Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
marklar13
Posts: 119
Joined: Wed Jul 08, 2015 11:47 am

Re: Refinance Mega Thread

Post by marklar13 »

FYI, rates seem to be down again today. I've been monitoring on LenderFi, AimLoan, NBKC, and Garden State. Submitted a request to each of them this morning and they were all pretty close with Garden State being the best fit for us. In process locking a 2.75% 30 year with a total of $2275 closing costs (not including escrow stuff). I've been monitoring for about a month and a half and the lowest I saw before today was 3.125 with similar closing costs.

NBKC and LenderFi were offering no cost at 3.125. AimLoan had similar rates but really high closing costs. Here is the detailed quote I got from Garden State. Will see if it holds up:

State: CT
Loan Program – 30 Year Fixed
Loan Amount - $360,000
Loan Rate – 2.75%
Loan Payment – $1,469.67

Origination Fee – $0.00
Credit Report Fee – $31.00
Flood Certificate Fee – $8.00
Appraisal Fee – $0.00
Warehouse Fee – $75.00
Tax Service Fee - $85.00
Title/Settlement Charges - $1,875.00
Recording Fee - $200.00
Total Cost - $2,274.00
xerxes101
Posts: 382
Joined: Sat Oct 14, 2017 11:25 am

Re: Refinance Mega Thread

Post by xerxes101 »

Can anyone offer any tips as far as the best rate for an investment property. The LTV is around 25%. I am interested in a low cost 15 or 10 year mortgage and do not need any cash out at this time.

Thanks for you help and suggestions
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

xerxes101 wrote: Thu May 14, 2020 1:12 pm Can anyone offer any tips as far as the best rate for an investment property. The LTV is around 25%. I am interested in a low cost 15 or 10 year mortgage and do not need any cash out at this time.

Thanks for you help and suggestions
I am in process on a locked 2.875/15 from Northpointe for my rental. Haven't found anything close since.
xerxes101
Posts: 382
Joined: Sat Oct 14, 2017 11:25 am

Re: Refinance Mega Thread

Post by xerxes101 »

frankandbeans wrote: Thu May 14, 2020 1:13 pm
xerxes101 wrote: Thu May 14, 2020 1:12 pm Can anyone offer any tips as far as the best rate for an investment property. The LTV is around 25%. I am interested in a low cost 15 or 10 year mortgage and do not need any cash out at this time.

Thanks for you help and suggestions
I am in process on a locked 2.875/15 from Northpointe for my rental. Haven't found anything close since.
What do the costs look like for you, do you mind sharing?
User avatar
Thrifty Femme
Posts: 537
Joined: Sun Apr 12, 2015 1:54 pm

Re: Refinance Mega Thread

Post by Thrifty Femme »

ig77 wrote: Thu May 14, 2020 9:52 am
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 should be able to log into your account to see your escrow balance or call your service provider. After a sale or refinance, the service provider should mail a check for the escrow balance 4 - 6 weeks after closing.

Prepaying 9 months of escrow might not be bad if you have super low property taxes and homeowners insurance. I wouldn't do it though. Your monthly payment will increase a lot after the year because you will need to begin funding escrow throughout the year.
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

xerxes101 wrote: Thu May 14, 2020 1:15 pm
frankandbeans wrote: Thu May 14, 2020 1:13 pm
xerxes101 wrote: Thu May 14, 2020 1:12 pm Can anyone offer any tips as far as the best rate for an investment property. The LTV is around 25%. I am interested in a low cost 15 or 10 year mortgage and do not need any cash out at this time.

Thanks for you help and suggestions
I am in process on a locked 2.875/15 from Northpointe for my rental. Haven't found anything close since.
What do the costs look like for you, do you mind sharing?
It was $1195 origination with about $100 credit on $300k. Total closing costs about $3k.
davehica
Posts: 43
Joined: Sun May 18, 2014 3:07 pm

Re: Refinance Mega Thread

Post by davehica »

frankandbeans wrote: Wed May 13, 2020 8:20 am
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!
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

davehica wrote: Thu May 14, 2020 2:42 pm
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
Wow! Might as well see what the offer is when the website works. For me, in addition to the email it also showed up on the main account dashboard when I logged in, in case you want to try that. My no-refi offer was a full half point better than their refi offer, accounting for costs.
User avatar
BrandonBogle
Posts: 3333
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

frankandbeans wrote: Thu May 14, 2020 2:48 pm
davehica wrote: Thu May 14, 2020 2:42 pm
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
Wow! Might as well see what the offer is when the website works. For me, in addition to the email it also showed up on the main account dashboard when I logged in, in case you want to try that. My no-refi offer was a full half point better than their refi offer, accounting for costs.
Don’t be afraid to try other web browsers too. Often certain this are coded with poor error messages and it really is something about the web browser breaking things.
DeadLoad
Posts: 24
Joined: Tue Aug 14, 2018 3:15 pm

Re: Refinance Mega Thread

Post by DeadLoad »

Yesterday I was quoted with the following:

"If loan amount is equal to or less than 60% of appraised value (and it was ~59%):
- 2.99% - 30 year conventional fixed
- $641 estimated total cost if appraisal is waived or $525 additional if appraisal is required.
- $1056.87 principal and interest per month on a loan amount of $251,000."

After filling out the application, the appraisal was indeed waved. I should know final numbers today. My original loan was 4.125% with 27 years left @ $251,368 and a mortgage of $1283.17.
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

Hi think this is good deal?

Contacted Loan Depot and offered a cash out refinance for 30 year fixed rate at 2.875% with about $250k in cash out for 60% LTV for my home in NJ. After $3800 in lender credits the closing cost comes to $620 plus the prepaid escrow I would have of about $4k, rolled into the loan. With these terms would you still advise eliminating all the closing costs for a slightly higher rate?
psmoove
Posts: 27
Joined: Mon Feb 27, 2012 7:35 pm

Re: Refinance Mega Thread

Post by psmoove »

Just locked a 15 year refi at 2.5% with Better.com ($394K loan). Net total loan cost (not including prepaids) is ($1,453). Plus I am qualified for the $2,500 AMEX statement credit so all in I will be making $3,953.

I had to pay for an appraisal ($550) but they will waive that at closing, and it may not be needed since my LTV is 44%.

To get that rate, I got an LE from Owning.com, which offers no closing costs in CA. I then sent that LE to Better.com and they beat it by $1,000 according to their Better Price Guarantee. FYI, LenderFI was also competitive but the AMEX statement credit takes the cake.
grp2c
Posts: 136
Joined: Sat Mar 08, 2014 5:51 pm

Re: Refinance Mega Thread

Post by grp2c »

FYI if you are considering refinancing do not ask for covid 19 forbearance from your current lender.

I'm kicking myself. I made this mistake and it's complicating the underwriting for my refinance even though there are supposed to be no negative credit affects from the covid 19 forbearance.

My loan officer said there is some guidance from Fanny/Freddie saying if banks underwrite a loan and they think that the customer will ask for forbearance within the next year then the banks are subject to penalties.
DeadLoad
Posts: 24
Joined: Tue Aug 14, 2018 3:15 pm

Re: Refinance Mega Thread

Post by DeadLoad »

DeadLoad wrote: Fri May 15, 2020 9:49 am Yesterday I was quoted with the following:

"If loan amount is equal to or less than 60% of appraised value (and it was ~59%):
- 2.99% - 30 year conventional fixed
- $641 estimated total cost if appraisal is waived or $525 additional if appraisal is required.
- $1056.87 principal and interest per month on a loan amount of $251,000."

After filling out the application, the appraisal was indeed waved. I should know final numbers today. My original loan was 4.125% with 27 years left @ $251,368 and a mortgage of $1283.17.
Locked at $252,250 @ 2.99% 30 yr fixed.
Last edited by DeadLoad on Fri May 15, 2020 2:15 pm, edited 1 time in total.
livelifealittle
Posts: 32
Joined: Thu Oct 06, 2016 4:01 pm

Re: Refinance Mega Thread

Post by livelifealittle »

grp2c wrote: Fri May 15, 2020 1:25 pm FYI if you are considering refinancing do not ask for covid 19 forbearance from your current lender.

I'm kicking myself. I made this mistake and it's complicating the underwriting for my refinance even though there are supposed to be no negative credit affects from the covid 19 forbearance.

My loan officer said there is some guidance from Fanny/Freddie saying if banks underwrite a loan and they think that the customer will ask for forbearance within the next year then the banks are subject to penalties.
So what happens with your refi now?
grp2c
Posts: 136
Joined: Sat Mar 08, 2014 5:51 pm

Re: Refinance Mega Thread

Post by grp2c »

livelifealittle wrote: Fri May 15, 2020 1:58 pm So what happens with your refi now?
Not sure. I canceled forbearance. Paid update. Waiting for current lender to send me a verification letter. Then I'll send that to the new lender.
davehica
Posts: 43
Joined: Sun May 18, 2014 3:07 pm

Re: Refinance Mega Thread

Post by davehica »

BrandonBogle wrote: Thu May 14, 2020 2:54 pm
frankandbeans wrote: Thu May 14, 2020 2:48 pm
davehica wrote: Thu May 14, 2020 2:42 pm
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
Wow! Might as well see what the offer is when the website works. For me, in addition to the email it also showed up on the main account dashboard when I logged in, in case you want to try that. My no-refi offer was a full half point better than their refi offer, accounting for costs.
Don’t be afraid to try other web browsers too. Often certain this are coded with poor error messages and it really is something about the web browser breaking things.
Final update. I logged on to chase last night and used the banner offer to submit a formal refinance request. Some basic info confirming identity, assets, etc. Today I received a no-refi offer via fedex, reducing my rate from 3.375 to 2.875! I’m almost speechless. Thanks to 4Health and franksandbeans for documenting this process.
Last edited by davehica on Fri May 15, 2020 9:15 pm, edited 1 time in total.
User avatar
BrandonBogle
Posts: 3333
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

davehica wrote: Fri May 15, 2020 2:26 pm Final update. I logged on to chase last night and used the banner offer to submit a formal refinance request. Some basic info confirming identity, assets, etc. Today I received a no-refi offer via fedex, reducing my rate from 3.375 to 2.875! I’m almost speechless. Thanks to 4Health for documenting this process.
That is a fantastic offer, especially with just a simple loan modification. Keep your ears open if you end up finding a better deal to refinance elsewhere, but I think you would be hard pressed to find better than 2.875% at no cost - and if you do, would the rate be low enough to go through all the paperwork?!?

Congrats!
mervinj7
Posts: 1571
Joined: Thu Mar 27, 2014 3:10 pm

Re: Refinance Mega Thread

Post by mervinj7 »

davehica wrote: Fri May 15, 2020 2:26 pm
BrandonBogle wrote: Thu May 14, 2020 2:54 pm
frankandbeans wrote: Thu May 14, 2020 2:48 pm
davehica wrote: Thu May 14, 2020 2:42 pm
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
Wow! Might as well see what the offer is when the website works. For me, in addition to the email it also showed up on the main account dashboard when I logged in, in case you want to try that. My no-refi offer was a full half point better than their refi offer, accounting for costs.
Don’t be afraid to try other web browsers too. Often certain this are coded with poor error messages and it really is something about the web browser breaking things.
Final update. I logged on to chase last night and used the banner offer to submit a formal refinance request. Some basic info confirming identity, assets, etc. Today I received a no-refi offer via fedex, reducing my rate from 3.375 to 2.875! I’m almost speechless. Thanks to 4Health for documenting this process.
Did you have any hard pull from another lender or did you trigger it just by requesting a loan payoff?
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

BrandonBogle wrote: Fri May 15, 2020 2:28 pm
davehica wrote: Fri May 15, 2020 2:26 pm Final update. I logged on to chase last night and used the banner offer to submit a formal refinance request. Some basic info confirming identity, assets, etc. Today I received a no-refi offer via fedex, reducing my rate from 3.375 to 2.875! I’m almost speechless. Thanks to 4Health for documenting this process.
That is a fantastic offer, especially with just a simple loan modification. Keep your ears open if you end up finding a better deal to refinance elsewhere, but I think you would be hard pressed to find better than 2.875% at no cost - and if you do, would the rate be low enough to go through all the paperwork?!?

Congrats!
Thanks just tried this myself on chase site but since dont have a valid fax number at home requested the payoff to be mailed. Will see if it works!
davehica
Posts: 43
Joined: Sun May 18, 2014 3:07 pm

Re: Refinance Mega Thread

Post by davehica »

mervinj7 wrote: Fri May 15, 2020 2:34 pm
davehica wrote: Fri May 15, 2020 2:26 pm
BrandonBogle wrote: Thu May 14, 2020 2:54 pm
frankandbeans wrote: Thu May 14, 2020 2:48 pm
davehica wrote: Thu May 14, 2020 2:42 pm
Well, that was fast. I received an email from Chase offering to lower my rate without a refi, but when I clicked through the link it said the website was temporarily unavailable. So, planning to try again later tonight to see what comes up.
I also received a 2nd email from Chase offering to refinance my current mortgage to a lower rate with a "click here to apply". So, is the consensus that I should try the no refi option again or should I actually start the refi process with them before I explore option #1 more?
Wow! Might as well see what the offer is when the website works. For me, in addition to the email it also showed up on the main account dashboard when I logged in, in case you want to try that. My no-refi offer was a full half point better than their refi offer, accounting for costs.
Don’t be afraid to try other web browsers too. Often certain this are coded with poor error messages and it really is something about the web browser breaking things.
Final update. I logged on to chase last night and used the banner offer to submit a formal refinance request. Some basic info confirming identity, assets, etc. Today I received a no-refi offer via fedex, reducing my rate from 3.375 to 2.875! I’m almost speechless. Thanks to 4Health for documenting this process.
Did you have any hard pull from another lender or did you trigger it just by requesting a loan payoff?
I submitted a few quote requests online but I’m pretty sure I didn’t give my social, so no hard credit pulls.
Soares1234
Posts: 79
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

Hi all,

I wanted to share the rates I found.

DETAILS: Loan amount 580k, 80%LTV, MA

- Mcglone 3.25 points .125%
- Naveo 3.25 (rate floats until close which is not ideal). The current rate omg their website is 3.0 though)
- ConsumerDirect loan 3.25 (apply through costco). Closing costs under 2400

Thanks!
confused1
Posts: 49
Joined: Mon Jul 27, 2015 12:03 am

Re: Refinance Mega Thread

Post by confused1 »

Signing papers tomorrow on the following from owning.com

Property Value -$2.x M (CA)
Mortgage - $600k
15 yr fixed
Zero closing costs
2.75%

Refi from current mortgage with WF at 3.125% (30 yr)

Hope this helps
postal007
Posts: 12
Joined: Thu Feb 27, 2020 2:29 am

Re: Refinance Mega Thread

Post by postal007 »

Closed on a refinance on Monday for 2.85% for a 30-year fixed at First Republic. Locked in mid-March, right as the SIP orders were coming in, finally closed (~50 day closing).

Rate: 2.85%, 30-year fixed
Points: None
Closing Costs: ~$2500 third party costs and recording costs (waived $600 origination costs)
Loan Amount: $570K
LTV: 40%
Previous Rate: 3.625% @ Wells (Wells voluntarily dropped from 4% to 3.625% after I started shopping around)
State: CA

Originally asked for open checking and ~$100k balance, but didn't require the balance for closing. I did move some money over but not $100k. Hope this helps!
Soares1234
Posts: 79
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

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
What did your lender say in regards to the 22 day close. Will they be able to fulfill that? Supposedly Averyday after 22 days the loan rate increases by .1 I’m not sure if lender loses this spread or we have to pay it.
grp2c
Posts: 136
Joined: Sat Mar 08, 2014 5:51 pm

Re: Refinance Mega Thread

Post by grp2c »

Here is a link to the issue I'm facing.

https://www.seattletimes.com/business/f ... -hangover/

I currently have a 3.5% 30y fixed. I worked hard to negotiate a 2.0% 10/1 arm with 0 pts @ citibank after moving 1 million to get a relationship pricing discount on a 960k loan 85% LTV. I locked on 3/11/20 and was supposed to close 5/11/20 but citi's underwriting was behind so they did a free extension for 30 days.

I asked for covid 19 forbearance in early April after being told there were no negative consequences. The forbearance was not noted on my credit report when pulled. But I received an email from citi asking me if I had asked for forbearance. I'm pissed if this deal blows up, and I'm locked out of refinancing for 12 months.

Check out these jaw dropping rates below. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Last edited by grp2c on Mon May 18, 2020 11:17 am, edited 1 time in total.
darkhorse
Posts: 146
Joined: Mon Dec 17, 2012 4:13 pm

Re: Refinance Mega Thread

Post by darkhorse »

Signed 2.5 % @ 15 year 70 LTV
North pointe today

However recent sub 3 30 years are really tempting to be honest
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

With the possible Chase offer for rate modification on existing mortgages, has anyone or know of luck in directly calling and asking them for it? As suggested here I did ask for the formal payoff quote to be mailed on Friday and did not see a FedEx pop on my front door yesterday :happy

Thinking whether to try with Chase first (current mortgage
servicer) before rate locking on a 2.875% 30 yr fixed loan with lender credits covering all closing costs with either Loan Depot or Better tomorrow.
happygilmore
Posts: 19
Joined: Thu May 30, 2013 1:14 pm

Re: Refinance Mega Thread

Post by happygilmore »

Wondering if anyone in NY has competed a refi over last month or two? I am 10 weeks in to a process with citi and no end in sight. The cema modification is taking forever and servicer. (Shellpoint) is still waiting on initial collateral information from the lender (wells). Curious if others going thru similar.
4Health
Posts: 12
Joined: Tue Nov 11, 2014 7:06 am

Re: Refinance Mega Thread

Post by 4Health »

njdealguy wrote: Sun May 17, 2020 7:01 am With the possible Chase offer for rate modification on existing mortgages, has anyone or know of luck in directly calling and asking them for it? As suggested here I did ask for the formal payoff quote to be mailed on Friday and did not see a FedEx pop on my front door yesterday :happy

Thinking whether to try with Chase first (current mortgage
servicer) before rate locking on a 2.875% 30 yr fixed loan with lender credits covering all closing costs with either Loan Depot or Better tomorrow.
It took a couple of weeks from the time I requested the payoff and applied to refinance with other banks. You may have to move forward if you are in a hurry as it wasn’t a fast (days) process. Also, I never received an email and there was never a banner on the chase.com website.
davehica
Posts: 43
Joined: Sun May 18, 2014 3:07 pm

Re: Refinance Mega Thread

Post by davehica »

njdealguy wrote: Sun May 17, 2020 7:01 am With the possible Chase offer for rate modification on existing mortgages, has anyone or know of luck in directly calling and asking them for it? As suggested here I did ask for the formal payoff quote to be mailed on Friday and did not see a FedEx pop on my front door yesterday :happy

Thinking whether to try with Chase first (current mortgage
servicer) before rate locking on a 2.875% 30 yr fixed loan with lender credits covering all closing costs with either Loan Depot or Better tomorrow.
I haven’t heard of anyone calling and having success. A buddy of mine called pennymac to ask for a reduction and the lady basically laughed at him and said that she’d never seen that happen in her 40 years working with mortgages. However, if you have competing offers in hand, I would absolutely call and ask. And if that doesn’t work, I would file the official refinance application with chase so they know you’re serious. Good news is your worst case is you get the same rate, you’ll just have to actually refi with someone else.
BallDon'tLie
Posts: 1
Joined: Sun May 17, 2020 12:52 pm

Re: Refinance Mega Thread

Post by BallDon'tLie »

Thanks to everyone who's been posting on this thread. It's been very helpful as I searched for a refi, both in terms of rates and lenders. Another data point-- Friday I locked at 3.125% with no points, 30 years for $700k+ on our house in DC. The lender is Consumer Direct through Costco. That was easily the best I'd found for a loan of that size. We are currently at 3.875%, so that will amount to a pretty good savings.
Last edited by BallDon'tLie on Sun May 17, 2020 1:02 pm, edited 1 time in total.
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

davehica wrote: Sun May 17, 2020 12:47 pm
njdealguy wrote: Sun May 17, 2020 7:01 am With the possible Chase offer for rate modification on existing mortgages, has anyone or know of luck in directly calling and asking them for it? As suggested here I did ask for the formal payoff quote to be mailed on Friday and did not see a FedEx pop on my front door yesterday :happy

Thinking whether to try with Chase first (current mortgage
servicer) before rate locking on a 2.875% 30 yr fixed loan with lender credits covering all closing costs with either Loan Depot or Better tomorrow.
I haven’t heard of anyone calling and having success. A buddy of mine called pennymac to ask for a reduction and the lady basically laughed at him and said that she’d never seen that happen in her 40 years working with mortgages. However, if you have competing offers in hand, I would absolutely call and ask. And if that doesn’t work, I would file the official refinance application with chase so they know you’re serious. Good news is your worst case is you get the same rate, you’ll just have to actually refi with someone else.
Thanks, guess doesn't hurt to try.

Also maybe unfounded but I'm also having bit of concerns about refinancing with those origination companies and having it sold to servicing companies with less than steller reputations (heard Better's loans often ends up with some Mr Cooper who I heard of just yesterday!) who might later give the run around on my various requests in the future!
2babogle
Posts: 43
Joined: Mon Nov 05, 2018 9:55 am

Re: Refinance Mega Thread

Post by 2babogle »

Mr Cooper has one of my rentals. They are fine but nothing to brag about. They changed their name a couple years ago.
Soares1234
Posts: 79
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

BallDon'tLie wrote: Sun May 17, 2020 12:55 pm Thanks to everyone who's been posting on this thread. It's been very helpful as I searched for a refi, both in terms of rates and lenders. Another data point-- Friday I locked at 3.125% with no points, 30 years for $700k+ on our house in DC. The lender is Consumer Direct through Costco. That was easily the best I'd found for a loan of that size. We are currently at 3.875%, so that will amount to a pretty good savings.
Hi, me too! Except someone said they locked in a rate with UWM conquest program through a broker. Search UWH using the search box at the top and you will find a link that someone provided to find a broker. I reached out to someone yesterday and they will price it out for me tomorrow. Will let everyone know!
Pullupking214
Posts: 17
Joined: Mon Mar 16, 2020 12:24 pm

Re: Refinance Mega Thread

Post by Pullupking214 »

darkhorse wrote: Sat May 16, 2020 9:37 pm Signed 2.5 % @ 15 year 70 LTV
North pointe today
What state? Been trying to get the same 2.5% (mythical) rate for 5 weeks now. My NorthPointe rep says the lowest without points is 2.625%. How much in closing costs did you pay and what was the breakdown? Congrats on the phenomenal offer! Probably one of the best I've seen scouring this thread
DeadLoad
Posts: 24
Joined: Tue Aug 14, 2018 3:15 pm

Re: Refinance Mega Thread

Post by DeadLoad »

Soares1234 wrote: Sun May 17, 2020 6:09 pm Hi, me too! Except someone said they locked in a rate with UWM conquest program through a broker. Search UWH using the search box at the top and you will find a link that someone provided to find a broker. I reached out to someone yesterday and they will price it out for me tomorrow. Will let everyone know!
UWM is also what I went through using a private broker. So far the process has been easy.
Goal33
Posts: 1511
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

I just closed at 3.25% jumbo on a new home loan at the end of April. It’s a 85% ltv, and came with serious lender credits (paid all closing costs). Required 200k in asset based relationship money.

Should I already be looking to refinance? I could bring loan below the conforming 765k or bring ltv to 80% (still jumbo) if it was worth it (3% or better, no costs would be worth it)
Ron Ronnerson
Posts: 1774
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Refinance Mega Thread

Post by Ron Ronnerson »

grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
mervinj7
Posts: 1571
Joined: Thu Mar 27, 2014 3:10 pm

Re: Refinance Mega Thread

Post by mervinj7 »

Goal33 wrote: Mon May 18, 2020 12:01 am I just closed at 3.25% jumbo on a new home loan at the end of April. It’s a 85% ltv, and came with serious lender credits (paid all closing costs). Required 200k in asset based relationship money.

Should I already be looking to refinance? I could bring loan below the conforming 765k or bring ltv to 80% (still jumbo) if it was worth it (3% or better, no costs would be worth it)
IMHO, as soon as the first payment is made, you should be looking out for no-cost refinance opportunities. That said, no reason to do any hard credit pulls unless you are confident you would get a lower rate.
User avatar
BrandonBogle
Posts: 3333
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
Ron Ronnerson
Posts: 1774
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Refinance Mega Thread

Post by Ron Ronnerson »

BrandonBogle wrote: Mon May 18, 2020 10:37 am
Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I see. Thanks for the explanation.
grp2c
Posts: 136
Joined: Sat Mar 08, 2014 5:51 pm

Re: Refinance Mega Thread

Post by grp2c »

BrandonBogle wrote: Mon May 18, 2020 10:37 am
Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I was told you don't have to meet the narrow membership requirements to apply for a home loan.
User avatar
BrandonBogle
Posts: 3333
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

grp2c wrote: Mon May 18, 2020 11:16 am
BrandonBogle wrote: Mon May 18, 2020 10:37 am
Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I was told you don't have to meet the narrow membership requirements to apply for a home loan.
That is great news. When I saw them and thought about applying, they had a sign on their website that they are closed because of the Coronavirus, so I couldn’t call and ask about that. I’m glad they are open again and that isn’t a stipulation. They had a 2.375% with no point rate when I was shopping around and would totally have used them as an offer for others to beat.
User avatar
Cobra Commander
Posts: 318
Joined: Tue Mar 14, 2017 11:09 am

Re: Refinance Mega Thread

Post by Cobra Commander »

grp2c wrote: Mon May 18, 2020 11:16 am
BrandonBogle wrote: Mon May 18, 2020 10:37 am
Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I was told you don't have to meet the narrow membership requirements to apply for a home loan.
I assume they only do loans in CA?
amindu
Posts: 161
Joined: Thu Aug 04, 2016 11:59 am

Re: Refinance Mega Thread

Post by amindu »

Cobra Commander wrote: Mon May 18, 2020 12:39 pm
grp2c wrote: Mon May 18, 2020 11:16 am
BrandonBogle wrote: Mon May 18, 2020 10:37 am
Ron Ronnerson wrote: Mon May 18, 2020 10:27 am
grp2c wrote: Sat May 16, 2020 9:31 pm
If anyone needs some jaw dropping rates to pricematch to. Check out these. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Is there a catch with these rates? They seem a little too good to be true so it makes me feel skeptical that it might be some sort of bait-and-switch operation.
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I was told you don't have to meet the narrow membership requirements to apply for a home loan.
I assume they only do loans in CA?
I just called and was advised that you do have to be a member in order to apply.
Soares1234
Posts: 79
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

Has anyone refinanced out of FHA to a conventional and then bought another property with FHA specifically multi family? If so, can you please share lender/broker?

Thank you!
grp2c
Posts: 136
Joined: Sat Mar 08, 2014 5:51 pm

Re: Refinance Mega Thread

Post by grp2c »

amindu wrote: Mon May 18, 2020 12:46 pm I just called and was advised that you do have to be a member in order to apply.
Huh. That's not what they told me in an email.
amindu
Posts: 161
Joined: Thu Aug 04, 2016 11:59 am

Re: Refinance Mega Thread

Post by amindu »

grp2c wrote: Mon May 18, 2020 1:28 pm
amindu wrote: Mon May 18, 2020 12:46 pm I just called and was advised that you do have to be a member in order to apply.
Huh. That's not what they told me in an email.
Strange, i got the feeling that not everyone there was on top of things. The first time i called the lady did not know anything it was her first day, called back half hour later and this lady seemed to be pretty familiar, but not sure which is correct.
Post Reply