Refinance Mega Thread

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wtarbing
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Re: Refinance Mega Thread

Post by wtarbing »

ellvizzle wrote: Wed Jun 10, 2020 10:02 pm Had a very good experience with better.com, despite not knowing about that Amex deal I now see mentioned in the thread. From lock to close 3 weeks, and then payoff finalized no problem. Was only 1 year into a 30 year at 4%, which I thought was a good rate a year ago. Refi at 2.875% for a 30 year. ~$2200 lender credits which more than covered A+B+C that totaled ~$1500. The portal was really convenient and I felt like I always knew who I could email or call if I had a question. In order to get this rate I did have to shop around and provide a competitive offer.
I'm very interested to find a deal like you presented to better.com.
if you dont mind telling, what lender did you use to get 30yr rate @ 2.875?
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

wtarbing wrote: Thu Jun 11, 2020 11:29 am
ellvizzle wrote: Wed Jun 10, 2020 10:02 pm Had a very good experience with better.com, despite not knowing about that Amex deal I now see mentioned in the thread. From lock to close 3 weeks, and then payoff finalized no problem. Was only 1 year into a 30 year at 4%, which I thought was a good rate a year ago. Refi at 2.875% for a 30 year. ~$2200 lender credits which more than covered A+B+C that totaled ~$1500. The portal was really convenient and I felt like I always knew who I could email or call if I had a question. In order to get this rate I did have to shop around and provide a competitive offer.
I'm very interested to find a deal like you presented to better.com.
if you dont mind telling, what lender did you use to get 30yr rate @ 2.875?
Yes, please share
supalong52
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Re: Refinance Mega Thread

Post by supalong52 »

We financed our mortgage in Feb. to a 15 year mortgage at 3.25%. Is it worth refinancing again now that 15 year rates are around 2.8%. I think it might save us $100-150 on a $4100 monthly payment. Is that worth the effort? My wife also lost her job recently. Even though I am primary breadwinner, I am self employed so not sure if that changes the calculus.
bryanm
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Re: Refinance Mega Thread

Post by bryanm »

For whatever reason, I saw a huge drop in rates from LenderFi yesterday. Received a loan estimate on a 30 year fixed for 2.75% with ~$700 in total closing costs. $1500 in lender credits, appraisal waived.
seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 »

bryanm wrote: Thu Jun 11, 2020 12:19 pm For whatever reason, I saw a huge drop in rates from LenderFi yesterday. Received a loan estimate on a 30 year fixed for 2.75% with ~$700 in total closing costs. $1500 in lender credits, appraisal waived.
I'm seeing same as well. FOMC meeting yesterday
Last edited by seawolf21 on Thu Jun 11, 2020 12:38 pm, edited 1 time in total.
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

I'm currently in underwriting with Better.com. They beat another Loan Estimate by $500, so I locked last Friday (June 5). 10-year treasury rate has declined from 0.905% to about 0.67% today, and I see better offers than the rate I locked on LenderFi.com and other places.

Does anyone have experience negotiating rates/amount of lender credit with Better.com after locking the rate? Thanks!
seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 »

ma21n2 wrote: Thu Jun 11, 2020 12:38 pm I'm currently in underwriting with Better.com. They beat another Loan Estimate by $500, so I locked last Friday (June 5). 10-year treasury rate has declined from 0.905% to about 0.67% today, and I see better offers than the rate I locked on LenderFi.com and other places.

Does anyone have experience negotiating rates/amount of lender credit with Better.com after locking the rate? Thanks!
They weren't that receptive after lock when I had similar situation last summer. YMMV
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

seawolf21 wrote: Thu Jun 11, 2020 12:37 pm
bryanm wrote: Thu Jun 11, 2020 12:19 pm For whatever reason, I saw a huge drop in rates from LenderFi yesterday. Received a loan estimate on a 30 year fixed for 2.75% with ~$700 in total closing costs. $1500 in lender credits, appraisal waived.
I'm seeing same as well. FOMC meeting yesterday
Correct. They signaled 0% rates likely extending through 2021 into 2022, and committed to continued buying of mortgage backed securities. This provides liquidity to lenders which helps with rates, probably more so than the 10-year treasury at this point.
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

ma21n2 wrote: Thu Jun 11, 2020 12:38 pm I'm currently in underwriting with Better.com. They beat another Loan Estimate by $500, so I locked last Friday (June 5). 10-year treasury rate has declined from 0.905% to about 0.67% today, and I see better offers than the rate I locked on LenderFi.com and other places.

Does anyone have experience negotiating rates/amount of lender credit with Better.com after locking the rate? Thanks!
I've already locked with better.com and I talked to my better.com "processing expert" yesterday. He said that I can still present competing offers that they will try to match or beat. Also, if the weekly Freddie Mac rate drops .25%, you can float down .125% at no cost. Your weekly Freddie Mac rate would be the one that posted today which was 3.21%, so you can ask for the float down if that weekly rate gets to 2.96% (assuming 30 yr). The rate posts each Thursday and the link is below.

https://fred.stlouisfed.org/series/MORTGAGE30US
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Anyone had any luck with VA loan rates on Lenderfi? Supposedly they do them but all I see on the site is conventional options. I emailed them for a quote but havent heard back yet. I miss the days when Amerisave had their site completely open.
ellvizzle
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Re: Refinance Mega Thread

Post by ellvizzle »

wtarbing wrote: Thu Jun 11, 2020 11:29 am
ellvizzle wrote: Wed Jun 10, 2020 10:02 pm Had a very good experience with better.com, despite not knowing about that Amex deal I now see mentioned in the thread. From lock to close 3 weeks, and then payoff finalized no problem. Was only 1 year into a 30 year at 4%, which I thought was a good rate a year ago. Refi at 2.875% for a 30 year. ~$2200 lender credits which more than covered A+B+C that totaled ~$1500. The portal was really convenient and I felt like I always knew who I could email or call if I had a question. In order to get this rate I did have to shop around and provide a competitive offer.
I'm very interested to find a deal like you presented to better.com.
if you dont mind telling, what lender did you use to get 30yr rate @ 2.875?
I used a Lenderfi quote. Better beat it; I then went back to Lenderfi to see if a little competition could grease the wheels and they couldn't beat Better.
ellvizzle
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Re: Refinance Mega Thread

Post by ellvizzle »

supalong52 wrote: Thu Jun 11, 2020 11:41 am We financed our mortgage in Feb. to a 15 year mortgage at 3.25%. Is it worth refinancing again now that 15 year rates are around 2.8%. I think it might save us $100-150 on a $4100 monthly payment. Is that worth the effort? My wife also lost her job recently. Even though I am primary breadwinner, I am self employed so not sure if that changes the calculus.
As relating to your point about being self-employed--I felt like our lender did seriously scrutinize our W2 employment as it was. At the beginning of the process we provided our most recent paystubs, they definitely verified our employment with HRs, and then they requested May paystubs just prior to close (and we're talking about these requests all happening within just a 3 week period). So perhaps just be prepared for the scrutiny if you choose to pursue. Although, I would first wonder if your current lender would bite and that process might be easier?
SEAworld9
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Re: Refinance Mega Thread

Post by SEAworld9 »

Geez, we closed on 5/23, funded 5/29 through better....... but with the way rates are diving, may be looking to turn around and refinance again lol.
armeliusc
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Re: Refinance Mega Thread

Post by armeliusc »

I locked rate with Sebonic yesterday for a refi with 2.74% interest for 15 year. Total closing costs is ~$2400 rolled into the loan including appraisal (already paid) and origination fee (~$1000)

I just heard about LenderFi when I browsed this thread. I looked up their rate and I can get similar rate with ~$1900 closing costs that includes "closing 1st mortgage escrow ($500)", which I don't have (never had escrow). So I guess I could potentially save $1000 closing with LenderFi. Plus some are reporting that they waive appraisal, which is another ~$500.

Now I am debating if it's worth to start another application with LenderFi for potential saving between $500 - $1500. When is it too late to back out?
Broadway2018
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Re: Refinance Mega Thread

Post by Broadway2018 »

bryanm wrote: Thu Jun 11, 2020 12:19 pm For whatever reason, I saw a huge drop in rates from LenderFi yesterday. Received a loan estimate on a 30 year fixed for 2.75% with ~$700 in total closing costs. $1500 in lender credits, appraisal waived.
Same! Locked in late last night at 3%, $0 closing costs, appraisal waived (which not sure why since i gave a number and they said okay). No other company came close. Plus it is a condo where rates are usually higher then single family. I am thrilled!
TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy »

armeliusc wrote: Thu Jun 11, 2020 1:30 pm I locked rate with Sebonic yesterday for a refi with 2.74% interest for 15 year. Total closing costs is ~$2400 rolled into the loan including appraisal (already paid) and origination fee (~$1000)

I just heard about LenderFi when I browsed this thread. I looked up their rate and I can get similar rate with ~$1900 closing costs that includes "closing 1st mortgage escrow ($500)", which I don't have (never had escrow). So I guess I could potentially save $1000 closing with LenderFi. Plus some are reporting that they waive appraisal, which is another ~$500.

Now I am debating if it's worth to start another application with LenderFi for potential saving between $500 - $1500. When is it too late to back out?
I've never actually backed out after I locked in. For some reason I thought its never an option. I am curious to know as well, dont know when is it too late to back out.
seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 »

TheOscarGuy wrote: Thu Jun 11, 2020 1:47 pm
armeliusc wrote: Thu Jun 11, 2020 1:30 pm I locked rate with Sebonic yesterday for a refi with 2.74% interest for 15 year. Total closing costs is ~$2400 rolled into the loan including appraisal (already paid) and origination fee (~$1000)

I just heard about LenderFi when I browsed this thread. I looked up their rate and I can get similar rate with ~$1900 closing costs that includes "closing 1st mortgage escrow ($500)", which I don't have (never had escrow). So I guess I could potentially save $1000 closing with LenderFi. Plus some are reporting that they waive appraisal, which is another ~$500.

Now I am debating if it's worth to start another application with LenderFi for potential saving between $500 - $1500. When is it too late to back out?
I've never actually backed out after I locked in. For some reason I thought its never an option. I am curious to know as well, dont know when is it too late to back out.
You may burn some bridges with the lender but you can always back out up to 3 days AFTER closing as there is a rescission period after closing to cancel the refi.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

TheOscarGuy wrote: Thu Jun 11, 2020 1:47 pm
armeliusc wrote: Thu Jun 11, 2020 1:30 pm I locked rate with Sebonic yesterday for a refi with 2.74% interest for 15 year. Total closing costs is ~$2400 rolled into the loan including appraisal (already paid) and origination fee (~$1000)

I just heard about LenderFi when I browsed this thread. I looked up their rate and I can get similar rate with ~$1900 closing costs that includes "closing 1st mortgage escrow ($500)", which I don't have (never had escrow). So I guess I could potentially save $1000 closing with LenderFi. Plus some are reporting that they waive appraisal, which is another ~$500.

Now I am debating if it's worth to start another application with LenderFi for potential saving between $500 - $1500. When is it too late to back out?
I've never actually backed out after I locked in. For some reason I thought its never an option. I am curious to know as well, dont know when is it too late to back out.
You are definitely allowed to back out after locking. In fact, you actually have a 3-day right of rescission AFTER you sign and close. That said, if you've already paid hard costs like appraisal, you will not get that back. That's probably the reason why Better requires you to pay the appraisal fee upfront to get a lock. But nothing wrong with continuing to shop after locking.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

dsmil wrote: Thu Jun 11, 2020 12:46 pm
I've already locked with better.com and I talked to my better.com "processing expert" yesterday. He said that I can still present competing offers that they will try to match or beat. Also, if the weekly Freddie Mac rate drops .25%, you can float down .125% at no cost. Your weekly Freddie Mac rate would be the one that posted today which was 3.21%, so you can ask for the float down if that weekly rate gets to 2.96% (assuming 30 yr). The rate posts each Thursday and the link is below.

https://fred.stlouisfed.org/series/MORTGAGE30US
Interesting. Is this no cost float down in writing somewhere? Also what date/rate do they use as your reference rate? I locked on May 27, which was a Wednesday. The rate from the prior Thursday according to your link was 3.24%. But the rate from May 28 (the day after I locked) went down to 3.15. Would I need the .25% to be from 3.24% or 3.15%?
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

ChiKid24 wrote: Thu Jun 11, 2020 2:19 pm
dsmil wrote: Thu Jun 11, 2020 12:46 pm
I've already locked with better.com and I talked to my better.com "processing expert" yesterday. He said that I can still present competing offers that they will try to match or beat. Also, if the weekly Freddie Mac rate drops .25%, you can float down .125% at no cost. Your weekly Freddie Mac rate would be the one that posted today which was 3.21%, so you can ask for the float down if that weekly rate gets to 2.96% (assuming 30 yr). The rate posts each Thursday and the link is below.

https://fred.stlouisfed.org/series/MORTGAGE30US
Interesting. Is this no cost float down in writing somewhere? Also what date/rate do they use as your reference rate? I locked on May 27, which was a Wednesday. The rate from the prior Thursday according to your link was 3.24%. But the rate from May 28 (the day after I locked) went down to 3.15. Would I need the .25% to be from 3.24% or 3.15%?
I didn't see it in writing but I asked my contact for their policy, and he sent me an email saying basically what I said above. The reference point is the Thursday after your lock, so May 28th (same as mine). We didn't get any help with the weekly update today but next week's could be lower based on how the week has started. But seeing how rates have dropped the last couple of days, I'm already hunting for another competing quote for them to match or beat.
bryanm
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Re: Refinance Mega Thread

Post by bryanm »

ChiKid24 wrote: Thu Jun 11, 2020 12:41 pm
seawolf21 wrote: Thu Jun 11, 2020 12:37 pm
bryanm wrote: Thu Jun 11, 2020 12:19 pm For whatever reason, I saw a huge drop in rates from LenderFi yesterday. Received a loan estimate on a 30 year fixed for 2.75% with ~$700 in total closing costs. $1500 in lender credits, appraisal waived.
I'm seeing same as well. FOMC meeting yesterday
Correct. They signaled 0% rates likely extending through 2021 into 2022, and committed to continued buying of mortgage backed securities. This provides liquidity to lenders which helps with rates, probably more so than the 10-year treasury at this point.
Thanks! This is the kind of info I really value from this forum.
wootwoot
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Re: Refinance Mega Thread

Post by wootwoot »

SEAworld9 wrote: Thu Jun 11, 2020 1:21 pm Geez, we closed on 5/23, funded 5/29 through better....... but with the way rates are diving, may be looking to turn around and refinance again lol.
In a similar boat here. We haven't received anything in the mail yet with regards to our new loan and how to view it online. I'm waiting for that to come through so that I can provide the documentation needed for another no-cost refinance.
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

dsmil wrote: Thu Jun 11, 2020 2:28 pm
ChiKid24 wrote: Thu Jun 11, 2020 2:19 pm
dsmil wrote: Thu Jun 11, 2020 12:46 pm
I've already locked with better.com and I talked to my better.com "processing expert" yesterday. He said that I can still present competing offers that they will try to match or beat. Also, if the weekly Freddie Mac rate drops .25%, you can float down .125% at no cost. Your weekly Freddie Mac rate would be the one that posted today which was 3.21%, so you can ask for the float down if that weekly rate gets to 2.96% (assuming 30 yr). The rate posts each Thursday and the link is below.

https://fred.stlouisfed.org/series/MORTGAGE30US
Interesting. Is this no cost float down in writing somewhere? Also what date/rate do they use as your reference rate? I locked on May 27, which was a Wednesday. The rate from the prior Thursday according to your link was 3.24%. But the rate from May 28 (the day after I locked) went down to 3.15. Would I need the .25% to be from 3.24% or 3.15%?
I didn't see it in writing but I asked my contact for their policy, and he sent me an email saying basically what I said above. The reference point is the Thursday after your lock, so May 28th (same as mine). We didn't get any help with the weekly update today but next week's could be lower based on how the week has started. But seeing how rates have dropped the last couple of days, I'm already hunting for another competing quote for them to match or beat.
When Better.com was trying to convince me to lock and proceed, they mentioned their one-time courtesy float down policy in an email. I locked on Friday, June 5, and they told me on the phone that it has to go down 0.25% from the 30 year mortgage average (even though I'm doing 15 yr) published on Thursday, June 4 (i.e., the rate that has already been published when locking). Looks like others were told to look at the first rate that gets published following rate lock, as the baseline.

Regardless, I think the timing is a bit unfortunate for me, because the 30-year fixed rate mortgage average published on stlouisfed.org is actually Freddie Mac's Primary Mortgage Market Survey (http://www.freddiemac.com/pmms/). They explain that the rates reflect loans offered Monday through Wednesday:
Survey reminder emails are sent out on Mondays and lenders are asked to respond by close of business Wednesday. If we have received no response on Tuesday, we follow-up with a reminder email on Wednesday morning. We receive a few responses on Monday, but most responses are returned on Tuesday with the balance received on Wednesday. So, in general, the PMMS rates reflect loans offered Monday through Wednesday
Last week, 10 year treasury rate shot up toward the end of the week, peaking on Friday, which is when I locked. Since then it's been on a downward trend. Freddie Mac's June 4 and 11 published rates don't include the rates offered on Friday, June 5 when the 10 year treasury rate was the highest since March.
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

wootwoot wrote: Thu Jun 11, 2020 2:46 pm
SEAworld9 wrote: Thu Jun 11, 2020 1:21 pm Geez, we closed on 5/23, funded 5/29 through better....... but with the way rates are diving, may be looking to turn around and refinance again lol.
In a similar boat here. We haven't received anything in the mail yet with regards to our new loan and how to view it online. I'm waiting for that to come through so that I can provide the documentation needed for another no-cost refinance.
FYI, Fannie Mae's Housing Forecast from May 2020 forecasts 30 year mortgage to average 2.9% in 2021.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

wootwoot wrote: Thu Jun 11, 2020 2:46 pm
SEAworld9 wrote: Thu Jun 11, 2020 1:21 pm Geez, we closed on 5/23, funded 5/29 through better....... but with the way rates are diving, may be looking to turn around and refinance again lol.
In a similar boat here. We haven't received anything in the mail yet with regards to our new loan and how to view it online. I'm waiting for that to come through so that I can provide the documentation needed for another no-cost refinance.
My online account setup was about a week after funding. They sent me an email with the new loan number to sign up on TMS with. I knew the number already from my digging around, but until the day after I got that email, the TMS registration failed.
easye418
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Re: Refinance Mega Thread

Post by easye418 »

LenderFi quoted me 3.0% with $1,100 credit (or 2.875% with $250 in points). I am almost at the finish line with Better but I am seeing if they will throw me a bone.

Currently locked at 3.25% with $1700 credit, if they match, it would be 3.0% with $600 credit. $1100 difference or 2.3 yr break even.
easye418
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Re: Refinance Mega Thread

Post by easye418 »

ma21n2 wrote: Thu Jun 11, 2020 2:54 pm
Regardless, I think the timing is a bit unfortunate for me, because the 30-year fixed rate mortgage average published on stlouisfed.org is actually Freddie Mac's Primary Mortgage Market Survey (http://www.freddiemac.com/pmms/). They explain that the rates reflect loans offered Monday through Wednesday:
Survey reminder emails are sent out on Mondays and lenders are asked to respond by close of business Wednesday. If we have received no response on Tuesday, we follow-up with a reminder email on Wednesday morning. We receive a few responses on Monday, but most responses are returned on Tuesday with the balance received on Wednesday. So, in general, the PMMS rates reflect loans offered Monday through Wednesday
Last week, 10 year treasury rate shot up toward the end of the week, peaking on Friday, which is when I locked. Since then it's been on a downward trend. Freddie Mac's June 4 and 11 published rates don't include the rates offered on Friday, June 5 when the 10 year treasury rate was the highest since March.
Yep, experiencing the same pain with the float down.
lakja
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Re: Refinance Mega Thread

Post by lakja »

beginner wrote: Tue Jun 09, 2020 10:52 pm Locked in 2.5% 15 year from Lenderfi. Credits should cover closing cost so I will only be paying prepaids at closing.

I am coming from a 3% 15 year that I refi'd about 6 months ago with lender fi also.
Who was your loan servicer?
need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp »

dsmil wrote: Thu Jun 11, 2020 2:28 pm
ChiKid24 wrote: Thu Jun 11, 2020 2:19 pm
dsmil wrote: Thu Jun 11, 2020 12:46 pm
I've already locked with better.com and I talked to my better.com "processing expert" yesterday. He said that I can still present competing offers that they will try to match or beat. Also, if the weekly Freddie Mac rate drops .25%, you can float down .125% at no cost. Your weekly Freddie Mac rate would be the one that posted today which was 3.21%, so you can ask for the float down if that weekly rate gets to 2.96% (assuming 30 yr). The rate posts each Thursday and the link is below.

https://fred.stlouisfed.org/series/MORTGAGE30US
Interesting. Is this no cost float down in writing somewhere? Also what date/rate do they use as your reference rate? I locked on May 27, which was a Wednesday. The rate from the prior Thursday according to your link was 3.24%. But the rate from May 28 (the day after I locked) went down to 3.15. Would I need the .25% to be from 3.24% or 3.15%?
I didn't see it in writing but I asked my contact for their policy, and he sent me an email saying basically what I said above. The reference point is the Thursday after your lock, so May 28th (same as mine). We didn't get any help with the weekly update today but next week's could be lower based on how the week has started. But seeing how rates have dropped the last couple of days, I'm already hunting for another competing quote for them to match or beat.
It is in writing when you lock there is a FAQ.

I took a screenshot when I locked.

FWIW, you can escalate the drop down if rates drop significantly but not reflected in their rate standard. Just be prepared to do a lot of escalating to get the 0.125% drop.

EDIT: FWIW, the actual written policy when you lock doesn’t state what is used as a reference for rates. Perhaps that is why I was able to get the float down several months ago when rates dropped more then 0.25% but not per their benchmark.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

SEAworld9 wrote: Thu Jun 11, 2020 1:21 pm Geez, we closed on 5/23, funded 5/29 through better....... but with the way rates are diving, may be looking to turn around and refinance again lol.
Yea... my dates are pretty close to yours, feel the same way. At least I got paid ($2k net) to refi so I don't feel so bad.
Anonymous Coward
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Re: Refinance Mega Thread

Post by Anonymous Coward »

Nappyloxs wrote: Mon Jun 08, 2020 7:28 pm What is happening with cash-out refi? [...] Anyone have luck with cash-out refi, lately?
Our balance is below $300K currently.

LenderFi declined to do one. Owning.com wanted about $5K in fees, but said that they pretty much wouldn't do one with no cash out as our balance was too low. Looking at other lenders right now.
Gufomel
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Re: Refinance Mega Thread

Post by Gufomel »

Is a credit score in the high 700’s generally enough to get the best rates, or does it need to be 800+, 850+? I see people here talking about getting 2.75% with credits on a 30 year, but Better is showing me 3.375% with no points/credits. It’d take about $3500 points to get 2.875%. This is for a refinance.

What are the other factors beside credit score?

- Geographic location? Any specific correlations here (LCOL vs HCOL) or is it pretty random?
- Loan amount? Would higher or lower loan amount generally result in lower rate?
- LTV? Would higher or lower LTV generally result in lower rate?
- New mortgage vs refinance? Which is generally a lower rate?
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

Gufomel wrote: Thu Jun 11, 2020 9:31 pm Is a credit score in the high 700’s generally enough to get the best rates, or does it need to be 800+, 850+? I see people here talking about getting 2.75% with credits on a 30 year, but Better is showing me 3.375% with no points/credits. It’d take about $3500 points to get 2.875%. This is for a refinance.

What are the other factors beside credit score?

- Geographic location? Any specific correlations here (LCOL vs HCOL) or is it pretty random?
- Loan amount? Would higher or lower loan amount generally result in lower rate?
- LTV? Would higher or lower LTV generally result in lower rate?
- New mortgage vs refinance? Which is generally a lower rate?
High 700’s is fine. You need to present Better with a competing offer for them to beat. Otherwise, their offers aren’t good.
Gufomel
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Re: Refinance Mega Thread

Post by Gufomel »

dsmil wrote: Thu Jun 11, 2020 9:41 pm
Gufomel wrote: Thu Jun 11, 2020 9:31 pm Is a credit score in the high 700’s generally enough to get the best rates, or does it need to be 800+, 850+? I see people here talking about getting 2.75% with credits on a 30 year, but Better is showing me 3.375% with no points/credits. It’d take about $3500 points to get 2.875%. This is for a refinance.

What are the other factors beside credit score?

- Geographic location? Any specific correlations here (LCOL vs HCOL) or is it pretty random?
- Loan amount? Would higher or lower loan amount generally result in lower rate?
- LTV? Would higher or lower LTV generally result in lower rate?
- New mortgage vs refinance? Which is generally a lower rate?
High 700’s is fine. You need to present Better with a competing offer for them to beat. Otherwise, their offers aren’t good.
Thanks, so what’s the reason for trying to go with Better? Easier to work with/quicker?
TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy »

ChiKid24 wrote: Thu Jun 11, 2020 2:14 pm
TheOscarGuy wrote: Thu Jun 11, 2020 1:47 pm
armeliusc wrote: Thu Jun 11, 2020 1:30 pm I locked rate with Sebonic yesterday for a refi with 2.74% interest for 15 year. Total closing costs is ~$2400 rolled into the loan including appraisal (already paid) and origination fee (~$1000)

I just heard about LenderFi when I browsed this thread. I looked up their rate and I can get similar rate with ~$1900 closing costs that includes "closing 1st mortgage escrow ($500)", which I don't have (never had escrow). So I guess I could potentially save $1000 closing with LenderFi. Plus some are reporting that they waive appraisal, which is another ~$500.

Now I am debating if it's worth to start another application with LenderFi for potential saving between $500 - $1500. When is it too late to back out?
I've never actually backed out after I locked in. For some reason I thought its never an option. I am curious to know as well, dont know when is it too late to back out.
You are definitely allowed to back out after locking. In fact, you actually have a 3-day right of rescission AFTER you sign and close. That said, if you've already paid hard costs like appraisal, you will not get that back. That's probably the reason why Better requires you to pay the appraisal fee upfront to get a lock. But nothing wrong with continuing to shop after locking.
Good to know. I am signing the "intent to proceed" today. No intention to back out, but it sounds "official" :D
dsmil
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Re: Refinance Mega Thread

Post by dsmil »

Gufomel wrote: Thu Jun 11, 2020 9:53 pm
dsmil wrote: Thu Jun 11, 2020 9:41 pm
Gufomel wrote: Thu Jun 11, 2020 9:31 pm Is a credit score in the high 700’s generally enough to get the best rates, or does it need to be 800+, 850+? I see people here talking about getting 2.75% with credits on a 30 year, but Better is showing me 3.375% with no points/credits. It’d take about $3500 points to get 2.875%. This is for a refinance.

What are the other factors beside credit score?

- Geographic location? Any specific correlations here (LCOL vs HCOL) or is it pretty random?
- Loan amount? Would higher or lower loan amount generally result in lower rate?
- LTV? Would higher or lower LTV generally result in lower rate?
- New mortgage vs refinance? Which is generally a lower rate?
High 700’s is fine. You need to present Better with a competing offer for them to beat. Otherwise, their offers aren’t good.
Thanks, so what’s the reason for trying to go with Better? Easier to work with/quicker?
It’s the $2500 Amex promotion that they are doing. They are matching rates and giving that on top of it for certain Amex cardholders. Without the promotion, I’d personally go elsewhere.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

I'm looking to do a refi with some cash out. Even though my new LTV will only be about 65% lenders are charging higher rates for this. Is it possible to do a refi now with the cash out and then start a new refi right after closing to get the best rates?
We'll See
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Re: Refinance Mega Thread

Post by We'll See »

I just closed my Refi. Used a broker I have used in past. 75% ltv, about 325,000 in principle. 30 year fixed at 3.25%. Took over two months because of Covid. I'm self employed which added to delays. No appraisal required. Got 1,900 back to me at closing plus I will get refunded my escrow balance from old mortgage.

It's hard for me to envision rates for a 30 year fixed would be much less ever but who knows if savings rates go negative in the future.
Hunter123
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Re: Refinance Mega Thread

Post by Hunter123 »

Those of you who are ref-ing with Chase, how do you manage to get in touch with anyone there? We submitted an online application 3 weeks ago and have received zero response. A person is assigned to our refi but their mailbox is full and not accepting messages. Called the main number, were transferred to the mortgage section where attempt to speak with an operator resulted in a disconnected call. Submitted request for mortgage payoff which arrived with no offer of rate adjustment.

We are moving ahead with a different company but just wondering since I see others on this site refinancing and interacting with them. Are they no longer offering refis?
gujjubhai
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Re: Refinance Mega Thread

Post by gujjubhai »

Went from 4.125/30 year to 2.75/20 with better.com. Applied through both lenderfi.com and better.com, lenderfi offered 2.75 with $1,000 in closing cost, better matched it and added $1,000 so ended up with no closing costs. Very smooth process so far with better.

Lenderfi rate was higher when I started the application but once I filled out everything, the agent offered lower rate the next day. They were a little slow in responding though. Better has been very prompt.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

gujjubhai wrote: Fri Jun 12, 2020 9:52 am Went from 4.125/30 year to 2.75/20 with better.com. Applied through both lenderfi.com and better.com, lenderfi offered 2.75 with $1,000 in closing cost, better matched it and added $1,000 so ended up with no closing costs. Very smooth process so far with better.

Lenderfi rate was higher when I started the application but once I filled out everything, the agent offered lower rate the next day. They were a little slow in responding though. Better has been very prompt.
How deep did you have to go into the Lenderfi process to get what Better needed to match?
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

nic3456 wrote: Fri Jun 12, 2020 10:13 am
gujjubhai wrote: Fri Jun 12, 2020 9:52 am Went from 4.125/30 year to 2.75/20 with better.com. Applied through both lenderfi.com and better.com, lenderfi offered 2.75 with $1,000 in closing cost, better matched it and added $1,000 so ended up with no closing costs. Very smooth process so far with better.

Lenderfi rate was higher when I started the application but once I filled out everything, the agent offered lower rate the next day. They were a little slow in responding though. Better has been very prompt.
How deep did you have to go into the Lenderfi process to get what Better needed to match?
You need the LenderFi Loan Estimate, so you have to get far enough that they prepare the disclosures for you and you have the option of submitting the "Intent to Proceed". This is after your credit is pulled and reviewed, but before you upload income and asset documentation.
jharkin
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Re: Refinance Mega Thread

Post by jharkin »

I just got a LenderFi quote... 3.125 on a Super-Conforming. Currently shopping it to my guy at NBKC/Costo mortgage that did my last couple refi's to see if they will beat it.


LenderFi does seem to have very granular rates based on FICOs. I plugged the numbers into their website for an 800+ fico and it spit out 3.0 with enough credits to be no cost... Ran the app and while my wife credit report came back over 800, mine was 790 and that seems to have been enough to raise the no cost point from 3.0 to 3.125....
Last edited by jharkin on Fri Jun 12, 2020 10:54 am, edited 1 time in total.
jfmiii
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Re: Refinance Mega Thread

Post by jfmiii »

Anyone have any luck getting 3% or better on a jumbo 30yr fixed refi? I'm 75 LTV and located in IL. Lenderfi, Better, etc are higher than my current rate (3.625%). My guy at Chase is quoting me about the same as my original rate when I check in with him.
FootballFan5548
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Re: Refinance Mega Thread

Post by FootballFan5548 »

jfmiii wrote: Fri Jun 12, 2020 10:36 am Anyone have any luck getting 3% or better on a jumbo 30yr fixed refi? I'm 75 LTV and located in IL. Lenderfi, Better, etc are higher than my current rate (3.625%). My guy at Chase is quoting me about the same as my original rate when I check in with him.
I'm using a broker, he's got me locked in at 3.125% right now for a 30 year, no fees, for a $680k loan. I'm pushing and pushing him to try and get that number down to 3% (it's only about $46 per month difference) but the nice round 3% has a nice ring to it.

My current rate is 3.375% based on $800k loan from a few years ago, so if I keep the 3.125% i'll add 4 years back to the loan but save about $550 per month
gujjubhai
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Re: Refinance Mega Thread

Post by gujjubhai »

BrandonBogle wrote: Fri Jun 12, 2020 10:22 am
nic3456 wrote: Fri Jun 12, 2020 10:13 am
gujjubhai wrote: Fri Jun 12, 2020 9:52 am Went from 4.125/30 year to 2.75/20 with better.com. Applied through both lenderfi.com and better.com, lenderfi offered 2.75 with $1,000 in closing cost, better matched it and added $1,000 so ended up with no closing costs. Very smooth process so far with better.

Lenderfi rate was higher when I started the application but once I filled out everything, the agent offered lower rate the next day. They were a little slow in responding though. Better has been very prompt.
How deep did you have to go into the Lenderfi process to get what Better needed to match?
You need the LenderFi Loan Estimate, so you have to get far enough that they prepare the disclosures for you and you have the option of submitting the "Intent to Proceed". This is after your credit is pulled and reviewed, but before you upload income and asset documentation.
Yeah this. You need a loan estimate for better to match the rate.
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

How long do you have to wait to refi? I just finished refinanced with Better( won't be using them again, horrible experience)I don't see anything in my paper work stating that I have to wait unless I am missing something...? My first refi was through One True Loan, that was a great experience. I didn't go with One True Loan this time around because Better had better rate and credits but as I found out cheaper is not always better...
p_haze
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Re: Refinance Mega Thread

Post by p_haze »

jfmiii wrote: Fri Jun 12, 2020 10:36 am Anyone have any luck getting 3% or better on a jumbo 30yr fixed refi? I'm 75 LTV and located in IL. Lenderfi, Better, etc are higher than my current rate (3.625%). My guy at Chase is quoting me about the same as my original rate when I check in with him.
I refinanced back in March and looking to refinance again. Yesterday, I locked with LenderFI at 2.875 with $1500 in lender credit to cover all closing costs for a 30 year fixed. Loan balance is $665,000. I am in MA with 61% LTV.
My refinance in March was with LoanDepot (great experience and they had the best rates) and the original loan was from Chase. LoanDepot called me this morning and will likely make a retention offer. Waiting to hear back.
p_haze
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Re: Refinance Mega Thread

Post by p_haze »

2quiker wrote: Fri Jun 12, 2020 12:18 pm How long do you have to wait to refi? I just finished refinanced with Better( won't be using them again, horrible experience)I don't see anything in my paper work stating that I have to wait unless I am missing something...? My first refi was through One True Loan, that was a great experience. I didn't go with One True Loan this time around because Better had better rate and credits but as I found out cheaper is not always better...
I believe for rate and term refi, there is no waiting period and you can refinance whenever (technically an early payment on the loan). However, some lenders (example, LenderFi) add stipulations that prevent you from selling/refinancing within 6 months.
Gadget
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Re: Refinance Mega Thread

Post by Gadget »

I'm getting LenderFi quotes of 2.375 for a 15 year with $4400 in closing costs. If I can get Better to match that and knock an additional $2500 off with the Amex credit, I'll be happy. My better rep is just really slow and won't do anything unless I give him official estimates from competitors.
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