Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
DoctorPhysics
Posts: 157
Joined: Sun Jun 07, 2015 12:50 pm

Re: Refinance Mega Thread

Post by DoctorPhysics »

Just closed on a 20 year 2.875% no cost LenderFi refinance today.

From application 6/22 to signing closing documents 7/9. Blazing fast process, everyone was professional, prompt and to the point with answering my questions.

I highly recommend them.

I don’t recommend LoanDepot, too much sales speak. Though others may have had better experiences.
StevenNJ1
Posts: 270
Joined: Fri Apr 04, 2014 12:56 pm

Re: Refinance Mega Thread

Post by StevenNJ1 »

Going forward with 2 different mortgage brokers?

I am in contact with 2 brokers, both good deals (2.75% on a 25yr, no points), but as always, they say ... send us all your paperwork (W2s, 2 forms of ID, insurance info, last 2 stubs, etc) and only then we can get the process going and possibly lock this rate in 2-4 business days. So, knowing that you can always back out of the deal, AND I want to avoid dealing with one guy who may come back with a totally different number than promised, why not start with 2 and complete with the one who continues to deliver on the promise?
Jags4186
Posts: 5367
Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 »

StevenNJ1 wrote: Fri Jul 10, 2020 6:12 am Going forward with 2 different mortgage brokers?

I am in contact with 2 brokers, both good deals (2.75% on a 25yr, no points), but as always, they say ... send us all your paperwork (W2s, 2 forms of ID, insurance info, last 2 stubs, etc) and only then we can get the process going and possibly lock this rate in 2-4 business days. So, knowing that you can always back out of the deal, AND I want to avoid dealing with one guy who may come back with a totally different number than promised, why not start with 2 and complete with the one who continues to deliver on the promise?
No reason not to, especially if you don’t need to bring any money to the table to get the ball rolling.
Hoodwink
Posts: 15
Joined: Fri Jul 10, 2020 6:47 am

Re: Refinance Mega Thread

Post by Hoodwink »

I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
User avatar
anon_investor
Posts: 4515
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

DoctorPhysics wrote: Fri Jul 10, 2020 1:05 am Just closed on a 20 year 2.875% no cost LenderFi refinance today.

From application 6/22 to signing closing documents 7/9. Blazing fast process, everyone was professional, prompt and to the point with answering my questions.

I highly recommend them.

I don’t recommend LoanDepot, too much sales speak. Though others may have had better experiences.
Nice, I just locked with them last night on a 30 yr 2.75% no cost (appraisal waived) refi. I am going to submit all my requested docs today. Hope they're that quick for me!
Hoodwink
Posts: 15
Joined: Fri Jul 10, 2020 6:47 am

Re: Refinance Mega Thread

Post by Hoodwink »

anon_investor wrote: Fri Jul 10, 2020 7:08 am
DoctorPhysics wrote: Fri Jul 10, 2020 1:05 am Just closed on a 20 year 2.875% no cost LenderFi refinance today.

From application 6/22 to signing closing documents 7/9. Blazing fast process, everyone was professional, prompt and to the point with answering my questions.

I highly recommend them.

I don’t recommend LoanDepot, too much sales speak. Though others may have had better experiences.
Nice, I just locked with them last night on a 30 yr 2.75% no cost (appraisal waived) refi. I am going to submit all my requested docs today. Hope they're that quick for me!
When you say appraisal waived, do they specify it in any document ?
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

Hoodwink wrote: Fri Jul 10, 2020 7:36 am
anon_investor wrote: Fri Jul 10, 2020 7:08 am
DoctorPhysics wrote: Fri Jul 10, 2020 1:05 am Just closed on a 20 year 2.875% no cost LenderFi refinance today.

From application 6/22 to signing closing documents 7/9. Blazing fast process, everyone was professional, prompt and to the point with answering my questions.

I highly recommend them.

I don’t recommend LoanDepot, too much sales speak. Though others may have had better experiences.
Nice, I just locked with them last night on a 30 yr 2.75% no cost (appraisal waived) refi. I am going to submit all my requested docs today. Hope they're that quick for me!
When you say appraisal waived, do they specify it in any document ?
It's a little indirect. My LenderFi loan estimate / disclosures does not mention an appraisal fee at all in the sections that detail the loan closing costs. The rate lock confirmation says "Appraisal Fee: $0". But there is some fine print in the disclosure that says "we may order an appraisal and charge you for it" which I assume is a CYA clause just in case they feel they need it for some reason.
dcw213
Posts: 200
Joined: Sun Dec 16, 2012 3:04 pm

Re: Refinance Mega Thread

Post by dcw213 »

ChiKid24 wrote: Thu Jul 09, 2020 12:04 am
dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
Why do you care? Just curious, not trying to be trite.
Fannie and Freddie are under government conservatorship and have been at the forefront of many borrower relief efforts over the last decade with broad and sweeping eligibility. For instance, Fannie and Freddie offered widely available modification opportunities for borrowers while banks holding on portfolio were less likely to grant the concession. There was even talk of the government directing Fannie and Freddie to grant principal forgiveness for underwater borrowers, which did not wind up going through.

I fully intend to pay off my mortgage with no issues, but if s hits the fan (job loss or major property value declines), I want the options that I expect they will offer.
User avatar
BrandonBogle
Posts: 3627
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

jimmyrules712 wrote: Fri Jul 10, 2020 7:44 am
Hoodwink wrote: Fri Jul 10, 2020 7:36 am When you say appraisal waived, do they specify it in any document ?
It's a little indirect. My LenderFi loan estimate / disclosures does not mention an appraisal fee at all in the sections that detail the loan closing costs. The rate lock confirmation says "Appraisal Fee: $0". But there is some fine print in the disclosure that says "we may order an appraisal and charge you for it" which I assume is a CYA clause just in case they feel they need it for some reason.
Yes, it is a CYA in case underwriting ends up requiring an appraisal. But if you signed an appraisal document that says appraisal fee: $0, then they can’t charge you for it even if they end up doing it.

Please note though if the form says appraisal “fee” of $0 or appraisal “deposit” of $0!
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

Hoodwink wrote: Fri Jul 10, 2020 6:56 am I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
The Lenderfi interface is a little wonky if you ask me. The approval letter is not your loan estimate. Did you receive an email from them with a link to your loan portal? This is separate from lenderfi.com. That link is where you should have your initial disclosures, including your loan estimate. You will need to esign this as well to acknowledge receipt. For me, my Loan Estimate was worse than what was quoted for me inline, but I esigned anyway to get the ball rolling. Fortunately they called me that day to see if I had any questions and confirm my information. I told the guy the loan estimate was wrong and he worked through it to get me what I had seen online (2.75 with credit to cover all closing costs in A, B, C and E).

If you haven't gotten the link with the initial disclosures, I'd call them to check. They don't always answer, but if you're persistent they eventually do.
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

dcw213 wrote: Fri Jul 10, 2020 8:07 am
ChiKid24 wrote: Thu Jul 09, 2020 12:04 am
dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
Why do you care? Just curious, not trying to be trite.
Fannie and Freddie are under government conservatorship and have been at the forefront of many borrower relief efforts over the last decade with broad and sweeping eligibility. For instance, Fannie and Freddie offered widely available modification opportunities for borrowers while banks holding on portfolio were less likely to grant the concession. There was even talk of the government directing Fannie and Freddie to grant principal forgiveness for underwater borrowers, which did not wind up going through.

I fully intend to pay off my mortgage with no issues, but if s hits the fan (job loss or major property value declines), I want the options that I expect they will offer.
Never thought about this. Just assumed I didn't care where my money was going, but it's a fair point. Thanks!
benualson
Posts: 19
Joined: Tue Aug 30, 2016 8:24 am

Re: Refinance Mega Thread

Post by benualson »

Check your local banks or credit unions. My credit union today is quoting 30yr conventional at 2.5% 15yr at 2.0%. that is typically with 1% cost to originate/underwrite
Renzi
Posts: 16
Joined: Wed Nov 07, 2018 9:32 am

Re: Refinance Mega Thread

Post by Renzi »

dcw213 wrote: Fri Jul 10, 2020 8:07 am
ChiKid24 wrote: Thu Jul 09, 2020 12:04 am
dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
Why do you care? Just curious, not trying to be trite.
Fannie and Freddie are under government conservatorship and have been at the forefront of many borrower relief efforts over the last decade with broad and sweeping eligibility. For instance, Fannie and Freddie offered widely available modification opportunities for borrowers while banks holding on portfolio were less likely to grant the concession. There was even talk of the government directing Fannie and Freddie to grant principal forgiveness for underwater borrowers, which did not wind up going through.

I fully intend to pay off my mortgage with no issues, but if s hits the fan (job loss or major property value declines), I want the options that I expect they will offer.
I closed with Better in late may and the loan was transferred to Fannie Mae with The Money Source servicing the loan.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

FordMustang12 wrote: Thu Jul 09, 2020 7:24 pm
FiscallyResponsible wrote: Thu Jul 09, 2020 7:21 pm
FordMustang12 wrote: Thu Jul 09, 2020 7:19 pm
FiscallyResponsible wrote: Thu Jul 09, 2020 6:42 pm
jimmyrules712 wrote: Tue Jul 07, 2020 10:51 pm

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?

Quick Update: Better.com Matched my 2.625 no cost 30 year fixed. I am also getting AMEX 2500 credit and appraisal was waived! Should be done refinancing until next month when 30 year rates are sub-2%?
Did better agree to match it today ? They are not beating nor matching for mine.
Yes this afternoon.
Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works.

Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed.
Monsterflockster
Posts: 528
Joined: Thu Nov 21, 2019 12:03 am

Re: Refinance Mega Thread

Post by Monsterflockster »

benualson wrote: Fri Jul 10, 2020 8:57 am Check your local banks or credit unions. My credit union today is quoting 30yr conventional at 2.5% 15yr at 2.0%. that is typically with 1% cost to originate/underwrite
What credit union and with what kind of points/fees?
NDS
Posts: 62
Joined: Sun Dec 29, 2013 2:09 am

Re: Refinance Mega Thread

Post by NDS »

I haven't read all 58 pages of posts in this thread, curious if there's a post - or something in the forum wiki - that explains what situations are attractive to refi providers to provide good deals, vs what's not. I'd reached out to a couple of refi providers whose sites provided me far worse #s than what's been shared on this thread, and only comments I'd get back were something like "not for your situation". 750+ credit score, income well above what would be needed by ratio to loan value, etc. Don't get it.
User avatar
BrandonBogle
Posts: 3627
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

frugalNY wrote: Fri Jul 10, 2020 9:50 am
FordMustang12 wrote: Thu Jul 09, 2020 7:24 pm Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works.

Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed.
On top of variations in credit profile, the days you do this stuff (I find lenders tend to make more concessions on days rates are dropping vs days they are rising), LTV, and other such factors, location can play a major role.

I don’t mean just in competitiveness, but cost. In NC, to refinance even a $500k property, I would be looking at under $2k in closing costs (assuming no lender fees and a par rate). A $500k property refi in NY however will have much higher closing costs due to mortgage taxes (at the very least). So a “no-cost” refi in NY costs the lender more than a “no-cost” in NC. So I can imagine them appearing more competitive on NC loans if all else is equal. This is solely because the lender credits need to cover less in my locale.

For instance, my last round of cross shopping netted me a 2.375% 15-year loan with no lender fees, only third-party costs (Sections B, C, and E). That was a grand total of $1,055 for my loan before lender credits. In many states, those three Sections would add up to far more than $1,055.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

NDS wrote: Thu Jul 09, 2020 2:16 pm
frugalNY wrote: Thu Jul 09, 2020 2:11 pm
anon_investor wrote: Thu Jul 09, 2020 2:04 pm
frugalNY wrote: Thu Jul 09, 2020 2:01 pm
NDS wrote: Thu Jul 09, 2020 1:51 pm Now that LenderFi is no longer accepting new applications (per website), what's the team Bogle favorite for good rates/credits? I tried Better.com but their rate(s) and closing cost estimates were WILDLY off what other folks with similar existing mortgages/credit scores have posted to this thread.
Correct Better wasn't competitive for me. I've locked in with LoanDepot (2.99% rate 30 yr fixed no closing cost for 661K loan) as they seemed much more reasonable.

frugalNY
I am waiting to hear back from Lenderfi, I submitted an app yesterday. How was your experience iwth LoanDepot? I might give them a try since Better's has the same rates but is charging points instead of offering a credit.
LD guy has been super so far. I signed and uploaded all documents on the mortgage portal already. Now waiting on appraisal, which he said probably will be next week.
Can you provide your LD guy's details via PM? Just filled out a web app (perfect credit) and only got 3.25% fixed on 30 year, I'd sign in a heartbeat at 2.99 but not 3.25.
NDS,
I just PM'ed you my LD officer's contact info. Sorry I asked for your contact before -that was very unreasonable of me :oops:

frugalNY
Gadget
Posts: 491
Joined: Fri Mar 17, 2017 1:38 pm

Re: Refinance Mega Thread

Post by Gadget »

NDS wrote: Fri Jul 10, 2020 9:58 am I haven't read all 58 pages of posts in this thread, curious if there's a post - or something in the forum wiki - that explains what situations are attractive to refi providers to provide good deals, vs what's not. I'd reached out to a couple of refi providers whose sites provided me far worse #s than what's been shared on this thread, and only comments I'd get back were something like "not for your situation". 750+ credit score, income well above what would be needed by ratio to loan value, etc. Don't get it.
A short summary from what I can tell:
Credit score above 760, loan amount above $200k, not a jumbo loan, primary residence, highish LTV, and your exact zip code

For instance, it really seems like a ton of the people getting the absolute best rates are in California. The best rate I could get in my state wasn't as good as others posted here, but I think it was really good for my state. No one would beat it at the time anyway, which is about all you can do. I confirmed with a coworker that went through the same thing. We were unable to get the absolute best rates posted here, but I think we definitely got the best rates available in our zip code.
bws
Posts: 37
Joined: Tue Aug 21, 2012 8:54 am

Re: Refinance Mega Thread

Post by bws »

BrandonBogle wrote: Fri Jul 10, 2020 9:58 am
frugalNY wrote: Fri Jul 10, 2020 9:50 am
FordMustang12 wrote: Thu Jul 09, 2020 7:24 pm Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works.

Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed.
On top of variations in credit profile, the days you do this stuff (I find lenders tend to make more concessions on days rates are dropping vs days they are rising), LTV, and other such factors, location can play a major role.

I don’t mean just in competitiveness, but cost. In NC, to refinance even a $500k property, I would be looking at under $2k in closing costs (assuming no lender fees and a par rate). A $500k property refi in NY however will have much higher closing costs due to mortgage taxes (at the very least). So a “no-cost” refi in NY costs the lender more than a “no-cost” in NC. So I can imagine them appearing more competitive on NC loans if all else is equal. This is solely because the lender credits need to cover less in my locale.

For instance, my last round of cross shopping netted me a 2.375% 15-year loan with no lender fees, only third-party costs (Sections B, C, and E). That was a grand total of $1,055 for my loan before lender credits. In many states, those three Sections would add up to far more than $1,055.

Which lender did you get that rate at?
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

Honestly I think it's partially location, partially timing, and partially the motivation of whatever agent you get randomly assigned to (which helps explain why some people have had good luck getting offer matches from places like Better and other people haven't been able to get Better to even try to match).

The biggest thing I've learned from this thread is the mortgage market is not very efficient and you should never assume that the best deal you can get is what one or two big lenders are offering. Absolutely apply to as many places as possible.

In my case the first 4 places I applied to all offered me around 3.25% with thousands in closing costs and it didn't seem like it was going to get any better then that then I hit the jackpot on the 5th application and got offered 2.875% with no closing costs. I think I mostly got lucky and caught a specific lender on a day they were particularly motivated. I thought maybe rates had dropped a bunch so I re-checked my options at the other lenders but they hadn't budged much.
Mongoose42
Posts: 6
Joined: Fri Oct 18, 2019 4:08 pm

Re: Refinance Mega Thread

Post by Mongoose42 »

For those who qualified for the $2,500 AMEX statement credit via Better, did you actually receive this? How did you connect to your AMEX account? Was this done at the end?

I’m asking because Better says I qualify for this promotion, but I have no official confirmation from AMEX.
Hoodwink
Posts: 15
Joined: Fri Jul 10, 2020 6:47 am

Re: Refinance Mega Thread

Post by Hoodwink »

ChiKid24 wrote: Fri Jul 10, 2020 8:24 am
Hoodwink wrote: Fri Jul 10, 2020 6:56 am I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
The Lenderfi interface is a little wonky if you ask me. The approval letter is not your loan estimate. Did you receive an email from them with a link to your loan portal? This is separate from lenderfi.com. That link is where you should have your initial disclosures, including your loan estimate. You will need to esign this as well to acknowledge receipt. For me, my Loan Estimate was worse than what was quoted for me inline, but I esigned anyway to get the ball rolling. Fortunately they called me that day to see if I had any questions and confirm my information. I told the guy the loan estimate was wrong and he worked through it to get me what I had seen online (2.75 with credit to cover all closing costs in A, B, C and E).

If you haven't gotten the link with the initial disclosures, I'd call them to check. They don't always answer, but if you're persistent they eventually do.
No, I have not received the email with the link to the portal yet. The only link I received was to check loan status and it took me to upload documents. Usually, how long after submitting the application did you get the portal link?
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

Hoodwink wrote: Fri Jul 10, 2020 11:06 am
ChiKid24 wrote: Fri Jul 10, 2020 8:24 am
Hoodwink wrote: Fri Jul 10, 2020 6:56 am I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
The Lenderfi interface is a little wonky if you ask me. The approval letter is not your loan estimate. Did you receive an email from them with a link to your loan portal? This is separate from lenderfi.com. That link is where you should have your initial disclosures, including your loan estimate. You will need to esign this as well to acknowledge receipt. For me, my Loan Estimate was worse than what was quoted for me inline, but I esigned anyway to get the ball rolling. Fortunately they called me that day to see if I had any questions and confirm my information. I told the guy the loan estimate was wrong and he worked through it to get me what I had seen online (2.75 with credit to cover all closing costs in A, B, C and E).

If you haven't gotten the link with the initial disclosures, I'd call them to check. They don't always answer, but if you're persistent they eventually do.
No, I have not received the email with the link to the portal yet. The only link I received was to check loan status and it took me to upload documents. Usually, how long after submitting the application did you get the portal link?
I think I got the link to the disclosures the same day I got the email to upload documents.
ymmt
Posts: 36
Joined: Fri Jul 10, 2020 10:59 am

Re: Refinance Mega Thread

Post by ymmt »

frugalNY wrote: Fri Jul 10, 2020 10:04 am
NDS,
I just PM'ed you my LD officer's contact info. Sorry I asked for your contact before -that was very unreasonable of me :oops:

frugalNY
Any way you could PM me the details as well? I'm right across LI Sound and hoping rates would be similar. Thanks
limeyx
Posts: 308
Joined: Wed Sep 07, 2016 5:34 pm

Re: Refinance Mega Thread

Post by limeyx »

sprmario2k3 wrote: Thu Jul 09, 2020 6:17 pm I’m not getting anything near everyone’s rates. I am looking at about a 260k loan on a 360k value (72%) and debt to income ratio below 20%. My credit score is at 698. With a 30 yr fixed it is at 3.875% paying 3,397 in pts. Closing costs come it at another $2,900 for 6,300 total for A+B+C costs. Requesting more quotes.
You have to send each lender your best LE or you will get these nasty quotes. I started off at Quicken and they wanted around $8K in points with no lender credit. Played them off with Better for a while and ended up with no points and a $2000 credit. Its not quite a no-cost refi but close, and we are wrapping three loans into one
User avatar
anon_investor
Posts: 4515
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

jimmyrules712 wrote: Fri Jul 10, 2020 11:16 am
Hoodwink wrote: Fri Jul 10, 2020 11:06 am
ChiKid24 wrote: Fri Jul 10, 2020 8:24 am
Hoodwink wrote: Fri Jul 10, 2020 6:56 am I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
The Lenderfi interface is a little wonky if you ask me. The approval letter is not your loan estimate. Did you receive an email from them with a link to your loan portal? This is separate from lenderfi.com. That link is where you should have your initial disclosures, including your loan estimate. You will need to esign this as well to acknowledge receipt. For me, my Loan Estimate was worse than what was quoted for me inline, but I esigned anyway to get the ball rolling. Fortunately they called me that day to see if I had any questions and confirm my information. I told the guy the loan estimate was wrong and he worked through it to get me what I had seen online (2.75 with credit to cover all closing costs in A, B, C and E).

If you haven't gotten the link with the initial disclosures, I'd call them to check. They don't always answer, but if you're persistent they eventually do.
No, I have not received the email with the link to the portal yet. The only link I received was to check loan status and it took me to upload documents. Usually, how long after submitting the application did you get the portal link?
I think I got the link to the disclosures the same day I got the email to upload documents.
+1
skinsfan
Posts: 26
Joined: Sat Jan 05, 2013 1:14 pm

Re: Refinance Mega Thread

Post by skinsfan »

I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

anon_investor wrote: Fri Jul 10, 2020 11:20 am
jimmyrules712 wrote: Fri Jul 10, 2020 11:16 am
Hoodwink wrote: Fri Jul 10, 2020 11:06 am
ChiKid24 wrote: Fri Jul 10, 2020 8:24 am
Hoodwink wrote: Fri Jul 10, 2020 6:56 am I was approved by LenderFi couple days back and uploaded the requested documents last night. I see a link to approval letter, is that the loan estimate or will I be getting any more documentation. If so how soon they provide the loan estimate or good faith estimate based on approval. Also trying to understand the whole process involved as this is the first time i am refinancing with them.
The Lenderfi interface is a little wonky if you ask me. The approval letter is not your loan estimate. Did you receive an email from them with a link to your loan portal? This is separate from lenderfi.com. That link is where you should have your initial disclosures, including your loan estimate. You will need to esign this as well to acknowledge receipt. For me, my Loan Estimate was worse than what was quoted for me inline, but I esigned anyway to get the ball rolling. Fortunately they called me that day to see if I had any questions and confirm my information. I told the guy the loan estimate was wrong and he worked through it to get me what I had seen online (2.75 with credit to cover all closing costs in A, B, C and E).

If you haven't gotten the link with the initial disclosures, I'd call them to check. They don't always answer, but if you're persistent they eventually do.
No, I have not received the email with the link to the portal yet. The only link I received was to check loan status and it took me to upload documents. Usually, how long after submitting the application did you get the portal link?
I think I got the link to the disclosures the same day I got the email to upload documents.
+1
+2
limeyx
Posts: 308
Joined: Wed Sep 07, 2016 5:34 pm

Re: Refinance Mega Thread

Post by limeyx »

skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
Go to your current lender, tell them you are leaving and show them the Loan Estimate ... they usually get very accomodating.
Then if thats better than the 3.125 you have, tell those guys you are staying with your current lender ...
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

jimmyrules712 wrote: Fri Jul 10, 2020 10:42 am Honestly I think it's partially location, partially timing, and partially the motivation of whatever agent you get randomly assigned to (which helps explain why some people have had good luck getting offer matches from places like Better and other people haven't been able to get Better to even try to match).

The biggest thing I've learned from this thread is the mortgage market is not very efficient and you should never assume that the best deal you can get is what one or two big lenders are offering. Absolutely apply to as many places as possible.

In my case the first 4 places I applied to all offered me around 3.25% with thousands in closing costs and it didn't seem like it was going to get any better then that then I hit the jackpot on the 5th application and got offered 2.875% with no closing costs. I think I mostly got lucky and caught a specific lender on a day they were particularly motivated. I thought maybe rates had dropped a bunch so I re-checked my options at the other lenders but they hadn't budged much.
I think this is probably true. I have an additional theory which has played out for me both times i locked in the last 2 months. The St. Louis Fed publishes a weekly 30-year fixed rate average that is released every thursday (https://fred.stlouisfed.org/series/MORTGAGE30US). Better.com actually has a price guarantee that if the difference in the weekly index falls by 0.25% or more from the time you locked, they will float you down 1/8.

Both times I have locked, once at end of May and then again yesterday, were on a Thursday when the rate had gone down from the prior week. So perhaps Thursday is the sweet spot on calling lenders to check rates? Again, could just be coincidental.
Lee_WSP
Posts: 3801
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: Refinance Mega Thread

Post by Lee_WSP »

Are all/majority of lenders disqualifying self employed income or just Aimloan?
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
First I would try reaching LenderFi over the phone. I got my best quote by far from them so it may be worth the effort. They've closed off new applications but if you already have one in the system you might get in. If that doesn't pan out I would also try LoanFlight. I got my second best quote from them.
DrGrnTum
Posts: 122
Joined: Sat Oct 24, 2015 11:22 am

Re: Refinance Mega Thread

Post by DrGrnTum »

Mongoose42 wrote: Fri Jul 10, 2020 10:51 am For those who qualified for the $2,500 AMEX statement credit via Better, did you actually receive this? How did you connect to your AMEX account? Was this done at the end?

I’m asking because Better says I qualify for this promotion, but I have no official confirmation from AMEX.
After better sent me my closing document I inquired about the Amex $2,500 bonus.
This is what the agent sent back to me:

“I can certainly assist you with the AMEX promotion offer. Please provide the answers to the questions below.
We need to confirm:
1. Is the card you have a personal card?
2. Are you the primary card holder?
3. Was the card opened prior to applying?”


Once I confirmed that we were in compliance they pushed a formal request for the bonus in one of the tasks in our loan portal.
skinsfan
Posts: 26
Joined: Sat Jan 05, 2013 1:14 pm

Re: Refinance Mega Thread

Post by skinsfan »

limeyx wrote: Fri Jul 10, 2020 11:25 am
skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
Go to your current lender, tell them you are leaving and show them the Loan Estimate ... they usually get very accomodating.
Then if thats better than the 3.125 you have, tell those guys you are staying with your current lender ...
Good suggestion. I should have thought of that. Thanks!
skinsfan
Posts: 26
Joined: Sat Jan 05, 2013 1:14 pm

Re: Refinance Mega Thread

Post by skinsfan »

jimmyrules712 wrote: Fri Jul 10, 2020 11:53 am
skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
First I would try reaching LenderFi over the phone. I got my best quote by far from them so it may be worth the effort. They've closed off new applications but if you already have one in the system you might get in. If that doesn't pan out I would also try LoanFlight. I got my second best quote from them.
I'll keep trying lenderfi but not going to get my hopes up. Will definitely look into loanflight. Thanks for the suggestions.
NDS
Posts: 62
Joined: Sun Dec 29, 2013 2:09 am

Re: Refinance Mega Thread

Post by NDS »

skinsfan wrote: Fri Jul 10, 2020 12:23 pm
jimmyrules712 wrote: Fri Jul 10, 2020 11:53 am
skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
First I would try reaching LenderFi over the phone. I got my best quote by far from them so it may be worth the effort. They've closed off new applications but if you already have one in the system you might get in. If that doesn't pan out I would also try LoanFlight. I got my second best quote from them.
I'll keep trying lenderfi but not going to get my hopes up. Will definitely look into loanflight. Thanks for the suggestions.
Checked out LoanFlight, at least for my experience, provided all my details, and then instead of presenting an estimate/rate, they ask for all the documents you're normally only need to provide for full closing e.g. pay stubs etc.
frugalNY
Posts: 34
Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

ymmt wrote: Fri Jul 10, 2020 11:18 am
frugalNY wrote: Fri Jul 10, 2020 10:04 am
NDS,
I just PM'ed you my LD officer's contact info. Sorry I asked for your contact before -that was very unreasonable of me :oops:

frugalNY
Any way you could PM me the details as well? I'm right across LI Sound and hoping rates would be similar. Thanks
ymmt,
I just PM'ed you as well. All the best!

frugalNY
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

NDS wrote: Fri Jul 10, 2020 12:26 pm
skinsfan wrote: Fri Jul 10, 2020 12:23 pm
jimmyrules712 wrote: Fri Jul 10, 2020 11:53 am
skinsfan wrote: Fri Jul 10, 2020 11:22 am I just received a quote of 3.125% on a 30 year refi from LD with just under $3,000 in closing costs (which can be rolled into the monthly payments). Ideally I wanted to do a no-cost refi but that wasn't an option based on my current rates. Any other places I should consider shopping around?

I currently have 4% so I'm tempted to just go with it. I did apply to lenderfi a while ago but never had much luck connecting with them.
First I would try reaching LenderFi over the phone. I got my best quote by far from them so it may be worth the effort. They've closed off new applications but if you already have one in the system you might get in. If that doesn't pan out I would also try LoanFlight. I got my second best quote from them.
I'll keep trying lenderfi but not going to get my hopes up. Will definitely look into loanflight. Thanks for the suggestions.
Checked out LoanFlight, at least for my experience, provided all my details, and then instead of presenting an estimate/rate, they ask for all the documents you're normally only need to provide for full closing e.g. pay stubs etc.
When I applied I did get prompted by the website to upload all the stuff before the website would show me any rates but within an hour of submitting the initial application a LoanFlight agent emailed me directly and said he could give me a quote if I answered a couple simple questions (home value, loan amount, zip code, etc.). I answered those and he emailed me back with some rate options & closing costs options. I told him which option I liked the best and he sent me a formal disclosure later that evening. I never did upload any of the stuff to the website that the site wanted.
FordMustang12
Posts: 62
Joined: Mon Feb 15, 2016 1:47 pm

Re: Refinance Mega Thread

Post by FordMustang12 »

frugalNY wrote: Fri Jul 10, 2020 9:50 am
FordMustang12 wrote: Thu Jul 09, 2020 7:24 pm
FiscallyResponsible wrote: Thu Jul 09, 2020 7:21 pm
FordMustang12 wrote: Thu Jul 09, 2020 7:19 pm
FiscallyResponsible wrote: Thu Jul 09, 2020 6:42 pm


Quick Update: Better.com Matched my 2.625 no cost 30 year fixed. I am also getting AMEX 2500 credit and appraisal was waived! Should be done refinancing until next month when 30 year rates are sub-2%?
Did better agree to match it today ? They are not beating nor matching for mine.
Yes this afternoon.
Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works.

Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed.
Yup finally locked in with my broker. 2.770 for 29 year, no pmi, no appraisal, no escrow and no cost to close. He will also give me ~$500 that i would have paid for appraisal. So i think i did not get the best deal like others did but its decent.
User avatar
BrandonBogle
Posts: 3627
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

FordMustang12 wrote: Fri Jul 10, 2020 1:22 pm Yup finally locked in with my broker. 2.770 for 29 year, no pmi, no appraisal, no escrow and no cost to close. He will also give me ~$500 that i would have paid for appraisal. So i think i did not get the best deal like others did but its decent.
No, that is a very solid offer and you should be ecstatic. Congrats! :sharebeer
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

FordMustang12 wrote: Fri Jul 10, 2020 1:22 pm
frugalNY wrote: Fri Jul 10, 2020 9:50 am
FordMustang12 wrote: Thu Jul 09, 2020 7:24 pm
FiscallyResponsible wrote: Thu Jul 09, 2020 7:21 pm
FordMustang12 wrote: Thu Jul 09, 2020 7:19 pm

Did better agree to match it today ? They are not beating nor matching for mine.
Yes this afternoon.
Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works.

Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed.
Yup finally locked in with my broker. 2.770 for 29 year, no pmi, no appraisal, no escrow and no cost to close. He will also give me ~$500 that i would have paid for appraisal. So i think i did not get the best deal like others did but its decent.
A lot of people are having trouble getting a sub-3% offer with no closing costs so I'd say you did great.
iridum
Posts: 20
Joined: Mon Apr 27, 2020 6:16 am

Re: Refinance Mega Thread

Post by iridum »

I closed my 2.875% 30 fixed better.com refi on Wednesday. High balance conforming with 58% LTV. A+B+C was 1660 including $550 for appraisal and $4600 in lender credits. Lender credits increased after appraisal came in higher than value I had entered on application. After $550 refund of appraisal and $2500 amex credit i’ll net out good from this refi.
Qw1221wq
Posts: 23
Joined: Sat Jun 13, 2020 11:54 am

Re: Refinance Mega Thread

Post by Qw1221wq »

Gadget wrote: Fri Jul 10, 2020 10:11 am
NDS wrote: Fri Jul 10, 2020 9:58 am I haven't read all 58 pages of posts in this thread, curious if there's a post - or something in the forum wiki - that explains what situations are attractive to refi providers to provide good deals, vs what's not. I'd reached out to a couple of refi providers whose sites provided me far worse #s than what's been shared on this thread, and only comments I'd get back were something like "not for your situation". 750+ credit score, income well above what would be needed by ratio to loan value, etc. Don't get it.
A short summary from what I can tell:
Credit score above 760, loan amount above $200k, not a jumbo loan, primary residence, highish LTV, and your exact zip code

For instance, it really seems like a ton of the people getting the absolute best rates are in California. The best rate I could get in my state wasn't as good as others posted here, but I think it was really good for my state. No one would beat it at the time anyway, which is about all you can do. I confirmed with a coworker that went through the same thing. We were unable to get the absolute best rates posted here, but I think we definitely got the best rates available in our zip code.
You can have our best rates if you take our loan amounts. I'll gladly take your higher rate and tiny loan balance. In the end, the only thing that really matters is your monthly payment amount due.
C-man23
Posts: 10
Joined: Mon Aug 06, 2018 12:47 pm

Re: Refinance Mega Thread

Post by C-man23 »

Could someone who is getting sub 2.5% on a 15 year fixed with no (or very little) closing costs please PM me their loan officers contact information?
I am current working with Loan Depot and have 2.625% with no closing costs. The people that keep getting 2.25% or below are making me drool!

Thanks!
User avatar
anon_investor
Posts: 4515
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

Anyone that locked with LenderFi on Thursday receive their updated disclosure confirming the lock yet?
User avatar
BrandonBogle
Posts: 3627
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

C-man23 wrote: Sat Jul 11, 2020 5:53 am Could someone who is getting sub 2.5% on a 15 year fixed with no (or very little) closing costs please PM me their loan officers contact information?
I am current working with Loan Depot and have 2.625% with no closing costs. The people that keep getting 2.25% or below are making me drool!

Thanks!
Ignoring the differences in credit profiles, loan-to-value, loan size, etc. (all of which play vital roles in loan pricing), you aren't providing info on location. That will be a major role even if everything else was the same.

For example, in NY and FL, there are taxes on new mortgages. In NY, you can do a CEMA to avoid some of those taxes (in exchange for higher lawyer fees), so you can have significant savings in those taxes, but you still will pay thousands in Section E government fees. I believe in FL, a $250k mortgage would bring with it a $875 mortgage doc tax and maybe a $500 intangible tax. For a $500k mortgage, we now are at $1,750 + $1000.

Meanwhile, here is NC, Section E would be $64 for either a $250k or $500k mortgage. Also, title insurance in NC would be around $325 for a $250k mortgage and $550 for a $500k mortgage. Yes, under $1k for either one of them.

So a no cost refi in NC requires much less lender credit than one in NY or FL, so if I can get Loan Depot to give me 2.375% at $1k, that doesn't mean you can get that.

Your best bet would be to take your Loan Depot offer and sent that Loan Estimate to another lender, asking them to beat it. LD does a 60-day rate lock, so you have time to shop around their offer to other lenders. Once you have a better offer from others, take it to Loan Depot and see if they will beat/match it.
sprmario2k3
Posts: 77
Joined: Tue Jul 10, 2007 12:09 pm

Re: Refinance Mega Thread

Post by sprmario2k3 »

limeyx wrote: Fri Jul 10, 2020 11:19 am
sprmario2k3 wrote: Thu Jul 09, 2020 6:17 pm I’m not getting anything near everyone’s rates. I am looking at about a 260k loan on a 360k value (72%) and debt to income ratio below 20%. My credit score is at 698. With a 30 yr fixed it is at 3.875% paying 3,397 in pts. Closing costs come it at another $2,900 for 6,300 total for A+B+C costs. Requesting more quotes.
You have to send each lender your best LE or you will get these nasty quotes. I started off at Quicken and they wanted around $8K in points with no lender credit. Played them off with Better for a while and ended up with no points and a $2000 credit. Its not quite a no-cost refi but close, and we are wrapping three loans into one
Thanks. Going to keep at it to see if I can get something better.
jimmyrules712
Posts: 608
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

anon_investor wrote: Sat Jul 11, 2020 8:04 am Anyone that locked with LenderFi on Thursday receive their updated disclosure confirming the lock yet?
FYI I locked on Monday and it took 2 business days for them to send me updated disclosures. If that timing is consistent for everyone then you might not get them until early next week.
User avatar
anon_investor
Posts: 4515
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

jimmyrules712 wrote: Sat Jul 11, 2020 9:09 am
anon_investor wrote: Sat Jul 11, 2020 8:04 am Anyone that locked with LenderFi on Thursday receive their updated disclosure confirming the lock yet?
FYI I locked on Monday and it took 2 business days for them to send me updated disclosures. If that timing is consistent for everyone then you might not get them until early next week.
Ah okay, thanks. How did you get the updated disclosure? Did they email you to tell you to login?
Post Reply