Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
bogledude23
Posts: 5
Joined: Tue Jul 07, 2020 1:27 pm

Re: Refinance Mega Thread

Post by bogledude23 »

barreg wrote: Tue Jul 07, 2020 2:13 pm I'm just starting the process and have what might be a dumb question. My first application is with LenderFi. They pulled credit and gave conditional approval. Do I need to provide all the necessary documentation (pay stubs, W2's, etc.) first in order to get an actual Lender Estimate?
No :) You provide your information but they cannot require documentation to prove that information just yet. https://www.consumerfinance.gov/ask-cfp ... e-en-1987/

"Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate."
Bleedinggums99
Posts: 11
Joined: Fri Jun 26, 2020 6:59 am

Re: Refinance Mega Thread

Post by Bleedinggums99 »

frugalNY wrote: Tue Jul 07, 2020 2:03 pm I've to pay 520 upfront now for appraisal and rate lock to proceed. My guess is that is I cancel with Loandepot, I'll lose that :(
My loan depot rep has continually said he will match/beat any other loan estimates up until 3 days before closing. So far he has done this twice. I would make sure he will make the same promise. I also qualified for the appraisal waiver so was only out the 20 bucks instead of 520 so i went into it willing to scape the 20 bucks if an offer is beat.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

barreg wrote: Tue Jul 07, 2020 2:13 pm I'm just starting the process and have what might be a dumb question. My first application is with LenderFi. They pulled credit and gave conditional approval. Do I need to provide all the necessary documentation (pay stubs, W2's, etc.) first in order to get an actual Lender Estimate?
If they pulled credit, they should be able to give you LE. Other docs not required.

frugalNY
bogledude23
Posts: 5
Joined: Tue Jul 07, 2020 1:27 pm

Re: Refinance Mega Thread

Post by bogledude23 »

frugalNY wrote: Tue Jul 07, 2020 2:17 pm the LD guys just responded that he'll try to get his VP approve another 1900 to make it true no cost refi. I think I'll just go for it. Let's not be the perfect the enemy of good :greedy
Good for you :mrgreen: You now have a bird in your hand, but I'd still look for two in the bush. No-lose situation :)

Take the emotion out of it. To the lender, you're just a number. You have to view them the same way.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

Bleedinggums99 wrote: Tue Jul 07, 2020 2:20 pm
frugalNY wrote: Tue Jul 07, 2020 2:03 pm I've to pay 520 upfront now for appraisal and rate lock to proceed. My guess is that is I cancel with Loandepot, I'll lose that :(
My loan depot rep has continually said he will match/beat any other loan estimates up until 3 days before closing. So far he has done this twice. I would make sure he will make the same promise. I also qualified for the appraisal waiver so was only out the 20 bucks instead of 520 so i went into it willing to scape the 20 bucks if an offer is beat.
Hmm, interesting! I'll ask if he's beat other estimate but I doubt it after going so much back and forth with him to get no cost refi. I did ask for appraisal waiver but he said can't be done (is it because home value > 1M?....not sure).

frugalNY
User avatar
Cobra Commander
Posts: 297
Joined: Tue Mar 14, 2017 11:09 am

Re: Refinance Mega Thread

Post by Cobra Commander »

barreg wrote: Tue Jul 07, 2020 2:13 pm I'm just starting the process and have what might be a dumb question. My first application is with LenderFi. They pulled credit and gave conditional approval. Do I need to provide all the necessary documentation (pay stubs, W2's, etc.) first in order to get an actual Lender Estimate?
I didn't have to to get my loan estimate. I did have to go through the "application" on their website which I think required me to list my assets and answer some other questions. I think the pay stubs, etc. are the next step.
User avatar
BrandonBogle
Posts: 3296
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

frugalNY wrote: Tue Jul 07, 2020 2:25 pm I did ask for appraisal waiver but he said can't be done (is it because home value > 1M?....not sure).
Fannie Mae guidelines do not allow for loan waivers on property valuations over $1MM. Fannie Mae aren't the only guidelines a lender could underwrite to though, so others may have different guidelines.
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

Nebelsieck wrote: Tue Jul 07, 2020 11:25 am
Who's is your lender? I have a similar quote from Loandepot. Better and LenderFi told me that they won't give a lender credit that exceeds the A+B+C closing costs (sounds fishy to me), but LD's credit will take care of my escrow too.
I think you got bad information on Better. I am closing with them Thursday. My A+B+C is $1,904. My lender credit is $4,971.
mtwhmemn
Posts: 240
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

Wells Fargo is offering me 20 years 2.875%, less than $2000 to close. (I'm having rep send me exact numbers - loan in $188K.) I'm currently with Wells 30 years 3.875%. I just did this last July when I got out of an ARM. I was wondering if this is reasonable in the current environment?
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

mtwhmemn wrote: Tue Jul 07, 2020 3:13 pm Wells Fargo is offering me 20 years 2.875%, less than $2000 to close. (I'm having rep send me exact numbers - loan in $188K.) I'm currently with Wells 30 years 3.875%. I just did this last July when I got out of an ARM. I was wondering if this is reasonable in the current environment?
Probably reasonable, but think you can do better. I've seen others get 30 year recently at 2.875% without any cash to close. On a loan balance of $188k, bringing an additional $2k to close sounds pricey. I'd get the official loan estimate and send it to the usual guys discussed in this thread (Better, Lenderfi, Loan Debot, etc.)
mtwhmemn
Posts: 240
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

ChiKid24 wrote: Tue Jul 07, 2020 3:28 pm
mtwhmemn wrote: Tue Jul 07, 2020 3:13 pm Wells Fargo is offering me 20 years 2.875%, less than $2000 to close. (I'm having rep send me exact numbers - loan in $188K.) I'm currently with Wells 30 years 3.875%. I just did this last July when I got out of an ARM. I was wondering if this is reasonable in the current environment?
Probably reasonable, but think you can do better. I've seen others get 30 year recently at 2.875% without any cash to close. On a loan balance of $188k, bringing an additional $2k to close sounds pricey. I'd get the official loan estimate and send it to the usual guys discussed in this thread (Better, Lenderfi, Loan Debot, etc.)
Will do. I’ve talked to Better and Quicken but they are both more expensive than what Wells has offered. Do you have to beat them down to get a better offer?
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

Hi everyone. I just bought a new house in March and thought I got an amazing 30 yr rate at the time at 3.25% but have been jealous of all the posts here so started shopping for something better. I thought I'd share my experience.

My goal was to get 3% with minimal closing costs. Home value is $330,000, requested loan amount $250,000, state TX.

Every place that gave me an immediate online quote was not competitive (Aimloan, Amerisave, etc.). Right now as write this Aimloan is showing me $5,781 in points and closing costs (not including escrow and prepaids) to get 3% including a $1,250 charge for 0.5% points.

I got a quote from Better today to try to take advantage of the AMEX promo and they're quoting me $2,372 in points plus $3,028 in other closing costs to get 3%.

I got a quote from loanflight and they were pretty good, 2.99% with $1,800 in closing costs (no points), but still not really enough of an improvement from my current 3.25% loan to justify the costs.

I applied at loandepot last week and got an email they were reviewing my application and then never heard back.

Last I applied at LenderFi this morning and within 1 hour they called me. Without beating around the bush or me needing to send them competing offers they quoted me 2.875% for a 30 yr, no points, waived appraisal, total closing costs of ~$1880, and then a lender credit of $1,800 to cover all but $80 of closing costs. I was worried I was missing something but got the disclosures and it all looks legit. I have trouble believing I'm going to beat that by much and appreciate that the agent isn't making me waste time with haggling and getting competing offers so went ahead and locked the rate and started the process.

Thanks to you all for motivating me to shop around!
Young Fellow
Posts: 108
Joined: Sun Dec 18, 2016 8:48 pm

Re: Gave consent to process and not underwritten, but now found almost 0.25% lower interest rate, advise please

Post by Young Fellow »

Young Fellow wrote: Mon Jul 06, 2020 12:56 pm
BrandonBogle wrote: Mon Jul 06, 2020 12:40 pm
Young Fellow wrote: Mon Jul 06, 2020 12:32 pm forgo $500 and move with Travis since there is a difference of 0.25%? Any feed back, experience would be helpful for me. Also I am in a situation where dead to income is close to 50% making traditional Banks approving my refinance.
If you feel that your debt-to-income may make it hard for banks to play ball vs. credit unions, then I'd bite the bullet and pull the trigger at Travis. At Travis, you said this is a deposit for an appraisal. Ask them to see if you qualify for a PIW (property inspection waiver), a.k.a., an appraisal waiver. If not, let them know not to order the appraisal until you've had your initial underwriting review. Basically, don't have the appraisal ordered/paid until after you had an initial review from their underwriting department that they would even approve you for that debt-to-income level.

Meanwhile, if Chase has taken 20 days for underwriting review of your file already, it is unlikely they will close quickly. Have others using Travis chimed in on generally how long they take to process a refinance? When I used PenFed, they would take 45 days minimum and potentially even 60 (especially as of late). I ask this b/c how long is their rate lock? Would they keep the guarantee on the rate long enough?
Hi BrandonBogle, thank you for great response and suggestion, People posted in this forum that it is taking 50 days plus and they are extending rate lock if the loan is not closed by that date. I also edited my post where in Travis CU closing costs are cheaper by $1000 even with home appraisal where Chase did waive home appraisal.
Young Fellow
HibBrandonBogle, I did ask Travis CU as you suggested, they agreed to review for underwriting before ordering appraisal, thank you, that gives time to wait it out to hear from Chase.
YOUNG Fellow
deskjockey
Posts: 349
Joined: Sat Dec 03, 2016 11:15 am

Re: Refinance Mega Thread

Post by deskjockey »

Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
index245
Posts: 129
Joined: Wed Feb 12, 2020 9:28 pm

Re: Refinance Mega Thread

Post by index245 »

frugalNY wrote: Tue Jul 07, 2020 2:16 pm the LD guys just responded that he'll try to get his VP approve another 1900 to make it true no cost refi. I think I'll just go for it. Let's not be the perfect the enemy of good :greedy
I love that quote (Voltaire?). Glad you found a good offer.

As long as the refi is no cost, you can just do it again if rates fall significantly lower. I never thought I'd see sub 3% 30 fixed rate loans (or jumbos around 3%). Who knows how low it will go?

This is the best way to take advantage of the low rates that earn us nothing in HYSA and next to nothing in treasury bonds.
topcatin
Posts: 151
Joined: Tue Sep 15, 2015 6:58 am

Re: Refinance Mega Thread

Post by topcatin »

deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
This is great, I am trying to get them on the phone. Did you go to their site and directly apply?
Would it be ok to do a complete application with them and use that to bargain and compare with my current lender?
Does the credit score take a hit if I apply at multiple places at the same time?
Current Mort - 3.625% 30 year (Fixed) - $207k balance ( 26 years left) and around 60% LTV.
I got a quote from one of the banks - 2.62% (15 year with 0 pts , closing cost - $2500).
Apart from closing costs, did you have to fund the Escrow?
deskjockey
Posts: 349
Joined: Sat Dec 03, 2016 11:15 am

Re: Refinance Mega Thread

Post by deskjockey »

topcatin wrote: Tue Jul 07, 2020 5:02 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
This is great, I am trying to get them on the phone. Did you go to their site and directly apply?
Would it be ok to do a complete application with them and use that to bargain and compare with my current lender?
Does the credit score take a hit if I apply at multiple places at the same time?
Current Mort - 3.625% 30 year (Fixed) - $207k balance ( 26 years left) and around 60% LTV.
I got a quote from one of the banks - 2.62% (15 year with 0 pts , closing cost - $2500).
Apart from closing costs, did you have to fund the Escrow?
I called the guy who processed my loan the first time, so I kinda jumped the line. Go to the site and apply--that will get you a response fairly quickly, as noted above.
You can definitely get their Loan Estimate and use it to bargain.
I waived escrow, so the only prepaids are going to be interest on the loan. Had I not waived, the rate would have been lower or the lender credit higher, but I hate escrow.

FYI, LenderFi is showing a 15 year (for my specific location/circumstances) at 2.5% with $2,400 in lender credits.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

index245 wrote: Tue Jul 07, 2020 4:57 pm
frugalNY wrote: Tue Jul 07, 2020 2:16 pm the LD guys just responded that he'll try to get his VP approve another 1900 to make it true no cost refi. I think I'll just go for it. Let's not be the perfect the enemy of good :greedy
I love that quote (Voltaire?). Glad you found a good offer.

As long as the refi is no cost, you can just do it again if rates fall significantly lower. I never thought I'd see sub 3% 30 fixed rate loans (or jumbos around 3%). Who knows how low it will go?

This is the best way to take advantage of the low rates that earn us nothing in HYSA and next to nothing in treasury bonds.
Fully agreed and that's the plan. If I see rate drop another 0.5 with no cost, will jump again :greedy

Thanks everyone here who advised during the process. Much appreciated for guiding through my very first refi :sharebeer

frugalNY
Nebelsieck
Posts: 5
Joined: Tue Jul 07, 2020 11:16 am

Re: Refinance Mega Thread

Post by Nebelsieck »

ChiKid24 wrote: Tue Jul 07, 2020 3:10 pm
Nebelsieck wrote: Tue Jul 07, 2020 11:25 am
Who's is your lender? I have a similar quote from Loandepot. Better and LenderFi told me that they won't give a lender credit that exceeds the A+B+C closing costs (sounds fishy to me), but LD's credit will take care of my escrow too.
I think you got bad information on Better. I am closing with them Thursday. My A+B+C is $1,904. My lender credit is $4,971.
I think you're right - the guy I dealt with from Better didn't want to match, so I think he used that as an excuse. But good to know in case I refi again.
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

mtwhmemn wrote: Tue Jul 07, 2020 3:34 pm
ChiKid24 wrote: Tue Jul 07, 2020 3:28 pm
mtwhmemn wrote: Tue Jul 07, 2020 3:13 pm Wells Fargo is offering me 20 years 2.875%, less than $2000 to close. (I'm having rep send me exact numbers - loan in $188K.) I'm currently with Wells 30 years 3.875%. I just did this last July when I got out of an ARM. I was wondering if this is reasonable in the current environment?
Probably reasonable, but think you can do better. I've seen others get 30 year recently at 2.875% without any cash to close. On a loan balance of $188k, bringing an additional $2k to close sounds pricey. I'd get the official loan estimate and send it to the usual guys discussed in this thread (Better, Lenderfi, Loan Debot, etc.)
Will do. I’ve talked to Better and Quicken but they are both more expensive than what Wells has offered. Do you have to beat them down to get a better offer?
Do you have an Amex? If so, apply with either using their Amex offer and you get a $2,500 credit on your card. Either way, just provide them a formal loan estimate from Wells. Better will typically beat that offer without you having to do any beating down ;)
mtwhmemn
Posts: 240
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

ChiKid24 wrote: Tue Jul 07, 2020 5:42 pm
mtwhmemn wrote: Tue Jul 07, 2020 3:34 pm
ChiKid24 wrote: Tue Jul 07, 2020 3:28 pm
mtwhmemn wrote: Tue Jul 07, 2020 3:13 pm Wells Fargo is offering me 20 years 2.875%, less than $2000 to close. (I'm having rep send me exact numbers - loan in $188K.) I'm currently with Wells 30 years 3.875%. I just did this last July when I got out of an ARM. I was wondering if this is reasonable in the current environment?
Probably reasonable, but think you can do better. I've seen others get 30 year recently at 2.875% without any cash to close. On a loan balance of $188k, bringing an additional $2k to close sounds pricey. I'd get the official loan estimate and send it to the usual guys discussed in this thread (Better, Lenderfi, Loan Debot, etc.)
Will do. I’ve talked to Better and Quicken but they are both more expensive than what Wells has offered. Do you have to beat them down to get a better offer?
Do you have an Amex? If so, apply with either using their Amex offer and you get a $2,500 credit on your card. Either way, just provide them a formal loan estimate from Wells. Better will typically beat that offer without you having to do any beating down ;)
I don't have an AMEX.
xerxes101
Posts: 360
Joined: Sat Oct 14, 2017 11:25 am

Re: Refinance Mega Thread

Post by xerxes101 »

deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
That's a pretty good rate. Is that like a relock? I am talking to LenderFi right now to refi my 30 year, but the rates they are quoting are too high and so far and they have not quoted me anything at no cost...I am still talking to them. Did u have to negotiate to get a no cost deal?
topcatin
Posts: 151
Joined: Tue Sep 15, 2015 6:58 am

Re: Refinance Mega Thread

Post by topcatin »

deskjockey wrote: Tue Jul 07, 2020 5:05 pm
topcatin wrote: Tue Jul 07, 2020 5:02 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
This is great, I am trying to get them on the phone. Did you go to their site and directly apply?
Would it be ok to do a complete application with them and use that to bargain and compare with my current lender?
Does the credit score take a hit if I apply at multiple places at the same time?
Current Mort - 3.625% 30 year (Fixed) - $207k balance ( 26 years left) and around 60% LTV.
I got a quote from one of the banks - 2.62% (15 year with 0 pts , closing cost - $2500).
Apart from closing costs, did you have to fund the Escrow?
I called the guy who processed my loan the first time, so I kinda jumped the line. Go to the site and apply--that will get you a response fairly quickly, as noted above.
You can definitely get their Loan Estimate and use it to bargain.
I waived escrow, so the only prepaids are going to be interest on the loan. Had I not waived, the rate would have been lower or the lender credit higher, but I hate escrow.

FYI, LenderFi is showing a 15 year (for my specific location/circumstances) at 2.5% with $2,400 in lender credits.
Thank you, when you apply online, do they do a credit-check?
For me to get 2.5% I have to pay $3093 towards closing ($1188 for pts included).
With a $500 lender-credit, I can get a 2.75% rate.(There are other options with more credit but the interest rates goes from 2.875% to 3.124%.
I will give my bank a call tomorrow and see what they have to offer with points.
My bank initially gave me a 3.1% rate for 15 year, but the same bank in Chicago gave a friend 2.6% and they paid $100 for points.
It looks like interest rates are different with states?
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
How was your experience with LenderFi last time?
deskjockey
Posts: 349
Joined: Sat Dec 03, 2016 11:15 am

Re: Refinance Mega Thread

Post by deskjockey »

xerxes101 wrote: Tue Jul 07, 2020 7:17 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
That's a pretty good rate. Is that like a relock? I am talking to LenderFi right now to refi my 30 year, but the rates they are quoting are too high and so far and they have not quoted me anything at no cost...I am still talking to them. Did u have to negotiate to get a no cost deal?
Not a relock, but they did eliminate some fees because of the rate guarantee. I did not have to negotiate--just called up, asked him what rate I'd get (I had already checked online at LenderFi's site and others, including Aimloan), and that's the first one he quoted me (along with the lender credit). He then told me he could also give me 2.75% with a much higher lender credit, but I went with the lower rate. It's the best I've seen by far, but may be highly dependent on location, size of mortgage, and borrower profile.
deskjockey
Posts: 349
Joined: Sat Dec 03, 2016 11:15 am

Re: Refinance Mega Thread

Post by deskjockey »

topcatin wrote: Tue Jul 07, 2020 7:44 pm
deskjockey wrote: Tue Jul 07, 2020 5:05 pm
topcatin wrote: Tue Jul 07, 2020 5:02 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
This is great, I am trying to get them on the phone. Did you go to their site and directly apply?
Would it be ok to do a complete application with them and use that to bargain and compare with my current lender?
Does the credit score take a hit if I apply at multiple places at the same time?
Current Mort - 3.625% 30 year (Fixed) - $207k balance ( 26 years left) and around 60% LTV.
I got a quote from one of the banks - 2.62% (15 year with 0 pts , closing cost - $2500).
Apart from closing costs, did you have to fund the Escrow?
I called the guy who processed my loan the first time, so I kinda jumped the line. Go to the site and apply--that will get you a response fairly quickly, as noted above.
You can definitely get their Loan Estimate and use it to bargain.
I waived escrow, so the only prepaids are going to be interest on the loan. Had I not waived, the rate would have been lower or the lender credit higher, but I hate escrow.

FYI, LenderFi is showing a 15 year (for my specific location/circumstances) at 2.5% with $2,400 in lender credits.
Thank you, when you apply online, do they do a credit-check?
For me to get 2.5% I have to pay $3093 towards closing ($1188 for pts included).
With a $500 lender-credit, I can get a 2.75% rate.(There are other options with more credit but the interest rates goes from 2.875% to 3.124%.
I will give my bank a call tomorrow and see what they have to offer with points.
My bank initially gave me a 3.1% rate for 15 year, but the same bank in Chicago gave a friend 2.6% and they paid $100 for points.
It looks like interest rates are different with states?
I'm don't recall exactly when they do a hard pull on your credit, but remember that multiple hard pulls within a two-week period count as a single pull in terms of the impact on your credit score--shopping around does not degrade your score. And yes, rates definitely differ by state, locality, size of mortgage, and borrower profile. $450K is in the sweet spot for a conforming mortgage. Smaller mortgages will get worse rates, because there is less profit in them, since commissions are based on loan size.
deskjockey
Posts: 349
Joined: Sat Dec 03, 2016 11:15 am

Re: Refinance Mega Thread

Post by deskjockey »

anon_investor wrote: Tue Jul 07, 2020 7:45 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
How was your experience with LenderFi last time?
Smooth and fast--I applied on 25 November and we had the closing on 13 December. We could have done it a few days earlier but my work got in the way.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

deskjockey wrote: Tue Jul 07, 2020 7:55 pm
anon_investor wrote: Tue Jul 07, 2020 7:45 pm
deskjockey wrote: Tue Jul 07, 2020 4:51 pm Just locked at 2.625% on a 20 year with LenderFi. Loan amount is a little over 450K and we're in Virginia. It's a nearly-no-cost refinance, as we'll have to pay $200 out of pocket for closing costs not covered by the $2,045 lender credit. This is the second time we refinance with LenderFi (last time was in December), so we took advantage of their rate insurance program (or whatever it's called). Let's see how long it takes to get to closing.
How was your experience with LenderFi last time?
Smooth and fast--I applied on 25 November and we had the closing on 13 December. We could have done it a few days earlier but my work got in the way.
Good to know. LenderFi has some attractive rates for me, I might lock soon.
FiscallyResponsible
Posts: 89
Joined: Mon Feb 22, 2016 9:02 pm

Re: Refinance Mega Thread

Post by FiscallyResponsible »

I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%.
xerxes101
Posts: 360
Joined: Sat Oct 14, 2017 11:25 am

Re: Refinance Mega Thread

Post by xerxes101 »

FiscallyResponsible wrote: Tue Jul 07, 2020 9:34 pm I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%.
That's gotta be the most Fiscally Responsible quote of all... :D ...thanks for posting this, I am going to try my luck with them tomorrow.
Hopefully I can get something similar. :sharebeer
nakatomi
Posts: 29
Joined: Thu Feb 11, 2016 2:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

I have just started shopping for my first refi. Been reading this thread but it’s still a lot of info to process. Wondering what folks think of my initial LE from Better:

State: CA
Loan amount: $509,000 (home value is $1,000,000)
Rate: 2.75% for 20 yr Fixed
Points: $1550
A + B + C = $3394

I’m not sure if the closing costs seem too high and would appreciate any advice on how to negotiate them down as I’m new to this.
I tried LenderFI but the online quote didn’t seem better than Better (same interest rate cost $5000 in points vs $1550 for Better). I will try calling them based on advice in this thread. Also I’m curious why folks prefer no-cost refis even of interest rates are higher.

Thanks.
User avatar
BrandonBogle
Posts: 3296
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

nakatomi wrote: Tue Jul 07, 2020 10:25 pm Also I’m curious why folks prefer no-cost refis even of interest rates are higher.
I refinanced in May at no-cost. Later this month, I will have the option of closing on a refinance dropping 0.375% further at no cost. If rates go down another 0.375%+, I will refinance again at no cost. Having a no-cost refi frees me from worry about making the right decision or having "buyers remorse" on overspending on my mortgage. In fact, I do have some "buyers remorse" in that I could have earned $1k in May if I did the 0.25% higher rate vs. doing the no-cost rate. Oh well.
frankandbeans wrote: Fri May 08, 2020 12:02 pm
BrandonBogle wrote: Fri May 08, 2020 11:46 am
mervinj7 wrote: Fri May 08, 2020 11:38 am Don't overthink it. Take the closest interest rate to no cost. In your case, that's the 2.625%. When I look at points, I only look at effective points after all credits and discounts are accounted for. It's the only way to compare across different quotes. In the future, if you ever want to refinance again you would again compare against the best no cost refinance rate offered at the time.
Thank you Mervin! That is what I was thinking, but wanted to make sure I wasn't out in left field. Your clarity as an outside party about all this has been most helpful, especially when I was inadvertently double-discounting point payback a few pages back. I will focus on effective cost to me and work from there.
:sharebeer
You can't go wrong either way, but just to provide an alternative viewpoint, I would probably be inclined to take 2.5 in these specific circumstances for two reasons: (1) the $700 cost delta between the two is quite low, and (2) at these rates, I would be more likely to bet that 2.5 will be the lowest rate I ever get, so I will be more likely to hold this mortgage for the duration of the note and therefore reap the benefit of the lower rate over the upfront costs. But definitely nothing wrong with the CW route and taking the 2.625 here.
Oh how quickly things have changed!!
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Tue Jul 07, 2020 10:30 pm
nakatomi wrote: Tue Jul 07, 2020 10:25 pm Also I’m curious why folks prefer no-cost refis even of interest rates are higher.
I refinanced in May at no-cost. Later this month, I will have the option of closing on a refinance dropping 0.375% further at no cost. If rates go down another 0.375%+, I will refinance again at no cost. Having a no-cost refi frees me from worry about making the right decision or having "buyers remorse" on overspending on my mortgage. In fact, I do have some "buyers remorse" in that I could have earned $1k in May if I did the 0.25% higher rate vs. doing the no-cost rate. Oh well.
+1. I went with the .125% higher rate on the my May refi to pocket $2k. Right now I am seeing rates that will let me refi down another 0.375% at no cost. I plan to refi again soon.
nakatomi
Posts: 29
Joined: Thu Feb 11, 2016 2:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

Having a no-cost refi frees me from worry about making the right decision or having "buyers remorse" on overspending on my mortgage.
Thanks for your response. Sorry if this is obvious but is no-cost something you request from the lender or do you just pick the option with higher lender credits? I didn’t see a way to specify no-cost with Better but they do have a rate table with increasing lender credits and corresponding higher interest rates.
User avatar
BrandonBogle
Posts: 3296
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

nakatomi wrote: Tue Jul 07, 2020 10:36 pm
Having a no-cost refi frees me from worry about making the right decision or having "buyers remorse" on overspending on my mortgage.
Thanks for your response. Sorry if this is obvious but is no-cost something you request from the lender or do you just pick the option with higher lender credits? I didn’t see a way to specify no-cost with Better but they do have a rate table with increasing lender credits and corresponding higher interest rates.
You pick the option where the lender credits would offset the Section A, B, C, and E costs on the Loan Estimate. For Better's rate table, that is essentially the "+XYZ in additional costs" above the rate table.
nakatomi
Posts: 29
Joined: Thu Feb 11, 2016 2:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

Ah! That’s so helpful. Thank you!! :sharebeer
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

FiscallyResponsible wrote: Tue Jul 07, 2020 9:34 pm I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%.
This afternoon I locked a zero cost 2.875% 30 yr with LenderFi ($250k loan on a $330k house) so I'm curious what you did to get the lower rate. Did you have a competing offer or did they offer you that rate outright?
User avatar
BrandonBogle
Posts: 3296
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

jimmyrules712 wrote: Tue Jul 07, 2020 10:51 pm
FiscallyResponsible wrote: Tue Jul 07, 2020 9:34 pm I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%.
This afternoon I locked a zero cost 2.875% 30 yr with LenderFi ($250k loan on a $330k house) so I'm curious what you did to get the lower rate. Did you have a competing offer or did they offer you that rate outright?
Have a loan balance above $300k + potentially being a different zip code than you
FiscallyResponsible
Posts: 89
Joined: Mon Feb 22, 2016 9:02 pm

Re: Refinance Mega Thread

Post by FiscallyResponsible »

I have a higher loan amount and high LTV. I did not do anything special. This was their first offer to me.
Last edited by FiscallyResponsible on Wed Jul 08, 2020 6:03 am, edited 1 time in total.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

Anyone know of good ARM Refi rates for condos?

I have a 2.75% 5-1 ARM, with about 2.5 years remaining.

I like ARMs, because they are lower interest rate.

Last time I got the ARM refi, I paid zero (all the fees were included in the rate).

Have excellent credit, around 60-65% LTV, and loan value should be around $500K.


TY
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
gazelle1991
Posts: 136
Joined: Thu Aug 03, 2017 11:20 am

Re: Refinance Mega Thread

Post by gazelle1991 »

Does anyone know if LenderFi does cash out refinance? I tried their instant quote for a 100k cash out on a 400k house and 200k mortgage balance and it’s giving me error. I am in the process of doing a cash out refinance with aimloan but the non cash out option from LenderFi looks better than the non cash out from AimLoan so I am hoping their cash out option would be too.
FiscallyResponsible
Posts: 89
Joined: Mon Feb 22, 2016 9:02 pm

Re: Refinance Mega Thread

Post by FiscallyResponsible »

gazelle1991 wrote: Wed Jul 08, 2020 1:31 am Does anyone know if LenderFi does cash out refinance? I tried their instant quote for a 100k cash out on a 400k house and 200k mortgage balance and it’s giving me error. I am in the process of doing a cash out refinance with aimloan but the non cash out option from LenderFi looks better than the non cash out from AimLoan so I am hoping their cash out option would be too.
Right now, they are not doing cash out. They aren't even doing purchases from what my broker told me, only Refinancing.
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

gazelle1991 wrote: Wed Jul 08, 2020 1:31 am Does anyone know if LenderFi does cash out refinance? I tried their instant quote for a 100k cash out on a 400k house and 200k mortgage balance and it’s giving me error. I am in the process of doing a cash out refinance with aimloan but the non cash out option from LenderFi looks better than the non cash out from AimLoan so I am hoping their cash out option would be too.
As others have said they will say no to cash out however they did let me increase the loan enough to fund my escrow account and cover the closing costs not covered by the lender credit which has the net effect of a small cash out.
5280Tim
Posts: 49
Joined: Wed Jul 26, 2017 9:33 pm

Re: Refinance Mega Thread

Post by 5280Tim »

I’ve been shopping for a little while and am finally moving forward with a refi. I tried LenderFi but have had zero response from them. I even called and spoke to someone a week ago but they still have not sent a loan estimate. Selfi has been very responsive and I’m in underwriting with them right now. We’ve locked in a 2.576% 29-yr fixed loan. Closing costs look to be around $2,500. So far, they’ve been great to work with. Better has my loan estimate to see if they can compete, but I’m not expecting them to be able to. It blows my mind that rates are this low, we bought almost 3 years ago with a 3.875% 30-yr and I thought money was almost free then.
User avatar
JonnyDVM
Posts: 2269
Joined: Wed Feb 12, 2014 6:51 pm
Location: Atlanta, GA

Re: Refinance Mega Thread

Post by JonnyDVM »

Has anyone had any luck refinancing a jumbo? Lender-Fi is not doing them.
I’d trade it all for a little more | -C Montgomery Burns
WhyRWeHere
Posts: 33
Joined: Fri Jun 12, 2020 9:40 am

Re: Refinance Mega Thread

Post by WhyRWeHere »

gazelle1991 wrote: Wed Jul 08, 2020 1:31 am Does anyone know if LenderFi does cash out refinance? I tried their instant quote for a 100k cash out on a 400k house and 200k mortgage balance and it’s giving me error. I am in the process of doing a cash out refinance with aimloan but the non cash out option from LenderFi looks better than the non cash out from AimLoan so I am hoping their cash out option would be too.
I checked with Lenderfi at the beginning for my cash out and they said they're not doing them, neither was AHC. NBKC, Northpointe, Better and Lending are doing cash outs, at least they were when I reached out to them. Just to let you know, I found that a higher loan amount got better pricing. Initially wanted to take out a 250k or 275k loan, including cash out, but found that bumping up to 300k worked out better. So if you are just under 300k, have them also check rates if you go up to 300k or more.
jharkin
Posts: 2596
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: Refinance Mega Thread

Post by jharkin »

LenderFi update...

I got a great rate with them (Superconforming 600k+ loan 3.125 no cost, waived appraisal, waived escrow)
Locked on 6/18
Completed disclosures that day
Title cleared on 6/25 and assigned to a closing agent.


And after that it turned into a black hole. Basically zero communication. I have asked for updates a couple times and they just tell me "its on track".

I realize things are moving slow due to Covid but the communication is poor compared to other lenders I have worked with before like NBKC.
mervinj7
Posts: 1540
Joined: Thu Mar 27, 2014 3:10 pm

Re: Refinance Mega Thread

Post by mervinj7 »

JonnyDVM wrote: Wed Jul 08, 2020 8:11 am Has anyone had any luck refinancing a jumbo? Lender-Fi is not doing them.
I just got off the phone with LoanDepot but the lender said they are not doing jumbo loans either. He offered 2.875% if I put in enough money to get below the conforming limit. No thanks.
bryanm
Posts: 333
Joined: Mon Aug 13, 2018 3:48 pm

Re: Refinance Mega Thread

Post by bryanm »

Just closed this morning on a 2.75% no-cost 30-year fixed with LenderFi. Initially locked on June 13. Process was very smooth. Thank you to this thread for helping me get there!
Last edited by bryanm on Wed Jul 08, 2020 11:38 am, edited 1 time in total.
BarDownHockey
Posts: 68
Joined: Sat Jun 15, 2019 3:58 pm

Re: Refinance Mega Thread

Post by BarDownHockey »

JonnyDVM wrote: Wed Jul 08, 2020 8:11 am Has anyone had any luck refinancing a jumbo? Lender-Fi is not doing them.
Try Chase. I haven’t gone through the refi, but they gave me competitive quotes.
Post Reply