Refinance Mega Thread

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teamDE
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Re: Refinance Mega Thread

Post by teamDE »

Just locked with RateRabbit for a $395k 15yr fixed at 2.500% no cost. I'll keep you all posted with how it goes.

Funny, i mentioned bogleheads and he said a bunch of bogleheads have applied recently and have been great to work with. :mrgreen:
NoProbLlama
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Re: Refinance Mega Thread

Post by NoProbLlama »

For those using Better, how long did it take after closing to start seeing any activity/updates? We closed Monday afternoon & so far I don’t see any updates on the Better.com site or any activity in the online portal at prior lender. At what point should I get nervous & start asking people for an update?

2.50% on 15-year, A+B+E = $1,500 (Before AMEX). LTV 78.
Locked on 7/9, closed on 7/27
VCC
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Re: Refinance Mega Thread

Post by VCC »

For those of you willing to move assets around, check out the relationship mortgage thread. Someone was offered non jumbo rate under 765k of 30yr 2.5% w/ 3k lender credit.
rascott
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Re: Refinance Mega Thread

Post by rascott »

LenderFi

$315k loan. 2.625% 30 year fixed

Waived appraisal (57% approx LTV).

A+B+C = $1131 - 507 lender credit = $624 total loan costs.

2.75% offered with $0 loan costs.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

Can lender credits be reduced after an LE is issued and the rate is locked? Example: Loan officer agreed to cover Sections A+B+C+E by the lender credits. LE shows $1,500 for Section C, $1,000 for Sections A+B+E, and $2,500 as the lender credits in Section J. The borrower shopped around which resulted in $500 reduction in cost for Section C. Now the lender wants to reduce the lender credits by $500 issuing a new LE. Is it legal? The lender is still fully paying for Sections A+B+C+E though.
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett
Mako
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Re: Refinance Mega Thread

Post by Mako »

NoProbLlama wrote: Wed Jul 29, 2020 1:00 pm For those using Better, how long did it take after closing to start seeing any activity/updates? We closed Monday afternoon & so far I don’t see any updates on the Better.com site or any activity in the online portal at prior lender. At what point should I get nervous & start asking people for an update?

2.50% on 15-year, A+B+E = $1,500 (Before AMEX). LTV 78.
Locked on 7/9, closed on 7/27
Refis have a 3 day rescission period under federal law, and the loan will not be funded until that period ends. Your loan hasn't been funded yet so your old lender hasn't been paid yet. I imagine it should happen on the 31st.
keystone
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Re: Refinance Mega Thread

Post by keystone »

Shikoku wrote: Wed Jul 29, 2020 1:17 pm Can lender credits be reduced after an LE is issued and the rate is locked? Example: Loan officer agreed to cover Sections A+B+C+E by the lender credits. LE shows $1,500 for Section C, $1,000 for Sections A+B+E, and $2,500 as the lender credits in Section J. The borrower shopped around which resulted in $500 reduction in cost for Section C. Now the lender wants to reduce the lender credits by $500 issuing a new LE. Is it legal? The lender is still fully paying for Sections A+B+C+E though.
I don't know about the legality, but I think that would be very bad form to not honor the terms of their loan estimate. Sure some things are out of their control or there may be some variances due to estimates. I'd walk away and never look back at that firm if they pulled that stunt on me by reducing the lender credit.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Shikoku wrote: Wed Jul 29, 2020 1:17 pm Can lender credits be reduced after an LE is issued and the rate is locked? Example: Loan officer agreed to cover Sections A+B+C+E by the lender credits. LE shows $1,500 for Section C, $1,000 for Sections A+B+E, and $2,500 as the lender credits in Section J. The borrower shopped around which resulted in $500 reduction in cost for Section C. Now the lender wants to reduce the lender credits by $500 issuing a new LE. Is it legal? The lender is still fully paying for Sections A+B+C+E though.
Yes. It depends on the circumstances. In your example, if the lender uses credits/discounts to reduce your title insurance cost (section C), it can result in exceeding some type of lender credit max limit, resulting in lender credits being reduced, certain interest rates no longer being available,....

Your best option would be to go back and restore the original LE quote, and find another title company.
wilshuer
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Re: Refinance Mega Thread

Post by wilshuer »

Thanks to many from this thread, after shopping around the past week or so and somewhat frustrated in seeing about all I could get from the various ones listed here was 3.0%/30y with ~$500-$1000 closing costs. And a no response from LenderFi with primary address.

Took one last try at LenderFi with a different email address on Friday paid off, got a reply last night from the second email address query, and just locked in at 2.625%/30y with about $300 cost.
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anon_investor
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Post by anon_investor »

wilshuer wrote: Wed Jul 29, 2020 2:49 pm Thanks to many from this thread, after shopping around the past week or so and somewhat frustrated in seeing about all I could get from the various ones listed here was 3.0%/30y with ~$500-$1000 closing costs. And a no response from LenderFi with primary address.

Took one last try at LenderFi with a different email address on Friday paid off, got a reply last night from the second email address query, and just locked in at 2.625%/30y with about $300 cost.
Nice! Looks like rates are trending down from a few weeks ago when 2.75%/30yr fixed no cost was widely being reported from LenderFi (I closed on this rate on Monday).
sharker10
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Re: Refinance Mega Thread

Post by sharker10 »

Hello, Just came across this thread and read through a bunch of pages. Realize alot of people were getting great rates with LenderFi, and using the backdoor link provided, I was able to submit an application to refi. The rates I received dont seem to line up nearly with what others are receiving. I have "Good" to "Great" credit which could possibly be the reason im not getting excellent rates. This is my first refi experience so Im not sure what to do next. Here is what I was provided:

Image

Additional info:

Currently Owe: $160k
Home Value: $290k
Current Rate: 3.5%

Really just looking for the best rate with no costs. Any help is greatly appreciated.
BHLearner2020
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Re: Refinance Mega Thread

Post by BHLearner2020 »

Greatly appropriate everyone who had provided input in this thread. I've been following it past few months. Thanks to the person also sharing the slickdeal thread both posts are great resource for borrowers.

LenderFi just couldn't deliver it for me, just my luck :-(. I locked with watermark @2.5 for 362K loan with about 2500 in cost which included 1200 in credit.

I am really jealous people getting deals from better/loan cabin/loan rabbit, etc. :happy
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

sharker10 wrote: Wed Jul 29, 2020 2:59 pm Hello, Just came across this thread and read through a bunch of pages. Realize alot of people were getting great rates with LenderFi, and using the backdoor link provided, I was able to submit an application to refi. The rates I received dont seem to line up nearly with what others are receiving. I have "Good" to "Great" credit which could possibly be the reason im not getting excellent rates. This is my first refi experience so Im not sure what to do next. Here is what I was provided:

Image

Additional info:

Currently Owe: $160k
Home Value: $290k
Current Rate: 3.5%

Really just looking for the best rate with no costs. Any help is greatly appreciated.
Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

anon_investor wrote: Wed Jul 29, 2020 3:15 pm Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
Did you apply by selecting "choose" on an offered rate from the website?
VCC
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Re: Refinance Mega Thread

Post by VCC »

sharker10 wrote: Wed Jul 29, 2020 2:59 pm Hello, Just came across this thread and read through a bunch of pages. Realize alot of people were getting great rates with LenderFi, and using the backdoor link provided, I was able to submit an application to refi. The rates I received dont seem to line up nearly with what others are receiving. I have "Good" to "Great" credit which could possibly be the reason im not getting excellent rates. This is my first refi experience so Im not sure what to do next. Here is what I was provided:

Image

Additional info:

Currently Owe: $160k
Home Value: $290k
Current Rate: 3.5%

Really just looking for the best rate with no costs. Any help is greatly appreciated.
Your loan balance isn't high enough. Best rates seem to be at minimum 300k.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Wed Jul 29, 2020 3:22 pm
anon_investor wrote: Wed Jul 29, 2020 3:15 pm Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
Did you apply by selecting "choose" on an offered rate from the website?
Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
WannabeEarlyRetiree
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Re: Refinance Mega Thread

Post by WannabeEarlyRetiree »

A total noob question: if lenders credit exceeds D+E, can the extra amount be used to pay for F (prepaid interests and tax)?
Nappyloxs
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Re: Refinance Mega Thread

Post by Nappyloxs »

WhyRWeHere wrote: Fri Jul 24, 2020 2:23 pm
rsilver41 wrote: Fri Jul 24, 2020 10:50 am Been super helpful to follow along on this thread. Just curious if anyone has been able to do a cash out refi and then turn around and refi again right after that. Curious of the rates you have been able to get and if you ran into any speed bumps in trying to do that. Thanks.
I will be closing on a cash out refi in about 2 weeks. I haven't looked into it, but have been told on this thread that I would have to wait 6 months to refi again. Although my rate is higher due to the cash out (at 3.25% with lender credits covering everything), I have no problem waiting 6 months. Many are predicting the rates will still go lower. And if they don't, I'm fine with 3.25% over my present rate of 4.125%. I will be paying more towards principal each month, so my 30 year will be more like a 13 year, saving even more in interest. I prefer to do that then get a slightly lower rate for the 30 year, in case I can't make the additional payments in the future. If the rates stay the same or go down in 6 months, I will be chasing the rates harder than I did for the cash out refi because I can go to more lenders. Many aren't doing cash out refis at the moment.
Who did you ended up going with? I am also looking to cash out. Thanks
djeayzonne
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Re: Refinance Mega Thread

Post by djeayzonne »

thrillhou wrote: Sat Jul 25, 2020 5:33 pm
Congrats on finding something you're happy with!

Which Keystone are you referring to?
Also, did you check out ahcLending? I think someone in the thread from TX had a good experience with them.
Sorry for the late response.
Their website is:
http://www.mykeystoneloan.com/
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MortgageOnBlack
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Re: Refinance Mega Thread

Post by MortgageOnBlack »

VCC wrote: Wed Jul 29, 2020 3:28 pm
sharker10 wrote: Wed Jul 29, 2020 2:59 pm Hello, Just came across this thread and read through a bunch of pages. Realize alot of people were getting great rates with LenderFi, and using the backdoor link provided, I was able to submit an application to refi. The rates I received dont seem to line up nearly with what others are receiving. I have "Good" to "Great" credit which could possibly be the reason im not getting excellent rates. This is my first refi experience so Im not sure what to do next. Here is what I was provided:

Image

Additional info:

Currently Owe: $160k
Home Value: $290k
Current Rate: 3.5%

Really just looking for the best rate with no costs. Any help is greatly appreciated.
Your loan balance isn't high enough. Best rates seem to be at minimum 300k.
I'm having the same issue re-shopping rates again. Although I'm dabbling on the greed side (currently have 2.625%/15 year refinance May 2020), I'll take "too low of balance" as a compliment that my payoff plan is in the right direction. We owe 190k.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

I had the same problem. I had to settle with 30 year 3.375% to get enough credits for a no cost. My loan balance is only 121k so I think that is why. There must not be enough commission on those low loan balances to be able to offer the really low rates with enough lender credits. I'm still happy as I'm coming from 30 year 3.875%.
Last edited by MrJedi on Wed Jul 29, 2020 4:24 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? The rates I see have around $4k in closing costs.
JimmyD
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Re: Refinance Mega Thread

Post by JimmyD »

4th and Inches wrote: Wed Jul 29, 2020 4:20 pm What is everyone's experience with https://www.loancabin.com/? Do they offer credits with a higher rates that make them no cost? The rates I see have around $4k in closing costs.
Reached out to them a week ago and haven't heard a thing, so I've written them off.
WhyRWeHere
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Re: Refinance Mega Thread

Post by WhyRWeHere »

Nappyloxs wrote: Wed Jul 29, 2020 3:48 pm
WhyRWeHere wrote: Fri Jul 24, 2020 2:23 pm
rsilver41 wrote: Fri Jul 24, 2020 10:50 am Been super helpful to follow along on this thread. Just curious if anyone has been able to do a cash out refi and then turn around and refi again right after that. Curious of the rates you have been able to get and if you ran into any speed bumps in trying to do that. Thanks.
I will be closing on a cash out refi in about 2 weeks. I haven't looked into it, but have been told on this thread that I would have to wait 6 months to refi again. Although my rate is higher due to the cash out (at 3.25% with lender credits covering everything), I have no problem waiting 6 months. Many are predicting the rates will still go lower. And if they don't, I'm fine with 3.25% over my present rate of 4.125%. I will be paying more towards principal each month, so my 30 year will be more like a 13 year, saving even more in interest. I prefer to do that then get a slightly lower rate for the 30 year, in case I can't make the additional payments in the future. If the rates stay the same or go down in 6 months, I will be chasing the rates harder than I did for the cash out refi because I can go to more lenders. Many aren't doing cash out refis at the moment.
Who did you ended up going with? I am also looking to cash out. Thanks
Northpointe. Better is also doing cash outs, but I don't like how they can't just give you a good offer from the start. And Northpointe services their own loans. I prefer that, even though i cant exactly say why. Also NBKC and Lending were doing cash outs when i started to look.
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yatesd
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Re: Refinance Mega Thread

Post by yatesd »

I've been lurking on the thread but didn't contribute. I'm refinancing approximately $500K for a 20 year fixed.

Originally went with Better.com on a 2.875 rate but had trouble getting hold of a real person during the refi and the rates had also fallen. I thought I would cross check Lender Fi and was offered 2.5% with no appraisal and a credit to cover all third party costs (title insurance, fees). I'll only pay towards escrow.

I'll give up the $2,500 credit with AMEX but happy with the rate spread.
NDS
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Re: Refinance Mega Thread

Post by NDS »

Are the Amex credits (for better and/or quicken) expired?
totallynotsure
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Re: Refinance Mega Thread

Post by totallynotsure »

so 3.125% with $12K closing costs is the best i've found on a jumbo 30 year fixed. can this be true? am i missing something?
dstring
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Re: Refinance Mega Thread

Post by dstring »

Does anyone have suggestions for refi lenders for self-employed people? I just started shopping today and the Owning website says they aren't currently accepting applications from self-employed. LenderFi website says they aren't accepting any applications at all now due to very high volume.

Do you think any lenders are offering rates of 3% or less for self-employed, or would they likely be higher?

Seeking 30 year low/no cost
Loan amount 240k - 35/65 LTV
840 credit score
15 years in same business
Stable income, business not affected in current environment

Any suggestions?

Thanks.
Pessimist55
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Post by Pessimist55 »

I had a horrible experience w loan depot
Called their 800 number. Their bouncer took my basic info then fwd my call to a loan specialist. I told the guy what I wanted and he kept on wanting to do an app for me. Kept on wanting my email my current loan terms. I was explicit in telling him that I only needed a rate quote. I was not interested in doing an app not willing to give SSN for a credit inquiry.
I provided all the pertinent info for a quote, even gave my address! I bet they want this detailed info to sell my data or get on their mailing list.

He hung up on me after I repeated a second time that I ain't providing my SSN or license.

Avoid Jesse Kuhn so cal rep.
3of10
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Re:

Post by 3of10 »

Pessimist55 wrote: Wed Jul 29, 2020 5:51 pm I had a horrible experience w loan depot
Called their 800 number. Their bouncer took my basic info then fwd my call to a loan specialist. I told the guy what I wanted and he kept on wanting to do an app for me. Kept on wanting my email my current loan terms. I was explicit in telling him that I only needed a rate quote. I was not interested in doing an app not willing to give SSN for a credit inquiry.
I provided all the pertinent info for a quote, even gave my address! I bet they want this detailed info to sell my data or get on their mailing list.

He hung up on me after I repeated a second time that I ain't providing my SSN or license.

Avoid Jesse Kuhn so cal rep.
If you wanted an LE (which is what you should be asking for), you needed to provide them with your SSN as one of the required items.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

NDS wrote: Wed Jul 29, 2020 5:24 pm Are the Amex credits (for better and/or quicken) expired?
Don't know about Quicken. Amex credits for Better expired on 7/25.
Pessimist55
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Re: Re:

Post by Pessimist55 »

Am on phone w watermark. They ain't asking for my SSN. Not my first rodeo at this. Just wanted an estimate. Not locking an app
He could have just told me to go pound sand from the get go than hang up on me 5min into the call
3of10 wrote: Wed Jul 29, 2020 5:59 pm
Pessimist55 wrote: Wed Jul 29, 2020 5:51 pm I had a horrible experience w loan depot
Called their 800 number. Their bouncer took my basic info then fwd my call to a loan specialist. I told the guy what I wanted and he kept on wanting to do an app for me. Kept on wanting my email my current loan terms. I was explicit in telling him that I only needed a rate quote. I was not interested in doing an app not willing to give SSN for a credit inquiry.
I provided all the pertinent info for a quote, even gave my address! I bet they want this detailed info to sell my data or get on their mailing list.

He hung up on me after I repeated a second time that I ain't providing my SSN or license.

Avoid Jesse Kuhn so cal rep.
If you wanted an LE (which is what you should be asking for), you needed to provide them with your SSN as one of the required items.
[ quote fixed by admin LadyGeek]
rascott
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Re: Re:

Post by rascott »

Pessimist55 wrote: Wed Jul 29, 2020 6:28 pm Am on phone w watermark. They ain't asking for my SSN. Not my first rodeo at this. Just wanted an estimate. Not locking an app
He could have just told me to go pound sand from the get go than hang up on me 5min into the call
3of10 wrote: Wed Jul 29, 2020 5:59 pm
Pessimist55 wrote: Wed Jul 29, 2020 5:51 pm I had a horrible experience w loan depot
Called their 800 number. Their bouncer took my basic info then fwd my call to a loan specialist. I told the guy what I wanted and he kept on wanting to do an app for me. Kept on wanting my email my current loan terms. I was explicit in telling him that I only needed a rate quote. I was not interested in doing an app not willing to give SSN for a credit inquiry.
I provided all the pertinent info for a quote, even gave my address! I bet they want this detailed info to sell my data or get on their mailing list.

He hung up on me after I repeated a second time that I ain't providing my SSN or license.

Avoid Jesse Kuhn so cal rep.
If you wanted an LE (which is what you should be asking for), you needed to provide them with your SSN as one of the required items.
[ quote fixed by admin LadyGeek]


They need a credit score to give you an actual real LE. They can probably give you a unofficial estimate based upon your stated credit score.

That said...... you can run as many hard pulls as you like during a 14 day period and it only counts as one.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

WannabeEarlyRetiree wrote: Wed Jul 29, 2020 3:40 pm A total noob question: if lenders credit exceeds D+E, can the extra amount be used to pay for F (prepaid interests and tax)?
Yes! The extra can be used for F and G, reduce the loan balance or even cash back (up to a certain amount). Some lenders (like Lenderfi) don't appear to offer you credits higher than D+E. Better did for me.
Pessimist55
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Re: Refinance Mega Thread

Post by Pessimist55 »

Im not looking for "LE". I just want some rough estimates. I don't get why this can't be provided. Many fees are fixed title county fees etc. Many sites online provide ' estimate' w the basic info like how Lenderfi does it. If I like It I will proceed. Had been 2 weeks since LF closed 'closed shop' don't want a hard inquiry until I can compare estimates.
Lastly if he ain't Willi to give it he could have just told me if u dun give me xyZ I can't help you. I would have been perfectly ok w it than having wasted time then get disconnected mid way
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BrandonBogle
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Post by BrandonBogle »

BrandonBogle wrote: Tue Jul 28, 2020 1:32 pm For me it was easy. However, lot of people are having trouble IMO because of how they are going about it.

Two things to remember about them - the loan officer is not the one completing a Loan Estimate for you and instead some compliance team does it. Thus, it is not immediate. If you push, the loan officer may do it, but remember that they work on commission and the compliance team works on salary, so you will get lots of pushback to get an official LE from the loan officer. The compliance team will get you one within 3 business days. I applied on a Friday and I had the LE on Tuesday.

The second thing is that they will not include lender credits until you lock the rate. Their justification is that pricing changes from day to day or even hour to hour. So any unlocked estimate is already out of date. The rate you can get, but you may have to get more/less credits or pay more/less in points. So they just don't bother. However, there is no penalty to locking the rate with them. You aren't even giving them an intent to proceed, just locking.

The lack of immediacy and the unfounded fear of locking a rate with a lender is what caused 90%+ of the grief IMO.
Reposting for kicks. This is about Watermark, but also applies to other lenders.
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BrandonBogle
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Post by BrandonBogle »

Pessimist55 wrote: Wed Jul 29, 2020 7:04 pm Im not looking for "LE". I just want some rough estimates. I don't get why this can't be provided. Many fees are fixed title county fees etc. Many sites online provide ' estimate' w the basic info like how Lenderfi does it. If I like It I will proceed. Had been 2 weeks since LF closed 'closed shop' don't want a hard inquiry until I can compare estimates.
Lastly if he ain't Willi to give it he could have just told me if u dun give me xyZ I can't help you. I would have been perfectly ok w it than having wasted time then get disconnected mid way
Loan Depot provided me their estimate sheet without running My credit, no problem. To get the Loan Estimate, I unfroze my report and had them pull it.
ipiscean
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Re: Refinance Mega Thread

Post by ipiscean »

ChiKid24 wrote: Tue Jul 28, 2020 10:00 pm
ipiscean wrote: Tue Jul 28, 2020 9:11 pm This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
1) A+B+C+E represent loan cost categories that appear on an official loan estimate. Lenders are required to send you one within 3 days of you completing an application. In your case, it could be the $4,000+ you were quoted, but lenders sometimes differ on their nomenclature so without an official loan estimate it is hard to tell.
A: Origination Charges. Sometimes referred to as "Points". You want this to be $0
B: Services You Cannot Shop For. Includes things like an appraisal, credit report, flood certification, tax service, verification fees. The big one in this category is the appraisal, which could be $400-$600. Ideally you want this to be waived which can happen if your LTV is low enough and/or you had an appraisal done recently
C: Services You Can Shop For. This covers all your title fees, like lender's title insurance, settlement fee, deed preparation. These vary by market. In SoCal they are about $1,000-$1,500.
E: Taxes and Other Government Fees. This covers recording fees and state transfer taxes

2) I think Better could do better. That is their motto afterall. I don't think you would get the Amex promo since it is expired. But no harm in checking with them to see what they can offer. You'll need to send them your official loan estimate from TD Bank within 24 hours of receiving for them to match/beat.

3) People have posted back door links to get into Lenderfi's application which avoids the home page. Might be worth exploring as they do appear to be offering the best terms currently, at least in my case and others. No harm in checking with others like Northpointe, Loan Depot, Loan Cabin, Watermark, UWM. Once you've had one hard credit pull you can apply to others within a certain timeframe (15 days +/-) without it incrementally impacting your credit score.

Good luck!
Thanks for the detailed explanation. I got my LE from LenderFi.
Loan amount - $520K (52% LTV)
Rate: 2.75%
A+B+C+E = $1235 with $1295 lender credits (means -$60) - I know the lingo now :)

My LE only shows $60 for the Transfer and Government fees and around $5400 for prepaid taxes/escrow.
Is that correct? I am assuming the transfer taxes and other fees should be more like $2K.

I called Better to see if they can give me the AmEx offer but they declined because it has expired.
Will let everyone know if I get better rates from Better.com or Watermark.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

ipiscean wrote: Wed Jul 29, 2020 8:18 pm
ChiKid24 wrote: Tue Jul 28, 2020 10:00 pm
ipiscean wrote: Tue Jul 28, 2020 9:11 pm This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
1) A+B+C+E represent loan cost categories that appear on an official loan estimate. Lenders are required to send you one within 3 days of you completing an application. In your case, it could be the $4,000+ you were quoted, but lenders sometimes differ on their nomenclature so without an official loan estimate it is hard to tell.
A: Origination Charges. Sometimes referred to as "Points". You want this to be $0
B: Services You Cannot Shop For. Includes things like an appraisal, credit report, flood certification, tax service, verification fees. The big one in this category is the appraisal, which could be $400-$600. Ideally you want this to be waived which can happen if your LTV is low enough and/or you had an appraisal done recently
C: Services You Can Shop For. This covers all your title fees, like lender's title insurance, settlement fee, deed preparation. These vary by market. In SoCal they are about $1,000-$1,500.
E: Taxes and Other Government Fees. This covers recording fees and state transfer taxes

2) I think Better could do better. That is their motto afterall. I don't think you would get the Amex promo since it is expired. But no harm in checking with them to see what they can offer. You'll need to send them your official loan estimate from TD Bank within 24 hours of receiving for them to match/beat.

3) People have posted back door links to get into Lenderfi's application which avoids the home page. Might be worth exploring as they do appear to be offering the best terms currently, at least in my case and others. No harm in checking with others like Northpointe, Loan Depot, Loan Cabin, Watermark, UWM. Once you've had one hard credit pull you can apply to others within a certain timeframe (15 days +/-) without it incrementally impacting your credit score.

Good luck!
Thanks for the detailed explanation. I got my LE from LenderFi.
Loan amount - $520K (52% LTV)
Rate: 2.75%
A+B+C+E = $1235 with $1295 lender credits (means -$60) - I know the lingo now :)

My LE only shows $60 for the Transfer and Government fees and around $5400 for prepaid taxes/escrow.
Is that correct? I am assuming the transfer taxes and other fees should be more like $2K.

I called Better to see if they can give me the AmEx offer but they declined because it has expired.
Will let everyone know if I get better rates from Better.com or Watermark.
The government fees vary by state. In some states it might be $2k+ (I read it may be substantially more in NYC) in some others less than $200.
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

JimmyD wrote: Wed Jul 29, 2020 4:24 pm
4th and Inches wrote: Wed Jul 29, 2020 4:20 pm What is everyone's experience with https://www.loancabin.com/? Do they offer credits with a higher rates that make them no cost? The rates I see have around $4k in closing costs.
Reached out to them a week ago and haven't heard a thing, so I've written them off.
Yeah, I called & it said their voicemail was full. So that was the end of it.
NoGambleNoFuture
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Re: Refinance Mega Thread

Post by NoGambleNoFuture »

Can someone please repost the backdoor lenderfi link?
User avatar
anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

NoGambleNoFuture wrote: Wed Jul 29, 2020 8:28 pm Can someone please repost the backdoor lenderfi link?
https://app.lenderfi.com/
NoGambleNoFuture
Posts: 330
Joined: Tue Feb 02, 2016 8:17 pm

Re: Refinance Mega Thread

Post by NoGambleNoFuture »

anon_investor wrote: Wed Jul 29, 2020 8:32 pm
NoGambleNoFuture wrote: Wed Jul 29, 2020 8:28 pm Can someone please repost the backdoor lenderfi link?
https://app.lenderfi.com/
Tyvm 🙏🏻
Pessimist55
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Re: Refinance Mega Thread

Post by Pessimist55 »

Your post further proves my point the heads up to avoid Jesse Kuhn for those in California.

BrandonBogle wrote: Wed Jul 29, 2020 7:08 pm
Pessimist55 wrote: Wed Jul 29, 2020 7:04 pm Im not looking for "LE". I just want some rough estimates. I don't get why this can't be provided. Many fees are fixed title county fees etc. Many sites online provide ' estimate' w the basic info like how Lenderfi does it. If I like It I will proceed. Had been 2 weeks since LF closed 'closed shop' don't want a hard inquiry until I can compare estimates.
Lastly if he ain't Willi to give it he could have just told me if u dun give me xyZ I can't help you. I would have been perfectly ok w it than having wasted time then get disconnected mid way
Loan Depot provided me their estimate sheet without running My credit, no problem. To get the Loan Estimate, I unfroze my report and had them pull it.
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Pessimist55 wrote: Wed Jul 29, 2020 9:57 pm Your post further proves my point the heads up to avoid Jesse Kuhn for those in California.

BrandonBogle wrote: Wed Jul 29, 2020 7:08 pm
Pessimist55 wrote: Wed Jul 29, 2020 7:04 pm Im not looking for "LE". I just want some rough estimates. I don't get why this can't be provided. Many fees are fixed title county fees etc. Many sites online provide ' estimate' w the basic info like how Lenderfi does it. If I like It I will proceed. Had been 2 weeks since LF closed 'closed shop' don't want a hard inquiry until I can compare estimates.
Lastly if he ain't Willi to give it he could have just told me if u dun give me xyZ I can't help you. I would have been perfectly ok w it than having wasted time then get disconnected mid way
Loan Depot provided me their estimate sheet without running My credit, no problem. To get the Loan Estimate, I unfroze my report and had them pull it.
Perhaps, but I did not ask them to "provide me an estimate", but instead asked "what is the rate and cost?". No excuse for them to hang up on you (they are known to be a bit pushy like used-car salesmen), but I can see hearing "estimate" and getting stuck trying to do a loan estimate vs. a "Loan Detail & Fee Worksheet".

Image
sharker10
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Re: Refinance Mega Thread

Post by sharker10 »

anon_investor wrote: Wed Jul 29, 2020 3:35 pm
BrandonBogle wrote: Wed Jul 29, 2020 3:22 pm
anon_investor wrote: Wed Jul 29, 2020 3:15 pm Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
Did you apply by selecting "choose" on an offered rate from the website?
Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
I received the emails you mentioned above and got the official LE from them and its still just 2.875% with 3.3k needed to close unfortunately. They did waive the appraisal.. but I think 3.3k is still too much to make it worth it. Looking to sell in the next 3 years or so.
C-man23
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Re: Refinance Mega Thread

Post by C-man23 »

BrandonBogle wrote: Wed Jul 29, 2020 7:06 pm
BrandonBogle wrote: Tue Jul 28, 2020 1:32 pm For me it was easy. However, lot of people are having trouble IMO because of how they are going about it.

Two things to remember about them - the loan officer is not the one completing a Loan Estimate for you and instead some compliance team does it. Thus, it is not immediate. If you push, the loan officer may do it, but remember that they work on commission and the compliance team works on salary, so you will get lots of pushback to get an official LE from the loan officer. The compliance team will get you one within 3 business days. I applied on a Friday and I had the LE on Tuesday.

The second thing is that they will not include lender credits until you lock the rate. Their justification is that pricing changes from day to day or even hour to hour. So any unlocked estimate is already out of date. The rate you can get, but you may have to get more/less credits or pay more/less in points. So they just don't bother. However, there is no penalty to locking the rate with them. You aren't even giving them an intent to proceed, just locking.

The lack of immediacy and the unfounded fear of locking a rate with a lender is what caused 90%+ of the grief IMO.
Reposting for kicks. This is about Watermark, but also applies to other lenders.
How far do you have to get with Watermark to get a loan estimate?
Do I need to upload all of my documents (tax records, W2, paystub, account statements, etc.) before they will provide one?

They are offering the best rate by far (2.25% on a 15 year fixed with about $900 out of pocket to close) that I would like to have Loan Depot (currently 2.625% on a 15 year fixed with $900 credit applied to prepaids) match since I am so far in the process with LD. It just seems like it is pulling teeth to get the LE from Watermark based on all the other places I spoke to.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

sharker10 wrote: Thu Jul 30, 2020 6:31 am
anon_investor wrote: Wed Jul 29, 2020 3:35 pm
BrandonBogle wrote: Wed Jul 29, 2020 3:22 pm
anon_investor wrote: Wed Jul 29, 2020 3:15 pm Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
Did you apply by selecting "choose" on an offered rate from the website?
Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
I received the emails you mentioned above and got the official LE from them and its still just 2.875% with 3.3k needed to close unfortunately. They did waive the appraisal.. but I think 3.3k is still too much to make it worth it. Looking to sell in the next 3 years or so.
How high do you need to bump the rate up to to get enough lender credits to cover costs in sections D+E? Once those sections are covered, it is a true no cost, and if you can get a better rate than what you're currently paying, you will start saving money at month 1.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

MrJedi wrote: Thu Jul 30, 2020 7:44 am
sharker10 wrote: Thu Jul 30, 2020 6:31 am
anon_investor wrote: Wed Jul 29, 2020 3:35 pm
BrandonBogle wrote: Wed Jul 29, 2020 3:22 pm
anon_investor wrote: Wed Jul 29, 2020 3:15 pm Did you submit an actual app yet or is that just the website quote? I just closed this week on a 2.75% 30yr fixed no cost refi with LenderFi. When I initially applied a few weeks ago the quote on the website indicated only a 3% 30 yr fixed no cost refi. After I submitted the app, the LE I received offered me the 2.75% 30 year fixed no cost rate. So there may be a disconnect as to what they website shows and what they will actually offer.
Did you apply by selecting "choose" on an offered rate from the website?
Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
I received the emails you mentioned above and got the official LE from them and its still just 2.875% with 3.3k needed to close unfortunately. They did waive the appraisal.. but I think 3.3k is still too much to make it worth it. Looking to sell in the next 3 years or so.
How high do you need to bump the rate up to to get enough lender credits to cover costs in sections D+E? Once those sections are covered, it is a true no cost, and if you can get a better rate than what you're currently paying, you will start saving money at month 1.
+1. sharker10, contact LenderFi to see how much you would have to move up in rate for more credits to get a true no cost refi.
wootwoot
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Re: Refinance Mega Thread

Post by wootwoot »

BrandonBogle wrote: Wed Jul 29, 2020 11:18 pm
Pessimist55 wrote: Wed Jul 29, 2020 9:57 pm Your post further proves my point the heads up to avoid Jesse Kuhn for those in California.

BrandonBogle wrote: Wed Jul 29, 2020 7:08 pm
Pessimist55 wrote: Wed Jul 29, 2020 7:04 pm Im not looking for "LE". I just want some rough estimates. I don't get why this can't be provided. Many fees are fixed title county fees etc. Many sites online provide ' estimate' w the basic info like how Lenderfi does it. If I like It I will proceed. Had been 2 weeks since LF closed 'closed shop' don't want a hard inquiry until I can compare estimates.
Lastly if he ain't Willi to give it he could have just told me if u dun give me xyZ I can't help you. I would have been perfectly ok w it than having wasted time then get disconnected mid way
Loan Depot provided me their estimate sheet without running My credit, no problem. To get the Loan Estimate, I unfroze my report and had them pull it.
Perhaps, but I did not ask them to "provide me an estimate", but instead asked "what is the rate and cost?". No excuse for them to hang up on you (they are known to be a bit pushy like used-car salesmen), but I can see hearing "estimate" and getting stuck trying to do a loan estimate vs. a "Loan Detail & Fee Worksheet".

Image
That APR compared to the rate is awful.
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