Yes. Currently they offer 2.625 15 year no cost.
If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.
Yes. Currently they offer 2.625 15 year no cost.
Yes. Currently they offer 2.625 15 year no cost.
They only service California?Amhenn01 wrote: ↑Tue May 19, 2020 3:56 pmYes. Currently they offer 2.625 15 year no cost.
If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.
Yes.thedane wrote: ↑Tue May 19, 2020 3:57 pmThey only service California?Amhenn01 wrote: ↑Tue May 19, 2020 3:56 pmYes. Currently they offer 2.625 15 year no cost.
If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.
I got the same rate and no cost with them and I took that to Better, which beat it by issuing $2,000 in lender credits. So I went with Better, and I am also eligible for the $2,500 Amex promo. But yes, I agree that Owning is great. If it wasn’t for the promo I would’ve proceeded with them.
Please advise if you see any red flags. Thanks.If your loan is a refinance transaction, our compensation is paid directly by you, and our compensation has been paid from proceeds of your loan; you will be reimbursed for our compensation if you exercise your right to rescind the loan.
Mind sharing loan amount and state? The best I got offered from Northpointe was 3.375% for a 15 yr refi (600k loan). The originator knew he wasn’t competitive and didn’t even try to negotiate.Inframan4712 wrote: ↑Wed May 20, 2020 6:26 am Closed yesterday on my 15yr 2.5% refinance. Only paid escrow - a little less actually since appraisal was waived and lender credits included that, too. So I got paid a few hundred dollars to get rid of my 4% 30 year with 28 years left on it.
79% LTV. Northpointe. Pretty painless.
What was the 30 year fixed or 10/1 ARM rate?nova148 wrote: ↑Tue May 19, 2020 8:14 pm Got an offer for 15yr refi at 2.625% with no cost (lender credits to cover all costs except prepaids and escrow). Loan Amount 600K (70% LTV) in Virginia
Requesting your feedback on a couple of observations that I found a bit off -
1) I went through a mortgage broker and to my surprise, the lender is Quicken Loans. I have been shopping aggressively for the last 2-3 weeks and have been shopping at many lenders mentioned in this thread. I am just a bit surprised that Quicken came in with the best offer for me. On their site, the advertised rate is much higher. Anyone have experience with Quicken?
2) The LE contains a Broker fee (couple '000s) which is negated by the lender credit. The disclosure package contains a Broker Fee agreement which says the fee is disclosed in LE and I am responsible to pay it. I have never seen this before so just curious if this is normal. Does this pose any risk to me? There is a sentence in the agreement which saysPlease advise if you see any red flags. Thanks.If your loan is a refinance transaction, our compensation is paid directly by you, and our compensation has been paid from proceeds of your loan; you will be reimbursed for our compensation if you exercise your right to rescind the loan.
Did they state why they wouldn't be able to give him the $2.5k Better credit? Did he not apply through the link originally? Otherwise it doesn't seem like there are really many restrictions on it that would exclude someone as long as they have an eligible card and apply via the link.
State: SC. Amount $350knova148 wrote: ↑Wed May 20, 2020 7:03 amMind sharing loan amount and state? The best I got offered from Northpointe was 3.375% for a 15 yr refi (600k loan). The originator knew he wasn’t competitive and didn’t even try to negotiate.Inframan4712 wrote: ↑Wed May 20, 2020 6:26 am Closed yesterday on my 15yr 2.5% refinance. Only paid escrow - a little less actually since appraisal was waived and lender credits included that, too. So I got paid a few hundred dollars to get rid of my 4% 30 year with 28 years left on it.
79% LTV. Northpointe. Pretty painless.
One requirement is that is it only available to the primary account holder. Perhaps Carl's son is just an additional user on the Amex card account.Gigante wrote: ↑Wed May 20, 2020 11:00 amDid they state why they wouldn't be able to give him the $2.5k Better credit? Did he not apply through the link originally? Otherwise it doesn't seem like there are really many restrictions on it that would exclude someone as long as they have an eligible card and apply via the link.
Try consumer direct mortgage!alfaspider wrote: ↑Mon May 18, 2020 4:15 pmNot had good luck myself with Jumbos. Best I got back in March was 3.5% with ~$3k in closing costs on a 30 year jumbo. Current is at 3.75, so I decided to wait. More recently, I'm seeing 4%+ quoted.
They just quoted me 5%Soares1234 wrote: ↑Wed May 20, 2020 1:05 pmTry consumer direct mortgage!alfaspider wrote: ↑Mon May 18, 2020 4:15 pmNot had good luck myself with Jumbos. Best I got back in March was 3.5% with ~$3k in closing costs on a 30 year jumbo. Current is at 3.75, so I decided to wait. More recently, I'm seeing 4%+ quoted.
I also refinanced in Texas and just closed last week. Applied back in early April with Better.com. Initially I went on zillow and emailed the lowest rates, about 3.25% without points (but with closing costs in the 3-5k range). Got some estimates, shopped them around between lenders and ultimately better.com matched my lowest offer and did beat it by $1,000. I actually asked them to match twice and shopped it again after the first match.CaptainSaver wrote: ↑Tue May 19, 2020 10:54 am
Here is my (Texas) refinance story, signed the closing paperwork Saturday and wired funds Monday... looks like everything is moving along as planned.
After seeing the Amex offer I requested rates from Better mortgage on March 31st, I was very
disappointed to see 4.625% - 4.679% APR for $300 in points.... my existing 30 year mortgage was at 4.875% and was over 6 years old.
Kept monitoring the rates and they drifted down slightly. While using rate comparison websites I saw a Texas lender offering the lowest rate I had seen up to that point, a 3.125% - 3.313% APR 15 year refinance. To get their loan estimate I did have to pay a credit check fee, I think it was around $50. (Lender was American Heritage Capital LP)
I sent this loan estimate to my 'concierge' at Better asking if they could beat it by $1000 and she said they could and sent me a competing loan offer. There was a lender credit added to get the closing costs $1000 below American and most importantly the rate dropped by about .8% from the previous lowest one that Better had offered. If you are having a hard time finding a low rate in Texas. I suggest using this method to drive it down, even if you have to pay a fee to get a loan estimate from a lender offering the lowest rate. Final rate after removing ~$500 in points on Better's counter offer was 3.25% - 3.313% APR. $72 in points was the closest to $0 they could get on their schedule without going into credits.
The low rate, free appraisal, and Amex offer means that I should net about $700-800 once the credit is applied. Payment will go up slightly but interest per month is dropping substantially.
P&I on 30 year was $999.15
P&I on 15 year is $1,121.92
P&I on my May payment for the 30 year was split $647 Interest, $351.25 Principal.
P&I on first month of 15 year amortization is split $432 Interest, $698.92 Principal.
$215 less in interest per month, $347 more going towards principal, all for an extra obligation of $122 per month. Really nice psychologically to see the P&I weightings reversed so I am no longer paying more in interest than principal per month.
Loan will be paid off 9 years faster than sticking to 30 year. No need to calculate breakeven period as the Amex offer means that I will actually make money on the whole thing as soon the credit is applied.
Betters customer service was great the whole way through... if there is any hiccup in funding I will
update.
Also to those asking if they have to be targeted with the offer I suggest just calling Amex up and asking if it is available to you. I monitored the rates for 15 days without locking in so my first application with Better was closed.
I went to the American Express website and wasn't prompted with the offer and couldn't find it anywhere so I called and they told me the link to use.
I too was having trouble with the jumbo market. I reached out to the contact at Keystone that someone else on this thread mentioned and was just quoted 2.99% on 30-year jumbo, with lender credit to cover all closing costs (assuming appraisal is waived which she said was likely). They are using the UWM program also referenced somewhere in this thread. Location is SoCal, LTV about 63%. I submitted my application so no clue if this will actually go through, but it's the first time I've gotten any quote on a jumbo lower than 3.375% on a no-cost basis. Will be very thankful for this thread if it goes through so figured I'd pass along.alfaspider wrote: ↑Wed May 20, 2020 1:28 pmThey just quoted me 5%Soares1234 wrote: ↑Wed May 20, 2020 1:05 pmTry consumer direct mortgage!alfaspider wrote: ↑Mon May 18, 2020 4:15 pmNot had good luck myself with Jumbos. Best I got back in March was 3.5% with ~$3k in closing costs on a 30 year jumbo. Current is at 3.75, so I decided to wait. More recently, I'm seeing 4%+ quoted.
I'm afraid the Jumbo market is just wonky right now. A few months ago the spread between regular and jumbo was .1-.2%. Now it's 2%+.
If you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.johnkidding wrote: ↑Wed May 20, 2020 3:37 pm The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
I think you want at least 0.5% reduction to make it worth it.BrandonBogle wrote: ↑Wed May 20, 2020 3:59 pmIf you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.johnkidding wrote: ↑Wed May 20, 2020 3:37 pm The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
Thanks.BrandonBogle wrote: ↑Wed May 20, 2020 3:59 pmIf you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.johnkidding wrote: ↑Wed May 20, 2020 3:37 pm The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
Even if the rate was going from 3.625% -> 2.0%, you made the right decision. There comes a time when we need to decide if the effort is worth it when we could do other things with our lives. You’ve decided that 3% - 3.5% isn’t worth the trade off in your time and there is absolutely nothing wrong with that.johnkidding wrote: ↑Wed May 20, 2020 4:22 pm Thanks.
I love being a boglehead but this time I found myself reading this thread, thinking of getting an AMEX just for the 2.5k promotion, getting multiple brokers bidding for the lowest rate, calculating all the work involved and then... I decided to go spend more time grilling by the pool and with family.
Might change my mind if rates drop again.
Thanks everyone and happy Memorial Day weekend!
Sorry I missed this. All I can say its blazing fast on my end. I locked on 5/13 and my loan is through underwriting and close is scheduled for Tuesday 5/26. So thats 13 days (including the long weekend in the middle)Soares1234 wrote: ↑Sat May 16, 2020 6:04 pmWhat 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.br0nd wrote: ↑Wed May 13, 2020 2:50 pmNot sure if its against the rules to post this (Moderators, please remove if not)..amindu wrote: ↑Wed May 13, 2020 2:37 pmHow 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.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 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
Update on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.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!
PhinTron wrote: ↑Wed May 20, 2020 6:11 pm Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...
Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?
My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.
Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?
My sense with Northpointe is that they dropped their rates ahead of the crowd for a couple of weeks in early April, filled up their pipeline, and then raised their rates again. Maybe they'll do it again once this batch clears.onyxlinkia wrote: ↑Wed May 20, 2020 6:39 pm They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal.
PhinTron wrote: ↑Wed May 20, 2020 6:11 pm Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...
Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?
My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.
Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?
frankandbeans wrote: ↑Wed May 20, 2020 6:48 pmMy sense with Northpointe is that they dropped their rates ahead of the crowd for a couple of weeks in early April, filled up their pipeline, and then raised their rates again. Maybe they'll do it again once this batch clears.onyxlinkia wrote: ↑Wed May 20, 2020 6:39 pm They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal.
PhinTron wrote: ↑Wed May 20, 2020 6:11 pm Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...
Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?
My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.
Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?
I’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.br0nd wrote: ↑Wed May 20, 2020 6:09 pmUpdate on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.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!
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)
Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261
Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
Update: I shopped around for title services, received a few quotes and sent them the lowest cost. They beat it and I ended up saving ~$500 on the title costs. Looks like I'll be going from 4.33% 25 years left on 30 year conventional to a 3.25% 20 year conventional with $2,800 out of pocket. New Jersey.Absolute wrote: ↑Thu May 07, 2020 10:01 pm Hey everyone,
Would like some insight from the BH community on the below refinance proprosal.
Details of proposed loan:
Current rate: 4.366%, 30 year, 56 months in.
Credit Score: ~770 (middle score)
Value: $270,000
Mortgage Balance: $198,000
20 year locked: 3.25 (no points)
Lender Credit: -$400 (appraisal waived)
Origination: $1290
Title (Shoppable Fees): $1,910
Taxes/Prepaid/Escrow: $3,371
Total Closing Costs: $6,640
Total Cash to Close: $7,389
Costs seem higher than what I've seen from other posts. How about the below breakdown of title fees.
Title - Closing Protection Letter $75
Title - Courier Fee $70
Title - Document Storage Archive Copies $90
Title - Lender's Endorsements $100
Title - Lender's Title Insurance $550
Title - Municipal Search $70
Title - Notary Fee $25
Title - Recording Service Fee $50
Title - Release Prep Fee $75
Title - Settlement Fee $425
Title - Tideland Search $50
Title - Title Examination $100
Title - Title Search Abstract $100
This adds $10 to the monthly payment and shaves ~5 years where I can also start adding to principal monthly with flexibility. Any advice? Costs seem high as I mentioned. I understand the taxes/escrow/prepaid are just moving money around.
Cheers
Send Better your Quicken LE for them to match the lower point. They may even beat it by $1k. Then the Amex offer stacks on top of that.JBTX wrote: ↑Wed May 20, 2020 6:56 pm We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
I concur. Especially given the pay down needed, I would just stick with the Chase loan. You can invest the $22k (or pay down your principal anyways). Or, see if the UWM broker beats Chase's offer, but you may not get traction there since, outside of the rate modification you are being offered, they are offering a competitive loan.Goal33 wrote: ↑Wed May 20, 2020 7:07 pmI’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.br0nd wrote: ↑Wed May 20, 2020 6:09 pmUpdate on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.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!
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)
Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261
Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
+1.BrandonBogle wrote: ↑Wed May 20, 2020 7:21 pmI concur. Especially given the pay down needed, I would just stick with the Chase loan. You can invest the $22k (or pay down your principal anyways). Or, see if the UWM broker beats Chase's offer, but you may not get traction there since, outside of the rate modification you are being offered, they are offering a competitive loan.Goal33 wrote: ↑Wed May 20, 2020 7:07 pmI’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.br0nd wrote: ↑Wed May 20, 2020 6:09 pmUpdate on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.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!
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)
Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261
Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
Did you ask Better for a detailed breakdown of Section C on the LE (title services)? And you sent them a competing quote? I am shopping around myself for title services and I got a couple of itemized breakdowns. I am in the Approval Process. What step were you in when you sent them the lowest quote? Thanks.Absolute wrote: ↑Wed May 20, 2020 7:10 pmUpdate: I shopped around for title services, received a few quotes and sent them the lowest cost. They beat it and I ended up saving ~$500 on the title costs. Looks like I'll be going from 4.33% 25 years left on 30 year conventional to a 3.25% 20 year conventional with $2,800 out of pocket. New Jersey.Absolute wrote: ↑Thu May 07, 2020 10:01 pm Hey everyone,
Would like some insight from the BH community on the below refinance proprosal.
Details of proposed loan:
Current rate: 4.366%, 30 year, 56 months in.
Credit Score: ~770 (middle score)
Value: $270,000
Mortgage Balance: $198,000
20 year locked: 3.25 (no points)
Lender Credit: -$400 (appraisal waived)
Origination: $1290
Title (Shoppable Fees): $1,910
Taxes/Prepaid/Escrow: $3,371
Total Closing Costs: $6,640
Total Cash to Close: $7,389
Costs seem higher than what I've seen from other posts. How about the below breakdown of title fees.
Title - Closing Protection Letter $75
Title - Courier Fee $70
Title - Document Storage Archive Copies $90
Title - Lender's Endorsements $100
Title - Lender's Title Insurance $550
Title - Municipal Search $70
Title - Notary Fee $25
Title - Recording Service Fee $50
Title - Release Prep Fee $75
Title - Settlement Fee $425
Title - Tideland Search $50
Title - Title Examination $100
Title - Title Search Abstract $100
This adds $10 to the monthly payment and shaves ~5 years where I can also start adding to principal monthly with flexibility. Any advice? Costs seem high as I mentioned. I understand the taxes/escrow/prepaid are just moving money around.
Cheers
In a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.JBTX wrote: ↑Wed May 20, 2020 6:56 pm We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
If you do close on a mortgage loan, all those inquiries within a 45 day span are counted as one for scoring purposes.hotelcalifornia wrote: ↑Thu May 21, 2020 12:18 amIn a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.JBTX wrote: ↑Wed May 20, 2020 6:56 pm We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
Assuming your mortgage closed after 2010, it is at least 2.35. The margin was 1 percent before 2010 and it was 2 percent for my 5/5 in 2011 and refi in 2017. I don’t know if it went up since. The 5/5 also has a floor of 2%.rascott wrote: ↑Thu May 21, 2020 12:49 am Still sitting on a 3.125% 5/5 ARM (PenFed). Reset in 2 years.
ARM rates are wack right now, and are worse than fixed rates.
What I want is a true zero cost refi at that rate or better on a 30 year. Still floating. I'm not seeing anything as good as what some are posting now. I'll continue to wait, I guess.
Anyone know the reset terms/ spreads on the Penfed 5/5. The 5 year CMT is close to zero right now (0.35)
For whatever reason, I can't find anything close to 3% $0 cost right now. It's all 3.375+. Prime credit and 60% LTV. Tried most of the names mentioned here. AIM can get me closest, at 2.75 on a no- cost 15 year. But really looking for a 25+ year.BrandonBogle wrote: ↑Thu May 21, 2020 12:54 amAssuming your mortgage closed after 2010, it is at least 2.35. The margin was 1 percent before 2010 and it was 2 percent for my 5/5 in 2011 and refi in 2017. I don’t know if it went up since. The 5/5 also has a floor of 2%.rascott wrote: ↑Thu May 21, 2020 12:49 am Still sitting on a 3.125% 5/5 ARM (PenFed). Reset in 2 years.
ARM rates are wack right now, and are worse than fixed rates.
What I want is a true zero cost refi at that rate or better on a 30 year. Still floating. I'm not seeing anything as good as what some are posting now. I'll continue to wait, I guess.
Anyone know the reset terms/ spreads on the Penfed 5/5. The 5 year CMT is close to zero right now (0.35)
I was 2.875% with a reset in two years and closed last week on 2.625% with no cost to me, though that’s for a 15-year. With offers of 2.99% with near-$0 cost for a 30-year, I’d make the switch to play it safe.
If you have an Amex, I would apply at Better for their 15 year, then send the AIM 15 year Loan Estimate to Better for them to beat. Once they do, before you lock, you can click on the 30 year loan and see what their lender credits give you there, buying down a point as necessary (up to making your total closing costs up to the Amex credit). If you do not have an Amex, I would still do the above and see what is available at no cost (lender credits to offset section B and C of the loan estimate).
Better starts with a soft pull from Trans union. Quicken does a hard credit pull which is irritating.hotelcalifornia wrote: ↑Thu May 21, 2020 12:18 amIn a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.JBTX wrote: ↑Wed May 20, 2020 6:56 pm We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.