Refinance Mega Thread

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modest_man
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Re: Refinance Mega Thread

Post by modest_man »

So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

jimmyrules712 wrote: Wed Jul 15, 2020 1:26 pm
jimmo wrote: Wed Jul 15, 2020 9:15 am Any advice for those of us with lower loan amounts. I have $154,000 remaining on a 30 year mortgage. Would like to refinance to a 15 year. When I go through LenderFi website, to get to true no-cost it's a 3.375% rate on 15 year. However, just playing around with the inputs and increasing remaining mortgage amount to $250,000, I can get to true no-cost at a 2.75% rate on 15 year which is more consistent with what I see others sharing. Basically seems I'm being punished for having aggressively paid down my mortgage as I'm now below the preferred range.

Anyhow, curious if others with loan amounts below $200,000 have found favorable rates and through what means.
Talk to them on the phone. The websites never give you nearly as good of a deal as the agents do over the phone. The LenderFi website said that to get a no cost refinance I would have needed like a 3.5% 30 yr rate but they gave me 2.875% no closing costs over the phone.
Did you submit the application, and then waited for LenderFi to call in order to get the 2.875%, or did you skip the website application completely, and went straight to calling them?
"You don't stop playing because you're old. You're old because you've stopped playing"
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
modest_man
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Re: Refinance Mega Thread

Post by modest_man »

anon_investor wrote: Wed Jul 15, 2020 2:09 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
Ugh, I know. It's just tough when they say things like "I'm putting my neck on the line for you," but I figure that's part of the game.
ymmt
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Re: Refinance Mega Thread

Post by ymmt »

modest_man wrote: Wed Jul 15, 2020 2:17 pm
anon_investor wrote: Wed Jul 15, 2020 2:09 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
Ugh, I know. It's just tough when they say things like "I'm putting my neck on the line for you," but I figure that's part of the game.
These guys are getting non-stop business right now. They are doing to do just fine.

Something interesting that came up today and is related to the thing I posted earlier on the primary/secondary spread:

(Bloomberg) -- Mortgage rates for 30-year borrowers may dip below 2.75% if the primary-secondary spread tightens by the end of this year, Nomura MBS analysts led by Arun Manohar said in a research report.

- If that occurs daycount and originator capacity would become the main constraints to prepayment speeds, the analysts wrote in the report dated Friday
- Increased efficiency could also boost prepays higher
- Quicken recently states that it now closes 8.3 loans per production team member each month
- Was 6.7 loans (compared to the industry average of 2.3) last year
bws
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Re: Refinance Mega Thread

Post by bws »

4th and Inches wrote: Wed Jul 15, 2020 1:21 pm What are the chances the Better.com/Amex $2500 promo gets extended after the end of this month?
I'm wondering the same thing. Has it been extended before?
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

bws wrote: Wed Jul 15, 2020 2:33 pm
4th and Inches wrote: Wed Jul 15, 2020 1:21 pm What are the chances the Better.com/Amex $2500 promo gets extended after the end of this month?
I'm wondering the same thing. Has it been extended before?
The guy I talked to at Quicken on the AMEX Team said it was running through either October or December. However, I'm not sure if he's talking about the current promotion which requires you to sign in July and close by (I think) October.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

modest_man wrote: Wed Jul 15, 2020 2:17 pm
anon_investor wrote: Wed Jul 15, 2020 2:09 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
Ugh, I know. It's just tough when they say things like "I'm putting my neck on the line for you," but I figure that's part of the game.
I wouldn't feel bad about it. But, if you do, you can always say you had already submitted an application with Better prior to committing to them so you don't need to feel guilty about it. Part of this is their own problem because no one will negotiate without a LE. In the past when I was mortgage shopping I could negotiate with an e-mail from the other lender.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

ymmt wrote: Wed Jul 15, 2020 2:21 pm
modest_man wrote: Wed Jul 15, 2020 2:17 pm
anon_investor wrote: Wed Jul 15, 2020 2:09 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
Ugh, I know. It's just tough when they say things like "I'm putting my neck on the line for you," but I figure that's part of the game.
These guys are getting non-stop business right now. They are doing to do just fine.

Something interesting that came up today and is related to the thing I posted earlier on the primary/secondary spread:

(Bloomberg) -- Mortgage rates for 30-year borrowers may dip below 2.75% if the primary-secondary spread tightens by the end of this year, Nomura MBS analysts led by Arun Manohar said in a research report.

- If that occurs daycount and originator capacity would become the main constraints to prepayment speeds, the analysts wrote in the report dated Friday
- Increased efficiency could also boost prepays higher
- Quicken recently states that it now closes 8.3 loans per production team member each month
- Was 6.7 loans (compared to the industry average of 2.3) last year
Crazy times! I locked a 2.75%/30 yr fixed/no cost refi with LenderFi. They have a 6 month clawback. It will be interesting to see if rates are much lower in 6+ months!
NDS
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Re: Refinance Mega Thread

Post by NDS »

Great to see so many people getting good deals. Sad I'm not one of them - bad offers last week, *worse* offers this week - but kudos to all that are scoring!
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

NDS wrote: Wed Jul 15, 2020 2:53 pm Great to see so many people getting good deals. Sad I'm not one of them - bad offers last week, *worse* offers this week - but kudos to all that are scoring!
Did you try LenderFi?
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

modest_man wrote: Wed Jul 15, 2020 2:17 pm
anon_investor wrote: Wed Jul 15, 2020 2:09 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I would go back to Loan Depot and ask if they will increase their credit to match the extra $2.5k you will get from Better. If not, just go with Better, this is a business transaction.
Ugh, I know. It's just tough when they say things like "I'm putting my neck on the line for you," but I figure that's part of the game.
I agree it sucks. But, if you go for the $2,500.... i really don't think you'd feel any remorse in a week. If you can, just pull the band-aid off and go for the money!! We support you! :)
NDS
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Re: Refinance Mega Thread

Post by NDS »

ThreeBears wrote: Wed Jul 15, 2020 2:56 pm
NDS wrote: Wed Jul 15, 2020 2:53 pm Great to see so many people getting good deals. Sad I'm not one of them - bad offers last week, *worse* offers this week - but kudos to all that are scoring!
Did you try LenderFi?
Yup - told me no good deals for mortgages under 200k
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
The exact words I got back from the locked lender from a similar situation for me last week were...
Losing Loan Officer wrote: Wow, that is great news for you and bad news for me. We won't be able to match that. I'm sorry and not sorry, for you got such a great deal!
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

Re: Amex offer. Ok guys i'm confused. Those of you that got the Amex $2500 from Better, did you all have targeted offers from Amex that you clicked? Or can I just go to the Better-Amex offer site and apply? The terms clearly say you have to apply through a targeted offer link.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

I'm trying to see if it's worth it for me to refinance. Want a 20 year fixed. No cost. Home value is approx $790K. Outstanding principal is approx $490K. Interest rate is 3.875%. Problem seems to be that I also have a HELOC with balance of $30K at 3.25%. Would be hard for me to pay it off upfront to take out of the equation. Filled out paperwork for LoanDepot and New American Funding. Filling out for Better. LenderFi website says they're not taking on new customers, but then saw a link on here that I followed and LenderFi's site invited me to fill out application so not sure what's going on there.

Would love to know your thoughts and advice! Thanks!!
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

Investor1319 wrote: Wed Jul 15, 2020 4:12 pm I'm trying to see if it's worth it for me to refinance. Want a 20 year fixed. No cost. Home value is approx $790K. Outstanding principal is approx $490K. Interest rate is 3.875%. Problem seems to be that I also have a HELOC with balance of $30K at 3.25%. Would be hard for me to pay it off upfront to take out of the equation. Filled out paperwork for LoanDepot and New American Funding. Filling out for Better. LenderFi website says they're not taking on new customers, but then saw a link on here that I followed and LenderFi's site invited me to fill out application so not sure what's going on there.

Would love to know your thoughts and advice! Thanks!!
Refinance the 490k and the 30k into one loan of 520k and close the Heloc. You can set one up after the fact if you want the flexibility. But your new LTV will be below 75% so should be able to get a rate at or below 3% with credit to cover costs. Good luck!
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

pianos101 wrote: Wed Jul 15, 2020 4:07 pm Re: Amex offer. Ok guys i'm confused. Those of you that got the Amex $2500 from Better, did you all have targeted offers from Amex that you clicked? Or can I just go to the Better-Amex offer site and apply? The terms clearly say you have to apply through a targeted offer link.
Here is a link that may help.

https://better.com/with/amex

There has been a little bit of discussion about this subject on this thread in past posts.

I applied through this link.
When I was about to close I inquired about this to my Better closing agent and he emailed me and asked a few questions.
Then I applied the request for the bonus in the loan portal.
I'll report back if I get the bonus.

For new people, it says that you have apply by 7/25/2020
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

pianos101 wrote: Wed Jul 15, 2020 4:07 pm Re: Amex offer. Ok guys i'm confused. Those of you that got the Amex $2500 from Better, did you all have targeted offers from Amex that you clicked? Or can I just go to the Better-Amex offer site and apply? The terms clearly say you have to apply through a targeted offer link.
I received a personalized email and clicked through the link. The reports are anyone with a personal AMEX card who clicks through the website will qualify as well.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

DrGrnTum wrote: Wed Jul 15, 2020 4:46 pm [quote=pianos101 post_id=5373308 time=<a href="tel:1594847237">1594847237</a> user_id=126364]
Re: Amex offer. Ok guys i'm confused. Those of you that got the Amex $2500 from Better, did you all have targeted offers from Amex that you clicked? Or can I just go to the Better-Amex offer site and apply? The terms clearly say you have to apply through a targeted offer link.


Here is a link that may help.

https://better.com/with/amex

There has been a little bit of discussion about this subject on this thread in past posts.

I applied through this link.
When I was about to close I inquired about this to my Better closing agent and he emailed me and asked a few questions.
Then I applied the request for the bonus in the loan portal.
I'll report back if I get the bonus.

For new people, it says that you have apply by 7/25/2020
Yup that’s what I’m saying. I can just go to that link but I never got a targeted offer. If they match what I have from LenderFi but don’t give me the $2500 extra there’s no point.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

ChiKid24 wrote: Wed Jul 15, 2020 4:31 pm
Investor1319 wrote: Wed Jul 15, 2020 4:12 pm I'm trying to see if it's worth it for me to refinance. Want a 20 year fixed. No cost. Home value is approx $790K. Outstanding principal is approx $490K. Interest rate is 3.875%. Problem seems to be that I also have a HELOC with balance of $30K at 3.25%. Would be hard for me to pay it off upfront to take out of the equation. Filled out paperwork for LoanDepot and New American Funding. Filling out for Better. LenderFi website says they're not taking on new customers, but then saw a link on here that I followed and LenderFi's site invited me to fill out application so not sure what's going on there.

Would love to know your thoughts and advice! Thanks!!
Refinance the 490k and the 30k into one loan of 520k and close the Heloc. You can set one up after the fact if you want the flexibility. But your new LTV will be below 75% so should be able to get a rate at or below 3% with credit to cover costs. Good luck!
Sounds good. Thanks so much!! I don't even need the Heloc so I'm fine combining into one loan with my regular mortgage. It's just the way my initial mortgage was set up.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

Is it worth opening up a free AmEx card to take advantage of the offer with Better? Anyone know the best free AmEx card to get? I'm not too familiar with the different cards.
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

pianos101 wrote: Wed Jul 15, 2020 4:54 pm
DrGrnTum wrote: Wed Jul 15, 2020 4:46 pm [quote=pianos101 post_id=5373308 time=<a href="tel:1594847237">1594847237</a> user_id=126364]
Re: Amex offer. Ok guys i'm confused. Those of you that got the Amex $2500 from Better, did you all have targeted offers from Amex that you clicked? Or can I just go to the Better-Amex offer site and apply? The terms clearly say you have to apply through a targeted offer link.


Here is a link that may help.

https://better.com/with/amex

There has been a little bit of discussion about this subject on this thread in past posts.

I applied through this link.
When I was about to close I inquired about this to my Better closing agent and he emailed me and asked a few questions.
Then I applied the request for the bonus in the loan portal.
I'll report back if I get the bonus.

For new people, it says that you have apply by 7/25/2020
Yup that’s what I’m saying. I can just go to that link but I never got a targeted offer. If they match what I have from LenderFi but don’t give me the $2500 extra there’s no point.
I got Better to beat a very good offer by 1K.
I got a good loan.
I figure I have $2,500 to gain and If I don't get it, I still got a great loan.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

slamer94 wrote: Tue Jul 14, 2020 7:18 am I just contacted LoanDepot and they said that you cannot refinance with them unless you have been with the same mortgage loan company for over 6 months. I just wanted to confirm if anyone else has come across this info or if I should call again.
LoanDepot told me the same thing, but then changed their tune. After waiting a week for a Loan Estimate, they just offered us a 30 year at 2.875% with $7,609 in cost and no lender credit (not counting prepaids/escrow). Very disappointed as this is not even close to the rate they were advertising when we applied.

Watermark hung up on me when I asked them if the rate they quoted me was their best offer. Pretty awful service. I followed up by email and they told me they are not doing any Loan Estimates and would only discuss rates by phone.

Still waiting on LenderFi since we applied on 7/7 for an rate. Keep on saying any day now. :annoyed

New American Funding took our online application, followed up to confirm all the info and scheduled a call to go over their offer then never called.

Chase took our application (we received a prequalified offer by mail) on Monday and not a word since.

Seems like no one is hurting for business right now.
itsallaboutme
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Re: Refinance Mega Thread

Post by itsallaboutme »

modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I was going to go with LoanDepot after they offered a better deal than Better.com Then Better.com came back and offered me 2.75% 30 year with $0 out of pocket nothing rolled in. Called LoanDepot loan officer he was so upset but this is business. And as I was speaking to ask about getting refund for credit check he hung up on me lol. I called and complained they refunded me 1 hour later. He actually told me I can get a refund but I guess that was his way of getting me in.
LenderFi loan officer was also upset he started talking bad about Better.com saying they can't beat his rate and if they can they can't close faster lol so it's all business don't feel bad. Glad I went with Better because the two others were rude at the end of the day. He also said if I decide not to go with them I can't come back if things go wrong.
Last edited by itsallaboutme on Wed Jul 15, 2020 5:51 pm, edited 1 time in total.
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

Investor1319 wrote: Wed Jul 15, 2020 4:58 pm Is it worth opening up a free AmEx card to take advantage of the offer with Better? Anyone know the best free AmEx card to get? I'm not too familiar with the different cards.
Blue Cash Everyday

Better told me this card is eligible for the bonus.
They reported to me that I would have needed to apply for the card before I applied for their loan.
We did indeed have the card.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

itsallaboutme wrote: Wed Jul 15, 2020 5:49 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I was going to go with LoanDepot after they offered a better deal than Better.com Then Better.com came back and offered me 2.75% 30 year with $0 out of pocket nothing rolled in. Called LoanDepot loan officer he was so upset but this is business. And as I was speaking to ask about getting refund for credit check he hung up on me lol. I called and complained they refunded me 1 hour later. He actually told me I can get a refund but I guess that was his way of getting me in.
LenderFi loan officer is also upset he is talking bad about Better saying they can't beat his rate and if they can they can't close faster lol so it's all business don't feel bad. Glad I went with Better because the two others were rude at the end of the day.
Kudos on getting Better to match! I could not get Better to match the offer I got from LenderFi, and Loan Depot's offer was a joke!
exarkun
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Re: Refinance Mega Thread

Post by exarkun »

Be aware better is not available in all states. MN for example :(
NDS
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Re: Refinance Mega Thread

Post by NDS »

exarkun wrote: Wed Jul 15, 2020 5:57 pm Be aware better is not available in all states. MN for example :(
Same in NC. Offer was a joke.
NDS
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Re: Refinance Mega Thread

Post by NDS »

If refi with existing mortgage provider, can they still charge you closing costs?
dstac
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Re: Refinance Mega Thread

Post by dstac »

Slama40 wrote: Tue Jul 14, 2020 6:24 pm I am trying to refinance a rental property. I haven't seen any rates below 5% for a 30 year fixed. There is quite a spread between refinancing your primary and a rental property. Anyone have any luck finding a good rate?
Not sure type of rental you've got, but I've been working with AIM Loan and Finance of America through the process of a 75% cash out refi on an investment condo. Rates are in the 3-4% range with them at 20-25yrs, others started at 4% with hefty points. I did note that the loan value also makes a difference here as taking out less money actually increased the rates by about .25%. (Good credit, low DTI, etc)
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

Anyone that closed with Better have their house in a trust?
If anyone is in this situation, can you tell me how Better handled it.
AndMan
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Re: Refinance Mega Thread

Post by AndMan »

All seem willing to match offers but no compelling offers to beat them. That said I have offers from loandepot, lenderfi, better, and ally that are essentially all the same. Any thoughts on who of these you would go with? Do not have an amex card at this time.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Wed Jul 15, 2020 4:31 pm
Investor1319 wrote: Wed Jul 15, 2020 4:12 pm I'm trying to see if it's worth it for me to refinance. Want a 20 year fixed. No cost. Home value is approx $790K. Outstanding principal is approx $490K. Interest rate is 3.875%. Problem seems to be that I also have a HELOC with balance of $30K at 3.25%. Would be hard for me to pay it off upfront to take out of the equation. Filled out paperwork for LoanDepot and New American Funding. Filling out for Better. LenderFi website says they're not taking on new customers, but then saw a link on here that I followed and LenderFi's site invited me to fill out application so not sure what's going on there.

Would love to know your thoughts and advice! Thanks!!
Refinance the 490k and the 30k into one loan of 520k and close the Heloc. You can set one up after the fact if you want the flexibility. But your new LTV will be below 75% so should be able to get a rate at or below 3% with credit to cover costs. Good luck!
That would be considered a cash-out refi though, and that carries a rate penalty in the current environment.
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Post by BrandonBogle »

NDS wrote: Wed Jul 15, 2020 6:02 pm
exarkun wrote: Wed Jul 15, 2020 5:57 pm Be aware better is not available in all states. MN for example :(
Same in NC. Offer was a joke.
I'm in NC and neither my refi in May nor my refi in July were a joke - both are with Better, for the same property.
NDS wrote: Wed Jul 15, 2020 6:05 pm If refi with existing mortgage provider, can they still charge you closing costs?
Yes, it is a new mortgage after all.
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Post by hbdad »

Owning.com is advertising 2.75 no cost 30yr on their website. Fine print seems to suggest they will cover 3rd party costs.
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AndMan wrote: Wed Jul 15, 2020 6:25 pm All seem willing to match offers but no compelling offers to beat them. That said I have offers from loandepot, lenderfi, better, and ally that are essentially all the same. Any thoughts on who of these you would go with? Do not have an amex card at this time.
I did a refi in May with Ally, they were fast and responsive (closed in 1.5 weeks after rate lock). Ally uses Better's platform, so I would assume the experience with Better would be similar.

I am in the process of a new refi with LenderFi. They gave me the best rate (Better would not match). They are not that responsive. I locked on Thursday, then radio silence until today (a week later), now in underwriting and title search ordered. Jury is out on how fast they will take to close.

Loan Depot hung up on me today when I nicely said I was not interest in the rate they were offering, I did not bother to ask them if they would match the rate I have locked with LenderFi. I would not do business with them.
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Post by ChiKid24 »

DrGrnTum wrote: Wed Jul 15, 2020 6:13 pm Anyone that closed with Better have their house in a trust?
If anyone is in this situation, can you tell me how Better handled it.
Yes. Closed last week. They take the property out of trust and then put it back in. This is done by signing quitclaim deeds at close. A little extra paperwork, but seamless.
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Post by kski74 »

Got an offer from a lender we think is fair and receive a non-locked Loan Estimate. In order to lock, they want us to sign a "Acknowledgment of intent to proceed." Is this typical? If another lender counters and we drop this offer, what implications would there be to having signed an "Acknowledgment of intent to proceed?"
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Post by DrGrnTum »

hbdad wrote: Wed Jul 15, 2020 6:40 pm Owning.com is advertising 2.75 no cost 30yr on their website. Fine print seems to suggest they will cover 3rd party costs.
I believe there only in California.

Pay attention to what Owning is offering.
They like to tack any costs on top of your loan and call it a no cost loan.
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kski74 wrote: Wed Jul 15, 2020 7:00 pm Got an offer from a lender we think is fair and receive a non-locked Loan Estimate. In order to lock, they want us to sign a "Acknowledgment of intent to proceed." Is this typical? If another lender counters and we drop this offer, what implications would there be to having signed an "Acknowledgment of intent to proceed?"
Common and no implications to leave, other than losing anything you've already paid for such as an appraisal.
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Post by kski74 »

BrandonBogle wrote: Wed Jul 15, 2020 7:14 pm
kski74 wrote: Wed Jul 15, 2020 7:00 pm Got an offer from a lender we think is fair and receive a non-locked Loan Estimate. In order to lock, they want us to sign a "Acknowledgment of intent to proceed." Is this typical? If another lender counters and we drop this offer, what implications would there be to having signed an "Acknowledgment of intent to proceed?"
Common and no implications to leave, other than losing anything you've already paid for such as an appraisal.
Thanks. Is it normal to have to sign a certification & authorization for a title policy with Amrock to loan a rate?
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Post by Cash is King »

ChiKid24 wrote: Wed Jul 15, 2020 6:54 pm
DrGrnTum wrote: Wed Jul 15, 2020 6:13 pm Anyone that closed with Better have their house in a trust?
If anyone is in this situation, can you tell me how Better handled it.
Yes. Closed last week. They take the property out of trust and then put it back in. This is done by signing quitclaim deeds at close. A little extra paperwork, but seamless.
This is correct but you may want to double check they will file the quitclaim deed to put it back into the trust. We had to submit the paperwork to put it back in the trust. It's an easy process in my county. You complete a declaration value form and a $42.00 filing fee with the county recorders office.
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Post by BrandonBogle »

kski74 wrote: Wed Jul 15, 2020 7:34 pm
BrandonBogle wrote: Wed Jul 15, 2020 7:14 pm
kski74 wrote: Wed Jul 15, 2020 7:00 pm Got an offer from a lender we think is fair and receive a non-locked Loan Estimate. In order to lock, they want us to sign a "Acknowledgment of intent to proceed." Is this typical? If another lender counters and we drop this offer, what implications would there be to having signed an "Acknowledgment of intent to proceed?"
Common and no implications to leave, other than losing anything you've already paid for such as an appraisal.
Thanks. Is it normal to have to sign a certification & authorization for a title policy with Amrock to loan a rate?
The certification & authorization is normal, but in my prior refis, that was with the lender, not the settlement agent. I've not used Amrock before though, which I believe loanDepot uses. Perhaps others can chime in about that?
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Post by jimmyrules712 »

3of10 wrote: Wed Jul 15, 2020 2:00 pm
jimmyrules712 wrote: Wed Jul 15, 2020 1:26 pm
jimmo wrote: Wed Jul 15, 2020 9:15 am Any advice for those of us with lower loan amounts. I have $154,000 remaining on a 30 year mortgage. Would like to refinance to a 15 year. When I go through LenderFi website, to get to true no-cost it's a 3.375% rate on 15 year. However, just playing around with the inputs and increasing remaining mortgage amount to $250,000, I can get to true no-cost at a 2.75% rate on 15 year which is more consistent with what I see others sharing. Basically seems I'm being punished for having aggressively paid down my mortgage as I'm now below the preferred range.

Anyhow, curious if others with loan amounts below $200,000 have found favorable rates and through what means.
Talk to them on the phone. The websites never give you nearly as good of a deal as the agents do over the phone. The LenderFi website said that to get a no cost refinance I would have needed like a 3.5% 30 yr rate but they gave me 2.875% no closing costs over the phone.
Did you submit the application, and then waited for LenderFi to call in order to get the 2.875%, or did you skip the website application completely, and went straight to calling them?
I applied and they called me 1 or 2 hours later.
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Post by 3of10 »

jimmyrules712 wrote: Wed Jul 15, 2020 8:26 pm
3of10 wrote: Wed Jul 15, 2020 2:00 pm Did you submit the application, and then waited for LenderFi to call in order to get the 2.875%, or did you skip the website application completely, and went straight to calling them?
I applied and they called me 1 or 2 hours later.
Thanks.
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Post by Nebelsieck »

I'm closing with LD in the next couple of days. Thanks to everyone for your thoughts, info, and advice.

I would like to try to refi again if possible. Will the lenders permit me to refi to make my loan .125 lower? Or does it need to be . 25 lower or more? It is helpful to delete my current Better application and start over in hope of getting a loan officer that's more eager to match than my previous guy was? Thanks!
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Post by NoGambleNoFuture »

I’m certain this has been answered, my apologies in advance.

I have an Amex but very rarely use it. Def keep $0 balance on it.

If I went through better to refi and got the $2500 credit would I be able to just ask Amex for a refund of that amount? Or need to spend $2500 on the card :)
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Post by 999 »

NDS wrote: Wed Jul 15, 2020 3:41 pm
ThreeBears wrote: Wed Jul 15, 2020 2:56 pm
NDS wrote: Wed Jul 15, 2020 2:53 pm Great to see so many people getting good deals. Sad I'm not one of them - bad offers last week, *worse* offers this week - but kudos to all that are scoring!
Did you try LenderFi?
Yup - told me no good deals for mortgages under 200k
I’m under $100k and can’t get a reasonable quote. It’s currently at 3.5% and is looking like it’s gonna stay there.
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Post by aqan »

modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I wouldn’t feel that way. You gotta do what’s best for you and your family.
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