Refinance Mega Thread

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Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

runner23 wrote: Wed Sep 02, 2020 4:20 pm Refi’d in March down to 3.125 30 year and waited 6 months per terms of refinance until I could again. Locked a no cost refi at 2.625 for 30 year today.
Loan amount, LTV, state?
SaveStrong
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Re: Refinance Mega Thread

Post by SaveStrong »

Refinanced in Early May but looking to do again - crazy with these rates. Went from 30 to 15 for a 1% drop and now looking to go back at 30 at same low rate!

Considering LenderFi and was assigned Anthony Assi. Any experience there or want to refer me your contact?
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

postal007 wrote: Wed Sep 02, 2020 11:06 am
presto987 wrote: Mon Aug 31, 2020 6:52 pm
postal007 wrote: Mon Aug 31, 2020 6:42 pm Just wanted to give another data point here, since this thread is so helpful.

State: CA
Loan Amount: $565k
LTV: ~40%
Current Rate: 2.85% (First Republic) on a 30 year fixed

I had just refied earlier this year with First Republic, but rates kept dropping, so was looking for a no-cost refi on another 30-year fixed. Of the lenders I contacted, here's what I got on Friday:

Owning: 2.625%, no cost
LenderFi: 2.75%, no cost. Followed up today and said they can't match Owning offer on a no-cost
Loan Depot: 2.825%, $500 costs. Reaching out soon to ask for a match
Better: Uncompetitive. Told me to take the Owning offer and run for the hills.

I'm planning to forward the Owning LE to First Republic soon to see if they can do some kind of loan modification, but trying out a few other lenders to see if I can get it lower before I do.
Have you (or anyone else) looked at Interactive Mortgage? They are showing 2.5% no cost for 30-year up to the super conforming limit. Seems like one of the best rates out there, but I haven't heard any reviews.
Thanks for the tip on Interactive Mortgage. I went back and applied with them and they locked me at 2.5% no cost, no fuss. Pretty straightforward, worked with Eric Park. I then used that to send to LD and Owning... LD came back with a 2.5% match with a $500 additional credit, and Owning said they'd just send me a check for $1000 plus the 2.5%.

Now to decide which one to close with....
I just looked at IM, and the site looked eerily similar to Owning's website. Looking at the contact info, they are exactly next to each other. Anyone know if they're the same company? (also, does anyone know how many of these mortgage companies -- who almost all seem to be in Orange County, CA -- are actually the same company?)

IM:
1 City Boulevard West
Suite 1650
Orange, CA 92868

Owning:
One City Blvd West
Suite 1500
Orange, CA 92868
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

presto987 wrote: Wed Sep 02, 2020 11:31 am Awesome! Looks like your worst case scenario will be to net $1000 on a 2.5% 30-year, which is great, and particularly impressive considering your loan size is above the $510k conforming limit!

I've heard good things about Owning from a few people, and apparently they close really fast (2-3 weeks), so you could take that offer and run. My only concern is that it sounds like the $1000 is not a lender credit, so there would be no documentation of it anywhere. Just make sure to get confirmation of the $1000 in writing and confirm that there are no other conditions/"gotchas" that would prevent you from getting it.

Another option is to go back to Interactive Mortgage and see if they'd be willing to beat Owning. I doubt they would do it if Owning's additional $1000 credit is not stated in an LE, and because you're already locked. But maybe if you have it in writing in an email you could try forwarding the email to prove that you're not making it up. And some lenders (like Better) are willing to price match even after locking. So doesn't hurt to try.

I'm surprised more people aren't talking about Interactive Mortgage considering the rates published on their website.
I posted pages ago that Owning was super fast. Indeed, the CD came 2 days after applying and notary came 9 days after applying. HOWEVER, similar to other(s), that's not the whole story. I'm going to post my timeline when I have it finished, but it's still not finished. Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.

EDIT: I realize I should add that the rate was excellent and the people are good too. Just that it's been annoying to think it was finished, but not know when it will be actually finished. I'd like to count my chickens only after hatching. (also adding that it took LC ~3 weeks to respond at all)
Last edited by thrillhou on Thu Sep 03, 2020 11:26 pm, edited 1 time in total.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

Does anyone know anything about these offers that show up in the mailbox once you start the refi process? I have a mailing from Flexpoint advertising 30 year 2.125% and I seem to meet the criteria in the small print. Obvious this feels too good to be true and shady and Flexpoint is not mentioned once in this thread or in fact all of Bogleheads and has a tiny internet footprint in general. I'm just curious what's up with this. I got 3 or 4 similar mailings with my last refi as well.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
mega317
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Re: Refinance Mega Thread

Post by mega317 »

thrillhou wrote: Thu Sep 03, 2020 11:10 pm Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.
I got a good offer from Owning, which Better just came way down to match. I liked the Owning LO and don't want to bail on him but would you go with Better? My Owning CD does say closing 9/17 disbursement 9/22. Is that meaningless?
https://www.bogleheads.org/forum/viewtopic.php?t=6212
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

mega317 wrote: Thu Sep 03, 2020 11:24 pm
thrillhou wrote: Thu Sep 03, 2020 11:10 pm Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.
I got a good offer from Owning, which Better just came way down to match. I liked the Owning LO and don't want to bail on him but would you go with Better? My Owning CD does say closing 9/17 disbursement 9/22. Is that meaningless?
I just edited my post to add that my Owning rate was great. Better matched my owning LE, but it was only about $100 lower, and there was unknown timeline too. The Owning saleswoman didn't see any problems with a Spring-time furlough nor other questions I had. Appraisal was waived after I asked too.

In the CD, I should have known something was up, because the per diem interest for current loan was calculated for 3 weeks after notary, and the Owning loan set to start 5 days after notary. I don't remember a specific 'disbursement' date. Which page had that on the CD?

EDIT: I just looked at a CD from Owning; The disbursement date matches when they started the per diem on their own loan. I think that was their 'goal'...
mega317
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Re: Refinance Mega Thread

Post by mega317 »

Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
https://www.bogleheads.org/forum/viewtopic.php?t=6212
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
I see that now. Best hopes and wishes from them for the funding date, I guess.

The amount you owe to your current lender is not your last statement balance. It's that balance PLUS per diem interest on that amount. Same thing happens with new lender. They calculate the per diem interest on their loan for the days in the partial month when they 'own your loan'.
sciencewhiz
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Re: Refinance Mega Thread

Post by sciencewhiz »

mega317 wrote: Thu Sep 03, 2020 11:24 pm
thrillhou wrote: Thu Sep 03, 2020 11:10 pm Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.
I got a good offer from Owning, which Better just came way down to match. I liked the Owning LO and don't want to bail on him but would you go with Better? My Owning CD does say closing 9/17 disbursement 9/22. Is that meaningless?
In my case, Owning beat the timeline on the first closing disclosure
8/17 applied and locked
8/18 got closing disclosure which listed 9/1 as closing and 9/8 disbursement
On 8/19 they schedule closing for 8/25
8/24 get updated closing disclosure with 8/25 closing and 8/31 disbursement and they met this schedule
2 weeks from application to disbursement.
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

sciencewhiz wrote: Thu Sep 03, 2020 11:46 pm
mega317 wrote: Thu Sep 03, 2020 11:24 pm
thrillhou wrote: Thu Sep 03, 2020 11:10 pm Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.
I got a good offer from Owning, which Better just came way down to match. I liked the Owning LO and don't want to bail on him but would you go with Better? My Owning CD does say closing 9/17 disbursement 9/22. Is that meaningless?
In my case, Owning beat the timeline on the first closing disclosure
8/17 applied and locked
8/18 got closing disclosure which listed 9/1 as closing and 9/8 disbursement
On 8/19 they schedule closing for 8/25
8/24 get updated closing disclosure with 8/25 closing and 8/31 disbursement and they met this schedule
2 weeks from application to disbursement.
That's fantastic! Did you get the feeling/do you know if you were still in underwriting after 8/25 (closing with notary)?
thrillhou
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Re: Refinance Mega Thread

Post by thrillhou »

sciencewhiz wrote: Thu Sep 03, 2020 11:46 pm
mega317 wrote: Thu Sep 03, 2020 11:24 pm
thrillhou wrote: Thu Sep 03, 2020 11:10 pm Right now though; apply 8/6, notary 8/15, Funding 9/2??? Original lender shows no indication of being paid to close that account. Essentially, Owning rushes to lock and notarize, then does the underwriting. I believe one of the forms signed with notary concerns Owning being able to cancel the refi if underwriting finds problems. In fact, I was still being asked for a document on Sunday (15 days after notary) and other confirmations about 10 days after notary.
I got a good offer from Owning, which Better just came way down to match. I liked the Owning LO and don't want to bail on him but would you go with Better? My Owning CD does say closing 9/17 disbursement 9/22. Is that meaningless?
In my case, Owning beat the timeline on the first closing disclosure
8/17 applied and locked
8/18 got closing disclosure which listed 9/1 as closing and 9/8 disbursement
On 8/19 they schedule closing for 8/25
8/24 get updated closing disclosure with 8/25 closing and 8/31 disbursement and they met this schedule
2 weeks from application to disbursement.
Actually, which day did your old loan show being closed? was that 8/31 or 9/1?
Artman910
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Re: Refinance Mega Thread

Post by Artman910 »

anon_investor wrote: Mon Aug 31, 2020 6:38 pm
e5116 wrote: Mon Aug 31, 2020 5:30 pm
anon_investor wrote: Mon Aug 31, 2020 5:21 pm
e5116 wrote: Mon Aug 31, 2020 4:37 pm I just locked a no-cost refi with LenderFi @2.5% (30 year) having gone through the process with them in February/March (was @3.125%). A+B+C+E-Lender Credits = -$30. My numbers (credit score, LTV, loan amount) are pretty optimal I think for a good rate. I didn't have to fill out a new application. Contacted my prior loan officer and he simply sent me the rate and then initiated the process when I said to move forward. I simply had to sign the new disclosures. Seems pretty easy/seamless so far given I've already done it once with them.

Didn't seem worthwhile shopping around as I want to get it done pretty fast and the rate seemed more than competitive. Seems like 2.5% has been the general floor for no cost (admittedly a few have gotten more cash back/AMEX credit) or occasionally a 2.375 if situations are perfect/pay a bit of points.
Great rate. Take it! At least with LenderFi you know they will get you to closing.

Did you apply at LenderFi or did they contact you as part of their rate guarantee program?
Thanks!

I contacted them. Took a few attempts, but was speedy once I got a reply. They are definitely swamped right now. The "rate guarantee program" is basically the same as a normal refi, but perhaps more streamlined given they already have a lot of my information from the prior refi. Note that my fees were just north of $1k (appraisal waived) so they didn't have to give that much lender credit to compensate to make it no cost. That probably also was a factor in the rate.
Curious, how did you go about trying to contact LenderFi this time. I did a 2.75% 30yr fixed no cost refi with LenderFi in July and plan to try to refi again next year with them if rates are still low.

I was pleased to hear this from LenderFi

"Good morning - Yes your rate is LOCKED at 2.625% for 30 Years
Now we need to keep you at that rate for the next 6 Months with rate insurance, meaning after 6 Months If the rate drops a quarter or better in your favor we reach out to you to refi at no cost
Looking forward,"

I hope they stay true to that statement especially with the .5% fee thats bound to kick in this year.....but so far i just got a bunch of documents that looks like i need to upload to LenderFi but things are moving forward.
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pianos101
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Re: Refinance Mega Thread

Post by pianos101 »

SaveStrong wrote: Thu Sep 03, 2020 10:35 pm Refinanced in Early May but looking to do again - crazy with these rates. Went from 30 to 15 for a 1% drop and now looking to go back at 30 at same low rate!

Considering LenderFi and was assigned Anthony Assi. Any experience there or want to refer me your contact?
Just PMd you.
sciencewhiz
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Re: Refinance Mega Thread

Post by sciencewhiz »

thrillhou wrote: Thu Sep 03, 2020 11:48 pm
That's fantastic! Did you get the feeling/do you know if you were still in underwriting after 8/25 (closing with notary)?
I didn't get any requests for paperwork or anything after 8/25. However, there was paperwork during the closure that gave the impression that it could have been.
thrillhou wrote: Thu Sep 03, 2020 11:49 pm
Actually, which day did your old loan show being closed? was that 8/31 or 9/1?
9/1
AlpineJoe
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Re: Refinance Mega Thread

Post by AlpineJoe »

pianos101 wrote: Fri Sep 04, 2020 12:17 am
SaveStrong wrote: Thu Sep 03, 2020 10:35 pm Refinanced in Early May but looking to do again - crazy with these rates. Went from 30 to 15 for a 1% drop and now looking to go back at 30 at same low rate!

Considering LenderFi and was assigned Anthony Assi. Any experience there or want to refer me your contact?
Just PMd you.
My guy is Anthony. He did the original estimate, got back to me quickly and answered the phone when I called. The bulk of the time and work though is with the processor who is someone else in the company. They're not so quick to get back to you.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

I’m so jealous of all these LenderFi success stories. I can’t believe how I’m stuck in the abyss with them. I wish I had taken my LE and parallel shopped to see who can close first.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

I am very bummed to report I still have not gotten my $2500 AMEX credit. I see on slickdeals many people who closed even a few days after me have gotten it. It seems that it posts when your statement closes...my statement closed today and no credit. I suppose I’ll need to wait another 6 weeks before I can start complaining. Usually these types of things are automatic so if it doesn’t show up how others show up, it never will.
1andDone
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Re: Refinance Mega Thread

Post by 1andDone »

Jags4186 wrote: Fri Sep 04, 2020 8:21 am I am very bummed to report I still have not gotten my $2500 AMEX credit. I see on slickdeals many people who closed even a few days after me have gotten it. It seems that it posts when your statement closes...my statement closed today and no credit. I suppose I’ll need to wait another 6 weeks before I can start complaining. Usually these types of things are automatic so if it doesn’t show up how others show up, it never will.
Ditto. It's been over 8 weeks for me, and I've reached out to both Better and AMEX to no avail so far. Very frustrating.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

1andDone wrote: Fri Sep 04, 2020 8:43 am
Jags4186 wrote: Fri Sep 04, 2020 8:21 am I am very bummed to report I still have not gotten my $2500 AMEX credit. I see on slickdeals many people who closed even a few days after me have gotten it. It seems that it posts when your statement closes...my statement closed today and no credit. I suppose I’ll need to wait another 6 weeks before I can start complaining. Usually these types of things are automatic so if it doesn’t show up how others show up, it never will.
Ditto. It's been over 8 weeks for me, and I've reached out to both Better and AMEX to no avail so far. Very frustrating.
If you’ve passed 8 weeks, call the number on the back of your Amex card. As the rep to connect you to the “Digital Assist” team. That team is open 24/7. They will then open a “case” to investigate the payout, which will entail them reaching out to Better. The rep at Better will contact your “Closing Expert” to verify some things and once things are fixed up, you will be in the best payout batch. Don’t waste your time with any other team than “Digital Assist” and speak with that team directly.
1andDone
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Re: Refinance Mega Thread

Post by 1andDone »

BrandonBogle wrote: Fri Sep 04, 2020 9:14 am
1andDone wrote: Fri Sep 04, 2020 8:43 am
Jags4186 wrote: Fri Sep 04, 2020 8:21 am I am very bummed to report I still have not gotten my $2500 AMEX credit. I see on slickdeals many people who closed even a few days after me have gotten it. It seems that it posts when your statement closes...my statement closed today and no credit. I suppose I’ll need to wait another 6 weeks before I can start complaining. Usually these types of things are automatic so if it doesn’t show up how others show up, it never will.
Ditto. It's been over 8 weeks for me, and I've reached out to both Better and AMEX to no avail so far. Very frustrating.
If you’ve passed 8 weeks, call the number on the back of your Amex card. As the rep to connect you to the “Digital Assist” team. That team is open 24/7. They will then open a “case” to investigate the payout, which will entail them reaching out to Better. The rep at Better will contact your “Closing Expert” to verify some things and once things are fixed up, you will be in the best payout batch. Don’t waste your time with any other team than “Digital Assist” and speak with that team directly.
Thanks, I spoke to someone in "Digital Escalation" earlier this week. The first time I called AMEX I apparently was not connected to the right department. Fingers crossed this gets sorted out soon.
mp1414
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Re: Refinance Mega Thread

Post by mp1414 »

Hi, I have been approved for a 30 year refinance for 150k, but have not locked in my rate yet. A month ago it was 2.5% and yesterday it was 2.675% with $580 of lender credit. Any insight or suggestions if I should go ahead and lock now? My closing is at least three more weeks away and I have had trouble monitoring any sort of rate and when to "lock". Thanks!
Last edited by mp1414 on Fri Sep 04, 2020 9:27 am, edited 1 time in total.
eddu
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Re: Refinance Mega Thread

Post by eddu »

Can you refinance right away after a refinance? I closed on my refinance on 7/31 for 2.875% for 510k, 30 years. I've been seeing rates floating around 2.625% for the last month. If it goes down to 2.5, I want to see if I can refinance again but will I be able to do so?
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
"Per diem interest" is the daily interest charged on a loan. Mortgages are paid for the previous month, so the payoff amount sent by the current lender will have to account for the days in the current month, leading up to the payoff date when the loan is paid off by the new lender.

So, for example, if the payoff date for the new lender is 9/15, the total payoff amount for the current lender will consist of the loan balance as of August + 15 days of interest for September. I like to know for myself what the payoff amount will be in order to confirm what's in the CD, so I'll go into my mortgage account to get the current loan balance, and then add the days (of interest) leading up to the payoff date.
Ignis
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Re: Refinance Mega Thread

Post by Ignis »

Looks like I will be closing 9/8 on my 2.625% 30 year FRM (~70% LTV, $290k loan including escrows/prepaids rolled in).

A+B+C+E= $2221
Lender Credit = $2371
Difference: -$150

I've had a payment since my initial LE so I will actually end up with a check for about $750 when all is said and done, which is fine with me.

My timeline:

8/10 - Received initial Lender Estimate
8/13 - Received locked rate Lender Estimate
9/03 - Received Closing Disclosure

9/08 - Closing Date from CD (haven't heard from title company/notary yet...)
9/14 - Disbursement Date
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

3of10 wrote: Fri Sep 04, 2020 10:03 am
mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
"Per diem interest" is the daily interest charged on a loan. Mortgages are paid for the previous month, so the payoff amount sent by the current lender will have to account for the days in the current month, leading up to the payoff date when the loan is paid off by the new lender.

So, for example, if the payoff date for the new lender is 9/15, the total payoff amount for the current lender will consist of the loan balance as of August + 15 days of interest for September. I like to know for myself what the payoff amount will be in order to confirm what's in the CD, so I'll go into my mortgage account to get the current loan balance, and then add the days (of interest) leading up to the payoff date.
Don’t forget fees that the old lender may charge. PenFed charged a $20 payoff fee. It looks like Wells Fargo charged $0, but I’m still waiting on final details to confirm. Others have been told upwards of $100, but usually it is $50 or less, if not $0.
sudohouse
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Re: Refinance Mega Thread

Post by sudohouse »

Can someone please PM me a contact for Loan Cabin? I've searched everywhere online and no one is doing high balance loans and only Loan cabin had a competitive rate on their site.

Thanks
Futbolista
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Re: Refinance Mega Thread

Post by Futbolista »

sudohouse wrote: Fri Sep 04, 2020 10:23 am Can someone please PM me a contact for Loan Cabin? I've searched everywhere online and no one is doing high balance loans and only Loan cabin had a competitive rate on their site.

Thanks
I ran into the same problem with a lot of the lenders mentioned in this thread. Ended up receiving 30 year no cost 2.75s on my jumbo from New American and Consumer Direct. I think both of these were through Costco referrals.
Wings5
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Re: Refinance Mega Thread

Post by Wings5 »

Has anyone who used Better.com for a refi been able to close in 3-4 weeks from applying and signing an intent to proceed? Did you have any hassle if you chose your own title company?

We just refinanced with NBKC this summer and we're looking at refinancing again. Better.com shows possible closing dates of 9/26 - that's three weeks from now.
Last edited by Wings5 on Fri Sep 04, 2020 10:48 am, edited 1 time in total.
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NORDO
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Post by NORDO »

SaveStrong wrote: Thu Sep 03, 2020 10:35 pm Refinanced in Early May but looking to do again - crazy with these rates. Went from 30 to 15 for a 1% drop and now looking to go back at 30 at same low rate!

Considering LenderFi and was assigned Anthony Assi. Any experience there or want to refer me your contact?
He was unbelievably non-responsive with me. After one reply on Jul 14, he never responded to follow-up messages I sent the same day, on Jul 24, on Aug 3, or Aug 27.

I applied with Better in mid-July, locked the end of Jul, and closed last week.
presto987
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Post by presto987 »

Wings5 wrote: Fri Sep 04, 2020 10:46 am Has anyone who used Better.com for a refi been able to close in 3-4 weeks from applying and signing an intent to proceed? Did you have any hassle if you chose your own title company?

We just refinanced with NBKC this summer and we're looking at refinancing again. Better.com shows possible closing dates of 9/26 - that's three weeks from now.
Yes, I closed with Better 3.5 weeks after applying. 3 weeks might have been possible, but we had a few days of back and forth requests during underwriting, and I took a day or two upfront before locking so I could get a price match.

As far as the title company, I got a quote from Radian and had them price match it. I could have asked them to switch to Radian, but it would have probably slowed down the process, as they ordered a title report from their chosen title company (Title365) pretty much right after I locked, so that was already in process.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

BrandonBogle wrote: Fri Sep 04, 2020 10:21 am
3of10 wrote: Fri Sep 04, 2020 10:03 am
mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
"Per diem interest" is the daily interest charged on a loan. Mortgages are paid for the previous month, so the payoff amount sent by the current lender will have to account for the days in the current month, leading up to the payoff date when the loan is paid off by the new lender.

So, for example, if the payoff date for the new lender is 9/15, the total payoff amount for the current lender will consist of the loan balance as of August + 15 days of interest for September. I like to know for myself what the payoff amount will be in order to confirm what's in the CD, so I'll go into my mortgage account to get the current loan balance, and then add the days (of interest) leading up to the payoff date.
Don’t forget fees that the old lender may charge. PenFed charged a $20 payoff fee. It looks like Wells Fargo charged $0, but I’m still waiting on final details to confirm. Others have been told upwards of $100, but usually it is $50 or less, if not $0.
+1. So true. It's those unexpected charges that can add up. I didn't know that there is a fee for doing a subordination for a heloc. My heloc lender charges $300 for it. I don't know if the cost will be passed on to me, or absorbed by the refi lender.
Springskier
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Re: Refinance Mega Thread

Post by Springskier »

Thanks to all for this informative thread. It’s inspired me to stop procrastinating and refi.

Question:
Is it considered a cash out refi if the cash goes solely to pay off a HEL (originally a HELOC but the draw period has ended)? $43,000/ 19 years remaining at 6.19%.

If it is considered a cash out, trying to figure out the best way to proceed.

Currently have:
4.375% 30-year conv mortgage with Chase. $333,000/ 25 years remaining, and HEL described above.

Home value: $800,000.

Receiving lower your mortgage emails from Chase offering 3.25% (3.329 APR).

Also received unsolicited “pre-approval” no-cost letter from Third Federal to consolidate the mortgage and HEL (“pre-approved” for up to $595,000; no cost, $295 the only fee) for 2.69% 15 year 5/1 ARM, 2.79% 30-year 5/1 ARM, plus a $100 Home Depot gift card. Don’t want to stay with ARM; would want fixed, either 30, 15 or 20-year term.

800+ credit score; no debt except mortgage and HEL. Retired with 3 pensions, 2 SSs. Income letters obtainable. 1 RMD will begin in 2021. Don’t think the Vanguard accounts will need to come into play given debt to income ratio.

Bottom Line:
We would like one of those no-cost refis — and want to stop procrastinating — and figure out best way to proceed. If paying off HEL considered cash-out, we are considering consolidating with Third Federal to get both the lower rates and consolidation of the two mortgages, then refinancing right away again. This assumes no pre-payment penalty; will have to confirm that.

Thoughts? Any reason to just go for cash-out refi from the get-go if paying off HEL is considered cash-out?
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Wings5 wrote: Fri Sep 04, 2020 10:46 am Has anyone who used Better.com for a refi been able to close in 3-4 weeks from applying and signing an intent to proceed? Did you have any hassle if you chose your own title company?

We just refinanced with NBKC this summer and we're looking at refinancing again. Better.com shows possible closing dates of 9/26 - that's three weeks from now.
It's been "hit or miss" when it comes to Better closing on time. It's been 6 weeks for me and I still haven't reached the closing stage. A lot depends on the complexity of the refi. Better requires a ton of documentation. The more complex the refi requirements for your case, the longer it will stretch out.

Better has no issues in choosing your own title company. I'm using my own title company (Radian).
Johny
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Re: Refinance Mega Thread

Post by Johny »

Morning folks. Quick question:

I locked in with Watermark at 30 year cash out refi 2.875% $100k cash out basically no closing costs maybe $100 on 8/31.

I just found out today my online bank Ally does match and today they have a huge $5300 credit if I select 3% higher rate. Overall I'd pocket $2000 cash unless I am reading it wrong. If the total closing costs is a negative number (-$2k in this case) does that mean the cash to borrow gets bumped up by $2k?

Also since I plan to refi in 6 months to get a lower rate and term refi, wouldn't it makes sense to go with Allys offer instead of Watermark?

Lastly, if I locked in with Watermark but haven't paid them a dime can I cancel or will they bill me for running credit report etc?

Thanks!


EDIT : Maybe I can go to Watermark with Allys LE and ask to do the 3% with $5300 in credits? Or since I locked in on 8/31 I get those rates/credits and it isn't changeable?
ossipago
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Re: Refinance Mega Thread

Post by ossipago »

A process question. How common is it for lenders to be super aggressive in pushing for a lock? One lender is pushing hard saying that they are certain rates are going to rise on Tuesday. It's off-putting (as is the bizarre way that mortgage lenders rely on phone calls to get information that has either already been provided online or would more easily be entered online). I didn't think day-to-day interest rate changes were predictable in that way anyways.
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

mp1414 wrote: Fri Sep 04, 2020 9:27 am Hi, I have been approved for a 30 year refinance for 150k, but have not locked in my rate yet. A month ago it was 2.5% and yesterday it was 2.675% with $580 of lender credit. Any insight or suggestions if I should go ahead and lock now? My closing is at least three more weeks away and I have had trouble monitoring any sort of rate and when to "lock". Thanks!
What lender?
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

We are bidding Loan Depot farewell because they refuse to touch a mortgage they refinanced until 6 months after the closing date.

Hopefully Lenderfi comes through, because a decrease from 3.25% to a locked 2.625% with a net out-of-pocket difference of $300 in the A+B+C+E vs J lender credits is a no brainer.

We'll save over $200/mo in interest alone.
BlackcatCA
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Re: Refinance Mega Thread

Post by BlackcatCA »

What is the lowest 15 yr that people have been quoted?

I saw 1.99% in Owning.com advertised, but not sure if that is real...
mega317
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Re: Refinance Mega Thread

Post by mega317 »

3of10 wrote: Fri Sep 04, 2020 10:03 am
mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
"Per diem interest" is the daily interest charged on a loan. Mortgages are paid for the previous month, so the payoff amount sent by the current lender will have to account for the days in the current month, leading up to the payoff date when the loan is paid off by the new lender.

So, for example, if the payoff date for the new lender is 9/15, the total payoff amount for the current lender will consist of the loan balance as of August + 15 days of interest for September. I like to know for myself what the payoff amount will be in order to confirm what's in the CD, so I'll go into my mortgage account to get the current loan balance, and then add the days (of interest) leading up to the payoff date.
Thanks. Are we talking about line K on the CD? My numbers don't seem to match up. I was given a closing date of 9/17 and disbursement of 9/22. Line K is the current balance plus 6 days interest. But the prepaid interest is from the closing date of 9/22 to 10/1. Seems half of September is missing.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
mega317
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Re: Refinance Mega Thread

Post by mega317 »

BlackcatCA wrote: Fri Sep 04, 2020 12:08 pm What is the lowest 15 yr that people have been quoted?

I saw 1.99% in Owning.com advertised, but not sure if that is real...
I had an offer of 2% 15 years from Better with credit to cover almost all costs. I think maybe a $100 shortfall.

Interestingly their quotes were all very high, until I sent them another estimate, they came way down to match but not beat it. When I asked them to beat it by a little my rates all went way back up.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
mega317
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Re: Refinance Mega Thread

Post by mega317 »

mp1414 wrote: Fri Sep 04, 2020 9:27 am Hi, I have been approved for a 30 year refinance for 150k, but have not locked in my rate yet. A month ago it was 2.5% and yesterday it was 2.675% with $580 of lender credit. Any insight or suggestions if I should go ahead and lock now? My closing is at least three more weeks away and I have had trouble monitoring any sort of rate and when to "lock". Thanks!
At your loan size 1/8% is very little difference. I'd be happy to lock at 2.625 personally.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
User avatar
batpot
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Post by batpot »

Zillow Home Loans is showing 2.5% 30 year with $260 in closing costs.
User avatar
batpot
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Re: Refinance Mega Thread

Post by batpot »

mega317 wrote: Fri Sep 04, 2020 12:24 pm
mp1414 wrote: Fri Sep 04, 2020 9:27 am Hi, I have been approved for a 30 year refinance for 150k, but have not locked in my rate yet. A month ago it was 2.5% and yesterday it was 2.675% with $580 of lender credit. Any insight or suggestions if I should go ahead and lock now? My closing is at least three more weeks away and I have had trouble monitoring any sort of rate and when to "lock". Thanks!
At your loan size 1/8% is very little difference. I'd be happy to lock at 2.625 personally.
It's very hard to get a low rates with a low balance like $150k.
take it.
new
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Re: Refinance Mega Thread

Post by new »

Has anyone here refinanced within 6 months of their previous no-cost refinance? What was your experience? Did the broker/lender go after you to pay back the lender credits or try to get you to pay penalties? Did you sign any agreement with the broker/lender promising to pay back if you refinanced within 6 months?
need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp »

BrandonBogle wrote: Sun Aug 30, 2020 10:47 pm
need403bhelp wrote: Sun Aug 30, 2020 6:54 pm
BrandonBogle wrote: Sat Aug 29, 2020 12:03 am
need403bhelp wrote: Sat Aug 29, 2020 12:01 am Thanks for your advice re going with lender #1.

I wish 2.375% 30 year fixed was on my rate table, but it is not and they won’t budge on giving me that rate.

FWIW, the difference in interest over the entire 30 years between the two loans is $6598.04, so I guess I could think of it as them giving me half the difference between the two loans but all up front.
Don’t forget the time value of money and potential inflation (if you believe we’d have inflation over the next 30 years).
So despite the overwhelming advice on this forum to go with lender #1, I'm still debating the two options.

My other though - I do have another loan app that I just recently locked with LoanDepot for 2.375% but not at zero cost. If I close with lender #1 this week, I could probably get a TMS statement in the next few weeks, and tell LoanDepot "hey, my underlying loan has changed." That way I could, theoretically, have my large cash in hand cake and eat my 2.375% rate also.

Anyone have any such experience with LoanDepot - i.e., switching mortgage loans in the (early) part of a refi? The LD agent did tell me it is taking close to 60 days to close.

Thanks!
I logged into my loanDepot account and still see my locked 2.375% with $1k in closing costs. If only they would actually let me proceed with that! They made it clear to me when doing refi # 2 that they must withdraw my app if I proceeded with another lender. However, I was further away from closing than you are.
Thanks for sharing your experience! So I've now closed with my Lender #1 and still have 2.375% app in process (currently in underwriting) with LoanDepot.

I do plan to upload a TMS statement when it is available (?1-2 weeks, funding is next week due to holiday) and tell LoanDepot "my lender has changed."

However, I wonder if they'll ask about all my mortgage inquiries, and specifically ask whether each inquiry resulted in a "New Line of Credit"? If so, wouldn't I have to say YES to the better.com one and mention it is my new mortgage that I am re-financing?

Another possibility would be to apply to yet a different lender altogether, and then have them try to match the current LoanDepot deal...

Thanks, all and BrandonBogle, for your thoughts!
need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp »

BrandonBogle wrote: Tue Jun 02, 2020 2:05 pm
dsmil wrote: Tue Jun 02, 2020 1:31 pm
Young Fellow wrote: Tue Jun 02, 2020 1:19 pm Better asked to upload documentation for credit check by other lenders (might have known from credit check), is that common and needed to move the application forward? Thanks.
Young Fellow
For me, they just wanted explanations for recent credit checks, but no documentation was needed. My credit checks were associated with shopping around with other lenders so I explained that. Are you sure that they are looking for documentation or just an explanation?
^^ This

If before underwriting, Better has a drop down selection with one option being “Mortgage rate shopping that didn't result in a line of credit”.

If during/after underwriting, Better has a drop down selection of Yes/No for the question “Did this inquiry result in a new line of credit?“
Is a new mortgage (refinanced loan) considered a new line of credit?

Now I'm confused, as Investopedia seems to distinguish between a loan (mortgage being a subtype) and a line of credit:

https://www.investopedia.com/ask/answer ... credit.asp

Thanks!
go140point6
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Re: Refinance Mega Thread

Post by go140point6 »

new wrote: Fri Sep 04, 2020 12:50 pm Has anyone here refinanced within 6 months of their previous no-cost refinance? What was your experience? Did the broker/lender go after you to pay back the lender credits or try to get you to pay penalties? Did you sign any agreement with the broker/lender promising to pay back if you refinanced within 6 months?
lol, i hope a clawback isn't the way it works, refi in May with Ally 30yr @ 3.875 to 15yr @2.875 no costs at all (California - balance about 380k) and I've just locked a couple days ago with owning.com for 15yr @ 2.25 with no costs. Ally let me start another refi with them, but their rates weren't competitive this time around... think for the same no cost it was 2.5 with Ally.

From what I've heard, that 6 month window is only applicable if you did a cash out refi (perhaps a government requirement?)... at least that's what i've been told talking to several different people... I don't remember reading anything about a clawback, but i guess i better go dig through my docs... seems if you opt to take a higher rate to have them pay some or all of your fees, that's a wash and shouldn't be subject to a clawback...
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

mega317 wrote: Fri Sep 04, 2020 12:15 pm
3of10 wrote: Fri Sep 04, 2020 10:03 am
mega317 wrote: Thu Sep 03, 2020 11:36 pm Disbursement date is right there on the upper left of the first page: Date issued, closing date, disbursement date. My prepaid interest is calculated from that date as well.
What does "per diem interest for current loan" mean?
"Per diem interest" is the daily interest charged on a loan. Mortgages are paid for the previous month, so the payoff amount sent by the current lender will have to account for the days in the current month, leading up to the payoff date when the loan is paid off by the new lender.

So, for example, if the payoff date for the new lender is 9/15, the total payoff amount for the current lender will consist of the loan balance as of August + 15 days of interest for September. I like to know for myself what the payoff amount will be in order to confirm what's in the CD, so I'll go into my mortgage account to get the current loan balance, and then add the days (of interest) leading up to the payoff date.
Thanks. Are we talking about line K on the CD? My numbers don't seem to match up. I was given a closing date of 9/17 and disbursement of 9/22. Line K is the current balance plus 6 days interest. But the prepaid interest is from the closing date of 9/22 to 10/1. Seems half of September is missing.
Yes, your payoff amount should contain your current loan balance (August balance + the 15 days of interest for Sept. You can confirm this by going to your mortgage account and seeing what's listed. The question is whether your loan balance is for July or August. It will show an August balance if your payoff includes your September payment. You might want to check on that with the refi lender.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

ossipago wrote: Fri Sep 04, 2020 11:58 am A process question. How common is it for lenders to be super aggressive in pushing for a lock? One lender is pushing hard saying that they are certain rates are going to rise on Tuesday. It's off-putting (as is the bizarre way that mortgage lenders rely on phone calls to get information that has either already been provided online or would more easily be entered online). I didn't think day-to-day interest rate changes were predictable in that way anyways.
It's all about the LE. It is used to accurately compare rates between lenders. The lenders don't want this and will do whatever they can to lock you, and prevent you from working with another lender.

With that said, locking you into a rate doesn't prevent you from still comparing rates with other lenders. If a rate fits what you're looking for, then you can go with it (lock) and still search for a better rate. The only issue is if you pay them (appraisal, locking fee,...). You could lose that money if you decide later to go with another lender.

As for predicting daily rate changes, I wouldn't fall for it. I just read a report today that rates have dropped again for a record low (Bankrate).
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