond » Tue Apr 21, 2020 5:13 pm

HEDGEFUNDIE wrote:
Tue Apr 21, 2020 3:53 pm
Almond wrote:
Tue Apr 21, 2020 3:08 pm
HEDGEFUNDIE wrote:
Tue Apr 21, 2020 2:57 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Talk to BoA
I did today just preliminary quoted . Refinance jumbo 10/1 interest only rates are 3.375, + 3k closing costs. Amount reduced by .25% to move $500k. LTV 50%
Yikes looks like rates have gone up. I got my BoA quote at the end of March. 3.0% for 10/1 interest only ARM, before relationship discount.
I don’t know if that was there through an offer out there or best offer, but will check out some others

Almond
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Re: Refinance Mega Thread

Post by Almond » Tue Apr 21, 2020 5:15 pm

ray.james wrote:
Tue Apr 21, 2020 4:03 pm
Almond wrote:
Tue Apr 21, 2020 3:08 pm
HEDGEFUNDIE wrote:
Tue Apr 21, 2020 2:57 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Talk to BoA
I did today just preliminary quoted . Refinance jumbo 10/1 interest only rates are 3.375, + 3k closing costs. Amount reduced by .25% to move $500k. LTV 50%


In Bay area, provident is offering 3.0 for 10/1 and 2.75 for 7/1 arm.( <80% LTV). I think you can get much better rates. Try Citi as well.

Edit: Provident credit union.
Thank you. I am in NY so not sure provident will work

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Thrifty Femme
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Re: Refinance Mega Thread

Post by Thrifty Femme » Tue Apr 21, 2020 7:27 pm

mintybarcode wrote:
Tue Apr 21, 2020 4:04 pm
Thrifty Femme wrote:
Tue Apr 21, 2020 4:02 pm
mintybarcode wrote:
Tue Apr 21, 2020 3:57 pm
Thrifty Femme wrote:
Tue Apr 21, 2020 2:56 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Sure. 2.5% 15 year fixed with $600 in closing costs with the appraisal waived, 49.5% LTV, loan amount 206k, not jumbo with Northpointe Bank out of Michigan.
How did you manage to get only $600 for closing costs? I got a quote from Northpointe Bank on a 20 year @ 3.25% with 70% LTV. The origination fee alone is $1,195. The total estimated loan costs is $2,300.
Approximately $1400 credit. The $600 doesn't include escrow and all that jazz.
How? Did you ask for this amount? I did get a credit but only $300.
It's what I was offered. I haven't heard anything about a $400 deposit either.

barberakb
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Re: Refinance Mega Thread

Post by barberakb » Tue Apr 21, 2020 11:08 pm

mintybarcode wrote:
Tue Apr 21, 2020 3:57 pm
Thrifty Femme wrote:
Tue Apr 21, 2020 2:56 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Sure. 2.5% 15 year fixed with $600 in closing costs with the appraisal waived, 49.5% LTV, loan amount 206k, not jumbo with Northpointe Bank out of Michigan.
How did you manage to get only $600 for closing costs? I got a quote from Northpointe Bank on a 20 year @ 3.25% with 70% LTV. The origination fee alone is $1,195. The total estimated loan costs is $2,300.
You got to remember that $2300 includes all your required escrow with taxes/ interest etc... Have you looked at the 15 year. Northpointe gave me a 15 year 2.5% with no points.

yogesh
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Joined: Thu Oct 11, 2012 6:20 pm

Re: Refinance Mega Thread

Post by yogesh » Wed Apr 22, 2020 12:00 am

Thrifty Femme wrote:
Tue Apr 21, 2020 2:56 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Sure. 2.5% 15 year fixed with $600 in closing costs with the appraisal waived, 49.5% LTV, loan amount 206k, not jumbo with Northpointe Bank out of Michigan.
That is wonderful. I will be reaching out as well.
Not all comments show APR for fair comparison so trying it here.
-------------------------------------
User: Thrifty Femme
LoanTerm: 15 year fixed
InterestRate: 2.5%
LoanAmount: $206,000
LTV-Ratio: 49.5%
ClosingCost: $600
APR: 2.5413%
--------------------------------------
https://www.calculatestuff.com/financia ... on_type=US
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040

adestefan
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Re: Refinance Mega Thread

Post by adestefan » Wed Apr 22, 2020 5:42 am

barberakb wrote:
Tue Apr 21, 2020 11:08 pm

You got to remember that $2300 includes all your required escrow with taxes/ interest etc... Have you looked at the 15 year. Northpointe gave me a 15 year 2.5% with no points.
The total fees are area dependent. The titling companies in each state along with any recording fees and taxes can swing the total closing costs by thousands of dollars.

I also went with Northpointe. $360k at 2.5% for 15 years no points ~70% LTV. I was offered $1100 in credits (almost covers Northpointe’s origination cost), waived appraisal, waived escrow, total fees around $3200. ~$2800 of that is titling and taxes.

I had about 20 years left on my refi from 2010 (I was 2 years into the original mortgage) and will be paying $100 more a month, but saving over $100k in interest. Rate drop from 4.375% to 2.5% and cut off 5 years.

Auream
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Location: Raleigh, NC

Re: Refinance Mega Thread

Post by Auream » Wed Apr 22, 2020 9:01 am

How many of the people on this thread that are going with Better.com via the Amex link actually got targeted with the $2500 offer? Everything I can find says you're supposed to only get it if you received an e-mail from American Express, which I never did. But I have all marketing e-mails turned off. A thread on another forum has mixed messages about whether being targeted is really necessary. I tried calling American Express and they said something like "No Sorry I don't see anywhere on your account that you have this offer, so you would not be able to get it."

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 10:38 am

mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm


Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
Thanks. I'm on hold with them now for an initial quote. I guess I should press them for a GFE and see how it goes. So far I'm unimpressed since I came to them out of the blue direct on their website.

JLJL
Posts: 476
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 10:49 am

JLJL wrote:
Wed Apr 22, 2020 10:38 am
mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm


Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
Thanks. I'm on hold with them now for an initial quote. I guess I should press them for a GFE and see how it goes. So far I'm unimpressed since I came to them out of the blue direct on their website.
LTV at about 65-70%
Looking at $460k loan

3.375% 30yr fixed
$5500 3rd party fees rolled in
Citing $20 or so for credit app and no other out of pocket?

Is there something I should be asking here or am missing?

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tarnation
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Joined: Thu Apr 26, 2007 12:36 am

Re: Refinance Mega Thread

Post by tarnation » Wed Apr 22, 2020 10:51 am

mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm
Steven in NC wrote:
Sat Apr 18, 2020 8:52 am
Update to my post above.

Pulled the trigger with LoanDepot.

Options available.
15 year @ 2.5%
20/30 year @ 2.875%.
30 year @ 3.125% (LPMI)

I am at 89% LTV so PMI was in play. I opted to give up .25% on a 30 to get LenderPMI.

So, ended up with 3.125 @ 30. Crazy low fees.
$558 total loan fees after $2596 in lender credits. I was only into my current mortgage 11 months @4.365% so that helped with credits.

Had my local bank review the worksheet and they just smiled and said they couldn't believe it and couldn't touch that rate (offered 3.625%).

For me, this pays for itself in ~1.5 months and then a monthly savings of ~$500/6K a year. No brainer, right??

This is my second home (primary) as I turned my first home (mortgage free) into rental. So, having a ton of low cost lender $ is no problem for me (emotionally speaking).

Good luck to all...highly recommend LoanDepot (Dallas was my advisers location fwiw).

edit to add - I will update on the timeline but within 4 hours of the initial web submital we had all doc's esigned.
Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
We ran into some of those games with our current Lender. They saw the hard pull for Aim and sent us a letter saying they would beat AIM by $250, but then they kept dancing around saying, maybe this maybe that on various fees and you will have to lock to know for sure. We didn't cause that just put us off. I did read a little on Loan Estimates and thought this was interesting
https://www.consumerfinance.gov/ask-cfp ... e-en-1987/
Image

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 11:37 am

JLJL wrote:
Wed Apr 22, 2020 10:49 am
JLJL wrote:
Wed Apr 22, 2020 10:38 am
mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm


Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
Thanks. I'm on hold with them now for an initial quote. I guess I should press them for a GFE and see how it goes. So far I'm unimpressed since I came to them out of the blue direct on their website.
LTV at about 65-70%
Looking at $460k loan

3.375% 30yr fixed
$5500 3rd party fees rolled in
Citing $20 or so for credit app and no other out of pocket?

Is there something I should be asking here or am missing?
FYI on the first phone call the guy gave me everything in writing and walked through it with me. I'm just not familiar with what questions I should be asking. The fees came in at about $5k for the 30 year fixed and said he can get most likely $1000 credit at closing (not in writing).

The fees seem pretty high, I'm getting a quote through Northpointe now as well.

barberakb
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Re: Refinance Mega Thread

Post by barberakb » Wed Apr 22, 2020 12:06 pm

Im pretty sure northpointe will beat that

finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Wed Apr 22, 2020 12:26 pm

adestefan wrote:
Wed Apr 22, 2020 5:42 am
barberakb wrote:
Tue Apr 21, 2020 11:08 pm

You got to remember that $2300 includes all your required escrow with taxes/ interest etc... Have you looked at the 15 year. Northpointe gave me a 15 year 2.5% with no points.
The total fees are area dependent. The titling companies in each state along with any recording fees and taxes can swing the total closing costs by thousands of dollars.

I also went with Northpointe. $360k at 2.5% for 15 years no points ~70% LTV. I was offered $1100 in credits (almost covers Northpointe’s origination cost), waived appraisal, waived escrow, total fees around $3200. ~$2800 of that is titling and taxes.

I had about 20 years left on my refi from 2010 (I was 2 years into the original mortgage) and will be paying $100 more a month, but saving over $100k in interest. Rate drop from 4.375% to 2.5% and cut off 5 years.
Why would there be taxes on a refinance? I understand escrow but that’s just money you’d have to pay anyway, and presumably you will be getting the escrow “back” that’s deposited at your current mortgage lender.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Wed Apr 22, 2020 12:45 pm

finite_difference wrote:
Wed Apr 22, 2020 12:26 pm
adestefan wrote:
Wed Apr 22, 2020 5:42 am
barberakb wrote:
Tue Apr 21, 2020 11:08 pm

You got to remember that $2300 includes all your required escrow with taxes/ interest etc... Have you looked at the 15 year. Northpointe gave me a 15 year 2.5% with no points.
The total fees are area dependent. The titling companies in each state along with any recording fees and taxes can swing the total closing costs by thousands of dollars.

I also went with Northpointe. $360k at 2.5% for 15 years no points ~70% LTV. I was offered $1100 in credits (almost covers Northpointe’s origination cost), waived appraisal, waived escrow, total fees around $3200. ~$2800 of that is titling and taxes.

I had about 20 years left on my refi from 2010 (I was 2 years into the original mortgage) and will be paying $100 more a month, but saving over $100k in interest. Rate drop from 4.375% to 2.5% and cut off 5 years.
Why would there be taxes on a refinance? I understand escrow but that’s just money you’d have to pay anyway, and presumably you will be getting the escrow “back” that’s deposited at your current mortgage lender.
You're transferring title from one instrument to another, so your local jurisdiction is going to charge a recording fee and transfer tax for the privilege.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 12:46 pm

barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.

kski74
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Re: Refinance Mega Thread

Post by kski74 » Wed Apr 22, 2020 1:56 pm

JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 2:56 pm

kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)

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MillennialFinance19
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Re: Refinance Mega Thread

Post by MillennialFinance19 » Wed Apr 22, 2020 2:57 pm

jharkin wrote:
Tue Apr 21, 2020 9:25 am
MillennialFinance19 wrote:
Sun Apr 19, 2020 4:15 pm


Yes, NBKC was through Costco. I honestly cannot say enough good things about them.
Ive done 2 NBKC/Costco loans in the last year (+1 about 8 years ago on prior house) - purchase @4.125 and refi at 3.75 just before covid (these are for super conforming). Love NBKC.

Are you seeing under 3% from them now? The last week or so their website has been showing 4%+ - i think to discourage applications.
I actually texted my originator yesterday to ask about rates for my in-laws. She said the best she has seen this week is 3.675%, so definitely hanging out a bit higher. I talked to my buddy who is an originator, and he said there are so many people window shopping rates right now that his company won't allow clients to lock until they clear underwriting.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 3:11 pm

JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Nerdwallet is telling a little different story if their list of avg 30yr fixed rates is accurate.

https://www.nerdwallet.com/blog/mortgag ... est-rates/

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Wed Apr 22, 2020 3:22 pm

JLJL wrote:
Wed Apr 22, 2020 3:11 pm
JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Nerdwallet is telling a little different story if their list of avg 30yr fixed rates is accurate.

https://www.nerdwallet.com/blog/mortgag ... est-rates/
Those charts are typically based on survey data that's a week old.

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Wed Apr 22, 2020 3:25 pm

JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Based on daily surveys: http://www.mortgagenewsdaily.com/mortga ... daily.aspx

Good for tracking trends but your own quote can vary. For example, many of us are getting jumbo quotes much lower 4.47% even this week.

kski74
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Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 » Wed Apr 22, 2020 3:27 pm

frankandbeans wrote:
Wed Apr 22, 2020 3:22 pm
JLJL wrote:
Wed Apr 22, 2020 3:11 pm
JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm


Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Nerdwallet is telling a little different story if their list of avg 30yr fixed rates is accurate.

https://www.nerdwallet.com/blog/mortgag ... est-rates/
Those charts are typically based on survey data that's a week old.
Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 3:30 pm

frankandbeans wrote:
Wed Apr 22, 2020 3:22 pm


Those charts are typically based on survey data that's a week old.
I'm just looking at the dated list if you scroll down the page, not the charts.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 3:32 pm

kski74 wrote:
Wed Apr 22, 2020 3:27 pm


Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.
Correct, I was able to get 3.25%, but that initially had an out of pocket cost of about $2000. The 3.375% had lender credit and no cost at all.

But the rep indicated a better lock duration, and has the 3.25% rate with only about $825 cost right now.

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tarnation
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Re: Refinance Mega Thread

Post by tarnation » Wed Apr 22, 2020 3:43 pm

kski74 wrote:
Wed Apr 22, 2020 3:27 pm
frankandbeans wrote:
Wed Apr 22, 2020 3:22 pm
JLJL wrote:
Wed Apr 22, 2020 3:11 pm
JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm


You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Nerdwallet is telling a little different story if their list of avg 30yr fixed rates is accurate.

https://www.nerdwallet.com/blog/mortgag ... est-rates/
Those charts are typically based on survey data that's a week old.
Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.
That’s one thing I liked about the quote link I gave above, it has breakdowns for credit scores. So you can see what the best rates are. It is updated daily also.
Image

atxll
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Re: Refinance Mega Thread

Post by atxll » Wed Apr 22, 2020 3:43 pm

Has anyone managed to get a great rate on a 10 yr fixed rate? Or is no one interested in doing this anymore?

kski74
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Re: Refinance Mega Thread

Post by kski74 » Wed Apr 22, 2020 3:46 pm

JLJL wrote:
Wed Apr 22, 2020 3:32 pm
kski74 wrote:
Wed Apr 22, 2020 3:27 pm


Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.
Correct, I was able to get 3.25%, but that initially had an out of pocket cost of about $2000. The 3.375% had lender credit and no cost at all.

But the rep indicated a better lock duration, and has the 3.25% rate with only about $825 cost right now.
I noticed that you have a loan amount similar to ours and similar LTV. I just looked at my Aimloan tracker and the rates offered this afternoon (they changed from earlier today in a favorable direction) are:

Rate -- Payment -- Lender Fees/(Credits) -- APR
2.875% -- $1,833.82 -- $9,110.12 -- 3.048%
3.000% -- $1,863.49 -- $4,849.24 -- 3.097%
3.125% -- $1,893.42 -- $1,808.28 -- 3.168%
3.250% -- $1,923.61 -- ($1,515.56) -- 3.278%
3.375% -- $1,954.07 -- ($1,961.50) -- 3.404%

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 4:12 pm

kski74 wrote:
Wed Apr 22, 2020 3:46 pm
JLJL wrote:
Wed Apr 22, 2020 3:32 pm
kski74 wrote:
Wed Apr 22, 2020 3:27 pm


Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.
Correct, I was able to get 3.25%, but that initially had an out of pocket cost of about $2000. The 3.375% had lender credit and no cost at all.

But the rep indicated a better lock duration, and has the 3.25% rate with only about $825 cost right now.
I noticed that you have a loan amount similar to ours and similar LTV. I just looked at my Aimloan tracker and the rates offered this afternoon (they changed from earlier today in a favorable direction) are:

Rate -- Payment -- Lender Fees/(Credits) -- APR
2.875% -- $1,833.82 -- $9,110.12 -- 3.048%
3.000% -- $1,863.49 -- $4,849.24 -- 3.097%
3.125% -- $1,893.42 -- $1,808.28 -- 3.168%
3.250% -- $1,923.61 -- ($1,515.56) -- 3.278%
3.375% -- $1,954.07 -- ($1,961.50) -- 3.404%
Great, thank you

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Re: Refinance Mega Thread

Post by JLJL » Wed Apr 22, 2020 4:25 pm

mervinj7 wrote:
Wed Apr 22, 2020 3:25 pm
JLJL wrote:
Wed Apr 22, 2020 2:56 pm
kski74 wrote:
Wed Apr 22, 2020 1:56 pm
JLJL wrote:
Wed Apr 22, 2020 12:46 pm
barberakb wrote:
Wed Apr 22, 2020 12:06 pm
Im pretty sure northpointe will beat that
Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost.

I appreciate the posts that have mentioned them, thank you.
You could also wait. Rates have gone up 0.25% in the last 10 days. I don't think it's unrealistic to target a 3% in the upcoming weeks. I waited a month and locked at 3.125%. Would not lock before that.
I didn't realize that, thanks. Is there a good way to verify where rates are at daily? (someone told me there's no such thing as a stupid question but it feels like I just asked one)
Based on daily surveys: http://www.mortgagenewsdaily.com/mortga ... daily.aspx

Good for tracking trends but your own quote can vary. For example, many of us are getting jumbo quotes much lower 4.47% even this week.
I like how the data is presented on this site, thanks.

mintybarcode
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Re: Refinance Mega Thread

Post by mintybarcode » Wed Apr 22, 2020 8:08 pm

barberakb wrote:
Tue Apr 21, 2020 11:08 pm
mintybarcode wrote:
Tue Apr 21, 2020 3:57 pm
Thrifty Femme wrote:
Tue Apr 21, 2020 2:56 pm
Count of Notre Dame wrote:
Tue Apr 21, 2020 10:13 am
Would everyone mind stating with the interest rate, LTV, etc. whether their loan is jumbo? I'm not finding rates anywhere close to 3% or under for variable jumbo loans so I suspect most of these great refinancing offers are for conforming loans?
Sure. 2.5% 15 year fixed with $600 in closing costs with the appraisal waived, 49.5% LTV, loan amount 206k, not jumbo with Northpointe Bank out of Michigan.
How did you manage to get only $600 for closing costs? I got a quote from Northpointe Bank on a 20 year @ 3.25% with 70% LTV. The origination fee alone is $1,195. The total estimated loan costs is $2,300.
You got to remember that $2300 includes all your required escrow with taxes/ interest etc... Have you looked at the 15 year. Northpointe gave me a 15 year 2.5% with no points.
Actually, the $2,300 I mentioned is not to fund the escrow (that amount is separate and I left it out in this discussion). The $2,300 figure was for origination fee, appraisal, title, credit report only. After some further discussion, they increased the lender credits and the net loan cost was down to $1,350.

I've requested a 15 yr quote and am awaiting the numbers.

mintybarcode
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Re: Refinance Mega Thread

Post by mintybarcode » Wed Apr 22, 2020 8:09 pm

JLJL wrote:
Wed Apr 22, 2020 10:49 am
JLJL wrote:
Wed Apr 22, 2020 10:38 am
mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm


Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
Thanks. I'm on hold with them now for an initial quote. I guess I should press them for a GFE and see how it goes. So far I'm unimpressed since I came to them out of the blue direct on their website.
LTV at about 65-70%
Looking at $460k loan

3.375% 30yr fixed
$5500 3rd party fees rolled in
Citing $20 or so for credit app and no other out of pocket?

Is there something I should be asking here or am missing?
I don't have experience with a loan amount as large as your's, but $5,500 in fees seems more than I'd want to pay.

mintybarcode
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Re: Refinance Mega Thread

Post by mintybarcode » Wed Apr 22, 2020 8:11 pm

tarnation wrote:
Wed Apr 22, 2020 10:51 am
mintybarcode wrote:
Tue Apr 21, 2020 4:03 pm
Steven in NC wrote:
Sat Apr 18, 2020 8:52 am
Update to my post above.

Pulled the trigger with LoanDepot.

Options available.
15 year @ 2.5%
20/30 year @ 2.875%.
30 year @ 3.125% (LPMI)

I am at 89% LTV so PMI was in play. I opted to give up .25% on a 30 to get LenderPMI.

So, ended up with 3.125 @ 30. Crazy low fees.
$558 total loan fees after $2596 in lender credits. I was only into my current mortgage 11 months @4.365% so that helped with credits.

Had my local bank review the worksheet and they just smiled and said they couldn't believe it and couldn't touch that rate (offered 3.625%).

For me, this pays for itself in ~1.5 months and then a monthly savings of ~$500/6K a year. No brainer, right??

This is my second home (primary) as I turned my first home (mortgage free) into rental. So, having a ton of low cost lender $ is no problem for me (emotionally speaking).

Good luck to all...highly recommend LoanDepot (Dallas was my advisers location fwiw).

edit to add - I will update on the timeline but within 4 hours of the initial web submital we had all doc's esigned.
Based on this post, I contact LoanDepot and did not have a very good experience. They straight up refused to give a good faith estimate unless I committed to "moving forward" and pay a $495 for appraisal first (would be refunded at closing). Everyone wants the competitor's GFE, but no one will give you one. This turds have figured out how to cartel together and beat the GFE altogether.
We ran into some of those games with our current Lender. They saw the hard pull for Aim and sent us a letter saying they would beat AIM by $250, but then they kept dancing around saying, maybe this maybe that on various fees and you will have to lock to know for sure. We didn't cause that just put us off. I did read a little on Loan Estimates and thought this was interesting
https://www.consumerfinance.gov/ask-cfp ... e-en-1987/
Thanks; I'm sure that on the very same site I specifically read that a lender cannot charge for anything besides a credit report before giving out a loan estimate. FWIW, I was pretty upset and actually ended up submitting a formal complaint to the CFPB after that fiasco.

Hopefully others have better luck with LoanDepot.

onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia » Wed Apr 22, 2020 11:53 pm

I would like to get quote from northpointe bank, what is the best way to do this? Thru their website: https://www.northpointe.com/home-lending/get-started/

And contact one of the local loan officer?

Thanks.

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unclescrooge
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Re: Refinance Mega Thread

Post by unclescrooge » Thu Apr 23, 2020 2:21 am

frankandbeans wrote:
Wed Apr 22, 2020 12:45 pm
finite_difference wrote:
Wed Apr 22, 2020 12:26 pm

Why would there be taxes on a refinance? I understand escrow but that’s just money you’d have to pay anyway, and presumably you will be getting the escrow “back” that’s deposited at your current mortgage lender.
You're transferring title from one instrument to another, so your local jurisdiction is going to charge a recording fee and transfer tax for the privilege.
Not all counties charge a transfer tax on a mortgage refi. In fact, I think most do not.

Dmody91
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Re: Refinance Mega Thread

Post by Dmody91 » Thu Apr 23, 2020 7:34 am

Made an account here to say thanks to everyone contributing to this thread. I was able to score a great deal because of you guys. I used the Amex deal thru better.com so it’s a 50/50 chance of getting the statement credit but I still had a great deal even if it doesn’t work out.

I was 3 years into a 30 yr loan at 4.125% and refinanced with Better at 2.75% on a 15 year loan at 2199 plus taxes/title which is right around 2500 total with everything. So if I do end up getting the Amex credit then this will be a complete wash.

I was able to get a better rate at aimloans and had them price match and Better also waived the appraisal fee. They have been communicating quickly and so far I am happy with how the process is going. I am located in Missouri so I don’t think LenderFi or Northpoint wasn’t an option.

pjhalifax
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Re: Refinance Mega Thread

Post by pjhalifax » Thu Apr 23, 2020 9:26 am

onyxlinkia wrote:
Wed Apr 22, 2020 11:53 pm
I would like to get quote from northpointe bank, what is the best way to do this? Thru their website: https://www.northpointe.com/home-lending/get-started/

And contact one of the local loan officer?

Thanks.
I went through this page on their site: https://www.northpointe.com/home-lending/low-rates/

The "apply now" button took me to a basic info-gathering form, and I was paired up with a loan officer after submitting that. Took a day or two to get an actual reply (they send some automated stuff immediately) but after that the officer was fairly responsive. Now that I've submitted all the paperwork and the $400 deposit all I've heard is crickets so I'll assume the gears are turning behind the scenes.

easye418
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Re: Refinance Mega Thread

Post by easye418 » Thu Apr 23, 2020 9:57 am

Dmody91 wrote:
Thu Apr 23, 2020 7:34 am
Made an account here to say thanks to everyone contributing to this thread. I was able to score a great deal because of you guys. I used the Amex deal thru better.com so it’s a 50/50 chance of getting the statement credit but I still had a great deal even if it doesn’t work out.

I was 3 years into a 30 yr loan at 4.125% and refinanced with Better at 2.75% on a 15 year loan at 2199 plus taxes/title which is right around 2500 total with everything. So if I do end up getting the Amex credit then this will be a complete wash.

I was able to get a better rate at aimloans and had them price match and Better also waived the appraisal fee. They have been communicating quickly and so far I am happy with how the process is going. I am located in Missouri so I don’t think LenderFi or Northpoint wasn’t an option.
Why would you not get the credit? My AMEX Better rep has been great, confirmed that I am using the AMEX deal.

Almost identical deal, but on a 30 year at 3.25%.

Auream
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Re: Refinance Mega Thread

Post by Auream » Thu Apr 23, 2020 10:06 am

easye418 wrote:
Thu Apr 23, 2020 9:57 am
Why would you not get the credit? My AMEX Better rep has been great, confirmed that I am using the AMEX deal.

Almost identical deal, but on a 30 year at 3.25%.
Amex says the deal is only for people who were targeted with the offer. There's a bunch of people on other forums who closed their loan 8-10 weeks ago, were not targeted, and did not get the credit. I don't think Better decides who gets the $2500 bonus, its up to Amex to decide whether or not to actually pay it out.

whistleblower
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Re: Refinance Mega Thread

Post by whistleblower » Thu Apr 23, 2020 11:37 am

Hi guys - I wish everyone was a little more clear on what they include in 'closing costs'. Got a quote today on a $500k refinance loan from Northpoint. Non-escrow, non-property tax costs are as follows:

+Admin fee - $995
+Credit report / tax service - $148
+Title examination - $175
+Title insurance - $1,276
+Attny fee - $250
+Courier / post closing fee - $250
Total = $3,044

Then I have another $1,627 of "other government and state fees"
+Intangible tax $1,531
+Recording $85
+Residential Mortgage Fee $10

For a total of ~$4,670 in fees on a $500k refi. Seems high but I'm not sure I'm comparing these costs on an apples-to-apples basis with others.

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Thu Apr 23, 2020 11:59 am

whistleblower wrote:
Thu Apr 23, 2020 11:37 am
Hi guys - I wish everyone was a little more clear on what they include in 'closing costs'. Got a quote today on a $500k refinance loan from Northpoint. Non-escrow, non-property tax costs are as follows:

+Admin fee - $995
+Credit report / tax service - $148
+Title examination - $175
+Title insurance - $1,276
+Attny fee - $250
+Courier / post closing fee - $250
Total = $3,044

Then I have another $1,627 of "other government and state fees"
+Intangible tax $1,531
+Recording $85
+Residential Mortgage Fee $10

For a total of ~$4,670 in fees on a $500k refi. Seems high but I'm not sure I'm comparing these costs on an apples-to-apples basis with others.
My total from Northpointe of $3000 on a $300k loan included everything but escrows and prepaids--so the equivalent of your $4670. My lender costs were $1195 minus a $106 credit, processing+title/closing about $1050, and government fees/taxes about $800.

Your title insurance and local taxes seem to be what's driving your estimate up. The title insurance you can shop for, but it could just be that you're in an expensive jurisdiction.

onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia » Thu Apr 23, 2020 12:11 pm

Thanks for your help.

pjhalifax wrote:
Thu Apr 23, 2020 9:26 am
onyxlinkia wrote:
Wed Apr 22, 2020 11:53 pm
I would like to get quote from northpointe bank, what is the best way to do this? Thru their website: https://www.northpointe.com/home-lending/get-started/

And contact one of the local loan officer?

Thanks.
I went through this page on their site: https://www.northpointe.com/home-lending/low-rates/

The "apply now" button took me to a basic info-gathering form, and I was paired up with a loan officer after submitting that. Took a day or two to get an actual reply (they send some automated stuff immediately) but after that the officer was fairly responsive. Now that I've submitted all the paperwork and the $400 deposit all I've heard is crickets so I'll assume the gears are turning behind the scenes.

batpot
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Re: Refinance Mega Thread

Post by batpot » Thu Apr 23, 2020 1:24 pm

just locked in at 2.875 on a 30 year fixed.
cost 1 point, which can be rolled into the mortgage; would have been 3.125 w/out, so 50 month break even.

dropdx
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Re: Refinance Mega Thread

Post by dropdx » Thu Apr 23, 2020 2:19 pm

Could someone please recommend a good lender for a duplex investment property?

Pullupking214
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Re: Refinance Mega Thread

Post by Pullupking214 » Thu Apr 23, 2020 3:28 pm

Hello everyone! This thread has been super helpful. Thank you for posting and commenting on it. Read through it 2x times but I'm still a bit confused. Need some assistance on a $150k refinance with 35% LTV proposal with Northpointe Bank out of Michigan.

I'm getting quoted the following:

3.25% on a 30 year note with total closing costs of $1.6k ($831 in lender credit to bring it down to $1.6k but also $400 of appraisal costs which are expected to be returned post closing)

2.625% on a 15 year note with total closing costs of $3k ($560 in points to bring it up to $3k total but also $400 of appraisal costs which are expected to be returned post closing)

A few questions based on what others have experienced:

1) Why are my closing costs so high? Origination fee is $1,195 Appraisal fee is $400 Taxes are $30 Credit Report $60 Settlement Fee $395 Lenders Title Insurance $330

2) Which of the above fees/categories are negotiable? Ideally I'd like to lock in a 2.5% 15 year mortgage with ~$1k OOP. Saw someone else lock this exact rate in earlier in the thread.

3) Any other help will be taken and appreciated!

Pullupking214

Auream
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Re: Refinance Mega Thread

Post by Auream » Thu Apr 23, 2020 3:40 pm

Pullupking214 wrote:
Thu Apr 23, 2020 3:28 pm
1) Why are my closing costs so high? Origination fee is $1,195 Appraisal fee is $400 Taxes are $30 Credit Report $60 Settlement Fee $395 Lenders Title Insurance $330
It's mainly the origination fee. Northpointe does at least make this an explicit fee rather than trying to hide their costs in a higher rate. Title and settlement fees will also vary quite a bit by jurisdiction but you won't find that they vary much between lenders if you're comparing apples to apples. If you try to compare your quote to someone else's refi in another state you'll probably see much different numbers, but that is meaningless.
2) Which of the above fees/categories are negotiable? Ideally I'd like to lock in a 2.5% 15 year mortgage with ~$1k OOP. Saw someone else lock this exact rate in earlier in the thread.
This will be very difficult because your mortgage amount is very low, so any lender credit you get will be much smaller than it would be on a larger loan amount, thereby not covering as much of the fixed cost fees. Also, rates are slightly higher than they were a few days to a week ago. Unless rates drop back down again you will be very hard pressed to get 2.5% with only 1K OOP on a 15 year, particularly on a small mortgage amount.

JLJL
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Re: Refinance Mega Thread

Post by JLJL » Thu Apr 23, 2020 4:42 pm

JLJL wrote:
Wed Apr 22, 2020 3:32 pm
kski74 wrote:
Wed Apr 22, 2020 3:27 pm


Right. And if the average APR on 4/22 is 3.291%, I would think you can do better than 3.375%.
Correct, I was able to get 3.25%, but that initially had an out of pocket cost of about $2000. The 3.375% had lender credit and no cost at all.

But the rep indicated a better lock duration, and has the 3.25% rate with only about $825 cost right now.
A little improvement today, so I locked in 3.25% 30yr and some small amount of principle reduction at closing. Basically no cost, and I found a site to help me calculate that by keeping the same payment I'm making (extra ~$400 to principle) I'll pay it off in 22.5 years versus what I have left of 25 years, and save $80k. Other option is to invest that $400 and after 25 years I'll have about an extra $100k on top of the payoff (some assumptions there obviously).

Anyway it's not a full percentage point reduction but seemed like its worth the effort.

Edit to say this was Northpointe and so far I'm very happy with the transparency and service.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Thu Apr 23, 2020 6:26 pm

batpot wrote:
Thu Apr 23, 2020 1:24 pm
just locked in at 2.875 on a 30 year fixed.
cost 1 point, which can be rolled into the mortgage; would have been 3.125 w/out, so 50 month break even.
Can you share lender please?

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