Refinance Mega Thread

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jharkin
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Re: Refinance Mega Thread

Post by jharkin »

My LenderFi refi closed yesterday... I had some hiccups in hte final paperwork that I detailed in the LenderFi thread.


Somebody asked about the remote closing. I inquired and in my local what they do is the lawyer arrives, give you the stack of foams and then goes to sit in his car to talk you though the signing over a phone call or Zoom. Didnt seem to be worth the trouble, so we just did it on the deck wearing masks 10 ft apart.
soxpatsbos
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Re: Refinance Mega Thread

Post by soxpatsbos »

soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Thank you all for your feedback!!
iridum
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Re: Refinance Mega Thread

Post by iridum »

Lenders who resell their loan do get hit with a penalty if the loan is closed within 6 months. In my previous refinance I was told by the banker to hold on a refi since I had just closed a refi with them and rates went lower. He locked me for a long period on the lower rate so that we could close right after that penalty period expired.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Messner8000 wrote: Thu Jul 23, 2020 11:04 am This thread has been so educational for me, and so I figured I would ask one final question before locking in my rate today with Better. It has to do with Zillow's refinance calculator (warning: I'm not as good at math as all of you!)

I have 2 options from Better:

Option 1: 30-year 2.75%; A+B+C costs = $2146 (no escrow acount)

Option 2: 20-year at 2.75%; A+B+C costs = $1099 (no escrow account)

I have the $2500 AmEx credit, so either way (unless I'm missing something) costs to me will be zero (and I"ll get some money back!).

When I use Zillow's refinance calculator to see if a refinance is worth it, for the 30 year loan it says I will lose $25000 by the end of the loan, and for the 20 year load it says I will save about $21,000 dollars. My understanding for the difference is that this is because the 30-year calculation accounts for all the extra payments I would have to make on the new 30-year loan after my current loan would have been paid off had I not refinanced (I'm in year 5 of my current 30 year loan). Many calculators do not appear to account for this fact.

Am I reading Zillow's calculator correctly? Should I do the 20 year to maximize my lifetime savings? Having a really hard time wrapping my mind around this. Thanks!
Whether you decide on the 20 yr or 30 yr is a personal decision (amount of total interest for the loan period, being able to handle the larger monthly payments for the 20 yr,....). With the interest rates for both being the same, you could do the 30 yr and make extra payments to reduce it to a 20 yr (more flexibility). But, there might be another factor not listed.

With Better, I've found that the lender credits for my refi were different between the 20 yr and 30 yr. There were more lender credits for the 20 yr. Are the lender credits you're getting the same, or different?
bws
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Re: Refinance Mega Thread

Post by bws »

antiga wrote: Thu Jul 23, 2020 11:04 am Any tips from the Bogleheads on how to get some of these ultra-competitive rates? (CT)

I've applied to a handful of places and should be a good borrower: >$250k HHI on a $270k loan and low DTI, 70% LTV, 790 FICO. At first I wasn't bothering to include more than ~$200k of assets/401k/IRA on the applications but I'm wondering now if that was a mistake. Have people been calling and asking for better rates with any success? I've tried Better, LenderFi, Caliber, Loancabin (pending), and a couple others.

Best offer I've seen so far is 2.75% with some closing costs at 15-yr, some posters above have done better than that on 30-yr! I intend to ask Better Mortgage to rate-match to get the AMEX promo, but I am having trouble getting a great loan estimate. Hoping for something like 2.5% no-cost 15-year, in Connecticut. Maybe CT is burning me?
CT also here. Similar financials. Try WaterMark Home loans. They and Lenderfi were my best quotes so far. I was quoted 2.25 15 from Watermark no cost yesterday but haven't actually received the LE yet. PM me to talk more.
Messner8000
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Re: Refinance Mega Thread

Post by Messner8000 »

Thanks for the response. In response to your question, I don't believe I am getting any lender credits per se, just the $2500 Amex credit. Not sure if it's a credit, but the only difference I see is if I get the 20 year at 2.75% I get a credit of $196 for picking that rate, and if I do the 30 year I pay $1,047 in points for that rate. So the difference between the two is $1243.
JimmyD
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Re: Refinance Mega Thread

Post by JimmyD »

bws wrote: Thu Jul 23, 2020 12:33 pm
antiga wrote: Thu Jul 23, 2020 11:04 am Any tips from the Bogleheads on how to get some of these ultra-competitive rates? (CT)

I've applied to a handful of places and should be a good borrower: >$250k HHI on a $270k loan and low DTI, 70% LTV, 790 FICO. At first I wasn't bothering to include more than ~$200k of assets/401k/IRA on the applications but I'm wondering now if that was a mistake. Have people been calling and asking for better rates with any success? I've tried Better, LenderFi, Caliber, Loancabin (pending), and a couple others.

Best offer I've seen so far is 2.75% with some closing costs at 15-yr, some posters above have done better than that on 30-yr! I intend to ask Better Mortgage to rate-match to get the AMEX promo, but I am having trouble getting a great loan estimate. Hoping for something like 2.5% no-cost 15-year, in Connecticut. Maybe CT is burning me?
CT also here. Similar financials. Try WaterMark Home loans. They and Lenderfi were my best quotes so far. I was quoted 2.25 15 from Watermark no cost yesterday but haven't actually received the LE yet. PM me to talk more.
Also started working with WaterMark today and it's looking like we'll be able to get a low cost ($1K) 2.25% 15 year, but I'm also awaiting a loan estimate.
gabbar
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Re: Refinance Mega Thread

Post by gabbar »

I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

JimmyD wrote: Thu Jul 23, 2020 12:37 pm Also started working with WaterMark today and it's looking like we'll be able to get a low cost ($1K) 2.25% 15 year, but I'm also awaiting a loan estimate.
Just keep in mind that Watermark will take about 3 business days to get you the loan estimate. If you haven't locked the rate, the loan estimate will not include the lender credits. If you have locked the rate, then you should be good and get it next week.
bws
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Re: Refinance Mega Thread

Post by bws »

BrandonBogle wrote: Thu Jul 23, 2020 1:09 pm
JimmyD wrote: Thu Jul 23, 2020 12:37 pm Also started working with WaterMark today and it's looking like we'll be able to get a low cost ($1K) 2.25% 15 year, but I'm also awaiting a loan estimate.
Just keep in mind that Watermark will take about 3 business days to get you the loan estimate. If you haven't locked the rate, the loan estimate will not include the lender credits. If you have locked the rate, then you should be good and get it next week.
Trying to get a LE from Watermark is like pulling teeth. I've asked several time and I keep getting it in an in house created form.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
WOW, now 2.65% 30 yr fixed is no cost? Great job! Congrats!
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

anon_investor wrote: Thu Jul 23, 2020 1:15 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
WOW, now 2.65% 30 yr fixed is no cost? Great job! Congrats!
Yeah... my Loan Depot is down to 2.625% 30 year with $2,100 net lender credit (A+B+C+E-credit). It might go down by the end of the day also... Trying to get it to 2.375%!

I wonder if any loan officers are watching all of us here.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

pianos101 wrote: Thu Jul 23, 2020 1:16 pm
anon_investor wrote: Thu Jul 23, 2020 1:15 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
WOW, now 2.65% 30 yr fixed is no cost? Great job! Congrats!
Yeah... my Loan Depot is down to 2.625% 30 year with $2,100 net lender credit (A+B+C+E-credit). It might go down by the end of the day also... Trying to get it to 2.375%!

I wonder if any loan officers are watching all of us here.
I am about to close on a 2.75% 30 yr fixed no cost. By the time I am ready for another refi maybe we will be at sub 2% :shock: ...
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

bws wrote: Thu Jul 23, 2020 1:13 pm
BrandonBogle wrote: Thu Jul 23, 2020 1:09 pm
JimmyD wrote: Thu Jul 23, 2020 12:37 pm Also started working with WaterMark today and it's looking like we'll be able to get a low cost ($1K) 2.25% 15 year, but I'm also awaiting a loan estimate.
Just keep in mind that Watermark will take about 3 business days to get you the loan estimate. If you haven't locked the rate, the loan estimate will not include the lender credits. If you have locked the rate, then you should be good and get it next week.
Trying to get a LE from Watermark is like pulling teeth. I've asked several time and I keep getting it in an in house created form.
They don't seem to have an automated system to make their life easier. So the loan officer sends the worksheet details to another team and that team creates the forms to send out. This same team does the full disclosures, so you won't get just the 1 doc, but more like 15 docs together. It takes them some time to generate all that. A process that could be mostly/fully automated and make their lives easier if they would invest in the technology to do so.

If you want quick turnaround and the loan officer is doing it, you will only get the worksheet/rate table details.
Gadget
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Re: Refinance Mega Thread

Post by Gadget »

Cash is King wrote: Thu Jul 23, 2020 11:26 am
Messner8000 wrote: Thu Jul 23, 2020 11:04 am This thread has been so educational for me, and so I figured I would ask one final question before locking in my rate today with Better. It has to do with Zillow's refinance calculator (warning: I'm not as good at math as all of you!)

I have 2 options from Better:

Option 1: 30-year 2.75%; A+B+C costs = $2146 (no escrow acount)

Option 2: 20-year at 2.75%; A+B+C costs = $1099 (no escrow account)

I have the $2500 AmEx credit, so either way (unless I'm missing something) costs to me will be zero (and I"ll get some money back!).

When I use Zillow's refinance calculator to see if a refinance is worth it, for the 30 year loan it says I will lose $25000 by the end of the loan, and for the 20 year load it says I will save about $21,000 dollars. My understanding for the difference is that this is because the 30-year calculation accounts for all the extra payments I would have to make on the new 30-year loan after my current loan would have been paid off had I not refinanced (I'm in year 5 of my current 30 year loan). Many calculators do not appear to account for this fact.

Am I reading Zillow's calculator correctly? Should I do the 20 year to maximize my lifetime savings? Having a really hard time wrapping my mind around this. Thanks!
If the payment on the 20yr does not cause a cash flow issue, I would go with option 2.
If you have the discipline to invest your monthly P&I savings like a good boglehead I'd go with option 1. Option 1 is also easier to pay for if you or your spouse lose a job.

The internet mortgage calculators never seem to assume that you'd invest any monthly savings. Granted, you'd also add in 10 years of extra payments possibly, so you'd have to exclude the value of those extra payments if they were invested for a fair comparison.
Gadget
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Re: Refinance Mega Thread

Post by Gadget »

pianos101 wrote: Thu Jul 23, 2020 1:16 pm
anon_investor wrote: Thu Jul 23, 2020 1:15 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
WOW, now 2.65% 30 yr fixed is no cost? Great job! Congrats!
Yeah... my Loan Depot is down to 2.625% 30 year with $2,100 net lender credit (A+B+C+E-credit). It might go down by the end of the day also... Trying to get it to 2.375%!

I wonder if any loan officers are watching all of us here.
My loan officer at Better asked how I heard of them. I said bogleheads forum, and he said he had a couple other people say that even though he didn't know what it was.
dstac
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Re: Refinance Mega Thread

Post by dstac »

Quick data point. Just got a LE from LenderFi for a refi at true no cost 30yr at 2.875%.

Didn't take anything fancy beyond the application and confirming some details over the phone. Sales/rate guy has been responsive thus far. I have not locked yet.

Gave up on Loan Depot & Finance America & Northpointe as non-competitve.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

tbone555 wrote: Thu Jul 23, 2020 8:54 am Just closed with Better two days ago 3% 30-year.

Apply with LenderFi today and had this exchange with the Loan Officer:

Him: You literally JUST closed your loan and you’re looking to refinance? Why would you close and do this? You’re going to cost that other bank $8,000+ in penalties for doing that to them. Do not fund your loan and do that to someone or don’t refinance

Me: Interest rates went down. They didn't want to lower my rate after locking. How long do I need to wait so they don't lose the $8k+?

Him: 180 days. And we wouldn’t do the same thing. When you lock you lock, if rates went up would you expect them to increase your rate? If you would do this to them you will do it to us so we will pass on trying to earn your business, sorry

Me: Thanks.
translation:

Him: I can't beat your 3% 30-year at no cost
Me: Thanks
Him: No worries, I'll call back as soon as I can to earn your business. sucks for the other bank!
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

I assume I shouldn't care if Section F (prepaids) increased substantially (about $5K) from the loan estimate since all that stuff really nets out in the end right? It looks like they didn't enter in any information other than prepaid interest (which of course increased a little as time passed) in the initial loan estimate and are now including property taxes. All of the actual costs (A, B, C and E) stayed the same or decreased and the lender credit stayed the same.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

Cobra Commander wrote: Thu Jul 23, 2020 2:42 pm I assume I shouldn't care if Section F (prepaids) increased substantially (about $5K) from the loan estimate since all that stuff really nets out in the end right? It looks like they didn't enter in any information other than prepaid interest (which of course increased a little as time passed) in the initial loan estimate and are now including property taxes. All of the actual costs (A, B, C and E) stayed the same or decreased and the lender credit stayed the same.
As long as you agreed to escrow and the numbers are now right, I would not worry about it. Seems like they didn't have the accurate information the first time.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

mets914 wrote: Thu Jul 23, 2020 2:44 pm
Cobra Commander wrote: Thu Jul 23, 2020 2:42 pm I assume I shouldn't care if Section F (prepaids) increased substantially (about $5K) from the loan estimate since all that stuff really nets out in the end right? It looks like they didn't enter in any information other than prepaid interest (which of course increased a little as time passed) in the initial loan estimate and are now including property taxes. All of the actual costs (A, B, C and E) stayed the same or decreased and the lender credit stayed the same.
As long as you agreed to escrow and the numbers are now right, I would not worry about it. Seems like they didn't have the accurate information the first time.
Honestly, I don't really know if the numbers are right now, they're probably close. Even if the escrow account was overfunded this would eventually sort itself out when they do an escrow analysis right? I know I sound kinda lazy not to calculate all this out but I'm not worried if the numbers are off a little so long as it's money I eventually get back.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

Cobra Commander wrote: Thu Jul 23, 2020 2:48 pm
mets914 wrote: Thu Jul 23, 2020 2:44 pm
Cobra Commander wrote: Thu Jul 23, 2020 2:42 pm I assume I shouldn't care if Section F (prepaids) increased substantially (about $5K) from the loan estimate since all that stuff really nets out in the end right? It looks like they didn't enter in any information other than prepaid interest (which of course increased a little as time passed) in the initial loan estimate and are now including property taxes. All of the actual costs (A, B, C and E) stayed the same or decreased and the lender credit stayed the same.
As long as you agreed to escrow and the numbers are now right, I would not worry about it. Seems like they didn't have the accurate information the first time.
Honestly, I don't really know if the numbers are right now, they're probably close. Even if the escrow account was overfunded this would eventually sort itself out when they do an escrow analysis right? I know I sound kinda lazy not to calculate all this out but I'm not worried if the numbers are off a little so long as it's money I eventually get back.
Yes, exactly.
Messner8000
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Re: Refinance Mega Thread

Post by Messner8000 »

Basic math question - sorry. Let's say I can have a 20 year mortgage or 30 year mortgage - both at the same rate, but for the 20 year my monthly payments are $2000 and for the 30 year they are $1500 (just using nice round numbers, I know real numbers would be slightly different). Is there any difference between getting the 20 year mortgage and making all the payments, or getting the 30 year, and paying 2000 each month on it? Will both mortgages be paid off at the exact same time?
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

Messner8000 wrote: Thu Jul 23, 2020 3:00 pm Basic math question - sorry. Let's say I can have a 20 year mortgage or 30 year mortgage - both at the same rate, but for the 20 year my monthly payments are $2000 and for the 30 year they are $1500 (just using nice round numbers, I know real numbers would be slightly different). Is there any difference between getting the 20 year mortgage and making all the payments, or getting the 30 year, and paying 2000 each month on it? Will both mortgages be paid off at the exact same time?
At the same interest rate and the same monthly payment (assuming extra payment goes towards principal) the two loans will be completed at the *exact* same time.

Edit: This is exactly what I am doing after I got a lender to give me the same rate on a 30-year that I first got on a 20-year...
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Messner8000 wrote: Thu Jul 23, 2020 12:35 pm Thanks for the response. In response to your question, I don't believe I am getting any lender credits per se, just the $2500 Amex credit. Not sure if it's a credit, but the only difference I see is if I get the 20 year at 2.75% I get a credit of $196 for picking that rate, and if I do the 30 year I pay $1,047 in points for that rate. So the difference between the two is $1243.
Okay. You showed totals for (A+B+C), and the lender credits show up in section J, which you didn't list. If you're dead stuck on 2.75%, then that's fine. But if you want to see more options, then look at the other rates for the 20 yr (2.875%, 3%,...) and see what the lender credits are for them.

For my loan, the lender credits went up substantially after 2.75%, and I chose a higher rate to get the credits.
Last edited by 3of10 on Thu Jul 23, 2020 3:07 pm, edited 1 time in total.
4th and Inches
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Re: Refinance Mega Thread

Post by 4th and Inches »

What is everyone's experience with https://www.loancabin.com/? Do they offer credits with a higher rates that make them no cost?
antiga
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Re: Refinance Mega Thread

Post by antiga »

JimmyD wrote: Thu Jul 23, 2020 12:37 pm
Also started working with WaterMark today and it's looking like we'll be able to get a low cost ($1K) 2.25% 15 year, but I'm also awaiting a loan estimate.
Wow! That seems pretty great even if you can't get Better to match it for the AMEX promo.
mighty72
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Re: Refinance Mega Thread

Post by mighty72 »

I am sure this has been answered somewhere in the long thread. I locked rate with lenderfi but hit a couple of hiccups. They underestimated the government fees and taxes and want me to cover the difference. They are working on it.
Is it okay to continue shopping around for a better rate (no pun intended)?
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

mighty72 wrote: Thu Jul 23, 2020 3:14 pm Is it okay to continue shopping around for a better rate (no pun intended)?
As others have said, you can shop around until you're at the closing table.
gerbilunit
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Re: Refinance Mega Thread

Post by gerbilunit »

gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
Does LenderFi do float downs? I locked 2.75 just earlier this week.
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Lethal
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Re: Refinance Mega Thread

Post by Lethal »

How is everyone getting such low rates at Better and LenderFi? When I got rate quotes today the 30 yr fixed rate with enough lender credits to cover closing cost is around 3.25%. How are people getting 2.75% and 2.875% no cost refis for 30 yr? Did rates change that much today from the past couple weeks or am I missing something? Is negotiation required to get sub 3% with credits? I have excellent credit score (800).
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gerbilunit wrote: Thu Jul 23, 2020 3:25 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
Does LenderFi do float downs? I locked 2.75 just earlier this week.
I thought earlier in this thread (maybe it was the LenderFi-specific thread), when someone asked that question of them, the loan officer replied back with something like “I thought you agreed you were done rate shopping when you locked with me. I’ll withdraw your application.”

My guess then, is going to be no, they have no float down option.
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

BrandonBogle wrote: Thu Jul 23, 2020 3:39 pm
gerbilunit wrote: Thu Jul 23, 2020 3:25 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
Does LenderFi do float downs? I locked 2.75 just earlier this week.
I thought earlier in this thread (maybe it was the LenderFi-specific thread), when someone asked that question of them, the loan officer replied back with something like “I thought you agreed you were done rate shopping when you locked with me. I’ll withdraw your application.”

My guess then, is going to be no, they have no float down option.
Ha that was me. I withdraw my application, but he said I didn't have integrity.

On the flip side, when I locked with LD, the LO explicitly told me to tell him if I got a better offer and he would beat it. And he already did yesterday. So screw LenderFi.
andyandyandy
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Re: Refinance Mega Thread

Post by andyandyandy »

I have locked down few days back on refinancing for 30 years fixed 2.625.
But its costing me about $3500 with all costs.
Should I try with LenderFi and I can I simply say no to first-party?
VCC
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Re: Refinance Mega Thread

Post by VCC »

A coworker of mine today was offered by Watermark a 30 yr 2.625 w/ no closing costs or a 30 yr 2.5 w/ just under 1k in closing costs. Loan amount is just under 500k.
FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 »

Has anyone been asked for ssn copy for mortgage refinance? I have been asked to send a copy of ssn.
gabbar
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Re: Refinance Mega Thread

Post by gabbar »

For a 500K 30 yr loan, a 0.125% reduction in interest rate will save you just under $12K over the duration of the loan (30 years). You can run NPV and account for tax deductions - but nonetheless, the savings for every step down are significant.

I understand the loan officer's point of view, but calling you out on your integrity is uncalled for.

pianos101 wrote: Thu Jul 23, 2020 3:45 pm
BrandonBogle wrote: Thu Jul 23, 2020 3:39 pm
gerbilunit wrote: Thu Jul 23, 2020 3:25 pm
gabbar wrote: Thu Jul 23, 2020 1:01 pm I just locked with LenderFi. Just a data point for you. Thank you for pointing me to LenderFi! I haven't done any shopping - wondering if its even worth it to discuss a rate match with WFC (my current lender). Now the process begins! Surreal times :)

2.625% 30 year fixed. Lender credit covers all closing costs. No appraisal required.
Loan amt - About 510K
LTV - 75%
Northern CA Townhouse
Does LenderFi do float downs? I locked 2.75 just earlier this week.
I thought earlier in this thread (maybe it was the LenderFi-specific thread), when someone asked that question of them, the loan officer replied back with something like “I thought you agreed you were done rate shopping when you locked with me. I’ll withdraw your application.”

My guess then, is going to be no, they have no float down option.
Ha that was me. I withdraw my application, but he said I didn't have integrity.

On the flip side, when I locked with LD, the LO explicitly told me to tell him if I got a better offer and he would beat it. And he already did yesterday. So screw LenderFi.
VCC
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Re: Refinance Mega Thread

Post by VCC »

For those of you w/ a super conforming loan balance above 510,400 - 765,600, LenderFi is down to 2.75% no closing costs 30 yrs up to 90% LTV.
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Lethal
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Re: Refinance Mega Thread

Post by Lethal »

I was able to apply on LenderFi today, but the best I'm seeing for a no cost refi is 3.125% for 30 yr fixed. How are people getting 2.625-2.875% no cost refis on 30 yr? Is your loan amount higher or something else? I have 800 credit score and $300k left on my mortgage payment which started in 2017. Thanks for any guidance!
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

pianos101 wrote: Thu Jul 23, 2020 3:21 pm
mighty72 wrote: Thu Jul 23, 2020 3:14 pm Is it okay to continue shopping around for a better rate (no pun intended)?
As others have said, you can shop around until you're at the closing table.
Actually you can shop until 3 days AFTER you sign at the closing table. There is a mandatory 3-day rescission period in every refi transaction.
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Re: Refinance Mega Thread

Post by mighty72 »

^^^ thanks. Also, wondering if anyone has been able to get a lower rate with lenderfi after the lock?
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

andyandyandy wrote: Thu Jul 23, 2020 3:49 pm I have locked down few days back on refinancing for 30 years fixed 2.625.
But its costing me about $3500 with all costs.
Should I try with LenderFi and I can I simply say no to first-party?
Yes, this is called shopping and there is no issue. It sounds like some have gotten this rate with full credit to cover closing costs at Lenderfi. Good luck!
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

mighty72 wrote: Thu Jul 23, 2020 4:36 pm ^^^ thanks. Also, wondering if anyone has been able to get a lower rate with lenderfi after the lock?
My experience with Lenderfi is that they will not adjust or float down after you lock. You can shop their estimate to others to see if you get better. I'm in process at 2.75% with credit to cover closing costs. I'm seeing others get 2.625% but am fine with where I am and will hope to use their rate insurance policy in six months if rates continue to fall.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

mighty72 wrote: Thu Jul 23, 2020 3:14 pm I am sure this has been answered somewhere in the long thread. I locked rate with lenderfi but hit a couple of hiccups. They underestimated the government fees and taxes and want me to cover the difference. They are working on it.
Is it okay to continue shopping around for a better rate (no pun intended)?
If you were to ask them, it is the end of the world if you do. Asking everyone else, you are fine. Also note, there are legal requirements are changes to charges in Section E, so if they want to increase them, you may be able to push back on them to eat the extra cost.
VCC
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Re: Refinance Mega Thread

Post by VCC »

Lethal wrote: Thu Jul 23, 2020 4:24 pm I was able to apply on LenderFi today, but the best I'm seeing for a no cost refi is 3.125% for 30 yr fixed. How are people getting 2.625-2.875% no cost refis on 30 yr? Is your loan amount higher or something else? I have 800 credit score and $300k left on my mortgage payment which started in 2017. Thanks for any guidance!
Certain states & even areas within states have better pricing than others. The rates I see are for SoCal.
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Lethal
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Re: Refinance Mega Thread

Post by Lethal »

VCC wrote: Thu Jul 23, 2020 4:44 pm
Lethal wrote: Thu Jul 23, 2020 4:24 pm I was able to apply on LenderFi today, but the best I'm seeing for a no cost refi is 3.125% for 30 yr fixed. How are people getting 2.625-2.875% no cost refis on 30 yr? Is your loan amount higher or something else? I have 800 credit score and $300k left on my mortgage payment which started in 2017. Thanks for any guidance!
Certain states & even areas within states have better pricing than others. The rates I see are for SoCal.
Ok, thanks. I am in Colorado.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

Hi everyone, I think we reinvented the mortgage industry
!!! I think they literally changed their processes because of this post!!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Soares1234 wrote: Thu Jul 23, 2020 5:18 pm Hi everyone, I think we reinvented the mortgage industry
!!! I think they literally changed their processes because of this post!!
The question is if this is a good or bad thing?
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McGilicutty
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Re: Refinance Mega Thread

Post by McGilicutty »

Soares1234 wrote: Thu Jul 23, 2020 5:18 pm Hi everyone, I think we reinvented the mortgage industry
!!! I think they literally changed their processes because of this post!!
I missed it. What did they change?
VCC
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Re: Refinance Mega Thread

Post by VCC »

Just a data point, but on the Slick Deals AMEX thread a poster from California received an offer today from Loan Cabin- 30yrs, 2.49%, $2750 lender credit, $405k loan amount, 90% LTV.
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