Refinance Mega Thread

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ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

BrandonBogle wrote: Wed May 27, 2020 2:28 pm
ChiKid24 wrote: Wed May 27, 2020 2:25 pmI was working with Keystone and had a loan estimate for 2.99% which included closing costs resulting in about $2k out of pocket to me. I applied on Better and sent them Keystone's pricing last week and they said they would match it, but I could not use the Amex promo as they don't allow stacking promos (matching and Amex I suppose?). So I was continuing on with Keystone but hadn't locked hoping that pricing would improve and the out of pocket would go down. Then out of blue I got an email from Better today saying they would apply an additional $500 off final closing costs if I lock by Friday. I was intrigued and went to my online dashboard and pulled up the updated loan estimate. Somehow the pricing was significantly better with the lender credit being $3,048 plus the additional $500 from the email I received. I called to confirm everything with them and then locked. BTW, the way you lock with them is by paying the appraisal fee upfront ($550). So at this point there's really no turning back since I've paid that amount, unless Keystone provides an even larger discount! Hope that helps.
Do you by chance have an account with Ally (savings, CD, etc)?
I do not. I play the bonus game and frequently move my EF. Currently at Capital One getting 1.3% and waiting on a $500 bonus
psmoove
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Re: Refinance Mega Thread

Post by psmoove »

ChiKid24 wrote: Wed May 27, 2020 2:25 pm
a010z wrote: Wed May 27, 2020 12:49 pm
ChiKid24 wrote: Wed May 27, 2020 12:22 pm For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!
The website is showing 3.625% at the moment for a 30-year jumbo.
How did you get this rate with better? Did you negotiate?
I was working with Keystone and had a loan estimate for 2.99% which included closing costs resulting in about $2k out of pocket to me. I applied on Better and sent them Keystone's pricing last week and they said they would match it, but I could not use the Amex promo as they don't allow stacking promos (matching and Amex I suppose?). So I was continuing on with Keystone but hadn't locked hoping that pricing would improve and the out of pocket would go down. Then out of blue I got an email from Better today saying they would apply an additional $500 off final closing costs if I lock by Friday. I was intrigued and went to my online dashboard and pulled up the updated loan estimate. Somehow the pricing was significantly better with the lender credit being $3,048 plus the additional $500 from the email I received. I called to confirm everything with them and then locked. BTW, the way you lock with them is by paying the appraisal fee upfront ($550). So at this point there's really no turning back since I've paid that amount, unless Keystone provides an even larger discount! Hope that helps.
You should insist with Better on being able to also use the Amex promo. Like others in this thread, I had Better beat a competing LE and that I am also eligible for the Amex. On top of that, the Amex promo waives the appraisal fee. Like you, I paid the $550 to lock, but it will get refunded to me at closing (I didn’t need to do an appraisal anyway due to my LTV).
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Wed May 27, 2020 2:38 pm I do not. I play the bonus game and frequently move my EF. Currently at Capital One getting 1.3% and waiting on a $500 bonus
Darn. For background, Ally Home Loans is a rebranded Better.com for Ally Bank. The Ally Home Loans side offers a $500 credit to closing costs by being an active account holder of at least 30 days. I was thinking maybe your rep works both sides and got mixed up.

Regardless, the Better Amex can indeed be stacked with a Better competing against another lender’s offer.
Better rep via email wrote: If it's within our means to get the rate ( I'd have to request via capital markets) we would match rate & try to beat the net lender costs.

I tried to pull all the info needed for the 2.75% from the other offer but it's not lining up with the screen shot - need to equate for the differences. If I use that $3303 via the ratetable number for loan cost, I can beat it by $550 today. Estimate attached. This is in addition to the AMEX concessions.
Better into email wrote: American Express & Better Mortgage parallel on our common goal of great customer service for valued customers. Due to this we can offer free rush appraisal (when you find a home) and a $2500 Amex statement credit when you close. Better will never charge a fixed lender fee saving you thousands at closing.

We are also willing to make make adjustments in the case another lender is beating our deal. So keep any competing loan estimates or detailed fee sheets & send them my way for comparison. Keep in mind that due to the volatile market trends, that we need to have them dated with the last three days unless they're already locked in. When would you like to discuss your application?

Look forward to working with you!
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

psmoove wrote: Wed May 27, 2020 2:46 pm
ChiKid24 wrote: Wed May 27, 2020 2:25 pm
a010z wrote: Wed May 27, 2020 12:49 pm
ChiKid24 wrote: Wed May 27, 2020 12:22 pm For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!
The website is showing 3.625% at the moment for a 30-year jumbo.
How did you get this rate with better? Did you negotiate?
I was working with Keystone and had a loan estimate for 2.99% which included closing costs resulting in about $2k out of pocket to me. I applied on Better and sent them Keystone's pricing last week and they said they would match it, but I could not use the Amex promo as they don't allow stacking promos (matching and Amex I suppose?). So I was continuing on with Keystone but hadn't locked hoping that pricing would improve and the out of pocket would go down. Then out of blue I got an email from Better today saying they would apply an additional $500 off final closing costs if I lock by Friday. I was intrigued and went to my online dashboard and pulled up the updated loan estimate. Somehow the pricing was significantly better with the lender credit being $3,048 plus the additional $500 from the email I received. I called to confirm everything with them and then locked. BTW, the way you lock with them is by paying the appraisal fee upfront ($550). So at this point there's really no turning back since I've paid that amount, unless Keystone provides an even larger discount! Hope that helps.
You should insist with Better on being able to also use the Amex promo. Like others in this thread, I had Better beat a competing LE and that I am also eligible for the Amex. On top of that, the Amex promo waives the appraisal fee. Like you, I paid the $550 to lock, but it will get refunded to me at closing (I didn’t need to do an appraisal anyway due to my LTV).
To be honest, I don't currently have an Amex, but I probably would have opened one for $2,500 + appraisal waiver. Though that will impact my credit and take some additional time to process. Given the pricing I saw today was so much better than Keystone (~$4,100 cost difference....$1,704 net cash for me using Better vs $2,400 net cash to lender using Keystone) I was good with locking. I've seen rates move very fast and missed out back in February / March when there was a blip down because I delayed. Waiting for the Amex card and to process a new offer could cost me on the lender credit or interest rate. I'm good with this offer.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Wed May 27, 2020 3:20 pmTo be honest, I don't currently have an Amex...
Ahh, that would be key.
br0nd
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Re: Refinance Mega Thread

Post by br0nd »

Soares1234 wrote: Tue May 26, 2020 8:15 pm Hi! How was the close? Did everything go through as planned?
I am scheduled to close tomorrow, I just got my final closing docs to review. I had told the broker about my 3% rate reduction offer from Chase, so she found a way to sweeten the deal even further. While I haven't signed yet ( scheduled for tomorrow), my documents show closing costs of ~$4,200 (without escrows and prepaids) and a lender credit of ~$8,000.. So ~$3,800 in credit left over that I can apply towards prepaid/escrow and also lowering my principal on my new 2.875% loan..

So amazing deal, I'll post back in here to confirm, but can't say enough good things about Keystone!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

br0nd wrote: Wed May 27, 2020 8:40 pm
Soares1234 wrote: Tue May 26, 2020 8:15 pm Hi! How was the close? Did everything go through as planned?
I am scheduled to close tomorrow, I just got my final closing docs to review. I had told the broker about my 3% rate reduction offer from Chase, so she found a way to sweeten the deal even further. While I haven't signed yet ( scheduled for tomorrow), my documents show closing costs of ~$4,200 (without escrows and prepaids) and a lender credit of ~$8,000.. So ~$3,800 in credit left over that I can apply towards prepaid/escrow and also lowering my principal on my new 2.875% loan..

So amazing deal, I'll post back in here to confirm, but can't say enough good things about Keystone!
That’s a great offer! Looking forward to your :beer post tomorrow!
dave8228
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Re: Refinance Mega Thread

Post by dave8228 »

br0nd wrote: Wed May 27, 2020 8:40 pm
Soares1234 wrote: Tue May 26, 2020 8:15 pm Hi! How was the close? Did everything go through as planned?
So amazing deal, I'll post back in here to confirm, but can't say enough good things about Keystone!
br0nd - I searched for "Keystone mortgage" and it brought up a couple different ones...TN, TX, etc...which one are you working with?
lcdx22
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Re: Refinance Mega Thread

Post by lcdx22 »

How do you guys get lender credits? Do you ask or they lender just offers?

I just applied with a few lenders and going to talk to them on the phone today. From what I've seen so far online what was returned I don't see any credits being offered from anyone. So just advice on how do you approach this? What was your situation?

Thanks!
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

lcdx22 wrote: Thu May 28, 2020 9:45 am How do you guys get lender credits? Do you ask or they lender just offers?

I just applied with a few lenders and going to talk to them on the phone today. From what I've seen so far online what was returned I don't see any credits being offered from anyone. So just advice on how do you approach this? What was your situation?

Thanks!
It's usually included in the loan estimate. When you talk to them you want to ask what are their costs in Section A, B and C. Section A covers points, Section B covers things like Appraisal fee and Credit pull fee, and Section C covers title fees. Then ask them if they are offering any credits to cover these costs. This will typically show up in Section I on the loan estimate.
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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

lcdx22 wrote: Thu May 28, 2020 9:45 am How do you guys get lender credits? Do you ask or they lender just offers?

I just applied with a few lenders and going to talk to them on the phone today. From what I've seen so far online what was returned I don't see any credits being offered from anyone. So just advice on how do you approach this? What was your situation?

Thanks!
A lender credit almost always means you are accepting a higher interest rate. There are calculators on the Mortgage Professor's website that you can use to see if a lender credit makes sense in your case in exchange for a higher interest rate. Personally, I was quoted a 15 year fixed at 2.375% several weeks ago, but that mortgage required points and me paying all closing costs. I told the lender I wanted the closest thing possible to a "no-cost" refi and he came back with that, but at 2.75%. Because we don't know how long we'll be in the property and we want the ability to refinance again, we opted for a "no-cost" refi at 2.75%. The monthly payment is a little higher, but the out of pocket costs are essentially $0 AND if rates continue to drop, we can refi again.
lcdx22
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Re: Refinance Mega Thread

Post by lcdx22 »

Ok thank you. That makes sense. I just reviewed some documents and sure enough the credits were there on the options with a higher interest rate.
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

dsmil wrote: Thu May 28, 2020 11:40 am
dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
Congrats! Just keep in mind if you do NOT have an escrow account with the new mortgage that Better won’t let you get more than $2k in cash at closing (Amex promo doesn’t apply to this since it is after closing) unless you are doing a cash-out refi. It was explicitly called out in my closing docs.

If you are doing an escrow, that shouldn’t be a problem as the $3,200 lender credit could go there. Also, I could be misunderstanding you and the $3,200 credit is before Section A, B, and C are paid and thus, could be under $2k when all is said and done.
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

BrandonBogle wrote: Thu May 28, 2020 12:25 pm
dsmil wrote: Thu May 28, 2020 11:40 am
dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
Congrats! Just keep in mind if you do NOT have an escrow account with the new mortgage that Better won’t let you get more than $2k in cash at closing (Amex promo doesn’t apply to this since it is after closing) unless you are doing a cash-out refi. It was explicitly called out in my closing docs.

If you are doing an escrow, that shouldn’t be a problem as the $3,200 lender credit could go there. Also, I could be misunderstanding you and the $3,200 credit is before Section A, B, and C are paid and thus, could be under $2k when all is said and done.
Yep thanks for letting me know! Yes, I'm escrowing so there won't be much cash going in either direction at closing.
xerxes101
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Re: Refinance Mega Thread

Post by xerxes101 »

dsmil wrote: Thu May 28, 2020 11:40 am
dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
Is this rate for a conforming or a non-conforming mortgage? Does it matter which or is it the same rate either way? Also, when Better gives you a quote does it depend on the state you reside in, or is it national, do you know? Thx
orangecrushv
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Re: Refinance Mega Thread

Post by orangecrushv »

Closed my 2.5% 15-year with Northpointe today. (Started the process on 4/15.) Only out of pocket cost was the Title Insurance.
br0nd
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Re: Refinance Mega Thread

Post by br0nd »

dave8228 wrote: Thu May 28, 2020 8:14 am
br0nd wrote: Wed May 27, 2020 8:40 pm
Soares1234 wrote: Tue May 26, 2020 8:15 pm Hi! How was the close? Did everything go through as planned?
So amazing deal, I'll post back in here to confirm, but can't say enough good things about Keystone!
br0nd - I searched for "Keystone mortgage" and it brought up a couple different ones...TN, TX, etc...which one are you working with?
Reposting
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
br0nd
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Re: Refinance Mega Thread

Post by br0nd »

BrandonBogle wrote: Wed May 27, 2020 9:51 pm
br0nd wrote: Wed May 27, 2020 8:40 pm
Soares1234 wrote: Tue May 26, 2020 8:15 pm Hi! How was the close? Did everything go through as planned?
I am scheduled to close tomorrow, I just got my final closing docs to review. I had told the broker about my 3% rate reduction offer from Chase, so she found a way to sweeten the deal even further. While I haven't signed yet ( scheduled for tomorrow), my documents show closing costs of ~$4,200 (without escrows and prepaids) and a lender credit of ~$8,000.. So ~$3,800 in credit left over that I can apply towards prepaid/escrow and also lowering my principal on my new 2.875% loan..

So amazing deal, I'll post back in here to confirm, but can't say enough good things about Keystone!
That’s a great offer! Looking forward to your :beer post tomorrow!
Just signed all the paperwork and it reflected the numbers above. The loan is supposed to fund on the 2nd, I'll post here if there are any hiccups ( unlikely) but been great so far working with keystone and uwm
jibantik
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Re: Refinance Mega Thread

Post by jibantik »

orangecrushv wrote: Thu May 28, 2020 1:18 pm Closed my 2.5% 15-year with Northpointe today. (Started the process on 4/15.) Only out of pocket cost was the Title Insurance.
Congrats! I will be closing with northpointe at the same rate in a few days. About 500 bucks in out of pocket costs.
bbwall
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Re: Refinance Mega Thread

Post by bbwall »

Has anyone refinanced a jumbo loan in CA recently? Trying to see if anyone is able to go lower than 3.125% for 30yr fixed. 8-)
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

bbwall wrote: Thu May 28, 2020 6:17 pm Has anyone refinanced a jumbo loan in CA recently? Trying to see if anyone is able to go lower than 3.125% for 30yr fixed. 8-)
You can def get something lower! Check from posts 25 and forward and should see a lot of options.
adestefan
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Re: Refinance Mega Thread

Post by adestefan »

orangecrushv wrote: Thu May 28, 2020 1:18 pm Closed my 2.5% 15-year with Northpointe today. (Started the process on 4/15.) Only out of pocket cost was the Title Insurance.
Same here but I started on 4/19. The only costs I had after lender credits was the $400 and ~$2000 in local recording taxes.

Whole process took me about an hour of collecting and scanning paperwork and 15 minutes signing the documents today.
Mr-et-Mrs-R
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Re: Refinance Mega Thread

Post by Mr-et-Mrs-R »

teamDE wrote: Tue May 26, 2020 10:20 pm Is Massachusetts some kind of black hole for mortgage lenders? None of these sites or deals are available here. :?
We went with a Consumer Direct Mortgage, associated with Costco.
- 3.267% APR, 30 Year, 60% LTV
- Total closing costs are $2254.58. Saving $500 a month, pays for itself by EOY.
- About a month in duration (bit us, a bit them).

Biggest @#$@!!! was their instance of a PDF bill for the condo association fees (3 units, so really no paperwork).
Finally typed one up myself, made it a PDF and had our neighbor email it in.
BabyDoctor77
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Re: Refinance Mega Thread

Post by BabyDoctor77 »

Has anyone found good refinance rates for jumbo loans in Texas?

For those of you that signed up for the Chase interest rate reduction program down to 3% for a 30 yr fixed jumbo, how did you go about doing it?
kski74
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Post by kski74 »

Closed today with Northpointe at 3.125% today with zero costs on 30-Year refinance (coming down from 4.375%).

QuickenLoans (Better.com is not avail in our state) matched Northpointe's rate and no-closing costs (including the extra $2,500 from AmEx). At that time, we told QuickenLoans to lock and that we would take their offer over Northpointe's. That's when they announced that there was a new company-wide policy that prevented locking of any loan (this was around mid-April). They told me that they needed to float the loan and could only lock after the loan was approved ... which they estimated to take about 4-5 weeks. Bird in the hand ... we decided to proceed with Northpointe ($400 deposit to proceed) and also move forward with QuickenLoans in case rates were more favorable 4-5 weeks later. We figured, if they were, we'd lose the Northpointe deposit, but still come out $2,100 ahead with the AmEx credit. Half way through the underwriting, I started getting calls from QuickenLoans stating that I needed to sign a letter of intent to proceed with them and not Northpointe or my application would be blocked. I refused to sign anything. Calls from various individuals went on for a week and eventually they continued with my application regardless of this demand, which I never agreed to.

When pushed came to shove and I told that we had cleared underwriting and our loan was approved with Northpointe, QuickenLoans would only offer 3.25% and told me I was essentially being foolish and unreasonable for 1/8 of a point (this higher rate meant a difference of >$15,000 in interest over the life of the loan.) I moved on. Eventually, a solution consultant made me an offer at 3.125%, but I noticed that they had now added some closing costs. Ended up being too much of a headache and too many shenanigans. This AmEx incentive program promises a "dedicated concierge" service. It was all but that. An unpleasant experience for sure.

Seeing rates below 3.125% now so may consider doing another refinance. There are no clawback provisions on the Northpointe loan. Does anyone know how soon one can apply for a new refinance loan after a refinance is funded?
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BrandonBogle
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Post by BrandonBogle »

kski74 wrote: Thu May 28, 2020 10:50 pm Closed today with Northpointe at 3.125% today with zero costs on 30-Year refinance (coming down from 4.375%).

...

Seeing rates below 3.125% now so may consider doing another refinance. There are no clawback provisions on the Northpointe loan. Does anyone know how soon one can apply for a new refinance loan after a refinance is funded?
Could be as soon as the next day. Especially given you apply and don’t immediately close, you could start it. However, if you are willing to wait about a week, that could make it easier.

The new mortgage won’t show up on your credit report until the beginning of the month (unsure if that would be June or July though). If it hasn’t shown up yet, you can still proceed, but underwriting at the new lender would likely throw it back for reprocessing and cause delays if the mortgage they thought they were going to payoff changed.

When you do the intent to proceed, they will want to know of any changes in debts and stuff and it could be a hassle telling them to ignore what their computer says about the current lienholder as a new one should show up shortly.

Once you start getting the junk mail about buying job loss insurance about your new Northpointe mortgage, you know that word is out on the new loan and things should be smoother then.


Incidentally, I saw Amex had the promo for QuickenLoans as well as Better and did apply to QuickenLoans through the promo as well. I was put off by the vibe I got from their reps that I didn’t bother cross shopping the competing Loan Estimate with them. As I read your writeup, I feel even better that I walked on dealing with them. And 4-5 weeks just to approve the loan and then move to closing?!? Better took 18 days from me the intent to proceed to the closing table.
Soares1234
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Post by Soares1234 »

BabyDoctor77 wrote: Thu May 28, 2020 10:18 pm Has anyone found good refinance rates for jumbo loans in Texas?

For those of you that signed up for the Chase interest rate reduction program down to 3% for a 30 yr fixed jumbo, how did you go about doing it?
Search keystone in this post! You can def get a good rate! Check from posts 25 and forward and should see a lot of options.
ConfusedBoglehead
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Post by ConfusedBoglehead »

I am purchasing a new home and we are set to close mid June. I bought the home for 890 and am putting 10% down.
In order to secure the rate, I had to transfer 100k cash to the bank.
For this jumbo loan, I received 3%, 0 points, and a .25% credit towards closing costs which are at approximately 14,000.
Is this a good rate? It seems like quite a few people here have lower than 3%, but I’m not sure if they are jumbo loans.
KNMLHD
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Re: Refinance Mega Thread

Post by KNMLHD »

Seeking advice from the Better.com/Ally Bank refinancing folks...

6 years in on a 30 year Mortgage (4%) ... Our current mortgage is owned by an investor out of California, whom is selling the loan to Ally Bank effective June 1st. We also have a HELOC (prime with a floor of 3.75% with local CU) that we've been paying down - combined they put us in the Jumbo range.

We previously had tried to do a refinance in March, locked at 3.125% on a 30year and then the investor pulled out of the jumbo market entirely...

A couple options mulling over...

1) Once Ally Bank picks up the mortgage, engaging them on an interest rate reduction to lock in what ever we could get. Any idea how quickly we could request? Any "actions" on our part that could help facilitate this (ex: requesting a lump sump payout)? This sounds like a "loan modification" and googling this pulls up countless articles on things similar to HARP and the potential for negatively impacting credit scores, so want to avoid that.

2) Pay down HELOC to the point where it and the primary mortgage falls below Jumbo limits into super conforming levels and engage Better.com. If we explored this option, it most likely wouldn't happen until mid July/August timeframe. Rolling the dice, but convinced rates aren't going appreciably up for the foreseeable future. Also, would be with Ally for at least 30 days so should get some "relationship" credit. We do have an AMEX - so can try to get the credit via that route.

Recommendations on whom to use as competitive offers? Keystone does not operate in our state (CO), but Chase and Northpointe do. I could explore Costco (don't have a membership there yet). Was going to engage prior broker as well.

3) Go straight to refinancing everything as a Jumbo... Jumbo rates have been less than exciting. :/

4) Pursue my CU that has the HELOC to refinance the primary. If I went this route, could they just refinance the primary or would they have to pull in the HELOC as well? If they could do just the primary, then it would under Jumbo limits.

Edit: Not sure if it matters... when factoring both loans at this moment: LTV is 48.6% using recent tax assessed value, or 44% using Zillow estimate). credit score exceeds 800.
A lot of the options depend on rates and what not, but my tendency is to pursue #1 now, and once lowered look at #2, otherwise #4.
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

xerxes101 wrote: Thu May 28, 2020 12:45 pm
dsmil wrote: Thu May 28, 2020 11:40 am
dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
Is this rate for a conforming or a non-conforming mortgage? Does it matter which or is it the same rate either way? Also, when Better gives you a quote does it depend on the state you reside in, or is it national, do you know? Thx
This is a conforming loan and I believe that non-conforming loans would have a higher interest rate. I don't see why Better would change rates based on the state but I'm unsure. The most important thing is shopping around and presenting your best offer to Better. Their initial offers for me were not competitive at all, but they then beat the estimates that I presented. With this $2,500 Amex promotion, they must assume that they'll give out some sucker loans in order to make this profitable.
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

ConfusedBoglehead wrote: Fri May 29, 2020 6:37 am I am purchasing a new home and we are set to close mid June. I bought the home for 890 and am putting 10% down.
In order to secure the rate, I had to transfer 100k cash to the bank.
For this jumbo loan, I received 3%, 0 points, and a .25% credit towards closing costs which are at approximately 14,000.
Is this a good rate? It seems like quite a few people here have lower than 3%, but I’m not sure if they are jumbo loans.
Yes, that's a good rate for a jumbo. If you are closing in mid June, you will probably need to take this offer. However, that shouldn't stop you from pursuing refinance opportunities. I like to wait for the first payment to post before actively looking.
ConfusedBoglehead
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Re: Refinance Mega Thread

Post by ConfusedBoglehead »

:sharebeer

Thank you!
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

ConfusedBoglehead wrote: Fri May 29, 2020 6:37 am I am purchasing a new home and we are set to close mid June. I bought the home for 890 and am putting 10% down.
In order to secure the rate, I had to transfer 100k cash to the bank.
For this jumbo loan, I received 3%, 0 points, and a .25% credit towards closing costs which are at approximately 14,000.
Is this a good rate? It seems like quite a few people here have lower than 3%, but I’m not sure if they are jumbo loans.
Can you share the lender?
soobaerodude
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Re: Refinance Mega Thread

Post by soobaerodude »

ConfusedBoglehead wrote: Fri May 29, 2020 6:37 am For this jumbo loan, I received 3%, 0 points, and a .25% credit towards closing costs which are at approximately 14,000.
I've only been looking at jumbo refinance quotes in CA, but the closing costs seem high, especially since you have to move 100k to get that rate. Does that include prepaids or escrow?
xerxes101
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Re: Refinance Mega Thread

Post by xerxes101 »

dsmil wrote: Fri May 29, 2020 8:03 am
xerxes101 wrote: Thu May 28, 2020 12:45 pm
dsmil wrote: Thu May 28, 2020 11:40 am
dsmil wrote: Tue May 26, 2020 12:33 pm I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
I broke this lock a few hours later once Better.com finally responded to me. I wound up with a $3,200 lender credit + the $2,500 Amex promotion on a 3% conventional 30 year loan. The 2.875% offer also had a small lender credit attached, but I opted for the 3% option.
Is this rate for a conforming or a non-conforming mortgage? Does it matter which or is it the same rate either way? Also, when Better gives you a quote does it depend on the state you reside in, or is it national, do you know? Thx
This is a conforming loan and I believe that non-conforming loans would have a higher interest rate. I don't see why Better would change rates based on the state but I'm unsure. The most important thing is shopping around and presenting your best offer to Better. Their initial offers for me were not competitive at all, but they then beat the estimates that I presented. With this $2,500 Amex promotion, they must assume that they'll give out some sucker loans in order to make this profitable.
Thank you!
texasdiver
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Re: Refinance Mega Thread

Post by texasdiver »

I'm getting in way late to this thread and haven't read through all of it. But I'm finally getting around to looking into refinancing our 30 year 3.75% fixed mortgage with 26 years left on it into a 15 year. I'm in WA state. Principal balance on the current mortgage is about $470,000 and the home value on zillow is about $775,000. Just looking to so a simple no cash in or out refi (or minimal in). Not trying to pull cash out.

Based on reading a few pages of threads I saw Northpointe Bank pop up as something of a favorite here so I surfed over to them and they were quick to provide a 2.625% loan with $445 total closing costs due. I also went onto the Costco web site and am getting email from from Strong Mortgage, Lending.com, and ConsumerDirect that I haven't responded to yet to get their estimates.

Basically my question is are there any lenders that rise to the top in terms of both rates but also convenience and efficiency? Or do I just get estimate from a bunch and then go from there?

My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.

Thanks
kski74
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Re: Refinance Mega Thread

Post by kski74 »

BrandonBogle wrote: Thu May 28, 2020 11:41 pm
kski74 wrote: Thu May 28, 2020 10:50 pm Incidentally, I saw Amex had the promo for QuickenLoans as well as Better and did apply to QuickenLoans through the promo as well. I was put off by the vibe I got from their reps that I didn’t bother cross shopping the competing Loan Estimate with them. As I read your writeup, I feel even better that I walked on dealing with them. And 4-5 weeks just to approve the loan and then move to closing?!? Better took 18 days from me the intent to proceed to the closing table.
I left out plenty of other annoying/pushy/dishonest comments they repeatedly made throughout the month including telling me that no name banks would never be able to close as quickly as them or even close at all. Lots of pressure tactics that are uncalled for, but probably work on some people. Conversely, the most customer-centric and pleasant interactions I had throughout this refinance was with AimLoan. They were a pleasure to deal with. Not pushy at all, super responsive and helpful.
Last edited by kski74 on Fri May 29, 2020 1:46 pm, edited 1 time in total.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
texasdiver
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Re: Refinance Mega Thread

Post by texasdiver »

BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Done! There was a link for a payoff quote on the Chase mortgage account web site so I ordered one.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Lucky ducks! My original loan was with Wells Fargo. Not only did they not offer a loan modification, they offered a horrible refi rate+pts+closing costs. I ended up going with Ally. I could have gotten a lower rate but I prefered to get paid (over $2k net after all costs/fees, but excluding escrow+prepaids), since I am unsure how long I may be in my house. Although the rates keep falling, if I had waited a month maybe I could have gotten a better deal. Maybe I will refi again later.
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Re: Refinance Mega Thread

Post by davehica »

texasdiver wrote: Fri May 29, 2020 1:50 pm
BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Done! There was a link for a payoff quote on the Chase mortgage account web site so I ordered one.
Make sure you also log in to your chase account and look for a small banner that says something along the lines of “reduce your mortgage payment without a refi”.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

anon_investor wrote: Fri May 29, 2020 1:56 pm
BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Lucky ducks! My original loan was with Wells Fargo. Not only did they not offer a loan modification, they offered a horrible refi rate+pts+closing costs. I ended up going with Ally. I could have gotten a lower rate but I prefered to get paid (over $2k net after all costs/fees, but excluding escrow+prepaids), since I am unsure how long I may be in my house. Although the rates keep falling, if I had waited a month maybe I could have gotten a better deal. Maybe I will refi again later.
The irony is some people posted trying to refi with Chase as well and the refi terms were worse than the rate mod they were sent. Left-hand, meet right-hand :oops:
hackermb
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Re: Refinance Mega Thread

Post by hackermb »

Just got 2.875 no closing costs on conforming 30 year fixed

Mary Wagoner - Sibcy Cline Mortgage - mwagoner@scms-inc.com, was my loan officer and did a great job getting me locked quickly and more importantly effortlessly.

They only do business the in ohio/indiana/kentucky tri-state area though.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Fri May 29, 2020 2:12 pm
anon_investor wrote: Fri May 29, 2020 1:56 pm
BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Lucky ducks! My original loan was with Wells Fargo. Not only did they not offer a loan modification, they offered a horrible refi rate+pts+closing costs. I ended up going with Ally. I could have gotten a lower rate but I prefered to get paid (over $2k net after all costs/fees, but excluding escrow+prepaids), since I am unsure how long I may be in my house. Although the rates keep falling, if I had waited a month maybe I could have gotten a better deal. Maybe I will refi again later.
The irony is some people posted trying to refi with Chase as well and the refi terms were worse than the rate mod they were sent. Left-hand, meet right-hand :oops:
Maybe Ally will sell my loan to Chase, then I can get a sweet rate mod...
Carl53
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Re: Refinance Mega Thread

Post by Carl53 »

hackermb wrote: Fri May 29, 2020 2:16 pm Just got 2.875 no closing costs on conforming 30 year fixed

Mary Wagoner - Sibcy Cline Mortgage - mwagoner@scms-inc.com, was my loan officer and did a great job getting me locked quickly and more importantly effortlessly.

They only do business the in ohio/indiana/kentucky tri-state area though.
Any idea how you got such a great deal?

Just checked out their website, https://mortgage.sibcycline.com/CurrentRates


Type of Loan Rate % Points APR %
Conforming 30-year fixed 3.375 1.000 3.525
hackermb
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Re: Refinance Mega Thread

Post by hackermb »

No idea, I've tried them before, they were always highest around.

Emailed Mary since I've dealt with her before, that's the rate that came back.

I'd just email her and see what she has.
wootwoot
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Re: Refinance Mega Thread

Post by wootwoot »

Carl53 wrote: Fri May 29, 2020 2:45 pm
hackermb wrote: Fri May 29, 2020 2:16 pm Just got 2.875 no closing costs on conforming 30 year fixed

Mary Wagoner - Sibcy Cline Mortgage - mwagoner@scms-inc.com, was my loan officer and did a great job getting me locked quickly and more importantly effortlessly.

They only do business the in ohio/indiana/kentucky tri-state area though.
Any idea how you got such a great deal?

Just checked out their website, https://mortgage.sibcycline.com/CurrentRates


Type of Loan Rate % Points APR %
Conforming 30-year fixed 3.375 1.000 3.525
Additionally that's a huge jump between the rate and the APR.
texasdiver
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Re: Refinance Mega Thread

Post by texasdiver »

davehica wrote: Fri May 29, 2020 1:58 pm
texasdiver wrote: Fri May 29, 2020 1:50 pm
BrandonBogle wrote: Fri May 29, 2020 1:20 pm
texasdiver wrote: Fri May 29, 2020 1:14 pm My current mortgage is with Chase and I thought I'd also let them compete to keep my business but I'm not sure where exactly go in the Chase borg to get a refi estimate.
A number of folks have been pleasantly surprised by a random mailing from Chase for a rate modification at no fee about 1-2 weeks after requesting a payoff quote. It may be worthwhile to simply request a payoff and sit back on Chase while you shop around.
Done! There was a link for a payoff quote on the Chase mortgage account web site so I ordered one.
Make sure you also log in to your chase account and look for a small banner that says something along the lines of “reduce your mortgage payment without a refi”.
I'm poking around their web site and not seeing any such banner. All I can find is a pull-down box in the top right corner that says "things you can do" and then when I click on it I select "see a payoff quote"
Auream
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Re: Refinance Mega Thread

Post by Auream »

Just locked with Better.com on a 2.625% 15-year fixed refi with lender credit essentially covering all but $100 or so of the estimated costs (ignoring prepaids). $260K mortgage, less than 70% LTV. Even without the $2500 Amex credit that I may or may not get (I was not targeted for the offer), they managed to beat Northpointe by more than $1000 so they got my business. Hope everything goes smoothly.

Before I sent them the Northpointe Loan estimate they were giving me rates of around 3% with no lender credit, so its crazy what a little competition will do.
Last edited by Auream on Fri May 29, 2020 7:31 pm, edited 2 times in total.
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