Refinance Mega Thread

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Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

thrillhou wrote: Thu Aug 06, 2020 10:50 pm
mcdb84 wrote: Wed Aug 05, 2020 11:55 pm Hey guys,

Just locked in a 2.5% conventional 30 year fixed with Owning.com.

Since I have over 50% equity, they didn't charge me the 0.25% origination charge.

Absolutely no closing costs at all: No origination, No title charges, No recording charges. They gave me lender credit of $1104.00 to cover all costs.

Only costs for me is prepaid interest of 15 days, which total $406.00

I was in shock that this was completely free! I actually am refinancing from a VA 30 year fixed, which I closed back in May 2020, into this conventional loan and opted to not escrow my taxes and insurance.

Total loan amount is $389400.00
I finally pulled the trigger and applied online to a few places (Owning, LC, LenderFi through link here, Better, and WaterMark).

Loan: 316k (318 if they pulled the last month's info), looking for 15 yr
So Cal; LTV ~35%, ~800 credit score, co-applied with DW
Have never had an escrow account for the 7 yr of origin and now current mortgage loans. I prefer not to have it.

LC asked for all sorts of info about employer, etc upfront. Would love to know their offer, but won't hold my breath for a quick response based on what others here have written.

Owning called within minutes of submission.
I called the LO back about 40 min later, and we talked for a while. She said having an escrow account doesn't change their offer. She is planning for a closing by the end of August. Because my loan was less then $350k (which is in their webpage disclosures for their advertised rate of 2.25%), she said I would get a no-cost rate at 2.375%. I asked about cash-out to get to $350k, and she said it's possible, but there is a 1.5% fee on the entire loan amount for a cash-out to then drop to 2.25% (I haven't checked any math there, but I'm 99% sure that $5.2k isn't worth the 1/8th point in rate).

I got the LE tonight. Rate is listed as 2.25%!
Loan amount: $316,000
A: $0
B: $507
C: $788
D (total): $1295
(E&F for reference to folks)
E: $153
F: $119 (6 days at 2.25%)
G: $0
I (total): $272
J: $120; So, Lender Credit listed as $1447.

They have the month older balance, so the cash to close is $2220 instead of $120. I know that the total will wash out in the end in this regard.

It's not clear if they are going to have an appraisal or not. Need to ask about it. I know it's covered, but I'd prefer not to have someone come to the house and take the time to deal with that.

I now need to send the required docs and make sure this is locked. (7.25 yr ago I missed some super-low -- for the time -- 30 yr rates by about a week, so am happy with bird in hand here)

Because the close so fast and no-cost, I'm thinking that the speed of it all is valuable to me - and it's a great rate to boot.

Anything else I need to think about?


(the web offers for LF and better were at about $0 cost at 2.5%. And the website for better went from credit to points for 2.5% in the last 4 hours)
I think you’re at a rock bottom rate for the times.
PoemMan
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Re: Refinance Mega Thread

Post by PoemMan »

So far my lowest offered rate was from Ameris Bank. When researching reviews of this bank, I found that they are very poor. Has anyone used them for a mortgage loan or had any experience with them?

Thank you.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jbell3124 wrote: Thu Aug 06, 2020 9:01 pm BrandonBogle- Yes, I did apply before the deadline, so I am still eligible for the AMEX $2500. Here's hoping Better will match the best offer I can get.
As for the LE from Watermark, I got an "Itemized Fee Worksheet" that has a loan # on it and lender credits. Is this technically not the same thing? Are you guessing it won't suffice for Better to consider ? Thanks for all of your wisdom on this thread.
On my first and second refi with Better, that was sufficient (for the first match at least). With my third refi, I was told it explicitly has to be a loan estimate.
quizzer25
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Owning Vs Loan Cabin

Post by quizzer25 »

My current 15 year rate is 2.75% that i refinanced in March/Apr this year. Looking at rates in Loan Cabin and Owning I see LC is 2% and Owning 2.25%.

I believe Owning is true zero cost. Not sure about LC's closing cost. I selected "Waive Escrow" in both.

If I apply to both, will I have time to look at LC's closing cost to see if its better than Owning?

Has anyone applied to both Owning and LC share experience?

Thanks
mlb491
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Re: Refinance Mega Thread

Post by mlb491 »

Does anyone have a good cash out refi leads? My father wants to do this in so cal.
Credit >740
Property value: 1.9 million
current loan: 243,000 @ 3.875 (21 years left)
He wants to do a cash out refi of $200,000.
Location: so cal
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gas_balloon
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Re: Refinance Mega Thread

Post by gas_balloon »

Had anyone here been successful recently in finding good (under 3% with cost under $1,000) re-fi rates for rental properties (in California)?

All the quotes I'm getting are either asking for $7K+ in closing cost, it higher interest rate.
mrken
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Re: Refinance Mega Thread

Post by mrken »

Is Better charging everybody in CA the $75 SB 2 Building Homes and Jobs Act fee as part of the recording fee?
GOV 27388.1. (a) exempts owner-occupiers from the fee:
(2) The fee described in paragraph (1) shall not be imposed on any of the following documents:
(B) Any real estate instrument, paper, or notice recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier.
z91
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Re: Refinance Mega Thread

Post by z91 »

I'm in CA and have a 375k balance. I re-financed six months ago @ 3.375% 30y fixed which I thought was amazing; they also tossed in an extra $1500 on my principal after the second month. I saw rates shoot down again, so since it's been six months I contacted another broker this morning whom I worked with a few times and got quoted 2.625% for a 30y fixed (no cost, including appraisal costs). Pulled all the paperwork this morning and working through it now, hopefully I can lock it in soon, as I suspect rates will start to go up soon.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

KB8KB24 wrote: Thu Aug 06, 2020 5:07 pm Appreciate all the info I have gotten in this thread!

Currently in the underwriting process for

30 Year Fix
2.49 % Rate
Escrow
Zero closing costs and appraisal waived
Loan Cabin
Credit Score around 800
I am trying to get LoanCabin to give me a quote but they are not very responsive. Did you go through their online application process or did you call and circumvent this? How responsive was LC for you? How did your quote compare to what you would have entered on their listed closing fees/rates from the website? Loan Cabin is by far the best pricing on cash-out refinancing that I've seen (at least via their site) so I would like to use them.
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sapphire96
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Re: Refinance Mega Thread

Post by sapphire96 »

FiscallyResponsible wrote: Fri Aug 07, 2020 7:32 am
KB8KB24 wrote: Thu Aug 06, 2020 5:07 pm Appreciate all the info I have gotten in this thread!

Currently in the underwriting process for

30 Year Fix
2.49 % Rate
Escrow
Zero closing costs and appraisal waived
Loan Cabin
Credit Score around 800
I am trying to get LoanCabin to give me a quote but they are not very responsive. Did you go through their online application process or did you call and circumvent this? How responsive was LC for you? How did your quote compare to what you would have entered on their listed closing fees/rates from the website? Loan Cabin is by far the best pricing on cash-out refinancing that I've seen (at least via their site) so I would like to use them.
I tried applying to loan cabin via online. I then tried both email and phone call and got an automated response that the they are working on 7/23 applications, sounds like they are backlogged.

On an related note, got a LE of 2.25% 15 year ~$2,000 cost through Loan Depot... waiting to hear back from Amerisave and Quicken.
Keep interest as your friend, not your foe. | Use money as a tool for bettering your life, not squandering it. | Stay the course, don’t deviate from it.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

sapphire96 wrote: Fri Aug 07, 2020 7:44 am
FiscallyResponsible wrote: Fri Aug 07, 2020 7:32 am
KB8KB24 wrote: Thu Aug 06, 2020 5:07 pm Appreciate all the info I have gotten in this thread!

Currently in the underwriting process for

30 Year Fix
2.49 % Rate
Escrow
Zero closing costs and appraisal waived
Loan Cabin
Credit Score around 800
I am trying to get LoanCabin to give me a quote but they are not very responsive. Did you go through their online application process or did you call and circumvent this? How responsive was LC for you? How did your quote compare to what you would have entered on their listed closing fees/rates from the website? Loan Cabin is by far the best pricing on cash-out refinancing that I've seen (at least via their site) so I would like to use them.
I tried applying to loan cabin via online. I then tried both email and phone call and got an automated response that the they are working on 7/23 applications, sounds like they are backlogged.

On an related note, got a LE of 2.25% 15 year ~$2,000 cost through Loan Depot... waiting to hear back from Amerisave and Quicken.
LC online quoting 2.375% for 30 year w/< $1000 loan costs/points and 150k cash out to 80% LTV. All other cash out offers I've seen are nearly 3%.
findx
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Re: Refinance Mega Thread

Post by findx »

mark77 wrote: Fri Jul 31, 2020 8:33 am
findx wrote: Fri Jul 31, 2020 8:04 am
mark77 wrote: Fri Jul 31, 2020 7:03 am Thanks to everyone for all the great information!
I love that everyone is getting low rates with lender credits to cover (A+B+C).
From the posts I have read, it seems where i live (Pennsylvania) has some higher Title fees (C) than others.
I know I can slide up the scale to get more credits to cover them, but i also want to try to push for the best rate at "no cost".
Working on a 20yr at 2.75% from LenderFi, but the ~$2k in credits still wont cover the $3475 of (A+B+C).
The 30yr was offering way lower credits, thats why we are focused on a 20yr.
Anyone in PA recently have better luck?
I'm in MA and locked 2.625% 20 year ~400k last week with LenderFi with $200 closing costs for me after the lender credits. Hope this helps.
Thanks, definitely helps to know there is some room for me to work!
If you wouldn't mind sharing, what was the $ amount of your lender credits that made you end up with $200 closing costs?
I think that is where my mileage may vary when comparing to others in this thread.
D(A+B+C)+E was about ~$1400, LC ~1200
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sapphire96
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Re: Refinance Mega Thread

Post by sapphire96 »

FiscallyResponsible wrote: Fri Aug 07, 2020 7:50 am
sapphire96 wrote: Fri Aug 07, 2020 7:44 am
FiscallyResponsible wrote: Fri Aug 07, 2020 7:32 am
KB8KB24 wrote: Thu Aug 06, 2020 5:07 pm Appreciate all the info I have gotten in this thread!

Currently in the underwriting process for

30 Year Fix
2.49 % Rate
Escrow
Zero closing costs and appraisal waived
Loan Cabin
Credit Score around 800
I am trying to get LoanCabin to give me a quote but they are not very responsive. Did you go through their online application process or did you call and circumvent this? How responsive was LC for you? How did your quote compare to what you would have entered on their listed closing fees/rates from the website? Loan Cabin is by far the best pricing on cash-out refinancing that I've seen (at least via their site) so I would like to use them.
I tried applying to loan cabin via online. I then tried both email and phone call and got an automated response that the they are working on 7/23 applications, sounds like they are backlogged.

On an related note, got a LE of 2.25% 15 year ~$2,000 cost through Loan Depot... waiting to hear back from Amerisave and Quicken.
LC online quoting 2.375% for 30 year w/< $1000 loan costs/points and 150k cash out to 80% LTV. All other cash out offers I've seen are nearly 3%.
I really wish I can hear back from LC... curious to hear what they car offer. I’ve gotten similar online unofficial estimates on their site.
Keep interest as your friend, not your foe. | Use money as a tool for bettering your life, not squandering it. | Stay the course, don’t deviate from it.
Shikoku
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Location: USA

Re: Refinance Mega Thread

Post by Shikoku »

z91 wrote: Fri Aug 07, 2020 1:26 am I suspect rates will start to go up soon.
It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this yesterday: "Rates expected to stay near record lows, but can’t fall much further. The Federal Reserve’s renewed commitment to support lending will likely keep rates low, but new records may be hard to break as lenders struggle to handle the influx of new applications."
"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
Qw1221wq
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Re: Refinance Mega Thread

Post by Qw1221wq »

Shikoku wrote: Fri Aug 07, 2020 8:31 am
z91 wrote: Fri Aug 07, 2020 1:26 am I suspect rates will start to go up soon.
It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this yesterday: "Rates expected to stay near record lows, but can’t fall much further. The Federal Reserve’s renewed commitment to support lending will likely keep rates low, but new records may be hard to break as lenders struggle to handle the influx of new applications."
Rates arent going up. They'll be below 2% soon.
mark77
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Location: PA

Re: Refinance Mega Thread

Post by mark77 »

findx wrote: Fri Aug 07, 2020 7:57 am
mark77 wrote: Fri Jul 31, 2020 8:33 am
findx wrote: Fri Jul 31, 2020 8:04 am
mark77 wrote: Fri Jul 31, 2020 7:03 am Thanks to everyone for all the great information!
I love that everyone is getting low rates with lender credits to cover (A+B+C).
From the posts I have read, it seems where i live (Pennsylvania) has some higher Title fees (C) than others.
I know I can slide up the scale to get more credits to cover them, but i also want to try to push for the best rate at "no cost".
Working on a 20yr at 2.75% from LenderFi, but the ~$2k in credits still wont cover the $3475 of (A+B+C).
The 30yr was offering way lower credits, thats why we are focused on a 20yr.
Anyone in PA recently have better luck?
I'm in MA and locked 2.625% 20 year ~400k last week with LenderFi with $200 closing costs for me after the lender credits. Hope this helps.
Thanks, definitely helps to know there is some room for me to work!
If you wouldn't mind sharing, what was the $ amount of your lender credits that made you end up with $200 closing costs?
I think that is where my mileage may vary when comparing to others in this thread.
D(A+B+C)+E was about ~$1400, LC ~1200
Ahh, thanks.
For me, D(A+B+C)+E was about ~$3700, with Lender Credit of $2030.
But again, this was almost 3 weeks ago now and cant get ahold of anyone to discuss at all.
jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 »

Eric76 wrote: Wed Aug 05, 2020 9:44 pm
Cash is King wrote: Wed Aug 05, 2020 11:12 am
Bandit390 wrote: Wed Aug 05, 2020 10:24 am
Eric76 wrote: Tue Aug 04, 2020 10:43 pm I locked with LenderFi a couple of weeks ago at 2.75% with a $2200 lender credit. Looking at about $1600 in closing costs (not including pre-paids and escrow). This is apparently a pretty mediocre deal right now. Can I renegotiate with them on an already locked rate, or do I need to let the lock expire and start over? I was advised my loan just went to processing today.
I locked with them a while back at 2.875% no cost closing. I'm closing this friday and plan to go through with it. I'm taking what I can get and deal with a lower rate down the road. This is my second refinance this year. I went from 4.25% --> 3.5% -->2.875%
Eric,
It never hurts to ask. The worst they can say is no. You can cancel your refinance today and you have three days after you close to cancel. I would suggest you try and get Lenderfi to give you a true no cost but that's your call.
I'm going to ask once I hear from the processor. I'm curious if anybody has had luck with this approach.
I've read all ~100 pages of this thread and the corresponding slickdeals thread and everyone who reported trying to get LenderFI to float down the rate after locking said it didn't work. 1 or 2 people said LenderFI got mad that they were "shopping around" and abruptly cancelled the refinance. I personally had 2.875% locked with LenderFI and got a no cost 2.625% offer from LC so I just told LF to cancel and moved forward with LC. Since LF requires waiting 6 months to refi again I didn't want to risk rates going up in 6 months.
mighty72
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Re: Refinance Mega Thread

Post by mighty72 »

My experience with lenderfi was not so good. The fees went up, not by much. I would have been fine with that. But they sent me an updated LE with additional fees rolled in the loan so and payment went down as newer payoff from my existing lender was lower. They never mentioned that things changed. When I asked to keep the original cost, they just went quiet.
I am waiting on loan cabin, I applied last week and got no information yet
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

jimmyrules712 wrote: Fri Aug 07, 2020 10:13 am I've read all ~100 pages of this thread
You are a trooper!!!
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

jimmyrules712 wrote: Fri Aug 07, 2020 10:13 am I've read all ~100 pages of this thread and the corresponding slickdeals thread and everyone who reported trying to get LenderFI to float down the rate after locking said it didn't work. 1 or 2 people said LenderFI got mad that they were "shopping around" and abruptly cancelled the refinance. I personally had 2.875% locked with LenderFI and got a no cost 2.625% offer from LC so I just told LF to cancel and moved forward with LC. Since LF requires waiting 6 months to refi again I didn't want to risk rates going up in 6 months.
I did not apply to LenderFi simply because of their clawback policy. LD, LC, WM, and Better gave me similar quote last week 2.5% 30yr A+B+C+E plus $400-$700 prepaid interest covered by the lender credit. This indicates that four of the well-talked about lenders pretty much gave identical quote. Only Better has seen quotes from others.
"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
texascrane
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Re: Refinance Mega Thread

Post by texascrane »

lookasquirrel wrote: Thu Aug 06, 2020 12:44 pm
texascrane wrote: Wed Aug 05, 2020 12:58 pm
spbos wrote: Wed Aug 05, 2020 12:36 pm
texascrane wrote: Tue Aug 04, 2020 8:50 pm Thanks to this thread I applied with LenderFi. I’m in Texas and locked in a 30 year at 2.375 with no points.
Zero closing?
$1900 plus funding my escrow to close.
Did you apply after they were temporarily not taking new applications but went through the app.lenderfi link? How long from submitting to them responding? Did they give you any credits? Waive appraisal?
Appraisal was waived. I applied last week using the backdoor link. It took them maybe 3 business days to get back to me. The $1900 is net after $500 in lender credits.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

Shikoku wrote: Sat Aug 01, 2020 2:48 pm
BrandonBogle wrote: Sat Aug 01, 2020 2:14 pm
Shikoku wrote: Sat Aug 01, 2020 1:37 pm We are in a good interest rate environment where many forum members are getting excellent deals from Better. I am curious about business model of Better.
  1. Why Better beats some LE but not others?
  2. Is the $2,500 AMEX credit built in the Better's pricing model? Better should make a profit even after giving AMEX credit. Otherwise, lights will be off!
  3. If Better declines to beat an LE, does that indicate the LE is pretty close to the best deal in that market condition?
Please note I numbered your list above to make it easier to answer.
  1. The pool of investors they can sell your loan to while meeting company policies w.r.t. to profitability of the loan, the expected output of the loan officer, and the overall volume with the lender. There likely are other factors as well, but I would call those the main ones.
  2. In a way, yes. Think of it as part of discretionary, marketing budget. It isn't directly in the pricing model, but it is a 'pot' the loan officers tap to offset some costs. Similar to how car dealerships may have a cost for an individual car, but based on volume that month, they will have an extra pot of profitability they can use to improve deals.
  3. Not necessarily. The individual loan officer may have met their pipeline/volume goals for the month and not be approved for tapping the pot anymore. It could be that Better has so much volume that this is a way of stopping new apps like how LenderFi is simply preventing people from applying (for the most part). It could also be that the loan officer has extinguished how much of that pot they have access to.
As an example to #3, in my case, they did not fully match Watermark's offer pre-credit. Instead, they were $500 higher from Watermark. I proceeded anyways since I would still be $2k ahead in the end. So now my loan officer did their part and I'm working with the processor. The processor has their own access to a pot of "marketing" dollars for concessions. This may/may not be the same pot the loan officer had access to, but it would be using the processor's "allotment" of such dollars. So I engaged the processor for a match/beat and immediately got a concession to match my competing offer. This was also days apart, so market changes may have also helped my case.
Thank you, BrandonBogle. Your insight makes sense.

You mentioned that loan processors also have a pot of money to give concessions. This is totally new to me. Surprise never ends!

I took two different LEs to Better one week apart with 30yr @ 2.625% rate with loan size little less than 400K with LTV 72% and 800+ credit score. After conversation, I understand that my LEs were about 1K better than their best offer even after taking AMEX credit into consideration. Without AMEX credit, my LEs were 3.5K better than their best offer. So we kind of parted away for the moment but AMEX deal is still available to me until August 24th.
BrandonBogle,
I want to thank you for the insight that you have provided in response to my questions. Based on your insight and some other success stories, I locked with Better with $9K cost for A+B+C+E. The Loan Processor then matched competing LEs twice as they came in. I was confirmed by the LO that I am eligible for the AMEX credit. We will see if the loan closes by the AMEX deadline. At least I am locked at 2.5% 30yr with A+B+C+E plus some prepaid interest covered by the lender credits. This is probably the best deal I can get at this moment. I owe you a lunch and a beer too! :beer
"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
coconutpolito
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Re: Refinance Mega Thread

Post by coconutpolito »

Loan cabin just lowered the 30 and 25 yr fixed to 2.375%!
TheMightyQuinn
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Re: Refinance Mega Thread

Post by TheMightyQuinn »

coconutpolito wrote: Fri Aug 07, 2020 11:55 am Loan cabin just lowered the 30 and 25 yr fixed to 2.375%!
It's 2.25% now...
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

TheMightyQuinn wrote: Fri Aug 07, 2020 12:05 pm
coconutpolito wrote: Fri Aug 07, 2020 11:55 am Loan cabin just lowered the 30 and 25 yr fixed to 2.375%!
It's 2.25% now...
but with how many points??
KATNYC
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Re: Refinance Mega Thread

Post by KATNYC »

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/
This was helpful to learn they don't do loans in NY.
Log Cabin also doesn't do loan in NY.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

pianos101 wrote: Fri Aug 07, 2020 12:07 pm
TheMightyQuinn wrote: Fri Aug 07, 2020 12:05 pm
coconutpolito wrote: Fri Aug 07, 2020 11:55 am Loan cabin just lowered the 30 and 25 yr fixed to 2.375%!
It's 2.25% now...
but with how many points??
I've been seeing 2.25% around 1200 in points for 410k loan. 3k in points at same rate for 150k cash out :shock: .
brownie1022
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Re: Refinance Mega Thread

Post by brownie1022 »

Looking for some help understanding things, I've read through a great deal of this thread but something still isn't clicking. We have $435K remaining on a 30 year 3.875% mortgage, $510K initial purchase, current value is ~$575K.

Loan Depot quoted me the following:
$443K loan, 25 years at 2.625%, $1,470 in lender credits, $2,092 back to us at closing. They've waived the appraisal, so no fee there (and that means a guarantee we can knock off $110 per month PMI which is awesome).

I'm trying to get quotes from LenderFi and New American too, but just on Loan Depot: that loan amount seems high, right? I told the loan officer I don't want to have to bring money to the table but why am I getting back $2K rather than it being a $441K mortgage?

Also when people say A+B+C+D etc what are the letters referring to?

I'm hoping to finish this off today, anyone have any thoughts/help on this?

THANKS!
Last edited by brownie1022 on Fri Aug 07, 2020 12:34 pm, edited 1 time in total.
Bandit390
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Re: Refinance Mega Thread

Post by Bandit390 »

z91 wrote: Fri Aug 07, 2020 1:26 am I'm in CA and have a 375k balance. I re-financed six months ago @ 3.375% 30y fixed which I thought was amazing; they also tossed in an extra $1500 on my principal after the second month. I saw rates shoot down again, so since it's been six months I contacted another broker this morning whom I worked with a few times and got quoted 2.625% for a 30y fixed (no cost, including appraisal costs). Pulled all the paperwork this morning and working through it now, hopefully I can lock it in soon, as I suspect rates will start to go up soon.
I said the same thing when I refinanced earlier this year at 3.5%. Now I'm closing today at 2.875% and see people now getting 2.5%. What will it be next month? 2.25%?
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

brownie1022 wrote: Fri Aug 07, 2020 12:22 pm Looking for some help understanding things, I've read through a great deal of this thread but something still isn't clicking. We have $435K remaining on a 30 year 3.875% mortgage, $510K initial purchase, current value is ~$575K.

Loan Depot quoted me the following:
$443K loan, 25 years at 2.625%, $2,092 in lender credits. They've waived the appraisal, so no fee there (and that means a guarantee we can knock off $110 per month PMI which is awesome).

I'm trying to get quotes from LenderFi and New American too, but just on Loan Depot: that loan amount seems high, right? I told the loan officer I don't want to have to bring money to the table but $8k buffer on loan amount + $2K in lender credits, no appraisal fee, escrow refund not accounted for, it seems like an estimated $10k+ closing ($443 new loan - $435 old loan + $2k credit)?

I'm hoping to finish this off today, anyone have any thoughts/help on this?

THANKS!
Not necessarily. What are your prepaids? I locked with LD and their lender credit (5k) more than compensates for the origination fee, title insurance, and taxes. If you tell us the A+B+C+E+lender credit explicitly we can make a better determination.
blackwhisker
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Re: Refinance Mega Thread

Post by blackwhisker »

Shikoku wrote: Fri Aug 07, 2020 10:32 am I did not apply to LenderFi simply because of their clawback policy. LD, LC, WM, and Better gave me similar quote last week 2.5% 30yr A+B+C+E plus $400-$700 prepaid interest covered by the lender credit. This indicates that four of the well-talked about lenders pretty much gave identical quote. Only Better has seen quotes from others.
I haven't not been following this thread. What is the "clawback policy"? Could you also tell me what WM is?
Thanks.
Last edited by blackwhisker on Fri Aug 07, 2020 12:29 pm, edited 1 time in total.
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pianos101
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Post by pianos101 »

blackwhisker wrote: Fri Aug 07, 2020 12:26 pm
Shikoku wrote: Fri Aug 07, 2020 10:32 am I did not apply to LenderFi simply because of their clawback policy. LD, LC, WM, and Better gave me similar quote last week 2.5% 30yr A+B+C+E plus $400-$700 prepaid interest covered by the lender credit. This indicates that four of the well-talked about lenders pretty much gave identical quote. Only Better has seen quotes from others.
I haven't not been following this thread. What is the "clawback policy"? Could you also tell me what are LD, LC, WM? Is LD Loan Depot?
Thanks.
LD = Loan Depot
LC = Loan Cabin
LF = LenderFi
WM = WaterMark
LO = Loan Originator/Officer

clawback policy is that Lender Fi has a disclosure that says if you refinance (with anyone) within 180 days of closing with them, they have the right to come back to you to get their lender credit back. Supposedly it's to protect their profit when selling your loan. But no one has been able to prove they will invoke it (here or on the LenderFi thread).
blackwhisker
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Re: Refinance Mega Thread

Post by blackwhisker »

pianos101 wrote: Fri Aug 07, 2020 12:27 pm
blackwhisker wrote: Fri Aug 07, 2020 12:26 pm
Shikoku wrote: Fri Aug 07, 2020 10:32 am I did not apply to LenderFi simply because of their clawback policy. LD, LC, WM, and Better gave me similar quote last week 2.5% 30yr A+B+C+E plus $400-$700 prepaid interest covered by the lender credit. This indicates that four of the well-talked about lenders pretty much gave identical quote. Only Better has seen quotes from others.
I haven't not been following this thread. What is the "clawback policy"? Could you also tell me what are LD, LC, WM? Is LD Loan Depot?
Thanks.
LD = Loan Depot
LC = Loan Cabin
LF = LenderFi
WM = WaterMark
LO = Loan Originator/Officer

clawback policy is that Lender Fi has a disclosure that says if you refinance (with anyone) within 180 days of closing with them, they have the right to come back to you to get their lender credit back. Supposedly it's to protect their profit when selling your loan. But no one has been able to prove they will invoke it (here or on the LenderFi thread).
Thank you so much for answering my questions pianos101!
brownie1022
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Re: Refinance Mega Thread

Post by brownie1022 »

pianos101 wrote: Fri Aug 07, 2020 12:24 pm Not necessarily. What are your prepaids? I locked with LD and their lender credit (5k) more than compensates for the origination fee, title insurance, and taxes. If you tell us the A+B+C+E+lender credit explicitly we can make a better determination.
Hi - I edited my post a bit, got a little more info which helps things:
-Lender credit is actually $1,470, the $2080 is cash due to me at closing.

I'm not sure what ABCE are (?) but closing fees are $1,806 (after lender credit), prepaids are $2,733 - does thta help? Thanks again!
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Re: Refinance Mega Thread

Post by pianos101 »

brownie1022 wrote: Fri Aug 07, 2020 12:37 pm
pianos101 wrote: Fri Aug 07, 2020 12:24 pm Not necessarily. What are your prepaids? I locked with LD and their lender credit (5k) more than compensates for the origination fee, title insurance, and taxes. If you tell us the A+B+C+E+lender credit explicitly we can make a better determination.
Hi - I edited my post a bit, got a little more info which helps things:
-Lender credit is actually $1,470, the $2080 is cash due to me at closing.

I'm not sure what ABCE are (?) but closing fees are $1,806 (after lender credit), prepaids are $2,733 - does thta help? Thanks again!
Do you have an actual loan estimate from them? If so, the letters are the boxes for each set of fees. The prepaids, interest prorated and taxes/insurance are a given so they should not count towards the cost of the loan.
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Re: Refinance Mega Thread

Post by ChantingThrone »

Hello,
PA resident here trying to refinance $200K on a house worth $350K. Was offered 2.375%, 30-year fixed, with net closing cost of $3500, no appraisal. Initial offers from Better.com and LenderFi are more expensive. Is this a good offer, or should I shop around more?

Thanks in advance!
brownie1022
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Re: Refinance Mega Thread

Post by brownie1022 »

pianos101 wrote: Fri Aug 07, 2020 12:39 pm
brownie1022 wrote: Fri Aug 07, 2020 12:37 pm
pianos101 wrote: Fri Aug 07, 2020 12:24 pm Not necessarily. What are your prepaids? I locked with LD and their lender credit (5k) more than compensates for the origination fee, title insurance, and taxes. If you tell us the A+B+C+E+lender credit explicitly we can make a better determination.
Hi - I edited my post a bit, got a little more info which helps things:
-Lender credit is actually $1,470, the $2080 is cash due to me at closing.

I'm not sure what ABCE are (?) but closing fees are $1,806 (after lender credit), prepaids are $2,733 - does thta help? Thanks again!
Do you have an actual loan estimate from them? If so, the letters are the boxes for each set of fees. The prepaids, interest prorated and taxes/insurance are a given so they should not count towards the cost of the loan.
Sorry no LE I just have a fee worksheet (whatever that is?) -
$1,595 Origination
$675 Title ins
$600 Title closing fee
$327 - other fees
($1,470) discount points
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pianos101
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Post by pianos101 »

brownie1022 wrote: Fri Aug 07, 2020 12:58 pm
pianos101 wrote: Fri Aug 07, 2020 12:39 pm
brownie1022 wrote: Fri Aug 07, 2020 12:37 pm
pianos101 wrote: Fri Aug 07, 2020 12:24 pm Not necessarily. What are your prepaids? I locked with LD and their lender credit (5k) more than compensates for the origination fee, title insurance, and taxes. If you tell us the A+B+C+E+lender credit explicitly we can make a better determination.
Hi - I edited my post a bit, got a little more info which helps things:
-Lender credit is actually $1,470, the $2080 is cash due to me at closing.

I'm not sure what ABCE are (?) but closing fees are $1,806 (after lender credit), prepaids are $2,733 - does thta help? Thanks again!
Do you have an actual loan estimate from them? If so, the letters are the boxes for each set of fees. The prepaids, interest prorated and taxes/insurance are a given so they should not count towards the cost of the loan.
Sorry no LE I just have a fee worksheet (whatever that is?) -
$1,595 Origination
$675 Title ins
$600 Title closing fee
$327 - other fees
($1,470) discount points
That sounds totally fine. Not sure why the loan amount is different. Maybe you entered it wrong in the application and they think the balance is 445?
ddurrett896
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Post by ddurrett896 »

Navy Federal. Moving from a 30 year 3.625% to 15 year 2.5% (no points)

Title - Settlement/Esxrow Fee: $470
Title - Lenders Coverage Prem: $269
Title - Search Fee: $145
Recording Fees and Other Taxes: $116
Transfer Tax: 419
Total Fees: $1,419

Homeowner Insurance: $1,325
Property Tax ($226.56 x 7 months): $1,586
Total Escrow: $2,911
spbos
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Re: Refinance Mega Thread

Post by spbos »

For zero closing, zero points, no cash-out, 510000, 60% LTV, 30-year loan, can I say 2.5% is the best rate available now? Please help. I am about to pull the trigger. Thank you.
brownie1022
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Re: Refinance Mega Thread

Post by brownie1022 »

pianos101 wrote: Fri Aug 07, 2020 1:00 pm
brownie1022 wrote: Fri Aug 07, 2020 12:58 pm
pianos101 wrote: Fri Aug 07, 2020 12:39 pm Do you have an actual loan estimate from them? If so, the letters are the boxes for each set of fees. The prepaids, interest prorated and taxes/insurance are a given so they should not count towards the cost of the loan.
Sorry no LE I just have a fee worksheet (whatever that is?) -
$1,595 Origination
$675 Title ins
$600 Title closing fee
$327 - other fees
($1,470) discount points
That sounds totally fine. Not sure why the loan amount is different. Maybe you entered it wrong in the application and they think the balance is 445?
Great, TY for the quick response!

I just talked to New American again, their LO (very nice gentleman) quoted me 2.875%, no points, waived appraisal, $1k off loan origination. I told him I had a bettter offer w/ a lender credit and he said 'if you're getting credits on a 2.875% I'd run with it, you're not going to beat that'. He busted a gut when I told him 2.625% with points :)

I'm not even gonna bother waiting on LenderFi (who I've been waiting on to make a final decision), this LD quote seems great and the clawback policy for LF isn't something I want worry about.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

spbos wrote: Fri Aug 07, 2020 1:05 pm For zero closing, zero points, no cash-out, 510000, 60% LTV, 30-year loan, can I say 2.5% is the best rate available now? Please help. I am about to pull the trigger. Thank you.
I have heard 2.375% no points from someone in this forum. If you can get loan cabin to respond, they probably beat it. 2.5% is close though.
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Post by spbos »

FiscallyResponsible wrote: Fri Aug 07, 2020 1:14 pm
spbos wrote: Fri Aug 07, 2020 1:05 pm For zero closing, zero points, no cash-out, 510000, 60% LTV, 30-year loan, can I say 2.5% is the best rate available now? Please help. I am about to pull the trigger. Thank you.
I have heard 2.375% no points from someone in this forum. If you can get loan cabin to respond, they probably beat it. 2.5% is close though.
Thank you for your reply. Loan cabin website (for my situation) says - 2.25% with $1,494 points. Not sure how much the closing costs will be. Any ballpark figure?
I was thinking 2.5%, no closing is probably better if I am going for another refi in the near future - say 2.25 no point / no closing or better offer.
FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible »

spbos wrote: Fri Aug 07, 2020 1:19 pm
FiscallyResponsible wrote: Fri Aug 07, 2020 1:14 pm
spbos wrote: Fri Aug 07, 2020 1:05 pm For zero closing, zero points, no cash-out, 510000, 60% LTV, 30-year loan, can I say 2.5% is the best rate available now? Please help. I am about to pull the trigger. Thank you.
I have heard 2.375% no points from someone in this forum. If you can get loan cabin to respond, they probably beat it. 2.5% is close though.
Thank you for your reply. Loan cabin website (for my situation) says - 2.25% with $1,494 points. Not sure how much the closing costs will be. Any ballpark figure?
I was thinking 2.5%, no closing is probably better if I am going for another refi in the near future - say 2.25 no point / no closing or better offer.
Your guess is as good as mine.... still waiting on quote from them.
mark77
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Re: Refinance Mega Thread

Post by mark77 »

ChantingThrone wrote: Fri Aug 07, 2020 12:51 pm Hello,
PA resident here trying to refinance $200K on a house worth $350K. Was offered 2.375%, 30-year fixed, with net closing cost of $3500, no appraisal. Initial offers from Better.com and LenderFi are more expensive. Is this a good offer, or should I shop around more?

Thanks in advance!
Sounds like a very good "no point" offer.
Mind sharing who it was from? I am from PA as well, and Title Insurance makes our total D+E higher than most others on this thread.
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Re: Refinance Mega Thread

Post by Kyune »

I have a contractor scheduled to replace siding on my house starting in two weeks, with a city permit being pulled. Will this interfere with the appraisal or any other part of the refinancing process if I begin now?

Currently at 53% LTV, 3.625% 30-year FRM. House valued over $1 million (CA Bay Area), so I assume an appraisal will be required.

I'm inclined to start now to grab these low rates but have never refinanced.
Niceperson77
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Re: Refinance Mega Thread

Post by Niceperson77 »

Where to apply for SMALL refinance in NC? $62k on equity loan at 5.7%....looking for $62k-130k. 800+ credit scores and excellent DTI.

Looking to help out my dear ol parents.....

Best I'm finding is:

1. 2.875% on a 15 with $2800 fees rolled in (Mutual Omaha)
2. 3.5% 15 yr with no fees (local credit union)
3. 2.5% 30 yr with $4k fees rolled in (Mutual Omaha)

These rates seem to suck. They (I'm) ready to lock in NOW.

They have never switched lenders in their life so this is huge for them lol.
jm1495
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Re: Refinance Mega Thread

Post by jm1495 »

Be cautious in starting a loan process with one company and jumping to another one to save a $100. I just spoke with a processor who provided a great rate but his company has now stopped taking leads that come through from bogleheads because of people jumping ship. As the phrase goes "Pigs get fat but hogs get slaughtered."
Qw1221wq
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Re: Refinance Mega Thread

Post by Qw1221wq »

Kyune wrote: Fri Aug 07, 2020 1:36 pm I have a contractor scheduled to replace siding on my house starting in two weeks, with a city permit being pulled. Will this interfere with the appraisal or any other part of the refinancing process if I begin now?

Currently at 53% LTV, 3.625% 30-year FRM. House valued over $1 million (CA Bay Area), so I assume an appraisal will be required.

I'm inclined to start now to grab these low rates but have never refinanced.
I wouldn't start it until your renovations are done. Especially if the contractor finds more damage and the appraiser is able to see it all. Rates are going down below 2%. The longer you wait the more you'll save.
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batpot
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Post by batpot »

Qw1221wq wrote: Fri Aug 07, 2020 2:24 pm Rates are going down below 2%. The longer you wait the more you'll save.
say who with the what now?
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