Refinance Mega Thread

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itsallaboutme
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Joined: Mon May 22, 2017 2:47 pm

Re: Refinance Mega Thread

Post by itsallaboutme »

Hello I am thinking about refinancing my current mortgage 3.5% but it's an FHA I am paying $188 Mortgage Insurance Premium from what I can remember this adds .8% (not sure) but he said rate was 4.3% apr
I just got off of the phone with a loan officer and based on my home value estimate from Redfins email we went with 400k I checked again after the call and it's between $375-$391k from multiple sites.

So I can get refinance rate 3% (3.160 apr) saves me $214 a month 22k for the life of the loan new loan amount would be $299 current is about $286,500 or 2.875 (3.074 apr) savings $227 a month $28k for the life of the loan new loan amount $300k only out of pocket cost would be the appraisal fee which is $445 or $100 for application fee if they waive the appraisal fee. (they will roll the cost and fees into the loan which is why my only cost would be appraisal fee.)
I actually paid 10% down even with the FHA loan but my wife's credit score was low so we had to go with FHA
What are your thoughts on a HELOC loan after refinancing? I will have about 25% equity and will use the money to pay off the home faster by putting it in the principal.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

itsallaboutme wrote: Sat Jul 11, 2020 10:06 am Hello I am thinking about refinancing my current mortgage 3.5% but it's an FHA I am paying $188 Mortgage Insurance Premium from what I can remember this adds .8% (not sure) but he said rate was 4.3% apr
I just got off of the phone with a loan officer and based on my home value estimate from Redfins email we went with 400k I checked again after the call and it's between $375-$391k from multiple sites.

So I can get refinance rate 3% (3.160 apr) saves me $214 a month 22k for the life of the loan new loan amount would be $299 current is about $286,500 or 2.875 (3.074 apr) savings $227 a month $28k for the life of the loan new loan amount $300k only out of pocket cost would be the appraisal fee which is $445 or $100 for application fee if they waive the appraisal fee. (they will roll the cost and fees into the loan which is why my only cost would be appraisal fee.)
I actually paid 10% down even with the FHA loan but my wife's credit score was low so we had to go with FHA
What are your thoughts on a HELOC loan after refinancing? I will have about 25% equity and will use the money to pay off the home faster by putting it in the principal.
Try looking for a true no cost refi (nothing is rolled into the loan, no increase in principal).
itsallaboutme
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Joined: Mon May 22, 2017 2:47 pm

Re: Refinance Mega Thread

Post by itsallaboutme »

anon_investor wrote: Sat Jul 11, 2020 10:22 am
itsallaboutme wrote: Sat Jul 11, 2020 10:06 am Hello I am thinking about refinancing my current mortgage 3.5% but it's an FHA I am paying $188 Mortgage Insurance Premium from what I can remember this adds .8% (not sure) but he said rate was 4.3% apr
I just got off of the phone with a loan officer and based on my home value estimate from Redfins email we went with 400k I checked again after the call and it's between $375-$391k from multiple sites.

So I can get refinance rate 3% (3.160 apr) saves me $214 a month 22k for the life of the loan new loan amount would be $299 current is about $286,500 or 2.875 (3.074 apr) savings $227 a month $28k for the life of the loan new loan amount $300k only out of pocket cost would be the appraisal fee which is $445 or $100 for application fee if they waive the appraisal fee. (they will roll the cost and fees into the loan which is why my only cost would be appraisal fee.)
I actually paid 10% down even with the FHA loan but my wife's credit score was low so we had to go with FHA
What are your thoughts on a HELOC loan after refinancing? I will have about 25% equity and will use the money to pay off the home faster by putting it in the principal.
Try looking for a true no cost refi (nothing is rolled into the loan, no increase in principal).
Thanks didn't know they existed. That would save me a lot of money (I already just started paying biweekly <-- I hate the fact I didn't start earlier) Thanks
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

anon_investor wrote: Sat Jul 11, 2020 9:32 am
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?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Familyman2012 wrote: Sat Jul 11, 2020 10:35 am
anon_investor wrote: Sat Jul 11, 2020 9:32 am
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?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
Familyman2012
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Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

:sharebeer
anon_investor wrote: Sat Jul 11, 2020 12:06 pm
Familyman2012 wrote: Sat Jul 11, 2020 10:35 am
anon_investor wrote: Sat Jul 11, 2020 9:32 am
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?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

anon_investor wrote: Sat Jul 11, 2020 12:06 pm
Familyman2012 wrote: Sat Jul 11, 2020 10:35 am
anon_investor wrote: Sat Jul 11, 2020 9:32 am
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?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
Quicken wouldn't even come close to matching my Lenderfi offer either. Straight out told me to take the other offer. Part of what makes this frustrating is that its nearly impossible to get anyone on the phone and now that Lenderfi stopped accepting applications I bet the deal I was offered is gone.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Cobra Commander wrote: Sat Jul 11, 2020 2:18 pm
anon_investor wrote: Sat Jul 11, 2020 12:06 pm
Familyman2012 wrote: Sat Jul 11, 2020 10:35 am
anon_investor wrote: Sat Jul 11, 2020 9:32 am
jimmyrules712 wrote: Sat Jul 11, 2020 9:09 am

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?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
Quicken wouldn't even come close to matching my Lenderfi offer either. Straight out told me to take the other offer. Part of what makes this frustrating is that its nearly impossible to get anyone on the phone and now that Lenderfi stopped accepting applications I bet the deal I was offered is gone.
When did you get the offer? I "locked" my LenderFi offer on Thursday the same day I received it. At the same time I sent it to Better. Better did not get back to me until today (Saturday), and said they could not match it. I am still waiting for an updated disclosure from LenderFi confirming the lock, hopefully I get it Monday? The guy I locked on the phone with LenderFi said I was definitely locked but they might not be able to send me the updated disclosure right away because they were super swamped, he also mentioned to me that were not taking any new applications until they could catch up.
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Cobra Commander
Posts: 294
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Re: Refinance Mega Thread

Post by Cobra Commander »

anon_investor wrote: Sat Jul 11, 2020 2:26 pm
Cobra Commander wrote: Sat Jul 11, 2020 2:18 pm
anon_investor wrote: Sat Jul 11, 2020 12:06 pm
Familyman2012 wrote: Sat Jul 11, 2020 10:35 am
anon_investor wrote: Sat Jul 11, 2020 9:32 am

Ah okay, thanks. How did you get the updated disclosure? Did they email you to tell you to login?
I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
Quicken wouldn't even come close to matching my Lenderfi offer either. Straight out told me to take the other offer. Part of what makes this frustrating is that its nearly impossible to get anyone on the phone and now that Lenderfi stopped accepting applications I bet the deal I was offered is gone.
When did you get the offer? I "locked" my LenderFi offer on Thursday the same day I received it. At the same time I sent it to Better. Better did not get back to me until today (Saturday), and said they could not match it. I am still waiting for an updated disclosure from LenderFi confirming the lock, hopefully I get it Monday? The guy I locked on the phone with LenderFi said I was definitely locked but they might not be able to send me the updated disclosure right away because they were super swamped, he also mentioned to me that were not taking any new applications until they could catch up.
I think I got the offer on Wednesday or Thursday. Honestly I thought I had a better offer on a 2.25% VA loan but Quicken either raised the fees or did not communicate them correctly when I spoke to them because they were much higher when they finally got back to me. At that point no match on the Lenderfi offer and now I cant reach the Lenderfi guy.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Cobra Commander wrote: Sat Jul 11, 2020 2:38 pm
anon_investor wrote: Sat Jul 11, 2020 2:26 pm
Cobra Commander wrote: Sat Jul 11, 2020 2:18 pm
anon_investor wrote: Sat Jul 11, 2020 12:06 pm
Familyman2012 wrote: Sat Jul 11, 2020 10:35 am

I believe it just varies on how long it takes for them to get back.

For me, it was the same day (Friday, June 26th).I called them directly in the morning. Gave my info. He said he will get back to me. I stayed pretty persistent that day. I emailed 3x to his email. No response. I called back in the afternoon and he said he will get it to me by the end of day. By 4pm, he sent me an email with direction to click on a link. The link sent you to an different portal than what you see on the website. You have to esign something. The esign didn’t mean you locked or commit. I was weirded out having to sign something but he assured me i wasn’t making a commitment. So I did it to see the LE.

I took that LE that night and forward it to my Better loan officer. I didn’t expect to hear back till Monday. But he outreached to me Friday night at 8pm. He said “congratulations, we can beat this offer by $1000, comparing apples to apples (section A+B+C)”. He sent me the LE. I locked the very next day. I sent lenderfi the Estimate to see if they can beat. I also brought up the Amex promo too. They said
“Unfortunately LenderFi does not issue lender credit of any amount larger than the closing costs.”

Now, I close on Tuesday with Better. Will refi again if rates goes down.
Better wouldn't match my LenderFi offer. I guess LenderFi it is!
Quicken wouldn't even come close to matching my Lenderfi offer either. Straight out told me to take the other offer. Part of what makes this frustrating is that its nearly impossible to get anyone on the phone and now that Lenderfi stopped accepting applications I bet the deal I was offered is gone.
When did you get the offer? I "locked" my LenderFi offer on Thursday the same day I received it. At the same time I sent it to Better. Better did not get back to me until today (Saturday), and said they could not match it. I am still waiting for an updated disclosure from LenderFi confirming the lock, hopefully I get it Monday? The guy I locked on the phone with LenderFi said I was definitely locked but they might not be able to send me the updated disclosure right away because they were super swamped, he also mentioned to me that were not taking any new applications until they could catch up.
I think I got the offer on Wednesday or Thursday. Honestly I thought I had a better offer on a 2.25% VA loan but Quicken either raised the fees or did not communicate them correctly when I spoke to them because they were much higher when they finally got back to me. At that point no match on the Lenderfi offer and now I cant reach the Lenderfi guy.
I would try email at least, and say you tried to call a bunch of times. Maybe they will still honor it, worth a shot at least.
ymmt
Posts: 35
Joined: Fri Jul 10, 2020 10:59 am

Re: Refinance Mega Thread

Post by ymmt »

frugalNY wrote: Fri Jul 10, 2020 12:39 pm
ymmt wrote: Fri Jul 10, 2020 11:18 am
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
For future reference:
LoanDepot is not doing jumbo loans at this time, but here were some of the latest rates for those who care

Location: CT
Conforming Loans
30 Year Fixed: 2.625% w/ 1.2pts, but can be discounted to 0.6pts
30 Year Fixed: 2.75% w/ 0pts
15 Year Fixed: 2.375% w/ 0pts
15 Year Fixed: 2.25% w/ 0.3pts, but can be discounted to 0

I didn't bother prodding for more concessions since it's unlikely we were going to move ahead, unless I wanted to pay down a big chunk of my mortgage.
yakk0
Posts: 46
Joined: Mon Nov 27, 2017 4:41 pm

Re: Refinance Mega Thread

Post by yakk0 »

frugalNY wrote: Thu Jul 09, 2020 2:12 pm
yakk0 wrote: Thu Jul 09, 2020 2:04 pm
frugalNY wrote: Thu Jul 09, 2020 1:24 pm Better finally got back to me today. They couldn't match/beat LoanDepot's offer, which is a true no cost refi (Lender's credit covers all) with 2.99% 30 yr fixed.

About me: 661K loan, high LTV ratio, 800 credit rating etc.

Just another data point.....

frugalNY
Thanks! Your situation is very similar to mine, and I was just waiting for a LE from LoanDepot to see if Better will match. Seems unlikely, I guess. But I think I'll be happy with the 2.99%, zero cost, super conforming from LoanDepot.

Best of luck to you!
Small update. I ended up getting a 2.75% no cost offer from LenderFi on Friday morning, but by the time I asked to lock it, rates had moved and was only able to lock at 2.875% no cost. I did forward it to Better but my rep couldn't match it. I did also forward the offer to my LoanDepot rep to match, but no confirmation yet.

Personally I would prefer LoanDepot if they match the rate, both because they don't have the 6 month no-refi restriction that LenderFi does and communication has been much better.

Super conforming, 30 year, in CA for reference.
itsallaboutme
Posts: 110
Joined: Mon May 22, 2017 2:47 pm

Re: Refinance Mega Thread

Post by itsallaboutme »

yakk0 wrote: Sat Jul 11, 2020 4:09 pm
frugalNY wrote: Thu Jul 09, 2020 2:12 pm
yakk0 wrote: Thu Jul 09, 2020 2:04 pm
frugalNY wrote: Thu Jul 09, 2020 1:24 pm Better finally got back to me today. They couldn't match/beat LoanDepot's offer, which is a true no cost refi (Lender's credit covers all) with 2.99% 30 yr fixed.

About me: 661K loan, high LTV ratio, 800 credit rating etc.

Just another data point.....

frugalNY
Thanks! Your situation is very similar to mine, and I was just waiting for a LE from LoanDepot to see if Better will match. Seems unlikely, I guess. But I think I'll be happy with the 2.99%, zero cost, super conforming from LoanDepot.

Best of luck to you!
Small update. I ended up getting a 2.75% no cost offer from LenderFi on Friday morning, but by the time I asked to lock it, rates had moved and was only able to lock at 2.875% no cost. I did forward it to Better but my rep couldn't match it. I did also forward the offer to my LoanDepot rep to match, but no confirmation yet.

Personally I would prefer LoanDepot if they match the rate, both because they don't have the 6 month no-refi restriction that LenderFi does and communication has been much better.

Super conforming, 30 year, in CA for reference.
Hello, I see everyone referring to zero cost I am looking to refinance I was offered no cost but it was rolled into the new loan. Is that what you're referring? Or is it zero cost like what someone above told me to look for? Which from what I see have higher interest rates. If I can get something lower than my current rate with true zero cost I would jump on it. I will check out LoanDepot since LenderFi isn't taking anymore applications at this time.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

itsallaboutme wrote: Sat Jul 11, 2020 4:24 pm
yakk0 wrote: Sat Jul 11, 2020 4:09 pm
frugalNY wrote: Thu Jul 09, 2020 2:12 pm
yakk0 wrote: Thu Jul 09, 2020 2:04 pm
frugalNY wrote: Thu Jul 09, 2020 1:24 pm Better finally got back to me today. They couldn't match/beat LoanDepot's offer, which is a true no cost refi (Lender's credit covers all) with 2.99% 30 yr fixed.

About me: 661K loan, high LTV ratio, 800 credit rating etc.

Just another data point.....

frugalNY
Thanks! Your situation is very similar to mine, and I was just waiting for a LE from LoanDepot to see if Better will match. Seems unlikely, I guess. But I think I'll be happy with the 2.99%, zero cost, super conforming from LoanDepot.

Best of luck to you!
Small update. I ended up getting a 2.75% no cost offer from LenderFi on Friday morning, but by the time I asked to lock it, rates had moved and was only able to lock at 2.875% no cost. I did forward it to Better but my rep couldn't match it. I did also forward the offer to my LoanDepot rep to match, but no confirmation yet.

Personally I would prefer LoanDepot if they match the rate, both because they don't have the 6 month no-refi restriction that LenderFi does and communication has been much better.

Super conforming, 30 year, in CA for reference.
Hello, I see everyone referring to zero cost I am looking to refinance I was offered no cost but it was rolled into the new loan. Is that what you're referring? Or is it zero cost like what someone above told me to look for? Which from what I see have higher interest rates. If I can get something lower than my current rate with true zero cost I would jump on it. I will check out LoanDepot since LenderFi isn't taking anymore applications at this time.
0 cost really means 0 cost (lender credits cover all costs). There should be 0 increase in principal and the only out of pocket should be prepaids and escrow.
yakk0
Posts: 46
Joined: Mon Nov 27, 2017 4:41 pm

Re: Refinance Mega Thread

Post by yakk0 »

itsallaboutme wrote: Sat Jul 11, 2020 4:24 pm
yakk0 wrote: Sat Jul 11, 2020 4:09 pm
frugalNY wrote: Thu Jul 09, 2020 2:12 pm
yakk0 wrote: Thu Jul 09, 2020 2:04 pm
frugalNY wrote: Thu Jul 09, 2020 1:24 pm Better finally got back to me today. They couldn't match/beat LoanDepot's offer, which is a true no cost refi (Lender's credit covers all) with 2.99% 30 yr fixed.

About me: 661K loan, high LTV ratio, 800 credit rating etc.

Just another data point.....

frugalNY
Thanks! Your situation is very similar to mine, and I was just waiting for a LE from LoanDepot to see if Better will match. Seems unlikely, I guess. But I think I'll be happy with the 2.99%, zero cost, super conforming from LoanDepot.

Best of luck to you!
Small update. I ended up getting a 2.75% no cost offer from LenderFi on Friday morning, but by the time I asked to lock it, rates had moved and was only able to lock at 2.875% no cost. I did forward it to Better but my rep couldn't match it. I did also forward the offer to my LoanDepot rep to match, but no confirmation yet.

Personally I would prefer LoanDepot if they match the rate, both because they don't have the 6 month no-refi restriction that LenderFi does and communication has been much better.

Super conforming, 30 year, in CA for reference.
Hello, I see everyone referring to zero cost I am looking to refinance I was offered no cost but it was rolled into the new loan. Is that what you're referring? Or is it zero cost like what someone above told me to look for? Which from what I see have higher interest rates. If I can get something lower than my current rate with true zero cost I would jump on it. I will check out LoanDepot since LenderFi isn't taking anymore applications at this time.
It is true zero cost. For example, mine lists about $1400 in various fees (e.g. title, transfer tax), but then has a $1400 lender credit at the end. Loan amount is exactly the same as my current loan principal. I would have to pay my prepaid interest at closing, but that would have to be paid at some point anyway.
itsallaboutme
Posts: 110
Joined: Mon May 22, 2017 2:47 pm

Re: Refinance Mega Thread

Post by itsallaboutme »

yakk0 wrote: Sat Jul 11, 2020 4:37 pm
itsallaboutme wrote: Sat Jul 11, 2020 4:24 pm
yakk0 wrote: Sat Jul 11, 2020 4:09 pm
frugalNY wrote: Thu Jul 09, 2020 2:12 pm
yakk0 wrote: Thu Jul 09, 2020 2:04 pm

Thanks! Your situation is very similar to mine, and I was just waiting for a LE from LoanDepot to see if Better will match. Seems unlikely, I guess. But I think I'll be happy with the 2.99%, zero cost, super conforming from LoanDepot.

Best of luck to you!
Small update. I ended up getting a 2.75% no cost offer from LenderFi on Friday morning, but by the time I asked to lock it, rates had moved and was only able to lock at 2.875% no cost. I did forward it to Better but my rep couldn't match it. I did also forward the offer to my LoanDepot rep to match, but no confirmation yet.

Personally I would prefer LoanDepot if they match the rate, both because they don't have the 6 month no-refi restriction that LenderFi does and communication has been much better.

Super conforming, 30 year, in CA for reference.
Hello, I see everyone referring to zero cost I am looking to refinance I was offered no cost but it was rolled into the new loan. Is that what you're referring? Or is it zero cost like what someone above told me to look for? Which from what I see have higher interest rates. If I can get something lower than my current rate with true zero cost I would jump on it. I will check out LoanDepot since LenderFi isn't taking anymore applications at this time.
It is true zero cost. For example, mine lists about $1400 in various fees (e.g. title, transfer tax), but then has a $1400 lender credit at the end. Loan amount is exactly the same as my current loan principal. I would have to pay my prepaid interest at closing, but that would have to be paid at some point anyway.
Okay so places like LenderFi and LoanDepot offer these type of refinances

edit: I see on LenderFi at the bottom where the interest are a little bit higher they say lender credit got it
Andrew1947
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Re: Refinance Mega Thread

Post by Andrew1947 »

Hello Thread,
Longtime lurker; first time poster.

I am at the stage in the process where I applied with Better, saw that their rates weren't competitive, and am obtaining other estimates from different companies.

I didn't have an Amex before, but I was just approved for one. The Amex chat staff made me feel like I needed to reapply through the link for the offer, but I feel like based on the comments in this thread people have just mentioned it to Better after negotiating and Better has added a task for your Amex number.

Long story short, is there anyone who has received the Amex credit who started the application before having an Amex, but had one before locking?

Thank you!
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
gopherthegusto
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Re: Refinance Mega Thread

Post by gopherthegusto »

ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
I personally locked a 2.875% on a 30 year last week. No closing costs. May not be average, but they are out there.

In my opinion the successful posters have:

1. The right numbers. Credit, loan to value, loan amount, etc.

2. Applied en masse. In my experience the published rates aren’t close. Also, loan officers don’t have the time to get on the phone with you unless you have applied. They are inundated.

3. Negotiated the rate and terms.

Apply, call, and negotiate. I would guess you can get similar terms.
ymmt
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Re: Refinance Mega Thread

Post by ymmt »

ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
The average remains high because many of the largest lenders are still keeping refinancing rates high (Wells, Chase, BofA), where as these other lenders, which many people on this thread have been tapping, are less well-known to the general public.

Check out https://seekingalpha.com/article/435372 ... ing-market

Specifically look at the first two graphs: US Primary/Secondary mortgage Spread, and US 30-year mortgage rates and the 10-year Treasury yield
Look at how the primary/secondary spread has been gapping higher because the mortgage rates have remained persistantly high. Part of this is because lenders get to keep rates elevated because they just cannot process the applications fast enough (and a further reduction would just inundate them further).

The smaller players can compete more through lower rates because even if they price a sub-3% rate, they are still able to make money because there's still a sufficient premium on that spread. In fact, if you look at where we would 'normalize' on the P/S spread, it would be about 50bps lower (around 2.75%, which is where a lot of these loans are pricing now)

So to summarize, the rates are real if you're willing to find them.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

ymmt wrote: Sat Jul 11, 2020 7:33 pm
ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
The average remains high because many of the largest lenders are still keeping refinancing rates high (Wells, Chase, BofA), where as these other lenders, which many people on this thread have been tapping, are less well-known to the general public.

Check out https://seekingalpha.com/article/435372 ... ing-market

Specifically look at the first two graphs: US Primary/Secondary mortgage Spread, and US 30-year mortgage rates and the 10-year Treasury yield
Look at how the primary/secondary spread has been gapping higher because the mortgage rates have remained persistantly high. Part of this is because lenders get to keep rates elevated because they just cannot process the applications fast enough (and a further reduction would just inundate them further).

The smaller players can compete more through lower rates because even if they price a sub-3% rate, they are still able to make money because there's still a sufficient premium on that spread. In fact, if you look at where we would 'normalize' on the P/S spread, it would be about 50bps lower (around 2.75%, which is where a lot of these loans are pricing now)

So to summarize, the rates are real if you're willing to find them.
Yep! I locked a 2.75% 30 year fixed no cost refi a few days ago.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gopherthegusto wrote: Sat Jul 11, 2020 6:57 pm
ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
I personally locked a 2.875% on a 30 year last week. No closing costs. May not be average, but they are out there.

In my opinion the successful posters have:

1. The right numbers. Credit, loan to value, loan amount, etc.

2. Applied en masse. In my experience the published rates aren’t close. Also, loan officers don’t have the time to get on the phone with you unless you have applied. They are inundated.

3. Negotiated the rate and terms.

Apply, call, and negotiate. I would guess you can get similar terms.
Agreed. I got offered 2.875% 30-year with $500 in my pocket in the end, but I decided at the time to go with 2.25% 15-year at around $250 out of my pocket. The deal has sweetened even further now due to more negotiation. If the spread holds true now as it did then, I would be offered 2.75% 30-year with no cost. This would not have been possible if I didn't have the lenders compete against each other. I've asked my loan officer to send me my rate table to see what it would be for a 30-year now.
goofusdoofus
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Re: Refinance Mega Thread

Post by goofusdoofus »

Just wanted to say thank you to this thread for referring LenderFI. Getting ready to close with them soon and have had an excellent experience.

Some notes on my refinance:
  • Location: VA (NoVA)
  • Loan Type: 15 year, high conforming (< 765K)
  • Loan Rate: 2.5%
    If I had reduced my loan so it was conforming (< 510K), probably could have gotten 2.25% or 2.375%.
  • No closing costs
    on the disclosure statement, sections A+B+C (loan costs) + E (recording fees, transfer taxes, etc) - all covered by their lender credit.
    Only thing I have to put out at closing is F (prepaids) and G (escrow). So nothing lost on my part
  • Finished uploading my docs into their portal on July 4th, got the rate lock July 7th. Originally was expecting 2.625 (what was on the portal), but I got 2.5%. (LO mentioned rates listed on their portal are higher than the actual rates, apparently to discourage too many apps since they are overloaded right now)
  • slated to close on the approximately the 20th of this month.
Prior to going with LenderFI, I shopped around a little bit - costco refinance, bankrate.com. LenderFI came out ahead by approximately 1 to 2K.

Last few days I've read a few articles saying that rates are probably going lower - the spread between the mortgage rates and the 10 year treasury yields are abnormally high, and so rates will go down when that spread gets back to normal. But I figure this didn't "cost" me anything, so I can always refinance again to those lower rates if/when they come.

HTH
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

goofusdoofus wrote: Sat Jul 11, 2020 8:00 pm Just wanted to say thank you to this thread for referring LenderFI. Getting ready to close with them soon and have had an excellent experience.

Some notes on my refinance:
  • Location: VA (NoVA)
  • Loan Type: 15 year, high conforming (< 765K)
  • Loan Rate: 2.5%
    If I had reduced my loan so it was conforming (< 510K), probably could have gotten 2.25% or 2.375%.
  • No closing costs
    on the disclosure statement, sections A+B+C (loan costs) + E (recording fees, transfer taxes, etc) - all covered by their lender credit.
    Only thing I have to put out at closing is F (prepaids) and G (escrow). So nothing lost on my part
  • Finished uploading my docs into their portal on July 4th, got the rate lock July 7th. Originally was expecting 2.625 (what was on the portal), but I got 2.5%. (LO mentioned rates listed on their portal are higher than the actual rates, apparently to discourage too many apps since they are overloaded right now)
  • slated to close on the approximately the 20th of this month.
Prior to going with LenderFI, I shopped around a little bit - costco refinance, bankrate.com. LenderFI came out ahead by approximately 1 to 2K.

Last few days I've read a few articles saying that rates are probably going lower - the spread between the mortgage rates and the 10 year treasury yields are abnormally high, and so rates will go down when that spread gets back to normal. But I figure this didn't "cost" me anything, so I can always refinance again to those lower rates if/when they come.

HTH
Say you lock 60 day 2.75% for 30 years but rates drop to 2.5 two months later. Can you let that expire and relics at the lower rate?
newsaver
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Quicken vs better

Post by newsaver »

Hi All,

I learned many things here. Thanks to all who contributed.
Need help, I locked my rate with quicken for 2.75 30 year 331k. LTV 85.
They had rates of A+B+C of 4k.
A = 400 origination charge + 900 processing fee + 350 underwriting fee.

once appraisal is waived A+B+C will come to 3.5k

Better beat the price with A+B+C of 3.5k. A = 76$ B = 764 C= 2.6k . After appraisal waive it will be 3k
Got the AMEX offer once I added my wife who has the amex card as co borrower
Can I revoke my application from quicken and proceed with better. Not sure about all the fees I will have to pay quicken.
I need to lock the rates with better today for the offer.
Please advise.
goofusdoofus
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Re: Refinance Mega Thread

Post by goofusdoofus »

Monsterflockster wrote: Sat Jul 11, 2020 8:24 pm Say you lock 60 day 2.75% for 30 years but rates drop to 2.5 two months later. Can you let that expire and relics at the lower rate?
Not sure, I didn't have that situation on my side (yet). I'd say easiest thing to do is to ask your lender. Not sure if I recall correctly but I think I read a few folks on this thread had worked with the lender to get a lower rate, even after the rate lock.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

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?
Still waiting myself...maybe Monday?
Familyman2012
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Re: Quicken vs better

Post by Familyman2012 »

newsaver wrote: Sat Jul 11, 2020 8:27 pm Hi All,

I learned many things here. Thanks to all who contributed.
Need help, I locked my rate with quicken for 2.75 30 year 331k. LTV 85.
They had rates of A+B+C of 4k.
A = 400 origination charge + 900 processing fee + 350 underwriting fee.

once appraisal is waived A+B+C will come to 3.5k

Better beat the price with A+B+C of 3.5k. A = 76$ B = 764 C= 2.6k . After appraisal waive it will be 3k
Got the AMEX offer once I added my wife who has the amex card as co borrower
Can I revoke my application from quicken and proceed with better. Not sure about all the fees I will have to pay quicken.
I need to lock the rates with better today for the offer.
Please advise.
Just to let you know. The email on the Amex account has to match the email on your better account. This was told to me.
Navy96
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Re: Refinance Mega Thread

Post by Navy96 »

ChiKid24 wrote: Sat Jul 11, 2020 10:05 pm
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?
Still waiting myself...maybe Monday?
I locked with LO via text chat last Tuesday. On Friday, I received updated loan estimate and rate lock for e-signature. I’ve been working with the loan processor to complete any additional paperwork.
AB609
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Re: Refinance Mega Thread

Post by AB609 »

Locked in last week with Better, 2.875/30 yr/Conv/LTV ~50%/Credit Score ~800. Should be getting about +$950 at closing plus the Amex credit. I did a little back and forth between them and Lenderfi to get better terms ($3682 lender credit). So far, I've been impressed with Better. Very good on line process and they have been very responsive to questions, they reached out frequently via phone calls/e-mails with status updates. Current mortgage is a 30 yr @3.25.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
nepats
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Re: Refinance Mega Thread

Post by nepats »

Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

nepats wrote: Sun Jul 12, 2020 5:22 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
nepats
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Re: Refinance Mega Thread

Post by nepats »

Cobra Commander wrote: Sun Jul 12, 2020 5:33 pm
nepats wrote: Sun Jul 12, 2020 5:22 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
Thanks. I clicked on the loan info before they went dark on Friday, so looks like I can still apply since it created an account for me. No application or credit check yet, so don't know if I should follow through given all the volume.
Hoodwink
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Re: Refinance Mega Thread

Post by Hoodwink »

Cobra Commander wrote: Sun Jul 12, 2020 5:33 pm
nepats wrote: Sun Jul 12, 2020 5:22 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
Did Lenderfi took two weeks to get back to you with loan disclosures and the rate of 2.65%?
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Hoodwink wrote: Sun Jul 12, 2020 5:45 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:33 pm
nepats wrote: Sun Jul 12, 2020 5:22 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
Did Lenderfi took two weeks to get back to you with loan disclosures and the rate of 2.65%?
No, it was a few days. I forget their initial offer but it was a few hundred more in costs than this one. I took time to shop around and they have the best package for me.

The guy did proactively call me when the no cost option was available and dumb me didnt take it.
Hoodwink
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Re: Refinance Mega Thread

Post by Hoodwink »

Cobra Commander wrote: Sun Jul 12, 2020 6:08 pm
Hoodwink wrote: Sun Jul 12, 2020 5:45 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:33 pm
nepats wrote: Sun Jul 12, 2020 5:22 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:15 pm Lenderfi got back to me. $1k total closing costs on 2.625%, $510k balance. It's not the no cost offer I was hoping for but still by far the best deal out there and I have shopped around at like 5 different banks. I think I am going to take it.
Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
Did Lenderfi took two weeks to get back to you with loan disclosures and the rate of 2.65%?
No, it was a few days. I forget their initial offer but it was a few hundred more in costs than this one. I took time to shop around and they have the best package for me.

The guy did proactively call me when the no cost option was available and dumb me didnt take it.
Wow, that's great they are calling when rates go down. I applied last Thursday and yet to receive loan disclosure, maybe now they are swapped with a lot of applications.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Hoodwink wrote: Sun Jul 12, 2020 6:35 pm
Cobra Commander wrote: Sun Jul 12, 2020 6:08 pm
Hoodwink wrote: Sun Jul 12, 2020 5:45 pm
Cobra Commander wrote: Sun Jul 12, 2020 5:33 pm
nepats wrote: Sun Jul 12, 2020 5:22 pm

Was this offer after you had already applied? Is this for a high balance conforming loan?
Yes, I applied about two weeks ago and have been shopping rates although I dont think they are still accepting applications. Yes, max balance for conforming loan, I will actually be paying down my loan by about $19k to make this happen.
Did Lenderfi took two weeks to get back to you with loan disclosures and the rate of 2.65%?
No, it was a few days. I forget their initial offer but it was a few hundred more in costs than this one. I took time to shop around and they have the best package for me.

The guy did proactively call me when the no cost option was available and dumb me didnt take it.
Wow, that's great they are calling when rates go down. I applied last Thursday and yet to receive loan disclosure, maybe now they are swapped with a lot of applications.
Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
rma2225
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Re: Refinance Mega Thread

Post by rma2225 »

Hi all,

So much good content on this thread and I'm a 1st time poster but I'm curious how everyone is getting these no cost refinances. Is my current financial situation not as strong as I think? Wife and I are 35yrs old. 220K income. 350K liquid assets(checking/savings/brokerage). 20K in combined auto and student loans (3%). 790 credit score
25yrs left on Mortgage(3.75%), Loan amount=270K. Approximate House value=470K. State= PA

Current offers:
Local mortgage company that initiated home loan- 2.875% 30yr; 5900 in closing costs (not including pre-payments/escrow)

New American Funding- 2.875% 30yr; 3900 in closing costs (not including pre-payments/escrow)

LenderFi- 2.584%APR; 20yr; 4900 in closing costs including $1800 in points (not including pre-payments/escrow)

Better- 3.375% 30yrs; 1900 in closing costs(not including pre-payments/escrow)

I don't find any of these offers competitive at all compared to the stories shares here. I don't even think I'm looking for the perfect deal, just reasonable= 2.75-2.875% 20-30yr mortgage with <1500 in closing costs. Is this due to our personal financial situation? Living in PA? I feel like non of these offers are even worth pinning against each other considering how far away they are to my goal? Am I doing something wrong?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Cobra Commander wrote: Sun Jul 12, 2020 7:27 pm Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
Assuming you don’t need to pay for an appraisal when you lock, I would lock while keep shopping around. You can always go to them for a concession later if you find a better deal, or jump ship for the new lender.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Sun Jul 12, 2020 8:05 pm
Cobra Commander wrote: Sun Jul 12, 2020 7:27 pm Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
Assuming you don’t need to pay for an appraisal when you lock, I would lock while keep shopping around. You can always go to them for a concession later if you find a better deal, or jump ship for the new lender.
+1. Don't miss the boat!
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

rma2225 wrote: Sun Jul 12, 2020 7:50 pm Hi all,

So much good content on this thread and I'm a 1st time poster but I'm curious how everyone is getting these no cost refinances. Is my current financial situation not as strong as I think? Wife and I are 35yrs old. 220K income. 350K liquid assets(checking/savings/brokerage). 20K in combined auto and student loans (3%). 790 credit score
25yrs left on Mortgage(3.75%), Loan amount=270K. Approximate House value=470K. State= PA

Current offers:
Local mortgage company that initiated home loan- 2.875% 30yr; 5900 in closing costs (not including pre-payments/escrow)

New American Funding- 2.875% 30yr; 3900 in closing costs (not including pre-payments/escrow)

LenderFi- 2.584%APR; 20yr; 4900 in closing costs including $1800 in points (not including pre-payments/escrow)

Better- 3.375% 30yrs; 1900 in closing costs(not including pre-payments/escrow)

I don't find any of these offers competitive at all compared to the stories shares here. I don't even think I'm looking for the perfect deal, just reasonable= 2.75-2.875% 20-30yr mortgage with <1500 in closing costs. Is this due to our personal financial situation? Living in PA? I feel like non of these offers are even worth pinning against each other considering how far away they are to my goal? Am I doing something wrong?
Did you see if LenderFi was able to offer you no cost for a higher rate?
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

BrandonBogle wrote: Sun Jul 12, 2020 8:05 pm
Cobra Commander wrote: Sun Jul 12, 2020 7:27 pm Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
Assuming you don’t need to pay for an appraisal when you lock, I would lock while keep shopping around. You can always go to them for a concession later if you find a better deal, or jump ship for the new lender.
I don't think I will get a better deal honestly. No better.com in VA to price match and quicken flat out told me to take the deal. Question is whether to wait and see if rates fluctuate a little to make the refi no cost. On a 500K note minor market fluctuations impact the lender credit a lot.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Cobra Commander wrote: Sun Jul 12, 2020 9:27 pm
BrandonBogle wrote: Sun Jul 12, 2020 8:05 pm
Cobra Commander wrote: Sun Jul 12, 2020 7:27 pm Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
Assuming you don’t need to pay for an appraisal when you lock, I would lock while keep shopping around. You can always go to them for a concession later if you find a better deal, or jump ship for the new lender.
I don't think I will get a better deal honestly. No better.com in VA to price match and quicken flat out told me to take the deal. Question is whether to wait and see if rates fluctuate a little to make the refi no cost. On a 500K note minor market fluctuations impact the lender credit a lot.
Did they offer going up on the rate for no cost? I locked a 2.75% 30 yr fixed no cost last week. Sounds like you got a lower rate, but with costs.
jharkin
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Re: Refinance Mega Thread

Post by jharkin »

ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
That’s average

The average US credit score is 700
The average US household income is around 60k.

Manymembers of this board are far above average on both counts, and as such can score better than average rates.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

anon_investor wrote: Sun Jul 12, 2020 9:29 pm
Cobra Commander wrote: Sun Jul 12, 2020 9:27 pm
BrandonBogle wrote: Sun Jul 12, 2020 8:05 pm
Cobra Commander wrote: Sun Jul 12, 2020 7:27 pm Now I just have to figure out whether I should lock and eat the $1k or wait for no cost.
Assuming you don’t need to pay for an appraisal when you lock, I would lock while keep shopping around. You can always go to them for a concession later if you find a better deal, or jump ship for the new lender.
I don't think I will get a better deal honestly. No better.com in VA to price match and quicken flat out told me to take the deal. Question is whether to wait and see if rates fluctuate a little to make the refi no cost. On a 500K note minor market fluctuations impact the lender credit a lot.
Did they offer going up on the rate for no cost? I locked a 2.75% 30 yr fixed no cost last week. Sounds like you got a lower rate, but with costs.
Could be an option to bump up the rate, thats the drawback to negotiating via phone without seeing rate sheets. Thats the one thing I really liked about Amerisave, all the data is on the table. I need to double check but I think I recall that Lenderfi wont give credits beyond loan costs (i.e. prefund escrows) so I might be losing out if I take 2.75%. Also, remember that LenderFi blocks refis for six months so I really need to think about what rates might look like in January.
dragoncar
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Re: Refinance Mega Thread

Post by dragoncar »

BrandonBogle wrote: Mon Jul 06, 2020 6:24 pm
dragoncar wrote: Mon Jul 06, 2020 3:32 am
anon_investor wrote: Sat Jul 04, 2020 8:27 pm That begs the question can I get Better to match an Ally LE...
I sent my ally LE to better and they said they couldn’t beat it. They didn’t say anything along the lines of “we won’t consider a competing LE from ally”. However that was the end of it since my loan was too large for their $1000 guarantee. The LE for ally clearly says ally bank and better says better and the terms didn’t say anything about exempted banks, so I think you’d have a strong case to get the $1k if you were otherwise eligible (but did I read up thread they no longer offer that guarantee?)
Better's Better Price Guarantee Fine Print, Section 4 wrote: https://better.com/faq/better-guarantee ... fine-print

The Loan Estimate must be dated within 1 business day from its date of submission to Better Mortgage and may not be from a broker or lender who Better Mortgage provides loan originating and/or brokerage services.
Given that the Ally / Better relationship seems like one could argue that Better originates for Ally, they would likely use this clause to state they will not compete with an Ally LE whether they outright give the reason for not competing with it or not.
Good to know, however that clause is NEW. It didn't exist when I started my loan (https://web.archive.org/web/20200421203 ... fine-print)

Again, your info is right going forward. I just went back to verify because I thought I checked pretty thoroughly when I looked into it originally.
bws
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Re: Refinance Mega Thread

Post by bws »

Who will everyone use to match Better now that LenderFi is not accepting applications?
jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 »

bws wrote: Mon Jul 13, 2020 7:17 am Who will everyone use to match Better now that LenderFi is not accepting applications?
LoanDepot might be an option. I also got a somewhat decent rate at LoanFlight. It's worth a try but at this point I wouldn't count on Better doing a match. Seems to be very hit and miss for people lately.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

ThreeBears wrote: Sat Jul 11, 2020 6:40 pm I've done enough research to be very skeptical about some of the claims.

the 30-year fixed-rate average sank to a record-low 3.13 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.)

So, claims that people received a below 3.0% 30-year with no costs..... seem a bit hard to believe.
It's unfortunate that you feel this way. Not only, as others have noted, does the average Boglehead likely have better credit, lower LTV, and higher income than the average American, but I also suppose the average Boglehead is willing to negotiate to get a better offer. I know myself I really hustled and played multiple lenders against each other in order to get the very best deal I could find. The average person is likely walking into the bank they have their checking account and takes what is offered.

Also to note, there are only 54 million American Express cards issued in the United States. Many people have multiple (12 between my wife and me). So, at best, only 16% of the country is able to use the $2500 Better.com offer which has been the lynchpin in many of these spectacular deals.
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