Refinance Mega Thread

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traveler00
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Joined: Thu Aug 20, 2020 2:24 am

Re: Refinance Mega Thread

Post by traveler00 »

gg1908 wrote: Tue Sep 08, 2020 8:41 pm 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?
I am very experienced with Sebonic as they've done some loans for me in the past. And I'm also currently working with Lenderfi on a refi. Feel free to PM me to discuss further if you like.
vasaver
Posts: 95
Joined: Fri Oct 19, 2012 2:15 pm
Location: Virginia

Re: Refinance Mega Thread

Post by vasaver »

Goal33 wrote: Tue Sep 08, 2020 6:51 pm 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.
A few days after we closed with lenderfi/amrock but before mortgage funding they asked for the latest 2 paystubs. Kind of surprised us since we had submitted paystubs 3-4 weeks earlier.
Johny
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Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

I wonder if I should tell my WM LO I am locking in with LC and when the time comes to float me down, if the rates/credits don't beat LC's offer I am going to walk. This will be after underwriting is fully finished though and has given the OK to close. Seems like a d*ck move no? And can WM bill me for any services they have completed like credit check and all that stuff? I haven't given them a dime yet.
presto987 wrote: Tue Sep 08, 2020 9:05 pm

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.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

vasaver wrote: Tue Sep 08, 2020 9:35 pm
Goal33 wrote: Tue Sep 08, 2020 6:51 pm 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.
A few days after we closed with lenderfi/amrock but before mortgage funding they asked for the latest 2 paystubs. Kind of surprised us since we had submitted paystubs 3-4 weeks earlier.
we wouldn't give notice until the deal is done done done... but I was hoping it would be done by now. What we wonder is what would happen to the process mid-way if we bring up a pending change in employment. Would that cause a delay that can be pinned on us, where we lose the rate lock because it's now our fault and not theirs.

edit: also makes me think they're not doing a verbal VOE...
propertyrefi576
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Joined: Sat Sep 05, 2020 7:23 pm

Re: Refinance Mega Thread

Post by propertyrefi576 »

Ally bank - is this for real ?!

Origination fees $990
4.375 with 600 lender credit
2.975 with 2 points like 7800 or something

borrowed amount 360000 on 475k value
735 credit score

what should I be looking for ? I cant believe these are the rates I got.
bgh11
Posts: 89
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

propertyrefi576 wrote: Tue Sep 08, 2020 10:12 pm Ally bank - is this for real ?!

Origination fees $990
4.375 with 600 lender credit
2.975 with 2 points like 7800 or something

borrowed amount 360000 on 475k value
735 credit score

what should I be looking for ? I cant believe these are the rates I got.
what state? Look elsewhere. Have u tried the big ones mentioned here? Better, LenderFi, Loan Cabin, etc..
presto987
Posts: 139
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

propertyrefi576 wrote: Tue Sep 08, 2020 10:12 pm Ally bank - is this for real ?!

Origination fees $990
4.375 with 600 lender credit
2.975 with 2 points like 7800 or something

borrowed amount 360000 on 475k value
735 credit score

what should I be looking for ? I cant believe these are the rates I got.
I tried Ally and got numbers that were better than yours but still uncompetitive. My understanding is that Ally is willing to price match though. So they are like Better - bad initial rates but worth considering if you can get a competing LE to price match.
need403bhelp
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Joined: Thu May 28, 2015 6:25 pm

Re: Refinance Mega Thread

Post by need403bhelp »

BrandonBogle wrote: Fri Sep 04, 2020 4:28 pm
need403bhelp wrote: Fri Sep 04, 2020 12:58 pm 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 again for the advice!

So it looks like, due to some changes, I might be able to get a "fresh" 2.375% LE from LoanDepot.

Do you think it would be better to use this NEW LE and re-apply to better.com (with new loan info) and have them match it? Or do you think this could still lead to problems with underwriting due to short period between refinances? At least, this way I wouldn't be changing refis mid loan.

The only other caveat is I would be outside the 14 day shopping window for the hard pull for the new better.com refi. Thanks!
propertyrefi576
Posts: 10
Joined: Sat Sep 05, 2020 7:23 pm

Re: Refinance Mega Thread

Post by propertyrefi576 »

bgh11 wrote: Tue Sep 08, 2020 10:14 pm
propertyrefi576 wrote: Tue Sep 08, 2020 10:12 pm Ally bank - is this for real ?!

Origination fees $990
4.375 with 600 lender credit
2.975 with 2 points like 7800 or something

borrowed amount 360000 on 475k value
735 credit score

what should I be looking for ? I cant believe these are the rates I got.
what state? Look elsewhere. Have u tried the big ones mentioned here? Better, LenderFi, Loan Cabin, etc..
WA state. I applied to loandepot on saturday but got one email acking the application. Loan depot called me when i called back put me on hold and never came back. Better had me at 3.125 with one point but this was the day the .5 was tacked on i think...
Xrayman69
Posts: 604
Joined: Fri Jun 01, 2018 8:52 pm

Re: Refinance Mega Thread

Post by Xrayman69 »

propertyrefi576 wrote: Tue Sep 08, 2020 10:44 pm
bgh11 wrote: Tue Sep 08, 2020 10:14 pm
propertyrefi576 wrote: Tue Sep 08, 2020 10:12 pm Ally bank - is this for real ?!

Origination fees $990
4.375 with 600 lender credit
2.975 with 2 points like 7800 or something

borrowed amount 360000 on 475k value
735 credit score

what should I be looking for ? I cant believe these are the rates I got.
what state? Look elsewhere. Have u tried the big ones mentioned here? Better, LenderFi, Loan Cabin, etc..
WA state. I applied to loandepot on saturday but got one email acking the application. Loan depot called me when i called back put me on hold and never came back. Better had me at 3.125 with one point but this was the day the .5 was tacked on i think...
Also WA state. Started with loan depot around August 10 for 2,25% 15 year (as opposed to 2.625% for 30 year) 430K and 2.5K credit at closing. Currently at underwriters desk. Loan value about 25%, but appraisal deferred with value written as less than 1M so we could waive appraisal.
presto987
Posts: 139
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

need403bhelp wrote: Tue Sep 08, 2020 10:37 pm
BrandonBogle wrote: Fri Sep 04, 2020 4:28 pm
need403bhelp wrote: Fri Sep 04, 2020 12:58 pm 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 again for the advice!

So it looks like, due to some changes, I might be able to get a "fresh" 2.375% LE from LoanDepot.

Do you think it would be better to use this NEW LE and re-apply to better.com (with new loan info) and have them match it? Or do you think this could still lead to problems with underwriting due to short period between refinances? At least, this way I wouldn't be changing refis mid loan.

The only other caveat is I would be outside the 14 day shopping window for the hard pull for the new better.com refi. Thanks!
It’s probably worth a try. In my experience with a Better price match, I was able to get an $850 improvement over the competing LE ($100 from the initial price match, $550 from appraisal waiver, and $200 reduction in title costs by asking to price match Radian). If you can get something similar then that would be a meaningfully better deal than LD.

I wouldn’t worry about the hard pull unless your credit score is on the border of an important cutoff. The impact is probably around 3 points. Also since Better doesn’t require a hard pull at the application phase, you have a bit of time to decide whether you want to move forward before you authorize the hard pull.
propertyrefi576
Posts: 10
Joined: Sat Sep 05, 2020 7:23 pm

Re: Refinance Mega Thread

Post by propertyrefi576 »

Need some clarification on third party fees.

These are supposed to be about the same evne if i shop around (it is for title isurance and settlement fee and appraisal)

but i dont understand what the title closing coordination fee is.

This below is from boxhomeloans and their guarenteed fees. But they have this item that i do not see in other LE- its 345 so no small dollars...
is the needed ? what if i chose to shop directly for third party fees. what should i should for ?

title insurance and appraisal is enough ?


Appraisal Fee $675.00
Credit Report $39.95
Title - Closing Coordination $345.00
Title - Lender's Title Insurance $498.00
Title - Settlement Fee $250.00
User avatar
sunny_socal
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Joined: Tue Mar 24, 2015 4:22 pm

Re: Refinance Mega Thread

Post by sunny_socal »

What are the downsides with Loan Cabin? I read in this thread "They're good if you're not in a hurry..."

- Is the application process slow?
- Customer service is unresponsive?
- Processing time is long?
- How long should the rate lock be? (They present 15-day, 30-day, 60-day)
- Is there a fee for that lock?


Thanks
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Has anyone locked with LC only to back out? With my situation I think that will happen but I don't want to burn that LC bridge as I plan to refi with them in 6 months time.
fuzzball
Posts: 54
Joined: Tue Jul 19, 2016 5:52 pm

Re: Refinance Mega Thread

Post by fuzzball »

Hoping for some input on my situation:::

Current loan - 30-year fixed @ 3.875%
Original Loan size- 771,500.
Currently owe 726,000 (refi amount, no cashout)
Location- NYC
Both lender will do CEMA for me.


Loan 1:
2.69% (1/2 point).... par rate is 2.9%
A+B+C = 11453
P&I = 2941


Loan 2:
3.375% (par rate).... 3% ($5k in point)
A+B+C = $5106
P&I = 3073


Thoughts? I'm leaning towards loan 1 for obvious the lower rate. Even w/ the higher loan cost -- I feel I can recoup that quick enough. My breakeven point will be well within the timeframe I plan on staying.
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

sunny_socal wrote: Wed Sep 09, 2020 8:18 am What are the downsides with Loan Cabin? I read in this thread "They're good if you're not in a hurry..."

- Is the application process slow?
- Customer service is unresponsive?
- Processing time is long?
- How long should the rate lock be? (They present 15-day, 30-day, 60-day)
- Is there a fee for that lock?


Thanks
Slow to respond to initial application, slow to respond to emails, slow to close. Despite what the website says they only allow a 60 day lock because they are incapable of closing any faster. I'm in the middle of refinancing with them and here's my timeline:
  • July 23: Applied on their website, uploaded all requested documents (including paystubs, tax forms, etc.)
  • July 24: Emailed hello@loancabin.com asking for a quote. No response to initial email or online application.
  • July 31: Emailed again asking for a quote. Loan officer responds and asks for all my details (which were included on the online application I submitted). I provided details again over email.
  • Aug 2: LO replies to my email with a quote
  • Aug 5: I asked for a new quote, they provide, I request to lock that date, and LO confirms the lock
  • Aug 10: A different person from LC contacts me and sends me a link to upload all the documents they want. Seems like nothing I uploaded on July 23rd was used. Oh well, I re-upload everything that day and complete all the disclosure docusign tasks.
  • Aug 19: 2 weeks had gone by and I hadn't heard from anyone so I emailed LO asking for an update. No response
  • Aug 26: I email LO again asking for update. He responds stating that I am "in the underwriting queue" and he "does not have an update at this time". I ask how long I should expect to be in the queue. No response.
It is now Sept 9th and I haven't heard back from them since the LO's email on Aug 26th. My lock expires on Oct 5 and I doubt I'll close by then but based on what I've heard from others they should extend the lock as long as necessary.

I've considered ditching them for someone who can close faster and have continued to shop around but haven't found anyone who can beat their quote.
Johny
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Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

This is exactly what I am afraid of as I am in the middle of a refi with WM and am thinking of jumping over with LC as they have a sweet cash out refi deal they just presented for me. LC LO told me 60+ days to close from whenever we lock in with her. WM said they can float me down for free tho so I may just stick it out since we are closing by end of sept/early October.
jimmyrules712 wrote: Wed Sep 09, 2020 9:32 am
sunny_socal wrote: Wed Sep 09, 2020 8:18 am What are the downsides with Loan Cabin? I read in this thread "They're good if you're not in a hurry..."

- Is the application process slow?
- Customer service is unresponsive?
- Processing time is long?
- How long should the rate lock be? (They present 15-day, 30-day, 60-day)
- Is there a fee for that lock?


Thanks
Slow to respond to initial application, slow to respond to emails, slow to close. Despite what the website says they only allow a 60 day lock because they are incapable of closing any faster. I'm in the middle of refinancing with them and here's my timeline:
  • July 23: Applied on their website, uploaded all requested documents (including paystubs, tax forms, etc.)
  • July 24: Emailed hello@loancabin.com asking for a quote. No response to initial email or online application.
  • July 31: Emailed again asking for a quote. Loan officer responds and asks for all my details (which were included on the online application I submitted). I provided details again over email.
  • Aug 2: LO replies to my email with a quote
  • Aug 5: I asked for a new quote, they provide, I request to lock that date, and LO confirms the lock
  • Aug 10: A different person from LC contacts me and sends me a link to upload all the documents they want. Seems like nothing I uploaded on July 23rd was used. Oh well, I re-upload everything that day and complete all the disclosure docusign tasks.
  • Aug 19: 2 weeks had gone by and I hadn't heard from anyone so I emailed LO asking for an update. No response
  • Aug 26: I email LO again asking for update. He responds stating that I am "in the underwriting queue" and he "does not have an update at this time". I ask how long I should expect to be in the queue. No response.
It is now Sept 9th and I haven't heard back from them since the LO's email on Aug 26th. My lock expires on Oct 5 and I doubt I'll close by then but based on what I've heard from others they should extend the lock as long as necessary.

I've considered ditching them for someone who can close faster and have continued to shop around but haven't found anyone who can beat their quote.
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sunny_socal
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Re: Refinance Mega Thread

Post by sunny_socal »

jimmyrules712 wrote: Wed Sep 09, 2020 9:32 am
sunny_socal wrote: Wed Sep 09, 2020 8:18 am What are the downsides with Loan Cabin? I read in this thread "They're good if you're not in a hurry..."

- Is the application process slow?
- Customer service is unresponsive?
- Processing time is long?
- How long should the rate lock be? (They present 15-day, 30-day, 60-day)
- Is there a fee for that lock?


Thanks
Slow to respond to initial application, slow to respond to emails, slow to close. Despite what the website says they only allow a 60 day lock because they are incapable of closing any faster. I'm in the middle of refinancing with them and here's my timeline:
  • July 23: Applied on their website, uploaded all requested documents (including paystubs, tax forms, etc.)
  • July 24: Emailed hello@loancabin.com asking for a quote. No response to initial email or online application.
  • July 31: Emailed again asking for a quote. Loan officer responds and asks for all my details (which were included on the online application I submitted). I provided details again over email.
  • Aug 2: LO replies to my email with a quote
  • Aug 5: I asked for a new quote, they provide, I request to lock that date, and LO confirms the lock
  • Aug 10: A different person from LC contacts me and sends me a link to upload all the documents they want. Seems like nothing I uploaded on July 23rd was used. Oh well, I re-upload everything that day and complete all the disclosure docusign tasks.
  • Aug 19: 2 weeks had gone by and I hadn't heard from anyone so I emailed LO asking for an update. No response
  • Aug 26: I email LO again asking for update. He responds stating that I am "in the underwriting queue" and he "does not have an update at this time". I ask how long I should expect to be in the queue. No response.
It is now Sept 9th and I haven't heard back from them since the LO's email on Aug 26th. My lock expires on Oct 5 and I doubt I'll close by then but based on what I've heard from others they should extend the lock as long as necessary.

I've considered ditching them for someone who can close faster and have continued to shop around but haven't found anyone who can beat their quote.
That's dog slow. But OTOH I had a several refis going earlier this year that were similar. I think the lenders are pretty busy these days.

May end up applying with them anyway and then run with a different company in parallel and just see which one closes faster. In my experience it's ok to pull the plug at any time. If you must pay a lock fee then that money is gone but that's the only downside.
presto987
Posts: 139
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

propertyrefi576 wrote: Wed Sep 09, 2020 3:04 am Need some clarification on third party fees.

These are supposed to be about the same evne if i shop around (it is for title isurance and settlement fee and appraisal)

but i dont understand what the title closing coordination fee is.

This below is from boxhomeloans and their guarenteed fees. But they have this item that i do not see in other LE- its 345 so no small dollars...
is the needed ? what if i chose to shop directly for third party fees. what should i should for ?

title insurance and appraisal is enough ?


Appraisal Fee $675.00
Credit Report $39.95
Title - Closing Coordination $345.00
Title - Lender's Title Insurance $498.00
Title - Settlement Fee $250.00
I think you should consider settlement fee and closing coordination as a combined $595 cost. That seems like a reasonable fee for settlement services. For some reason they have opted to break it out into 2 line items, but I think if you shop around you will find the total cost here to be standard.
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

propertyrefi576 wrote: Wed Sep 09, 2020 3:04 am Need some clarification on third party fees.

These are supposed to be about the same evne if i shop around (it is for title isurance and settlement fee and appraisal)

but i dont understand what the title closing coordination fee is.

This below is from boxhomeloans and their guarenteed fees. But they have this item that i do not see in other LE- its 345 so no small dollars...
is the needed ? what if i chose to shop directly for third party fees. what should i should for ?

title insurance and appraisal is enough ?


Appraisal Fee $675.00
Credit Report $39.95
Title - Closing Coordination $345.00
Title - Lender's Title Insurance $498.00
Title - Settlement Fee $250.00
This varies by state FYI. Where I live (Texas) the title insurance part is regulated so it will be the same for everyone but all the other fees can vary. For example, I found one title company that does not charge a settlement fee, coordination fee, or credit report fee.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.

With this newest update....any idea if I should pull the plug on WM and head over to LC? Thank you.
jimmyrules712
Posts: 587
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

Johny wrote: Wed Sep 09, 2020 11:17 am Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.
If you are OK with waiting I would go with the better deal. Just set your expectations accordingly.
Johny
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Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

I am thinking the same here. Only thing is if LC can't hit the early Nov closing and say it gets pushed past Dec 1st will they add in the 0.5% refi fee. Hmmm

jimmyrules712 wrote: Wed Sep 09, 2020 11:18 am
Johny wrote: Wed Sep 09, 2020 11:17 am Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.
If you are OK with waiting I would go with the better deal. Just set your expectations accordingly.
Artman910
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Joined: Sat Aug 22, 2020 5:43 pm

Re: Refinance Mega Thread

Post by Artman910 »

gg1908 wrote: Tue Sep 08, 2020 8:41 pm 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?
I say yes i know they have been busy but i locked 8/27 (date i signed the rate lock paperwork) and just today i got my Closing disclosure and i have scheduled the notary for this coming Monday 9/14/2020. Thus far its just shy of 30 days.
Johny
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Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

How would one go about getting out of a locked rate where we already completed initial disclosures and are waiting to be placed into the "processing" que. I assume they will bill me for running credit report yah?
samta09
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Re: Refinance Mega Thread

Post by samta09 »

jimmyrules712 wrote: Wed Sep 09, 2020 9:32 am
sunny_socal wrote: Wed Sep 09, 2020 8:18 am What are the downsides with Loan Cabin? I read in this thread "They're good if you're not in a hurry..."

- Is the application process slow?
- Customer service is unresponsive?
- Processing time is long?
- How long should the rate lock be? (They present 15-day, 30-day, 60-day)
- Is there a fee for that lock?


Thanks
Slow to respond to initial application, slow to respond to emails, slow to close. Despite what the website says they only allow a 60 day lock because they are incapable of closing any faster. I'm in the middle of refinancing with them and here's my timeline:
  • July 23: Applied on their website, uploaded all requested documents (including paystubs, tax forms, etc.)
  • July 24: Emailed hello@loancabin.com asking for a quote. No response to initial email or online application.
  • July 31: Emailed again asking for a quote. Loan officer responds and asks for all my details (which were included on the online application I submitted). I provided details again over email.
  • Aug 2: LO replies to my email with a quote
  • Aug 5: I asked for a new quote, they provide, I request to lock that date, and LO confirms the lock
  • Aug 10: A different person from LC contacts me and sends me a link to upload all the documents they want. Seems like nothing I uploaded on July 23rd was used. Oh well, I re-upload everything that day and complete all the disclosure docusign tasks.
  • Aug 19: 2 weeks had gone by and I hadn't heard from anyone so I emailed LO asking for an update. No response
  • Aug 26: I email LO again asking for update. He responds stating that I am "in the underwriting queue" and he "does not have an update at this time". I ask how long I should expect to be in the queue. No response.
It is now Sept 9th and I haven't heard back from them since the LO's email on Aug 26th. My lock expires on Oct 5 and I doubt I'll close by then but based on what I've heard from others they should extend the lock as long as necessary.

I've considered ditching them for someone who can close faster and have continued to shop around but haven't found anyone who can beat their quote.
I concur. They are slow so I switched to Better.com. My first refi was with Better so I knew how efficient they were compared to Loan Cabin. Its a night a day difference in term of communication and uploading documents.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

How slow are we talking with LC? Every since a LO reached out from LC she has been in communication with me daily maybe I lucked out and got a good LO from LC.

I am worried if I switch from WM to LC that closing will take forever and not worth the better deal LC is offering me now.
alfaspider
Posts: 3040
Joined: Wed Sep 09, 2015 4:44 pm

Re: Refinance Mega Thread

Post by alfaspider »

Hmm... better.com is finally starting to get to my trigger point on a Refi (.5% decrease with no fees/points). I just wish jumbos were closer to the historical spread to conforming. Just rubs me the wrong way paying 60bp over a conforming when it was only 20bp when I first got the loan. Feels like there is still room to go down in the short term.
Mako52
Posts: 146
Joined: Mon Jul 30, 2018 11:07 am

Re: Refinance Mega Thread

Post by Mako52 »

Before you apply with LC, make sure they are licensed in your state. They are only licensed in 15 states.
nic3456
Posts: 60
Joined: Fri Dec 19, 2008 10:42 am

Re: Refinance Mega Thread

Post by nic3456 »

Johny wrote: Wed Sep 09, 2020 11:17 am Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.

With this newest update....any idea if I should pull the plug on WM and head over to LC? Thank you.
Are you sending them new requests over and over or are they just proactively improving their offer?
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

How does one get blacklisted from a lender? If I apply with LC qs a back up now, but end up going with my original lender WM I hope LC doesn't blacklist me for backing out. I plan on refi'ing in 6 months and LC is on my list.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

I reach out to request changes and once a new day hits I ask for an updated LE to reflect the new days rates/credits. My LO at LC has been extremely helpful and responsive so far. Someone mentioned because I am in Cali they have more people working here.
nic3456 wrote: Wed Sep 09, 2020 1:47 pm
Johny wrote: Wed Sep 09, 2020 11:17 am Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.

With this newest update....any idea if I should pull the plug on WM and head over to LC? Thank you.
Are you sending them new requests over and over or are they just proactively improving their offer?
gg1908
Posts: 7
Joined: Wed Sep 02, 2020 8:25 pm

Re: Refinance Mega Thread

Post by gg1908 »

Artman910 wrote: Wed Sep 09, 2020 12:04 pm
gg1908 wrote: Tue Sep 08, 2020 8:41 pm 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?
I say yes i know they have been busy but i locked 8/27 (date i signed the rate lock paperwork) and just today i got my Closing disclosure and i have scheduled the notary for this coming Monday 9/14/2020. Thus far its just shy of 30 days.
Thanks for the reply. Another question based on your experience. I have locked the rate with them yesterday over the phone, but I have not received a new disclosure/loan estimate indicating that the rate has been locked. How long does it take to generate that (Sebonic gave it to me immediately after locking)?
Also, will there be fees involved in backing out of the rate lock with Sebonic (I did not see anything on the disclosure)
Artman910
Posts: 11
Joined: Sat Aug 22, 2020 5:43 pm

Re: Refinance Mega Thread

Post by Artman910 »

gg1908 wrote: Wed Sep 09, 2020 1:52 pm
Artman910 wrote: Wed Sep 09, 2020 12:04 pm
gg1908 wrote: Tue Sep 08, 2020 8:41 pm 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?
I say yes i know they have been busy but i locked 8/27 (date i signed the rate lock paperwork) and just today i got my Closing disclosure and i have scheduled the notary for this coming Monday 9/14/2020. Thus far its just shy of 30 days.
Thanks for the reply. Another question based on your experience. I have locked the rate with them yesterday over the phone, but I have not received a new disclosure/loan estimate indicating that the rate has been locked. How long does it take to generate that (Sebonic gave it to me immediately after locking)?
Also, will there be fees involved in backing out of the rate lock with Sebonic (I did not see anything on the disclosure)

According to LF site the rate lock documents were signed on 8/31 I can say when i applied i got an email and update on LF site almost same day and the LO was in contact via their site and I knew i had a decent offer 2.625 30 yr for 508K (home value 679K original loan 523K* i already refi last year) at zero cost so i took the deal. but soon after i got emails from lenderfi reps asking me to upload docs which i had already collected and uploaded ever thing within hours of their request and a few days later got the locked rate paper work.

So answer your question i also locked rates over the phone and i believe the documents were sent over the next day so i want to say i spoke on the 29th or so and soon after i got the rate lock documents.

Initial Disclosures for Signatures 08/27/2020
Initial Needs list requests 08/27/2020
Rate Lock disclosures for signatures 08/31/2020
Pre-closing closing disclosure please esign ASAP! 09/08/2020
Notary scheduled 09/14/2020

I was originally scheduled for the notary on the 10th but I got a call from LenderFi stating that state law mandates 2-3 days between CD and signing so they asked if we can bump to 14th .
Last edited by Artman910 on Wed Sep 09, 2020 2:06 pm, edited 2 times in total.
nic3456
Posts: 60
Joined: Fri Dec 19, 2008 10:42 am

Re: Refinance Mega Thread

Post by nic3456 »

For those that have done multiple Better refi's - did you have to create a new account for the 2nd one? When I go into my current account and start a new refi it always just links me back to my old/original one that's complete.
presto987
Posts: 139
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

Johny wrote: Wed Sep 09, 2020 11:24 am I am thinking the same here. Only thing is if LC can't hit the early Nov closing and say it gets pushed past Dec 1st will they add in the 0.5% refi fee. Hmmm

jimmyrules712 wrote: Wed Sep 09, 2020 11:18 am
Johny wrote: Wed Sep 09, 2020 11:17 am Geez LC keeps coming back with better deals, which I do not think WM can match even with a float down before our closing. Reason being is LC doesn't seem to charge anything in Item line A while WM has a $1500 fee.

Just got an updated LE from LC, same rate as yesterday 2.625% but lender credit bumped up to $3,000. This is for a $100K cash out refi. She also adjusted my payoff to the correct amount so overall instead of getting back $100k I will now be at $102,400 cash to borrower.

WM I believe I can float to 2.625% but no way I will get the extra $2,400 in my pocket. LC said earliest to close would be early November....but who knows if that will happen at all.
If you are OK with waiting I would go with the better deal. Just set your expectations accordingly.
They will not add a 0.5% refi fee if closing gets pushed to Dec, assuming the delay is on their end. They can't change your pricing once you are locked.

If you lock now, they should be able to sell the loan to Fannie Mae before Dec 1, so their pricing will reflect that. What I think will happen is they will start incorporating the fee into their new pricing some time in the next couple of weeks, because at that point new loans will likely not be sold to Fannie before December.

Out of curiosity, who is your LC LO (feel free to PM if you prefer)? I have Bob, who is a really nice guy, but not as responsive as your LO. BTW I am in Cali too.

Regarding your question about burning bridges, why don't you just ask your LC LO about this? My guess is that if you lock but withdraw your application before it gets through underwriting, they wouldn't mind if you get back to them in 6 months.

If I were you, I would lean toward jumping ship to LC, especially since you've lucked out with a good LO.

EDIT: I saw your post on the Slickdeals thread, and someone replied with a good suggestion. Take your LE from LC and get Better (or Ally, LoanDepot, etc.) to match it. Then you will be able to close in a reasonable timeframe!
spbos
Posts: 11
Joined: Fri Jul 31, 2020 8:56 pm

Re: Refinance Mega Thread

Post by spbos »

I am locked at 2.5%, zero closings, 30-year loan for a 510000 for the last 6 weeks. It is a local lender and they are saying I am still in the queue for underwriting. Thinking of jumping ship.

Is there a better rate available now? Thanks.
froman118
Posts: 165
Joined: Fri Feb 04, 2011 1:04 pm

Re: Refinance Mega Thread

Post by froman118 »

spbos wrote: Wed Sep 09, 2020 2:21 pm I am locked at 2.5%, zero closings, 30-year loan for a 510000 for the last 6 weeks. It is a local lender and they are saying I am still in the queue for underwriting. Thinking of jumping ship.

Is there a better rate available now? Thanks.
That seems very competitive if not better than what's available right now. I'm waiting for LenderFi to hit 2.75% on a slightly smaller loan in CA.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Just heard from Better. He said closing with them takes 3-4 weeks max and is reviewing my LC LE to try and beat/match it. May have found a winner here.
Monsterflockster
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Joined: Thu Nov 21, 2019 12:03 am

Re: Refinance Mega Thread

Post by Monsterflockster »

froman118 wrote: Wed Sep 09, 2020 3:11 pm
spbos wrote: Wed Sep 09, 2020 2:21 pm I am locked at 2.5%, zero closings, 30-year loan for a 510000 for the last 6 weeks. It is a local lender and they are saying I am still in the queue for underwriting. Thinking of jumping ship.

Is there a better rate available now? Thanks.
That seems very competitive if not better than what's available right now. I'm waiting for LenderFi to hit 2.75% on a slightly smaller loan in CA.
I am going through lenderfi now. It is slow there as well, but it is expected in this environment. Every week they are asking for a new document, assuming to "stay connected" but also drag the process along. At this rate we will be closing in about 2 months. lol.
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

Johny wrote: Wed Sep 09, 2020 3:25 pm Just heard from Better. He said closing with them takes 3-4 weeks max and is reviewing my LC LE to try and beat/match it. May have found a winner here.
At what rate/years?
jgman
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Joined: Thu Jan 03, 2019 3:11 pm

Re: Refinance Mega Thread

Post by jgman »

Just locked in a 30-yr with LenderFi at 2.5% with loan costs of $1050 and credit of $2700. Appraisal was waived.
Johny
Posts: 81
Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

2quiker wrote: Wed Sep 09, 2020 4:08 pm
Johny wrote: Wed Sep 09, 2020 3:25 pm Just heard from Better. He said closing with them takes 3-4 weeks max and is reviewing my LC LE to try and beat/match it. May have found a winner here.
At what rate/years?
30 year cash out refi ($100k) @ 2.625% w/ lender credit of $3,000. final cash to borrower will be $102,000 due to low closing costs of LC and good sized lender credit.

Now waiting to see if Better will match/beat and if so I think I will go with them since my Better LO says its 3 to 4 weeks to close only verses 60 days with LC.
Last edited by Johny on Wed Sep 09, 2020 4:22 pm, edited 2 times in total.
Johny
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Re: Refinance Mega Thread

Post by Johny »

jgman wrote: Wed Sep 09, 2020 4:09 pm Just locked in a 30-yr with LenderFi at 2.5% with loan costs of $1050 and credit of $2700. Appraisal was waived.
I was always curious how this works. So does that mean in your case you would get approx $1700 credit back when you close as cash to borrow?
wootwoot
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Re: Refinance Mega Thread

Post by wootwoot »

jgman wrote: Wed Sep 09, 2020 4:09 pm Just locked in a 30-yr with LenderFi at 2.5% with loan costs of $1050 and credit of $2700. Appraisal was waived.
Can you provide more details on how? The rates quoted on their site are significantly worse than that.
jgman
Posts: 11
Joined: Thu Jan 03, 2019 3:11 pm

Re: Refinance Mega Thread

Post by jgman »

I have prepaids and taxes also so I have around a net due at closing of 5k
Last edited by jgman on Wed Sep 09, 2020 4:28 pm, edited 1 time in total.
jgman
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Joined: Thu Jan 03, 2019 3:11 pm

Re: Refinance Mega Thread

Post by jgman »

I submitted a loan application on 9/2 and received the 30yr 2.5% rate yesterday on a 475k mortgage Virginia
jgman
Posts: 11
Joined: Thu Jan 03, 2019 3:11 pm

Re: Refinance Mega Thread

Post by jgman »

Johny wrote: Wed Sep 09, 2020 4:20 pm
jgman wrote: Wed Sep 09, 2020 4:09 pm Just locked in a 30-yr with LenderFi at 2.5% with loan costs of $1050 and credit of $2700. Appraisal was waived.
I was always curious how this works. So does that mean in your case you would get approx $1700 credit back when you close as cash to borrow?
I have prepaids and taxes also so I have a net due at closing of approx. 5k
Last edited by jgman on Wed Sep 09, 2020 4:31 pm, edited 1 time in total.
ossipago
Posts: 161
Joined: Wed Apr 21, 2010 4:31 pm

Re: Refinance Mega Thread

Post by ossipago »

wootwoot wrote: Wed Sep 09, 2020 4:21 pm
jgman wrote: Wed Sep 09, 2020 4:09 pm Just locked in a 30-yr with LenderFi at 2.5% with loan costs of $1050 and credit of $2700. Appraisal was waived.
Can you provide more details on how? The rates quoted on their site are significantly worse than that.
Their actual rates tend to be about .25% below their published rates. Also, the best rates depend on state, LTV, and being below the conforming limit.
just_me
Posts: 20
Joined: Fri Apr 10, 2015 7:23 am

Re: Refinance Mega Thread

Post by just_me »

Looking for recommendations on finding a no-cost $147k 15-year refi at <2.5% for consolidation on a Primary and Heloc.

My lender credits just dropped when they removed the Escrow fees which increased my closing cost so looking for a better deal. I guess I can expect fluctuations until I lock.

Ally Bank offered
3%
A.995
B.616
C.855
D. A+B+C = $2466
E. 60
F. 824
I. E+F+G = $884
D + I = $3,782
Lender Credits- $296
TOTAL CLOSING COSTS = $3,054

Details
Property value
$266,000
Loan amount
$146,448
Mortgage balance
$146,448
Cash out
$27,329
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