Refinance Mega Thread

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wanderer829
Posts: 4
Joined: Sat May 09, 2020 9:18 am

Re: Refinance Mega Thread

Post by wanderer829 »

Team,

First time posting here, need help in choosing one of the 3 options provided by Better for refinance, recent home buyer and first time refinancing so confused which option to choose?

LTV - 93%
Credit score - 780
current Interest - 3.99%
current PMI- 67
Remaining Months - 354

Loan balance - 320000
Loan Term - 30 year fixed

3% 901 Lender credit
3.125% 3711 Lender credit
3.25% 5000 Lender credit


A- Origination cost - 0$
B - Appraisal + credit report+flood = 614$
C- Service cost -1009$
Total loan Cost (A+B+C) = 1623$

Please help also is there any recommended refinance calculator i could compare the numbers?
onyxlinkia
Posts: 108
Joined: Tue Feb 26, 2008 12:13 am

Re: Refinance Mega Thread

Post by onyxlinkia »

Thanks darkhorse for your feedback. It will take me more than 5 yrs to breakeven the extra point fee but I plan to stay in this house much longer than this.
darkhorse wrote: Sat May 09, 2020 12:26 am
onyxlinkia wrote: Fri May 08, 2020 7:38 pm Hi, need some advices on which refinance option to go with.

Balance of current mortgage is 387k, about 6.5 yrs into the original 30 yrs loan @3.75.

Got the following quotes:

30 yr
3.00% no cost
2.875% $1500
2.75% $2900

15 yr
2.753% no cost
2.625 $1000
2.5 $1900

Which option is better? I'm leaning towards 30 yrs 2.875% with $1500 cost for flexibility over 15 yrs. Should I choose this over 3.0% with no cost? Thanks.
Hi, if you plan to stay in home for foreseeable features, I would also choose 30 years 2.875
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

wanderer829 wrote: Sat May 09, 2020 10:04 am Team,

First time posting here, need help in choosing one of the 3 options provided by Better for refinance, recent home buyer and first time refinancing so confused which option to choose?

LTV - 93%
Credit score - 780
current Interest - 3.99%
current PMI- 67
Remaining Months - 354

Loan balance - 320000
Loan Term - 30 year fixed

3% 901 Lender credit
3.125% 3711 Lender credit
3.25% 5000 Lender credit


A- Origination cost - 0$
B - Appraisal + credit report+flood = 614$
C- Service cost -1009$
Total loan Cost (A+B+C) = 1623$

Please help also is there any recommended refinance calculator i could compare the numbers?
I recommend using calc 3a on the Mortgage Professor's website. You can figure out the respective breakeven periods for each option. 3 and 3.125 both look like good options depending on your willingness to refinance again soon if rates drop further.
wanderer829
Posts: 4
Joined: Sat May 09, 2020 9:18 am

Re: Refinance Mega Thread

Post by wanderer829 »

frankandbeans wrote: Sat May 09, 2020 10:47 am
wanderer829 wrote: Sat May 09, 2020 10:04 am Team,

First time posting here, need help in choosing one of the 3 options provided by Better for refinance, recent home buyer and first time refinancing so confused which option to choose?

LTV - 93%
Credit score - 780
current Interest - 3.99%
current PMI- 67
Remaining Months - 354

Loan balance - 320000
Loan Term - 30 year fixed

3% 901 Lender credit
3.125% 3711 Lender credit
3.25% 5000 Lender credit


A- Origination cost - 0$
B - Appraisal + credit report+flood = 614$
C- Service cost -1009$
Total loan Cost (A+B+C) = 1623$

Please help also is there any recommended refinance calculator i could compare the numbers?
I recommend using calc 3a on the Mortgage Professor's website. You can figure out the respective breakeven periods for each option. 3 and 3.125 both look like good options depending on your willingness to refinance again soon if rates drop further.
Thank you will check it out ... Also one question If i anticipate rate drop and refinancing again soon shouldn't i take the maximum lender credit at 3.25?
amindu
Posts: 161
Joined: Thu Aug 04, 2016 11:59 am

Re: Refinance Mega Thread

Post by amindu »

wanderer829 wrote: Sat May 09, 2020 11:29 am
frankandbeans wrote: Sat May 09, 2020 10:47 am
wanderer829 wrote: Sat May 09, 2020 10:04 am Team,

First time posting here, need help in choosing one of the 3 options provided by Better for refinance, recent home buyer and first time refinancing so confused which option to choose?

LTV - 93%
Credit score - 780
current Interest - 3.99%
current PMI- 67
Remaining Months - 354

Loan balance - 320000
Loan Term - 30 year fixed

3% 901 Lender credit
3.125% 3711 Lender credit
3.25% 5000 Lender credit


A- Origination cost - 0$
B - Appraisal + credit report+flood = 614$
C- Service cost -1009$
Total loan Cost (A+B+C) = 1623$

Please help also is there any recommended refinance calculator i could compare the numbers?
I recommend using calc 3a on the Mortgage Professor's website. You can figure out the respective breakeven periods for each option. 3 and 3.125 both look like good options depending on your willingness to refinance again soon if rates drop further.
Thank you will check it out ... Also one question If i anticipate rate drop and refinancing again soon shouldn't i take the maximum lender credit at 3.25?
Do you mind sharing who your lender is? Thanks
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

wanderer829 wrote: Sat May 09, 2020 11:29 am
Thank you will check it out ... Also one question If i anticipate rate drop and refinancing again soon shouldn't i take the maximum lender credit at 3.25?
If you are definitely refinancing soon then sure, you can take max cash from this deal and then just do it again. But if you don't end up refinancing again soon (perhaps because rates rise unexpectedly or you have a change in income/creditworthiness) then you will lose money over the long run as a result of the higher rate than the one you could have gotten. So that's why the received BH wisdom (which I think is generally right, subject to some circumstance-unique exceptions) is to take the rate closest to a zero-cost refi.

Also a note on your cost numbers--when calculating the cost to refinance, you should add columns D+E of the loan estimate, as the column E expenses are costs you would not otherwise be incurring (unlike the escrows/prepaids).
wanderer829
Posts: 4
Joined: Sat May 09, 2020 9:18 am

Re: Refinance Mega Thread

Post by wanderer829 »

amindu wrote: Sat May 09, 2020 12:02 pm
wanderer829 wrote: Sat May 09, 2020 11:29 am
frankandbeans wrote: Sat May 09, 2020 10:47 am
wanderer829 wrote: Sat May 09, 2020 10:04 am Team,

First time posting here, need help in choosing one of the 3 options provided by Better for refinance, recent home buyer and first time refinancing so confused which option to choose?

LTV - 93%
Credit score - 780
current Interest - 3.99%
current PMI- 67
Remaining Months - 354

Loan balance - 320000
Loan Term - 30 year fixed

3% 901 Lender credit
3.125% 3711 Lender credit
3.25% 5000 Lender credit


A- Origination cost - 0$
B - Appraisal + credit report+flood = 614$
C- Service cost -1009$
Total loan Cost (A+B+C) = 1623$

Please help also is there any recommended refinance calculator i could compare the numbers?
I recommend using calc 3a on the Mortgage Professor's website. You can figure out the respective breakeven periods for each option. 3 and 3.125 both look like good options depending on your willingness to refinance again soon if rates drop further.
Thank you will check it out ... Also one question If i anticipate rate drop and refinancing again soon shouldn't i take the maximum lender credit at 3.25?
Do you mind sharing who your lender is? Thanks
Better Mortgage. They beat another offer that i had. initial offer was not competitive
wanderer829
Posts: 4
Joined: Sat May 09, 2020 9:18 am

Re: Refinance Mega Thread

Post by wanderer829 »

frankandbeans wrote: Sat May 09, 2020 12:12 pm
wanderer829 wrote: Sat May 09, 2020 11:29 am
Thank you will check it out ... Also one question If i anticipate rate drop and refinancing again soon shouldn't i take the maximum lender credit at 3.25?
If you are definitely refinancing soon then sure, you can take max cash from this deal and then just do it again. But if you don't end up refinancing again soon (perhaps because rates rise unexpectedly or you have a change in income/creditworthiness) then you will lose money over the long run as a result of the higher rate than the one you could have gotten. So that's why the received BH wisdom (which I think is generally right, subject to some circumstance-unique exceptions) is to take the rate closest to a zero-cost refi.

Also a note on your cost numbers--when calculating the cost to refinance, you should add columns D+E of the loan estimate, as the column E expenses are costs you would not otherwise be incurring (unlike the escrows/prepaids).

This makes a lot of sense thank you u very much!

ah got it .... overlooked the E section but thank god it has only recording fee of 50$.
Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

I have to say, I’m really jealous of everyone saying they have 3% or less rates with very little or 0 costs. I’m currently locked in at 3.25% with a lender credit covering all refinance costs. I decided to call around to some of the places mentioned here the best someone was willing to do was a LoanDepot rep would would match the rate and give me $200 extra...not enough for me to bail on the guy I’ve used without any issue 3 times now. He also was going to make me pay a $20 credit check fee and a $495 appraisal fee up front which he’d reimburse me if we closed.
orangecrushv
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Re: Refinance Mega Thread

Post by orangecrushv »

orangecrushv wrote: Mon May 04, 2020 2:01 pm
frankandbeans wrote: Mon May 04, 2020 11:57 am
frankandbeans wrote: Thu Apr 16, 2020 6:53 pm
My Northpointe 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
Updating this for benefit of others in process with Northpointe:

5/4: Received "initial approval" from underwriting. Nothing has been requested beyond the initial batch of documents submitted with application. Close scheduled for 5/24.
I’m six days behind you on “sent to processing” so hopefully I’m no more than that from approval... thanks for the update!
Right on schedule... 4/21 sent to processing and 5/9 for my initial approval message.
darkhorse
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Joined: Mon Dec 17, 2012 4:13 pm

Re: Refinance Mega Thread

Post by darkhorse »

After few initial hiccups my north pointe is also on track.
I din't shop around except asking current lender who couldn't lower rate. May be should have looked around a bit for a better rate. However overall very happy with 2.5 @ 15 years
Dmody91
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Re: Refinance Mega Thread

Post by Dmody91 »

darkhorse wrote: Sat May 09, 2020 9:18 pm After few initial hiccups my north pointe is also on track.
I din't shop around except asking current lender who couldn't lower rate. May be should have looked around a bit for a better rate. However overall very happy with 2.5 @ 15 years
That’s a good deal assuming low closing costs. Doubt you can do much better.
PavlovsCat
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Re: Refinance Mega Thread

Post by PavlovsCat »

Jags4186 wrote: Sat May 09, 2020 1:54 pm I have to say, I’m really jealous of everyone saying they have 3% or less rates with very little or 0 costs. I’m currently locked in at 3.25% with a lender credit covering all refinance costs. I decided to call around to some of the places mentioned here the best someone was willing to do was a LoanDepot rep would would match the rate and give me $200 extra...not enough for me to bail on the guy I’ve used without any issue 3 times now. He also was going to make me pay a $20 credit check fee and a $495 appraisal fee up front which he’d reimburse me if we closed.


Are you in a state Better operates? They will beat your current offer by $1k and you can get an additional $2.5k by going through the Better.com/with/Amex link.
notyourlawyer
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Re: Refinance Mega Thread

Post by notyourlawyer »

We are looking for a refinance and need some guidance. We currently have a ~$900K 15yr fixed @4.0% on a $1.2MM home, but would like to change to a 30yr. We are not in any rush and have excellent credit. We’re willing to transfer cash for a relationship discount but not to pay down to a conforming loan amount (I take a particularly pessimistic macro view and like cash). I’ve talked with two bulge brackets and the best we could find was 3.625% 30yr (no points) and $10K closing costs. Apparently buying 1/2 a point, $100K escrow and $300K cash transfer gets us to 3.0%. A few questions:

(1) Is there a typical range of discount/premium for jumbo loans when comparing to all of the conforming loan quotes on here that we should expect? If you can suggest a good resource I will try to avoid asking stupid questions.
(2) Are there certain lenders known to be more competitive for jumbos than others these days?
(3) is the offer we got in the ballpark, or should we be aiming for something different with those stats? Again, we’re not in any rush.

What would you recommend? Thank you kindly in advance.
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

notyourlawyer wrote: Sun May 10, 2020 9:55 pm
(1) Is there a typical range of discount/premium for jumbo loans when comparing to all of the conforming loan quotes on here that we should expect? If you can suggest a good resource I will try to avoid asking stupid questions.
(2) Are there certain lenders known to be more competitive for jumbos than others these days?
(3) is the offer we got in the ballpark, or should we be aiming for something different with those stats? Again, we’re not in any rush.

What would you recommend? Thank you kindly in advance.
(1) There is no standard, as the existence of this premium is totally brand-new. There was basically parity between jumbo rates and conforming rates from about 2012 until February 2020. Now the investors and lenders are all over the place and nervous about liquidity as a result of the forbearance wave, which has not yet crested. I've found about a 0.5% rate spread between <$510k and >$510k, but big YMMV.

(2) The best best should still be with banks and credit unions. As they can lend from deposits, they are not at the whim of an investor to the same extent as the nonbank lenders. So they have more flexibility to be able to act like things are normal--not that most of them are doing so at the moment.

(3) Your offer seems to be in the ballpark for this moment. But if it were me and I weren't in a rush, I would watch and wait for a couple of months. Rates are unlikely to go up and there is some reason to hope the jumbo market will start moving back down toward parity as the industry gets a better sense of how big the forbearance wave is actually going to be.
barberakb
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Re: Refinance Mega Thread

Post by barberakb »

Are you in a state Better operates? They will beat your current offer by $1k and you can get an additional $2.5k by going through the Better.com/with/Amex link.
[/quote]

not for everyone, they wouldn't compete with my offer from northpointe
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

barberakb wrote: Mon May 11, 2020 11:02 am
PavlovsCat wrote: Sun May 10, 2020 6:08 pm Are you in a state Better operates? They will beat your current offer by $1k and you can get an additional $2.5k by going through the Better.com/with/Amex link.
not for everyone, they wouldn't compete with my offer from northpointe
Same for me. They wouldn’t beat my local credit union. Thankfully, over the two weeks of processing and me nagging them on certain things, we are at $150 more than the local lender, before the Amex credit.
csmath
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Re: Refinance Mega Thread

Post by csmath »

PavlovsCat wrote: Sun May 10, 2020 6:08 pm
Jags4186 wrote: Sat May 09, 2020 1:54 pm I have to say, I’m really jealous of everyone saying they have 3% or less rates with very little or 0 costs. I’m currently locked in at 3.25% with a lender credit covering all refinance costs. I decided to call around to some of the places mentioned here the best someone was willing to do was a LoanDepot rep would would match the rate and give me $200 extra...not enough for me to bail on the guy I’ve used without any issue 3 times now. He also was going to make me pay a $20 credit check fee and a $495 appraisal fee up front which he’d reimburse me if we closed.


Are you in a state Better operates? They will beat your current offer by $1k and you can get an additional $2.5k by going through the Better.com/with/Amex link.
My experience with Better says that "they will beat" is not really what it seems. I believe it is better stated, "If they are willing to offer the same rate and terms as a competitor, then they will beat the closing costs by $1,000". For example, I found a great rate somewhere else with low closing costs and then called Better. They couldn't match the loan offer so the "beat competitors by $1,000" didn't apply. I tried asking for clarification a few different ways but it always seemed like they had to already offer a matching duration & rate before they would beat anything. I found it misleading.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

csmath wrote: Mon May 11, 2020 12:13 pm My experience with Better says that "they will beat" is not really what it seems. I believe it is better stated, "If they are willing to offer the same rate and terms as a competitor, then they will beat the closing costs by $1,000". For example, I found a great rate somewhere else with low closing costs and then called Better. They couldn't match the loan offer so the "beat competitors by $1,000" didn't apply. I tried asking for clarification a few different ways but it always seemed like they had to already offer a matching duration & rate before they would beat anything. I found it misleading.
Hmmm, that doesn’t quite match up with my experience, but things have been a moving target as of late. In my case, my original offer was for over 3% and none of the rate table options would go down to 2.875% even with more points. However, once I sent them the competing offer, the rate options changed. I now had a 2.875% option in the middle of the pack and options to shift either way. I ended up going with the 2.625% option.

As I’ve watched today, rates have gone up today. I know when I sent it, rates briefly went down a bit (I’m watching Northpointe and my local CUs to compare). It could be that getting them on a day when rates are down helps vs. they simply won’t beat the offer on days when the rates are going up? That said, this is just a guess based on my personal circumstances.

Either way, I would consider all the options and don’t be opposed to jumping. I started with my local CU and locked in my rate, but then switched because of the terms I could get elsewhere. It was nice know I then had two locked rates to work with in case of hiccups.
onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia »

Hi, may I know how many competitive quotes that you can keep sending them? Can you keep sending competitive quotes until you lock?
BrandonBogle wrote: Mon May 11, 2020 4:10 pm
csmath wrote: Mon May 11, 2020 12:13 pm My experience with Better says that "they will beat" is not really what it seems. I believe it is better stated, "If they are willing to offer the same rate and terms as a competitor, then they will beat the closing costs by $1,000". For example, I found a great rate somewhere else with low closing costs and then called Better. They couldn't match the loan offer so the "beat competitors by $1,000" didn't apply. I tried asking for clarification a few different ways but it always seemed like they had to already offer a matching duration & rate before they would beat anything. I found it misleading.
Hmmm, that doesn’t quite match up with my experience, but things have been a moving target as of late. In my case, my original offer was for over 3% and none of the rate table options would go down to 2.875% even with more points. However, once I sent them the competing offer, the rate options changed. I now had a 2.875% option in the middle of the pack and options to shift either way. I ended up going with the 2.625% option.

As I’ve watched today, rates have gone up today. I know when I sent it, rates briefly went down a bit (I’m watching Northpointe and my local CUs to compare). It could be that getting them on a day when rates are down helps vs. they simply won’t beat the offer on days when the rates are going up? That said, this is just a guess based on my personal circumstances.

Either way, I would consider all the options and don’t be opposed to jumping. I started with my local CU and locked in my rate, but then switched because of the terms I could get elsewhere. It was nice know I then had two locked rates to work with in case of hiccups.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

onyxlinkia wrote: Mon May 11, 2020 5:05 pm Hi, may I know how many competitive quotes that you can keep sending them? Can you keep sending competitive quotes until you lock?
For me they only made adjustments from the first one, stating they cannot compete with the second one I sent. I’ve read reports of them only working with the first one, but I’ve also heard reports they will keep working with you on each. My best guess is they will work with you until you lock your rate. Then, any future LEs from competitors won’t make a difference.

Edit to add: Their exact words were “ We can not discount further as you have the lowest pricing available for your loan amount.” That makes me wonder if they would have been willing to move further if my loan amount was higher. When using their rate quote system without logging in, the rate is a good bit better at another $75k from where I’m at.
Last edited by BrandonBogle on Mon May 11, 2020 6:35 pm, edited 1 time in total.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

So I kept calling around and I finally was able to get loandepot to offer me a 3.125% 30yr fixed no closing costs. I already locked with my current broker for 3.25%.

I still don’t like the fact that loandepot requires me to pay $520 up front only to get it refunded when I close vs the broker I’ve used who’s never asked me for a cent in my prior two refinances.

Any repercussions for backing out once locked in? Or should I simply ask my current guy to match?

I know these sound like silly questions to ask, but I do feel having a relationship with someone for this type of transactions is beneficial. 0.125% works out to $21/mo savings.
4Health
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Re: Refinance Mega Thread

Post by 4Health »

Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
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Re: Refinance Mega Thread

Post by abuss368 »

I am still watching the rates with Wells Fargo and it still is not below what our current rate is!
John C. Bogle: “Simplicity is the master key to financial success."
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

4Health wrote: Mon May 11, 2020 6:22 pm I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
Great job! Yeah, hard to turn down a “nothing needed” rate improvement.
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

4Health wrote: Mon May 11, 2020 6:22 pm Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
Congrats and welcome to the club! That Chase made you this offer to prevent you from refinancing with [checks notes] Chase is a fun and interesting twist!
ellvizzle
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Re: Refinance Mega Thread

Post by ellvizzle »

Edited to reflect that on 5-14 I was able to lock a 2.875% refi 30 year fixed with lender credits covering all loan costs plus some. I found LenderFi and Better to both be competitive, but Better beat LenderFi.
Last edited by ellvizzle on Thu May 14, 2020 9:53 am, edited 1 time in total.
onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia »

Thank you Brandon for your feedback.
BrandonBogle wrote: Mon May 11, 2020 6:09 pm
onyxlinkia wrote: Mon May 11, 2020 5:05 pm Hi, may I know how many competitive quotes that you can keep sending them? Can you keep sending competitive quotes until you lock?
For me they only made adjustments from the first one, stating they cannot compete with the second one I sent. I’ve read reports of them only working with the first one, but I’ve also heard reports they will keep working with you on each. My best guess is they will work with you until you lock your rate. Then, any future LEs from competitors won’t make a difference.

Edit to add: Their exact words were “ We can not discount further as you have the lowest pricing available for your loan amount.” That makes me wonder if they would have been willing to move further if my loan amount was higher. When using their rate quote system without logging in, the rate is a good bit better at another $75k from where I’m at.
davehica
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Re: Refinance Mega Thread

Post by davehica »

frankandbeans wrote: Mon May 11, 2020 6:40 pm
4Health wrote: Mon May 11, 2020 6:22 pm Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
Congrats and welcome to the club! That Chase made you this offer to prevent you from refinancing with [checks notes] Chase is a fun and interesting twist!
Yeah, I must say that is a fairly appealing option. I am currently in a jumbo with Chase at 3.375 and am going to see if I can trigger this as well. Just submitted the payoff statement request. I'd love to avoid having hard credit pulls if possible, so we'll see if this prompts any offers.

In the meantime, I'm all ears if someone has any other suggestions that may increase my odds.
psychoslowmatic
Posts: 219
Joined: Fri Jul 19, 2013 2:34 pm

Re: Refinance Mega Thread

Post by psychoslowmatic »

davehica wrote: Tue May 12, 2020 3:57 pm [quote=frankandbeans post_id=5245522 time=<a href="tel:1589240456">1589240456</a> user_id=145034]
[quote=4Health post_id=5245482 time=<a href="tel:1589239335">1589239335</a> user_id=57863]
Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
Congrats and welcome to the club! That Chase made you this offer to prevent you from refinancing with [checks notes] Chase is a fun and interesting twist!
[/quote]

Yeah, I must say that is a fairly appealing option. I am currently in a jumbo with Chase at 3.375 and am going to see if I can trigger this as well. Just submitted the payoff statement request. I'd love to avoid having hard credit pulls if possible, so we'll see if this prompts any offers.

In the meantime, I'm all ears if someone has any other suggestions that may increase my odds.
[/quote]

Yes, it’ll be interesting to see if the payoff quote alone triggers it or if you’ll also have to have a mortgage credit pull in your recent history to get it.
manatee2005
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Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

4Health wrote: Mon May 11, 2020 6:22 pm Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
:thumbsup :thumbsup :thumbsup Bravo my good man. :thumbsup :thumbsup :thumbsup
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

davehica wrote: Tue May 12, 2020 3:57 pm
frankandbeans wrote: Mon May 11, 2020 6:40 pm
4Health wrote: Mon May 11, 2020 6:22 pm Another data point for the unsolicited mortgage rate reduction offer from Chase that some people have received.

After reading the posts earlier in this thread about Chase sending out unsolicited rate reduction offers, I decided to see if I could get targeted for it while actually moving forward with a refinance if it didn't happen. I had just refinanced with Better in late fall 2019 and they immediately sold to Chase. I have a jumbo mortgage with about 70% LTV.

I went to the Chase website and requested a payoff faxed to me. I also applied for a refinance with both BofA, Chase, and Better (moving from 30 to 20 year) and I was actually going to proceed with it (locked a rate at 3.125% with negative points). I elected to go with Chase because they beat the others on the closing costs. All three had performed credit pulls. Two weeks later I received an overnight envelope via FedEx with the mortgage rate reduction offer from Chase. The rate went from 3.5 to 3.0% without having to pay anything. I simply had to sign a form and mail it back. My rate was updated on their website within 3 days of them receiving the signed forms.

I am happy at 3.0% on a 30 year fixed and doubt I will ever get better than that.
Congrats and welcome to the club! That Chase made you this offer to prevent you from refinancing with [checks notes] Chase is a fun and interesting twist!
Yeah, I must say that is a fairly appealing option. I am currently in a jumbo with Chase at 3.375 and am going to see if I can trigger this as well. Just submitted the payoff statement request. I'd love to avoid having hard credit pulls if possible, so we'll see if this prompts any offers.

In the meantime, I'm all ears if someone has any other suggestions that may increase my odds.
From my informal survey during the first round of these in March, it seemed that everyone who got it was actually moving forward with a refinance. Possible the payoff request from the would-be new lender is what triggered it. But who knows!
br0nd
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Joined: Sun Feb 19, 2012 5:40 pm

Re: Refinance Mega Thread

Post by br0nd »

I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

br0nd wrote: Wed May 13, 2020 2:28 pm I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
I saw the UWM Conquest announcement. What it wasn't clear about was closing costs. That is an incredible deal! Congrats!
BruDude
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Location: Las Vegas

Re: Refinance Mega Thread

Post by BruDude »

br0nd wrote: Wed May 13, 2020 2:28 pm I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
How did you find the broker?
amindu
Posts: 161
Joined: Thu Aug 04, 2016 11:59 am

Re: Refinance Mega Thread

Post by amindu »

br0nd wrote: Wed May 13, 2020 2:28 pm I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
How did you find a broker, can you share who you used so we can contact them to see if they would service other areas? Thanks.
User avatar
Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Just a note on the Conquest program from the website (note the bolded): https://www.uwm.com/price-a-loan/exclus ... n=Conquest

*The principal and interest payment on a $200,000 30-year Fixed-Rate Loan at 2.875% and 80% loan-to-value (LTV) is $829.78. The Annual Percentage Rate (APR) is 3.097% with estimated finance charges of $5,600. The principal and interest payment does not include taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 05/12/2020. The APR is calculated using the Actuarial Method.

Sounds like there are some significant points or other lender fees involved although if you can bid up the rate to cover them it might be worthwhile.
br0nd
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Joined: Sun Feb 19, 2012 5:40 pm

Re: Refinance Mega Thread

Post by br0nd »

amindu wrote: Wed May 13, 2020 2:37 pm
br0nd wrote: Wed May 13, 2020 2:28 pm I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
How did you find a broker, can you share who you used so we can contact them to see if they would service other areas? Thanks.
Not sure if its against the rules to post this (Moderators, please remove if not)..
I am using a Mortgage broker who is licensed in Arizona, California and Utah
Jenni Anderson
Keystone Financial Services
P: 480-899-9445
jenni@usekeystone.com

www.usekeystone.com
ig77
Posts: 43
Joined: Fri Dec 22, 2017 9:46 am

Re: Refinance Mega Thread

Post by ig77 »

I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for 7 months and homeowner's insurance for 13 months and makes up a majority of the costs.

When I asked the lender, he said that another option is to keep the loan amount same as the outstanding principal but I need to bring $10k to close.

Is this how this is generally done? Will I get a refund from the existing lender for escrow? Any thoughts are appreciated.
Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

ig77 wrote: Thu May 14, 2020 7:48 am I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for 7 months and homeowner's insurance for 13 months and makes up a majority of the costs.

When I asked the lender, he said that another option is to keep the loan amount same as the outstanding principal but I need to bring $10k to close.

Is this how this is generally done? Will I get a refund from the existing lender for escrow? Any thoughts are appreciated.
The amount of escrow funding seems to be a wildcard. When everyone on here was talking about Northpointe I went to them to get a quote. They wanted 9 months prepaid escrow on both HOI and property taxes. This was north of $10,000 for me. Others were only asking for 2 or 3 months. Northpointe wouldn't budge, despite others on Bogleheads reporting they didn't have this requirement with Northpointe. I do not know what causes the discrepancy with this amount within and between lenders.

My suggestion is to look for a different broker/lender. The broker I am using has me prepaying 3 months taxes and insurance and is able to do a direct roll from my current escrow account so I don't need to outlay a penny and wait for reimbursement. I received a quote from loandepot and they only requested 2 months escrow at closing although they had me paying upfront for appraisal and credit check (with a refund on the back end). I suggest looking at them. Don't go with their initial quote...then you will get a call from the retention department who can offer an even better rate.

The only reason I didn't go with loandepot was because my broker would match their rate and require no upfront payment. I figure if something went south I'd be out no money vs. loan depot, I'd be out $500+.
User avatar
Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

br0nd wrote: Wed May 13, 2020 2:50 pm
amindu wrote: Wed May 13, 2020 2:37 pm
br0nd wrote: Wed May 13, 2020 2:28 pm I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
How did you find a broker, can you share who you used so we can contact them to see if they would service other areas? Thanks.
Not sure if its against the rules to post this (Moderators, please remove if not)..
I am using a Mortgage broker who is licensed in Arizona, California and Utah
Jenni Anderson
Keystone Financial Services
P: 480-899-9445
jenni@usekeystone.com

www.usekeystone.com
Can you share how you found someone that specifically participates in the UWM program? Is there a list by state somewhere or did you just call random brokers and ask?
ig77
Posts: 43
Joined: Fri Dec 22, 2017 9:46 am

Re: Refinance Mega Thread

Post by ig77 »

Jags4186 wrote: Thu May 14, 2020 8:03 am
ig77 wrote: Thu May 14, 2020 7:48 am I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for 7 months and homeowner's insurance for 13 months and makes up a majority of the costs.

When I asked the lender, he said that another option is to keep the loan amount same as the outstanding principal but I need to bring $10k to close.

Is this how this is generally done? Will I get a refund from the existing lender for escrow? Any thoughts are appreciated.
The amount of escrow funding seems to be a wildcard. When everyone on here was talking about Northpointe I went to them to get a quote. They wanted 9 months prepaid escrow on both HOI and property taxes. This was north of $10,000 for me. Others were only asking for 2 or 3 months. Northpointe wouldn't budge, despite others on Bogleheads reporting they didn't have this requirement with Northpointe. I do not know what causes the discrepancy with this amount within and between lenders.

My suggestion is to look for a different broker/lender. The broker I am using has me prepaying 3 months taxes and insurance and is able to do a direct roll from my current escrow account so I don't need to outlay a penny and wait for reimbursement. I received a quote from loandepot and they only requested 2 months escrow at closing although they had me paying upfront for appraisal and credit check (with a refund on the back end). I suggest looking at them. Don't go with their initial quote...then you will get a call from the retention department who can offer an even better rate.

The only reason I didn't go with loandepot was because my broker would match their rate and require no upfront payment. I figure if something went south I'd be out no money vs. loan depot, I'd be out $500+.
Can I expect the escrow to be refunded from my existing lender? Not quite sure how much they have in their "pool". How does that process work?

What's the downside of putting down 9 months of prepaid escrow (other than the cost incurred at closing?). Does this prevent us from doing another re-fi within 9 months? Anything else we need to be concerned about?

This LE is from NorthPointe. I'd like to use that estimate to get a match from Better.
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Cobra Commander wrote: Thu May 14, 2020 9:37 am Can you share how you found someone that specifically participates in the UWM program? Is there a list by state somewhere or did you just call random brokers and ask?
A list of UWM brokers is available here:
https://nationalmortgageprofessional.co ... ge-brokers

https://findamortgagebroker.com/homeowner-homebuyer
darkhorse
Posts: 146
Joined: Mon Dec 17, 2012 4:13 pm

Re: Refinance Mega Thread

Post by darkhorse »

ig77 wrote: Thu May 14, 2020 9:52 am
Jags4186 wrote: Thu May 14, 2020 8:03 am
ig77 wrote: Thu May 14, 2020 7:48 am I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for 7 months and homeowner's insurance for 13 months and makes up a majority of the costs.

When I asked the lender, he said that another option is to keep the loan amount same as the outstanding principal but I need to bring $10k to close.

Is this how this is generally done? Will I get a refund from the existing lender for escrow? Any thoughts are appreciated.
The amount of escrow funding seems to be a wildcard. When everyone on here was talking about Northpointe I went to them to get a quote. They wanted 9 months prepaid escrow on both HOI and property taxes. This was north of $10,000 for me. Others were only asking for 2 or 3 months. Northpointe wouldn't budge, despite others on Bogleheads reporting they didn't have this requirement with Northpointe. I do not know what causes the discrepancy with this amount within and between lenders.

My suggestion is to look for a different broker/lender. The broker I am using has me prepaying 3 months taxes and insurance and is able to do a direct roll from my current escrow account so I don't need to outlay a penny and wait for reimbursement. I received a quote from loandepot and they only requested 2 months escrow at closing although they had me paying upfront for appraisal and credit check (with a refund on the back end). I suggest looking at them. Don't go with their initial quote...then you will get a call from the retention department who can offer an even better rate.

The only reason I didn't go with loandepot was because my broker would match their rate and require no upfront payment. I figure if something went south I'd be out no money vs. loan depot, I'd be out $500+.
Can I expect the escrow to be refunded from my existing lender? Not quite sure how much they have in their "pool". How does that process work?

What's the downside of putting down 9 months of prepaid escrow (other than the cost incurred at closing?). Does this prevent us from doing another re-fi within 9 months? Anything else we need to be concerned about?

This LE is from NorthPointe. I'd like to use that estimate to get a match from Better.
North poninte prepaids were on higher and kept climbing up with revised disclosure. However , I felt comfortable knowing it's prepaid and no downside except loosing potential interest on that.

If u prefer , for 400 additional cost , you can chose not to escrow
Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

ig77 wrote: Thu May 14, 2020 9:52 am
Jags4186 wrote: Thu May 14, 2020 8:03 am
ig77 wrote: Thu May 14, 2020 7:48 am I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for 7 months and homeowner's insurance for 13 months and makes up a majority of the costs.

When I asked the lender, he said that another option is to keep the loan amount same as the outstanding principal but I need to bring $10k to close.

Is this how this is generally done? Will I get a refund from the existing lender for escrow? Any thoughts are appreciated.
The amount of escrow funding seems to be a wildcard. When everyone on here was talking about Northpointe I went to them to get a quote. They wanted 9 months prepaid escrow on both HOI and property taxes. This was north of $10,000 for me. Others were only asking for 2 or 3 months. Northpointe wouldn't budge, despite others on Bogleheads reporting they didn't have this requirement with Northpointe. I do not know what causes the discrepancy with this amount within and between lenders.

My suggestion is to look for a different broker/lender. The broker I am using has me prepaying 3 months taxes and insurance and is able to do a direct roll from my current escrow account so I don't need to outlay a penny and wait for reimbursement. I received a quote from loandepot and they only requested 2 months escrow at closing although they had me paying upfront for appraisal and credit check (with a refund on the back end). I suggest looking at them. Don't go with their initial quote...then you will get a call from the retention department who can offer an even better rate.

The only reason I didn't go with loandepot was because my broker would match their rate and require no upfront payment. I figure if something went south I'd be out no money vs. loan depot, I'd be out $500+.
Can I expect the escrow to be refunded from my existing lender? Not quite sure how much they have in their "pool". How does that process work?

What's the downside of putting down 9 months of prepaid escrow (other than the cost incurred at closing?). Does this prevent us from doing another re-fi within 9 months? Anything else we need to be concerned about?

This LE is from NorthPointe. I'd like to use that estimate to get a match from Better.
You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money.

The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they would hold onto $10,000 for 30 years for you and then give it back at the end does that sound like a good deal?
ig77
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Joined: Fri Dec 22, 2017 9:46 am

Re: Refinance Mega Thread

Post by ig77 »

Jags4186 wrote: Thu May 14, 2020 10:33 am
You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money.

The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they would hold onto $10,000 for 30 years for you and then give it back at the end does that sound like a good deal?
I assume that if i choose to have the escrow costs folded into the loan amount and plan to do another re-fi in a few months, I'd assume I don't have an issue with that? Or the fact that 8 months have been prepaid lock us into this lender atleast for 8 months?
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ig77 wrote: Thu May 14, 2020 11:06 am
Jags4186 wrote: Thu May 14, 2020 10:33 am
You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money.

The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they would hold onto $10,000 for 30 years for you and then give it back at the end does that sound like a good deal?
I assume that if i choose to have the escrow costs folded into the loan amount and plan to do another re-fi in a few months, I'd assume I don't have an issue with that? Or the fact that 8 months have been prepaid lock us into this lender atleast for 8 months?
Regardless of if you are able to fold the escrow costs into the loan, nothing is preventing you from refinancing again whenever you want. Nothing lost except for the new closing costs paid. That said, I doubt you can technically have the escrow costs folded into the loan. So far, I've seen companies do it one of three ways:
  1. Offer reverse-points (for a higher rate) to give you enough lender credits to cover the escrow deposit
  2. Offer a bridge-loan (the ones I've seen were at 0%) to separately advance the escrow deposit for closing
  3. Offer to not have an escrow account at all, sometimes with a fee either directly paid or resulting in higher origination fees, points, or interest rate
In these cases, your principal balance of the loan (what would be paid off in a refi) isn't raised to covered the escrow requirements.
darkhorse
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Joined: Mon Dec 17, 2012 4:13 pm

Re: Refinance Mega Thread

Post by darkhorse »

ig77 wrote: Thu May 14, 2020 11:06 am
Jags4186 wrote: Thu May 14, 2020 10:33 am
You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money.

The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they would hold onto $10,000 for 30 years for you and then give it back at the end does that sound like a good deal?
I assume that if i choose to have the escrow costs folded into the loan amount and plan to do another re-fi in a few months, I'd assume I don't have an issue with that? Or the fact that 8 months have been prepaid lock us into this lender atleast for 8 months?
You are not stuck but they keep those fund in seperate escrow account. You will get a check if you refinance of prepaid amount (tax+insurance).

You do not loose that money.
darkhorse
Posts: 146
Joined: Mon Dec 17, 2012 4:13 pm

Re: Refinance Mega Thread

Post by darkhorse »

BrandonBogle wrote: Thu May 14, 2020 11:33 am
ig77 wrote: Thu May 14, 2020 11:06 am
Jags4186 wrote: Thu May 14, 2020 10:33 am
You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money.

The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they would hold onto $10,000 for 30 years for you and then give it back at the end does that sound like a good deal?
I assume that if i choose to have the escrow costs folded into the loan amount and plan to do another re-fi in a few months, I'd assume I don't have an issue with that? Or the fact that 8 months have been prepaid lock us into this lender atleast for 8 months?
Regardless of if you are able to fold the escrow costs into the loan, nothing is preventing you from refinancing again whenever you want. Nothing lost except for the new closing costs paid. That said, I doubt you can technically have the escrow costs folded into the loan. So far, I've seen companies do it one of three ways:
  1. Offer reverse-points (for a higher rate) to give you enough lender credits to cover the escrow deposit
  2. Offer a bridge-loan (the ones I've seen were at 0%) to separately advance the escrow deposit for closing
  3. Offer to not have an escrow account at all, sometimes with a fee either directly paid or resulting in higher origination fees, points, or interest rate
In these cases, your principal balance of the loan (what would be paid off in a refi) isn't raised to covered the escrow requirements.
Also in case of north pointe, it's being done as equivalent to cash out refi with limited cash out to cover prepaids
db79
Posts: 17
Joined: Fri Oct 21, 2016 12:00 pm

Re: Refinance Mega Thread

Post by db79 »

Submitted online application to AIM on 4/15 and closed on 5/13. Was suppose to close on 5/11, but the title company had difficulties finding a lawyer in my State (CT). Was a bit surprised how fast AIM pushed through the process.
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