Refinance Mega Thread

[batpot]

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).

They have little incentive to push you for a lock...maybe they get a bonus per lock, rather than per loan closed? ...I doubt that.
And you literally have a federally mandated right to cancel 3 days after you've signed the closing documents.
Of course, if you've paid for an appraisal, title, etc, those are non-refundable, but most loans are nothing out of pocket until the day you sign.

However, you never know when we've reach rock bottom...not locking might mean that 2.375 becomes 2.5, for example, so as the borrower, you have no reason not to lock and keep shopping.

[juice000]

Yes, we locked 8/1 with Better and closed 8/21. Could of closed 8/20 but was busy that day. Really can't imagine a quicker process.

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.

[Johny]

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

I was planning on refi'ing to a rate and term in 6 months...hoping 2.375 to 2.5% by then but who knows what the rates will be plus that added 0.5% fee December 1st.

Maybe I should just do the 2.375% now, pay the discount points, and run with it? Also what does "PAR" mean from her email? $0 cost loan?

[batpot]

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

you're the reason rates might not be as low as they could be!
...but honestly, you're under zero obligation...be up front and honest with them about why, and maybe they'll offer to match.

That being said...I can't believe any of those rates include a cash out.

[Johny]

Lol hey I didn't plan on this. I am shocked as every single other offer was 2.875-3.25% for a no cost cash out. I wasn't planning on hearing from LC to be honest.

I asked for an LE as the loan officer just gave me an email quote which I posted.

Would you say paying the points for the 2.375% would be a winner here? Then I won't need to do a rate and term in 6 months and I am set for the long haul.

Only issue here is my tax payment will be included as if I go with LC it will be within the 60 day when payment is due.

With Watermark I should close before I hit the 60 day threshold.

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

you're the reason rates might not be as low as they could be!
...but honestly, you're under zero obligation...be up front and honest with them about why, and maybe they'll offer to match.

That being said...I can't believe any of those rates include a cash out.

[mega317]

What do you guys advise? Am I allowed to back out of a locked rate?

Sure you can.
As my brother the former LO said: negotiating isn't over until you close if you don't want it to be

[Johny]

Good to know! I was thinking I am stuck but was OK with my WM deal. Then Loan cabin had to go and email me.....

What do you guys advise? Am I allowed to back out of a locked rate?

Sure you can.
As my brother the former LO said: negotiating isn't over until you close if you don't want it to be

[presto987]

Lol hey I didn't plan on this. I am shocked as every single other offer was 2.875-3.25% for a no cost cash out. I wasn't planning on hearing from LC to be honest.

I asked for an LE as the loan officer just gave me an email quote which I posted.

Would you say paying the points for the 2.375% would be a winner here? Then I won't need to do a rate and term in 6 months and I am set for the long haul.

Only issue here is my tax payment will be included as if I go with LC it will be within the 60 day when payment is due.

With Watermark I should close before I hit the 60 day threshold.

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

you're the reason rates might not be as low as they could be!
...but honestly, you're under zero obligation...be up front and honest with them about why, and maybe they'll offer to match.

That being said...I can't believe any of those rates include a cash out.

I personally would not pay points for 2.375%. Remember that you will need to pay for escrow/title, recording fee, etc. on top of the points. So your total cost would be $3500-4000. If you refi again in 6 months or at some point in the near future, most of that money will have been wasted.

I would do a cash out now at a higher rate and then a rate-and-term refi in 6 months to get a lower rate. Suppose rates stay the same over the next 6 months. Then at that point, Loan Cabin might offer you 2.375% with no points (better offer due to rate-and-term instead of cash out). Then you will have been able to save $2000 (admittedly with the downside of having to go through a second refi).

It is really tempting though. Amazing offer for a cash out.

[nic3456]

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

I was planning on refi'ing to a rate and term in 6 months...hoping 2.375 to 2.5% by then but who knows what the rates will be plus that added 0.5% fee December 1st.

Maybe I should just do the 2.375% now, pay the discount points, and run with it? Also what does "PAR" mean from her email? $0 cost loan?

I'll be curious to see your LE as I'm also in the market for a CO refi. I'm guessing the 2.5% at PAR means you aren't paying points or getting credit, but will still have title insurance, settlement fees, possible appraisal, et. I currently have locked a 2.625% CO refi with $1,000 lender credit with a lender I found on Slickdeals.

[Johny]

I was so caught up in the cash out rate of 2.375 - 2.5% I just realized after reading your post I'd be on the hook for all of those fee's. I think I will just stick it thru with WM as it is a no cost cash out, and then refi at rate and term in 6 months. Very tempting tho shoot! Lol

Lol hey I didn't plan on this. I am shocked as every single other offer was 2.875-3.25% for a no cost cash out. I wasn't planning on hearing from LC to be honest.

I asked for an LE as the loan officer just gave me an email quote which I posted.

Would you say paying the points for the 2.375% would be a winner here? Then I won't need to do a rate and term in 6 months and I am set for the long haul.

Only issue here is my tax payment will be included as if I go with LC it will be within the 60 day when payment is due.

With Watermark I should close before I hit the 60 day threshold.

Well now...just got a reply from Loan Cabin. This is for a $100k cash out refi mind you....

"Here are today’s offered rates – please let me know which option is most attractive to you.


30 yr fixed – 2.5% @ PAR, no lender credit/no discouny cost

30 yr fixed – 2.375% with a discount cost of $2356"


Says 60 day rate lock.

Currently I am locked in with Watermark 2.875% for same cash out terms.

What do you guys advise? Am I allowed to back out of a locked rate? Haven't paid anything to Watermark and my online portal shows I am in the "reviewing loan docs" step.

you're the reason rates might not be as low as they could be!
...but honestly, you're under zero obligation...be up front and honest with them about why, and maybe they'll offer to match.

That being said...I can't believe any of those rates include a cash out.

I personally would not pay points for 2.375%. Remember that you will need to pay for escrow/title, recording fee, etc. on top of the points. So your total cost would be $3500-4000. If you refi again in 6 months or at some point in the near future, most of that money will have been wasted.

I would do a cash out now at a higher rate and then a rate-and-term refi in 6 months to get a lower rate. Suppose rates stay the same over the next 6 months. Then at that point, Loan Cabin might offer you 2.375% with no points (better offer due to rate-and-term instead of cash out). Then you will have been able to save $2000 (admittedly with the downside of having to go through a second refi).

It is really tempting though. Amazing offer for a cash out.

[ossipago]

Just want to confirm: If a LE does not contain an appraisal fee in A, B, or C, does that mean they are waiving the appraisal requirement?

[Johny]

Just got the LE back. LC doesn't seem to charge a origination fee like other LE's I've receieved but the weird thing is they upped the loan amount by $3,000 from what I requested. I used my LE loan amount from WM when filling out the app on LC website. Also this is the firsf LE I've got that doesn't list my current mortgage payoff amount.

I'll be curious to see your LE as I'm also in the market for a CO refi. I'm guessing the 2.5% at PAR means you aren't paying points or getting credit, but will still have title insurance, settlement fees, possible appraisal, et. I currently have locked a 2.625% CO refi with $1,000 lender credit with a lender I found on Slickdeals.

[3of10]

Duplicate

[Johny]

Asked LC to adjust my loan amount which they did. I also asked about the appraisal fee which they stated it is required for a cash out refi. Strange as I have had it waived with WM whom I am working with right now.

[3of10]

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).

They have little incentive to push you for a lock...maybe they get a bonus per lock, rather than per loan closed? ...I doubt that.
And you literally have a federally mandated right to cancel 3 days after you've signed the closing documents.
Of course, if you've paid for an appraisal, title, etc, those are non-refundable, but most loans are nothing out of pocket until the day you sign.

However, you never know when we've reach rock bottom...not locking might mean that 2.375 becomes 2.5, for example, so as the borrower, you have no reason not to lock and keep shopping.

We'll have to disagree, and let it go at that. From my experience, they did everything they could to get me to work with them immediately. They will have you fill out long applications (unnecessary) just to get a LE. They then will try to avoid giving you an LE by providing you with a work sheet substitute.

They will tell you that if you try to shop other lenders, then they don't want your business. So yes, they will try to get you locked in to start the refi. My response was for the Op, which addressed his/her update, and is based on me working with these lenders. Of course, you can back out of everything up to 3 days after closing, but that wasn't the question. I already mentioned that they can lock and keep shopping. Also, loans are nothing out of pocket until you pay them money.

[BrandonBogle]

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?
...
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?

Lock in with Ally and send the locked LE to Watermark. Watermark generally tries to work with you, but like many lenders, they want to see the details in an official LE.

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!

You will indeed want to provide a TMS statement and payoff (you can order the payoff the moment you get into TMS, even if a statement is not yet ready). However, I would tell them you are paying off the new refi. The new mortgage will have a new mortgage note and they will want the details about that from the county records. They may also want to see the original mortgage's "satisfaction of lien" filed with the county before they close. However, neither of those is so much a problem. It's just making sure the title work is correct. Hopefully it doesn't spook their underwriting team.

[presto987]

Asked LC to adjust my loan amount which they did. I also asked about the appraisal fee which they stated it is required for a cash out refi. Strange as I have had it waived with WM whom I am working with right now.

Johny, you can also ask LC if they can offer you a 2.625% rate with a lender credit. That should take care of your title, etc. fees and make LC a better deal than Watermark.

[b2bserver]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

[Johny]

Asked LC to adjust my loan amount which they did. I also asked about the appraisal fee which they stated it is required for a cash out refi. Strange as I have had it waived with WM whom I am working with right now.

Johny, you can also ask LC if they can offer you a 2.625% rate with a lender credit. That should take care of your title, etc. fees and make LC a better deal than Watermark.

Thanks I just requested it.

I also spoke to WM, my LO said after they get approval for closing from underwriting he in going to check the rates/credits that day to see if he can float rate down. We are estimated to close by Oct 12. If I jump over to LC my estimated closing is 60 days but I still haven't locked with them yet.

[ChiKid24]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

[b2bserver]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

No, I only did the online quick quote but will apply

[coconutpolito]

Damn it this is hard. I’m getting quoted 2.5% with 0.25 points and no other closing costs or 2.625 and no closing costs. I’d have to give up my Mortgage Credit Certificate though. I’m currently at 3.25% on a 492k Mortgage. What would you do?

[nic3456]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

No, I only did the online quick quote but will apply

Be forewarned if you haven't read through the thread that you are looking at a 3-4 week wait just to get an official quote from LC plus another 60+ days to close (unless its a purchase). I applied 8/13 and still waiting for quote/LE.

[coconutpolito]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

I’m waiting on LC too. I applied 1 week ago.

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

No, I only did the online quick quote but will apply

Be forewarned if you haven't read through the thread that you are looking at a 3-4 week wait just to get an official quote from LC plus another 60+ days to close (unless its a purchase). I applied 8/13 and still waiting for quote/LE.

[b2bserver]

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

No, I only did the online quick quote but will apply

Be forewarned if you haven't read through the thread that you are looking at a 3-4 week wait just to get an official quote from LC plus another 60+ days to close (unless its a purchase). I applied 8/13 and still waiting for quote/LE.

Oh damn my Better rate will def expire before i get the LE then.

I guess one option is if I take enough credits from my locked Better rate to make it a no cost closing, which will put me at 3%, then refi again as soon as possible assume rates are same or lower.

[Johny]

So weird, I applied 8/31 and today got an email from LC loan officer asking 6 questions pertaining to type of loan I want. I responded within 2 minutes and within the hour got 2 LE's from her. She wanted to lock in my rate before the lock desk closed but I am working with WM right now and think I will stay put.

She told me its a 60 day rate lock with am average of 45 day closing.

This is for a cash out refi in California.

Man, I should have read this thread before locking my refi.

Location: Chicago, IL
Current: 382k remaining on 30 year fixed at 3.85% with 26 years left
LTV: 75%

Locked (Yesterday): Better 30 year fixed 2.875% ($1k) credit which means $1k cost for closing (A + B + C + E = $2k)

I just found a lower rate (2.625% no credit/points) TODAY on Nerdwallet for Better but since I've already locked, they won't adjust

Other quotes:
New American Funding (Wed): 2.75% with $675 in lender fee
Loan Depot (Tue): 3% no cost closing
LenderFi (Today): About $100-150 cheaper than Better for each point/credit option
Loan Cabin (Today): Online quick quote is offering 2.375% with $38 in points

I just did the LC quote after reading about it here but it seems so much lower than others that it's almost fishy. How should I proceed? Get an LE from LC and if it's lower, withdraw from Better and go with LC? Is LC fast enough where I can still close with Better if LC's rates turn out to be higher?

Did you go through and apply with Lenderfi? If not, I recommend going through the process of applying. In my experience, once you apply they will call you to go through the terms and oftentimes the terms will be better than what you saw online. Wouldn't be surprised if you can get down to 2.75%

No, I only did the online quick quote but will apply

Be forewarned if you haven't read through the thread that you are looking at a 3-4 week wait just to get an official quote from LC plus another 60+ days to close (unless its a purchase). I applied 8/13 and still waiting for quote/LE.

[nic3456]

Oh wow! I guess I should have added that it is somewhat state dependent and have heard that CA has been faster (as they have many more agents)

[jco]

For those who have closed quickly with Better.com recently, any tips on ensuring that your loan closes quickly?

I've been doing the obvious:
- I've been completing the "tasks" as soon as they appear.
- I chose my title company 2 days after locking.

I'd like to close quickly, if possible, on the off chance that I can get an offer from Watermark, Loan Cabin, or Loan Depot for another refi before the 0.5% adverse market conditions fee goes into effect.

[Wings5]

Location: TX
Current: 400k remaining on 30 year fixed at 3.25% - 29.5 years left
LTV: 77%

Better 20 year fixed 2.5% (A + B + C + E = $6800)
Better 30 year fixed 2.75% (A + B + C + E = $6900)

Each has a fair amount of points (~$3k) Is this par for the course? I can go into Better and change my rate & term, but I’m not seeing anything quite like $1k in total cost for 2.5%. What else can I do to get the rate lower? I’ve tried calling but nobody is available or they’ve needed to take a message.

These seem pretty good, and we can cut about $2k off by using the previous title company. Would you lock?

[ossipago]

Location: TX
Current: 400k remaining on 30 year fixed at 3.25% - 29.5 years left
LTV: 77%

Better 20 year fixed 2.5% (A + B + C + E = $6800)
Better 30 year fixed 2.75% (A + B + C + E = $6900)

Each has a fair amount of points (~$3k) Is this par for the course? I can go into Better and change my rate & term, but I’m not seeing anything quite like $1k in total cost for 2.5%. What else can I do to get the rate lower? I’ve tried calling but nobody is available or they’ve needed to take a message.

These seem pretty good, and we can cut about $2k off by using the previous title company. Would you lock?

Wow, and I thought DC was expensive. I was just able to lock a true no-cost 30-year super conforming in DC @ 2.75.

[notarefiwiz]

My credit score isn't great. 708 midscore.

On a 100k cashout refi, I'm quoted: 2.95% 30yr or 2.55% 15yr
vs refi at: 2.65% 30yr or 2.4% 15yr

I'd really like to do the cashout but at 2.95% that seems excessive. Can I cash-out refi and then refi regularly in 6 months?

Lastly, when you shop the refi are you just taking the loan estimate and sending it without filing out an application until they say they can definitely beat it?

[need403bhelp]

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!

You will indeed want to provide a TMS statement and payoff (you can order the payoff the moment you get into TMS, even if a statement is not yet ready). However, I would tell them you are paying off the new refi. The new mortgage will have a new mortgage note and they will want the details about that from the county records. They may also want to see the original mortgage's "satisfaction of lien" filed with the county before they close. However, neither of those is so much a problem. It's just making sure the title work is correct. Hopefully it doesn't spook their underwriting team.

Thanks so much! Just to double check that I'm understanding correctly, how about something like the following, with the payoff statement (and monthly statement?) attached?

"Hi! Just wanted to let you know the loan being paid off has changed. It is a loan to Better.com being serviced by The Money Source. I attached a payoff statement and monthly statement. Thanks!"

Want to make it concise but provide the information they need to know in "their language." Thanks!

[BarDownHockey]

Damn it this is hard. I’m getting quoted 2.5% with 0.25 points and no other closing costs or 2.625 and no closing costs. I’d have to give up my Mortgage Credit Certificate though. I’m currently at 3.25% on a 492k Mortgage. What would you do?

Do the 2.625% so that you’re not paying any costs. If rates drop lower, you can refi again and not have wasted money. If rates go higher, the 0.125% difference you’ll miss out on isn’t huge.

[coconutpolito]

Damn it this is hard. I’m getting quoted 2.5% with 0.25 points and no other closing costs or 2.625 and no closing costs. I’d have to give up my Mortgage Credit Certificate though. I’m currently at 3.25% on a 492k Mortgage. What would you do?

Do the 2.625% so that you’re not paying any costs. If rates drop lower, you can refi again and not have wasted money. If rates go higher, the 0.125% difference you’ll miss out on isn’t huge.

Do you think it's worth giving up the Mortgage Credit Certificate?

[blablabla0010]

Avid reader, but asking my first question
Thank you for all the experts in the house. [/color]

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

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

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

The difference in monthly payments is $33

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

Also, with no excrow, how can I maximize that lenders credit? Is there a way to add it to one time prepaid for taxes or use it to pay down my principal?

Update

I closed with Better last week.
Loan funded
Mortgage balance with Wells Fargo erased to zero

Locking rate to closing took all of 21 days

No out of pocket cost to me

My LE included $3500 for property taxes, I am assuming the closing agent/title company will pay this, due in end of September

Email from better about Amex 2500 largesse, in 8-12 weeks, but no deposits noted yet to my credit card

Will I refinance again?

I don't know



Good luck to everyone.

[FiscallyResponsible]

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.

Less than 3 weeks from initial inquiry to signing with notary. Seemless.

[jco]

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.

Less than 3 weeks from initial inquiry to signing with notary. Seemless.

That's encouraging to hear! Did you have to be extra proactive or anything?

I've uploaded all documents the same day the task popped up, chose my title company the 2nd business day after locking, etc. I want to wrap this up as soon as possible.

[FiscallyResponsible]

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.

Less than 3 weeks from initial inquiry to signing with notary. Seemless.

That's encouraging to hear! Did you have to be extra proactive or anything?

I've uploaded all documents the same day the task popped up, chose my title company the 2nd business day after locking, etc. I want to wrap this up as soon as possible.

I did everything same day and I checked in on the site daily just in case any tasks existed. Great experience, but their rates are not good unless price matching.

[BarDownHockey]

Damn it this is hard. I’m getting quoted 2.5% with 0.25 points and no other closing costs or 2.625 and no closing costs. I’d have to give up my Mortgage Credit Certificate though. I’m currently at 3.25% on a 492k Mortgage. What would you do?

Do the 2.625% so that you’re not paying any costs. If rates drop lower, you can refi again and not have wasted money. If rates go higher, the 0.125% difference you’ll miss out on isn’t huge.

Do you think it's worth giving up the Mortgage Credit Certificate?

Unfortunately I’m not familiar with that type of certificate so I can’t give you an opinion on it.

[go140point6]

Just got the LE back. LC doesn't seem to charge a origination fee like other LE's I've receieved but the weird thing is they upped the loan amount by $3,000 from what I requested. I used my LE loan amount from WM when filling out the app on LC website. Also this is the firsf LE I've got that doesn't list my current mortgage payoff amount.

This is normal in my experience... Even with a statement they often use what's in your credit report as your loan balance, which is generally 1-2 months behind. It gets updated before close, taking into consideration any payments made between start and finish. You'll get so many LE revisions as the process advances, I recommend you keep track of each so you can compare as you get them.

[Johny]

You're absolutely correct thank you. She emailed me back when I asked why my loan balance was raised and said she got the balance still owed from my credit report which is 2 months behind. I sent her the current up to date payoff statement and she updated the LE immediately.

Just got the LE back. LC doesn't seem to charge a origination fee like other LE's I've receieved but the weird thing is they upped the loan amount by $3,000 from what I requested. I used my LE loan amount from WM when filling out the app on LC website. Also this is the firsf LE I've got that doesn't list my current mortgage payoff amount.

This is normal in my experience... Even with a statement they often use what's in your credit report as your loan balance, which is generally 1-2 months behind. It gets updated before close, taking into consideration any payments made between start and finish. You'll get so many LE revisions as the process advances, I recommend you keep track of each so you can compare as you get them.

[Johny]

Thank you all for the advice here. After much consideration we decided to stick to the no cost cash out with WM then go for a rate/term refi in 6 months. Thanks to this awesome thread I have noted down 5 companies to hit up in 6 months for a new refi.

I also just got a bunch of disclosures uploaded to my online portal to complete last night. Current steps shown are:

-document upload and loan team review (we are here is states)
-submitted to processing
-submitting to underwriting
- conditional approval
-final approval
-closing

Hoping I get this closed within the next 30 days.

[jco]

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.

Less than 3 weeks from initial inquiry to signing with notary. Seemless.

That's encouraging to hear! Did you have to be extra proactive or anything?

I've uploaded all documents the same day the task popped up, chose my title company the 2nd business day after locking, etc. I want to wrap this up as soon as possible.

I did everything same day and I checked in on the site daily just in case any tasks existed. Great experience, but their rates are not good unless price matching.

Great. That's what I've already been doing, so I'll keep at it.

Better's initial offer was underwhelming. But I get a nice offer from a competitor that I took to them and they absolutely crushed it, about $2,000 better in terms of lender's credits when considering costs - credit.

[Calirefi2020]

Hello, I am currently in my CA condo jumbo loan refi process with Loan Depot for new pricing of 2.625 30 year with 3500$ lender credit. Rate was locked on 9/1 but process has been super slow so far..Has anyone in similar situation seen better pricing? Thank you

[AlpineJoe]

Hello, I am currently in my CA condo jumbo loan refi process with Loan Depot for new pricing of 2.625 30 year with 3500$ lender credit. Rate was locked on 9/1 but process has been super slow so far..Has anyone in similar situation seen better pricing? Thank you

9/1 or 8/1? If 9/1, it's only been 4 days.

My rate was locked with LenderFi on 8/12, expires on 9/2 and still haven't closed. Any day now I'm told.

[Calirefi2020]

Hello, I am currently in my CA condo jumbo loan refi process with Loan Depot for new pricing of 2.625 30 year with 3500$ lender credit. Rate was locked on 9/1 but process has been super slow so far..Has anyone in similar situation seen better pricing? Thank you

9/1 or 8/1? If 9/1, it's only been 4 days.

My rate was locked with LenderFi on 8/12, expires on 9/2 and still haven't closed. Any day now I'm told.

[ quote fixed by admin LadyGeek]

9/1.. they said closing eta is 60 days but so far I’ve not heard back from them since 9/1.. Anyways, also wanted to check if there are better pricing options out there for my situation..

[bgh11]

Hello, I am currently in my CA condo jumbo loan refi process with Loan Depot for new pricing of 2.625 30 year with 3500$ lender credit. Rate was locked on 9/1 but process has been super slow so far..Has anyone in similar situation seen better pricing? Thank you

9/1 or 8/1? If 9/1, it's only been 4 days.

My rate was locked with LenderFi on 8/12, expires on 9/2 and still haven't closed. Any day now I'm told.

[ quote fixed by admin LadyGeek]

9/1.. they said closing eta is 60 days but so far I’ve not heard back from them since 9/1.. Anyways, also wanted to check if there are better pricing options out there for my situation..

My assumption is they asked u for docs, u uploaded them and haven’t heard back. If 9/1 to now is “super slow”, it is only going to get worse. I would call it “fast” if u hear from LD again by 9/21.

[propertyrefi576]

does lenderfi not have loans for less than stellar credit ?
my refi numbers

condo value - 470000
mortgage balance- 360000
credit score - 740
location : greater seattle area

any advice on the best rates in the area and who does appraisal waivers ?

[Calirefi2020]

Hello, I am currently in my CA condo jumbo loan refi process with Loan Depot for new pricing of 2.625 30 year with 3500$ lender credit. Rate was locked on 9/1 but process has been super slow so far..Has anyone in similar situation seen better pricing? Thank you

9/1 or 8/1? If 9/1, it's only been 4 days.

My rate was locked with LenderFi on 8/12, expires on 9/2 and still haven't closed. Any day now I'm told.

[ quote fixed by admin LadyGeek]
Ahh man, OK.. thanks for that insight..
9/1.. they said closing eta is 60 days but so far I’ve not heard back from them since 9/1.. Anyways, also wanted to check if there are better pricing options out there for my situation..

My assumption is they asked u for docs, u uploaded them and haven’t heard back. If 9/1 to now is “super slow”, it is only going to get worse. I would call it “fast” if u hear from LD again by 9/21.

[propertyrefi576]

When you are shopping around for a rate, how do you get them to give you a rate ?

It appears i have to fill out applications online for every single quote and then they say they will call back.
They also say they have to do a credit pull to quote a rate.

Is it ok to give them my ssn for a credit pull ? I am on the border of good credit so worried that credit pulls will ding my credit