Refinance Mega Thread

[ChiKid24]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

[ChiKid24]

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

Not from experience, but others have said they will send you a check if you have no statement balance. Or you could just start using the card again for the next couple of months until the statement credit processes.

[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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

Wow, thanks so much! It's completely insane that the lenders don't care if they're not really earning interest on their loans. So you don't even need to wait until funding to lock with someone else? What a world!

Ideally, I'd like for the new loan to have a credit that covers the escrow, so then the refunded escrow from the first refi goes right in my pocket. But rates might need to go down a little more for that.

[ChiKid24]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

Wow, thanks so much! It's completely insane that the lenders don't care if they're not really earning interest on their loans. So you don't even need to wait until funding to lock with someone else? What a world!

Ideally, I'd like for the new loan to have a credit that covers the escrow, so then the refunded escrow from the first refi goes right in my pocket. But rates might need to go down a little more for that.

Like anything, it depends on the lender. Lenderfi for example has a 6-month no refi policy. The penalty is basically you have to refund the credit they give you. So I suppose if rates fall far enough you could still do it and be net positive.

[Soares1234]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

You don’t have to wait til your credit report updates? Did you just let the lender know?

[Familyman2012]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

That’s crazy. If you refi again that soon, Do you think your Amex $2500 will still post to your account?

I read all the fine prints and don’t see anything.
I just signed my paperwork today but if I can get a lower rate then I’ll do this all over again. I just don’t want to lose my Amex promo.

[ChiKid24]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

You don’t have to wait til your credit report updates? Did you just let the lender know?

Yes, I told the guy at Lenderfi that I just signed closing docs and my Better loan would fund next week. I kind of had to because their system was pulling my original Wells Fargo loan when I applied since the Better refi wasn't complete. He had no issue at all with it, but did stress to me their 6-month policy.

[ChiKid24]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

That’s crazy. If you refi again that soon, Do you think your Amex $2500 will still post to your account?

I read all the fine prints and don’t see anything.
I just signed my paperwork today but if I can get a lower rate then I’ll do this all over again. I just don’t want to lose my Amex promo.

Good question, but doesn't apply for me. Sadly I didn't know about the Amex offer when I applied. I actually don't have an Amex. I tried to push with them and say I would open an account if they would apply the offer, but no dice. My lender credit was just under $5k without the Amex offer and my Section B,C and E costs were around $1,600. Still a nice deal in my mind, even better now that I'm going to get 2.75% once this second one closes.

To your question, I think the only thing I saw was the Amex had to stay open for a period of time. But agree nothing related to the loan needing to stay with Better.

[Familyman2012]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

That’s crazy. If you refi again that soon, Do you think your Amex $2500 will still post to your account?

I read all the fine prints and don’t see anything.
I just signed my paperwork today but if I can get a lower rate then I’ll do this all over again. I just don’t want to lose my Amex promo.

Good question, but doesn't apply for me. Sadly I didn't know about the Amex offer when I applied. I actually don't have an Amex. I tried to push with them and say I would open an account if they would apply the offer, but no dice. My lender credit was just under $5k without the Amex offer and my Section B,C and E costs were around $1,600. Still a nice deal in my mind, even better now that I'm going to get 2.75% once this second one closes.

To your question, I think the only thing I saw was the Amex had to stay open for a period of time. But agree nothing related to the loan needing to stay with Better.

I apologize, I read your post wrong. You netted $2500 in lenders credit. When I read your post. I saw $2500. So I assume it was the Amex promo.

[Jags4186]

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?

No pickle at all. Go back to LoanDepot and tell them you’ve received a $2500 superior offer and would like to know if they can beat it. If they beat it, go back to Better and see if they’ll match/beat and maintain the $2500 offer.

As long as you have given nobody any money (or a tiny amount, I believe LoanDepot wanted $20 or something if I wanted to lock) there is no downside to bailing on someone.

[Familyman2012]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

[Hoodwink]

Those who have applied to loandepot is it normal practice for them to read terms of the loan over the phone, even if you have done the application prior day over the phone?

[mwc5001]

Can someone help me evaluate whether this is a good deal? I am unfamiliar with the process.
Going from 4.375 to 2.875 thru costcos service

Estimated prepaid expenses: $3k
Estimated third party expenses: $3500

Summary of transaction:
debt to be paid off: 331,500
lender costs: $350
estimated third party & prepaid: 6500
Total: 338000

Less base loan amount: 337,650
less fees paid by lender: 350
less application deposit: 519
estimated cash at closing: -180

Seems like im being paid to refi but my mortgage balance going up

[BrandonBogle]

Can someone help me evaluate whether this is a good deal? I am unfamiliar with the process.
Going from 4.375 to 2.875 thru costcos service

Estimated prepaid expenses: $3k
Estimated third party expenses: $3500

Summary of transaction:
debt to be paid off: 331,500
lender costs: $350
estimated third party & prepaid: 6500
Total: 338000

Less base loan amount: 337,650
less fees paid by lender: 350
less application deposit: 519
estimated cash at closing: -180

Seems like im being paid to refi but my mortgage balance going up

You are not being paid to refinance. Instead, they are just pulling some equity out of the house so you don't have to bring anything to the table.

Since this isn't an official Loan Estimate, this may not be exact, but it appears you are at...
Section A = $350
Section B + C = $3,500
Section F + G = $3,000
No lender credits in Section J

Assuming that is correct, that is a good offer. Section C is something you can shop around for, and often the initial quote is for full title insurance policy costs and you might be eligible for a reissue rate (if it is even offered in your state).

However, that is also assuming this is a 30-year loan. If the above is a 15-year, then the rate is too high for that.

With the assumption this is a 30-year, lock the rate and then see if (1) you can get an appraisal waiver, and (2) find out if you can get a reissue rate title insurance policy, (3) shop around for title insurance/settlement agents and compare their costs to the costs in Section C (adjusted for reissue rate if available).

[mwc5001]

Yes this is for a 30 year. Thank you for your input and suggestions

[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?

No pickle at all. Go back to LoanDepot and tell them you’ve received a $2500 superior offer and would like to know if they can beat it. If they beat it, go back to Better and see if they’ll match/beat and maintain the $2500 offer.

As long as you have given nobody any money (or a tiny amount, I believe LoanDepot wanted $20 or something if I wanted to lock) there is no downside to bailing on someone.

Thanks everyone. There's a lot going on right now and I honestly didn't feel like negotiating any longer. I elected to pursue the Better refi and wrote an email to my LD guy last night. 2.75% at no cost + 2500 AMEX credit is a big win in my book, and I'm likely reaching the point of diminishing returns.

Besides, I felt Loan Depot was relatively high pressure. My first experience with their loan officer was horrendous (he refused to even provide a loan estimate without some kind of guarantee I'd be moving forward with him) and while the experience with the second loan officer (after I spoke with his manager and a VP) was better, he still used terms and tactics (i.e. I'm sticking my neck out for you, we can't do any more shopping after this) that made me uneasy.

Since I hadn't seen a follow up to my e-mail, I called LD this morning to officially cancel. I made it clear I did not want to speak with the loan officer, and the service rep said she'd place the request. Two to three minutes later, the loan officer proceeded to call me three times in a row. While he seemed nice enough initially, it reminded me of purchasing a car.

Thankfully, the better loan is now in underwriting.

[DrGrnTum]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

[BrandonBogle]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

[Familyman2012]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

I’m down to refi again if the opportunity arises. But I just afraid that it might mess up the Amex credit. But I’m also a worry wart. Sometimes. Lol

[easye418]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

I’m down to refi again if the opportunity arises. But I just afraid that it might mess up the Amex credit. But I’m also a worry wart. Sometimes. Lol

Good lord, I did not think that rates would fall through the floor! I closed with Better @ 3.25% (they suck imo) but I am waiting on the $2500 credit. I am going to try to refi as soon as possible.

[DrGrnTum]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

There has been people who have posted with some skepticism about getting the credit.
I have seen the reports that you have to be targeted to get this bonus.
Did you get an email or did your Amex account target you with this offer?

[wootwoot]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

There has been people who have posted with some skepticism about getting the credit.
I have seen the reports that you have to be targeted to get this bonus.
Did you get an email or did your Amex account target you with this offer?

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

[agehibari]

Since y'all are so skilled with figuring this out, can you help me understand how much better (or worse?) off we'd be with a refinance? In principle I understand that if we refinance with a lower rate and then keep paying more than we need to, we'll pay off faster. But in reality, I'm getting VERY confused about how resetting amortization, paying points and closing costs, and all of that impact whether we truly end up ahead.

Right now, we're at 111k @ 4.125% three years into a 30-year mortgage.

It appears we can get something along the lines of this with Company A for 3.04% APR:

Guaranteed Lender Charges $2,630

Guaranteed Lender Fee $995

Guaranteed Points 1.466% $1,635


OR we could try Company B and get something like a 15-year @ 3.4% APR with $1150 in fees (not counting other 3rd party fees; we're still early on in this process) and no points.

So we're just kinda feeling overwhelmed and don't know if this is even a good idea at all, let alone how to proceed. If someone could help us visualize a general "if you change from your current plan to Company B and keep paying extra, you could pay off in X years sooner" or something. Sorry we're just not great at this! For reference, our monthly payment is $1226, which includes principal, interest, homeowner's, and tax. We auto-pay an extra $120 per month directly to principal.

[leviathan]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

There has been people who have posted with some skepticism about getting the credit.
I have seen the reports that you have to be targeted to get this bonus.
Did you get an email or did your Amex account target you with this offer?

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

I am in the final stage of 2nd refinancing with Better. The appraisal was paid for by Amex. It is not logical that they will deny $2500 credit after paying for the appraisal. I'm hopeful.

[DrGrnTum]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

There has been people who have posted with some skepticism about getting the credit.
I have seen the reports that you have to be targeted to get this bonus.
Did you get an email or did your Amex account target you with this offer?

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

Would you be so kind to let us know as to when you get the credit.
Please.

[Familyman2012]

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

There has been people who have posted with some skepticism about getting the credit.
I have seen the reports that you have to be targeted to get this bonus.
Did you get an email or did your Amex account target you with this offer?

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

I am in the final stage of 2nd refinancing with Better. The appraisal was paid for by Amex. It is not logical that they will deny $2500 credit after paying for the appraisal. I'm hopeful.

I was thinking the same thing. Why Pay for the appraisal but deny $2500.

Btw, I was not targeted by Amex. I learned it from this thread. My LO told me it doesn’t matter and that I should receive it. My last task was to enter the last 5 digits of my card to the portal. Fingers cross.

Anyone that has received it can hopefully chime in.

This was the notes/description on my last task before closing:

Please input the last five digits of your active personal consumer American Express Card where you would like to receive the $2,500 statement credit.

Prepaid Cards and products, American Express Corporate Cards, American Express Small Business Cards, American Express-branded cards or account numbers issued by other financial institutions and cancelled cards are not eligible. The name or email associated with the Card provided must match those submitted in your mortgage application.

[jimmy2040]

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!

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!

You don’t have to wait til your credit report updates? Did you just let the lender know?

Yes, I told the guy at Lenderfi that I just signed closing docs and my Better loan would fund next week. I kind of had to because their system was pulling my original Wells Fargo loan when I applied since the Better refi wasn't complete. He had no issue at all with it, but did stress to me their 6-month policy.

Does this mean LenderFi will ask you to pay them back if you refinanced with another company after 2 months of closing with LenderFi?

[anon_investor]

Since y'all are so skilled with figuring this out, can you help me understand how much better (or worse?) off we'd be with a refinance? In principle I understand that if we refinance with a lower rate and then keep paying more than we need to, we'll pay off faster. But in reality, I'm getting VERY confused about how resetting amortization, paying points and closing costs, and all of that impact whether we truly end up ahead.

Right now, we're at 111k @ 4.125% three years into a 30-year mortgage.

It appears we can get something along the lines of this with Company A for 3.04% APR:

Guaranteed Lender Charges $2,630

Guaranteed Lender Fee $995

Guaranteed Points 1.466% $1,635


OR we could try Company B and get something like a 15-year @ 3.4% APR with $1150 in fees (not counting other 3rd party fees; we're still early on in this process) and no points.

So we're just kinda feeling overwhelmed and don't know if this is even a good idea at all, let alone how to proceed. If someone could help us visualize a general "if you change from your current plan to Company B and keep paying extra, you could pay off in X years sooner" or something. Sorry we're just not great at this! For reference, our monthly payment is $1226, which includes principal, interest, homeowner's, and tax. We auto-pay an extra $120 per month directly to principal.

You want to look for a "no cost" refi with no points. This is where the lenders credit is large enough to cover ALL costs/fees. So the only thing you may need to pay out of pocket is prepaid interest and escrow.

[BrandonBogle]

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

I contacted American Express' "Digital Assistance" Team @ 800-297-7500 (I originally called the number on my card and got transferred 5x before they found the right people to help me). Better sends Amex the funds to apply to the card, but Amex has opened an investigation to contact Better and check on that for me. They did remind me that 8-12 weeks is 3 months, but usually folks are paid out sooner than 3 months. I am NOT worried about getting the funds, but I don't want to muck around with it too much and have been sitting tight/antsy until it posts.

[mtwhmemn]

Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks.

[easye418]

It has been confirmed multiple times that you did not have to be targeted by Amex to take advantage of the offer. Not sure who you follow up with if you don't receive the credit though.

I contacted American Express' "Digital Assistance" Team @ 800-297-7500 (I originally called the number on my card and got transferred 5x before they found the right people to help me). Better sends Amex the funds to apply to the card, but Amex has opened an investigation to contact Better and check on that for me. They did remind me that 8-12 weeks is 3 months, but usually folks are paid out sooner than 3 months. I am NOT worried about getting the funds, but I don't want to muck around with it too much and have been sitting tight/antsy until it posts.

I am getting started on my re-refi. It is going to take them probably 30 days to close me at least anyways (I closed the first time end of June)

[BrandonBogle]

...
Right now, we're at 111k @ 4.125% three years into a 30-year mortgage.

It appears we can get something along the lines of this with Company A for 3.04% APR:
Guaranteed Lender Charges $2,630
Guaranteed Lender Fee $995
Guaranteed Points 1.466% $1,635

OR we could try Company B and get something like a 15-year @ 3.4% APR with $1150 in fees (not counting other 3rd party fees; we're still early on in this process) and no points.
...

You want to look for a "no cost" refi with no points. This is where the lenders credit is large enough to cover ALL costs/fees. So the only thing you may need to pay out of pocket is prepaid interest and escrow.

As anon_investor said. However, given that your offers are 3% APR on a 30-year and 3.4% APR on a 15-year, something doesn't look good. Either the lenders you checked with are crooks, or your credit or something doesn't look ideal. I get that $110k is not high enough to get all the big lender credits, but you also shouldn't need to pay 1.466% in points to get a competitive rate.

[Stupendous]

I had a bad experience with Loan Depot. The guy was incredibly pushy. My current loan is $105K at 3.75%. The guy I spoke with at Loan Depot continued to try and convince me to refi to a 3.625% loan paying almost $3K in closing costs and that I would save interest in the long run. Even after telling him my payoff plan is 5 years he continued to try and convince me to refi. Other businesses told me refi'ing was not beneficial and that was the end of the conversation, and they had lower rates!

[truenyer]

I had a bad experience with Loan Depot. The guy was incredibly pushy. My current loan is $105K at 3.75%. The guy I spoke with at Loan Depot continued to try and convince me to refi to a 3.625% loan paying almost $3K in closing costs and that I would save interest in the long run. Even after telling him my payoff plan is 5 years he continued to try and convince me to refi. Other businesses told me refi'ing was not beneficial and that was the end of the conversation, and they had lower rates!

I just got off the phone with LD. LO i spoke to was super nice and was able to match my LenderFi offer, which was for 20-year, for 30-year. Assuming he gets me the estimate I plan on going to Better for the Amex credit... I guess YMMV.

[anon_investor]

I had a bad experience with Loan Depot. The guy was incredibly pushy. My current loan is $105K at 3.75%. The guy I spoke with at Loan Depot continued to try and convince me to refi to a 3.625% loan paying almost $3K in closing costs and that I would save interest in the long run. Even after telling him my payoff plan is 5 years he continued to try and convince me to refi. Other businesses told me refi'ing was not beneficial and that was the end of the conversation, and they had lower rates!

I just got off the phone with LD. LO i spoke to was super nice and was able to match my LenderFi offer, which was for 20-year, for 30-year. Assuming he gets me the estimate I plan on going to Better for the Amex credit... I guess YMMV.

Did you try to get Better to match your LenderFi offer?

Definitely YMMV. LD could not give me anything close to what LenderFi offered. Better would not match my LenderFi offer, so I am proceeding with LenderFi.

[agehibari]

...
Right now, we're at 111k @ 4.125% three years into a 30-year mortgage.

It appears we can get something along the lines of this with Company A for 3.04% APR:
Guaranteed Lender Charges $2,630
Guaranteed Lender Fee $995
Guaranteed Points 1.466% $1,635

OR we could try Company B and get something like a 15-year @ 3.4% APR with $1150 in fees (not counting other 3rd party fees; we're still early on in this process) and no points.
...

You want to look for a "no cost" refi with no points. This is where the lenders credit is large enough to cover ALL costs/fees. So the only thing you may need to pay out of pocket is prepaid interest and escrow.

As anon_investor said. However, given that your offers are 3% APR on a 30-year and 3.4% APR on a 15-year, something doesn't look good. Either the lenders you checked with are crooks, or your credit or something doesn't look ideal. I get that $110k is not high enough to get all the big lender credits, but you also shouldn't need to pay 1.466% in points to get a competitive rate.

This is part of why we were confused. People are like "just shop around for a better rate" and we're like...but this is what they're giving though? Credit in the mid 700s. If we have a no cost refi at something like 3.2%, is it worth it? I'm taking it that the current numbers aren't. I don't know why we can't find rates like others; I've tried some of the resources others have noted here. Never missed payments, no bankruptcy, etc. (I also don't really understand how to acquire a no cost refi; like do I just have to be like "okay you offered this, but I want this but with no cost"?)

[Bleedinggums99]

I had a bad experience with Loan Depot. The guy was incredibly pushy. My current loan is $105K at 3.75%. The guy I spoke with at Loan Depot continued to try and convince me to refi to a 3.625% loan paying almost $3K in closing costs and that I would save interest in the long run. Even after telling him my payoff plan is 5 years he continued to try and convince me to refi. Other businesses told me refi'ing was not beneficial and that was the end of the conversation, and they had lower rates!

I just got off the phone with LD. LO i spoke to was super nice and was able to match my LenderFi offer, which was for 20-year, for 30-year. Assuming he gets me the estimate I plan on going to Better for the Amex credit... I guess YMMV.

Did you try to get Better to match your LenderFi offer?

Definitely YMMV. LD could not give me anything close to what LenderFi offered. Better would not match my LenderFi offer, so I am proceeding with LenderFi.

It really is very much YMMV. I was completely reversed of you. LenderFi couldn't even come close to LD and LD continuously beat Better's LE plus the 2,500 AMEX credit. Better said they couldn't match it even taking into account the amex credit.

[truenyer]

I had a bad experience with Loan Depot. The guy was incredibly pushy. My current loan is $105K at 3.75%. The guy I spoke with at Loan Depot continued to try and convince me to refi to a 3.625% loan paying almost $3K in closing costs and that I would save interest in the long run. Even after telling him my payoff plan is 5 years he continued to try and convince me to refi. Other businesses told me refi'ing was not beneficial and that was the end of the conversation, and they had lower rates!

I just got off the phone with LD. LO i spoke to was super nice and was able to match my LenderFi offer, which was for 20-year, for 30-year. Assuming he gets me the estimate I plan on going to Better for the Amex credit... I guess YMMV.

Did you try to get Better to match your LenderFi offer?

Definitely YMMV. LD could not give me anything close to what LenderFi offered. Better would not match my LenderFi offer, so I am proceeding with LenderFi.

Yes, but my LF term was 20 but Better wasn't offering me a 20 so they said no to matching.

[indexsci]

Can anyone give me a sanity check...I'm coming from a 4.5%, but my quotes are coming in higher than what I'm seeing in this thread.

All for 30-year fixed, no-cost.

LD 3.5%
Better 3.625%
LenderFi 3.375%

Loan of $234K
Home Value of $312K, so LTV is 75%.
Credit 750+.

I've been carrying a CC balance to take advantage of a 0% offer (currently about $11k). Does that impact things?

[anon_investor]

Can anyone give me a sanity check...I'm coming from a 4.5%, but my quotes are coming in higher than what I'm seeing in this thread.

All for 30-year fixed, no-cost.

LD 3.5%
Better 3.625%
LenderFi 3.375%

Loan of $234K
Home Value of $312K, so LTV is 75%.
Credit 750+.

I've been carrying a CC balance to take advantage of a 0% offer (currently about $11k). Does that impact things?

A lot of different possible variables, but it could be the credit. From my understanding you need at least 760+ for the best rates. But that being said, I feel like a lot of the posters have 800+ credit scores, not sure what the impact is.

[mets914]

I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?

[BrandonBogle]

I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?

Any reason not to?

[mets914]

I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?

Any reason not to?

Fair point. It is fun. I have an application in with LenderFi but they have not gotten back to me. I'm not sure who else to try. Better does not do 25 year loans.

[indexsci]

Can anyone give me a sanity check...I'm coming from a 4.5%, but my quotes are coming in higher than what I'm seeing in this thread.

All for 30-year fixed, no-cost.

LD 3.5%
Better 3.625%
LenderFi 3.375%

Loan of $234K
Home Value of $312K, so LTV is 75%.
Credit 750+.

I've been carrying a CC balance to take advantage of a 0% offer (currently about $11k). Does that impact things?

A lot of different possible variables, but it could be the credit. From my understanding you need at least 760+ for the best rates. But that being said, I feel like a lot of the posters have 800+ credit scores, not sure what the impact is.

Better is showing my credit score as 786. Do they lower rates if you disclose more of your assets? I don't think all of them have asked for that to give me these rates.

[MilleniumBuc]

Can anyone give me a sanity check...I'm coming from a 4.5%, but my quotes are coming in higher than what I'm seeing in this thread.

All for 30-year fixed, no-cost.

LD 3.5%
Better 3.625%
LenderFi 3.375%

Loan of $234K
Home Value of $312K, so LTV is 75%.
Credit 750+.

I've been carrying a CC balance to take advantage of a 0% offer (currently about $11k). Does that impact things?

Just started and in the same boat. Current rate at 4.625, 232/325, credit score (soft pull) per Ally came in at 785, and have paid down debt from 30k to 12k in the last 4 months. DTI at 26% if I go with the 15 year.

Started today with Ally, and the rates with no points are 3.125/15 and 3.625/20 and 30 year (Florida) and still need 5-6k for A, B and C.
Next one I will try is quicken with the 2500 Amex credit. Can’t do Better since I tried a soft check in October, and it won’t let me check without talking to the guy who called me back then, but those rates where in the 4’s for a 30 in October when most where reporting mid 3’s, and I thought it was my higher debt amount.

Same type of rates and closing costs with AIM loan and Lenderfi when I could check with them in previous weeks. Some posts have mentioned that sub 250k loans might be the issue with higher rates.

[Jags4186]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

I only closed last week and haven't received my $2500 from AMEX yet but I did receive a confirmation e-mail from Better saying that they had processed the $2500 AMEX credit and I would be receiving it in 8-12 weeks. Did you get an email confirming the $2500 credit after your close with Better?

[Familyman2012]

How long after closing did you guys receive your Amex credit? I know it says 8-12 weeks. But curious if it really takes that long.

I did a search in a reddit AMEX discussion site and found that people are reporting that they got their credit in a about a month.

I wish I was that lucky. I'm past two months now. At this point, I haven't proceeded to schedule closing on my new refi with Better until the old refi's credit posts to my Amex.

I only closed last week and haven't received my $2500 from AMEX yet but I did receive a confirmation e-mail from Better saying that they had processed the $2500 AMEX credit and I would be receiving it in 8-12 weeks. Did you get an email confirming the $2500 credit after your close with Better?

I haven’t received anything. Did you get the confirmation before or after signing with the notary?

And we’re you a targeted Amex member?

[BrandonBogle]

I only closed last week and haven't received my $2500 from AMEX yet but I did receive a confirmation e-mail from Better saying that they had processed the $2500 AMEX credit and I would be receiving it in 8-12 weeks. Did you get an email confirming the $2500 credit after your close with Better?

I did not and had reached out about that. They said it’s an automated email and sometimes those glitch and don’t get sent out. They verified again that I would get it.

Regardless, they got in touch with me today as I reached out to various people about it. Somehow they had my name wrong when they sent it to Amex and it was rejected. That has been corrected and they are sending it again in the Monday batch.

[happyyoda]

Better just declined my match request stating that they don't match competitors for loan amounts over $500,000!

Did anyone have success in getting Better match a competitor for a $500K+ loan?

[atxll]

Can someone who has been looking through all the quotes recently please let me know if I would waste my time trying to find a better deal than what I already have:

Central TX, owe $160k on a 15yr mortgage at 2.75%, home value probably $375-400k. I think I would have to be at 2% to make it worthwhile and the closing costs are huge on all the quotes I've seen at that rate. Would only be interested if there are little to no closing costs. Would also be interested in a 10yr but no one seems to be doing those.