Refinance Mega Thread

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Count of Notre Dame
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Re: Refinance Mega Thread

Post by Count of Notre Dame »

Just locked a 7/1 ARM at 2.75% "no cost" with US bank for a jumbo mortgage (~$1.5M). I live in California.
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ray.james
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Re: Refinance Mega Thread

Post by ray.james »

Count of Notre Dame wrote: Fri May 29, 2020 3:22 pm Just locked a 7/1 ARM at 2.75% "no cost" with US bank for a jumbo mortgage (~$1.5M). I live in California.
That is an awesome rate for refinance. Congrats. What is LTV?
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939
ZinCO
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Re: Refinance Mega Thread

Post by ZinCO »

texasdiver wrote: Fri May 29, 2020 3:16 pm
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"
Which website should we be looking at? The regular chase.com one for credit card accounts and outstanding loans (and of course you have to wonder then if it matters whether it's a combined "business" site or consumer site), or at the Chase MyHome site? Or something else?
davehica
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Re: Refinance Mega Thread

Post by davehica »

ZinCO wrote: Fri May 29, 2020 4:11 pm
texasdiver wrote: Fri May 29, 2020 3:16 pm
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

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"
Which website should we be looking at? The regular chase.com one for credit card accounts and outstanding loans (and of course you have to wonder then if it matters whether it's a combined "business" site or consumer site), or at the Chase MyHome site? Or something else?
In my case it was on the main chase.com site. I didn’t even have to drill in to the mortgage portion as it was on the homepage.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

Auream wrote: Fri May 29, 2020 3:21 pm Just locked with Better.com on a 2.625% 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.
15 year or 30?
texasdiver
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Re: Refinance Mega Thread

Post by texasdiver »

ZinCO wrote: Fri May 29, 2020 4:11 pm
texasdiver wrote: Fri May 29, 2020 3:16 pm
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

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"
Which website should we be looking at? The regular chase.com one for credit card accounts and outstanding loans (and of course you have to wonder then if it matters whether it's a combined "business" site or consumer site), or at the Chase MyHome site? Or something else?
I just went through the online refi loan application through Chase 30 minutes ago. Found the link on their "amortization schedule" They were not competitive with NorthPointe. Northpointe is offering 2.625% and Chase is offering 3% for a 15 year fixed with equivalent closing costs. I was surprised at the spread. For a $470,000 loan the monthly payment difference is $135.00 with equivalent closing costs.

Northpointe it is so far. All the other lenders seem to want a 15 page online application to even start showing rates. I'm too lazy to do that for every one. I did the CrossCountry one but that's it.
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ChowYunPhat
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Re: Refinance Mega Thread

Post by ChowYunPhat »

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.
OrangeCrushv, can you tell me which state you did your refi? That's a great outcome.
A wise man and his money are friends forever...
Count of Notre Dame
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Re: Refinance Mega Thread

Post by Count of Notre Dame »

ray.james wrote: Fri May 29, 2020 3:36 pm
Count of Notre Dame wrote: Fri May 29, 2020 3:22 pm Just locked a 7/1 ARM at 2.75% "no cost" with US bank for a jumbo mortgage (~$1.5M). I live in California.
That is an awesome rate for refinance. Congrats. What is LTV?
80 LTV - I purchased the house a year ago and put down 20%. Hoping it hasn't depreciated!
orangecrushv
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Re: Refinance Mega Thread

Post by orangecrushv »

ChowYunPhat wrote: Fri May 29, 2020 5:09 pm
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.
OrangeCrushv, can you tell me which state you did your refi? That's a great outcome.
Texas
Auream
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Re: Refinance Mega Thread

Post by Auream »

ChiKid24 wrote: Fri May 29, 2020 4:29 pm
Auream wrote: Fri May 29, 2020 3:21 pm Just locked with Better.com on a 2.625% 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.
15 year or 30?
15 year, forgot to mention that. Would have been an insane deal for a 30 year!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Auream wrote: Fri May 29, 2020 7:31 pm
ChiKid24 wrote: Fri May 29, 2020 4:29 pm
Auream wrote: Fri May 29, 2020 3:21 pm Just locked with Better.com on a 2.625% 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.
15 year or 30?
15 year, forgot to mention that. Would have been an insane deal for a 30 year!
This is where I ended up. 2.625% for a 15-year in NC with no escrow and $-42 closing costs (not counting prepaid interest) after the Amex credit.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Auream wrote: Fri May 29, 2020 7:31 pm
ChiKid24 wrote: Fri May 29, 2020 4:29 pm
Auream wrote: Fri May 29, 2020 3:21 pm Just locked with Better.com on a 2.625% 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.
15 year or 30?
15 year, forgot to mention that. Would have been an insane deal for a 30 year!
I am hoping for 30 year rates to fall that low so I can refinance again!
Auream
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Re: Refinance Mega Thread

Post by Auream »

BrandonBogle wrote: Fri May 29, 2020 7:45 pm
Auream wrote: Fri May 29, 2020 7:31 pm
ChiKid24 wrote: Fri May 29, 2020 4:29 pm
Auream wrote: Fri May 29, 2020 3:21 pm Just locked with Better.com on a 2.625% 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.
15 year or 30?
15 year, forgot to mention that. Would have been an insane deal for a 30 year!
This is where I ended up. 2.625% for a 15-year in NC with no escrow and $-42 closing costs (not counting prepaid interest) after the Amex credit.
Mine was before the Amex credit. I’ll get paid $2500 if the credit actually goes through.
Crazy_Aussie
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Re: Refinance Mega Thread

Post by Crazy_Aussie »

Thanks for the Texas specific information you guys provided, I just locked with BETTER mortgage after they matched+$1000 an offer I had from American Heritage Capital (AHCLending.com).

2.875% on a 30yr fixed, with about $2900 costs (loan estimate sections A+B+C+E) but nearly $1600 in lender credits to bring the total down to $1300.
For a $320K loan amount, on a property > $535K value, with 740+ credit score.

I had signed up with Better through the AMEX offer so there was already a free appraisal included, but as we progressed they waived the appraisal because of the LTV on the property.

And I will get the $2500 AMEX statement credit, so I expect to end up getting paid about $1100 to refinance. :D

I started getting quotes Sunday 24th May, and I just locked this evening May 29th.

To get the 'competitive offer matching' process started at BETTER, I didn't even have to get to the point of doing a full-on application and hard credit check with AHC. I just sent the early AHC Loan Estimate thru to BETTER as soon as I had something official looking.

I would also note that the points/credits I saw from AHC on their daily emails did fluctuate up but then back down during the week, and this afternoon I got an even better deal on their credits than their initial quote ($1583 vs $853).

So maybe that is a sign that there are still good deals to be had in the near-term.

Thanks again for all the hints-and-tips.
CaptainSaver wrote: Tue May 19, 2020 10:54 am
new2bogle wrote: Mon May 18, 2020 3:50 pm Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.

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.
pjhalifax
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Re: Refinance Mega Thread

Post by pjhalifax »

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.
Just closed a 2.5% / 15 year with Northpointe as well. We started on 4/13 if anyone's interested in the general time frame. This was our second Northpointe refi and both were smooth.

Never could figure out the Amex offer with Better. Kind of jealous but we still made out pretty well.
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Thrifty Femme
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Re: Refinance Mega Thread

Post by Thrifty Femme »

For those that have closed with Northpointe, how did they refund the $400 deposit?
lcdx22
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Re: Refinance Mega Thread

Post by lcdx22 »

How long did it take you guys for better to come back and match. I sent them my estimate on Thursday. Called Friday to make sure they got it. It's Saturday still no answer.
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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

Thrifty Femme wrote: Sat May 30, 2020 3:38 pm For those that have closed with Northpointe, how did they refund the $400 deposit?
We’re scheduled to close with them next month. The $400 is applied as a credit at closing.
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Thrifty Femme
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Re: Refinance Mega Thread

Post by Thrifty Femme »

AZAttorney11 wrote: Sat May 30, 2020 5:20 pm We’re scheduled to close with them next month. The $400 is applied as a credit at closing.
I'm closing next week and didn't see the credit listed in the closing disclosure. They did say some of the numbers listed could change. I'll ask my loan office next week.
hotelcalifornia
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Re: Refinance Mega Thread

Post by hotelcalifornia »

For those that have completed a refinance with Better:
Got Better down to a rate I wanted after sending LE from Northpointe. I went through with the hard pull but when I went to lock in the rate the points went way up. Loan Estimate still has lower points but lock page is higher. Did anyone else experience this?
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

Thrifty Femme wrote: Sat May 30, 2020 5:46 pm
AZAttorney11 wrote: Sat May 30, 2020 5:20 pm We’re scheduled to close with them next month. The $400 is applied as a credit at closing.
I'm closing next week and didn't see the credit listed in the closing disclosure. They did say some of the numbers listed could change. I'll ask my loan office next week.
It should show up in the CD. I would ask your LO.
Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson »

hotelcalifornia wrote: Sat May 30, 2020 6:08 pm For those that have completed a refinance with Better:
Got Better down to a rate I wanted after sending LE from Northpointe. I went through with the hard pull but when I went to lock in the rate the points went way up. Loan Estimate still has lower points but lock page is higher. Did anyone else experience this?
For me, the lender credit that Better offered went down $520 after the hard pull. They said it was due to my credit score being below 800. The soft pull they did showed them my score as 805 and then they provided a loan estimate. After doing a hard pull, they told me that they go with the middle number and mine was 795. I think they really should have mentioned the possibility of this happening prior to doing the hard pull, especially if my score from the soft pull was so close to a cut-off point. So my experience has been that the loan estimate didn't match the lock page either. They are also the only lender out of a few that I contacted which said that an appraisal would be required. My LTV is 40%.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

hotelcalifornia wrote: Sat May 30, 2020 6:08 pm For those that have completed a refinance with Better:
Got Better down to a rate I wanted after sending LE from Northpointe. I went through with the hard pull but when I went to lock in the rate the points went way up. Loan Estimate still has lower points but lock page is higher. Did anyone else experience this?
Does the loan estimate indicate rate lock in the upper right hand corner (it is a check box)?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

hotelcalifornia wrote: Sat May 30, 2020 6:08 pm For those that have completed a refinance with Better:
Got Better down to a rate I wanted after sending LE from Northpointe. I went through with the hard pull but when I went to lock in the rate the points went way up. Loan Estimate still has lower points but lock page is higher. Did anyone else experience this?
Sadly, one thing that Better doesn’t seem to mention enough is that when they do a beat, the offer on the rate table is only valid for 24 hours. If you don’t lock your rate then, it updates to whatever the next current rate offerings are.

What I don’t know if is they will still override it again if you reach out. I didn’t know about this and called to ask a question and the Junior Concierge mentioned that I decide by EOD tomorrow or else the rate table will reset.
Young Fellow
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Difficulty in underwriting a loan with investment income and high debt to income

Post by Young Fellow »

Hi, My current mortgage loan is with Chase 7/1 ARM, 3.625%, due early next year. I am trying to refinance my home mortgage loan of 295K, LTV is about 50%. No other debts, 800 credit rating. I have only a single stream of monthly income of $1946. I have difficulty with lenders accepting my other income, investment income (interest and ordinary dividends) about monthly $1032, an average of last two years. Better does not accept investment income numbers from 1040's rather wants the guaranty of it coming for the next 3 years, which I did not understand. Where as a local credit union when asked they said they would consider dividends income in their loan qualification from just 1040's. I have also shopped with two other lenders through Costco connection, they also showed reluctance in using investment income. I want any ideas from you, I greatly appreciate.

Here is what I have done so far, I locked rate with Better 20 year fixed, 3.0%, with 0.4% points ($1187) with closing costs of title $1100, taxes $337, credit and flood $64, prepaid interest $370 for 15 days. Through a $2500 amex credit, I thought I would be covered some of these costs. In the Better estimate, there is no lender credits, and after asking specifically, Better said no. I have difficulty with Better in underwriting and I struck in that, they are reluctant to readily take my interest and dividend income for loan qualification. If they do, then my monthly income could become $2978 and if loan goes though, I would be paying $2217, a 74% debt to income ratio. That is one more issue for lenders.

Here is my thinking. I have cash reserves of 170K, and if I pay 75K and reduce mortgage loan from 295K to 220K, I can reduce the debt to income to 60%. Using the remaining cash, I could pay mortgage payments ($1801 monthly) for next 4 years, which is 1 year more than 3 years guaranty asked by Better. but why then there is reluctance to underwrite, I dont understand despite having retirement and non retirement assets 4 times the mortgage loan applied. Is there any way lenders use projected SS earnings in loan qualification? That will reduce debt to income further after 4 years. Any ideas to get a mortgage loan with high debt to income ratio?

I have also locked 20 years fixed, 2.875% with $6000 closing costs with local credit union, they approved
credit, but I may have to face high debt to income issue when they underwrite. Credit union asked me $400 non refundable deposit for appraisal. Do I need to give this money without knowing they would underwrite my loan?

In all this I applied for Chase refinance 3 months ago, after repeated calls, emails to the Chase assigned person to my loan was unavailable and received no response. The same after asking for their mortgage payoff letter as many mentioned in this blog. Any suggestions welcome.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Owning.com 15 year went down to 2.5%.
lospecv
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Re: Refinance Mega Thread

Post by lospecv »

I was going to refinance my ARM but then got a letter saying that my rate was going to go down to 2.5% on its own.. :twisted:

so anyone with an arm that has just reset or resetting soon should be happy...Mine is good for 5 years. I'll probably be gone before then.

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Auream
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Re: Refinance Mega Thread

Post by Auream »

lcdx22 wrote: Sat May 30, 2020 5:10 pm How long did it take you guys for better to come back and match. I sent them my estimate on Thursday. Called Friday to make sure they got it. It's Saturday still no answer.
I kept getting calls from a persistent loan officer from Better.com after signing up a week or two ago with them and being disappointed by how high the rates and fees were. Finally answered his call and said look, I have a much better offer from Northpointe, can you really beat it? He said most likely just send the loan estimate. I sent it to him and about and hour later I got an email and text message saying “ good news, we can match that rate and beat the closing costs by 1000.” I signed the docs and locked an hour or two later.
fogalog
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Re: Refinance Mega Thread

Post by fogalog »

I am in a slightly unusual position. I have a paid-off house in the Bay Area but was seeking a cash-out mortgage (to buy a retirement / vacation property in another country where I cannot get a mortgage - it's a little complicated). I will likely sell / downsize my current home & retire within 7-10 years - so no need to pay down principal. Based on previous threads here I investigated First Republic. So here's what I have:

- 10/1 interest only ARM @ 2.95%
- $750k-$1M
- LTV is low (<25%)
- need to keep a balance of $200k in First Republic for a year
- no early repayment penalty

I was happy to take a 7/1 but the rate for 10/1 was lower. Just curious to know if this is a good deal given my unusual circumstances? For what its worth I am very happy with my experience with First Republic so far - really excellent customer service.

Thanks.
akpk
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Re: Refinance Mega Thread

Post by akpk »

Has anyone used raterabbit.com .. they seem to operate only in 4 states and offered rates look good... would appreciate any feedback on them. Thanks in advance.
cudavid
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Re: Refinance Mega Thread

Post by cudavid »

Used them for daughters refinance k AAAAA+++ great co!
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

cudavid wrote: Sun May 31, 2020 6:35 pm Used them for daughters refinance k AAAAA+++ great co!
Which one?
clippersfan79
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Re: Refinance Mega Thread

Post by clippersfan79 »

akpk wrote: Sun May 31, 2020 5:21 pm Has anyone used raterabbit.com .. they seem to operate only in 4 states and offered rates look good... would appreciate any feedback on them. Thanks in advance.
Make sure you opt in for email communication from them. I got a personal email from the President after submitting a quote request on the website. He offered a much better rate that was auto generated from the website. 2.875% no cost for conforming limit loan with <50% LTV.
cskollmann
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Re: Refinance Mega Thread

Post by cskollmann »

clippersfan79 wrote: Sun May 31, 2020 9:50 pm
akpk wrote: Sun May 31, 2020 5:21 pm Has anyone used raterabbit.com .. they seem to operate only in 4 states and offered rates look good... would appreciate any feedback on them. Thanks in advance.
Make sure you opt in for email communication from them. I got a personal email from the President after submitting a quote request on the website. He offered a much better rate that was auto generated from the website. 2.875% no cost for conforming limit loan with <50% LTV.
Applied with them today, quoted 3% for a no cost 30 year fixed. Hopefully it all goes smoothly as that is the best I've seen for Massachusetts. My usual guy quoted 2.99% but with closing costs equal to a month's mortgage payment.
lcdx22
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Re: Refinance Mega Thread

Post by lcdx22 »

Just locked in with Better.com a 15 year @ 2.5%. Cost excluding escrow $226. Their initial rates were not competitive at all. Best I got was 2.5% with $1226 closing with LenderFi. Sent the offer to Better.com, they matched rate and beat it by a $1000. Also confirmed that I will also get the $2500 AMEX credit.
Leapfrog
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Re: Refinance Mega Thread

Post by Leapfrog »

lcdx22 wrote: Mon Jun 01, 2020 12:59 pm Just locked in with Better.com a 15 year @ 2.5%. Cost excluding escrow $226. Their initial rates were not competitive at all. Best I got was 2.5% with $1226 closing with LenderFi. Sent the offer to Better.com, they matched rate and beat it by a $1000. Also confirmed that I will also get the $2500 AMEX credit.
I also did the LenderFi-Better two step and am in underwriting with Better. How did you confirm eligibility for the AMEX credit? I clicked through the website link to start my application, but I'm still not sure whether they've "confirmed" my eligibility. I didn't receive a targeted email from AMEX.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

livelifealittle wrote: Thu Mar 05, 2020 12:34 pm Anyone got a good rate in NV? I'm not finding anyone who can get anywhere near 3.25% no fee, let alone 3%. And today's rate is actually higher than yesterday.
Who was the lender for the rates you got for your investment properties?
lcdx22
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Re: Refinance Mega Thread

Post by lcdx22 »

Leapfrog wrote: Mon Jun 01, 2020 1:26 pm
lcdx22 wrote: Mon Jun 01, 2020 12:59 pm Just locked in with Better.com a 15 year @ 2.5%. Cost excluding escrow $226. Their initial rates were not competitive at all. Best I got was 2.5% with $1226 closing with LenderFi. Sent the offer to Better.com, they matched rate and beat it by a $1000. Also confirmed that I will also get the $2500 AMEX credit.
I also did the LenderFi-Better two step and am in underwriting with Better. How did you confirm eligibility for the AMEX credit? I clicked through the website link to start my application, but I'm still not sure whether they've "confirmed" my eligibility. I didn't receive a targeted email from AMEX.

I just confirmed with the person I am working with. He stated it when he provided the matching quote. I also asked him directly when I would see it as it was not anywhere before I locked in. He said that as we approach the closing stage there will be an activity added to provide my AMEX card number.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

lcdx22 wrote: Mon Jun 01, 2020 2:37 pm
Leapfrog wrote: Mon Jun 01, 2020 1:26 pm
lcdx22 wrote: Mon Jun 01, 2020 12:59 pm Just locked in with Better.com a 15 year @ 2.5%. Cost excluding escrow $226. Their initial rates were not competitive at all. Best I got was 2.5% with $1226 closing with LenderFi. Sent the offer to Better.com, they matched rate and beat it by a $1000. Also confirmed that I will also get the $2500 AMEX credit.
I also did the LenderFi-Better two step and am in underwriting with Better. How did you confirm eligibility for the AMEX credit? I clicked through the website link to start my application, but I'm still not sure whether they've "confirmed" my eligibility. I didn't receive a targeted email from AMEX.

I just confirmed with the person I am working with. He stated it when he provided the matching quote. I also asked him directly when I would see it as it was not anywhere before I locked in. He said that as we approach the closing stage there will be an activity added to provide my AMEX card number.
Are you able to provide the name of the person you are working with at Better? My loan officer keeps telling me that you can't stack discounts, so I was going to say I've heard from others on a finance forum that they are able to do it. Would be an easier conversation with her if I had the name of someone else at Better who has stated otherwise.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

Thrifty Femme wrote: Sat May 30, 2020 3:38 pm For those that have closed with Northpointe, how did they refund the $400 deposit?
credit at closing.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

cskollmann wrote: Mon Jun 01, 2020 12:18 pm
clippersfan79 wrote: Sun May 31, 2020 9:50 pm
akpk wrote: Sun May 31, 2020 5:21 pm Has anyone used raterabbit.com .. they seem to operate only in 4 states and offered rates look good... would appreciate any feedback on them. Thanks in advance.
Make sure you opt in for email communication from them. I got a personal email from the President after submitting a quote request on the website. He offered a much better rate that was auto generated from the website. 2.875% no cost for conforming limit loan with <50% LTV.
Applied with them today, quoted 3% for a no cost 30 year fixed. Hopefully it all goes smoothly as that is the best I've seen for Massachusetts. My usual guy quoted 2.99% but with closing costs equal to a month's mortgage payment.
Keep us posted! Would love to hear how they do. Considering another refinance in MA as well.
TXGator
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Re: Refinance Mega Thread

Post by TXGator »

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.
I got my payoff quote today with no offer to refi - hoping for a separate mailing soon!
Young Fellow
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Re: Refinance Mega Thread

Post by Young Fellow »

TXGator wrote: Mon Jun 01, 2020 9:14 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.
I got my payoff quote today with no offer to refi - hoping for a separate mailing soon!
Me too, no offer to refinance. My mortgage is due early next year, may be that is the reason, it want there. May I ask the folks getting these offers from Chase, when their mortgages are due for refinancing? Thanks
texasdiver
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Re: Refinance Mega Thread

Post by texasdiver »

kski74 wrote: Mon Jun 01, 2020 8:57 pm
Thrifty Femme wrote: Sat May 30, 2020 3:38 pm For those that have closed with Northpointe, how did they refund the $400 deposit?
credit at closing.
Nobody at Northpointe has asked me for a $400 deposit yet or even brought one up. We have a rate lock and I uploaded all the docs. Said we'd be getting the formal loan app to e-sign tomorrow.

Maybe state laws are different in different states? We are in WA.
edudumb
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Re: Refinance Mega Thread

Post by edudumb »

BrandonBogle wrote: Sat May 30, 2020 6:30 pm
hotelcalifornia wrote: Sat May 30, 2020 6:08 pm For those that have completed a refinance with Better:
Got Better down to a rate I wanted after sending LE from Northpointe. I went through with the hard pull but when I went to lock in the rate the points went way up. Loan Estimate still has lower points but lock page is higher. Did anyone else experience this?
Sadly, one thing that Better doesn’t seem to mention enough is that when they do a beat, the offer on the rate table is only valid for 24 hours. If you don’t lock your rate then, it updates to whatever the next current rate offerings are.

What I don’t know if is they will still override it again if you reach out. I didn’t know about this and called to ask a question and the Junior Concierge mentioned that I decide by EOD tomorrow or else the rate table will reset.
We just closed with Better as well.
Loan amount: $300k
Rate: 3.375%
Lender credit: $2500
AMEX credit: $2500
Shopped for our own title: Insurance $880, closing fee $150

When Better told us they'd beat by $1000, they asked us to send in more quotes for them to beat; never mentioned that we needed to decided in 24 hrs. We were trying to get more quotes from other lenders, but no one seemed to want to match/ beat Better's. 2 weeks later, we just decided to go with Better.

We didn't have an AMEX card when we refi. We thought it was a targeted offer. One day before we closed, we learned about the AMEX credit but still didn't have an AMEX card. We just asked Better, and Better agreed to honor the AMEX credit while we went apply for the AMEX card. The AMEX card took 3 min to apply, and we got the card number right away.
edudumb
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Re: Refinance Mega Thread

Post by edudumb »

ChiKid24 wrote: Mon Jun 01, 2020 5:35 pm
lcdx22 wrote: Mon Jun 01, 2020 2:37 pm
Leapfrog wrote: Mon Jun 01, 2020 1:26 pm
lcdx22 wrote: Mon Jun 01, 2020 12:59 pm Just locked in with Better.com a 15 year @ 2.5%. Cost excluding escrow $226. Their initial rates were not competitive at all. Best I got was 2.5% with $1226 closing with LenderFi. Sent the offer to Better.com, they matched rate and beat it by a $1000. Also confirmed that I will also get the $2500 AMEX credit.
I also did the LenderFi-Better two step and am in underwriting with Better. How did you confirm eligibility for the AMEX credit? I clicked through the website link to start my application, but I'm still not sure whether they've "confirmed" my eligibility. I didn't receive a targeted email from AMEX.

I just confirmed with the person I am working with. He stated it when he provided the matching quote. I also asked him directly when I would see it as it was not anywhere before I locked in. He said that as we approach the closing stage there will be an activity added to provide my AMEX card number.
Are you able to provide the name of the person you are working with at Better? My loan officer keeps telling me that you can't stack discounts, so I was going to say I've heard from others on a finance forum that they are able to do it. Would be an easier conversation with her if I had the name of someone else at Better who has stated otherwise.
For us, the AMEX credit is shown in one of the tasks on Better.com. They asked us to input the last 5-digit of the AMEX card number. We stacked AMEX $2500 and Better.com $250 discount.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

edudumb wrote: Tue Jun 02, 2020 12:08 am
We didn't have an AMEX card when we refi. We thought it was a targeted offer. One day before we closed, we learned about the AMEX credit but still didn't have an AMEX card. We just asked Better, and Better agreed to honor the AMEX credit while we went apply for the AMEX card. The AMEX card took 3 min to apply, and we got the card number right away.
Wow this is great. Who did you ask at Better? Can you provide a particular name? I don't have an Amex but would get one for an additioanl $2,500 discount!
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Thrifty Femme
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Re: Refinance Mega Thread

Post by Thrifty Femme »

texasdiver wrote: Mon Jun 01, 2020 11:33 pm Nobody at Northpointe has asked me for a $400 deposit yet or even brought one up. We have a rate lock and I uploaded all the docs. Said we'd be getting the formal loan app to e-sign tomorrow.

Maybe state laws are different in different states? We are in WA.
Never fear it's coming soon lol.
njdealguy
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Re: Refinance Mega Thread

Post by njdealguy »

ChiKid24 wrote: Tue Jun 02, 2020 3:51 am
edudumb wrote: Tue Jun 02, 2020 12:08 am
We didn't have an AMEX card when we refi. We thought it was a targeted offer. One day before we closed, we learned about the AMEX credit but still didn't have an AMEX card. We just asked Better, and Better agreed to honor the AMEX credit while we went apply for the AMEX card. The AMEX card took 3 min to apply, and we got the card number right away.
Wow this is great. Who did you ask at Better? Can you provide a particular name? I don't have an Amex but would get one for an additioanl $2,500 discount!
Wow you have no idea how useful this might be for me! Have locked with Better a couple weeks ago and learned later about this Amex offer while one of my mortgage co-applicants has an Amex blue cash card. Asking my Better representative about this shortly. In case that card turns out invalid, may I ask which Amex card did you obtain that have applied to Better for credit?

Also in your case did you have to prepay the $550 appraisal fee then had it refunded? I have already paid that fee and would love to have that credited at closing as well!
TXGator
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Re: Refinance Mega Thread

Post by TXGator »

Young Fellow wrote: Mon Jun 01, 2020 11:13 pm
TXGator wrote: Mon Jun 01, 2020 9:14 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.
I got my payoff quote today with no offer to refi - hoping for a separate mailing soon!
Me too, no offer to refinance. My mortgage is due early next year, may be that is the reason, it want there. May I ask the folks getting these offers from Chase, when their mortgages are due for refinancing? Thanks
I've got a 30 yr jumbo at 4.875% that closed about 16 months ago; all these low 3 / sub 3 rates are making me green with envy! :annoyed
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