Refinance Mega Thread

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kski74
Posts: 74
Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

BrandonBogle wrote: Mon Jul 20, 2020 4:36 pm
mets914 wrote: Mon Jul 20, 2020 3:44 pm
MBJ0909 wrote: Mon Jul 20, 2020 3:19 pm
mets914 wrote: Mon Jul 20, 2020 3:00 pm
EDIT: Where in the LenderFi paperwork is the 6 month clawback noted? I can't find it. They guy said no refinances for six months while I was on the phone with him but I can't see anything in writing.
It was in the initial set of disclosures.

Intent to Retain Mortgage
No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).
I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.
I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.
I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
Weird. I don't see it in the list of all my disclosures. Although I do remember seeing something like that at some point.
MBJ may be referring to the Initial Closing Disclosures, not the initial application disclosures. Either way, it should definitely be in your closing packet.
Correct, mine was in the docs they sent me with the initial Loan Estimate. They would only lock the Loan Estimate if I signed all the docs including the clawback agreement.
kski74
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Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

hansp wrote: Mon Jul 20, 2020 6:52 pm Question: Should we ask Better for the $100 because they won't match? We sent them the lender estimate
I'd try and hopefully the fine print is not as ironclad as the match guarantee from Rocket Mortgages, which it turns out requires a 835 or above credit score. They send us that match guarantee after pulling our credit reports and knowing we wouldn't qualify (despite scores in the 800s).
nova148
Posts: 43
Joined: Thu May 05, 2016 9:22 am

Re: Refinance Mega Thread

Post by nova148 »

I closed on my refi in Jun with a 15yr @ 2.625 at no closing cost. Yesterday, I got quoted for a 15y @ 2.375 with no closing cost.

State: VA
LTV: 69%
Credit: 800+
Loan Amt: 590K (Confirming High Balance)
No cost closing = lender credit to cover everything except prepaids and escrow.

Question 1: Should I refi again for a 0.25% drop in rate? I am pushing for 15yr @ 2.25% but so far no one is willing to bite. :(

Question 2: How concerned are you about LenderFi's clawback clause? If market continues to drop and we see sub 2 loans, will we be restricted? Do you think they'll enforce?

P.S: I have followed this thread for the last 2 months and am completely hooked to it :). Many Thanks to the active posters like BrandonBogle for helping everyone. :sharebeer
Last edited by nova148 on Tue Jul 21, 2020 8:12 am, edited 1 time in total.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

nova148 wrote: Tue Jul 21, 2020 8:06 am I closed on my refi in Jun with a 15yr @ 2.625 at no closing cost. Yesterday, I got quoted for a 15y @ 2.375 with no closing cost. What do you recommend - Should I refi again for a 0.25% drop in rate? I am pushing for 15yr @ 2.25% but so far no one is willing to bite. :(

State: VA
LTV: 69%
Credit: 800+
Loan Amt: 590K (Confirming High Balance)
No cost closing = lender credit to cover everything except prepaids and escrow.

P.S: I have followed this thread for the last 2 months and am completely hooked to it :). Many Thanks to the active posters like BrandonBogle for helping everyone. :sharebeer
As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside.
nova148
Posts: 43
Joined: Thu May 05, 2016 9:22 am

Re: Refinance Mega Thread

Post by nova148 »

mets914 wrote: Tue Jul 21, 2020 8:11 am
As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside.
Thanks mets914. Only concern I would have is LenderFi's clawback clause. Don't want to be locked out of the market for 6 months.
ChiKid24
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Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

nova148 wrote: Tue Jul 21, 2020 8:16 am
mets914 wrote: Tue Jul 21, 2020 8:11 am
As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside.
Thanks mets914. Only concern I would have is LenderFi's clawback clause. Don't want to be locked out of the market for 6 months.
I'm in the process with Lenderfi and not too concerned with the clause. Six months isn't that big a time period for rates to fall and recover causing me to miss a great opportunity. But if rates crater and I really want to do another refi, the cost to pay back my lender credit should easily be recovered by the new rate in short order. I also like their rate insurance policy that provides for a free refi if rates are down in 6 months.
seawolf21
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Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

pianos101 wrote: Mon Jul 20, 2020 5:22 pm Anyone get so far as to lock a rate with one lender, get to the beginning of underwriting and then withdraw because of a better offer (that the first company was shown and given the opportunity to match)?

I just withdrew an application and was told that I don't have integrity for telling the first LO that I was ready to forward (I was at the time...). I mean I feel bad playing the game and pulling out after rate locking, but isn't that how the business is set up?
Whoever told you that was being unprofessional considering Fed provides borrower 3 day after closing to cancel the whole thing without cost.
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

3of10 wrote: Mon Jul 20, 2020 9:47 pm
bws wrote: Mon Jul 20, 2020 7:04 pm
NoGambleNoFuture wrote: Mon Jul 20, 2020 6:53 pm Where do you see the breakdown of the actual fees from better? I did the app online and got to the point where I have the breakdown on today’s offered rates broken down at diff rates on 15, 20, and 30 year options.

If I select a rate here what’s the next step?

I’m not anxious to lock anything in. Is it correct from those in here that negotiations will be better/easier over the phone and/or with another option?

I’m using the Amex connection for the credit and am already being hit up by the concierge... not certain if that’s something to discuss with them or not?
I think its best not to mention AMEX until after you see the numbers you like.
Bws, is there any valid reason (something you've experienced) why you mentioned not going through the Better/Amex website? I mentioned this to a Better rep while helping a family member with a refi, and was told that the Better/Amex route is better because you wouldn't have to pay for the appraisal up front.

I have the same concern that you do, and asked that question earlier in this thread, but no one responded. I'm planning to do my own refi now, and have to decide on which Better website to use. In other words, will the concierge rep provide the same level of service, and use the same rate tables as the regular Better rep when given a competitor's LE?
I don't think it matter how you make the initial contact with Better once you have a competitor's LE.
You fill out an application on line so that someone from Better will contact you.
At that time you explain to them that you have a LE and can they beat it or at lease match it.
This is what I did.
At worst you may get a match and then you are in line to get the $2,500 bonus.
bws
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Joined: Tue Aug 21, 2012 8:54 am

Re: Refinance Mega Thread

Post by bws »

DrGrnTum wrote: Tue Jul 21, 2020 9:49 am
3of10 wrote: Mon Jul 20, 2020 9:47 pm
bws wrote: Mon Jul 20, 2020 7:04 pm
NoGambleNoFuture wrote: Mon Jul 20, 2020 6:53 pm Where do you see the breakdown of the actual fees from better? I did the app online and got to the point where I have the breakdown on today’s offered rates broken down at diff rates on 15, 20, and 30 year options.

If I select a rate here what’s the next step?

I’m not anxious to lock anything in. Is it correct from those in here that negotiations will be better/easier over the phone and/or with another option?

I’m using the Amex connection for the credit and am already being hit up by the concierge... not certain if that’s something to discuss with them or not?
I think its best not to mention AMEX until after you see the numbers you like.
Bws, is there any valid reason (something you've experienced) why you mentioned not going through the Better/Amex website? I mentioned this to a Better rep while helping a family member with a refi, and was told that the Better/Amex route is better because you wouldn't have to pay for the appraisal up front.

I have the same concern that you do, and asked that question earlier in this thread, but no one responded. I'm planning to do my own refi now, and have to decide on which Better website to use. In other words, will the concierge rep provide the same level of service, and use the same rate tables as the regular Better rep when given a competitor's LE?
I don't think it matter how you make the initial contact with Better once you have a competitor's LE.
You fill out an application on line so that someone from Better will contact you.
At that time you explain to them that you have a LE and can they beat it or at lease match it.
This is what I did.
At worst you may get a match and then you are in line to get the $2,500 bonus.
I've gotten the impression from my own experience they are less likely to give Lender credits if they see you have the AMEX credit coming to you.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Tue Jul 21, 2020 9:33 am
nova148 wrote: Tue Jul 21, 2020 8:16 am
mets914 wrote: Tue Jul 21, 2020 8:11 am
As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside.
Thanks mets914. Only concern I would have is LenderFi's clawback clause. Don't want to be locked out of the market for 6 months.
I'm in the process with Lenderfi and not too concerned with the clause. Six months isn't that big a time period for rates to fall and recover causing me to miss a great opportunity. But if rates crater and I really want to do another refi, the cost to pay back my lender credit should easily be recovered by the new rate in short order. I also like their rate insurance policy that provides for a free refi if rates are down in 6 months.
This is what I feel as well. The answer to “why not” would be LenderFi’s 6-mo clawback. However, that also comes with a perk. LenderFi will refi/rate modify to the current no-point rate at no cost after 6 months too.

So the real risk is if the market moves up more than the 0.25% nova’s would save after dropping even more.

Personally, if I was presented with those options, I would just take the LenderFi offer. However, my loan size is also relatively small, so a 1/8% rate change is only $1,500 savings over 15 years. That’s why with the current offer of 2.25% with $1k in my pocket or 2.625% with $2,900 in my pocket, I’m taking the latter. Yes, I don’t get half of savings ($4,200 in savings after 15 years vs. $1,900 up front), but the time value of the money is worth it for me to have up front vs. small savings 15 years from now. This also lets me jump on another offer when available without concern.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

DrGrnTum wrote: Tue Jul 21, 2020 9:49 am
3of10 wrote: Mon Jul 20, 2020 9:47 pm
bws wrote: Mon Jul 20, 2020 7:04 pm
NoGambleNoFuture wrote: Mon Jul 20, 2020 6:53 pm Where do you see the breakdown of the actual fees from better? I did the app online and got to the point where I have the breakdown on today’s offered rates broken down at diff rates on 15, 20, and 30 year options.

If I select a rate here what’s the next step?

I’m not anxious to lock anything in. Is it correct from those in here that negotiations will be better/easier over the phone and/or with another option?

I’m using the Amex connection for the credit and am already being hit up by the concierge... not certain if that’s something to discuss with them or not?
I think its best not to mention AMEX until after you see the numbers you like.
Bws, is there any valid reason (something you've experienced) why you mentioned not going through the Better/Amex website? I mentioned this to a Better rep while helping a family member with a refi, and was told that the Better/Amex route is better because you wouldn't have to pay for the appraisal up front.

I have the same concern that you do, and asked that question earlier in this thread, but no one responded. I'm planning to do my own refi now, and have to decide on which Better website to use. In other words, will the concierge rep provide the same level of service, and use the same rate tables as the regular Better rep when given a competitor's LE?
I don't think it matter how you make the initial contact with Better once you have a competitor's LE.
You fill out an application on line so that someone from Better will contact you.
At that time you explain to them that you have a LE and can they beat it or at lease match it.
This is what I did.
At worst you may get a match and then you are in line to get the $2,500 bonus.
Thanks. What was surprising was in how fast Better was in creating the LE (during the application processing), while other lenders delayed in doing so, and tried to force "itemized work sheets" on you instead of the LE.
"You don't stop playing because you're old. You're old because you've stopped playing"
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

bws wrote: Tue Jul 21, 2020 9:59 am
DrGrnTum wrote: Tue Jul 21, 2020 9:49 am
3of10 wrote: Mon Jul 20, 2020 9:47 pm
bws wrote: Mon Jul 20, 2020 7:04 pm
NoGambleNoFuture wrote: Mon Jul 20, 2020 6:53 pm Where do you see the breakdown of the actual fees from better? I did the app online and got to the point where I have the breakdown on today’s offered rates broken down at diff rates on 15, 20, and 30 year options.

If I select a rate here what’s the next step?

I’m not anxious to lock anything in. Is it correct from those in here that negotiations will be better/easier over the phone and/or with another option?

I’m using the Amex connection for the credit and am already being hit up by the concierge... not certain if that’s something to discuss with them or not?
I think its best not to mention AMEX until after you see the numbers you like.
Bws, is there any valid reason (something you've experienced) why you mentioned not going through the Better/Amex website? I mentioned this to a Better rep while helping a family member with a refi, and was told that the Better/Amex route is better because you wouldn't have to pay for the appraisal up front.

I have the same concern that you do, and asked that question earlier in this thread, but no one responded. I'm planning to do my own refi now, and have to decide on which Better website to use. In other words, will the concierge rep provide the same level of service, and use the same rate tables as the regular Better rep when given a competitor's LE?
I don't think it matter how you make the initial contact with Better once you have a competitor's LE.
You fill out an application on line so that someone from Better will contact you.
At that time you explain to them that you have a LE and can they beat it or at lease match it.
This is what I did.
At worst you may get a match and then you are in line to get the $2,500 bonus.
I've gotten the impression from my own experience they are less likely to give Lender credits if they see you have the AMEX credit coming to you.
I agree. I also decided to go through the regular Better website in case I end up referring others to Better (who might not have an Amex card), and can better guide them through the application process.
"You don't stop playing because you're old. You're old because you've stopped playing"
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

ChiKid24 wrote: Tue Jul 21, 2020 9:33 am
nova148 wrote: Tue Jul 21, 2020 8:16 am
mets914 wrote: Tue Jul 21, 2020 8:11 am
As BrandonBogle said to me, any reason not to refinance again? If it's free, there's really no downside.
Thanks mets914. Only concern I would have is LenderFi's clawback clause. Don't want to be locked out of the market for 6 months.
I'm in the process with Lenderfi and not too concerned with the clause. Six months isn't that big a time period for rates to fall and recover causing me to miss a great opportunity. But if rates crater and I really want to do another refi, the cost to pay back my lender credit should easily be recovered by the new rate in short order. I also like their rate insurance policy that provides for a free refi if rates are down in 6 months.
I question whether LenderFi thinks the clause is enforceable (I have no opinion either way re: enforceability). It is somewhat odd to me that they use phrases such as "mortgage fraud," "jail time" and references to the FBI in what should be a simple contractual term (i.e. refinance in less than six months and you need to pay back the lender credit). Reminds me of a debt collector threatening jail time to someone if they don't pay a debt that is outside the statute of limitations for collecting.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

3of10 wrote: Tue Jul 21, 2020 10:26 am
DrGrnTum wrote: Tue Jul 21, 2020 9:49 am
3of10 wrote: Mon Jul 20, 2020 9:47 pm
bws wrote: Mon Jul 20, 2020 7:04 pm
NoGambleNoFuture wrote: Mon Jul 20, 2020 6:53 pm Where do you see the breakdown of the actual fees from better? I did the app online and got to the point where I have the breakdown on today’s offered rates broken down at diff rates on 15, 20, and 30 year options.

If I select a rate here what’s the next step?

I’m not anxious to lock anything in. Is it correct from those in here that negotiations will be better/easier over the phone and/or with another option?

I’m using the Amex connection for the credit and am already being hit up by the concierge... not certain if that’s something to discuss with them or not?
I think its best not to mention AMEX until after you see the numbers you like.
Bws, is there any valid reason (something you've experienced) why you mentioned not going through the Better/Amex website? I mentioned this to a Better rep while helping a family member with a refi, and was told that the Better/Amex route is better because you wouldn't have to pay for the appraisal up front.

I have the same concern that you do, and asked that question earlier in this thread, but no one responded. I'm planning to do my own refi now, and have to decide on which Better website to use. In other words, will the concierge rep provide the same level of service, and use the same rate tables as the regular Better rep when given a competitor's LE?
I don't think it matter how you make the initial contact with Better once you have a competitor's LE.
You fill out an application on line so that someone from Better will contact you.
At that time you explain to them that you have a LE and can they beat it or at lease match it.
This is what I did.
At worst you may get a match and then you are in line to get the $2,500 bonus.
Thanks. What was surprising was in how fast Better was in creating the LE (during the application processing), while other lenders delayed in doing so, and tried to force "itemized work sheets" on you instead of the LE.
Better.com does not mess around. First inquired about Loan Estimate on July 10th, did application and matched my lenderFi quote on July 12th, Scheduled to close Friday 7/25. All so that Better.com would pay me $700 to do 30 year refi at 2.625% + 2500 AMEX. They were almost fast enough to try and get AMEX credit for 2nd time.
Minty
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Location: NorCal

Re: Refinance Mega Thread

Post by Minty »

Has anyone actually collected the Better Price Guarantee, either at the $1,000 or $100 level? Better.com did not come close to my loan estimate, and, oddly enough, they have not contacted me in the several weeks since I filed a claim.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
nova148
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Re: Refinance Mega Thread

Post by nova148 »

Cobra Commander wrote: Tue Jul 21, 2020 10:33 am
I question whether LenderFi thinks the clause is enforceable (I have no opinion either way re: enforceability). It is somewhat odd to me that they use phrases such as "mortgage fraud," "jail time" and references to the FBI in what should be a simple contractual term (i.e. refinance in less than six months and you need to pay back the lender credit). Reminds me of a debt collector threatening jail time to someone if they don't pay a debt that is outside the statute of limitations for collecting.
I am thinking on similar lines. When I pressed the LO on more details he said "I can't comment on what we can do legally, but you can't sell or refinance for 6 months". I don't know where the "can't sell your home" came from - I mean what if my financial conditions force me to sell? Maybe they have the language to strongly discourage refinances. Any one have experiences where lender actually clawed back the credits?

YMMW (and maybe someone more familiar with MBS business can chime in) - From what I understand when lenders sell the loan to Fannie/Freddie, if the loan gets fulfilled (which it would in case of refi) or cancelled within 30/60/90 days, then Fannie charges a "penalty" to the lender which is why lenders won't touch a loan in that time period from when it was sold to Fannie. The irony is that both loans would end up with Fannie/Freddie in the end. So, a lot a money moving hands and middle men making money in the process
AndMan
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Re: Refinance Mega Thread

Post by AndMan »

LoanDepot suggested applying for our refi with the just my wife's name as her credit score is >800 while mine is just a hair below. Can anyone think of issues with this? Most only seem concern about scores being >740
barreg
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Re: Refinance Mega Thread

Post by barreg »

Minty wrote: Tue Jul 21, 2020 10:48 am Has anyone actually collected the Better Price Guarantee, either at the $1,000 or $100 level? Better.com did not come close to my loan estimate, and, oddly enough, they have not contacted me in the several weeks since I filed a claim.
Better has already beaten 2 competing LE's by $100 each for me.
vickler
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Re: Refinance Mega Thread

Post by vickler »

grp2c wrote: Sat May 16, 2020 9:31 pm Here is a link to the issue I'm facing.

https://www.seattletimes.com/business/f ... -hangover/

I currently have a 3.5% 30y fixed. I worked hard to negotiate a 2.0% 10/1 arm with 0 pts @ citibank after moving 1 million to get a relationship pricing discount on a 960k loan 85% LTV. I locked on 3/11/20 and was supposed to close 5/11/20 but citi's underwriting was behind so they did a free extension for 30 days.

I asked for covid 19 forbearance in early April after being told there were no negative consequences. The forbearance was not noted on my credit report when pulled. But I received an email from citi asking me if I had asked for forbearance. I'm pissed if this deal blows up, and I'm locked out of refinancing for 12 months.

Check out these jaw dropping rates below. The credit union doesn't do jumbo loans though. 15y fixed super conforming was 2.25% 0 pts yesterday.

https://www.bournscu.coop/loans-and-cre ... rates-copy
Things have moved quickly. But based on FHFA guidance after grp2c's post (5/19/2020) it sounds like you would still be eligible for a refi as long as your loan was current (making payments but marked as forbearance or reinstated).
Borrowers are eligible to refinance or buy a new home if they are current on their mortgage (i.e. in forbearance but continued to make their mortgage payments or reinstated their mortgage). Borrowers are eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.
source: https://www.fhfa.gov/Media/PublicAffair ... rance.aspx
grp2c
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Re: Refinance Mega Thread

Post by grp2c »

So that FHFA guidance does not necessarily apply for jumbo loans. Lenders can make their own policies for jumbos. I was able to keep my refi and still have my rate locked. Citi is just taking their time to process it. I assume they're slammed and new purchases are jumping in front of me.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

I refinanced with Lenderfi. The loan was sold twice in about a 2 month period. I then found a lower rate with someone else and refinanced again, well before the 6 month limit. I will report back if Lenderfi tries to charge me. I am thinking it would be terrible for business if people were posting online about being charged. Probably 90% of people will be scared by the language and not refinance within 6 months, which is a good enough compliance percentage for them.
SenatorSquires
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Re: Refinance Mega Thread

Post by SenatorSquires »

Anyone use "Nations Lending" or know if their reputable? I got a mailer from them that knew the amount I wanted to borrow and quoted a 2.75 rate. I'm hesitant to input all my information to get more cost details with not seeing much about them after searching.

Does anyone have any lender recommendations now that LenderFi isn't taking apps? Better.com is out for me being in MA. Amerisave charges a fee to lock a rate. I'm keeping an eye on AimLoan & Credible. I guess i should check out Quicken and Loan Depot next?
Frugalbear
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Re: Refinance Mega Thread

Post by Frugalbear »

What is the turnaround time for when you submit the application and they contact you to discuss rates/cost?
Last edited by Frugalbear on Tue Jul 21, 2020 4:31 pm, edited 1 time in total.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

AndMan wrote: Tue Jul 21, 2020 12:38 pm LoanDepot suggested applying for our refi with the just my wife's name as her credit score is >800 while mine is just a hair below. Can anyone think of issues with this? Most only seem concern about scores being >740
I think the only concern would be whether your spouse have enough income alone to pass the underwriting, since she can't submit your W-2s.
nova148
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Re: Refinance Mega Thread

Post by nova148 »

SenatorSquires wrote: Tue Jul 21, 2020 2:43 pm Anyone use "Nations Lending" or know if their reputable? I got a mailer from them that knew the amount I wanted to borrow and quoted a 2.75 rate. I'm hesitant to input all my information to get more cost details with not seeing much about them after searching.

Does anyone have any lender recommendations now that LenderFi isn't taking apps? Better.com is out for me being in MA. Amerisave charges a fee to lock a rate. I'm keeping an eye on AimLoan & Credible. I guess i should check out Quicken and Loan Depot next?
Your current loan company and outstanding balance are relatively easy to find out. Several folks (current loan company, credit agency) could have sold that information. I would not be too alarmed by it.

Having said that I haven't heard of "Nations Lending" - I would suggest you look them up on BBB and NMLS - https://www.nmlsconsumeraccess.org

Also, do try shopping around other lenders being floated around in this thread.
AndMan
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Re: Refinance Mega Thread

Post by AndMan »

I have better now offering to beat lenderfi by $500. If I have already created an account with Better, and do not currently own an Amex, it would be too late to open an amex account and qualify for the $2500 correct?
bws
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Re: Refinance Mega Thread

Post by bws »

AndMan wrote: Tue Jul 21, 2020 4:29 pm I have better now offering to beat lenderfi by $500. If I have already created an account with Better, and do not currently own an Amex, it would be too late to open an amex account and qualify for the $2500 correct?
No. You can still ask for the credit once you receive it. Just mention it once you receive the card.
AndMan
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Re: Refinance Mega Thread

Post by AndMan »

bws wrote: Tue Jul 21, 2020 4:50 pm
AndMan wrote: Tue Jul 21, 2020 4:29 pm I have better now offering to beat lenderfi by $500. If I have already created an account with Better, and do not currently own an Amex, it would be too late to open an amex account and qualify for the $2500 correct?
No. You can still ask for the credit once you receive it. Just mention it once you receive the card.
Thanks, just a bit hesitant to open a credit card I dont need, goes against everything I've been taught. Nervous to open another card then somehow not get the credit
hbdad
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Re: Refinance Mega Thread

Post by hbdad »

I have submitted an application to a direct lender and they have told me they cannot provide me an official loan estimate until they run my credit. He has sent me an informal email with the amount of the loan, interest rate, monthly payment, an indication there are no costs including 3rd party. I am in CA. Is that accurate that I can't get an official loan estimate without a credit check? Hard to price shop when I don't have an official LE in hand. Thanks.
nova148
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Re: Refinance Mega Thread

Post by nova148 »

hbdad wrote: Tue Jul 21, 2020 5:20 pm I have submitted an application to a direct lender and they have told me they cannot provide me an official loan estimate until they run my credit. He has sent me an informal email with the amount of the loan, interest rate, monthly payment, an indication there are no costs including 3rd party. I am in CA. Is that accurate that I can't get an official loan estimate without a credit check? Hard to price shop when I don't have an official LE in hand. Thanks.
Yes, that's normal. Most lenders will need to run credit to issue a Loan Estimate. This is a part of mortgage shopping. All credit inquiries will be pooled into a single request (by the credit agencies for purpose of score calculation) so the hit to your credit score will be minimal.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Has anyone used Loan Cabin? Any contact info there?
I applied online last week and nobody has called me.
Looks like they have really low rates.
hbdad
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Re: Refinance Mega Thread

Post by hbdad »

Has anyone used Owning.com in CA? My only concern is having them sell to a nightmare servicer? I pay my own taxes and insurance so hopefully shouldn't be problem but I've still had bad servicers. The agent told me one of the main companies they use to service and they had horrible reviews.
hbdad
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Re: Refinance Mega Thread

Post by hbdad »

nova148 wrote: Tue Jul 21, 2020 5:36 pm
hbdad wrote: Tue Jul 21, 2020 5:20 pm I have submitted an application to a direct lender and they have told me they cannot provide me an official loan estimate until they run my credit. He has sent me an informal email with the amount of the loan, interest rate, monthly payment, an indication there are no costs including 3rd party. I am in CA. Is that accurate that I can't get an official loan estimate without a credit check? Hard to price shop when I don't have an official LE in hand. Thanks.
Yes, that's normal. Most lenders will need to run credit to issue a Loan Estimate. This is a part of mortgage shopping. All credit inquiries will be pooled into a single request (by the credit agencies for purpose of score calculation) so the hit to your credit score will be minimal.
Thank you
AndMan
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Re: Refinance Mega Thread

Post by AndMan »

forgive me if this has been mentioned previously in this long thread, didnt see the answer in my search.

Whats the consensus on opening an amex card after rock lock with better? Still able to get the discount or now? Was told yes by better just now but not sure how much to trust that, wasnt very confidence inspiring
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

Has anyone gotten an appraisal done with one lender and got it transferred to another lender? Or used that appraisal for another application? Can you share how you went about it?

Thanks!
kski74
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Re: Refinance Mega Thread

Post by kski74 »

SenatorSquires wrote: Tue Jul 21, 2020 2:43 pm Anyone use "Nations Lending" or know if their reputable? I got a mailer from them that knew the amount I wanted to borrow and quoted a 2.75 rate. I'm hesitant to input all my information to get more cost details with not seeing much about them after searching.

Does anyone have any lender recommendations now that LenderFi isn't taking apps? Better.com is out for me being in MA. Amerisave charges a fee to lock a rate. I'm keeping an eye on AimLoan & Credible. I guess i should check out Quicken and Loan Depot next?
On our last refi in MA, Northpointe had the best rate. We are refinancing again two months later with Lenderfi. Northpointe came close to matching Lenderfi, but had some closing costs to match the same rate (2.75%) as Lenderfi. Anyway, may be worth checking out. Also Watermark Home Loans came in very close to Lenderfi (~$200 difference).

Be careful with Rocket, they were very difficult to deal with on both refinances. Be ready to play some games and for some twists and turns if you entertain them. A pain to deal with.
NoGambleNoFuture
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Re: Refinance Mega Thread

Post by NoGambleNoFuture »

How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
bws
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Re: Refinance Mega Thread

Post by bws »

NoGambleNoFuture wrote: Tue Jul 21, 2020 7:26 pm How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
That's correct. You will pay up front unless you get enough credits to cover it and then you'll get a refund check.
I'm not familiar with other options.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

NoGambleNoFuture wrote: Tue Jul 21, 2020 7:26 pm How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
Waiving escrow altogether, but that will likely cost you a bit in lender credits.
NoGambleNoFuture
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Re: Refinance Mega Thread

Post by NoGambleNoFuture »

bws wrote: Tue Jul 21, 2020 7:35 pm
NoGambleNoFuture wrote: Tue Jul 21, 2020 7:26 pm How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
That's correct. You will pay up front unless you get enough credits to cover it and then you'll get a refund check.
I'm not familiar with other options.
Great Tyty. Any idea how long it typically takes to receive a refund check?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

NoGambleNoFuture wrote: Tue Jul 21, 2020 7:41 pm
bws wrote: Tue Jul 21, 2020 7:35 pm
NoGambleNoFuture wrote: Tue Jul 21, 2020 7:26 pm How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
That's correct. You will pay up front unless you get enough credits to cover it and then you'll get a refund check.
I'm not familiar with other options.
Great Tyty. Any idea how long it typically takes to receive a refund check?
I believe have to legally issue the refund within 30 days. It took Wells Fargo less than 15 days to refund my escrow via mailed paper check.
NoGambleNoFuture
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Re: Refinance Mega Thread

Post by NoGambleNoFuture »

anon_investor wrote: Tue Jul 21, 2020 7:44 pm
NoGambleNoFuture wrote: Tue Jul 21, 2020 7:41 pm
bws wrote: Tue Jul 21, 2020 7:35 pm
NoGambleNoFuture wrote: Tue Jul 21, 2020 7:26 pm How does escrow get handled when refinancing?

Say I have $10k in my current escrow and refinance is calling for me to fund escrow $10k.

Will I pay that up front on the refinance and then receive a check for the same once my initial loan is closed out?

Assume no way to transfer the escrow directly?

Any other options to in this hypothetical situation not come out of pocket 10k for however long?
That's correct. You will pay up front unless you get enough credits to cover it and then you'll get a refund check.
I'm not familiar with other options.
Great Tyty. Any idea how long it typically takes to receive a refund check?
I believe have to legally issue the refund within 30 days. It took Wells Fargo less than 15 days to refund my escrow via mailed paper check.
Tyvm
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

hbdad wrote: Tue Jul 21, 2020 5:47 pm Has anyone used Owning.com in CA? My only concern is having them sell to a nightmare servicer? I pay my own taxes and insurance so hopefully shouldn't be problem but I've still had bad servicers. The agent told me one of the main companies they use to service and they had horrible reviews.
Mine ended up with PNC Bank.
BUBear29
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Re: Refinance Mega Thread

Post by BUBear29 »

Not a refi but i got a 15 year 2.50% rate quote with megabank yesterday.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
tuck3979
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Re: Refinance Mega Thread

Post by tuck3979 »

For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

hbdad wrote: Tue Jul 21, 2020 5:20 pm I have submitted an application to a direct lender and they have told me they cannot provide me an official loan estimate until they run my credit. He has sent me an informal email with the amount of the loan, interest rate, monthly payment, an indication there are no costs including 3rd party. I am in CA. Is that accurate that I can't get an official loan estimate without a credit check? Hard to price shop when I don't have an official LE in hand. Thanks.
One of the required items needed for a lender to provide a LE is your SS #, which will be used to pull your credit report.
"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 »

tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
When will we get to 2.25% 30 yr fix no cost!
exarkun
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Re: Refinance Mega Thread

Post by exarkun »

I gave my intent to proceed with a lender, however another lender came back with better loan estimate closing costs (A+B+C and lender credits). As I haven't paid anything yet, can I basically scrap the intent to proceed and change lenders without paying any costs with the original lender like the origination charge?
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
Thanks Tuck. This is good stuff.
"You don't stop playing because you're old. You're old because you've stopped playing"
tuck3979
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Re: Refinance Mega Thread

Post by tuck3979 »

anon_investor wrote: Tue Jul 21, 2020 9:47 pm
tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
When will we get to 2.25% 30 yr fix no cost!
Too many people will say never, but I think the 2.5% 30year no-cost is gonna be the norm by fall (at least for the loans investors want - low LTV, 800+ credit, conforming and over $300k). Everyone thought that was impossible only months ago. Actually, even the experts were arguing that 2.75% no-cost 30year notes were just unrealistic back in the beginning of the year. So maybe the answer is never, but maybe the answer is in the next 6 months... exciting times.
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