Refinance Mega Thread

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2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

edudumb wrote: Fri Jun 05, 2020 1:44 pm
2quiker wrote: Fri Jun 05, 2020 1:27 pm
edudumb wrote: Fri Jun 05, 2020 1:14 pm
2quiker wrote: Fri Jun 05, 2020 9:54 am
BrandonBogle wrote: Fri Jun 05, 2020 9:33 am

For a couple years now, page 2 of the Closing Disclosure is permitted to be used in lieu of a HUD-1 settlement statement. My last two lenders, Better and PenFed (for my refi, but not purchase mortgage), did this. If this is the form you are asking about, the “Final” Closing Disclosure (not the initial one before you schedule closing) will likely be what is used.
Ok, I didn't realize that the closing disclosure were permitted to be used. I've requested a closing\settlement statement few times and Better has not once mentioned that Closing Disclosures are permitted. The other issue I am having is they wont' change the title company that I have requested. They stated that company A is doing the escrow which I understand but I wanted to go with a different title company because their fees are less. I have asked them to fix it on the disclosure but I not got a response...
We shopped for our title company ourselves. Better charges $450; we shopped for a local one and it cost only $150 (it was $200 but we asked for a discount). The thing was that Better.com proceeded with title request right away after we locked, we had to stop them and pass our title company info to them.
I did the same right after I locked with them but they seem to ignore my request. I asked to have a manager contact because the closing was suppose to happen today and I feel like the closing person has not been straight up with me. I told them to have a manger call me or I am backing out, we were suppose to close today but that's not going to happen. Bad this is I got quote with other companies and my credit report has took some hard inquiries hits.
Sounds like they've already proceeded with their title company instead of the one you found? Can you just schedule a call with them (on the web, go to your team, find the person you wanted to talk to, and you can see what time they're available to call)?
Yes it appears that they proceed. Yes I have scheduled calls but no one calls. I have called and left messages and no call backs.
whistleblower
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Re: Refinance Mega Thread

Post by whistleblower »

barberakb wrote: Fri Jun 05, 2020 1:44 pm Update, While everything has gone relatively smoothly with Northpointe Bank and I still rec them, we close next week on a 15 yr fixed 2.5% no pts.
We locked our rate on April 17. They told us 35-40 days to close. If we close on our scheduled apt it will be 55 days later...
Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

whistleblower wrote: Fri Jun 05, 2020 3:01 pm
barberakb wrote: Fri Jun 05, 2020 1:44 pm Update, While everything has gone relatively smoothly with Northpointe Bank and I still rec them, we close next week on a 15 yr fixed 2.5% no pts.
We locked our rate on April 17. They told us 35-40 days to close. If we close on our scheduled apt it will be 55 days later...
Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
jheaps
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Re: Refinance Mega Thread

Post by jheaps »

I have a question re no cost refinance, If all the closing costs (Except Escrow) are paid by lender, and only check i am bringing is towards setting up new escrow, Does this sounds like a no cost refinance?
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

jheaps wrote: Fri Jun 05, 2020 4:48 pm I have a question re no cost refinance, If all the closing costs (Except Escrow) are paid by lender, and only check i am bringing is towards setting up new escrow, Does this sounds like a no cost refinance?
Indeed it does. You may also decide to just roll the escrow costs into the loan. I had fully intended to cut a check at close, but in the end decided the extra $15/month to roll it in was fine by me to avoid having to draw down cash from another source.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Fri Jun 05, 2020 5:17 pm
jheaps wrote: Fri Jun 05, 2020 4:48 pm I have a question re no cost refinance, If all the closing costs (Except Escrow) are paid by lender, and only check i am bringing is towards setting up new escrow, Does this sounds like a no cost refinance?
Indeed it does. You may also decide to just roll the escrow costs into the loan. I had fully intended to cut a check at close, but in the end decided the extra $15/month to roll it in was fine by me to avoid having to draw down cash from another source.
Do be careful to check though on the loan estimate/closing disclosure on page 3 to see if it says any closing costs are being financed (before considering financing the escrow).

Let's say you do NOT do escrow and the only funds you bring with you at closing at escrow, that doesn't necessarily mean the lender didn't charge a $500 fee and roll that into the loan. It all depends on if you actually did check to see if all the closing costs were paid or if you assume that based on the $$ amount the LE/CD says to bring to closing.
RMO87
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Re: Refinance Mega Thread

Post by RMO87 »

RE: the AMEX promotion. You don't have to currently have an AMEX statement balance of at least $2,500 to get the full amount, do you? Would you just have a negative balance (and ideally, have AMEX cut you a check)?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

RMO87 wrote: Fri Jun 05, 2020 6:09 pm RE: the AMEX promotion. You don't have to currently have an AMEX statement balance of at least $2,500 to get the full amount, do you? Would you just have a negative balance (and ideally, have AMEX cut you a check)?
That is correct. You can call Amex or if you go to the "Disputes" section of your online account, there is an option for a "credit balance refund", which is that check Amex would send you.
kmanjir
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Re: Refinance Mega Thread

Post by kmanjir »

Hi Everyone - Looking for some advice and guidance on whether it is worth for me to go through the hassle/paperwork of a refinance given the current rates I am seeing, or wait it out a bit further to see if rates drop further.

I am providing some more details below on my current mortgage situation as well as two options that I have been looking at preliminarily.

According to my understanding, if I continue on the current trajectory below with the additional principal payments on my current mortgage, I should be able to pay off this mortgage by some time in 2031/2032, some ~12 years before the end of the term (if my calculations are correct).

My objective at looking at a refinance is to pay the same total monthly amount as I am paying now, but dedicate a bigger percentage of it to principal payments over interest, to save interest in the long-term as well as pay off the mortgage as early as I can.

However, I am having trouble evaluating the below options against my current situation to see how much of a benefit/savings it would be and whether it is worth it to go through the process and paperwork and angst that goes along with these transactions.

Is there a comparison calculator out there where I can plug these numbers in (including the fact that I started doing additional payments on my mortgage 5 years into the mortgage?) and also see what the amortization math and interest savings look like?


State of Residence - WA
Credit Score - 800+

Original Loan - 30 Years Fixed, started in 2014

Purchase Price - 420K
Current Value (according to Redfin, Zillow) - 650K
Current Value of Mortgage (as of June 2020) - 285K
APR - 4%
Current Mortgage Payment (P+I) - 1565
Additional Principal Payment - $1000 / month, started in July 2019

New Loan Options

(1) 30 Year Fixed
Loan Value - 285000
Year of Origination - 2020
APR - 3.375%
Additional Principal Payment = (Current Mortgage Payment + $1000/month) - New Mortgage Payment = 2565-1260 = 1305
Closing Costs - Up to 2000

(2) 15 Year Fixed
Loan Value - 285000
Year of Origination - 2020
APR - 2.875%
Additional Principal Payment = (Current Mortgage Payment + $1000/month) - New Mortgage Payment = 2565-1950 = 615
Closing Costs - Up to 2000
jheaps
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Re: Refinance Mega Thread

Post by jheaps »

ChiKid24 wrote: Fri Jun 05, 2020 5:17 pm
jheaps wrote: Fri Jun 05, 2020 4:48 pm I have a question re no cost refinance, If all the closing costs (Except Escrow) are paid by lender, and only check i am bringing is towards setting up new escrow, Does this sounds like a no cost refinance?
Indeed it does. You may also decide to just roll the escrow costs into the loan. I had fully intended to cut a check at close, but in the end decided the extra $15/month to roll it in was fine by me to avoid having to draw down cash from another source.
Thank you!
jheaps
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Re: Refinance Mega Thread

Post by jheaps »

BrandonBogle wrote: Fri Jun 05, 2020 6:02 pm
jheaps wrote: Fri Jun 05, 2020 4:48 pm I have a question re no cost refinance, If all the closing costs (Except Escrow) are paid by lender, and only check i am bringing is towards setting up new escrow, Does this sounds like a no cost refinance?
Do be careful to check though on the loan estimate/closing disclosure on page 3 to see if it says any closing costs are being financed (before considering financing the escrow).

Let's say you do NOT do escrow and the only funds you bring with you at closing at escrow, that doesn't necessarily mean the lender didn't charge a $500 fee and roll that into the loan. It all depends on if you actually did check to see if all the closing costs were paid or if you assume that based on the $$ amount the LE/CD says to bring to closing.
Thanks for the suggestion. I am yet to receive a CD and I will make sure to check this. From the email it sounds like I will get the credit which will be equal to total of all the costs except escrow.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

kmanjir wrote: Fri Jun 05, 2020 9:17 pm Hi Everyone - Looking for some advice and guidance on whether it is worth for me to go through the hassle/paperwork of a refinance given the current rates I am seeing, or wait it out a bit further to see if rates drop further.
...
However, I am having trouble evaluating the below options against my current situation to see how much of a benefit/savings it would be and whether it is worth it to go through the process and paperwork and angst that goes along with these transactions.

Is there a comparison calculator out there where I can plug these numbers in (including the fact that I started doing additional payments on my mortgage 5 years into the mortgage?) and also see what the amortization math and interest savings look like?
...
Original Loan - 30 Years Fixed, started in 2014

Current Value of Mortgage (as of June 2020) - 285K
APR - 4%
Current Mortgage Payment (P+I) - 1565
Additional Principal Payment - $1000 / month, started in July 2019

New Loan Options

(2) 15 Year Fixed
Loan Value - 285000
Year of Origination - 2020
APR - 2.875%
Additional Principal Payment = (Current Mortgage Payment + $1000/month) - New Mortgage Payment = 2565-1950 = 615
Closing Costs - Up to 2000
Yes. Take that 15 year and enjoy. Keep looking for better though as you go through the process for a lower rate with low/no closing costs.

Assuming $285k outstanding today, $2565 paid monthly, I see around $72k in interest paid for the rest of the loan.
For 2.875% w/ $2565 paid monthly, I see around $66k in interest paid for the rest of the loan + $2k closing costs.

So you are ahead $4k with the 15-year. Get 2.625% and no closing costs, and things will look even better.

I use this Excel spreadsheet to run my numbers and make adjustments where I want to. It's very flexible.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jheaps wrote: Fri Jun 05, 2020 9:56 pm Thanks for the suggestion. I am yet to receive a CD and I will make sure to check this. From the email it sounds like I will get the credit which will be equal to total of all the costs except escrow.
If your Loan Estimate is up-to-date (you didn't change things w/o getting a new LE), it should be on there too.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

anon_investor wrote: Fri Jun 05, 2020 3:24 pm
whistleblower wrote: Fri Jun 05, 2020 3:01 pm
barberakb wrote: Fri Jun 05, 2020 1:44 pm Update, While everything has gone relatively smoothly with Northpointe Bank and I still rec them, we close next week on a 15 yr fixed 2.5% no pts.
We locked our rate on April 17. They told us 35-40 days to close. If we close on our scheduled apt it will be 55 days later...
Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

mt2k wrote: Fri Jun 05, 2020 11:31 pm That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
Or in your best interest. This is almost 20 years ago now, but I remember when my lender at the time didn’t calculate my escrow funding correctly (medium-length story I can explain if you like) and decided that rather than pay my property taxes in November, they would pay them in January/February the following year. My jurisdiction didn’t consider it late until 3/1, so they met their minimum obligation, but not paying in November would have prevented me from getting (on my income then) a hefty 4% discount. Thankfully, I was watching them like a hawk and when they said they can’t pay it since it would take my escrow balance in the red too much, the Bank of Mom helped me out and they reimbursed me.

Since then, I avoid having the escrow like the plague. The only person that will treat my money to the fiduciary standard I desire is myself, and so that person does it! :)
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

mt2k wrote: Fri Jun 05, 2020 11:31 pm
anon_investor wrote: Fri Jun 05, 2020 3:24 pm
whistleblower wrote: Fri Jun 05, 2020 3:01 pm
barberakb wrote: Fri Jun 05, 2020 1:44 pm Update, While everything has gone relatively smoothly with Northpointe Bank and I still rec them, we close next week on a 15 yr fixed 2.5% no pts.
We locked our rate on April 17. They told us 35-40 days to close. If we close on our scheduled apt it will be 55 days later...
Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
I don't like the escrow but the credit was larger to have it vs. not have it. If I refi again I would like no escrow but again it comes down to $ savings.
Young Fellow
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Re: how can you document dividend yield from assets for mortgage loan qualification?

Post by Young Fellow »

Hi Folks, I asked this earlier to this forum, but no response, I am refracing hopefully to get a helpful reply.

Lender does not take interest and ordinary dividend income from 1040 for loan qualification. Wants terms of dividend income document, which I don't understand. I spoke with vanguard, they said about pledging, which they are not doing anymore. Where do I get this terms of dividend document,? I am not yet taking retirement distributions, these income is from Non retirement funds. Is there any procedure for using non retirement vs retirement distributions in using for loan qualification, thanks.
Young Fellow
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

I just locked with Better.com yesterday using AMEX $2500 promo. I read someone above saying inputting AMEX card number as one of the Tasks on Better.com, but I don't see any Task relating to AMEX at all. I did provide the last 5 digits of my AMEX EveryDay credit card to the originator over the phone before I locked. The appraisal fee doesn't show up on Loan Estimate (and I'm getting an appraisal), so it seems like AMEX promo is in the system, but not sure why I don't see any AMEX Task..

For those of you who used AMEX $2500 promo w/Better.com, are you seeing a Task about AMEX on their dashboard? Thanks!
jheaps
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Re: Refinance Mega Thread

Post by jheaps »

BrandonBogle wrote: Fri Jun 05, 2020 10:13 pm If your Loan Estimate is up-to-date (you didn't change things w/o getting a new LE), it should be on there too.
Thanks again, checked the estimate and Lender Credit is little more than all the costs. So I will need to pay little less for the escrow.

The lender I got my current mortgage from sent a message saying my credit has been pulled. I am not working with them for my refi. Is this a normal practice?
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

2quiker wrote: Fri Jun 05, 2020 2:04 pm
edudumb wrote: Fri Jun 05, 2020 1:44 pm
2quiker wrote: Fri Jun 05, 2020 1:27 pm
edudumb wrote: Fri Jun 05, 2020 1:14 pm
2quiker wrote: Fri Jun 05, 2020 9:54 am

Ok, I didn't realize that the closing disclosure were permitted to be used. I've requested a closing\settlement statement few times and Better has not once mentioned that Closing Disclosures are permitted. The other issue I am having is they wont' change the title company that I have requested. They stated that company A is doing the escrow which I understand but I wanted to go with a different title company because their fees are less. I have asked them to fix it on the disclosure but I not got a response...
We shopped for our title company ourselves. Better charges $450; we shopped for a local one and it cost only $150 (it was $200 but we asked for a discount). The thing was that Better.com proceeded with title request right away after we locked, we had to stop them and pass our title company info to them.
I did the same right after I locked with them but they seem to ignore my request. I asked to have a manager contact because the closing was suppose to happen today and I feel like the closing person has not been straight up with me. I told them to have a manger call me or I am backing out, we were suppose to close today but that's not going to happen. Bad this is I got quote with other companies and my credit report has took some hard inquiries hits.
Sounds like they've already proceeded with their title company instead of the one you found? Can you just schedule a call with them (on the web, go to your team, find the person you wanted to talk to, and you can see what time they're available to call)?
Yes it appears that they proceed. Yes I have scheduled calls but no one calls. I have called and left messages and no call backs.
Heard back from a manager, I told him I was pretty upset and disappoint with their service for not honoring my request to use my own Title company after multiple requests and among others requests. They did match the other title company's fees so we ended up signing late yesterday. I was ready to use another company but my wife want to get it done they also messed up the location of the signing. I would say I would probably not use Better next time I refi based on my experience.
nolesrule
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Re: Refinance Mega Thread

Post by nolesrule »

Count of Notre Dame wrote: Thu Jun 04, 2020 11:13 am I was offered a loan modification with my current bank (First Republic) for a $3k fee on a $1.5M 7/1 ARM at 2.75% (80 LTV). I took the deal as it matched the best refinance offer I received from US Bank and the payoff period for the $3k fee is 3 months. By making the same monthly payment I'll save ~$430 in interest and pay down ~$430 more in principal for a big ~$860 monthly addition to my net worth.
That's not how Net Worth works. Your net worth actually decreases when you make your mortgage payment by the amount of interest you pay. The principal is just "transferred" from your cash bucket to your home equity bucket. So if you keep the same payment amount but reduce the interest by $430 the Net Worth change due to the change in the loan is only $430 because you are keeping $430 more than you otherwise would have under the previous loan. The payback period on the $3k cost for the loan modification will be closer to 6-7 months, not 3.
FL Surfer
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Re: Refinance Mega Thread

Post by FL Surfer »

First Post:

Does this make sense to move forward with?

Current Loan - VA, 30 year fixed at 3.25%. Originated mid-2016. Current balance ~$290k

Refi Quote - VA, 30 year fixed at 2.75%. No points. Fees: Box B $491, Box C $1702, Box E - $1783. $500 lender credit.

The quote for the refi looks decent too me. I honestly never thought I would be in a position where I could lower my 3.25% by this much. Does it make sense given the fees? I'm not excited about restarting the clock on the 30 year mortgage, but the .5% reduction in rate looks good (I think). I am not planning on selling this house in the next 10 years.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

FL Surfer wrote: Sat Jun 06, 2020 7:44 pm First Post:

Does this make sense to move forward with?

Current Loan - VA, 30 year fixed at 3.25%. Originated mid-2016. Current balance ~$290k

Refi Quote - VA, 30 year fixed at 2.75%. No points. Fees: Box B $491, Box C $1702, Box E - $1783. $500 lender credit.

The quote for the refi looks decent too me. I honestly never thought I would be in a position where I could lower my 3.25% by this much. Does it make sense given the fees? I'm not excited about restarting the clock on the 30 year mortgage, but the .5% reduction in rate looks good (I think). I am not planning on selling this house in the next 10 years.
Your fees are about 1.5% of your mortgage balance. You are saving 0.5% interest per year. Pays off in interest savings in 3 years. You can always pay it down faster if you want to shorten the clock.

May be worth trying better.com through amex $2500 promotional an give them your quote.
finite_difference
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Re: Refinance Mega Thread

Post by finite_difference »

FL Surfer wrote: Sat Jun 06, 2020 7:44 pm First Post:

Does this make sense to move forward with?

Current Loan - VA, 30 year fixed at 3.25%. Originated mid-2016. Current balance ~$290k

Refi Quote - VA, 30 year fixed at 2.75%. No points. Fees: Box B $491, Box C $1702, Box E - $1783. $500 lender credit.

The quote for the refi looks decent too me. I honestly never thought I would be in a position where I could lower my 3.25% by this much. Does it make sense given the fees? I'm not excited about restarting the clock on the 30 year mortgage, but the .5% reduction in rate looks good (I think). I am not planning on selling this house in the next 10 years.
Which lender is that? 2.75% is quite good. About $2500 in closing costs? VA means Veteran Affairs?
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

BrandonBogle wrote: Fri Jun 05, 2020 11:53 pm
mt2k wrote: Fri Jun 05, 2020 11:31 pm That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
Or in your best interest. This is almost 20 years ago now, but I remember when my lender at the time didn’t calculate my escrow funding correctly (medium-length story I can explain if you like) and decided that rather than pay my property taxes in November, they would pay them in January/February the following year. My jurisdiction didn’t consider it late until 3/1, so they met their minimum obligation, but not paying in November would have prevented me from getting (on my income then) a hefty 4% discount. Thankfully, I was watching them like a hawk and when they said they can’t pay it since it would take my escrow balance in the red too much, the Bank of Mom helped me out and they reimbursed me.

Since then, I avoid having the escrow like the plague. The only person that will treat my money to the fiduciary standard I desire is myself, and so that person does it! :)
Good, you had a bank that helped out.

It also gives me some control from tax perspective. If I take standard deduction, I pay my winter taxes in the next year January v/s this year December.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

anon_investor wrote: Sat Jun 06, 2020 8:31 am
mt2k wrote: Fri Jun 05, 2020 11:31 pm
anon_investor wrote: Fri Jun 05, 2020 3:24 pm
whistleblower wrote: Fri Jun 05, 2020 3:01 pm
barberakb wrote: Fri Jun 05, 2020 1:44 pm Update, While everything has gone relatively smoothly with Northpointe Bank and I still rec them, we close next week on a 15 yr fixed 2.5% no pts.
We locked our rate on April 17. They told us 35-40 days to close. If we close on our scheduled apt it will be 55 days later...
Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
I don't like the escrow but the credit was larger to have it vs. not have it. If I refi again I would like no escrow but again it comes down to $ savings.
I have been in the same situation previously. Some lenders don't give competitive rates w/o escrow or charge more in closing (less credit). I keep shopping around until I find one that gives me good rate w/o escrow w/o closing cost. In the past, I had done it twice with UWM. This time I am doing with Quicken Loans, waiting for closing..
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anon_investor
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Post by anon_investor »

mt2k wrote: Sat Jun 06, 2020 9:43 pm
anon_investor wrote: Sat Jun 06, 2020 8:31 am
mt2k wrote: Fri Jun 05, 2020 11:31 pm
anon_investor wrote: Fri Jun 05, 2020 3:24 pm
whistleblower wrote: Fri Jun 05, 2020 3:01 pm

Last Friday I closed a conventional refinance with Northpointe at the same rate. Locked around the same time you did. Overall smooth. We brought a decent chunk of change to the table to get from a jumbo into a conventional.

BUT during the process I discovered that I had multiple tax liens against me resulting from my previous servicer Shellpoint not paying enough city/county/state tax in 2018 and 2019. Holy hell what a headache. Liens had been sold to a 3rd party investor who tacked on fees / penalties / interest on top of what was originally owed. Long story short I added another $5k in unnecessary expense that could have been prevented by paying taxes on time. Lesson learned, audit your servicer...
That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
I don't like the escrow but the credit was larger to have it vs. not have it. If I refi again I would like no escrow but again it comes down to $ savings.
I have been in the same situation previously. Some lenders don't give competitive rates w/o escrow or charge more in closing (less credit). I keep shopping around until I find one that gives me good rate w/o escrow w/o closing cost. In the past, I had done it twice with UWM. This time I am doing with Quicken Loans, waiting for closing..
Yes, I hope to find a good deal without escrow for my next refi. I might get a chance soon if rates continue to fall. Glad I did a no cost refi (actually got paid), so worry about break even.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

anon_investor wrote: Sat Jun 06, 2020 10:28 pm
mt2k wrote: Sat Jun 06, 2020 9:43 pm
anon_investor wrote: Sat Jun 06, 2020 8:31 am
mt2k wrote: Fri Jun 05, 2020 11:31 pm
anon_investor wrote: Fri Jun 05, 2020 3:24 pm

That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
I don't like the escrow but the credit was larger to have it vs. not have it. If I refi again I would like no escrow but again it comes down to $ savings.
I have been in the same situation previously. Some lenders don't give competitive rates w/o escrow or charge more in closing (less credit). I keep shopping around until I find one that gives me good rate w/o escrow w/o closing cost. In the past, I had done it twice with UWM. This time I am doing with Quicken Loans, waiting for closing..
Yes, I hope to find a good deal without escrow for my next refi. I might get a chance soon if rates continue to fall. Glad I did a no cost refi (actually got paid), so worry about break even.
:thumbsup :thumbsup
cskollmann
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Re: Refinance Mega Thread

Post by cskollmann »

kski74 wrote: Mon Jun 01, 2020 9:04 pm
cskollmann wrote: Mon Jun 01, 2020 12:18 pm
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.
So far so good with RateRabbit. Signed the initial disclosures yesterday on a 3% 30 year. Closing cost details showed total fees of $3248, but offset by a lender credit so the only potential cash to close from us is prepaid interest.

The president gave me a call when I applied and was curious about Bogleheads as he said he had never heard of the site but had gotten multiple well qualified applicants recently. He did share that closing would take a little longer than usual as they are swamped.
ChiKid24
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Post by ChiKid24 »

anon_investor wrote: Sat Jun 06, 2020 10:28 pm
mt2k wrote: Sat Jun 06, 2020 9:43 pm
anon_investor wrote: Sat Jun 06, 2020 8:31 am
mt2k wrote: Fri Jun 05, 2020 11:31 pm
anon_investor wrote: Fri Jun 05, 2020 3:24 pm

That is unfortunate. Did your local tax authorities ever send you any bills for the under payment?

My property taxes have always been paid via escrow by a mortgage servicer. Call me paranoid, but I always check to make sure my my property taxes are paid up (and on time) with my town. It helps that it can be looked up online.

I just closed on a refi with Ally Bank last month (they use Better.com's system), and my semi annual property taxes were included in the prepaids. Ally Bank said the title company would remit the property tax payment directly to my town. Sure enough, my town confirmed my taxes were paid as of yesterday. The Money Source is servicing my loan for now, I set up an online account with them and can see that my escrow amount was correct. Pretty happy everything has gone smoothly so far.
That is one of the reason I insist on no-escrow mortgages. I don't trust these servicers to make tax, insurance and other payments on time.
I don't like the escrow but the credit was larger to have it vs. not have it. If I refi again I would like no escrow but again it comes down to $ savings.
I have been in the same situation previously. Some lenders don't give competitive rates w/o escrow or charge more in closing (less credit). I keep shopping around until I find one that gives me good rate w/o escrow w/o closing cost. In the past, I had done it twice with UWM. This time I am doing with Quicken Loans, waiting for closing..
Yes, I hope to find a good deal without escrow for my next refi. I might get a chance soon if rates continue to fall. Glad I did a no cost refi (actually got paid), so worry about break even.
My loan estimate shows "Initial Escrow" payment. Asked lender to take out and my lender credit went down significantly. So I'm keeping it in. That said, she told me that initial escrow is all they are asking for and i don't need to keep it after that payment. Anyone have experience canceling their escrow 6-12 months into the loan when the first property tax has been paid?
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

ChiKid24 wrote: Sun Jun 07, 2020 8:41 am My loan estimate shows "Initial Escrow" payment. Asked lender to take out and my lender credit went down significantly. So I'm keeping it in. That said, she told me that initial escrow is all they are asking for and i don't need to keep it after that payment. Anyone have experience canceling their escrow 6-12 months into the loan when the first property tax has been paid?
My first mortgage was serviced by AmeriHome, and they did waive my escrow when I requested it in writing after about a year of payments (maybe I could have requested sooner). I’m in California, which has some law about escrow (called impound accounts in CA — https://www.nolo.com/legal-encyclopedia ... ornia.html). You do get 2% minimum interest on impound account balance in CA, which gets reported on 1099-INT. For now, much higher rate than what you’d get from Ally Savings, so that’s one benefit, but I really don’t like having an escrow.

I’m refinancing with Better.com now, which initially required escrow for more lender credit. I asked them to match a Loan Estimate from a different lender, which didn’t require escrow. Better.com beat the LE by $500, but still required escrow. I asked them to match the no-escrow part as well, and they were able to do that (i.e., they beat it by $500 and no escrow + AMEX $2500 credit). Been pretty happy with Better.com thus far.
ChiKid24
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Post by ChiKid24 »

I'm also using Better but no luck on getting it waived. Also in California too, so thanks for raising the point about the interest. Didn't realize that. Did a bit of research this morning and looks like so long as my LTV isn't too high (I'm less than 70%), it shouldn't be a problem to waive down the road.
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BrandonBogle
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Post by BrandonBogle »

ma21n2 wrote: Sun Jun 07, 2020 11:34 am I’m refinancing with Better.com now, which initially required escrow for more lender credit. I asked them to match a Loan Estimate from a different lender, which didn’t require escrow. Better.com beat the LE by $500, but still required escrow. I asked them to match the no-escrow part as well, and they were able to do that (i.e., they beat it by $500 and no escrow + AMEX $2500 credit). Been pretty happy with Better.com thus far.
I’ll second this. Better.com didn’t beat my other lender $150 more, but still had on there requiring escrow. I then told them I’m disappointed Better is effectively charging a surcharge (high points cost) to waive escrow when the competing offer was without an escrow. They came back with it waived.

Note, I did this after I was in underwriting and locked without escrow. I wrote in saying I want to switch to option XYZ above that is cheaper b/c of escrow and mentioned the disappointment in that email. They gave me that lower point cost ($404 less) without adding escrow.
new2bogle
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Post by new2bogle »

Looks like rates have gone up past 1-2 days. Back to playing the waiting game.
nova148
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Post by nova148 »

Reposting (can I get a reply please)

Closing in a couple of days on a 15yr, 2.625% refi with no closing costs. I have reviewed the final closing disclosure and the numbers seems to add up. The cash to close from me is:
(i) difference between payoff amt and new loan balance (essentially, interest from 5/1 to closing date since I haven't paid May installment yet)
+
(ii) Prepaid Interest from closing date to 6/30 (as first payment is due 8/1)
+
(iii) escrow amounts.

While the above adds up and is consistent with a no-cost refi, the way it is reflected is a bit odd. For example, I am paying broker compensation (I used a mortgage broker) in Section A which is offset by lender paying my interest (Section F) and contributing to my escrow (Section G).

Is this normal? Should I be concerned?

P.S: The lender is paying for everything listed in Section B and Section E (Taxes), which makes sense to me.
Last edited by nova148 on Mon Jun 08, 2020 4:24 pm, edited 2 times in total.
pindevil
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Re: Refinance Mega Thread

Post by pindevil »

I was curious if anyone's lender has offered a list service providers for the items you find in section C of the Loan Estimate. According to the Consumer Financial Protection Bureau lenders are required to do this for a new home but I am not sure if it's required on a refinance.
https://www.consumerfinance.gov/owning- ... insurance/

I believe Better.com already selected these services on my behalf. There doesn't appear to be much wiggle room with these fees anyway.
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

pindevil wrote: Mon Jun 08, 2020 1:34 am I was curious if anyone's lender has offered a list service providers for the items you find in section C of the Loan Estimate. According to the Consumer Financial Protection Bureau lenders are required to do this for a new home but I am not sure if it's required on a refinance.
https://www.consumerfinance.gov/owning- ... insurance/

I believe Better.com already selected these services on my behalf. There doesn't appear to be much wiggle room with these fees anyway.
I’m in CA and also refinancing with Better.com, and I didn’t get a list of other title companies. Better.com is using Title365, and it’s $1,320 for title insurance and settlement. My previous refinancing a year ago used Chicago Title, and it was more than $1,320. Another Loan Estimate had $1,025 for title insurance and settlement, plus $125 for notary (which Better.com may also add later if I use mobile notary).

I saw people mentioning TitleForward and Radiant Title Direct, but it didn’t look like TitleForward is available in CA and Radiant website didn’t have any info (it says they’re offline). I checked Titleclose.com (title company comparison website) and saw one offer for like $1,100. But average was like $2000+.

So it looks like I could save maybe up to $300 by shopping around. I’m already doing no cost refi, so I decided to just go with Better.com’s default to not make this more complicated. Others seemed to have had trouble trying to use their own title company with Better.com.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

nova148 wrote: Sun Jun 07, 2020 10:51 pm
(ii) Prepaid Interest from closing date to 7/30 (as first payment is due 8/1)
Your prepaid interest at closing should be calculated from closing date to 6/30
Mortgages are paid in arrears, so July's interest will be included in your first payment on 8/1.
Gadget
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Post by Gadget »

FYI, just got off the phone with Bank of America. They will no longer match any competing offer. He said that was a new rule.

About all they would give me is a .25% reduction for Platinum Honors. Didn't care about bringing new assets from other brokerages. And a $600 fee reduction.

Best they'd offer was 3.0% on a 15 year, and 3.5% on a 20 year with a no closing cost loan. Which didn't seem like a great deal to me since I'm on a 20 year 3.375% from back in 2012.
bluechip2
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Re: Refinance Mega Thread

Post by bluechip2 »

Folks- I've found it really useful to hear about everyone else's experience (and I posted my specific refinancing questions on a different/prior thread)- but here is my recent refinancing experience after closing today.

Loan amount ~550k ("high balance, conforming" in my region)
Property value ~1.2 million condo, primary residence
Prior loan was at 4% with 23 years remaining on a 30 year note

We were mostly searching for no-cost 15 & 20 year options:
Best offer in the end was from LoanDepot- 2.625% (2.695 APR) 15 year, no points, no cost refinance. (Actually, ~$600 back in my pocket at end of the day).

Closed today. Smooth process overall, and better rate than I could get from 4 competing local banks and 2 other online lenders.
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Post by TheOscarGuy »

bluechip2 wrote: Mon Jun 08, 2020 11:27 am Folks- I've found it really useful to hear about everyone else's experience (and I posted my specific refinancing questions on a different/prior thread)- but here is my recent refinancing experience after closing today.

Loan amount ~550k ("high balance, conforming" in my region)
Property value ~1.2 million condo, primary residence
Prior loan was at 4% with 23 years remaining on a 30 year note

We were mostly searching for no-cost 15 & 20 year options:
Best offer in the end was from LoanDepot- 2.625% (2.695 APR) 15 year, no points, no cost refinance. (Actually, ~$600 back in my pocket at end of the day).

Closed today. Smooth process overall, and better rate than I could get from 4 competing local banks and 2 other online lenders.
congrats! Great rate.
Was the appraisal virtual or in person, and if later how did you deal with it...with the covid-19 situation.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

bluechip2 wrote: Mon Jun 08, 2020 11:27 am Folks- I've found it really useful to hear about everyone else's experience (and I posted my specific refinancing questions on a different/prior thread)- but here is my recent refinancing experience after closing today.

Loan amount ~550k ("high balance, conforming" in my region)
Property value ~1.2 million condo, primary residence
Prior loan was at 4% with 23 years remaining on a 30 year note

We were mostly searching for no-cost 15 & 20 year options:
Best offer in the end was from LoanDepot- 2.625% (2.695 APR) 15 year, no points, no cost refinance. (Actually, ~$600 back in my pocket at end of the day).

Closed today. Smooth process overall, and better rate than I could get from 4 competing local banks and 2 other online lenders.
Congratulation! @bluechip2. Great rate!. When had you locked it?
bluechip2
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Post by bluechip2 »

Answers to two posts above
1) we were hoping appraisal would be waived. it wasn't. appraiser was very professional, very quick, and in full gear (N95, new gloves etc).
2) document review was all electronic until the day of closing- that was done by a paralegal in our driveway who left us paperwork to sign, and then reviewed thing from his car
3) Loandepot (annoyingly) wouldn't lock rate until we completed appraisal- so lock ended up being in early May- ultimately no change from the initial quoted rate vs where we actually locked.
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Re: Refinance Mega Thread

Post by nova148 »

mt2k wrote: Mon Jun 08, 2020 10:03 am
nova148 wrote: Sun Jun 07, 2020 10:51 pm
(ii) Prepaid Interest from closing date to 7/30 (as first payment is due 8/1)
Your prepaid interest at closing should be calculated from closing date to 6/30
Mortgages are paid in arrears, so July's interest will be included in your first payment on 8/1.
That's correct. I edited the original post. Thanks for pointing it out
bgaspard
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Post by bgaspard »

I live in the northern Virginia area and am considering refinancing options. Our current lender is navy federal credit union and am considering refinancing thru them. Also looking at pennymac as a possible lender. Are there other lenders we should look at that service Virginia? Doesn’t seem to be an easy way to find the possible lenders for our area.
nova148
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Re: Refinance Mega Thread

Post by nova148 »

bgaspard wrote: Mon Jun 08, 2020 4:14 pm I live in the northern Virginia area and am considering refinancing options. Our current lender is navy federal credit union and am considering refinancing thru them. Also looking at pennymac as a possible lender. Are there other lenders we should look at that service Virginia? Doesn’t seem to be an easy way to find the possible lenders for our area.
Most lenders mentioned in this post, with the notable exception of Better, service Virginia. I would recommend you start with Costco Finance and check out big names like Lending.com, etc. I am happy to share my broker’s info, if you DM me. (Locked 15 yr @ 2.625 with no closing costs a couple weeks back)
nova148
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Re: Refinance Mega Thread

Post by nova148 »

Reposting (can I get a reply please)

Closing in a couple of days on a 15yr, 2.625% refi with no closing costs. I have reviewed the final closing disclosure and the numbers seems to add up. The cash to close from me is:
(i) difference between payoff amt and new loan balance (essentially, interest from 5/1 to closing date since I haven't paid May installment yet)
+
(ii) Prepaid Interest from closing date to 6/30 (as first payment is due 8/1)
+
(iii) escrow amounts.

While the above adds up and is consistent with a no-cost refi, the way it is reflected is a bit odd. For example, I am paying broker compensation (I used a mortgage broker) in Section A which is offset by lender paying my interest (Section F) and contributing to my escrow (Section G).

Is this normal? Should I be concerned?

P.S: The lender is paying for everything listed in Section B and Section E (Taxes), which makes sense to me.
Goal33
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Post by Goal33 »

Gadget wrote: Mon Jun 08, 2020 10:41 am Best they'd offer was 3.0% on a 15 year, and 3.5% on a 20 year with a no closing cost loan. Which didn't seem like a great deal to me since I'm on a 20 year 3.375% from back in 2012.
Sounds like that makes your current loan a 12 year 3.375%... 3.0% on a 15 year should be something you'd pursue at no cost?
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BrandonBogle
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Post by BrandonBogle »

nova148 wrote: Mon Jun 08, 2020 4:25 pm I have reviewed the final closing disclosure and the numbers seems to add up. The cash to close from me is:
(i) difference between payoff amt and new loan balance (essentially, interest from 5/1 to closing date since I haven't paid May installment yet)
Part of the reason you haven’t gotten an answer may be (or at least it’s why I haven’t responded) is that item (i) isn’t clear to me. If the new loan balance is an overage after paying off your old loan, why are you bringing extra cash to close?

If you are instead saying the new loan is less than the payoff of the old loan, that is odd as usually the refi covers the full payoff. A noted exception would be where someone is paying down to get to the (super)conforming limit from a jumbo or something like that. I would say that is a material difference in the loans and should be explicitly called out for clarity.
nova148 wrote: Mon Jun 08, 2020 4:25 pm While the above adds up and is consistent with a no-cost refi, the way it is reflected is a bit odd. For example, I am paying broker compensation (I used a mortgage broker) in Section A which is offset by lender paying my interest (Section F) and contributing to my escrow (Section G).

Is this normal? Should I be concerned?

P.S: The lender is paying for everything listed in Section B and Section E (Taxes), which makes sense to me.
Normal, no. It is odd. I wouldn’t necessarily be concerned though if everything balances out. Another poster recently shared their closing disclosure and the lender had a very weird way of writing up the lender credits, but that was still clearer than this.

Are there indeed lender credits for Section F and G, or are they financing part of those closing costs so you have less cash to bring to close?
Last edited by BrandonBogle on Mon Jun 08, 2020 9:47 pm, edited 1 time in total.
nova148
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Post by nova148 »

BrandonBogle wrote: Mon Jun 08, 2020 4:54 pm
nova148 wrote: Mon Jun 08, 2020 4:25 pm I have reviewed the final closing disclosure and the numbers seems to add up. The cash to close from me is:
(i) difference between payoff amt and new loan balance (essentially, interest from 5/1 to closing date since I haven't paid May installment yet)
Part of the reason you haven’t gotten an answer may be (or at least it’s why I haven’t responded) is that item (i) isn’t clear to me. If the new loan balance is an overage after paying off your old loan, why are you bringing extra cash to close?

If you are instead saying the new loan is less than the payoff of the old loan, that is odd as usually the refi covers the full payoff. A noted exception would be where someone is paying down to get to the (super)conforming limit from a jumbo or something like that. I would say that is a material difference in the loans and should be explicitly called out for clarity.
My principal amount is remaining the same. The payoff amount includes interest from 5/1 to closing date which I am paying in cash at closing. I could have chosen to finance that to make the payoff amount equal to new loan amount but chose not to. I haven't paid my May mortgage payment (due 6/1) so I am ok with paying the accrued interest at closing.
BrandonBogle wrote: Mon Jun 08, 2020 4:54 pm
nova148 wrote: Mon Jun 08, 2020 4:25 pm While the above adds up and is consistent with a no-cost refi, the way it is reflected is a bit odd. For example, I am paying broker compensation (I used a mortgage broker) in Section A which is offset by lender paying my interest (Section F) and contributing to my escrow (Section G).

Is this normal? Should I be concerned?

P.S: The lender is paying for everything listed in Section B and Section E (Taxes), which makes sense to me.
Normal, no. It is odd. I would necessarily be concerned though if everything balances out. Another poster recently shared their closing disclosure and the lender had a very weird way of writing up the lender credits, but that was still clearer than this.

Are there indeed lender credits for Section F and G, or are they financing part of those closing costs so you have less cash to bring to close?

Here are the #s from CD:

Code: Select all

Section | Borrower | Lender
A       | $4000    | $999
B       | $0       | $1175
C       | $0       | $0

E       | $0       | $1490.72
F	| $1763    | $697.44
G       | $954.03  | $3319.57

J       | $6717.03 | $7681.73
Here is how I am looking at
- I am paying $4000 as broker comp in Section A however, lender is funding my escrow ($3319.57) and paying my interest from closing date to 6/30 ($697.44), which adds up to $4017.01. So, essentially they even out.
- I am not paying anything in Section B, C or E (which makes it no-cost to me)

I do find the way numbers are laid out to be odd however I can't find anything concrete to not go through the transaction. Hence, requesting a second pair of eyes.

Hope this helps to answer the question. Happy to share other information as required.
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