Refinance Mega Thread

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JSDNJ
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Re: Refinance Mega Thread

Post by JSDNJ »

spbos wrote: Mon Aug 10, 2020 7:14 pm
JSDNJ wrote: Mon Aug 10, 2020 3:08 pm By the way I am working with some of the usual suspects. Is it customary to have to do a hard pull, and verify income in order to get a LE?

I just want to compare apples to apples and obviously a LE is the best way to do that, but I don’t want to run around getting hard pulls and verifying income a bunch of times.
credit pull is necessary for a LE. most of the lenders will give you a rate quite assuming a credit score.
Hard pull or soft?
new
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Re: Refinance Mega Thread

Post by new »

mcdb84 wrote: Mon Aug 10, 2020 3:53 pm
new wrote: Mon Aug 10, 2020 2:51 pm
mcdb84 wrote: Mon Aug 10, 2020 2:09 pm
new wrote: Mon Aug 10, 2020 1:09 pm Was anyone offered 2.5% from Owning and does not have 50% LTV? Their website shows 2.5% for 30 year fixed, but I am being quoted higher due to the LTV condition.
I am about to close on a 2.5% 30 year conventional this Wednesday. When I submitted for the rates I was closer to 60% LTV, but with the appraisal, I came under 50% so I was able to lock in 2.5% and also not get charged 0.25% in fees.
Wow, that worked out well for you!

What is the 0.25% in fees?

Also, do you know if they have a claw back policy for refinancing in under 6 months?
Not sure if they have a clawback policy and not sure if they have their own seasoning requirements if we refi with the same company.

What they told me was for any loan that is more than 50% LTV then they charge a 0.25% fee. Maybe an origination charge?

All in all, owning.com was the fastest refi I've ever completed.

From application to closing is 9 days.
Apparently their policy is 1 refinance every 12 months.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

JSDNJ wrote: Mon Aug 10, 2020 9:30 pm
spbos wrote: Mon Aug 10, 2020 7:14 pm
JSDNJ wrote: Mon Aug 10, 2020 3:08 pm By the way I am working with some of the usual suspects. Is it customary to have to do a hard pull, and verify income in order to get a LE?

I just want to compare apples to apples and obviously a LE is the best way to do that, but I don’t want to run around getting hard pulls and verifying income a bunch of times.
credit pull is necessary for a LE. most of the lenders will give you a rate quite assuming a credit score.
Hard pull or soft?
Better can give you a LE with only a soft credit pull. Some lenders will require a hard pull.
Semaphore
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Re: Refinance Mega Thread

Post by Semaphore »

Refinancing through Better.com and closing approaches. Is it normal for the loan amount, monthly payment, and cash to close to increase through the process?

After our August payment, we owe PenFed $447,568.55. Better offered us a 2.75% rate, so we decided to roll fees into the mortgage. The loan amount was calculated as $451,076 last week, and is now $469,059. The loan costs have not risen, but the prepaids and escrow have increased such that school taxes are prepaid 6 mos, homeowner's insurance is prepaid 11 mos, property taxes 7mos, municipality tax 5mos, and school taxes appears a second time, 3 mos.

Cash to close rose from about $200 to over $3000. I'm feeling a little bewildered.
madrasfiltercoffee
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Re: Refinance Mega Thread

Post by madrasfiltercoffee »

I am shopping for refinancing and this is my first time doing so. Every lender wanted a locked rate in order to better it and I worked my way down to a 2.5% rate with LD and no points but a $1600 origination fee

The question i have is with this process a few banks / companies are in the process of underwriting for me. Should I tell them to stop? Also what is the negative of not asking them to stop? How do I ensure than only LD moves forward with the loan. I guess I am a bit confused as to what the next step is and how I can ensure that only the estimate I got with LD moves forward.

Also is it possible for the A+B+C to change after I have a locked rate? If so usually by how much? I kind of feel like I got an amazing rate and I'm wondering if there is a catch.
gurusw
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Re: Refinance Mega Thread

Post by gurusw »

3of10 wrote: Mon Aug 10, 2020 11:01 am
Shikoku wrote: Sun Aug 09, 2020 9:57 pm
gurusw wrote: Sun Aug 09, 2020 8:50 pm When I had tried to refinance my jumbo loan 5 months back, the local agent did not provide me LE (I had provided all the 6 items above).
She had only confirmed the rate for 30-year on phone, and asked my credit card to schedule appraisal.
When the appraisal came in, she said no banks are giving out jumbo loan, and pressed me to get ARM. I did not want to go for ARM.
This ended in me losing the appraisal fees. I disputed with credit card issuer, but they said I owe the appraisal fees. However I never realized (and hence did not raise the fact that) I was not given LE that's required by law.
Now, having said this... what can I do now? More than the money, I am angry about the fact that I was denied my legal rights, and given cold shoulder. So I am not necessarily looking to sue, but even a complaint to the right authority would bring peace to my mind. After all, I do not know how many people she is cheating.
If I am at your place, my answer is: https://www.consumerfinance.gov/complaint/
Just for the peace of mind!
+1. Now with that said, the question is whether the poster requested the LE? Many lenders do not want to provide the LE, in order to prevent the borrower from doing comparisons (which is one of the reasons why the LE was created). Unfortunately, a borrower has to know what the rules are before starting the refi.
That's a bummer. So I don't ask for LE, and they can still collect appraisal fees, and then deny me loan?

If I had LE, would the situation had changed in my favor?
quizzer25
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Re: Refinance Mega Thread

Post by quizzer25 »

new wrote: Mon Aug 10, 2020 9:45 pm
mcdb84 wrote: Mon Aug 10, 2020 3:53 pm
new wrote: Mon Aug 10, 2020 2:51 pm
mcdb84 wrote: Mon Aug 10, 2020 2:09 pm
new wrote: Mon Aug 10, 2020 1:09 pm Was anyone offered 2.5% from Owning and does not have 50% LTV? Their website shows 2.5% for 30 year fixed, but I am being quoted higher due to the LTV condition.
I am about to close on a 2.5% 30 year conventional this Wednesday. When I submitted for the rates I was closer to 60% LTV, but with the appraisal, I came under 50% so I was able to lock in 2.5% and also not get charged 0.25% in fees.
Wow, that worked out well for you!

What is the 0.25% in fees?

Also, do you know if they have a claw back policy for refinancing in under 6 months?
Not sure if they have a clawback policy and not sure if they have their own seasoning requirements if we refi with the same company.

What they told me was for any loan that is more than 50% LTV then they charge a 0.25% fee. Maybe an origination charge?

All in all, owning.com was the fastest refi I've ever completed.

From application to closing is 9 days.
Apparently their policy is 1 refinance every 12 months.

If i refinance with Owning now, i cant refinance with them for the next 1 year?
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gas_balloon
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Re: Refinance Mega Thread

Post by gas_balloon »

quizzer25 wrote: Tue Aug 11, 2020 12:48 am
new wrote: Mon Aug 10, 2020 9:45 pm
mcdb84 wrote: Mon Aug 10, 2020 3:53 pm
new wrote: Mon Aug 10, 2020 2:51 pm
mcdb84 wrote: Mon Aug 10, 2020 2:09 pm

I am about to close on a 2.5% 30 year conventional this Wednesday. When I submitted for the rates I was closer to 60% LTV, but with the appraisal, I came under 50% so I was able to lock in 2.5% and also not get charged 0.25% in fees.
Wow, that worked out well for you!

What is the 0.25% in fees?

Also, do you know if they have a claw back policy for refinancing in under 6 months?
Not sure if they have a clawback policy and not sure if they have their own seasoning requirements if we refi with the same company.

What they told me was for any loan that is more than 50% LTV then they charge a 0.25% fee. Maybe an origination charge?

All in all, owning.com was the fastest refi I've ever completed.

From application to closing is 9 days.
Apparently their policy is 1 refinance every 12 months.

If i refinance with Owning now, i cant refinance with them for the next 1 year?
I've not yet gone to underwriting, but so far I've not seen any clawback clause in any of the paperwork I've signed with Owning. The agent did mention to me (verbally) that I can't refinance with Owning for 6 months after closing; however I'm free to refinance with another lender anytime after closing.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

gurusw wrote: Mon Aug 10, 2020 11:26 pm
3of10 wrote: Mon Aug 10, 2020 11:01 am
Shikoku wrote: Sun Aug 09, 2020 9:57 pm
gurusw wrote: Sun Aug 09, 2020 8:50 pm When I had tried to refinance my jumbo loan 5 months back, the local agent did not provide me LE (I had provided all the 6 items above).
She had only confirmed the rate for 30-year on phone, and asked my credit card to schedule appraisal.
When the appraisal came in, she said no banks are giving out jumbo loan, and pressed me to get ARM. I did not want to go for ARM.
This ended in me losing the appraisal fees. I disputed with credit card issuer, but they said I owe the appraisal fees. However I never realized (and hence did not raise the fact that) I was not given LE that's required by law.
Now, having said this... what can I do now? More than the money, I am angry about the fact that I was denied my legal rights, and given cold shoulder. So I am not necessarily looking to sue, but even a complaint to the right authority would bring peace to my mind. After all, I do not know how many people she is cheating.
If I am at your place, my answer is: https://www.consumerfinance.gov/complaint/
Just for the peace of mind!
+1. Now with that said, the question is whether the poster requested the LE? Many lenders do not want to provide the LE, in order to prevent the borrower from doing comparisons (which is one of the reasons why the LE was created). Unfortunately, a borrower has to know what the rules are before starting the refi.
That's a bummer. So I don't ask for LE, and they can still collect appraisal fees, and then deny me loan?

If I had LE, would the situation had changed in my favor?
I'll let some of the other posters like BrandonBogle respond to this question. My take is that if they're proceeding with the appraisal, then you've already officially started the refi. The LE would had locked you into a rate, which would have given you some legal protection. You bear the responsibility of making a business transaction with nothing documented in writing.

You could alert this lender to the fact that if you don't get the appraisal fee returned, you will complain to the CFPB. The appraisal will affect the LTV, but not the fact that it's a jumbo loan. This sounds like a classical "bait and switch" situation. From your update, the lender knew that it was a jumbo loan from the very start.

If you don't get your money returned, then follow through with the complaint of this lender starting a refinance without providing you with anything in writing, and using the "bait and switch" tactic.
"You don't stop playing because you're old. You're old because you've stopped playing"
Shaka
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Re: Refinance Mega Thread

Post by Shaka »

ChiKid24 wrote: Sun Aug 09, 2020 11:19 pm
Shaka wrote: Sun Aug 09, 2020 5:45 pm Here are some data points for me:

Looking to refinance a $310,000 outstanding mortgage balance on townhome (shared walls) in California.

Owning
They could not offer an appraisal waiver, so they declined to offer me anything (after verbal quote of 2.875, no cost)

Better
2.5%, 30 year fixed, LTV 33%
A+B+C+E = 5,800
No appraisal waiver

LoanDepot
No LE yet, but quoted 2.75% for 30 year fixed with $1657 costs

Still waiting on LenderFi, LoanCabin, and Watermark.

Was hoping for better given some of the recent posts.
Did you ask Better for no cost option? My guess is if you go up to 2.75%, you'd get a lender credit close to covering the cost. That's pretty good for a townhome. What are you currently paying?

Just locked with LenderFi this morning
* Townhome in CA
* $310,000 mortgage
* 30 year fixed @ 2.625%
* Appraisal waived
* A+B+C = $1251
* Lender credit: $950

Coming down from 3.5%, so 2.625% is quite nice.
JSDNJ
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Re: Refinance Mega Thread

Post by JSDNJ »

Shaka wrote: Tue Aug 11, 2020 9:57 am
ChiKid24 wrote: Sun Aug 09, 2020 11:19 pm
Shaka wrote: Sun Aug 09, 2020 5:45 pm Here are some data points for me:

Looking to refinance a $310,000 outstanding mortgage balance on townhome (shared walls) in California.

Owning
They could not offer an appraisal waiver, so they declined to offer me anything (after verbal quote of 2.875, no cost)

Better
2.5%, 30 year fixed, LTV 33%
A+B+C+E = 5,800
No appraisal waiver

LoanDepot
No LE yet, but quoted 2.75% for 30 year fixed with $1657 costs

Still waiting on LenderFi, LoanCabin, and Watermark.

Was hoping for better given some of the recent posts.
Did you ask Better for no cost option? My guess is if you go up to 2.75%, you'd get a lender credit close to covering the cost. That's pretty good for a townhome. What are you currently paying?

Just locked with LenderFi this morning
* Townhome in CA
* $310,000 mortgage
* 30 year fixed @ 2.625%
* Appraisal waived
* A+B+C = $1251
* Lender credit: $950

Coming down from 3.5%, so 2.625% is quite nice.
Are you coming out of pocket for the $300, and prepaids and escrow?
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

Shaka wrote: Tue Aug 11, 2020 9:57 am
ChiKid24 wrote: Sun Aug 09, 2020 11:19 pm
Shaka wrote: Sun Aug 09, 2020 5:45 pm Here are some data points for me:

Looking to refinance a $310,000 outstanding mortgage balance on townhome (shared walls) in California.

Owning
They could not offer an appraisal waiver, so they declined to offer me anything (after verbal quote of 2.875, no cost)

Better
2.5%, 30 year fixed, LTV 33%
A+B+C+E = 5,800
No appraisal waiver

LoanDepot
No LE yet, but quoted 2.75% for 30 year fixed with $1657 costs

Still waiting on LenderFi, LoanCabin, and Watermark.

Was hoping for better given some of the recent posts.
Did you ask Better for no cost option? My guess is if you go up to 2.75%, you'd get a lender credit close to covering the cost. That's pretty good for a townhome. What are you currently paying?

Just locked with LenderFi this morning
* Townhome in CA
* $310,000 mortgage
* 30 year fixed @ 2.625%
* Appraisal waived
* A+B+C = $1251
* Lender credit: $950

Coming down from 3.5%, so 2.625% is quite nice.
Congrats. That's a great rate!
Ana Z
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Re: Refinance Mega Thread

Post by Ana Z »

Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
cogito
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Re: Refinance Mega Thread

Post by cogito »

Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Ana Z
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Re: Refinance Mega Thread

Post by Ana Z »

cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Do I have to contact them by phone for that? Do they really beat the other offers or just match them? Because for me, the difference between them and other offers is very large. Thank you for answering!
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
+1. When I opened my Better account, I didn't pay any attention to the rates table (if there was one) because their initial rate was not competitive. It was after I brought a low competitor's LE rate to them and they counter-offered, that I then looked at the rates table and selected a rate that was to my liking (combination of rate and lender credits).
"You don't stop playing because you're old. You're old because you've stopped playing"
sabhen
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Re: Refinance Mega Thread

Post by sabhen »

Our situation:
Current Mortgage with Rocket mortgage: 2.975% for 10 year ARM (30-year) taken end of last year.
Rocket Mortgage is proposing: 2.750% for 30-year fixed which reduces monthly mortgage by $60. Payback is about 4.5 year. Is it worth it?

Sab
cogito
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Re: Refinance Mega Thread

Post by cogito »

Ana Z wrote: Tue Aug 11, 2020 11:10 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Do I have to contact them by phone for that? Do they really beat the other offers or just match them? Because for me, the difference between them and other offers is very large. Thank you for answering!
They usually "beat" by 100 bucks. For me it was by far worth it because I claimed the Amex bonus and appraisal waiver. If you're already way far ahead with rates with other lenders, it may not be worth your time now that the Amex promo has ended.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

3of10 wrote: Tue Aug 11, 2020 8:56 am
gurusw wrote: Mon Aug 10, 2020 11:26 pm That's a bummer. So I don't ask for LE, and they can still collect appraisal fees, and then deny me loan?

If I had LE, would the situation had changed in my favor?
I'll let some of the other posters like BrandonBogle respond to this question. My take is that if they're proceeding with the appraisal, then you've already officially started the refi. The LE would had locked you into a rate, which would have given you some legal protection. You bear the responsibility of making a business transaction with nothing documented in writing.
I honestly don’t know what to say. I have never fathomed doing anything without an LE (regardless of legal requirements) to have any experience to say anything. If I’m reading the convo correctly, I didn’t even know there was not an option to get an LE if you don’t explicitly ask for it.
3of10 wrote: Tue Aug 11, 2020 11:10 am
cogito wrote: Tue Aug 11, 2020 11:00 am Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
+1. When I opened my Better account, I didn't pay any attention to the rates table (if there was one) because their initial rate was not competitive. It was after I brought a low competitor's LE rate to them and they counter-offered, that I then looked at the rates table and selected a rate that was to my liking (combination of rate and lender credits).
+2. I couldn’t even tell you what was on my original rate table as I didn’t even look at it. I got my app in, shopped around, and then sent the loan concierge I was assigned the competing LE. Once they updated their offer based on that, I then screenshotted each loan program (30 year, 20 year, 15 year, etc), selected various options and saved the generated LE, then locked the one I wanted.

When I had them compete on another offer further in the process, I had them email me the rate tables so I have them saved for reference.
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Average Investor
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Re: Refinance Mega Thread

Post by Average Investor »

cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Same here. Better beat LenderFi by $100 and also waived escrow on request. Moving forward with them.
Last edited by Average Investor on Tue Aug 11, 2020 11:50 am, edited 1 time in total.
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Shikoku
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Location: USA

Re: Refinance Mega Thread

Post by Shikoku »

3of10 wrote: Tue Aug 11, 2020 8:56 am
gurusw wrote: Mon Aug 10, 2020 11:26 pm
3of10 wrote: Mon Aug 10, 2020 11:01 am
Shikoku wrote: Sun Aug 09, 2020 9:57 pm
gurusw wrote: Sun Aug 09, 2020 8:50 pm When I had tried to refinance my jumbo loan 5 months back, the local agent did not provide me LE (I had provided all the 6 items above).
She had only confirmed the rate for 30-year on phone, and asked my credit card to schedule appraisal.
When the appraisal came in, she said no banks are giving out jumbo loan, and pressed me to get ARM. I did not want to go for ARM.
This ended in me losing the appraisal fees. I disputed with credit card issuer, but they said I owe the appraisal fees. However I never realized (and hence did not raise the fact that) I was not given LE that's required by law.
Now, having said this... what can I do now? More than the money, I am angry about the fact that I was denied my legal rights, and given cold shoulder. So I am not necessarily looking to sue, but even a complaint to the right authority would bring peace to my mind. After all, I do not know how many people she is cheating.
If I am at your place, my answer is: https://www.consumerfinance.gov/complaint/
Just for the peace of mind!
+1. Now with that said, the question is whether the poster requested the LE? Many lenders do not want to provide the LE, in order to prevent the borrower from doing comparisons (which is one of the reasons why the LE was created). Unfortunately, a borrower has to know what the rules are before starting the refi.
That's a bummer. So I don't ask for LE, and they can still collect appraisal fees, and then deny me loan?

If I had LE, would the situation had changed in my favor?
I'll let some of the other posters like BrandonBogle respond to this question. My take is that if they're proceeding with the appraisal, then you've already officially started the refi. The LE would had locked you into a rate, which would have given you some legal protection. You bear the responsibility of making a business transaction with nothing documented in writing.

You could alert this lender to the fact that if you don't get the appraisal fee returned, you will complain to the CFPB. The appraisal will affect the LTV, but not the fact that it's a jumbo loan. This sounds like a classical "bait and switch" situation. From your update, the lender knew that it was a jumbo loan from the very start.

If you don't get your money returned, then follow through with the complaint of this lender starting a refinance without providing you with anything in writing, and using the "bait and switch" tactic.
I once negotiated a refinancing deal with an LO by e-mail. Instead of submitting the minimum required information for an LE, I submitted all the documents for a full loan application and received an LE few days later that had almost $1,000 less in lender credits than the agreement. I even contacted the bank's president and vice presidents by e-mail. They refused to honor the e-mail agreement.

Instead of directly threatening them that a complaint was coming, I asked them if their "treatment of my loan will pass a review by state and federal regulators." The next day, the LO's branch manager took over the loan and contacted me with an LE that had few hundred dollars more lender credits than that was in the original e-mail agreement. I assume, most of the financial institutions prefer not to get reported to the regulators. YMMV.
"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
mark_in_denver
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Re: Refinance Mega Thread

Post by mark_in_denver »

Hello, I am helping a family member refi her house. She is in California. She has done a previous refi with Amerisave several years ago. She wants to do a cash-out refi. I stated in another thread she was going with New American Funding over a month ago but they seem to have gone radio silent now, her rate with them was 3.3% APR for a $510K loan. Unfortunately it's a lot of work sending in all the documentation and paper work but this is where she is now. Who should she try next that is reputable and has a good rate for Refi? Amerisave rates were high for a cash out that's why she didn't go with them again.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

sabhen wrote: Tue Aug 11, 2020 11:16 am Our situation:
Current Mortgage with Rocket mortgage: 2.975% for 10 year ARM (30-year) taken end of last year.
Rocket Mortgage is proposing: 2.750% for 30-year fixed which reduces monthly mortgage by $60. Payback is about 4.5 year. Is it worth it?

Sab
You have not posted loan amount, LTV, etc. Without those, hard to say. I will not refinance where payback is 4.5 years but I do not know all the detail.
"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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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Shikoku wrote: Tue Aug 11, 2020 12:01 pm
sabhen wrote: Tue Aug 11, 2020 11:16 am Our situation:
Current Mortgage with Rocket mortgage: 2.975% for 10 year ARM (30-year) taken end of last year.
Rocket Mortgage is proposing: 2.750% for 30-year fixed which reduces monthly mortgage by $60. Payback is about 4.5 year. Is it worth it?

Sab
You have not posted loan amount, LTV, etc. Without those, hard to say. I will not refinance where payback is 4.5 years but I do not know all the detail.
Many people are finding no cost (i.e. 0 break even) 30yr fixed refi at 2.75% or less. Unless your LTV is bad and/or the loan amount is small, I would keep searching for something better than a 4.5 year break even, as comparatively to what is being posted here that is just terrible...
Ana Z
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Re: Refinance Mega Thread

Post by Ana Z »

cogito wrote: Tue Aug 11, 2020 11:19 am
Ana Z wrote: Tue Aug 11, 2020 11:10 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Do I have to contact them by phone for that? Do they really beat the other offers or just match them? Because for me, the difference between them and other offers is very large. Thank you for answering!
They usually "beat" by 100 bucks. For me it was by far worth it because I claimed the Amex bonus and appraisal waiver. If you're already way far ahead with rates with other lenders, it may not be worth your time now that the Amex promo has ended.
OK, thanks. I think it is too late for me to get the Amex offer, I missed out on that (would have had to get the Amex card first).
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

Has anyone used or heard of CF bank? I heard about them from someone on another forum but their name hasn't popped up anywhere else. And unfortunately "CF" is too few letters to use the search function. Anyway, I got a great quote from them but wanted some info on their customer service, loan processing, follow through, etc. if anyone else has used them.
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Re: Refinance Mega Thread

Post by Shikoku »

If you have not shopped for your third party services or late to start shopping for them while your lender have already started title work by using their default company, you can still try to save few bucks. Get a competing quote from another title company and ask your lender's title company to match. I found Radian is much cheaper than others and just saved almost $500 by spending 30 minutes.
"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 »

Ana Z wrote: Tue Aug 11, 2020 11:10 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Do I have to contact them by phone for that? Do they really beat the other offers or just match them? Because for me, the difference between them and other offers is very large. Thank you for answering!
Lock your rate, then your primary contact will move to a "processing expert" and that is who you want to email your competitive LE to. Make sure it's within 1 business day of the LE being generated.

Note that once you lock your rate, your rate table is locked, i.e. if the lowest rate in the table is 2.500% and you come to them later with a 2.375% rate to match, they will not go lower than 2.500%.


As others have noted, without the AMEX promo, Better will pretty much just match - the promo was the compelling reason to go with them.
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Re: Refinance Mega Thread

Post by JSDNJ »

Average Investor wrote: Tue Aug 11, 2020 11:48 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Same here. Better beat LenderFi by $100 and also waived escrow on request. Moving forward with them.
Do you mean they did the deal with P&I only and you’ll pay taxes and insurance on your own now?
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Re: Refinance Mega Thread

Post by Shikoku »

NORDO wrote: Tue Aug 11, 2020 1:03 pm
Ana Z wrote: Tue Aug 11, 2020 11:10 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Do I have to contact them by phone for that? Do they really beat the other offers or just match them? Because for me, the difference between them and other offers is very large. Thank you for answering!
Lock your rate, then your primary contact will move to a "processing expert" and that is who you want to email your competitive LE to. Make sure it's within 1 business day of the LE being generated.

As others have noted, without the AMEX promo, Better will pretty much just match - the promo was the compelling reason to go with them.
Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
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NORDO
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Re: Refinance Mega Thread

Post by NORDO »

Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
Presumably they're counting on the vast majority of non-Bogleheads who still feel they're getting a great deal lowering their 4.0% mortgage to 3.0% for relatively no cost! :wink:

I will say that their online platform really is good - it's quick and easy to go through the application process, submit documentation, etc. Ease of use does count for something.
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Re: Refinance Mega Thread

Post by BrandonBogle »

Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
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Average Investor
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Re: Refinance Mega Thread

Post by Average Investor »

JSDNJ wrote: Tue Aug 11, 2020 1:09 pm
Average Investor wrote: Tue Aug 11, 2020 11:48 am
cogito wrote: Tue Aug 11, 2020 11:00 am
Ana Z wrote: Tue Aug 11, 2020 10:56 am Quick question to anyone who worked with Better.com:
After an initial application and preapproval, I get a dashboard of rates and also an option to "review your LE" elsewhere (and this LE does not correspond to anything on the dashboard and is not good). What is my next step? The rates that are listed are not good at all and if these are the actual offers (that is, if they will not change after I go to the next step), I will just drop it here. I don't want to "select a rate" from these or to accidentally commit to anything - just want a genuine estimate to compare to others. I am probably missing something obvious.
Better only displayed their "competitive" rate table for me on their dashboard after I brought them an offer from LenderFi which they beat.
Same here. Better beat LenderFi by $100 and also waived escrow on request. Moving forward with them.
Do you mean they did the deal with P&I only and you’ll pay taxes and insurance on your own now?
Yes. At first Better just offered $100 less. I then asked if they could also waive escrow and they did. Perhaps I could've done better on the rate as well but it is competitive as is, $289k at 2.5% 30 year no cost.
Tomorrow never knows.
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Re: Refinance Mega Thread

Post by Shikoku »

BrandonBogle wrote: Tue Aug 11, 2020 1:13 pm
Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
So knowledge is the key, I agree! Let us spread the word about the lenders who give top rate to begin with!!
"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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Re: Refinance Mega Thread

Post by anon_investor »

Shikoku wrote: Tue Aug 11, 2020 1:26 pm
BrandonBogle wrote: Tue Aug 11, 2020 1:13 pm
Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
So knowledge is the key, I agree! Let us spread the word about the lenders who give top rate to begin with!!
I found that LenderFi gave the best rate right off the bat, no haggling. But they are pretty barebones, 0 handholding, so not for everyone who wants to feel warm and fuzzy. I plan to do another refi with LenderFi in the future.
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Re: Refinance Mega Thread

Post by gas_balloon »

anon_investor wrote: Tue Aug 11, 2020 1:39 pm
Shikoku wrote: Tue Aug 11, 2020 1:26 pm
BrandonBogle wrote: Tue Aug 11, 2020 1:13 pm
Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
So knowledge is the key, I agree! Let us spread the word about the lenders who give top rate to begin with!!
I found that LenderFi gave the best rate right off the bat, no haggling. But they are pretty barebones, 0 handholding, so not for everyone who wants to feel warm and fuzzy. I plan to do another refi with LenderFi in the future.
For me, I've found owning gives the best up-front quote. I've used it to haggle down better & lenderfi since their initial quotes were higher; but ended up still going with owning in the end since I felt they were more honest and upfront.
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Re: Refinance Mega Thread

Post by britishguy77 »

hello, looking at refi for one investment property. I have high debt to income ratio but have never had issues paying any mortgages, bills etc. Looking for recommendations on lender to look. Approx $260K loan on $400K+ value in WA. Want to improve rate and possibly shorten term.
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Re: Refinance Mega Thread

Post by Shikoku »

anon_investor wrote: Tue Aug 11, 2020 1:39 pm
Shikoku wrote: Tue Aug 11, 2020 1:26 pm
BrandonBogle wrote: Tue Aug 11, 2020 1:13 pm
Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
So knowledge is the key, I agree! Let us spread the word about the lenders who give top rate to begin with!!
I found that LenderFi gave the best rate right off the bat, no haggling. But they are pretty barebones, 0 handholding, so not for everyone who wants to feel warm and fuzzy. I plan to do another refi with LenderFi in the future.
It appears that without the AMEX deal, Better is for non-Bogleheads. LD, LC, WM -- all gave me pretty much the same quote; similar to the best quotes discussed in this thread. None of them needed a competing LE. I did not try LenderFi after reading about six months clawback policy.
Last edited by Shikoku on Tue Aug 11, 2020 1:52 pm, edited 1 time in total.
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Re: Refinance Mega Thread

Post by anon_investor »

gas_balloon wrote: Tue Aug 11, 2020 1:42 pm
anon_investor wrote: Tue Aug 11, 2020 1:39 pm
Shikoku wrote: Tue Aug 11, 2020 1:26 pm
BrandonBogle wrote: Tue Aug 11, 2020 1:13 pm
Shikoku wrote: Tue Aug 11, 2020 1:10 pm Since the AMEX deal is over unless someone has already applied, I wonder how the business model of Better--where they just match a competing offer or beat it by $100--will work. Anyone got a competitive offer from them to start with? I did not!
The mega Slickdeals thread about 80-100 pages ago had a few people get a competitive offer right off the bat. But it’s rare.

As for the business model, it works for Rocket/Quicken and the way they advertise, so this isn’t that much difference. Have you seen what Rocket considers “competitive” (usually) if you apppy with them directly vs. a mortgage broker?!?
So knowledge is the key, I agree! Let us spread the word about the lenders who give top rate to begin with!!
I found that LenderFi gave the best rate right off the bat, no haggling. But they are pretty barebones, 0 handholding, so not for everyone who wants to feel warm and fuzzy. I plan to do another refi with LenderFi in the future.
For me, I've found owning gives the best up-front quote. I've used it to haggle down better & lenderfi since their initial quotes were higher; but ended up still going with owning in the end since I felt they were more honest and upfront.
Interesting, you were able to haggle with LenderFi? Too bad Owning is only available in CA. Better just had horrible rates, and they would not match LenderFi. Loan Depot was pushy and had horrible initial rates, I just decided I did not want to deal with them. The LenderFi LO was blunt but honest. Not convinced the LenderFi 6 month clawback is enforcable, but I plan to wait 6 months before I go for another refi, since I figure rates will be even lower then, and I want to leave LenderFi as an option.
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Re: Refinance Mega Thread

Post by nic3456 »

So who's been the best for cashouts? It appears the Lender Fi doesn't appear to do them. Loan Cabin looks very promising, but almost to the point that I'm not sure their online calculator is acting factoring in the cash?
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Re: Refinance Mega Thread

Post by gas_balloon »

anon_investor wrote: Tue Aug 11, 2020 1:49 pm Interesting, you were able to haggle with LenderFi?
Yes, they went from ~1100 in closing cost to $0 to match owning. Funny thing is I didn't even try to haggle. After seeing their quote I just emailed that I have better quotes do I'll pass for now. They replied asking me to send the other quote; then they sent a revised quote to match.
Last edited by gas_balloon on Tue Aug 11, 2020 2:13 pm, edited 1 time in total.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Shikoku wrote: Tue Aug 11, 2020 1:46 pm It appears that without the AMEX deal, Better is for non-Bogleheads. LD, LC, WM -- all gave me pretty much the same quote; similar to the best quotes discussed in this thread. None of them needed a competing LE.
That’s my feeling as well. I think I’ll likely end up with Watermark for refi #4.
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Re: Refinance Mega Thread

Post by 3of10 »

BrandonBogle wrote: Tue Aug 11, 2020 11:35 am When I had them compete on another offer further in the process, I had them email me the rate tables so I have them saved for reference.
Interesting. How does that work? When they email them, can you go inside these rate tables, or is it just a screen shot? One thing I learned is that after you have locked the LE, it's best to get a print of your LE in case they change it (which they've done multiple times for various reasons). At one point, they modified section C (title) and I noticed that my lender credits were reduced. Because I knew what it was originally, I was able to get the lender credits restored.
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Re: Refinance Mega Thread

Post by 3of10 »

Shikoku wrote: Tue Aug 11, 2020 11:49 am
3of10 wrote: Tue Aug 11, 2020 8:56 am
gurusw wrote: Mon Aug 10, 2020 11:26 pm
3of10 wrote: Mon Aug 10, 2020 11:01 am
Shikoku wrote: Sun Aug 09, 2020 9:57 pm
If I am at your place, my answer is: https://www.consumerfinance.gov/complaint/
Just for the peace of mind!
+1. Now with that said, the question is whether the poster requested the LE? Many lenders do not want to provide the LE, in order to prevent the borrower from doing comparisons (which is one of the reasons why the LE was created). Unfortunately, a borrower has to know what the rules are before starting the refi.
That's a bummer. So I don't ask for LE, and they can still collect appraisal fees, and then deny me loan?

If I had LE, would the situation had changed in my favor?
I'll let some of the other posters like BrandonBogle respond to this question. My take is that if they're proceeding with the appraisal, then you've already officially started the refi. The LE would had locked you into a rate, which would have given you some legal protection. You bear the responsibility of making a business transaction with nothing documented in writing.

You could alert this lender to the fact that if you don't get the appraisal fee returned, you will complain to the CFPB. The appraisal will affect the LTV, but not the fact that it's a jumbo loan. This sounds like a classical "bait and switch" situation. From your update, the lender knew that it was a jumbo loan from the very start.

If you don't get your money returned, then follow through with the complaint of this lender starting a refinance without providing you with anything in writing, and using the "bait and switch" tactic.
I once negotiated a refinancing deal with an LO by e-mail. Instead of submitting the minimum required information for an LE, I submitted all the documents for a full loan application and received an LE few days later that had almost $1,000 less in lender credits than the agreement. I even contacted the bank's president and vice presidents by e-mail. They refused to honor the e-mail agreement.

Instead of directly threatening them that a complaint was coming, I asked them if their "treatment of my loan will pass a review by state and federal regulators." The next day, the LO's branch manager took over the loan and contacted me with an LE that had few hundred dollars more lender credits than that was in the original e-mail agreement. I assume, most of the financial institutions prefer not to get reported to the regulators. YMMV.
That sums it up. It's always better to get the LE before going forward with the refi.
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Re: Refinance Mega Thread

Post by BrandonBogle »

3of10 wrote: Tue Aug 11, 2020 2:18 pm
BrandonBogle wrote: Tue Aug 11, 2020 11:35 am When I had them compete on another offer further in the process, I had them email me the rate tables so I have them saved for reference.
Interesting. How does that work? When they email them, can you go inside these rate tables, or is it just a screen shot? One thing I learned is that after you have locked the LE, it's best to get a print of your LE in case they change it (which they've done multiple times for various reasons). At one point, they modified section C (title) and I noticed that my lender credits were reduced. Because I knew what it was originally, I was able to get the lender credits restored.
Once you lock, you can no longer see the rate tables like you could before locking. However, your loan officer still has the same selection screen of what term and whether escrow/no escrow, etc. They can change you to any of these other options up to closing. So I asked them to send me screenshots of the table so I can see various options.

I like this because you can compete on why option. So I had them compete on a 15-year 2.25% loan from Watermark first. When I was working with loanDepot, I had that rate table screenshot in front of me. I found the 2.375% at loanDepot had a much bigger lender credit/lower cost. So I then had them compete on that.

In my prior refi, I had them compete on a 30-year offer and then switched to the 15-year I wanted. That gave more credits than the 15-year offer I had available to share with them.
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Re: Refinance Mega Thread

Post by 3of10 »

BrandonBogle wrote: Tue Aug 11, 2020 2:32 pm
3of10 wrote: Tue Aug 11, 2020 2:18 pm
BrandonBogle wrote: Tue Aug 11, 2020 11:35 am When I had them compete on another offer further in the process, I had them email me the rate tables so I have them saved for reference.
Interesting. How does that work? When they email them, can you go inside these rate tables, or is it just a screen shot? One thing I learned is that after you have locked the LE, it's best to get a print of your LE in case they change it (which they've done multiple times for various reasons). At one point, they modified section C (title) and I noticed that my lender credits were reduced. Because I knew what it was originally, I was able to get the lender credits restored.
Once you lock, you can no longer see the rate tables like you could before locking. However, your loan officer still has the same selection screen of what term and whether escrow/no escrow, etc. They can change you to any of these other options up to closing. So I asked them to send me screenshots of the table so I can see various options.

I like this because you can compete on why option. So I had them compete on a 15-year 2.25% loan from Watermark first. When I was working with loanDepot, I had that rate table screenshot in front of me. I found the 2.375% at loanDepot had a much bigger lender credit/lower cost. So I then had them compete on that.

In my prior refi, I had them compete on a 30-year offer and then switched to the 15-year I wanted. That gave more credits than the 15-year offer I had available to share with them.
Thanks for the info. Very informative.
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Re: Refinance Mega Thread

Post by bgh11 »

InvestDoc wrote: Tue Aug 11, 2020 12:20 pm Has anyone used or heard of CF bank? I heard about them from someone on another forum but their name hasn't popped up anywhere else. And unfortunately "CF" is too few letters to use the search function. Anyway, I got a great quote from them but wanted some info on their customer service, loan processing, follow through, etc. if anyone else has used them.
never heard. Not sure how real these reviews are: https://www.zillow.com/lender-profile/CFBank/
https://www.bankrate.com/mortgages/reviews/cfbank/
Do you mind sharing your quote?
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Re: Refinance Mega Thread

Post by bgh11 »

BrandonBogle wrote: Tue Aug 11, 2020 2:32 pm
3of10 wrote: Tue Aug 11, 2020 2:18 pm
BrandonBogle wrote: Tue Aug 11, 2020 11:35 am When I had them compete on another offer further in the process, I had them email me the rate tables so I have them saved for reference.
Interesting. How does that work? When they email them, can you go inside these rate tables, or is it just a screen shot? One thing I learned is that after you have locked the LE, it's best to get a print of your LE in case they change it (which they've done multiple times for various reasons). At one point, they modified section C (title) and I noticed that my lender credits were reduced. Because I knew what it was originally, I was able to get the lender credits restored.
Once you lock, you can no longer see the rate tables like you could before locking. However, your loan officer still has the same selection screen of what term and whether escrow/no escrow, etc. They can change you to any of these other options up to closing. So I asked them to send me screenshots of the table so I can see various options.

I like this because you can compete on why option. So I had them compete on a 15-year 2.25% loan from Watermark first. When I was working with loanDepot, I had that rate table screenshot in front of me. I found the 2.375% at loanDepot had a much bigger lender credit/lower cost. So I then had them compete on that.

In my prior refi, I had them compete on a 30-year offer and then switched to the 15-year I wanted. That gave more credits than the 15-year offer I had available to share with them.
Do all or most lenders lock in the entire rate tables and allow borrowers to move around? Thanks.
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Re: Refinance Mega Thread

Post by Minty »

gas_balloon wrote: Tue Aug 11, 2020 1:42 pm For me, I've found owning gives the best up-front quote. I've used it to haggle down better & lenderfi since their initial quotes were higher; but ended up still going with owning in the end since I felt they were more honest and upfront.
This was my experience. Truth in advertising for owning.com.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
xerxes101
Posts: 437
Joined: Sat Oct 14, 2017 11:25 am

Re: Refinance Mega Thread

Post by xerxes101 »

bgh11 wrote: Tue Aug 11, 2020 3:41 pm
InvestDoc wrote: Tue Aug 11, 2020 12:20 pm Has anyone used or heard of CF bank? I heard about them from someone on another forum but their name hasn't popped up anywhere else. And unfortunately "CF" is too few letters to use the search function. Anyway, I got a great quote from them but wanted some info on their customer service, loan processing, follow through, etc. if anyone else has used them.
never heard. Not sure how real these reviews are: https://www.zillow.com/lender-profile/CFBank/
https://www.bankrate.com/mortgages/reviews/cfbank/
Do you mind sharing your quote?
I have not used them but I hooked up with one of their agents and received a lot of quotes from them. She seemed professional and did not mind providing the quotes, but I was disappointed that they could not send me daily rates table via e-mail automatically (in other words I do not get the impression that they are technologically advanced).
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