Refinance Mega Thread

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batpot
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Re: Refinance Mega Thread

Post by batpot »

jm1495 wrote: Fri Aug 07, 2020 2:23 pm 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."
Indeed.
It's one of the reasons refi rates are worse than purchase rates.
jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 »

jm1495 wrote: Fri Aug 07, 2020 2:23 pm 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."
How would a lender know if a borrow is a bogleheads forum member?
TanyTrojan
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Re: Refinance Mega Thread

Post by TanyTrojan »

Question - I have applied at multiple lenders (LC, LD, and LenderFI). I am planning to wait before locking, hoping to get a better rate.
Do you know how long my initial credit check will be valid for? I don't want another round of hard credit check when I actually lock the rate.

Thanks!
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

TanyTrojan wrote: Fri Aug 07, 2020 2:57 pm Question - I have applied at multiple lenders (LC, LD, and LenderFI). I am planning to wait before locking, hoping to get a better rate.
Do you know how long my initial credit check will be valid for? I don't want another round of hard credit check when I actually lock the rate.

Thanks!
I don't know how long it's "valid" for, but typically within 14 days multiple hard pulls count as one. I know that doesn't answer your question, but the answer has to be at least 3-4 weeks...
brownie1022
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Re: Refinance Mega Thread

Post by brownie1022 »

Appreciate all the help and info from this group. Just locked at 2.625% for 25 years, $1,700 in lender credits, appraisal waived, $250 off origination fee, no PMI. I'm psyched, a month ago I was just hoping to get 3 or below.
Burningmustard
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Re: Refinance Mega Thread

Post by Burningmustard »

Home Value $460,000
Current Loan $190,000 (PenFed year 2 of 5/1 at 2.8125%)
HELCO Balance $0 ($75K limit)

We are wanting to do an addition that would be about $85K. Will pay about $25K out of pocket and borrow the rest.

Is it better pay for the addition with the HELCO and then refinance the first and HELCO together in one mortgage after construction is complete?

or

Is it better to refinance the current mortgage with enough cash out to complete the addition before even starting. Knowing this would cancel the current HELCO.

TIA
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Shikoku wrote: Fri Aug 07, 2020 11:23 am 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
That is great to hear! Congrats! If you and I are both are the next Bogleheads in-person conference, just give me the Boglehead secret handshake and we’ll be good! :beer
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Niceperson77 wrote: Fri Aug 07, 2020 2:04 pm 2. 3.5% 15 yr with no fees (local credit union)
Take this one. After it is done, check again to see if something better is available. But it will be hard to find a great deal on such a low balance.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

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.
Please share lender!
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batpot
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Re: Refinance Mega Thread

Post by batpot »

Burningmustard wrote: Fri Aug 07, 2020 3:17 pm Home Value $460,000
Current Loan $190,000 (PenFed year 2 of 5/1 at 2.8125%)
HELCO Balance $0 ($75K limit)

We are wanting to do an addition that would be about $85K. Will pay about $25K out of pocket and borrow the rest.

Is it better pay for the addition with the HELCO and then refinance the first and HELCO together in one mortgage after construction is complete?

or

Is it better to refinance the current mortgage with enough cash out to complete the addition before even starting. Knowing this would cancel the current HELCO.

TIA
Rates are going to go up at least 3/8 point if you do cash out.
However, if rates are still low when you're done w/ your remodel (hard to say), then pay for it on the heloc now, and refi both loans into 1.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

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!
Please share lender!
Burningmustard
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Re: Refinance Mega Thread

Post by Burningmustard »

batpot wrote: Fri Aug 07, 2020 3:45 pm
Burningmustard wrote: Fri Aug 07, 2020 3:17 pm Home Value $460,000
Current Loan $190,000 (PenFed year 2 of 5/1 at 2.8125%)
HELCO Balance $0 ($75K limit)

We are wanting to do an addition that would be about $85K. Will pay about $25K out of pocket and borrow the rest.

Is it better pay for the addition with the HELCO and then refinance the first and HELCO together in one mortgage after construction is complete?

or

Is it better to refinance the current mortgage with enough cash out to complete the addition before even starting. Knowing this would cancel the current HELCO.

TIA
Rates are going to go up at least 3/8 point if you do cash out.
However, if rates are still low when you're done w/ your remodel (hard to say), then pay for it on the heloc now, and refi both loans into 1.
Thanks for the feedback. So refinancing the heloc and the first mortgage into one would not be considered a cash-out, but a standard refi. Therefore avoiding the rate hike of a cash out? I was unclear on that. Thanks!
fz583
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Re: Refinance Mega Thread

Post by fz583 »

I have a $175,000, 30 year, @ 4%, I'm 9 years into it, but have lived in this house 17 years, have done a few refi's, and will be here another 10-20 years. balance is $140,000, value is $350,000, In Mass. Was quoted 2.810% on a 20yr, 2.810% on a 17yr, and 2.625% on a 15yr, Credit is 800 and 820, offer from a local guy I went to school with, good guy, reason for the 17 yr is because I said I was looking for a 20 yr and would make my current payment and it would be paid in 17.5 years, anyways closing costs are $2200, $2600 if I need an appraisal which they don't think I will with a LTV of 40%, I'm thinking of taking the 20 yr for a smidge of added monthly payment flexibility and can close in 2-4 weeks, no points, no escrow needed and no rate change whether I do escrow or not, these seem to be the rates I keep getting in Mass. with a small loan value. How does this deal sound? I know its not the awesome rates and zero closing costs I keep reading about here but seems to be about the best I can do in Mass. Thanks for your opinions.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

jimmyrules712 wrote: Fri Aug 07, 2020 2:35 pm
jm1495 wrote: Fri Aug 07, 2020 2:23 pm 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."
How would a lender know if a borrow is a bogleheads forum member?
I had to write a letter of explanation for my bogleheads posts

Edit: just kidding ;)
SlippinJimmy
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Re: Refinance Mega Thread

Post by SlippinJimmy »

ChiKid24 wrote: Thu Aug 06, 2020 10:00 pm
BHLearner2020 wrote: Thu Aug 06, 2020 9:09 pm I have a question what happens if you walk away from a locked loan while it's still under writing because you got a better offer from another lender.

I know if you paid for appraisal then you won't get the money back.
Nothing happens. You're actually free to walk within three days AFTER signing your closing docs. You would be out any out of pocket expenses you already paid and might burn the bridge with that lender, but it's completely within your rights.
I'm in the same boat. Locked with my current lender about 45 days ago, but it's still in underwriting. Found this thread after the fact and reached out to WM and was quoted a rate .375 lower and 1k less in closing costs. Any additional things to be aware since the lender currently holds my mortgage? Also wondering what happens if I do an official loan application(s) (i.e. hard credit pull) to get the LE while being in underwriting with another lender. I contacted the lender working on the current refinance to see if they would match but have not heard back from them so am torn on what to do.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

davehica wrote: Thu Aug 06, 2020 3:31 pm Does anyone have names of lenders offering jumbo rates? I’ve checked with better, owning, and many of the others mentioned on the thread and no one is doing jumbos.

Curious if anyone has been successful getting a no-cost jumbo at 2.5 -2.625.

Or maybe I’m chasing unicorns...
Im researching and will let you know. So far I found 2.875. I want 2.5. If you find anything, can you please let me know? I’ll
gurusw
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Re: Refinance Mega Thread

Post by gurusw »

jm1495 wrote: Fri Aug 07, 2020 2:23 pm 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."
I am currently at 4.125%. I am in the same boat (or should I say jumping ship), although because my understanding of the system was incorrect.

Today I went to local mortgage agent, and was quoted 2.75% rate at no cost. I filled up online application, and also uploaded the W2s, Fed returns, bank stmt, etc. I was told that I will get my LE docs tomorrow (Saturday). He also said that the rate will be locked when the appraisal is ordered.

Since today's rates are lower, I was shopping, and Owning offered 2.99% at no cost. The mortgage originator was willing to give LE right away. So I thought of getting LE so that if the local agent messes up, I will at least have a backup. The Owning guy filled up application on the phone, and generated LE. He then proceeded to explain it to me as I logged onto their system, he and asked me to sign it. When I said I need time to sign, he was very upset for wasting his time. I said his rate is higher than another quote, and he said he will match it if I produce another LE. I was pressured to sign it after a while. He has now asked me to upload W2s, paystubs, bank stmt, etc.

However now I do not know who is the one exploited here!
1. As a member of BH, I really thought it's fair to get LE from multiple lenders before making the final decision. Was I wrong?
2. I am not sure whether I have to proceed with Owning now. Can I abort the process by not uploading the required docs. Will I be in trouble? That guy maybe calling me soon. If I upload the docs, and abort the process later; will that get me in trouble?
3. Even though the local agent is quoting me low rate, I wonder whether he should have asked my docs w/o LE. Is that fair? And can he realastically lock the quoted rate if his LE is not ready till Saturday?

This whole process is so confusing to me. And it gets more complicated as these are no-cost loans I guess. The Owning guy is not even asking for a deposit for appraisal. The whole process is kicking in after a few signatures. I just don't know how do I control it.
quizzer25
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Re: Refinance Mega Thread

Post by quizzer25 »

If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

Wait for the local agent's LE then compare the two and the higher one to match. sounds like you have not locked rate with Owning. Even after you locked, you can still back out assumed u did not sign anything that make u not able to back out - usually dont. Don't need to upload another to either of them. Look at the two LEs and then decide.
gurusw wrote: Fri Aug 07, 2020 6:55 pm
jm1495 wrote: Fri Aug 07, 2020 2:23 pm 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."
I am currently at 4.125%. I am in the same boat (or should I say jumping ship), although because my understanding of the system was incorrect.

Today I went to local mortgage agent, and was quoted 2.75% rate at no cost. I filled up online application, and also uploaded the W2s, Fed returns, bank stmt, etc. I was told that I will get my LE docs tomorrow (Saturday). He also said that the rate will be locked when the appraisal is ordered.

Since today's rates are lower, I was shopping, and Owning offered 2.99% at no cost. The mortgage originator was willing to give LE right away. So I thought of getting LE so that if the local agent messes up, I will at least have a backup. The Owning guy filled up application on the phone, and generated LE. He then proceeded to explain it to me as I logged onto their system, he and asked me to sign it. When I said I need time to sign, he was very upset for wasting his time. I said his rate is higher than another quote, and he said he will match it if I produce another LE. I was pressured to sign it after a while. He has now asked me to upload W2s, paystubs, bank stmt, etc.

However now I do not know who is the one exploited here!
1. As a member of BH, I really thought it's fair to get LE from multiple lenders before making the final decision. Was I wrong?
2. I am not sure whether I have to proceed with Owning now. Can I abort the process by not uploading the required docs. Will I be in trouble? That guy maybe calling me soon. If I upload the docs, and abort the process later; will that get me in trouble?
3. Even though the local agent is quoting me low rate, I wonder whether he should have asked my docs w/o LE. Is that fair? And can he realastically lock the quoted rate if his LE is not ready till Saturday?

This whole process is so confusing to me. And it gets more complicated as these are no-cost loans I guess. The Owning guy is not even asking for a deposit for appraisal. The whole process is kicking in after a few signatures. I just don't know how do I control it.
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

quizzer25 wrote: Fri Aug 07, 2020 7:31 pm If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
I posted yesterday, but here's a summary that might help answer:
I applied online to LC and Owning yesterday (Thursday) afternoon. Owning immediately called. It was a no-cost and everything looks great. Today, they emailed that tomorrow the closing disclosures will be sent and that starts the 3 day waiting period. Therefore, they are planning to close Wednesday evening. If that comes true it would be a 6 day process.

EDIT: Oh yeah; zero info or from LC. (WM emailed questions, LF reminded me I was in the middle of things, and better asked for a LE to match - but nothing for ~5 hr since sending it)

(For those with experience, if I'm missing something, please, PLEASE! :) , let me know)
gurusw
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Re: Refinance Mega Thread

Post by gurusw »

bgh11 wrote: Fri Aug 07, 2020 7:34 pm Wait for the local agent's LE then compare the two and the higher one to match. sounds like you have not locked rate with Owning. Even after you locked, you can still back out assumed u did not sign anything that make u not able to back out - usually dont. Don't need to upload another to either of them. Look at the two LEs and then decide.
Thanks.
No, I have not locked rate with Owning, the docs say "floating rate 2.99%".
I don't have to ask the higher one to match, right? I will just go with the lower one, since both are no-cost. Or are there other factors to consider?
The only thing is, even the 2nd LE may say "floating rate 2.75%". But then hopefully, even if the rates move before locking, the local agent stays 0.25% below Owning.
Qw1221wq
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Re: Refinance Mega Thread

Post by Qw1221wq »

BrandonBogle wrote: Fri Aug 07, 2020 3:25 pm
Shikoku wrote: Fri Aug 07, 2020 11:23 am 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
That is great to hear! Congrats! If you and I are both are the next Bogleheads in-person conference, just give me the Boglehead secret handshake and we’ll be good! :beer
No handshakes please.
KATNYC
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Re: Refinance Mega Thread

Post by KATNYC »

Qw1221wq wrote: Fri Aug 07, 2020 9:06 am
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.
I got a 1.99% 15 yr fixed quote today
NYC

2.875% 30 year fixed no points, $4,300 closing costs
2.375% 30 year fixed with discount points paid, $8,030 closing costs
2.625% 15 year fixed, $4,282 closing costs
1.99% 15 year fixed with discount points paid, $8,663 closing costs
proeddie
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Re: Refinance Mega Thread

Post by proeddie »

Thanks everyone this thread really helped me with my refi. I just locked in with Better for 2.5% 30 yr A+B+C+E of $1563 and a lender credit of $1181, and I am eligible for the Amex credit since I applied on 7/23.

Took a lot of back and forth with the different lenders but eventually they matched LenderFi.

Info:
SoCal
Loan amount $405,000
Existing rate 3.375% (refined with owning back in feb 2020).
nptit
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Re: Refinance Mega Thread

Post by nptit »

Just got a quote from a local lender(TX), here are the details:
  • 30 yrs fixed rate @2.625% no cost
  • 3700 credits are given to cover all the cost
  • loan remaining amount 440K



current mortgage
  • 15 yrs fixed rate @2.875%
  • loan starts at 469K


My ideal target rate is 2.5%, worth to wait for a bit?
Shikoku
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Location: USA

Re: Refinance Mega Thread

Post by Shikoku »

BrandonBogle wrote: Fri Aug 07, 2020 3:25 pm
Shikoku wrote: Fri Aug 07, 2020 11:23 am 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
That is great to hear! Congrats! If you and I are both are the next Bogleheads in-person conference, just give me the Boglehead secret handshake and we’ll be good! :beer
That sounds good! Thank you.
"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
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

technically, both can still change their % as they are not locked yet. Once you rec'd the LEs from them, you can compare them. If you like the local agent more and if he is higher, ask to see if he will willing to BEAT instead of just matching. Won't hurt to ask Owning to BEAT too. Other factor is how quick they can close. May want to hear from others here who have worked with Owning.
gurusw wrote: Fri Aug 07, 2020 7:42 pm
bgh11 wrote: Fri Aug 07, 2020 7:34 pm Wait for the local agent's LE then compare the two and the higher one to match. sounds like you have not locked rate with Owning. Even after you locked, you can still back out assumed u did not sign anything that make u not able to back out - usually dont. Don't need to upload another to either of them. Look at the two LEs and then decide.
Thanks.
No, I have not locked rate with Owning, the docs say "floating rate 2.99%".
I don't have to ask the higher one to match, right? I will just go with the lower one, since both are no-cost. Or are there other factors to consider?
The only thing is, even the 2nd LE may say "floating rate 2.75%". But then hopefully, even if the rates move before locking, the local agent stays 0.25% below Owning.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

Loan Cabin was unable to give me an LE within 13 days after I submitted all the legally required information. I, however, had a few e-mail exchanges with the Loan Officer to discuss rate and lender credit. On 13th day, I informed the LO that I no longer required an LE as I had already decided to lock with another lender. In spite of that, on 14th day I received an LE from them along with a set of standard disclosures. Those were followed by an e-mail from the LO stating that they were providing such information as per RESPA; there was also a crying emoji at the end of the e-mail message! Surprisingly, they had spiced the offer up a little bit by adding several hundred dollars in extra lender credits.

As I noted earlier, I pickup my food from drive through one minute after ordering. I surprised myself by waiting for 13 days for an LE!
"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
blablabla0010
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Re: 2.375 VS 2.5, lenderfi vs better.com

Post by blablabla0010 »

Jags4186 wrote: Thu Aug 06, 2020 12:19 pm
blablabla0010 wrote: Thu Aug 06, 2020 11:34 am Avid reader, but asking my first question
Thank you for all the experts in the house. [/color]

I have 2.375% from Lenderfi for 20 years on 500k in Maryland no closing costs, no excrow, zero out of pocket cost

Better.com will not match, but will increase lender credits to $-4999 at 2.5%, and then there is the Amex $2500 from better.com (on my loan estimate from them, there is just enough money to pay for A,B,C, D, E and F{prepaid interest and 6 months of property taxes} and 534 out of pocket to cover the rest. F is likely the same what ever lender you use anyways, right?

The difference in lifetime interest from 2.375% to 2.5% is $7000

The difference in monthly payments is $33

I want to go with Lenderfi, but what am I missing?

Also, with no excrow, how can I maximize that lenders credit? Is there a way to add it to one time prepaid for taxes or use it to pay down my principal?
What is the cash difference between the two? If your closing costs are roughly $1500, then the Better deal gives you $6000 in exchange for a 0.125% higher rate. I would take the $6k in a heartbeat.

I think I'll go with better, any amount in hand is worth the amortized savings over 20 years
davehica
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Re: Refinance Mega Thread

Post by davehica »

Soares1234 wrote: Fri Aug 07, 2020 6:39 pm
davehica wrote: Thu Aug 06, 2020 3:31 pm Does anyone have names of lenders offering jumbo rates? I’ve checked with better, owning, and many of the others mentioned on the thread and no one is doing jumbos.

Curious if anyone has been successful getting a no-cost jumbo at 2.5 -2.625.

Or maybe I’m chasing unicorns...
Im researching and will let you know. So far I found 2.875. I want 2.5. If you find anything, can you please let me know? I’ll
Absolutely. Divide and conquer.
psychoslowmatic
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Re: Refinance Mega Thread

Post by psychoslowmatic »

fz583 wrote: Fri Aug 07, 2020 4:13 pm I have a $175,000, 30 year, @ 4%, I'm 9 years into it, but have lived in this house 17 years, have done a few refi's, and will be here another 10-20 years. balance is $140,000, value is $350,000, In Mass. Was quoted 2.810% on a 20yr, 2.810% on a 17yr, and 2.625% on a 15yr, Credit is 800 and 820, offer from a local guy I went to school with, good guy, reason for the 17 yr is because I said I was looking for a 20 yr and would make my current payment and it would be paid in 17.5 years, anyways closing costs are $2200, $2600 if I need an appraisal which they don't think I will with a LTV of 40%, I'm thinking of taking the 20 yr for a smidge of added monthly payment flexibility and can close in 2-4 weeks, no points, no escrow needed and no rate change whether I do escrow or not, these seem to be the rates I keep getting in Mass. with a small loan value. How does this deal sound? I know its not the awesome rates and zero closing costs I keep reading about here but seems to be about the best I can do in Mass. Thanks for your opinions.
This sounds pretty good for a low balance. I'm in NH, same situation with a low balance. Options I'm thinking about are a Third Federal $295 closing costs loan or refi'ing my primary to a HELOC. Eastern Bank and Tower FCU both offer 2.75% no cost HELOCs and if you pay it down you still have access to the credit, if they don't close it. It's aggressive but I'm close to paying it off and can afford the downside, if you're the same you could look at one of those options.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Shikoku wrote: Fri Aug 07, 2020 9:06 pm Loan Cabin was unable to give me an LE within 13 days after I submitted all the legally required information. I, however, had a few e-mail exchanges with the Loan Officer to discuss rate and lender credit. On 13th day, I informed the LO that I no longer required an LE as I had already decided to lock with another lender. In spite of that, on 14th day I received an LE from them along with a set of standard disclosures. Those were followed by an e-mail from the LO stating that they were providing such information as per RESPA; there was also a crying emoji at the end of the e-mail message! Surprisingly, they had spiced the offer up a little bit by adding several hundred dollars in extra lender credits.

As I noted earlier, I pickup my food from drive through one minute after ordering. I surprised myself by waiting for 13 days for an LE!
At least you got one, I haven’t gotten any
beastykato
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Re: Refinance Mega Thread

Post by beastykato »

I just came across this thread so I still have quite a bit of reading to do. I’ve seen that rates are heavily dependent on your loan balance it seems and since my loan is only 116k I may not be able to get the best rate?

I gotta read thru and see where everyone is going for these good mortgage rates. I’m currently in a USDA loan in my original 30y loan of 140k. I’m 7.5 years in and pay 3.25% and .5% PMI, I assume that just effectively makes it 3.75%

My current offers are a USDA streamline at 2.75% with ~4K closing costs, no appraisal, .35% PMI instead of current .5%. As before I assume this makes it 3.1% effective?

Quicken offered me 2.99% conventional 30y, ~4K closing, no appraisal . Supposed to get back to me with a 20y offer which I assume will be 2.75%.

None of these are astronomically lower than what I currently have. I don’t mind the meager PMI on USDA, especially given the government protections that were afforded to it during this pandemic. I do have 781 credit score so I should be able to get good conventional rates tho. Should I be looking for rates at 2.75 and lower with my score?
fz583
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Re: Refinance Mega Thread

Post by fz583 »

psychoslowmatic wrote: Fri Aug 07, 2020 11:16 pm
fz583 wrote: Fri Aug 07, 2020 4:13 pm I have a $175,000, 30 year, @ 4%, I'm 9 years into it, but have lived in this house 17 years, have done a few refi's, and will be here another 10-20 years. balance is $140,000, value is $350,000, In Mass. Was quoted 2.810% on a 20yr, 2.810% on a 17yr, and 2.625% on a 15yr, Credit is 800 and 820, offer from a local guy I went to school with, good guy, reason for the 17 yr is because I said I was looking for a 20 yr and would make my current payment and it would be paid in 17.5 years, anyways closing costs are $2200, $2600 if I need an appraisal which they don't think I will with a LTV of 40%, I'm thinking of taking the 20 yr for a smidge of added monthly payment flexibility and can close in 2-4 weeks, no points, no escrow needed and no rate change whether I do escrow or not, these seem to be the rates I keep getting in Mass. with a small loan value. How does this deal sound? I know its not the awesome rates and zero closing costs I keep reading about here but seems to be about the best I can do in Mass. Thanks for your opinions.
This sounds pretty good for a low balance. I'm in NH, same situation with a low balance. Options I'm thinking about are a Third Federal $295 closing costs loan or refi'ing my primary to a HELOC. Eastern Bank and Tower FCU both offer 2.75% no cost HELOCs and if you pay it down you still have access to the credit, if they don't close it. It's aggressive but I'm close to paying it off and can afford the downside, if you're the same you could look at one of those options.
Thanks for the reply, Seems like about as good a deal as I can find, been reading this thread for weeks now and am amazed at some of the deals people are getting. Seems like a different game in the northeast especially with a smaller loan.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

bgh11 wrote: Fri Aug 07, 2020 7:34 pm Even after you locked, you can still back out assumed u did not sign anything that make u not able to back out - usually dont.
Emphasis mine. By law, there is no such document. S/he can back out at any time up to three days AFTER closing.

Now if you meant doing so without any costs, then yes, s/he could sign something that certain costs already paid are gone.
thrillhou wrote: Fri Aug 07, 2020 7:38 pm
quizzer25 wrote: Fri Aug 07, 2020 7:31 pm If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
I posted yesterday, but here's a summary that might help answer:
I applied online to LC and Owning yesterday (Thursday) afternoon. Owning immediately called. It was a no-cost and everything looks great. Today, they emailed that tomorrow the closing disclosures will be sent and that starts the 3 day waiting period. Therefore, they are planning to close Wednesday evening. If that comes true it would be a 6 day process.

EDIT: Oh yeah; zero info or from LC. (WM emailed questions, LF reminded me I was in the middle of things, and better asked for a LE to match - but nothing for ~5 hr since sending it)

(For those with experience, if I'm missing something, please, PLEASE! :) , let me know)
<explicative!!> That is seriously fast and the fastest I’ve ever heard of. Sweet!! Congrats.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

My refi was completed 7/14. Waiting on my Amex.
1st payment is due Sept 1st.

I’ve been reading this thread to see where rates are at. I was planning to sit on the sideline until I get my Amex credit but after reading some post, I couldn’t resist. I emailed a lender.

The offer was 2.5 for either 20years or 30years. No closing. No escrow. She will try to get the appraisal waived. If not, then it’s $500. Which I’m going to try to get them to eat it.

I originally started from 4.3 to a 2.875.

This is a .375 difference. No LE yet until I apply.
The difference is worth the couple hours of work.

I’ll refi again if rates continue to drop.

My only concern is If I apply, get a LE and closed before I make my 1st payment before sept 1st(1st refi). Would that mess up my Amex credit from my 1st refi?
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

Familyman2012 wrote: Sat Aug 08, 2020 8:10 am My refi was completed 7/14. Waiting on my Amex.
1st payment is due Sept 1st.

I’ve been reading this thread to see where rates are at. I was planning to sit on the sideline until I get my Amex credit but after reading some post, I couldn’t resist. I emailed a lender.

The offer was 2.5 for either 20years or 30years. No closing. No escrow. She will try to get the appraisal waived. If not, then it’s $500. Which I’m going to try to get them to eat it.

I originally started from 4.3 to a 2.875.

This is a .375 difference. No LE yet until I apply.
The difference is worth the couple hours of work.

I’ll refi again if rates continue to drop.

My only concern is If I apply, get a LE and closed before I make my 1st payment before sept 1st(1st refi). Would that mess up my Amex credit from my 1st refi?
I read the AMEX credit policy of Better, and nowhere it says that if you refinance before your first payment, you will not receive the credit. So far, I have not seen anyone to post that they have not received the credit because they have refinanced too soon or they have not received the expected credit for one reason or other. May be not many people on this forum are willing to gamble $2,500! So most are probably holding tight until the credit is issued even though the rate has gone down -- just my guess.
"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
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NORDO
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Re: Refinance Mega Thread

Post by NORDO »

Still working with Better, LC, and our current lender to see where we end up. LC has been far from responsive, but I've been able to leverage their LE to push the other two lower. $268K, 79% LTV, 30 year, no escrow.


We're currently locked at 2.500% with Better and moving into underwriting. I applied before 7/25 so we'll get the $2500 AMEX credit.

Better @ 2.500% = $1250 total cost
Local @ 2.375% = $665 total cost (and ~$17/mo savings)

I'm still trying to extract more money from Better; they're obviously already ahead in out-of-pocket costs when you factor in the AMEX credit and they won't match the 2.375% since it's not available on my rate sheet with them.


Regardless, we'll be closing with Better as it's a net profit (and ~9 years to make up the difference via the monthly payment savings) and refi again in a few months if rates continue to stay low.

Fun times to play the mortgage game, that's for sure.
bot
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Re: Refinance Mega Thread

Post by bot »

Lender: Loan Depot, Loan Amount 400k LTV ~60% FICO 800+
Locked a 15 yr refinance @ 2.25% with 0 closing costs to me (I'm ok with paying out of pocket $1K for prepaids/escrow)

Very excited and feel like this is a great deal coming from a 30 yr 3.875% mortgage. However, Loan Depot is asking for "online account verification" to have "view only" access to our statements to speed along the process. I would have to enter my user ID and password for my bank and other financial institutions which makes me uncomfortable.

Has anyone gone through this with Loan Depot or other similar large online lender and have any insight?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

bot wrote: Sat Aug 08, 2020 12:14 pm Lender: Loan Depot, Loan Amount 400k LTV ~60% FICO 800+
Locked a 15 yr refinance @ 2.25% with 0 closing costs to me (I'm ok with paying out of pocket $1K for prepaids/escrow)

Very excited and feel like this is a great deal coming from a 30 yr 3.875% mortgage. However, Loan Depot is asking for "online account verification" to have "view only" access to our statements to speed along the process. I would have to enter my user ID and password for my bank and other financial institutions which makes me uncomfortable.

Has anyone gone through this with Loan Depot or other similar large online lender and have any insight?


I definitely would not give them access, just give them pdf copies of statements. I closed on refis with Ally (1.5 weeks lock to close) and LenderFi (less than 3 weeks initial app to close) this year by only providing pdf statements, so Loan Depot definitely should be able to process a refi with pdf statements too.
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NORDO
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Re: Refinance Mega Thread

Post by NORDO »

anon_investor wrote: Sat Aug 08, 2020 12:21 pm
bot wrote: Sat Aug 08, 2020 12:14 pm Lender: Loan Depot, Loan Amount 400k LTV ~60% FICO 800+
Locked a 15 yr refinance @ 2.25% with 0 closing costs to me (I'm ok with paying out of pocket $1K for prepaids/escrow)

Very excited and feel like this is a great deal coming from a 30 yr 3.875% mortgage. However, Loan Depot is asking for "online account verification" to have "view only" access to our statements to speed along the process. I would have to enter my user ID and password for my bank and other financial institutions which makes me uncomfortable.

Has anyone gone through this with Loan Depot or other similar large online lender and have any insight?


I definitely would not give them access, just give them pdf copies of statements. I closed on refis with Ally (1.5 weeks lock to close) and LenderFi (less than 3 weeks initial app to close) this year by only providing pdf statements, so Loan Depot definitely should be able to process a refi with pdf statements too.
Yeah, I agree. I just logged into all my necessary accounts to save out PDF statements from the past 2 months.
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Goosh
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Re: Refinance Mega Thread

Post by Goosh »

Hi All,

sorry may be off topic, looking for suggestion please, trying to refinance rental property, balance is $290k at 3.25%
but loandepot shot me down saying there is no way to lower from that rate due it is investment property. Is it even true?


Thank you,
Goosh
somatikos
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Re: Refinance Mega Thread

Post by somatikos »

Does anyone have a lead on any competitive lenders in Missouri other than Better? I've reached out to Watermark a couple of weeks ago but still haven't heard back and LF, LC and Owning don't originate loans in Missouri. I applied within the AMEX deadline for Better but their initial quote isn't competitive and I need another solid quote to match. For no costs, my typical local broker had to go to 2.875% (which Better will match with the AMEX credit) but trying to get closer to some of the rates mentioned in this thread.

$290k loan amount, 77%ish LTV
topcatin
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Re: Refinance Mega Thread

Post by topcatin »

Hi we just closed our loan with Lenderfi today -

Loan - 208k
2.62% - 15 year- $1600 Lender Credit
Sec D - $1650
Paid for appraisal and $2k towards Prepaid/Escrow


Here is the timeline -
July 8 - Verbally Locked rate
July 13 - Received Locked rate in writing
July 16 - Loan processor assigned
July 20 - Moved to Underwriting
July 23 - In-house Appraisal
July 29 - Received Appraisal and loan is sent to underwriting to close the loan
July 31 - Received Pre-closing Disclosure stating closing is on Aug 4th.
Aug 1 - Signed the disclosures
Aug 8 - Notary came home and we closed the loan.

This thread has been helpful and a good refinance-101 for me. Special thanks to Cash is King,Chikid24,brandonbogle and anon_investor. :)
HappyJack
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Re: Refinance Mega Thread

Post by HappyJack »

Is it possible to refinance without having an in-home appraisal
HappyJack
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Re: Refinance Mega Thread

Post by HappyJack »

Is it possible to refinance without having an in-home appraisal
topcatin
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Re: Refinance Mega Thread

Post by topcatin »

HappyJack wrote: Sat Aug 08, 2020 3:43 pm Is it possible to refinance without having an in-home appraisal
I tried but had no luck.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

topcatin wrote: Sat Aug 08, 2020 3:25 pm Hi we just closed our loan with Lenderfi today -

Loan - 208k
2.62% - 15 year- $1600 Lender Credit
Sec D - $1650
Paid for appraisal and $2k towards Prepaid/Escrow

Here is the timeline -
July 8 - Verbally Locked rate
July 13 - Received Locked rate in writing
July 16 - Loan processor assigned
July 20 - Moved to Underwriting
July 23 - In-house Appraisal
July 29 - Received Appraisal and loan is sent to underwriting to close the loan
July 31 - Received Pre-closing Disclosure stating closing is on Aug 4th.
Aug 1 - Signed the disclosures
Aug 8 - Notary came home and we closed the loan.

This thread has been helpful and a good refinance-101 for me. Special thanks to Cash is King,Chikid24,brandonbogle and anon_investor. :)
If I had a 208k at 2.62% 15yr loan, I would tried to refinance again sometime soon. You are the only person be able to judge if that will make any sense in your case.
"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
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

topcatin wrote: Sat Aug 08, 2020 3:51 pm
HappyJack wrote: Sat Aug 08, 2020 3:43 pm Is it possible to refinance without having an in-home appraisal
I tried but had no luck.
"For an appraisal waiver to be considered, a prior appraisal must be found for the subject property in Fannie Mae’s CU data." And more...

Appraisal Waivers: Frequently Asked Questions
https://singlefamily.fanniemae.com/media/9456/display
"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
therealhunter
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Re: Refinance Mega Thread

Post by therealhunter »

Working with Better, LoanDepot and AmeriSave for refinancing a recent mortgage with balance $680k on a high rise condo at no cost. Current loan is 30 year fixed for 3% from last year and hence don't want pay anything out of pocket(other than escrow)

I have received offers for 2.625 at no cost. I'm trying to see if 2.375 or 2.5 is a possibility with no cost or minimal cost. Has anyone have got any recent experience with getting a rate 2.5 or lower with no cost?
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