Refinance Mega Thread

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bgh11
Posts: 89
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm
Calirefi2020 wrote: Sat Sep 05, 2020 4:20 pm
AlpineJoe wrote: Sat Sep 05, 2020 3:08 pm
Calirefi2020 wrote: Sat Sep 05, 2020 12:28 pm 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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?
Calirefi2020
Posts: 24
Joined: Sat Sep 05, 2020 11:55 am

Re: Refinance Mega Thread

Post by Calirefi2020 »

bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm
Calirefi2020 wrote: Sat Sep 05, 2020 4:20 pm
AlpineJoe wrote: Sat Sep 05, 2020 3:08 pm
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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
bgh11
Posts: 89
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm
Calirefi2020 wrote: Sat Sep 05, 2020 4:20 pm
[ 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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or uamco.com are others you can take a look at.
Last edited by bgh11 on Sun Sep 06, 2020 5:07 pm, edited 1 time in total.
coconutpolito
Posts: 23
Joined: Wed Aug 05, 2020 2:44 am

Re: Refinance Mega Thread

Post by coconutpolito »

pianos101 wrote: Thu Sep 03, 2020 9:33 pm
bob24 wrote: Thu Sep 03, 2020 8:53 pm Anybody have a Loan Cabin or Loan Depot Loan Officer or contact? If yes, could you please post here or message me?
Just PMd you.
Do you have a loan cabin contact?
RobLyons
Posts: 799
Joined: Tue Oct 31, 2017 12:55 pm

Re: Refinance Mega Thread

Post by RobLyons »

bgh11 wrote: Sun Sep 06, 2020 1:02 am
Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm

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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.


I closed a 15 year refi at 2.375% with Northpointe back in May/June after 6+months of following rates and getting quotes. Below is the contact if anyone wants to get a current quote

Ryan Bird
Loan Officer
NMLS 150099
p 616-726-5552 | f 616-588-6328
ryan.bird@northpointe.com
"Great parenting sets the foundation for a better world"
sippyCUP
Posts: 71
Joined: Sat Mar 22, 2008 6:54 pm
Location: Knoxville, TN

Re: Refinance Mega Thread

Post by sippyCUP »

Hope everyone is well on this Labor Day weekend. I think I've made up my mind but thought I'd seek some independent advice. Apologize for post length. Too Long Didn't Read summary: Rush to pay deposit to lock in possible better terms or play it cool and call back Mon/Tues? Discrepancy between website and LE after I complained about fees on Friday afternoon, with website having better terms.

Situation: Bought house in 2018 for 178.5k, current "Zillow value" 195k (it's legit, neighbor under contract for 226k currently same comps). First mortgage was VA loan with aimloan.com, 4.25%, 30 year, excellent closing costs. They sold the note to WF.

Refi'ed last fall, Oct 19, with aimloan.com into 30 year VA loan, 3.25%, excellent closing costs. No appraisal required thanks to VA IRRRL process. Payback period was like 18 months. Again, they immediately sold the note to WF.

Started shopping around last week, submitted applications to 6-8 lenders. Discovered that right now, many of the usual suspects for the VA IRRRL refi are no longer processing them, ostensibly due to large overall volume of loans, but also it seems the VA IRRRL notes cannot be readily sold on the secondary market any longer. I'm no banker, but I imagine the low interest rates are the primary reason for this change.

Two lenders offered 2.25% on a 30-year VA loan. One verbally gave about $2900 in closing costs (Amerisave), the other (Quicken Rocket Mortgage) verbally gave $2100 in closing costs. My plan was to pursue Rocket Mortgage for an LE, then try to drive down Amerisave with that LE, rinse and repeat.

Friday I got the LE from Rocket. Noted a 1% origination fee plus a $550 appraisal fee. Appraisal note not required by the VA but it is allowed if lender chooses, so apparently the lender wants the extra fee. I complained politely but firmly, the loan officer actually basically said the VA loan requires the appraisal (false), I was escalated to a "director." The director didn't budge, he basically communicated "hey, this is our best deal, if we nix this fee we would have to increase the origination or something else." He tried to apply time pressure alluding to possible rising rates come next week. I ended up politely hanging up so I could go camping Friday night, but before I did, he asked what I wanted to do with the loan, "we're in the middle of this thing," I told him I needed to think and hung up.

Rocket mortgage apparently has a $500 good-faith deposit upfront that you get back after closing or they apply to closing costs, not sure which. It's not listed on the LE right now though, they said it would be not on the LE but they didn't explain it well. Obviously I'd like as much clarity about that as I can get before I pay it, but I am also worried about possible rising rates since 2.25% is great.

A+B+C+E = almost exactly $3000. I think they forgot the title serving fee on the LE so might be about $3400. Either way about a 3.5 year payback period, that is not bad, I will be in the house for at least 4 more years. Aimloan.com gave me A+B+C+E = $1800 on my last refi, but they aren't in the picture this time.

Now here's the funny part. Their website has info on my prospective loan, but it's lower than my current LE. Differences from the LE: although it correctly includes the title servicing fee (~$400), they don't have a separate appraisal fee, and a $675 credit is also present that I don't remember from Friday (reflecting deposit? not sure). A+B+C+E minus credit here is $2100ish. Maybe they processed a reduction in fees late Friday after our phone convo? In addition, the website claims my rate is locked.

Options:
1. Rush to complete mortgage docs and pay deposit to perhaps lock in rate and website-reflected closing costs. However, I lack clarity on A. rate locking with these guys and B. if the LE or the website reflects the current accurate closing costs. The original loan officer actually said sort of reluctantly, "well, you're kinda already locked" but my experience with aimloan.com was this was a very explicit step involving a deposit. I got the impression he didn't want me to get too complacent with the fact of the rate lock, so he could funnel me into completing everything ASAP without negotiation.
2. Play it cool and establish communication on Monday (if they are in the office, federal holiday) or Tuesday to seek clarity on costs.
3. Another option?

Sorry so long-winded, I felt like the detail was necessary to establish the strange (at least for me) phone convo with the lender and their possible subsequent relenting on the appraisal fee (maybe?)

I was gonna do option 1 this weekend, but after writing this out, leaning towards option 2. Any thoughts or advice (understanding of course this could go different directions)?

Thank you for reading,
Eric
presto987
Posts: 142
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

sippyCUP wrote: Sun Sep 06, 2020 10:29 am Hope everyone is well on this Labor Day weekend. I think I've made up my mind but thought I'd seek some independent advice. Apologize for post length. Too Long Didn't Read summary: Rush to pay deposit to lock in possible better terms or play it cool and call back Mon/Tues? Discrepancy between website and LE after I complained about fees on Friday afternoon, with website having better terms.

Situation: Bought house in 2018 for 178.5k, current "Zillow value" 195k (it's legit, neighbor under contract for 226k currently same comps). First mortgage was VA loan with aimloan.com, 4.25%, 30 year, excellent closing costs. They sold the note to WF.

Refi'ed last fall, Oct 19, with aimloan.com into 30 year VA loan, 3.25%, excellent closing costs. No appraisal required thanks to VA IRRRL process. Payback period was like 18 months. Again, they immediately sold the note to WF.

Started shopping around last week, submitted applications to 6-8 lenders. Discovered that right now, many of the usual suspects for the VA IRRRL refi are no longer processing them, ostensibly due to large overall volume of loans, but also it seems the VA IRRRL notes cannot be readily sold on the secondary market any longer. I'm no banker, but I imagine the low interest rates are the primary reason for this change.

Two lenders offered 2.25% on a 30-year VA loan. One verbally gave about $2900 in closing costs (Amerisave), the other (Quicken Rocket Mortgage) verbally gave $2100 in closing costs. My plan was to pursue Rocket Mortgage for an LE, then try to drive down Amerisave with that LE, rinse and repeat.

Friday I got the LE from Rocket. Noted a 1% origination fee plus a $550 appraisal fee. Appraisal note not required by the VA but it is allowed if lender chooses, so apparently the lender wants the extra fee. I complained politely but firmly, the loan officer actually basically said the VA loan requires the appraisal (false), I was escalated to a "director." The director didn't budge, he basically communicated "hey, this is our best deal, if we nix this fee we would have to increase the origination or something else." He tried to apply time pressure alluding to possible rising rates come next week. I ended up politely hanging up so I could go camping Friday night, but before I did, he asked what I wanted to do with the loan, "we're in the middle of this thing," I told him I needed to think and hung up.

Rocket mortgage apparently has a $500 good-faith deposit upfront that you get back after closing or they apply to closing costs, not sure which. It's not listed on the LE right now though, they said it would be not on the LE but they didn't explain it well. Obviously I'd like as much clarity about that as I can get before I pay it, but I am also worried about possible rising rates since 2.25% is great.

A+B+C+E = almost exactly $3000. I think they forgot the title serving fee on the LE so might be about $3400. Either way about a 3.5 year payback period, that is not bad, I will be in the house for at least 4 more years. Aimloan.com gave me A+B+C+E = $1800 on my last refi, but they aren't in the picture this time.

Now here's the funny part. Their website has info on my prospective loan, but it's lower than my current LE. Differences from the LE: although it correctly includes the title servicing fee (~$400), they don't have a separate appraisal fee, and a $675 credit is also present that I don't remember from Friday (reflecting deposit? not sure). A+B+C+E minus credit here is $2100ish. Maybe they processed a reduction in fees late Friday after our phone convo? In addition, the website claims my rate is locked.

Options:
1. Rush to complete mortgage docs and pay deposit to perhaps lock in rate and website-reflected closing costs. However, I lack clarity on A. rate locking with these guys and B. if the LE or the website reflects the current accurate closing costs. The original loan officer actually said sort of reluctantly, "well, you're kinda already locked" but my experience with aimloan.com was this was a very explicit step involving a deposit. I got the impression he didn't want me to get too complacent with the fact of the rate lock, so he could funnel me into completing everything ASAP without negotiation.
2. Play it cool and establish communication on Monday (if they are in the office, federal holiday) or Tuesday to seek clarity on costs.
3. Another option?

Sorry so long-winded, I felt like the detail was necessary to establish the strange (at least for me) phone convo with the lender and their possible subsequent relenting on the appraisal fee (maybe?)

I was gonna do option 1 this weekend, but after writing this out, leaning towards option 2. Any thoughts or advice (understanding of course this could go different directions)?

Thank you for reading,
Eric
Rushing into things, especially when it involves paying a deposit, is usually a bad idea. I would go with option 2. Rates are likely to be low for a while, so you should be able to get a good deal without rushing into anything.
need403bhelp
Posts: 1099
Joined: Thu May 28, 2015 6:25 pm

Re: Refinance Mega Thread

Post by need403bhelp »

bgh11 wrote: Sun Sep 06, 2020 1:02 am
Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm

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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.
Umaco. com seems to make mortars and bonding agents???

Thanks!
presto987
Posts: 142
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

need403bhelp wrote: Sun Sep 06, 2020 11:07 am
bgh11 wrote: Sun Sep 06, 2020 1:02 am
Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.
Umaco. com seems to make mortars and bonding agents???

Thanks!
Haha, I thought the same thing. I think bgh11 meant uamco.com. Looks like they are a UWM broker.
garmadon
Posts: 3
Joined: Sun Sep 06, 2020 3:11 pm

Re: Refinance Mega Thread

Post by garmadon »

coconutpolito wrote: Sun Sep 06, 2020 4:16 am Do you have a loan cabin contact?

Gianna Dilla
gianna@loancabin.com
(630) 664-9755

Angie Torres
angie@loancabin.com

Phil Turano
phil@loancabin.com
(630) 546-9595
Last edited by garmadon on Sun Sep 06, 2020 3:22 pm, edited 1 time in total.
Calirefi2020
Posts: 24
Joined: Sat Sep 05, 2020 11:55 am

Re: Refinance Mega Thread

Post by Calirefi2020 »

bgh11 wrote: Sun Sep 06, 2020 1:02 am
Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm
Calirefi2020 wrote: Sat Sep 05, 2020 9:04 pm
bgh11 wrote: Sat Sep 05, 2020 7:22 pm

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.
Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.
Thanks, I will check em out but not sure if it is possible to aim for 2.5 % rate with 3k+ lender credit on a condo jumbo loan (620k).would like to see similar data points in the last 2 weeks for comparison.. thanks
User avatar
changingtimes
Posts: 264
Joined: Mon Jul 24, 2017 9:28 am

Re: Refinance Mega Thread

Post by changingtimes »

How much of a mess would I be making for myself if I try to get a refi with someplace like Better but my house is technically owned by my revocable trust?
garmadon
Posts: 3
Joined: Sun Sep 06, 2020 3:11 pm

Re: Refinance Mega Thread

Post by garmadon »

changingtimes wrote: Sun Sep 06, 2020 4:27 pm How much of a mess would I be making for myself if I try to get a refi with someplace like Better but my house is technically owned by my revocable trust?
Why should that matter?
Won't they retain the title in the name of your trust?

Is the trust listed as a borrower on your loan?
User avatar
BrandonBogle
Posts: 3296
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

garmadon wrote: Sun Sep 06, 2020 5:02 pm
changingtimes wrote: Sun Sep 06, 2020 4:27 pm How much of a mess would I be making for myself if I try to get a refi with someplace like Better but my house is technically owned by my revocable trust?
Why should that matter?
Won't they retain the title in the name of your trust?

Is the trust listed as a borrower on your loan?
Better at least makes the settlement agent transfer the title out of the trust and then you need to put it back in the trust after the refinance (sometimes the settlement agent will do that for you, other times you need to do it yourself).

Other lenders may do it differently.
garmadon
Posts: 3
Joined: Sun Sep 06, 2020 3:11 pm

Re: Refinance Mega Thread

Post by garmadon »

BrandonBogle wrote: Sun Sep 06, 2020 5:04 pm
garmadon wrote: Sun Sep 06, 2020 5:02 pm
changingtimes wrote: Sun Sep 06, 2020 4:27 pm How much of a mess would I be making for myself if I try to get a refi with someplace like Better but my house is technically owned by my revocable trust?
Why should that matter?
Won't they retain the title in the name of your trust?

Is the trust listed as a borrower on your loan?
Better at least makes the settlement agent transfer the title out of the trust and then you need to put it back in the trust after the refinance (sometimes the settlement agent will do that for you, other times you need to do it yourself).

Other lenders may do it differently.
"then you need to put it back in the trust after the refinance"

Do you know the process? How much does it cost?
bgh11
Posts: 89
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

presto987 wrote: Sun Sep 06, 2020 11:55 am
need403bhelp wrote: Sun Sep 06, 2020 11:07 am
bgh11 wrote: Sun Sep 06, 2020 1:02 am
Calirefi2020 wrote: Sun Sep 06, 2020 12:03 am
bgh11 wrote: Sat Sep 05, 2020 11:57 pm

Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..
2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.
Umaco. com seems to make mortars and bonding agents???

Thanks!
Haha, I thought the same thing. I think bgh11 meant uamco.com. Looks like they are a UWM broker.
Haha sorry! uamco it is. United American Mortgage Company
User avatar
changingtimes
Posts: 264
Joined: Mon Jul 24, 2017 9:28 am

Re: Refinance Mega Thread

Post by changingtimes »

BrandonBogle wrote: Sun Sep 06, 2020 5:04 pm
Better at least makes the settlement agent transfer the title out of the trust and then you need to put it back in the trust after the refinance (sometimes the settlement agent will do that for you, other times you need to do it yourself).

Other lenders may do it differently.
Thanks. My estate attorney handled all of the putting-the-house-in-the-trust stuff on the initial go-round.
I
would also have to deal with the HELOC I have. So between that and the trust situation, it is a little more complex that I'd like to be dealing.

I currently have $275k/22 years left on a 3.625% 30-year fixed on a house worth about 950k. (credit score 740+) Trying to decide the cost/benefit analysis of refinancing hassle, but seeing the chance of knocking off maybe $400 a month on my payment is starting to tip the balance. ($1,540 is my current P/I)
Cash is King
Posts: 251
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King »

garmadon wrote: Sun Sep 06, 2020 5:06 pm
BrandonBogle wrote: Sun Sep 06, 2020 5:04 pm
garmadon wrote: Sun Sep 06, 2020 5:02 pm
changingtimes wrote: Sun Sep 06, 2020 4:27 pm How much of a mess would I be making for myself if I try to get a refi with someplace like Better but my house is technically owned by my revocable trust?
Why should that matter?
Won't they retain the title in the name of your trust?

Is the trust listed as a borrower on your loan?
Better at least makes the settlement agent transfer the title out of the trust and then you need to put it back in the trust after the refinance (sometimes the settlement agent will do that for you, other times you need to do it yourself).

Other lenders may do it differently.
"then you need to put it back in the trust after the refinance"

Do you know the process? How much does it cost?
The settlement agent will send you a notarized quick claim deed that you take to your county recorders office. My settlement agent did not put it back in the trust but It was easy to do it myself. FWIW, I had to fill out a declaration value form and pay a $42.00 fee. I would suggest checking your county recorders website for more information.
Mako52
Posts: 146
Joined: Mon Jul 30, 2018 11:07 am

Re: Refinance Mega Thread

Post by Mako52 »

Received an updated refi disclosure from Lenderfi on Friday. They are trying to get a year of prepaid homeowner insurance even though current lender (LoanDepot) paid it from our escrow account 6 weeks ago and the policy is paid through July 2021. Emailed the loan officer and processor but have not heard back yet. That's in addition to 4 months of prepaid insurance and 7 months of property taxes in G. Initial Escrow Payment at Closing.

LoanDepot claims our payoff balance is $2,115 higher than the balance on the last mortgage statement. Not sure how they are getting that....pending interest is $1225.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

Greetings: thank you for the very nice thread.

I spent a few minutes tinkering with various applications:

- ally.com worked well (had to unlock Transunion, but soft pull),
- tried Amerisave, and they chocked on all 3. I had already unlocked TU, but then it asked for Equifax. Unlocked Equifax, and then they asked for Experian. Looks to be a soft pull,
- tried Loan Depot, and looks to be a hard pull. Can someone please confirm? Will wait on this,
- tried better.com, and seems like exact same interface as ally. Per interwebs, they are partnering, so I am guessing better is providing tech to ally. Again, soft pull,
- do folks know if Loan Cabin is a soft pull?

Any other recommendations?
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
Monsterflockster
Posts: 381
Joined: Thu Nov 21, 2019 12:03 am

Re: Refinance Mega Thread

Post by Monsterflockster »

Mako52 wrote: Mon Sep 07, 2020 7:46 am Received an updated refi disclosure from Lenderfi on Friday. They are trying to get a year of prepaid homeowner insurance even though current lender (LoanDepot) paid it from our escrow account 6 weeks ago and the policy is paid through July 2021. Emailed the loan officer and processor but have not heard back yet. That's in addition to 4 months of prepaid insurance and 7 months of property taxes in G. Initial Escrow Payment at Closing.

LoanDepot claims our payoff balance is $2,115 higher than the balance on the last mortgage statement. Not sure how they are getting that....pending interest is $1225.
Loan depot is a mess but has great rates. As for Lenderfi see if you can go no escrow. Last year loan depot double paid my home insurance and now upped my escrow because they think my insurance is twice the price it is. I’m in the middle of a refinance now with Lenderfi and am going no escrow. It’s better than being upfront costs to the table imo.
SaveStrong
Posts: 35
Joined: Sun Jan 15, 2012 5:11 pm

Re: Refinance Mega Thread

Post by SaveStrong »

Better and Owning seem great but only for CA residents. That in mind, what’s the next best? Seeing mixed reviews for lenderfi, loan depot and loan cabin.
presto987
Posts: 142
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

SaveStrong wrote: Mon Sep 07, 2020 10:56 am Better and Owning seem great but only for CA residents. That in mind, what’s the next best? Seeing mixed reviews for lenderfi, loan depot and loan cabin.
Interactive Mortgage appears to be licensed in 7 states.
https://interactivemortgage.com/licensing

Loan Cabin has the best rates if you’re not in a rush.
need403bhelp
Posts: 1099
Joined: Thu May 28, 2015 6:25 pm

Re: Refinance Mega Thread

Post by need403bhelp »

mtwhmemn wrote: Fri Jul 17, 2020 9:29 am
snailderby wrote: Fri Jul 17, 2020 8:53 am
mtwhmemn wrote: Fri Jul 17, 2020 8:01 am Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Only $100 in NC? That's great. My Box E costs (taxes and government fees) are almost $570 in my state!
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386
You don't need to do this now, but after you lock, you can shop around for cheaper title insurance and closing. A company like Title Forward or Solidifi might be able to knock down your Box C costs by a couple hundred dollars.
How do I go about using Solidifi after I lock? Call Solidifi or just request Better.com use Solidifi if they have better rates. (I see they were several hundred dollars cheaper for me last year when I refied.)
How was your experience with Solidifi? Their costs seem pretty good on an LE I had received, although I want to use them with a different lender (LoanDepot) so getting a formal quote. Thanks!
coconutpolito
Posts: 23
Joined: Wed Aug 05, 2020 2:44 am

Re: Refinance Mega Thread

Post by coconutpolito »

presto987 wrote: Mon Sep 07, 2020 11:22 am
SaveStrong wrote: Mon Sep 07, 2020 10:56 am Better and Owning seem great but only for CA residents. That in mind, what’s the next best? Seeing mixed reviews for lenderfi, loan depot and loan cabin.
Interactive Mortgage appears to be licensed in 7 states.
https://interactivemortgage.com/licensing

Loan Cabin has the best rates if you’re not in a rush.
I’m waiting on loan cabin. So far I have 2.5 with 0.25 points (no other costs) or 2.625 and 0 closing costs from owning. I’ve emailed multiple people, hoping I hear back this week.
User avatar
Cobra Commander
Posts: 297
Joined: Tue Mar 14, 2017 11:09 am

Re: Refinance Mega Thread

Post by Cobra Commander »

AlphaLess wrote: Mon Sep 07, 2020 10:18 am Greetings: thank you for the very nice thread.

I spent a few minutes tinkering with various applications:

- ally.com worked well (had to unlock Transunion, but soft pull),
- tried Amerisave, and they chocked on all 3. I had already unlocked TU, but then it asked for Equifax. Unlocked Equifax, and then they asked for Experian. Looks to be a soft pull,
- tried Loan Depot, and looks to be a hard pull. Can someone please confirm? Will wait on this,
- tried better.com, and seems like exact same interface as ally. Per interwebs, they are partnering, so I am guessing better is providing tech to ally. Again, soft pull,
- do folks know if Loan Cabin is a soft pull?

Any other recommendations?
At least when I looked at Amerisave they were not locking until you completed underwriting so you're carrying the risk that interest rates increase. I wouldn't use them for that reason.
b2bserver
Posts: 22
Joined: Mon Nov 24, 2014 8:51 pm

Re: Refinance Mega Thread

Post by b2bserver »

ChiKid24 wrote: Fri Sep 04, 2020 6:06 pm
Weizilla wrote: Fri Sep 04, 2020 5:00 pm 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 :shock:

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%
Submitted my LenderFi application and the rates after applying are exactly the same as the online quick quotes that I ran before applying. Today's numbers are also not as good as last Friday's as the points now cost a little more and the credits received are a little less, making them not as good as Better.

Edit: ChiKid24, these are the rates that show up online right after I submitted my application. No one called me but I imagine I'm not going to get different terms over the phone?
3of10
Posts: 144
Joined: Tue Jun 30, 2020 7:37 am

Re: Refinance Mega Thread

Post by 3of10 »

SaveStrong wrote: Mon Sep 07, 2020 10:56 am Better and Owning seem great but only for CA residents. That in mind, what’s the next best? Seeing mixed reviews for lenderfi, loan depot and loan cabin.
Better provides loans for the following states:

https://better.com/faq/about-better/doe ... n-my-state
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

Weizilla wrote: Mon Sep 07, 2020 9:19 pm
ChiKid24 wrote: Fri Sep 04, 2020 6:06 pm
Weizilla wrote: Fri Sep 04, 2020 5:00 pm 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 :shock:

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%
Submitted my LenderFi application and the rates after applying are exactly the same as the online quick quotes that I ran before applying. Today's numbers are also not as good as last Friday's as the points now cost a little more and the credits received are a little less, making them not as good as Better.

Edit: ChiKid24, these are the rates that show up online right after I submitted my application. No one called me but I imagine I'm not going to get different terms over the phone?
Yes, for me it happened when I got the call to review my application. The rates given over the phone were better than what was online before and after the application. I think many on here have said the same.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

ChiKid24 wrote: Mon Sep 07, 2020 10:47 pm
Weizilla wrote: Mon Sep 07, 2020 9:19 pm
ChiKid24 wrote: Fri Sep 04, 2020 6:06 pm
Weizilla wrote: Fri Sep 04, 2020 5:00 pm 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 :shock:

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%
Submitted my LenderFi application and the rates after applying are exactly the same as the online quick quotes that I ran before applying. Today's numbers are also not as good as last Friday's as the points now cost a little more and the credits received are a little less, making them not as good as Better.

Edit: ChiKid24, these are the rates that show up online right after I submitted my application. No one called me but I imagine I'm not going to get different terms over the phone?
Yes, for me it happened when I got the call to review my application. The rates given over the phone were better than what was online before and after the application. I think many on here have said the same.
Yes, the LenderFi rates showed online after I applied were about 0.25% higher than what I was actually offered and locked over the phone. This was back in early/mid July.
notarefiwiz
Posts: 2
Joined: Fri Sep 04, 2020 9:45 pm

Re: Refinance Mega Thread

Post by notarefiwiz »

Are y'all getting the 2.2% to 2.5% rates with the lender credits paying all of your refinance costs?

Lenderfi's auto estimator with perfect credit and house almost half paid off no cash out with escrow:

Rate APR Monthly Payment Points/Credits Closing Cost Details
2.375% 2.622% $777 $5,944 Show details
2.500% 2.670% $790 $3,946 Show details
2.625% 2.733% $803 $2,302 Show details
2.750% 2.801% $816 $816 Show details
2.875% 2.895% $830 ($360 credit) Show details
3.000% 3.021% $843 ($1,284 credit) Show details
3.125% 3.147% $857 ($2,004 credit) Show details
3.250% 3.273% $870 ($3,186 credit) Show details
3.375% 3.399% $884 ($3,734 credit) Show details
Artman910
Posts: 11
Joined: Sat Aug 22, 2020 5:43 pm

Re: Refinance Mega Thread

Post by Artman910 »

coconutpolito wrote: Fri Sep 04, 2020 7:46 pm 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?
That sounds just like my deal from LenderFi and from the consensus on this forum is first 2.5 vs 2.625 aint much of a difference esp if you make 1 or 2 extra payments on the 2.625. and the fact that its zero cost its better to go that route since it seems like rates are just gonna drop most likely and you can refi again. that has been the biggest takeaway from this forum is to get the lowest possible zero cost rate and keep in mind you might do this again if things continue going south.
2quiker
Posts: 45
Joined: Sun May 10, 2020 12:39 pm

Re: Refinance Mega Thread

Post by 2quiker »

Looking to refi, going to apply through Lenderfi, Better, Loan Cabin. When applying do you guys select a rate or do you let the lender give you a rate? I called Lenderfi and they stated they don't do quotes over the phone I do see Lenderfi has their online rate application and I would like to get a 30year 2.5 or 2.625 with zero costs. Do all these lender pull hard credit?
goru1
Posts: 372
Joined: Thu Jun 14, 2007 12:14 pm

Re: Refinance Mega Thread

Post by goru1 »

How long do I have to wait after refi to start next refi?
Is it OK to ask same lender for next refi immediately after previous refi?
GoodOmens
Posts: 25
Joined: Thu Aug 06, 2020 12:54 pm

Re: Refinance Mega Thread

Post by GoodOmens »

Lenderfi got back to me about the no cost 6-month refinance. 2.75 for 283k with a ~73% LTV. Not the 2.5 or 2.6 I wanted but not terrible.

Edit: Have their estimate - A-E: $1493 with a lender credit of $1493.
Last edited by GoodOmens on Tue Sep 08, 2020 2:08 pm, edited 1 time in total.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
nic3456
Posts: 60
Joined: Fri Dec 19, 2008 10:42 am

Re: Refinance Mega Thread

Post by nic3456 »

Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
I'm not super familiar with how it all works, but you ask if she could try Freddie Mac instead of Fannie or vice versa. For some reason with mine Fannie required appraisal, but Freddie did not.
bob24
Posts: 4
Joined: Fri Aug 28, 2020 3:40 pm

Re: Refinance Mega Thread

Post by bob24 »

@Johny What is your LTV (after including the cash out)?
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

LTV after cash out is going to be 52%.
bob24 wrote: Tue Sep 08, 2020 2:42 pm @Johny What is your LTV (after including the cash out)?
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
gusbrock
Posts: 6
Joined: Mon Aug 03, 2020 8:26 pm

Re: Refinance Mega Thread

Post by gusbrock »

I need help evaluating 2 options for a 30yr mortgage with the same vendor (refi amount is 320,000).

Option 1: 2.625 @ 1408 in costs
Option 2: 2.375 @ 3923 in costs

I locked this in after the .5% increase was announced but before the deferral to December was announced.

edit: The second option is supposed to account for the rate decreases since my lock-in but I don't see it and am unsure how to compare.
Last edited by gusbrock on Tue Sep 08, 2020 3:29 pm, edited 1 time in total.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Thanks for this. I came back to LC to ask and they re-ran it thru the other lender and appraisal is now waived. I just got back a new LE with appraisal gone and the $100k cash out refi is now 2.625% 30 year and I am getting back an extra $200 bux at closing for a total cash to borrower of $100,200.

I will feel really bad backing out of WM at this point to be honest as I don't want to burn any bridges when I come back to do my 6 month rate/term refi.

2.875% VS 2.625% no costs on both...is it that big of a difference knowing I will refi again in 6 months? WM I am halfway thru my cash out refi, closing at the end of this month or early October. LC I'd lock today and it will be a 60+ day closing.
nic3456 wrote: Tue Sep 08, 2020 2:23 pm
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
I'm not super familiar with how it all works, but you ask if she could try Freddie Mac instead of Fannie or vice versa. For some reason with mine Fannie required appraisal, but Freddie did not.
nic3456
Posts: 60
Joined: Fri Dec 19, 2008 10:42 am

Re: Refinance Mega Thread

Post by nic3456 »

Johny wrote: Tue Sep 08, 2020 3:24 pm Thanks for this. I came back to LC to ask and they re-ran it thru the other lender and appraisal is now waived. I just got back a new LE with appraisal gone and the $100k cash out refi is now 2.625% 30 year and I am getting back an extra $200 bux at closing for a total cash to borrower of $100,200.

I will feel really bad backing out of WM at this point to be honest as I don't want to burn any bridges when I come back to do my 6 month rate/term refi.

2.875% VS 2.625% no costs on both...is it that big of a difference knowing I will refi again in 6 months? WM I am halfway thru my cash out refi, closing at the end of this month or early October. LC I'd lock today and it will be a 60+ day closing.
nic3456 wrote: Tue Sep 08, 2020 2:23 pm
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
I'm not super familiar with how it all works, but you ask if she could try Freddie Mac instead of Fannie or vice versa. For some reason with mine Fannie required appraisal, but Freddie did not.

Awesome! :sharebeer
User avatar
sapphire96
Posts: 89
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Re: Refinance Mega Thread

Post by sapphire96 »

gusbrock wrote: Tue Sep 08, 2020 3:12 pm I need help evaluating 2 options for a 30yr mortgage with the same vendor (refi amount is 320,000).

Option 1: 2.625 @ 1408 in costs
Option 2: 2.375 @ 3923 in costs

I locked this in after the .5% increase was announced but before the deferral to December was announced.

edit: The second option is supposed to account for the rate decreases since my lock-in but I don't see it and am unsure how to compare.
To my understanding, that 0.5% fee is not included in the loan estimate, which tells me that it is not included in those numbers you provided.
Keep interest as your friend, not your foe. | Use money as a tool for bettering your life, not squandering it. | Stay the course, don’t deviate from it.
limeyx
Posts: 308
Joined: Wed Sep 07, 2016 5:34 pm

Re: Refinance Mega Thread

Post by limeyx »

notarefiwiz wrote: Tue Sep 08, 2020 8:59 am Are y'all getting the 2.2% to 2.5% rates with the lender credits paying all of your refinance costs?

Lenderfi's auto estimator with perfect credit and house almost half paid off no cash out with escrow:

Rate APR Monthly Payment Points/Credits Closing Cost Details
2.375% 2.622% $777 $5,944 Show details
2.500% 2.670% $790 $3,946 Show details
2.625% 2.733% $803 $2,302 Show details
2.750% 2.801% $816 $816 Show details
2.875% 2.895% $830 ($360 credit) Show details
3.000% 3.021% $843 ($1,284 credit) Show details
3.125% 3.147% $857 ($2,004 credit) Show details
3.250% 3.273% $870 ($3,186 credit) Show details
3.375% 3.399% $884 ($3,734 credit) Show details
We just closed a 15yr 2.5% with Quicken (including rolling a business loan and HELOC into the balance)
Got a $2000 lender credit which paid for everything except recording fees and about $500 of closing costs

It took quite a bit of negotiation and threatening to go elsewhere though and they took 2 months to close
gusbrock
Posts: 6
Joined: Mon Aug 03, 2020 8:26 pm

Re: Refinance Mega Thread

Post by gusbrock »

sapphire96 wrote: Tue Sep 08, 2020 3:47 pm To my understanding, that 0.5% fee is not included in the loan estimate, which tells me that it is not included in those numbers you provided.
I only include that for context on me seeking a better rate than the 2.625 with 1408 in costs. That increase should be "baked into" my 2.625 rate+lender-credit. Since my lock-in, rates have gone down as I see on http://www.mortgagenewsdaily.com/mortga ... daily.aspx. I understand I don't get an exact decrease in rates (2.625 -> 2.375) with everything else on my LE remaining the same (though I wish it was). I was hoping to learn how to compare the 2 options.
Goal33
Posts: 1474
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

Does anybody have experience changing jobs during a refi (specifically with LenderFi would be great). They were supposed to be totally done weeks ago but it just drags on and on in underwriting. I don't know why. I am going to change jobs and I've dragged it on as long as possible. If I don't get a CD this week, I'll have to change jobs before close of escrow. I have been hesitant to mention it because I don't want to go back into the underwriting queue / blamed for the delay and have rate lock not honored.
soccerbogle
Posts: 13
Joined: Tue Sep 08, 2020 6:53 pm

Re: Refinance Mega Thread

Post by soccerbogle »

Am finally joining the forum. Thanks to all the info that has been shared in this thread.

A couple months ago I went from 23 years left on a 30 year / 3.5 to a 20 year, 2.875.

Now am hunting other options. Loan Cabin is advertising 2.375 for 30 years (I would pay off in 20 still), so I submitted info there yesterday. Also tried Loan Depot but their computer gave me back a 30 year at 2.99, so... not helpful. They already reached out to me though so I will ask the guy if they can go to no cost (or very low cost) 2.375 or 2.5. I assume the answer will be no.
gg1908
Posts: 7
Joined: Wed Sep 02, 2020 8:25 pm

Re: Refinance Mega Thread

Post by gg1908 »

Hello,
I have recently been shopping for refi option and found out about Lenderfi on this website. I applied last week but they did not get back to me. I then applied to Sebonic (
Cardinal) financial and they got back to me immediately with a good offer and I locked the rate the same day (60-day lock). Today Lenderfi contacted me and made a better offer (without me telling them anything about the other lender) and they offered a 30-day lock. Given that they seem to be very busy, is it wise to cancel with sebonic and go with them and trust they will close in 30 days?
presto987
Posts: 142
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

Johny wrote: Tue Sep 08, 2020 3:24 pm Thanks for this. I came back to LC to ask and they re-ran it thru the other lender and appraisal is now waived. I just got back a new LE with appraisal gone and the $100k cash out refi is now 2.625% 30 year and I am getting back an extra $200 bux at closing for a total cash to borrower of $100,200.

I will feel really bad backing out of WM at this point to be honest as I don't want to burn any bridges when I come back to do my 6 month rate/term refi.

2.875% VS 2.625% no costs on both...is it that big of a difference knowing I will refi again in 6 months? WM I am halfway thru my cash out refi, closing at the end of this month or early October. LC I'd lock today and it will be a 60+ day closing.
nic3456 wrote: Tue Sep 08, 2020 2:23 pm
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
I'm not super familiar with how it all works, but you ask if she could try Freddie Mac instead of Fannie or vice versa. For some reason with mine Fannie required appraisal, but Freddie did not.
The difference in rates doesn't have a huge impact over 6 months, but if rates rise over the next 6 months then you may be locked into the current rate for longer than that. So even though I'm one of the people who suggested that you do another refi in 6 months, I think you are better off going with the lower rate in case you do get stuck with it.

The question is whether WM can float you down. If they can ultimately match the deal you're getting with LC, then you might as well close now rather than wait 2 months for LC. In that case, I would lock with LC (just in case) but continue to proceed with WM.

Did your WM LO make it sound like it was likely he would be able to float you down? Since he is already aware you have this offer from LC, you can be honest with him and say that if he's able to float you down, then you will close, but otherwise you don't want to waste anymore of his time... then see what he says.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Thanks Presto that is great advice I think I will lock with LC as my fall back plan. Who knows what rates will do in 6 months right?

I spoke to my WM LO and he did seem fairly confident he can float me down and I confirmed it will be at no charge. But he said it will need to be after we get the unwritters approval to close, then at that point he will check where the rates/lender credits are at that time and make the adjustment if warranted.

He mentioned he's been doing this all summer where his clients would lock and rates continued to drop down and he floated them down before signing closing papers. I am thinking it will happen unless it's one of those odd ball days of the week where rates/credits suck and it happens to be the day he checks for me. 🤷‍♂️🤔 I have that type of crappy luck though so it will probably end up that way lol.


presto987 wrote: Tue Sep 08, 2020 9:05 pm
Johny wrote: Tue Sep 08, 2020 3:24 pm Thanks for this. I came back to LC to ask and they re-ran it thru the other lender and appraisal is now waived. I just got back a new LE with appraisal gone and the $100k cash out refi is now 2.625% 30 year and I am getting back an extra $200 bux at closing for a total cash to borrower of $100,200.

I will feel really bad backing out of WM at this point to be honest as I don't want to burn any bridges when I come back to do my 6 month rate/term refi.

2.875% VS 2.625% no costs on both...is it that big of a difference knowing I will refi again in 6 months? WM I am halfway thru my cash out refi, closing at the end of this month or early October. LC I'd lock today and it will be a 60+ day closing.
nic3456 wrote: Tue Sep 08, 2020 2:23 pm
Johny wrote: Tue Sep 08, 2020 1:46 pm Just when I thought I was set with WM, LC just emailed me a revised LE with today's rates/credits. For our $100k cash out refi:

30 yr fixed - 2.625% with a lender credit of $2500 (will cover closing costs in full- $0 cost cash out refi).

30 yr fixed - 2.5% with a lender credit of $1000

30 yr fixed - 2.375% with a discount cost of $1388


I just signed some more disclosures with WM and am in the processing que. I asked my WM LO about these rates and he said don't worry once we get closing approval from underwriting he can check that days rates/credits and float me down at no cost. I am with WM now at 2.875% no cost cash out refi locked in that at the end of August. Plan is to do rate/term refi in 6 months after this cash out refi.

Should I just hold steady? He said we can't just modify our locked in 2.875% to match LC but will have to do a float down after underwriting approves to close. Is that how it works once you lock in and start signing disclosures etc?

Edit: LC is charging $660 for appraisal. I said I am working with another lender who had the appraisal waived no problem. My LO at LC said she tried to do this in her automated system and it was denied and will need to do an appraisal. Weird??
I'm not super familiar with how it all works, but you ask if she could try Freddie Mac instead of Fannie or vice versa. For some reason with mine Fannie required appraisal, but Freddie did not.
The difference in rates doesn't have a huge impact over 6 months, but if rates rise over the next 6 months then you may be locked into the current rate for longer than that. So even though I'm one of the people who suggested that you do another refi in 6 months, I think you are better off going with the lower rate in case you do get stuck with it.

The question is whether WM can float you down. If they can ultimately match the deal you're getting with LC, then you might as well close now rather than wait 2 months for LC. In that case, I would lock with LC (just in case) but continue to proceed with WM.

Did your WM LO make it sound like it was likely he would be able to float you down? Since he is already aware you have this offer from LC, you can be honest with him and say that if he's able to float you down, then you will close, but otherwise you don't want to waste anymore of his time... then see what he says.
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