Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
mervinj7
Posts: 1567
Joined: Thu Mar 27, 2014 3:10 pm

Re: Refinance Mega Thread

Post by mervinj7 »

TXGator wrote: Tue Jun 02, 2020 9:26 am 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
Yikes. Why haven't you refinanced already? In your position, I would have done three no-cost refinances in the last 16 months.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

njdealguy wrote: Tue Jun 02, 2020 9:07 am 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!
Once the Amex promo is applied, either the $550 is refunded (no appraisal yet) or it is credited back to you at closing (appraisal already ordered).
mt2k
Posts: 51
Joined: Thu May 21, 2020 8:13 am

Re: Refinance Mega Thread

Post by mt2k »

by mervinj7 » Tue Jun 02, 2020 10:39 am

TXGator wrote: ↑
Tue Jun 02, 2020 10:26 am
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

Yikes. Why haven't you refinanced already? In your position, I would have done three no-cost refinances in the last 16 months.
Agree. I have done one no-cost refinance last year and in the process of another one now. The only cost is the hard credit hits that impacts your FICO score, specially if you are getting quotes from multiple companies.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

mt2k wrote: Tue Jun 02, 2020 10:21 am
by mervinj7 » Tue Jun 02, 2020 10:39 am

TXGator wrote: ↑
Tue Jun 02, 2020 10:26 am
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

Yikes. Why haven't you refinanced already? In your position, I would have done three no-cost refinances in the last 16 months.
Agree. I have done one no-cost refinance last year and in the process of another one now. The only cost is the hard credit hits that impacts your FICO score, specially if you are getting quotes from multiple companies.
All inquiries with type “Real Estate” within a rolling 45 day period are grouped together as a single inquiry for scoring purposes. So you don’t get hurt shopping around.
TXGator
Posts: 67
Joined: Mon Sep 26, 2016 1:38 pm

Re: Refinance Mega Thread

Post by TXGator »

BrandonBogle wrote: Tue Jun 02, 2020 10:44 am
mt2k wrote: Tue Jun 02, 2020 10:21 am
by mervinj7 » Tue Jun 02, 2020 10:39 am

TXGator wrote: ↑
Tue Jun 02, 2020 10:26 am
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

Yikes. Why haven't you refinanced already? In your position, I would have done three no-cost refinances in the last 16 months.
Agree. I have done one no-cost refinance last year and in the process of another one now. The only cost is the hard credit hits that impacts your FICO score, specially if you are getting quotes from multiple companies.
All inquiries with type “Real Estate” within a rolling 45 day period are grouped together as a single inquiry for scoring purposes. So you don’t get hurt shopping around.
My challenge is right now my LTV is 88% and in Texas, I can bring LTV to 80% but leery of taking a huge chunk out my EF. Haven't been able to get good quotes (nor my broker) from any websites. Awaiting if Chase sends something and i have a call with BoA this week (Plat Honors there).
mt2k
Posts: 51
Joined: Thu May 21, 2020 8:13 am

Re: Refinance Mega Thread

Post by mt2k »

BrandonBogle wrote: Tue Jun 02, 2020 10:44 am
mt2k wrote: Tue Jun 02, 2020 10:21 am
by mervinj7 » Tue Jun 02, 2020 10:39 am

TXGator wrote: ↑
Tue Jun 02, 2020 10:26 am
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

Yikes. Why haven't you refinanced already? In your position, I would have done three no-cost refinances in the last 16 months.
Agree. I have done one no-cost refinance last year and in the process of another one now. The only cost is the hard credit hits that impacts your FICO score, specially if you are getting quotes from multiple companies.
All inquiries with type “Real Estate” within a rolling 45 day period are grouped together as a single inquiry for scoring purposes. So you don’t get hurt shopping around.
Correct. My mistake, it may not be the FICO score as such but the in the credit report it shows too many hits.
pindevil
Posts: 105
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil »

I have an estimate from a local broker for 15yr @ 2.5% with $400 lender credit. Fees are still about $2k even with lender credit. I have sent this estimate to better.com after getting pre-approved today.

How long do I have to wait for them to respond? Also, I have two AMEX cards but they are business cards will this work for the AMEX credit?
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

pindevil wrote: Tue Jun 02, 2020 11:29 am Also, I have two AMEX cards but they are business cards will this work for the AMEX credit?
Terms and Conditions on the offer require personal, not business cards to qualify.
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

BrandonBogle wrote: Tue Jun 02, 2020 10:18 am
njdealguy wrote: Tue Jun 02, 2020 9:07 am 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!
Once the Amex promo is applied, either the $550 is refunded (no appraisal yet) or it is credited back to you at closing (appraisal already ordered).
Nice and am trying for this but curious as to how the Amex credit will post when have learned about it after locking with Better and therefore obviously did not use the Amex offer link into Better but do now have applied for and have a Amex everyday card number.
Young Fellow
Posts: 108
Joined: Sun Dec 18, 2016 8:48 pm

Re: Refinance Mega Thread

Post by Young Fellow »

Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
dsmil
Posts: 734
Joined: Tue Sep 08, 2009 10:51 am

Re: Refinance Mega Thread

Post by dsmil »

Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

njdealguy wrote: Tue Jun 02, 2020 1:17 pmNice and am trying for this but curious as to how the Amex credit will post when have learned about it after locking with Better and therefore obviously did not use the Amex offer link into Better but do now have applied for and have a Amex everyday card number.
The Amex promo pays out as a credit on your Amex card 8-12 weeks AFTER closing & funding of the mortgage.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

dsmil wrote: Tue Jun 02, 2020 1:31 pm
Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
^^ This

If before underwriting, Better has a drop down selection with one option being “Mortgage rate shopping that didn't result in a line of credit”.

If during/after underwriting, Better has a drop down selection of Yes/No for the question “Did this inquiry result in a new line of credit?“
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

BrandonBogle wrote: Tue Jun 02, 2020 2:04 pm
njdealguy wrote: Tue Jun 02, 2020 1:17 pmNice and am trying for this but curious as to how the Amex credit will post when have learned about it after locking with Better and therefore obviously did not use the Amex offer link into Better but do now have applied for and have a Amex everyday card number.
The Amex promo pays out as a credit on your Amex card 8-12 weeks AFTER closing & funding of the mortgage.
Understood, what I'm asking about through is that when initially applied directly on Better.com and locked a refinance loan rate, did not do so by clicking on the actual Amex offer link as have learned about it after the fact and obtained a new Amex everyday card afterwards. Therefore am wondering even if the Better representative is able to attach this offer on Better's portal with my new card number, if Amex might later come back after closing and deny the credit due to not having used the offer link before applying on Better.
User avatar
BigBankHank
Posts: 2
Joined: Sat May 23, 2020 5:33 pm

Re: Refinance Mega Thread

Post by BigBankHank »

Should I think about closing attorneys any differently for a refi? I'm filling out initial disclosures and need to say whether I want to pick my own or have lender pick one.

I'm inclined to save the hassle and let them pick one, given that 1) wouldn't know where to look, how to vet, and 2) already own the house, so presumably there is less that can go wrong compared to a new purchase (liens, e.g.).
texasdiver
Posts: 3498
Joined: Thu Jun 25, 2009 12:50 am
Location: Vancouver WA

Re: Refinance Mega Thread

Post by texasdiver »

Thrifty Femme wrote: Tue Jun 02, 2020 9:02 am
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.
OK, well, at least I get it back. On the plus side, they said we can waive the appraisal fee so that's $600 or so we'll actually be saving.
2quiker
Posts: 45
Joined: Sun May 10, 2020 12:39 pm

Re: Refinance Mega Thread

Post by 2quiker »

Is the Better Mortgage credit of Amex Credit for any American express card? I asked about getting the credit and was told they can but i need to open an account, i was thinking of opening a American Express Cash Magnet® Card.
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

njdealguy wrote: Tue Jun 02, 2020 2:19 pm
BrandonBogle wrote: Tue Jun 02, 2020 2:04 pm
njdealguy wrote: Tue Jun 02, 2020 1:17 pmNice and am trying for this but curious as to how the Amex credit will post when have learned about it after locking with Better and therefore obviously did not use the Amex offer link into Better but do now have applied for and have a Amex everyday card number.
The Amex promo pays out as a credit on your Amex card 8-12 weeks AFTER closing & funding of the mortgage.
Understood, what I'm asking about through is that when initially applied directly on Better.com and locked a refinance loan rate, did not do so by clicking on the actual Amex offer link as have learned about it after the fact and obtained a new Amex everyday card afterwards. Therefore am wondering even if the Better representative is able to attach this offer on Better's portal with my new card number, if Amex might later come back after closing and deny the credit due to not having used the offer link before applying on Better.
Just an update from my side is I have applied for an Amex everyday card today and after asking the Better.com rep to associate that to the promo, said cant do it for a card that was opened after locking the loan (unlike "edudumb" here who said to have applied for a new card and successfully applied it a day before closing). However was able to apply it based on a Amex blue cash card my loan co-applicant has where the account has been open for many years. So thanks for the help I found out both here and the big thread on SD where have found out that there is a way to apply the Amex promo even if weren't aware of it at time of application!
ChiKid24
Posts: 333
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

Seems like a lot of different responses from Better on this depending on who your loan officer is. Mine said I can't stack discounts, some have said you can't apply it after you lock, yours said you can apply it after the lock since you had a qualifying card at the time of the lock, then there's edudumb who said (as you point out) that he was able to apply for a card after the fact and get the discount. I've asked a couple of times if anyone is willing to share their loan officer's name so that I can discuss with my officer and tell her that others are stacking discounts. Alas, nobody so far has come to the rescue....
marlonism
Posts: 5
Joined: Sat Mar 07, 2020 1:19 pm

Re: Refinance Mega Thread

Post by marlonism »

Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
avidracer
Posts: 20
Joined: Fri Oct 20, 2017 10:06 am

Re: Refinance Mega Thread

Post by avidracer »

Thanks for the information fellow BH's: I decided to pursue a refi offer through LenderFi based on valueable inputs from various members. Following the acceptance on a 20yrs terms (@2.75), uploading some requested documentation: it has been radio silence from LenderFi. Is this normal level of service?
manatee2005
Posts: 1068
Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
gazelle1991
Posts: 136
Joined: Thu Aug 03, 2017 11:20 am

Re: Refinance Mega Thread

Post by gazelle1991 »

manatee2005 wrote: Tue Jun 02, 2020 7:08 pm
marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
I am currently at 2.75% 15yr on a $200K loan. I was offered a 3% 30 yr for $2300 closing cost or 3.125% 30 yr for @1,500 ($800 less). I am leaning locking in at 3% and just pay the $800 extra. Thoughts? The lender didn't offer no cost refinance.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

gazelle1991 wrote: Tue Jun 02, 2020 7:12 pm
manatee2005 wrote: Tue Jun 02, 2020 7:08 pm
marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
I am currently at 2.75% 15yr on a $200K loan. I was offered a 3% 30 yr for $2300 closing cost or 3.125% 30 yr for @1,500 ($800 less). I am leaning locking in at 3% and just pay the $800 extra. Thoughts? The lender didn't offer no cost refinance.
I would go with option C, do not refinance and enjoy 2.75% for the remainder of the 15 years. But between these two, I would choose the 3.125% loan to spend less in case of another refinance down the road. But seriously, what's the motivation to extend your term?
ChiKid24
Posts: 333
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

gazelle1991 wrote: Tue Jun 02, 2020 7:12 pm
manatee2005 wrote: Tue Jun 02, 2020 7:08 pm
marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
I am currently at 2.75% 15yr on a $200K loan. I was offered a 3% 30 yr for $2300 closing cost or 3.125% 30 yr for @1,500 ($800 less). I am leaning locking in at 3% and just pay the $800 extra. Thoughts? The lender didn't offer no cost refinance.
This isn't the typical refi. Do you really want to double the term of your loan and increase the rate? I get it that you'll save about $500 a month, but if you've been able to make the payments thus far is there something that's changed to make you want/need the extra liquidity? Everyone's circumstance is different but going into a 30 year at 3% is going to cost you over $100k in interest over the life of the loan vs under $45k in interest on your current 15-year. Perhaps look into a better rate on a 15-year option?
gazelle1991
Posts: 136
Joined: Thu Aug 03, 2017 11:20 am

Re: Refinance Mega Thread

Post by gazelle1991 »

ChiKid24 wrote: Tue Jun 02, 2020 7:23 pm
gazelle1991 wrote: Tue Jun 02, 2020 7:12 pm
manatee2005 wrote: Tue Jun 02, 2020 7:08 pm
marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
I am currently at 2.75% 15yr on a $200K loan. I was offered a 3% 30 yr for $2300 closing cost or 3.125% 30 yr for @1,500 ($800 less). I am leaning locking in at 3% and just pay the $800 extra. Thoughts? The lender didn't offer no cost refinance.
This isn't the typical refi. Do you really want to double the term of your loan and increase the rate? I get it that you'll save about $500 a month, but if you've been able to make the payments thus far is there something that's changed to make you want/need the extra liquidity? Everyone's circumstance is different but going into a 30 year at 3% is going to cost you over $100k in interest over the life of the loan vs under $45k in interest on your current 15-year. Perhaps look into a better rate on a 15-year option?
We have $250K student loan at 6% so was thinking we can use the extra payment to pay down the higher interest rate loan since the 2.75% and 3% interest isn't much more.
ChiKid24
Posts: 333
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

gazelle1991 wrote: Tue Jun 02, 2020 7:26 pm
ChiKid24 wrote: Tue Jun 02, 2020 7:23 pm
gazelle1991 wrote: Tue Jun 02, 2020 7:12 pm
manatee2005 wrote: Tue Jun 02, 2020 7:08 pm
marlonism wrote: Tue Jun 02, 2020 6:42 pm Is this a decent rate or should I wait?

2.625% 30yr $189k loan
Closing cost $3364 (excludes prepaids)
Don’t pay any closing costs, you might be refinancing again when the rates get even lower.
I am currently at 2.75% 15yr on a $200K loan. I was offered a 3% 30 yr for $2300 closing cost or 3.125% 30 yr for @1,500 ($800 less). I am leaning locking in at 3% and just pay the $800 extra. Thoughts? The lender didn't offer no cost refinance.
This isn't the typical refi. Do you really want to double the term of your loan and increase the rate? I get it that you'll save about $500 a month, but if you've been able to make the payments thus far is there something that's changed to make you want/need the extra liquidity? Everyone's circumstance is different but going into a 30 year at 3% is going to cost you over $100k in interest over the life of the loan vs under $45k in interest on your current 15-year. Perhaps look into a better rate on a 15-year option?
We have $250K student loan at 6% so was thinking we can use the extra payment to pay down the higher interest rate loan since the 2.75% and 3% interest isn't much more.
The rate isn't much more but the added 15 years is killer. Doubles the interest you pay over the life of the loan. But yes, that makes sense to devote more resources to the student loan given the higher rate. Another thing to consider depending on the LTV is to do a cash out refi or try to get a HELOC at a low rate that you can use to take out the student debt (or at least part of it).
pindevil
Posts: 105
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil »

BrandonBogle wrote: Tue Jun 02, 2020 11:59 am
pindevil wrote: Tue Jun 02, 2020 11:29 am Also, I have two AMEX cards but they are business cards will this work for the AMEX credit?
Terms and Conditions on the offer require personal, not business cards to qualify.
I was able to talk to my "dedicated concierge" at better mortgage. They did beat my competing offer by $1000. So now better is offering 2.5% with 1.3K in fees. One thing that was mentioned during the call was that if you apply using the AMEX offer you automatically get the appraisal fee waived no matter what even if you don't have a valid AMEX card.

Since I don't have a AMEX personal card I have applied for and was approved for the Amex Blue Card today. I plan to lock the rate tonight with better mortgage.
Young Fellow
Posts: 108
Joined: Sun Dec 18, 2016 8:48 pm

Re: Refinance Mega Thread

Post by Young Fellow »

dsmil wrote: Tue Jun 02, 2020 1:31 pm
Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
Here is what Better has put in the task to do:
Upload documenation to evidence applications in process with RCU/ECrPlus/FOA have been cancelled/withdrawn.
Thanks
Young Fellow
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Young Fellow wrote: Tue Jun 02, 2020 9:54 pm
dsmil wrote: Tue Jun 02, 2020 1:31 pm
Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
Here is what Better has put in the task to do:
Upload documenation to evidence applications in process with RCU/ECrPlus/FOA have been cancelled/withdrawn.
Thanks
Young Fellow
This sounds different/odd. Did you just get quotes with these companies or did you do an “intent to proceed” with any of them?
edudumb
Posts: 129
Joined: Thu Jun 21, 2018 1:48 pm

Re: Refinance Mega Thread

Post by edudumb »

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!
You don't need a particular name. When we first asked Better about the AMEX offer, they said it was only for those who have received emails from AMEX. Then we googled the link, checked with AMEX, and politely asked Better along the line, "We're supposed to sign the papers to close tomorrow. But we just learned about the AMEX offer. Could you honor it? We can also cancel the loan application and re-apply again because we really wanted the $2500 credit." The loan officer said he checked with his "AMEX manager" and added a place on better.com for us to put in our new AMEX card number.
edudumb
Posts: 129
Joined: Thu Jun 21, 2018 1:48 pm

Re: Refinance Mega Thread

Post by edudumb »

ChiKid24 wrote: Tue Jun 02, 2020 5:48 pm Seems like a lot of different responses from Better on this depending on who your loan officer is. Mine said I can't stack discounts, some have said you can't apply it after you lock, yours said you can apply it after the lock since you had a qualifying card at the time of the lock, then there's edudumb who said (as you point out) that he was able to apply for a card after the fact and get the discount. I've asked a couple of times if anyone is willing to share their loan officer's name so that I can discuss with my officer and tell her that others are stacking discounts. Alas, nobody so far has come to the rescue....
It really depends on who your loan officer is, and you don't need particular names.

We knew about the AMEX credit and thought it was a targeted offer. But, one day before we closed, we got the final e-mail from the loan officer to let us know what to expect next. It was a general e-mail saying that appraisal refund would happen within x weeks (we waived appraisal and didn't need it) and that AMEX credit would come within y weeks (we thought it was a targeted offer, but the e-mail sounded like most people would get it). So we researched it and called AMEX and Better (general hotlines) to confirm that anyone applying through the link by July and close by Oct could get the credits. We then asked Better. The loan officer first apologized and said it was a email template mistake and we weren't eligible for the credit. Then we politely suggested that we'd want to cancel the loan application (it was 8pm the day before we'd sign the paper by 10am next day) and re-apply through the link. The loan officer then said he just checked with his AMEX manager and that they'd honor the credit (and wait for us to apply and get a new AMEX card). Within minutes, a new task appeared on Better.com for us to input our AMEX card number. We just applied for the everyday blue cash AMEX card and got the card number in minutes and put it on Better.com. (We recently haven't received the AMEX card yet, so we haven't seen the credits yet.)

Hope it helps.
ChiKid24
Posts: 333
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

edudumb wrote: Tue Jun 02, 2020 11:33 pm
ChiKid24 wrote: Tue Jun 02, 2020 5:48 pm Seems like a lot of different responses from Better on this depending on who your loan officer is. Mine said I can't stack discounts, some have said you can't apply it after you lock, yours said you can apply it after the lock since you had a qualifying card at the time of the lock, then there's edudumb who said (as you point out) that he was able to apply for a card after the fact and get the discount. I've asked a couple of times if anyone is willing to share their loan officer's name so that I can discuss with my officer and tell her that others are stacking discounts. Alas, nobody so far has come to the rescue....
It really depends on who your loan officer is, and you don't need particular names.

We knew about the AMEX credit and thought it was a targeted offer. But, one day before we closed, we got the final e-mail from the loan officer to let us know what to expect next. It was a general e-mail saying that appraisal refund would happen within x weeks (we waived appraisal and didn't need it) and that AMEX credit would come within y weeks (we thought it was a targeted offer, but the e-mail sounded like most people would get it). So we researched it and called AMEX and Better (general hotlines) to confirm that anyone applying through the link by July and close by Oct could get the credits. We then asked Better. The loan officer first apologized and said it was a email template mistake and we weren't eligible for the credit. Then we politely suggested that we'd want to cancel the loan application (it was 8pm the day before we'd sign the paper by 10am next day) and re-apply through the link. The loan officer then said he just checked with his AMEX manager and that they'd honor the credit (and wait for us to apply and get a new AMEX card). Within minutes, a new task appeared on Better.com for us to input our AMEX card number. We just applied for the everyday blue cash AMEX card and got the card number in minutes and put it on Better.com. (We recently haven't received the AMEX card yet, so we haven't seen the credits yet.)

Hope it helps.
Thanks for the explanation. Good tactic although the big risk in the walk and reapply threat is that the rate I'm locked in might have changed to something worse today than when I locked and they call my bluff.
edudumb
Posts: 129
Joined: Thu Jun 21, 2018 1:48 pm

Re: Refinance Mega Thread

Post by edudumb »

ChiKid24 wrote: Tue Jun 02, 2020 11:54 pm
edudumb wrote: Tue Jun 02, 2020 11:33 pm
ChiKid24 wrote: Tue Jun 02, 2020 5:48 pm Seems like a lot of different responses from Better on this depending on who your loan officer is. Mine said I can't stack discounts, some have said you can't apply it after you lock, yours said you can apply it after the lock since you had a qualifying card at the time of the lock, then there's edudumb who said (as you point out) that he was able to apply for a card after the fact and get the discount. I've asked a couple of times if anyone is willing to share their loan officer's name so that I can discuss with my officer and tell her that others are stacking discounts. Alas, nobody so far has come to the rescue....
It really depends on who your loan officer is, and you don't need particular names.

We knew about the AMEX credit and thought it was a targeted offer. But, one day before we closed, we got the final e-mail from the loan officer to let us know what to expect next. It was a general e-mail saying that appraisal refund would happen within x weeks (we waived appraisal and didn't need it) and that AMEX credit would come within y weeks (we thought it was a targeted offer, but the e-mail sounded like most people would get it). So we researched it and called AMEX and Better (general hotlines) to confirm that anyone applying through the link by July and close by Oct could get the credits. We then asked Better. The loan officer first apologized and said it was a email template mistake and we weren't eligible for the credit. Then we politely suggested that we'd want to cancel the loan application (it was 8pm the day before we'd sign the paper by 10am next day) and re-apply through the link. The loan officer then said he just checked with his AMEX manager and that they'd honor the credit (and wait for us to apply and get a new AMEX card). Within minutes, a new task appeared on Better.com for us to input our AMEX card number. We just applied for the everyday blue cash AMEX card and got the card number in minutes and put it on Better.com. (We recently haven't received the AMEX card yet, so we haven't seen the credits yet.)

Hope it helps.
Thanks for the explanation. Good tactic although the big risk in the walk and reapply threat is that the rate I'm locked in might have changed to something worse today than when I locked and they call my bluff.
True. But no harm to ask. I don't think they'll cancel your loan application unless you cancel it yourself. The team assigned to us was really quick and helpful. It was only 2 weeks from lock to close. The rate couldn't be that different within 2 weeks? If different, it could go down too.
User avatar
Escape Velocity
Posts: 109
Joined: Sun Jul 05, 2015 9:05 am

Re: Refinance Mega Thread

Post by Escape Velocity »

Hi folks,

Question regarding townhouse property in Hawaii.

We've decided to hold on to our mortgage and save the cash, rather than pay it off.

We owe $260K on $1M house, so very good LTV. Current mortgage is 15 yr @ 3.375%, with 10 years remaining.

Wondering if folks know good deals/companies for lower mortgage rates with low closing costs in HI. Would be willing to do 15 yr or 10 yr fixed (or consider other suggestions).

Thanks in advance,

EV
sixtoeight
Posts: 57
Joined: Mon Nov 05, 2018 12:09 pm
Location: Washington, DC

Re: Refinance Mega Thread

Post by sixtoeight »

What are some people's experiences with Rocket Mortgage? Do they have competitive rates? I live in Virginia and am in the process of trying to refinance my home. I want to take advantage of the AMEX offer but Virginia is not covered by Better.com but is covered by Rocket Mortgage. Am thinking of asking them for a quote. Just want to solicit some feedback from others who've worked with Rocket Mortgage before. Also, does anyone know of good lenders they've recently used to refinance in Virginia and/or greater Washington DC area?
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

sixtoeight wrote: Wed Jun 03, 2020 8:53 am What are some people's experiences with Rocket Mortgage? Do they have competitive rates? I live in Virginia and am in the process of trying to refinance my home. I want to take advantage of the AMEX offer but Virginia is not covered by Better.com but is covered by Rocket Mortgage. Am thinking of asking them for a quote. Just want to solicit some feedback from others who've worked with Rocket Mortgage before. Also, does anyone know of good lenders they've recently used to refinance in Virginia and/or greater Washington DC area?
If you decide to apply with them, use the Amex promo as they will also give you $2,500. Better wasn’t competitive prior to matching and Rocket was even worse in my case. But each person may be different.

https://www.americanexpress.com/us/camp ... ken-loans/
njdealguy
Posts: 166
Joined: Wed Jul 26, 2017 8:15 am

Re: Refinance Mega Thread

Post by njdealguy »

edudumb wrote: Wed Jun 03, 2020 12:05 am
ChiKid24 wrote: Tue Jun 02, 2020 11:54 pm
edudumb wrote: Tue Jun 02, 2020 11:33 pm
ChiKid24 wrote: Tue Jun 02, 2020 5:48 pm Seems like a lot of different responses from Better on this depending on who your loan officer is. Mine said I can't stack discounts, some have said you can't apply it after you lock, yours said you can apply it after the lock since you had a qualifying card at the time of the lock, then there's edudumb who said (as you point out) that he was able to apply for a card after the fact and get the discount. I've asked a couple of times if anyone is willing to share their loan officer's name so that I can discuss with my officer and tell her that others are stacking discounts. Alas, nobody so far has come to the rescue....
It really depends on who your loan officer is, and you don't need particular names.

We knew about the AMEX credit and thought it was a targeted offer. But, one day before we closed, we got the final e-mail from the loan officer to let us know what to expect next. It was a general e-mail saying that appraisal refund would happen within x weeks (we waived appraisal and didn't need it) and that AMEX credit would come within y weeks (we thought it was a targeted offer, but the e-mail sounded like most people would get it). So we researched it and called AMEX and Better (general hotlines) to confirm that anyone applying through the link by July and close by Oct could get the credits. We then asked Better. The loan officer first apologized and said it was a email template mistake and we weren't eligible for the credit. Then we politely suggested that we'd want to cancel the loan application (it was 8pm the day before we'd sign the paper by 10am next day) and re-apply through the link. The loan officer then said he just checked with his AMEX manager and that they'd honor the credit (and wait for us to apply and get a new AMEX card). Within minutes, a new task appeared on Better.com for us to input our AMEX card number. We just applied for the everyday blue cash AMEX card and got the card number in minutes and put it on Better.com. (We recently haven't received the AMEX card yet, so we haven't seen the credits yet.)

Hope it helps.
Thanks for the explanation. Good tactic although the big risk in the walk and reapply threat is that the rate I'm locked in might have changed to something worse today than when I locked and they call my bluff.
True. But no harm to ask. I don't think they'll cancel your loan application unless you cancel it yourself. The team assigned to us was really quick and helpful. It was only 2 weeks from lock to close. The rate couldn't be that different within 2 weeks? If different, it could go down too.
I heard from the SD forum that the task when its time to enter the AMEX info on Better portal only asks for the last 5 digits. Given that hopefully it will link to our legitimate Amex card correctly given the original Amex offer link wasn't used by either of us!
kski74
Posts: 74
Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

sixtoeight wrote: Wed Jun 03, 2020 8:53 am What are some people's experiences with Rocket Mortgage? Do they have competitive rates? I live in Virginia and am in the process of trying to refinance my home. I want to take advantage of the AMEX offer but Virginia is not covered by Better.com but is covered by Rocket Mortgage. Am thinking of asking them for a quote. Just want to solicit some feedback from others who've worked with Rocket Mortgage before. Also, does anyone know of good lenders they've recently used to refinance in Virginia and/or greater Washington DC area?
See my previous recent post about my experience with Rocket's Quicken Loans. Tread lightly with these guys imo.
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%).

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?
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

While I was shopping around and encountered a few lenders that would not lock the rate until conditionally approved. While that doesn't take long, I wasn't going to take the risk. I took my business elsewhere and ended up happy I did. While I could now get a better rate than what I got, I'm still happy with my loan.
kski74
Posts: 74
Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

BrandonBogle wrote: Wed Jun 03, 2020 11:58 am While I was shopping around and encountered a few lenders that would not lock the rate until conditionally approved. While that doesn't take long, I wasn't going to take the risk. I took my business elsewhere and ended up happy I did. While I could now get a better rate than what I got, I'm still happy with my loan.
Rocket wouldn't lock us until we got final approval, which they estimated to be 4-5 weeks. That's a long time for rate to change.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

kski74 wrote: Wed Jun 03, 2020 12:46 pm
BrandonBogle wrote: Wed Jun 03, 2020 11:58 am While I was shopping around and encountered a few lenders that would not lock the rate until conditionally approved. While that doesn't take long, I wasn't going to take the risk. I took my business elsewhere and ended up happy I did. While I could now get a better rate than what I got, I'm still happy with my loan.
Rocket wouldn't lock us until we got final approval, which they estimated to be 4-5 weeks. That's a long time for rate to change.
Ouch. I didn’t encounter final approval with mine, just conditional approval. I definitely wouldn’t proceed under those terms. I wasn’t a fan of Rocket to begin with, so I’m glad I didn’t give them much consideration.
Familyman2012
Posts: 121
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

New here. Been trying to read up on this thread.
I've learn a lot here already. New to refinancing. Trying to understand as much as possible before I reach out to lenders.

Can someone explain briefly in layman terms what and how UWM works?

Thanks in advance.
edudumb
Posts: 129
Joined: Thu Jun 21, 2018 1:48 pm

Re: Refinance Mega Thread

Post by edudumb »

kski74 wrote: Wed Jun 03, 2020 12:46 pm
BrandonBogle wrote: Wed Jun 03, 2020 11:58 am While I was shopping around and encountered a few lenders that would not lock the rate until conditionally approved. While that doesn't take long, I wasn't going to take the risk. I took my business elsewhere and ended up happy I did. While I could now get a better rate than what I got, I'm still happy with my loan.
Rocket wouldn't lock us until we got final approval, which they estimated to be 4-5 weeks. That's a long time for rate to change.
How does that really work? I assume that the lenders would still have to issue a loan estimate. If the rate isn't locked, then what is the loan estimate for?
Young Fellow
Posts: 108
Joined: Sun Dec 18, 2016 8:48 pm

Re: Refinance Mega Thread

Post by Young Fellow »

BrandonBogle wrote: Tue Jun 02, 2020 10:40 pm
Young Fellow wrote: Tue Jun 02, 2020 9:54 pm
dsmil wrote: Tue Jun 02, 2020 1:31 pm
Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
Here is what Better has put in the task to do:
Upload documenation to evidence applications in process with RCU/ECrPlus/FOA have been cancelled/withdrawn.
Thanks
Young Fellow
This sounds different/odd. Did you just get quotes with these companies or did you do an “intent to proceed” with any of them?
With one I said intent to proceed, with two others quotes, this is apart of Better,
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Young Fellow wrote: Wed Jun 03, 2020 4:47 pm With one I said intent to proceed, with two others quotes, this is apart of Better,
That is what freaked them out. Now they want proof you aren’t actively proceeding with another lender. Rate shopping is one thing, but the “intent to proceed” triggers them to move forward with things such as title search.

Since you can only be charged the appraisal and any app fee up front (which Better doesn’t charge), they have to eat this third-party cost if you don’t close with them. Thus, before they incur more cost, they want an assurance you are going with them.

Note that you can still pull out before closing. Just don’t have more than one lender with an “intent to proceed” or else they may freak out.
User avatar
BrandonBogle
Posts: 3330
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Familyman2012 wrote: Wed Jun 03, 2020 3:45 pm Can someone explain briefly in layman terms what and how UWM works?
UWM is a wholesale lender. They will NOT work with you directly. Instead, they are basically the investor for a mortgage one of their member brokers originate.

By cutting out the expenses of working directly with the clients and having a pipeline of brokers originating for them, they are planning on making money by volume.

Often wholesalers will have the best rates, but then the person originating for them needs to make money too, so there will be fees associated with getting the mortgage (though they can be offset with credits).
Shael_AT
Posts: 49
Joined: Mon Jul 15, 2019 2:36 pm

Re: Refinance Mega Thread

Post by Shael_AT »

Chase contacted me informing me that my 1 year old loan, a 30 year fixed rate at 4.25%, 820600 purchase 656000 original loan, may be eligible for a refinance.

No closing (lender credit covers 3k closing), no points, I can go down to 3.49%, if I pay points, as low as 3.125 but that will cost ~7k.

Our mortgage is already 20% of our total expenses per month in relation to our income, but if we refinance, we are seeing something crazy like 336-400+ dollars (depending on where you land on the spread of rate options) per month.

Am I crazy to wait to see if rates go down any further? They are literally giving me a 3.49 option and paying me to take it, and thats going to be hundreds of dollars added to our budget.

Here is my data reference and possible justification for 'waiting it out' , https://tradingeconomics.com/united-sta ... tgage-rate , the trend line seems like it will go down before it goes back up.
kski74
Posts: 74
Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

edudumb wrote: Wed Jun 03, 2020 4:35 pm How does that really work? I assume that the lenders would still have to issue a loan estimate. If the rate isn't locked, then what is the loan estimate for?
If you look at a Loan Estimate on the first page on the top right corner, there is a rate lock checkbox. It can be "no" or "yes." Rocket matched the zero closing cost from another lender and rate, but didn't allow us to lock it. So essentially, we could only hold their feet to the fire on the zero closing costs in the Loan Estimate. If it hadn't been for the AmEx incentive, I would have hung up on them immediately when they pulled that one. In the end, they didn't match the rate of the other lender and we drop them.

By the way, we received a letter from them after we received the Loan Estimate with a $250 Visa Incentive Card (If We Can't Match or Beat Any Mortgage Offer) if they didn't close the deal. They sent us this offer knowing our credit scores, which are quite good (820), but in the fine print it states you need a "minimum qualifying score of 835!" So essentially, an offer for which they knew we didn't qualify and frankly, very very few people would qualify for. As I said early, tread lightly with this lender and make sure to read any offer very carefully.
edudumb
Posts: 129
Joined: Thu Jun 21, 2018 1:48 pm

Re: Refinance Mega Thread

Post by edudumb »

kski74 wrote: Wed Jun 03, 2020 4:59 pm
edudumb wrote: Wed Jun 03, 2020 4:35 pm How does that really work? I assume that the lenders would still have to issue a loan estimate. If the rate isn't locked, then what is the loan estimate for?
If you look at a Loan Estimate on the first page on the top right corner, there is a rate lock checkbox. It can be "no" or "yes." Rocket matched the zero closing cost from another lender and rate, but didn't allow us to lock it. So essentially, we could only hold their feet to the fire on the zero closing costs in the Loan Estimate. If it hadn't been for the AmEx incentive, I would have hung up on them immediately when they pulled that one. In the end, they didn't match the rate of the other lender and we drop them.

By the way, we received a letter from them after we received the Loan Estimate with a $250 Visa Incentive Card (If We Can't Match or Beat Any Mortgage Offer) if they didn't close the deal. They sent us this offer knowing our credit scores, which are quite good (820), but in the fine print it states you need a "minimum qualifying score of 835!" So essentially, an offer for which they knew we didn't qualify and frankly, very very few people would qualify for. As I said early, tread lightly with this lender and make sure to read any offer very carefully.
Now it makes sense. After Better's match, we tried to get more quotes, and AmeriSave approached us through LendingTree. They promised to match and even beat Better (it was before we knew about the AMEX credit), but they refused to issue a LE until we insisted. The LE was far worse than Better's. AmeriSave kept saying it was becos they FLOATED, so they asked us to ignore the LE. We were pressured to sign a lot of paperworks, and the match-and-beat promise was only in e-mails/ texts. They kept saying "Better is a non-bank just trying to sell your data." But AmeriSave isn't a bank either. We moved on with Better instead.

Also got the $250 Visa incentive mail, multiple times, from Rocket, but we threw them away after seeing the rates. The first one was 3.5-ish and the second was 3.375% with points. Didn't see the fine prints though. Thanks for the info; learned so much.
Post Reply