Refinance Mega Thread

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Artman910
Posts: 11
Joined: Sat Aug 22, 2020 5:43 pm

Re: Refinance Mega Thread

Post by Artman910 »

Artman910 wrote: Thu Aug 27, 2020 3:46 pm
BarDownHockey wrote: Wed Aug 26, 2020 7:55 pm
Artman910 wrote: Wed Aug 26, 2020 7:16 pm Man what a forum. gotta hand it to you guys this has been a game changer.

Current loan

% 4.375
$ 523.5K (507.5K left) I had originally 4.875 549K refi 1 year ago.

offers:

Lender A) 2.875 30 Yr fixed 508K cost of $3,331 migh waive appraisal
Lender B) 2.875 30 Yr fixed 508K cost of $2343 waived appraisal as not needed
Lender B) 3.00 30 Yr fixed 508K Zero Cost (Lender credit of 2500)

Lender C) LoanCabin applied no response yet but roughly 2.625 30 yr Fixed cost was relatively low no points i think it was zero cost
Lender D) LenderFI applied no response yet but had potential offers of a 2.875 with 0 cost and a 2.5 for 2367 and 2.632 for 10 credit but on details shows 1881 fees

wife and I income wise are together near 110-120K relatively no debt other then house and a 3K student debt and 9k on a car loan. thats all we have.

and both of our avg credit scores are 740s pretty much even.

if i dont hear back form loan cabin or lenderfi or Lender A (i asked for no cost options but looks like i got ghosted lol)

what do yall think stay with lender B 2.875? (i do plan on staying here for a good 10 years minimum)
Go with Lender B at 3%. Do the refi for no cost. If rates continue to drop, then you can refi again without having wasted money paying a half point to drop the interest rate to 2.875%

ok so LenderFI came back with:

A: $0
B: $217
C: 975
D: (ABC) 1192
E: 180
F: 219
G: 6247 home ins for 13 months and property tax for 9 months
I: (EFGH) 6646
J is 7838 - 1372 (LE credit)
total i need to pay is 6193

so the taxes are a wash pretty much so i think for

a 30 yr fixed 2.625 for 508K is pretty good and i think this is a zero cost as the escrow does not count.

EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!
EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!

So i spoke with Lender B and they are saying that LenderFi is lying to me with 0 origination charges and that their a brokerage and will tack on hidden costs right at the end of the closing and not allow me to back out.? lol
User avatar
anon_investor
Posts: 5220
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

Artman910 wrote: Thu Aug 27, 2020 7:25 pm
Artman910 wrote: Thu Aug 27, 2020 3:46 pm
BarDownHockey wrote: Wed Aug 26, 2020 7:55 pm
Artman910 wrote: Wed Aug 26, 2020 7:16 pm Man what a forum. gotta hand it to you guys this has been a game changer.

Current loan

% 4.375
$ 523.5K (507.5K left) I had originally 4.875 549K refi 1 year ago.

offers:

Lender A) 2.875 30 Yr fixed 508K cost of $3,331 migh waive appraisal
Lender B) 2.875 30 Yr fixed 508K cost of $2343 waived appraisal as not needed
Lender B) 3.00 30 Yr fixed 508K Zero Cost (Lender credit of 2500)

Lender C) LoanCabin applied no response yet but roughly 2.625 30 yr Fixed cost was relatively low no points i think it was zero cost
Lender D) LenderFI applied no response yet but had potential offers of a 2.875 with 0 cost and a 2.5 for 2367 and 2.632 for 10 credit but on details shows 1881 fees

wife and I income wise are together near 110-120K relatively no debt other then house and a 3K student debt and 9k on a car loan. thats all we have.

and both of our avg credit scores are 740s pretty much even.

if i dont hear back form loan cabin or lenderfi or Lender A (i asked for no cost options but looks like i got ghosted lol)

what do yall think stay with lender B 2.875? (i do plan on staying here for a good 10 years minimum)
Go with Lender B at 3%. Do the refi for no cost. If rates continue to drop, then you can refi again without having wasted money paying a half point to drop the interest rate to 2.875%

ok so LenderFI came back with:

A: $0
B: $217
C: 975
D: (ABC) 1192
E: 180
F: 219
G: 6247 home ins for 13 months and property tax for 9 months
I: (EFGH) 6646
J is 7838 - 1372 (LE credit)
total i need to pay is 6193

so the taxes are a wash pretty much so i think for

a 30 yr fixed 2.625 for 508K is pretty good and i think this is a zero cost as the escrow does not count.

EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!
EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!

So i spoke with Lender B and they are saying that LenderFi is lying to me with 0 origination charges and that their a brokerage and will tack on hidden costs right at the end of the closing and not allow me to back out.? lol
Run away from Lender B. LenderFi is legit, I did a no cost 2.75% 30yr refi in July with them. Completed in less than 3 weeks and no hidden fees.
nic3456
Posts: 66
Joined: Fri Dec 19, 2008 10:42 am

Re: Refinance Mega Thread

Post by nic3456 »

They provide good services such as lying to your face and bad mouthing how another lender would break the law, change your terms and "force" you to close on the refi lol..... :oops:
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anon_investor
Posts: 5220
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

nic3456 wrote: Thu Aug 27, 2020 8:01 pm They provide good services such as lying to your face and bad mouthing how another lender would break the law, change your terms and "force" you to close on the refi lol..... :oops:
Sounds like the bad mouthing was free of charge but the "better service" would have cost 0.375%. Cheaper than a 1% AUM financial advisor though! :twisted: :twisted: :twisted:
Hoosier CPA
Posts: 114
Joined: Tue Nov 22, 2016 9:43 pm

Re: Refinance Mega Thread

Post by Hoosier CPA »

BrandonBogle wrote: Thu Aug 27, 2020 6:43 pm
Hoosier CPA wrote: Thu Aug 27, 2020 4:19 pm
jbell3124 wrote: Thu Aug 27, 2020 1:17 pm I applied by the deadline for the AMEX credit and am currently locked with Better. Do I need to do anything else to ensure I get the credit? Will it come up or any papers be necessary through the refi process? At some point, they will need some AMEX account info from me? Just want to make sure I do what needs done (beyond applying by and closing by the required deadlines) to get the credit. I feel like I talked about it with my loan processor at the beginning but it’s been a while, and I’ve talked to a lot of people.
At one point one of the tasks was to input the last 5 digits of the amex card. I'm getting close to the finish line with them. It's been a major headache, involving several changing term sheets, but in the end I'll have about $800 coming back (lender credits are greater than loan fees) and the $2,500 credit. I refi'd with my local/existing lender in July at 3.0% for 20 years. I'm getting 2.875% for 30 with Better, but it's been a frustrating process to say the least. I keep thinking about pulling the plug on it but $3,300 is $3,300.
Do you have some brief points about what issues you've run into? Perhaps other direct lenders may give others here similar issues and the feedback can help. I've been fortunate that all three of my refis with Better were relatively smooth. But I'm an ideal borrower with a high credit score, documented W2 income and assets, no second liens, and understanding of the process to monitor and reach out when along the way so things nudge along, etc. At least with Better, if folks don't meet a certain desired mold, it sounds like they difficult to work with.

Note, I should add that at least with Better, you really need to be on things yourself to make sure things flow smoothly. Yesterday, I noticed that when one of my numbers was updated, somehow it said Cash Out = $XYZ, which was the size of the loan I'm paying off. I didn't think anything of it at first, but overnight, suddenly my pricing changed and I went from lender credits to paying points. I called and spoke to the person today and asked if this field means somehow my file got mixed up and considered a cash-out refi. Sure enough, that was the case. Somehow my mortgage balance was $0 and the "cash out" was my payoff. That got corrected while on the phone. This, however, was likely because I did a back-to-back refi and they initially wanted the mortgage statement that my prior refi paid off. It is likely whomever cleared out the old mortgage, first switched the stuff to the new mortgage and then zeroed out the balance vs. the other way around. However, if one didn't know how to "read into" their website, it would be easy to freak out and go around in circles until things get fixed. For me, it ended up being an email this morning and a phone call this afternoon, so maybe 15 minutes total.
I think I'd be an ideal borrower too, with good credit, LTV, no 2nd liens, etc. With the refi I did with my existing bank, it was fairly simple - they had a list of docs needed. I sent all those in and it was straight-forward. Better seems to be continuously asking for docs. They did the initial "beat" of an offer I received from Lender Fi, but they switched the term to 20 from 30. Then, when I asked for it to be corrected to 30, the lender credits were reduced by about $1,000. They switch your contact about 4 times throughout the process, and the current rep told me to approve the closing disclosure, and he'd make sure it was fixed prior to the final docs. So then I got the final docs, and they weren't corrected. Now they have corrected them, but as of today, they are trying to get me to agree to a closing date of 8/24 (several days ago). They seem to be designed to move paperwork quickly but don't have the processes in place to quickly correct errors when they arrive. It's not a lot of work on my end to keep completing "tasks" for them, but I'm pretty much in it for the Amex credit. I'll get a slight reduction in rate, and the term will be extended. I don't plan to pay it off any more slowly but the extra term/flexibility may come in handy in a rough patch - job loss, unexpected expense, etc. If I was escrowing I'd be more nervous with them, but I figure if I'm just making payments to whomever they sell the loan to, it can't be that bad.
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alexp
Posts: 48
Joined: Wed Jan 01, 2020 1:22 am

Re: Refinance Mega Thread

Post by alexp »

Local mortgage broker.
Refinancing primary home mortgage.
2.125% 15yr locked with ~$2k closing cost (appraisal waived).
jbell3124
Posts: 46
Joined: Tue Jul 16, 2013 10:53 pm

Re: Refinance Mega Thread

Post by jbell3124 »

Hoosier CPA wrote: Thu Aug 27, 2020 4:19 pm
jbell3124 wrote: Thu Aug 27, 2020 1:17 pm I applied by the deadline for the AMEX credit and am currently locked with Better. Do I need to do anything else to ensure I get the credit? Will it come up or any papers be necessary through the refi process? At some point, they will need some AMEX account info from me? Just want to make sure I do what needs done (beyond applying by and closing by the required deadlines) to get the credit. I feel like I talked about it with my loan processor at the beginning but it’s been a while, and I’ve talked to a lot of people.
At one point one of the tasks was to input the last 5 digits of the amex card. I'm getting close to the finish line with them. It's been a major headache, involving several changing term sheets, but in the end I'll have about $800 coming back (lender credits are greater than loan fees) and the $2,500 credit. I refi'd with my local/existing lender in July at 3.0% for 20 years. I'm getting 2.875% for 30 with Better, but it's been a frustrating process to say the least. I keep thinking about pulling the plug on it but $3,300 is $3,300.
Thanks for your insight. I hope my experience is smoother than yours. I will keep a close eye on all future documents for sure. I'm with you as far as the AMEX credit making it worth potentially putting up with some hassles. Thanks again.
traveler00
Posts: 24
Joined: Thu Aug 20, 2020 2:24 am

Re: Refinance Mega Thread

Post by traveler00 »

Has anyone been able to get the appraisal requirement waived with Lenderfi?
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anon_investor
Posts: 5220
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

traveler00 wrote: Thu Aug 27, 2020 10:10 pm Has anyone been able to get the appraisal requirement waived with Lenderfi?
Yeah I had mine waived. They said my property was on some database so they could. Maybe because my prior loan was owned by Fannie Mae?
jjhk121
Posts: 47
Joined: Thu Jul 23, 2020 1:09 am

Re: Refinance Mega Thread

Post by jjhk121 »

traveler00 wrote: Thu Aug 27, 2020 10:10 pm Has anyone been able to get the appraisal requirement waived with Lenderfi?
I couldn't get mine waived with LenderFi. My LTV is 74.5% and loan amount is $749.5k. When I was on the phone with my loan officer I heard him trying different things on his computer but his system wouldn't let him waive it.
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BrandonBogle
Posts: 3764
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Hoosier CPA wrote: Thu Aug 27, 2020 9:15 pm I think I'd be an ideal borrower too, with good credit, LTV, no 2nd liens, etc. With the refi I did with my existing bank, it was fairly simple - they had a list of docs needed. I sent all those in and it was straight-forward. Better seems to be continuously asking for docs. They did the initial "beat" of an offer I received from Lender Fi, but they switched the term to 20 from 30. Then, when I asked for it to be corrected to 30, the lender credits were reduced by about $1,000. They switch your contact about 4 times throughout the process, and the current rep told me to approve the closing disclosure, and he'd make sure it was fixed prior to the final docs. So then I got the final docs, and they weren't corrected. Now they have corrected them, but as of today, they are trying to get me to agree to a closing date of 8/24 (several days ago). They seem to be designed to move paperwork quickly but don't have the processes in place to quickly correct errors when they arrive. It's not a lot of work on my end to keep completing "tasks" for them, but I'm pretty much in it for the Amex credit. I'll get a slight reduction in rate, and the term will be extended. I don't plan to pay it off any more slowly but the extra term/flexibility may come in handy in a rough patch - job loss, unexpected expense, etc. If I was escrowing I'd be more nervous with them, but I figure if I'm just making payments to whomever they sell the loan to, it can't be that bad.
Yikes. I can see why you are frustrated. I’ve found certain things to be hit or miss. Refi 1 and 2 they wanted full doc, but I had no problems with the correct rate/term selection and all my docs were correct for the most part. Refi 2 kept having my tax payment due next week dropped, but I would remind them each time and they’d add it back in. Refi 3 though has asked me for no doc except the closing disclosure from refi 2. No W2s, no bank statements, nothing. But I’m only conditionally approved a few days and likely two weeks from closing.
bgh11
Posts: 92
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

Artman910 wrote: Thu Aug 27, 2020 7:25 pm

So i spoke with Lender B and they are saying that LenderFi is lying to me with 0 origination charges and that their a brokerage and will tack on hidden costs right at the end of the closing and not allow me to back out.? lol
Now tell us who that Lender B is - they don't call themselves "BS if can't beat Mortgage", right?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Thu Aug 27, 2020 10:41 pm
Hoosier CPA wrote: Thu Aug 27, 2020 9:15 pm I think I'd be an ideal borrower too, with good credit, LTV, no 2nd liens, etc. With the refi I did with my existing bank, it was fairly simple - they had a list of docs needed. I sent all those in and it was straight-forward. Better seems to be continuously asking for docs. They did the initial "beat" of an offer I received from Lender Fi, but they switched the term to 20 from 30. Then, when I asked for it to be corrected to 30, the lender credits were reduced by about $1,000. They switch your contact about 4 times throughout the process, and the current rep told me to approve the closing disclosure, and he'd make sure it was fixed prior to the final docs. So then I got the final docs, and they weren't corrected. Now they have corrected them, but as of today, they are trying to get me to agree to a closing date of 8/24 (several days ago). They seem to be designed to move paperwork quickly but don't have the processes in place to quickly correct errors when they arrive. It's not a lot of work on my end to keep completing "tasks" for them, but I'm pretty much in it for the Amex credit. I'll get a slight reduction in rate, and the term will be extended. I don't plan to pay it off any more slowly but the extra term/flexibility may come in handy in a rough patch - job loss, unexpected expense, etc. If I was escrowing I'd be more nervous with them, but I figure if I'm just making payments to whomever they sell the loan to, it can't be that bad.
Yikes. I can see why you are frustrated. I’ve found certain things to be hit or miss. Refi 1 and 2 they wanted full doc, but I had no problems with the correct rate/term selection and all my docs were correct for the most part. Refi 2 kept having my tax payment due next week dropped, but I would remind them each time and they’d add it back in. Refi 3 though has asked me for no doc except the closing disclosure from refi 2. No W2s, no bank statements, nothing. But I’m only conditionally approved a few days and likely two weeks from closing.
As a three time customer in such a short period of time the underwriters are probably just rubber stamping your application at this point! :sharebeer
JSDNJ
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Joined: Wed Feb 04, 2015 5:17 pm

Re: Refinance Mega Thread

Post by JSDNJ »

Artman910 wrote: Thu Aug 27, 2020 7:25 pm
Artman910 wrote: Thu Aug 27, 2020 3:46 pm
BarDownHockey wrote: Wed Aug 26, 2020 7:55 pm
Artman910 wrote: Wed Aug 26, 2020 7:16 pm Man what a forum. gotta hand it to you guys this has been a game changer.

Current loan

% 4.375
$ 523.5K (507.5K left) I had originally 4.875 549K refi 1 year ago.

offers:

Lender A) 2.875 30 Yr fixed 508K cost of $3,331 migh waive appraisal
Lender B) 2.875 30 Yr fixed 508K cost of $2343 waived appraisal as not needed
Lender B) 3.00 30 Yr fixed 508K Zero Cost (Lender credit of 2500)

Lender C) LoanCabin applied no response yet but roughly 2.625 30 yr Fixed cost was relatively low no points i think it was zero cost
Lender D) LenderFI applied no response yet but had potential offers of a 2.875 with 0 cost and a 2.5 for 2367 and 2.632 for 10 credit but on details shows 1881 fees

wife and I income wise are together near 110-120K relatively no debt other then house and a 3K student debt and 9k on a car loan. thats all we have.

and both of our avg credit scores are 740s pretty much even.

if i dont hear back form loan cabin or lenderfi or Lender A (i asked for no cost options but looks like i got ghosted lol)

what do yall think stay with lender B 2.875? (i do plan on staying here for a good 10 years minimum)
Go with Lender B at 3%. Do the refi for no cost. If rates continue to drop, then you can refi again without having wasted money paying a half point to drop the interest rate to 2.875%

ok so LenderFI came back with:

A: $0
B: $217
C: 975
D: (ABC) 1192
E: 180
F: 219
G: 6247 home ins for 13 months and property tax for 9 months
I: (EFGH) 6646
J is 7838 - 1372 (LE credit)
total i need to pay is 6193

so the taxes are a wash pretty much so i think for

a 30 yr fixed 2.625 for 508K is pretty good and i think this is a zero cost as the escrow does not count.

EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!
EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!

So i spoke with Lender B and they are saying that LenderFi is lying to me with 0 origination charges and that their a brokerage and will tack on hidden costs right at the end of the closing and not allow me to back out.? lol
Is lender B loan depot?
JSDNJ
Posts: 275
Joined: Wed Feb 04, 2015 5:17 pm

Re: Refinance Mega Thread

Post by JSDNJ »

traveler00 wrote: Thu Aug 27, 2020 10:10 pm Has anyone been able to get the appraisal requirement waived with Lenderfi?

Yes.
traveler00
Posts: 24
Joined: Thu Aug 20, 2020 2:24 am

Re: Refinance Mega Thread

Post by traveler00 »

Would someone be willing to PM me an email address to a loan officer with Lenderfi? I can't get thru to anyone by phone.

I need to know if Lenderfi is accepting applications from borrowers that are self-employed (i.e. small business owners) at this time? Some lenders such as Owning.com are not due to their COVID-19 guidelines so I don't want to go thru their online application and have credit pulled without finding an answer to this question first.

Thanks.
quizzer25
Posts: 189
Joined: Fri Dec 26, 2014 3:28 am

Re: Refinance Mega Thread

Post by quizzer25 »

alexp wrote: Thu Aug 27, 2020 9:48 pm Local mortgage broker.
Refinancing primary home mortgage.
2.125% 15yr locked with ~$2k closing cost (appraisal waived).
Can you share or pme me the lender info? Was $2K lender credit to cover prepaids/escrow since you have a - sign?
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BrandonBogle
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Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

quizzer25 wrote: Thu Aug 27, 2020 11:47 pm
alexp wrote: Thu Aug 27, 2020 9:48 pm Local mortgage broker.
Refinancing primary home mortgage.
2.125% 15yr locked with ~$2k closing cost (appraisal waived).
Can you share or pme me the lender info? Was $2K lender credit to cover prepaids/escrow since you have a - sign?
I don’t see a negative sign, I see an “about” sign. So roughly $2k in closing cost for alexp.
quizzer25
Posts: 189
Joined: Fri Dec 26, 2014 3:28 am

Re: Refinance Mega Thread

Post by quizzer25 »

BrandonBogle wrote: Thu Aug 27, 2020 11:55 pm
quizzer25 wrote: Thu Aug 27, 2020 11:47 pm
alexp wrote: Thu Aug 27, 2020 9:48 pm Local mortgage broker.
Refinancing primary home mortgage.
2.125% 15yr locked with ~$2k closing cost (appraisal waived).
Can you share or pme me the lender info? Was $2K lender credit to cover prepaids/escrow since you have a - sign?
I don’t see a negative sign, I see an “about” sign. So roughly $2k in closing cost for alexp.
Good catch..the about sign looked like a negative to me.
AlexP - Did you have a zero cost rate option as well?
kappat
Posts: 29
Joined: Mon Mar 22, 2010 12:35 pm

Re: Refinance Mega Thread

Post by kappat »

traveler00 wrote: Thu Aug 27, 2020 11:31 pm Would someone be willing to PM me an email address to a loan officer with Lenderfi? I can't get thru to anyone by phone.

I need to know if Lenderfi is accepting applications from borrowers that are self-employed (i.e. small business owners) at this time? Some lenders such as Owning.com are not due to their COVID-19 guidelines so I don't want to go thru their online application and have credit pulled without finding an answer to this question first.

Thanks.
They do accept self employed. I applied around 8/5 and had no issues being self employed. Better was also accepting applications from self employed borrowers.
traveler00
Posts: 24
Joined: Thu Aug 20, 2020 2:24 am

Re: Refinance Mega Thread

Post by traveler00 »

Thank you so much.
traveler00
Posts: 24
Joined: Thu Aug 20, 2020 2:24 am

Re: Refinance Mega Thread

Post by traveler00 »

kappat wrote: Fri Aug 28, 2020 12:07 am
traveler00 wrote: Thu Aug 27, 2020 11:31 pm Would someone be willing to PM me an email address to a loan officer with Lenderfi? I can't get thru to anyone by phone.

I need to know if Lenderfi is accepting applications from borrowers that are self-employed (i.e. small business owners) at this time? Some lenders such as Owning.com are not due to their COVID-19 guidelines so I don't want to go thru their online application and have credit pulled without finding an answer to this question first.

Thanks.
They do accept self employed. I applied around 8/5 and had no issues being self employed. Better was also accepting applications from self employed borrowers.
How long did they lock the rate for and where are you in the process at the moment?
Sprucebark
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Joined: Thu Aug 27, 2020 9:22 pm

Re: Refinance Mega Thread

Post by Sprucebark »

My area isn’t competitive for mortgage rates, unfortunately. There is no such thing as a zero cost refinance for this market...and the rates are higher than what you see posted on the board here.

30 year refi
1) Lender 1- local lender. Wanted way too much.
2) Loan Depot- 3.25%, $3,600 for A+B+C.
3) New American- 3.125%, $3,600 for A+B+C.
4) Better- 3.25%, $4,000 for A+B+C

I deduced to go with the best price and rate and went with #3. Now Better magically changed to $3,000 and Loan Depot dropped their price by $1,000. I did a rate lock with #2 and signed some initial paperwork. I’m really getting tired of all these people trying to play games and only beat what someone else gives me instead of giving me a good price to begin with.

Do you think I should try to play them off against each other or just stick with #2 and move forward? At what point should I feel bad if I decide to switch away from #2?
joelly
Posts: 291
Joined: Mon Oct 27, 2008 11:22 am

Re: Refinance Mega Thread

Post by joelly »

traveler00 wrote: Thu Aug 27, 2020 11:31 pm Would someone be willing to PM me an email address to a loan officer with Lenderfi? I can't get thru to anyone by phone.

I need to know if Lenderfi is accepting applications from borrowers that are self-employed (i.e. small business owners) at this time? Some lenders such as Owning.com are not due to their COVID-19 guidelines so I don't want to go thru their online application and have credit pulled without finding an answer to this question first.

Thanks.
https://app.lenderfi.com/app/dashboard
m7a8a6
Posts: 19
Joined: Mon Aug 17, 2020 8:25 pm

Re: Refinance Mega Thread

Post by m7a8a6 »

Sprucebark wrote: Fri Aug 28, 2020 12:29 am My area isn’t competitive for mortgage rates, unfortunately. There is no such thing as a zero cost refinance for this market...and the rates are higher than what you see posted on the board here.

30 year refi
1) Lender 1- local lender. Wanted way too much.
2) Loan Depot- 3.25%, $3,600 for A+B+C.
3) New American- 3.125%, $3,600 for A+B+C.
4) Better- 3.25%, $4,000 for A+B+C

I deduced to go with the best price and rate and went with #3. Now Better magically changed to $3,000 and Loan Depot dropped their price by $1,000. I did a rate lock with #2 and signed some initial paperwork. I’m really getting tired of all these people trying to play games and only beat what someone else gives me instead of giving me a good price to begin with.

Do you think I should try to play them off against each other or just stick with #2 and move forward? At what point should I feel bad if I decide to switch away from #2?
Literally in the same boat myself. I committed myself with one and almost started initial paperwork and lo and behold the other one came back with a better offer. I’m now feeling bad going back and forth. 😂
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Re: Refinance Mega Thread

Post by bgh11 »

Sprucebark wrote: Fri Aug 28, 2020 12:29 am My area isn’t competitive for mortgage rates, unfortunately. There is no such thing as a zero cost refinance for this market...and the rates are higher than what you see posted on the board here.

30 year refi
1) Lender 1- local lender. Wanted way too much.
2) Loan Depot- 3.25%, $3,600 for A+B+C.
3) New American- 3.125%, $3,600 for A+B+C.
4) Better- 3.25%, $4,000 for A+B+C

I deduced to go with the best price and rate and went with #3. Now Better magically changed to $3,000 and Loan Depot dropped their price by $1,000. I did a rate lock with #2 and signed some initial paperwork. I’m really getting tired of all these people trying to play games and only beat what someone else gives me instead of giving me a good price to begin with.

Do you think I should try to play them off against each other or just stick with #2 and move forward? At what point should I feel bad if I decide to switch away from #2?
Ask Better to beat or at least match LD. LD takes a long time to close.
Artman910
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Re: Refinance Mega Thread

Post by Artman910 »

JSDNJ wrote: Thu Aug 27, 2020 11:10 pm
Artman910 wrote: Thu Aug 27, 2020 7:25 pm
Artman910 wrote: Thu Aug 27, 2020 3:46 pm
BarDownHockey wrote: Wed Aug 26, 2020 7:55 pm
Artman910 wrote: Wed Aug 26, 2020 7:16 pm Man what a forum. gotta hand it to you guys this has been a game changer.

Current loan

% 4.375
$ 523.5K (507.5K left) I had originally 4.875 549K refi 1 year ago.

offers:

Lender A) 2.875 30 Yr fixed 508K cost of $3,331 migh waive appraisal
Lender B) 2.875 30 Yr fixed 508K cost of $2343 waived appraisal as not needed
Lender B) 3.00 30 Yr fixed 508K Zero Cost (Lender credit of 2500)

Lender C) LoanCabin applied no response yet but roughly 2.625 30 yr Fixed cost was relatively low no points i think it was zero cost
Lender D) LenderFI applied no response yet but had potential offers of a 2.875 with 0 cost and a 2.5 for 2367 and 2.632 for 10 credit but on details shows 1881 fees

wife and I income wise are together near 110-120K relatively no debt other then house and a 3K student debt and 9k on a car loan. thats all we have.

and both of our avg credit scores are 740s pretty much even.

if i dont hear back form loan cabin or lenderfi or Lender A (i asked for no cost options but looks like i got ghosted lol)

what do yall think stay with lender B 2.875? (i do plan on staying here for a good 10 years minimum)
Go with Lender B at 3%. Do the refi for no cost. If rates continue to drop, then you can refi again without having wasted money paying a half point to drop the interest rate to 2.875%

ok so LenderFI came back with:

A: $0
B: $217
C: 975
D: (ABC) 1192
E: 180
F: 219
G: 6247 home ins for 13 months and property tax for 9 months
I: (EFGH) 6646
J is 7838 - 1372 (LE credit)
total i need to pay is 6193

so the taxes are a wash pretty much so i think for

a 30 yr fixed 2.625 for 508K is pretty good and i think this is a zero cost as the escrow does not count.

EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!
EDIT:

So I just signed to lock my deal with lenderfi 2.625 30yr Zero Cost

I guess the next courteous thing would be to tell the other lender that I will not be going with them (as during our conversation i mentioned that my wife had "herd" of better deals such as zero cost 2.625 and he was like yea but you know we provide better service over all etc) and only droped the 2.875 for 30 yr to 2343 and offered the 3% for zero cost... but man LenderFi totally beat them.

Gotta give a huge thank you to everyone on here!!!!

So i spoke with Lender B and they are saying that LenderFi is lying to me with 0 origination charges and that their a brokerage and will tack on hidden costs right at the end of the closing and not allow me to back out.? lol
Is lender B loan depot?
Lender B was Ladera Lending
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

bgh11 wrote: Fri Aug 28, 2020 5:38 am
Sprucebark wrote: Fri Aug 28, 2020 12:29 am My area isn’t competitive for mortgage rates, unfortunately. There is no such thing as a zero cost refinance for this market...and the rates are higher than what you see posted on the board here.

30 year refi
1) Lender 1- local lender. Wanted way too much.
2) Loan Depot- 3.25%, $3,600 for A+B+C.
3) New American- 3.125%, $3,600 for A+B+C.
4) Better- 3.25%, $4,000 for A+B+C

I deduced to go with the best price and rate and went with #3. Now Better magically changed to $3,000 and Loan Depot dropped their price by $1,000. I did a rate lock with #2 and signed some initial paperwork. I’m really getting tired of all these people trying to play games and only beat what someone else gives me instead of giving me a good price to begin with.

Do you think I should try to play them off against each other or just stick with #2 and move forward? At what point should I feel bad if I decide to switch away from #2?
Ask Better to beat or at least match LD. LD takes a long time to close.
+1.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

BrandonBogle wrote: Thu Aug 27, 2020 10:41 pm
Hoosier CPA wrote: Thu Aug 27, 2020 9:15 pm I think I'd be an ideal borrower too, with good credit, LTV, no 2nd liens, etc. With the refi I did with my existing bank, it was fairly simple - they had a list of docs needed. I sent all those in and it was straight-forward. Better seems to be continuously asking for docs. They did the initial "beat" of an offer I received from Lender Fi, but they switched the term to 20 from 30. Then, when I asked for it to be corrected to 30, the lender credits were reduced by about $1,000. They switch your contact about 4 times throughout the process, and the current rep told me to approve the closing disclosure, and he'd make sure it was fixed prior to the final docs. So then I got the final docs, and they weren't corrected. Now they have corrected them, but as of today, they are trying to get me to agree to a closing date of 8/24 (several days ago). They seem to be designed to move paperwork quickly but don't have the processes in place to quickly correct errors when they arrive. It's not a lot of work on my end to keep completing "tasks" for them, but I'm pretty much in it for the Amex credit. I'll get a slight reduction in rate, and the term will be extended. I don't plan to pay it off any more slowly but the extra term/flexibility may come in handy in a rough patch - job loss, unexpected expense, etc. If I was escrowing I'd be more nervous with them, but I figure if I'm just making payments to whomever they sell the loan to, it can't be that bad.
Yikes. I can see why you are frustrated. I’ve found certain things to be hit or miss. Refi 1 and 2 they wanted full doc, but I had no problems with the correct rate/term selection and all my docs were correct for the most part. Refi 2 kept having my tax payment due next week dropped, but I would remind them each time and they’d add it back in. Refi 3 though has asked me for no doc except the closing disclosure from refi 2. No W2s, no bank statements, nothing. But I’m only conditionally approved a few days and likely two weeks from closing.
If you use Better Settlement Services for closing and require to contact the settlement services before or after closing, you will be out of luck. Your only way to get information on anything will be your closing expert. And those will be inaccurate. That is my experience. Your closing disclosure will probably have Landy Liu, 929-207-6126, and BSSclosings@wltic.com as a contact point. Good luck on getting any responses from those contacts on anything. Instead, you may like to use Radian Title Services. Even Better wants to match Radian's quote, do not use Better Settlement Services for heaven's sake!
"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 BrandonBogle »

Shikoku wrote: Fri Aug 28, 2020 10:10 am If you use Better Settlement Services for closing and require to contact the settlement services before or after closing, you will be out of luck. Your only way to get information on anything will be your closing expert. And those will be inaccurate. That is my experience. Your closing disclosure will probably have Landy Liu, 929-207-6126, and BSSclosings@wltic.com as a contact point. Good luck on getting any responses from those contacts on anything. Instead, you may like to use Radian Title Services. Even Better wants to match Radian's quote, do not use Better Settlement Services for heaven's sake!
I used BSS for Refi 1 and will for Refi 3. For 1 I had no issue except a day’s delay in sending the payoff due to some confusion around the dates. I don’t have a specific contact for them, but the team/generic email addresses I have for them are different. When I emailed them, I got answers generally within the hour.

Looking at refi 1’s final closing disclosure, it does indeed say Landy Liu as the contact, but has EXClosings@wltic.com as the email address with the same phone number.
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Re: Refinance Mega Thread

Post by Shikoku »

BrandonBogle wrote: Fri Aug 28, 2020 11:21 am
Shikoku wrote: Fri Aug 28, 2020 10:10 am If you use Better Settlement Services for closing and require to contact the settlement services before or after closing, you will be out of luck. Your only way to get information on anything will be your closing expert. And those will be inaccurate. That is my experience. Your closing disclosure will probably have Landy Liu, 929-207-6126, and BSSclosings@wltic.com as a contact point. Good luck on getting any responses from those contacts on anything. Instead, you may like to use Radian Title Services. Even Better wants to match Radian's quote, do not use Better Settlement Services for heaven's sake!
I used BSS for Refi 1 and will for Refi 3. For 1 I had no issue except a day’s delay in sending the payoff due to some confusion around the dates. I don’t have a specific contact for them, but the team/generic email addresses I have for them are different. When I emailed them, I got answers generally within the hour.

Looking at refi 1’s final closing disclosure, it does indeed say Landy Liu as the contact, but has EXClosings@wltic.com as the email address with the same phone number.
Unfortunately, I did not get any response from the voice message I left or e-mail I sent nine days ago and 28 hours ago.
"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 alexp »

quizzer25 wrote: Fri Aug 28, 2020 12:04 am Good catch..the about sign looked like a negative to me.
AlexP - Did you have a zero cost rate option as well?
Yes, it is "about" (not negative). $2K closing costs + prepaid if escrow isn't waived.

There might be a zero cost option as well in exchange of a higher rate. Not sure.
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Re: Refinance Mega Thread

Post by BrandonBogle »

Shikoku wrote: Fri Aug 28, 2020 11:26 am Unfortunately, I did not get any response from the voice message I left or e-mail I sent nine days ago and 28 hours ago.
Ugh. It seems far too many companies really put “effective communications” near the back of the skill set priority list. So many things are NOT difficult.

For instance, the processing person on refi 2 was great in that I would send a request about something and I would get a reply within the hour acknowledging the request and saying she is working on it. Refi 1 and 3 don’t send such a thing, but instead reply when the request is complete, which can often be over 24 hours later. I much prefer the former than the latter!
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Re: Refinance Mega Thread

Post by the explorer »

Thanks to this forum, I closed last month with Better. Went from 4.75%/30 yr to 2.75%/20 yr with the same exact monthly payments and $100 closing cost.
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Fri Aug 28, 2020 12:00 pm
Shikoku wrote: Fri Aug 28, 2020 11:26 am Unfortunately, I did not get any response from the voice message I left or e-mail I sent nine days ago and 28 hours ago.
Ugh. It seems far too many companies really put “effective communications” near the back of the skill set priority list. So many things are NOT difficult.

For instance, the processing person on refi 2 was great in that I would send a request about something and I would get a reply within the hour acknowledging the request and saying she is working on it. Refi 1 and 3 don’t send such a thing, but instead reply when the request is complete, which can often be over 24 hours later. I much prefer the former than the latter!
The no update update goes a long way. I learned a long time ago providing timely no update updates saves a lot of future headaches. But customer service is likely not a high priority I bet and likely not really rewarded for these folks either...
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Re: Refinance Mega Thread

Post by Parliamentofowls »

First time poster — super glad to have found and benefitted from this enormous thread. Here’s my question: the Mortgage Professor site connects to Keystone Funding, based in Delaware. The internet (and this thread) are full of mortgage-related companies called Keystone, making it really hard to figure out whether anyone has worked with (and more importantly, had a good experience with) this particular Keystone. Anyone have experience they can share? Thanks.

I got what I think is a pretty good estimate from them, but my spouse is convinced that we should refi with our local bank instead. Spouse says local bank is better because we have a relationship with them, they’ll have better communication/customer service, etc. They will also, unfortunately, have higher fees. I’d hate to pass up a better deal just because it’s a less-known entity to us.
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Re: Refinance Mega Thread

Post by Shikoku »

Parliamentofowls wrote: Fri Aug 28, 2020 12:22 pm First time poster — super glad to have found and benefitted from this enormous thread. Here’s my question: the Mortgage Professor site connects to Keystone Funding, based in Delaware. The internet (and this thread) are full of mortgage-related companies called Keystone, making it really hard to figure out whether anyone has worked with (and more importantly, had a good experience with) this particular Keystone. Anyone have experience they can share? Thanks.

I got what I think is a pretty good estimate from them, but my spouse is convinced that we should refi with our local bank instead. Spouse says local bank is better because we have a relationship with them, they’ll have better communication/customer service, etc. They will also, unfortunately, have higher fees. I’d hate to pass up a better deal just because it’s a less-known entity to us.
Post your detail offer here. So that people can give feedback. That is the way to do it. I personally go with business that give me best offer irrespective of the relationship I have.
"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 Petrocelli »

I just got a 30 year non-conforming loan.

First 10 years are fixed at 2.625. Then it goes variable. However, since I will have the loan paid off in 10 years, the ARM portion of the loan is not a consideration.
Petrocelli (not the real Rico, but just a fan)
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

anon_investor wrote: Fri Aug 28, 2020 12:08 pm
BrandonBogle wrote: Fri Aug 28, 2020 12:00 pm
Shikoku wrote: Fri Aug 28, 2020 11:26 am Unfortunately, I did not get any response from the voice message I left or e-mail I sent nine days ago and 28 hours ago.
Ugh. It seems far too many companies really put “effective communications” near the back of the skill set priority list. So many things are NOT difficult.

For instance, the processing person on refi 2 was great in that I would send a request about something and I would get a reply within the hour acknowledging the request and saying she is working on it. Refi 1 and 3 don’t send such a thing, but instead reply when the request is complete, which can often be over 24 hours later. I much prefer the former than the latter!
The no update update goes a long way. I learned a long time ago providing timely no update updates saves a lot of future headaches. But customer service is likely not a high priority I bet and likely not really rewarded for these folks either...
I have closed mortgage seven times over the last decade. Better Settlement Services is not only the worst but they have no customer service at all. If they list a phone number and an e-mail address in the CD but never respond any voice messages or e-mails, I wonder why they list those in the first place. May be they have to have it for compliance.
"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 need403bhelp »

Just wanted to check in re Watermark experiences on this thread again, ideally from someone who has closed with them?

They are now giving me the best deal and I can't get better to beat or match it due to rate sheet.

Watermark has been slower than better but my LO seems to be quite dedicated and responsive.

Thanks!

EDIT: Edited to add (in light of discussion immediately preceding this) that Better is not using BSS in my state
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Re: Refinance Mega Thread

Post by Shikoku »

Petrocelli wrote: Fri Aug 28, 2020 2:23 pm I just got a 30 year non-conforming loan.

First 10 years are fixed at 2.625. Then it goes variable. However, since I will have the loan paid off in 10 years, the ARM portion of the loan is not a consideration.
Have you checked if a 10 or 15 year FRM lowers the rate with your loan size?
"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 RMO87 »

For those of you that have refinanaced more than one in 2020: does the second refi usually require an appraisal, even if the first refi did? Can they simply refer to the one completed just a month or two ago? I closed with Better Mortgage in mid-July.
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Re: Refinance Mega Thread

Post by samta09 »

I just completed a refi with Better two weeks ago and spoke to an agent from Watermark to see what their rates are and costs. She said since I just refi, Waretermark is not interested to work with me because it’s a red flag for mortgage fraud. This is the first I’ve heard since many of you are doing the refi after another. I know that Lenderfi has specific language not allowing you to refi for 6 months.
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Re: Refinance Mega Thread

Post by jjhk121 »

RMO87 wrote: Fri Aug 28, 2020 3:03 pm For those of you that have refinanaced more than one in 2020: does the second refi usually require an appraisal, even if the first refi did? Can they simply refer to the one completed just a month or two ago? I closed with Better Mortgage in mid-July.
I couldn't get my appraisal waived for my first refi in early July. I started my second refi a few weeks ago and the loan officer couldn't get the appraisal waived. I asked if he could use the appraisal from the first refi but he said they're not allowed to do that. So dumb.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

Okay I know what option I should go with. But wanted to clarify before I commit to lock with better again.

Option A: 2.5% 20 year. 2500 lender credit. No escrow ABC= $1,164– E+F=$3,105.
They’re making me pay my property tax because it’s due with 60-90 days. Which is $2,392. So technically my E+F=$713
Since I don’t count my property tax as part of my loan estimate (SectionF) since I already have to pay that and have the funds in my account already.
My math is $1164+713=$1,877 $2500(Lender Credit)-$1,877= $623 back to me.

Option B: 2.625% 20 years. 4000 lender credit. No escrow ABC= $1,164– E+F=$3,105. Same story above. E+F=$713 (amount minus PT)
$1,164+713= $1,877 $4000-1877= $2,123

Payment goes up 20 dollars. But still saving 40ish dollar from my current rate of 2.875.

The difference of credit back to be is $1500 and with 20 dollar increase it will take me 6 years to break even.

I know I’m going to go with option B. But just wanting confirmation of my thinking is correct and if I’m missing anything. And then refi again for the 3rd time if rates continue downward.

Thanks ahead.
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Re: Refinance Mega Thread

Post by InvestDoc »

RMO87 wrote: Fri Aug 28, 2020 3:03 pm For those of you that have refinanaced more than one in 2020: does the second refi usually require an appraisal, even if the first refi did? Can they simply refer to the one completed just a month or two ago? I closed with Better Mortgage in mid-July.
I had an appraisal completed because the credit union I was working with required it, but ended up changing to another lender part way through the process since rates came down so much (where I was then granted an appraisal waiver by Freddie Mac presumably because of my favorable LTV ratio and overall credit worthiness). I recently contacted that credit union again for a second refinance and they said they can use the original appraisal since it's valid for something like 12 months, but they might require a small fee to recertify it. I'm not sure if this is a Fannie/Freddie rule that applies to all conforming mortgages regardless of who completed the original appraisal or if it is just the lender's policy, but it's worth asking.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

RMO87 wrote: Fri Aug 28, 2020 3:03 pm For those of you that have refinanaced more than one in 2020: does the second refi usually require an appraisal, even if the first refi did? Can they simply refer to the one completed just a month or two ago? I closed with Better Mortgage in mid-July.
I qualify for an appraisal waiver the 1st time and I’m in the process of locking soon on my second refi. They also waived appraisal
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Re: Refinance Mega Thread

Post by bgh11 »

Familyman2012 wrote: Fri Aug 28, 2020 3:20 pm Okay I know what option I should go with. But wanted to clarify before I commit to lock with better again.

Option A: 2.5% 20 year. 2500 lender credit. No escrow ABC= $1,164– E+F=$3,105.
They’re making me pay my property tax because it’s due with 60-90 days. Which is $2,392. So technically my E+F=$713
Since I don’t count my property tax as part of my loan estimate (SectionF) since I already have to pay that and have the funds in my account already.
My math is $1164+713=$1,877 $2500(Lender Credit)-$1,877= $623 back to me.

Option B: 2.625% 20 years. 4000 lender credit. No escrow ABC= $1,164– E+F=$3,105. Same story above. E+F=$713 (amount minus PT)
$1,164+713= $1,877 $4000-1877= $2,123

Payment goes up 20 dollars. But still saving 40ish dollar from my current rate of 2.875.

The difference of credit back to be is $1500 and with 20 dollar increase it will take me 6 years to break even.

I know I’m going to go with option B. But just wanting confirmation of my thinking is correct and if I’m missing anything. And then refi again for the 3rd time if rates continue downward.

Thanks ahead.
Can you get a quote from A for 2.625% and ask B for 2.5% quote?
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Re: Refinance Mega Thread

Post by Parliamentofowls »

Shikoku wrote: Fri Aug 28, 2020 2:19 pm
Parliamentofowls wrote: Fri Aug 28, 2020 12:22 pm First time poster — super glad to have found and benefitted from this enormous thread. Here’s my question: the Mortgage Professor site connects to Keystone Funding, based in Delaware. The internet (and this thread) are full of mortgage-related companies called Keystone, making it really hard to figure out whether anyone has worked with (and more importantly, had a good experience with) this particular Keystone. Anyone have experience they can share? Thanks.

I got what I think is a pretty good estimate from them, but my spouse is convinced that we should refi with our local bank instead. Spouse says local bank is better because we have a relationship with them, they’ll have better communication/customer service, etc. They will also, unfortunately, have higher fees. I’d hate to pass up a better deal just because it’s a less-known entity to us.
Post your detail offer here. So that people can give feedback. That is the way to do it. I personally go with business that give me best offer irrespective of the relationship I have.
Thanks. I gathered that most people here pick the lender with the best terms, without regard to relationship. My question was just about this one lender though, since I’m trying to persuade over a reluctant spouse. The last several pages suggest that some of the popular lenders here aren’t amazing at customer service, and that’s definitely a consideration for peace in my household.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

bgh11 wrote: Fri Aug 28, 2020 3:27 pm
Familyman2012 wrote: Fri Aug 28, 2020 3:20 pm Okay I know what option I should go with. But wanted to clarify before I commit to lock with better again.

Option A: 2.5% 20 year. 2500 lender credit. No escrow ABC= $1,164– E+F=$3,105.
They’re making me pay my property tax because it’s due with 60-90 days. Which is $2,392. So technically my E+F=$713
Since I don’t count my property tax as part of my loan estimate (SectionF) since I already have to pay that and have the funds in my account already.
My math is $1164+713=$1,877 $2500(Lender Credit)-$1,877= $623 back to me.

Option B: 2.625% 20 years. 4000 lender credit. No escrow ABC= $1,164– E+F=$3,105. Same story above. E+F=$713 (amount minus PT)
$1,164+713= $1,877 $4000-1877= $2,123

Payment goes up 20 dollars. But still saving 40ish dollar from my current rate of 2.875.

The difference of credit back to be is $1500 and with 20 dollar increase it will take me 6 years to break even.

I know I’m going to go with option B. But just wanting confirmation of my thinking is correct and if I’m missing anything. And then refi again for the 3rd time if rates continue downward.

Thanks ahead.
Can you get a quote from A for 2.625% and ask B for 2.5% quote?
Both of these quotes are with Better. Sorry, should’ve mentioned that.
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