Refinance Mega Thread

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ossipago
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Re: Refinance Mega Thread

Post by ossipago »

To get the best rate:

Loan amount can't be too small or too big
LTV can't be too big
Best credit bracket
Live in the right state
Apply on the right day, hour, or minute
Puffy
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Re: Refinance Mega Thread

Post by Puffy »

Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
Is the LTV high? Have you tried smaller lenders, like those on the findamortgagebroker site? Also, check Provident Funding/ PrimeChoice Funding. They are in CA but I think they work with FL too. Good luck.
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FrugalProfessor
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Re: Refinance Mega Thread

Post by FrugalProfessor »

nic3456 wrote: Fri Sep 11, 2020 3:44 pm Not sure how quick other lenders will follow but just got this email from Better

“Lock now — prices go up on 9/21
As you may know, the FHFA has introduced a 0.5% fee on all refinance loans funded after November 30, 2020. That means you must lock a rate before September 21 to avoid additional costs.
The fee will raise the cost of refinancing by 0.5% of the loan amount — $1650 on average.

Rates are still near record lows, so don’t wait. Lock instantly online today — and lock in those savings.”
I got the same email from Better. I've learned over the past week or two that this is a well known fee that was initially intended to be implemented on Sept 1 but was pushed back to Dec 1. Consequently, it puts some time pressure on refinancing before that 0.5% fee is implemented.

What I'm still trying to figure out is when I need to start the process to hit the Dec 1 deadline. If it takes 6 weeks to close, I thought that Dec 1 minus 6 weeks = mid Oct would suffice (though earlier would obviously be safer).

My credit score was 840 or so until I put a $12k HVAC replacement on a credit card last month (for the 2.625% cash back and the interest-free float), dropping my score by 40 points. It'll be paid of in full on Oct 1, but there always seems to be a lag in reporting to the credit agencies. Kind or rotten timing given the imminent 0.5% fee deadline.
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.
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sunny_socal
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Re: Refinance Mega Thread

Post by sunny_socal »

I'm in the same boat. Seemingly excellent stats going in, should be a no-brainer to find one of these deals.

I even had a guy call me from LoanDepot and tell me straight up "You should stay with your 3.125%, it's not going to get better than that." State of TX.
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
dks05c
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Re: Refinance Mega Thread

Post by dks05c »

dks05c wrote: Fri Sep 11, 2020 3:18 pm
BrandonBogle wrote: Fri Sep 11, 2020 2:15 pm
b2bserver wrote: Fri Sep 11, 2020 10:01 am I'll definitely send the LF LE to Better to see if they can match but I'm already locked so I don't have my hopes up. If they won't budge, I'm considering some options:
Did you send that to your “processing expert”? On my current refi with Better, my processing expert is working on meeting/beating a competing offer for the 3rd time since I locked. If they do, I’ll be golden and happy to be done as this will put me at the same pricing as my prior refi.
InvestDoc wrote: Fri Sep 11, 2020 11:55 am You mention a final payoff number, so maybe they’re waiting for your September payment to post to recalculate everything. I signed my papers a week before the end of the month but when the disbursement was delayed after the first of the month I kept calling Owning to find out when it would disburse so that my old lender wouldn’t register a late payment. My loan officer had no idea when the loan would disburse and didn’t seem to care that their delay was pushing the limit for when I could make my monthly payment. They basically told me that it was my choice whether to send the payment due to the old lender (or be faced with late fees while waiting for the payoff to be sent). They finally ended up sending the money a day or two before my old lender would have charged late fees for that month.
Personally, I would always pay the old loan payment and just let the old lender send me an overage refund two weeks after payoff as it’s a much less stressful process.
dks05c wrote: Fri Sep 11, 2020 12:13 pm Hi all,

FL resident here, 345K current loan, LTV 60%. Just got a 15 yr refinance loan estimate of 2.125% with no origination fees/points. I'm wondering if anyone has seen better than this or if I should lock in. Is it worth it to shop around, and if so who would beat it? Unfortunately this lender won't do no closing cost refinancing.
Personally, whenever I get offered a good rate/cost package (and yours is a GREAT one!), I lock immediately. You can always continue to shop around with this as a fallback and not lose such a great offer.
Thanks for the note. I went ahead and locked in. I am a little jealous of everyone on here getting these huge credits to offset closing costs. Unfortunately Florida has big refinance taxes (2K) for me, so I'm probably looking at around 3K in closing costs, which I can either pay at closing or roll into the loan. That being said, we do plan on staying in the house long term, and I doubt I would ever refinance again.
Following up, I sent my LE to better.com and they beat it with an 1100 lender credit.

Now I can either do 15 yr fixed at 2.125 with 1100 credit or 2.25 with 3400 credit. 2.25 seems the way to go, no? Loan is for 344k.
b2bserver
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Re: Refinance Mega Thread

Post by b2bserver »

Just locked with LF for 30y @ 2.625% w/ no cost closing. $382k 75% LTV in IL. Will see if LC ever gets back to me
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Janus887 wrote: Fri Sep 11, 2020 3:55 pm Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).
Yes to both. Florida isn't crazy high refi costs, but is higher than many states since they charge a mortgage document tax based on the refi amount. Thus, you need larger lender credits to overcome that cost. Couple that with a small loan, you will have trouble.

My loan is small as well, so the tact I've taken is to try and get a 15-year with the rates and costs others are getting on 30-years. So far, I've been decently successful in doing that. You also will probably need to hustle more as the refi market is still great right now, but a bit more sour than it was last month. Too many lenders have found in their rush to win business and thus offer large credits, that people are refi'ing again quickly.
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FrugalProfessor
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Re: Refinance Mega Thread

Post by FrugalProfessor »

Just locked in 2.25%, 15Y, $0 lender fee refi with LenderFI on a $244k mortgage. It was an unbelievably slick process that took less than an hour.

After I got my online quotes, I called to ask about waiving appraisal + escrow. They waived both and took $1k or so off of the closing costs that were generated with my online application.
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.
e5116
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Re: Refinance Mega Thread

Post by e5116 »

FrugalProfessor wrote: Fri Sep 11, 2020 4:23 pm
nic3456 wrote: Fri Sep 11, 2020 3:44 pm Not sure how quick other lenders will follow but just got this email from Better

“Lock now — prices go up on 9/21
As you may know, the FHFA has introduced a 0.5% fee on all refinance loans funded after November 30, 2020. That means you must lock a rate before September 21 to avoid additional costs.
The fee will raise the cost of refinancing by 0.5% of the loan amount — $1650 on average.

Rates are still near record lows, so don’t wait. Lock instantly online today — and lock in those savings.”
I got the same email from Better. I've learned over the past week or two that this is a well known fee that was initially intended to be implemented on Sept 1 but was pushed back to Dec 1. Consequently, it puts some time pressure on refinancing before that 0.5% fee is implemented.

What I'm still trying to figure out is when I need to start the process to hit the Dec 1 deadline. If it takes 6 weeks to close, I thought that Dec 1 minus 6 weeks = mid Oct would suffice (though earlier would obviously be safer).

My credit score was 840 or so until I put a $12k HVAC replacement on a credit card last month (for the 2.625% cash back and the interest-free float), dropping my score by 40 points. It'll be paid of in full on Oct 1, but there always seems to be a lag in reporting to the credit agencies. Kind or rotten timing given the imminent 0.5% fee deadline.
You can payoff your credit card before Oct 1 if you want....that would reduce your utilization that gets reported. You don't have to wait until the due date...
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

postal007 wrote: Fri Sep 11, 2020 12:15 pm
ossipago wrote: Fri Sep 11, 2020 11:13 am Can you lock with two lenders?

Is there any reason to do so, if the rates are the same and appraisal is waived in both cases? E.g. concerns over time to close?

Does it matter at all if one lender is a broker (i.e. LenderFi) and another is a direct lender (e.g. Loan Depot)?
There's nothing preventing you from locking with multiple lenders. The restrictions on the lock mainly apply to the lender, not the homeowner. I locked with Owning, Interactive Mortgage, and Loan Depot early last week. Owning moved by the far the fastest, signing on Monday if everything goes well, even before my apps were in processing at the other two. I'll plan to let the two know when I close to cancel/withdraw my app. But I thinking locking with multiple folks is smart - lock in a low rate now, and continue shopping for something better if some lender hasn't gotten back to you yet.

Hi Everyone! When you lock with multiple lenders, do you send in your documents to all of them and go thru underwriting? At what point do you tell the lenders that you are canceling/withdrawing the application? What reason do you tell them without making them too upset or does that not matter?
propertyrefi576
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Re: Refinance Mega Thread

Post by propertyrefi576 »

I am hearing about LenderFi waiving appraisal - its not something that THEY make the call on right ? it has to be desktop underwriting from fannie and freddie ?

is there any other way to avoid appraisals ?
hgsavita
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Re: Refinance Mega Thread

Post by hgsavita »

very nice thread.

My LD loan status is showing "Conditional Underwriting Approval" , How do I know the list of conditions ? website does not show any information.
isubrama
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Re: Refinance Mega Thread

Post by isubrama »

coconutpolito wrote: Fri Sep 11, 2020 1:25 am
easye418 wrote: Thu Sep 10, 2020 1:45 pm you guys are getting great rates.

In TX, LTV 78%, 2.875% 30 year, with a $2800 lender credit.
I was just offered a 30 yr for 2.5% (no closing costs) or a 25 yr loan for 2.625 (no closing costs). I'm in SoCal.
I'm in NorCal. Could you please DM the lender ?
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

Here is a rapid review of various lenders that I worked with:

Data:
- condo around $1M in a center of a major metro area,
- LTV of 59.9% or less,
- no cash-out, nothing fancy, not rolling the costs or prepaids into the mortgage,
- mortgage dollar figure just below $500K,
- currently in a 5x1 ARM at 2.75%,
- mortgage is conforming for the area,
- 3-bureau mortgage credit score average pulled by ally/better/amerisave etc was 816 (transunion somewhat low, 786, but the rest of them were in the 820 range). I have like 3 credco inquires on the same day. Will be disputing the 2,
- I make multiples of the mortgage amount in a year, W2, income no issue,
- Fannie waived the $550 appraisal fee.

- ally.com (better.com tech but their own pricing) was THE most responsive. I was able to get a rate with just basics, and a soft credit pull. In fact, the guy e-mailed and called me on Labor day, and on the phone dropped the origination charge by $500 (said this deal will only last today). Yea, right,

- better.com. Just as fast as ally.com, and for the same interest rate with the same information, is SIGNIFICANTLY cheaper. Something like $1.5K cheaper. Agent is professional, and operates on e-mail. Very responsive,

- lenderfi.com. A bit slow, but got to a professional loan officer who took info, and issued a Federal Loan estimate within about a 10 minutes of chatting.

- owning.com. Super professional, with excellent response, after about 2 days, and great customer service. I filled out an app. After two or three days, got an e-mail, and a phone number. I was busy in the middle of things. Guy kindly said, I only need 5 minutes of my time. I quickly gave him some numbers, enough for him to type up, and he came up with an estimate. I asked him for rate, origination fee (A), (B), (C), (E). Unfortunately, their rate was too high. He kindly asked for what rates I am getting, and from whom. I shared with him my 3 best estimates, offered to send him by e-mail. He thanked me, and said, "I need to take this feedback up to our owners". Entire conversation took 8 minutes. That is how long it took me to explain the loan depo folks that I don't give out a birthday to a random person on the interwebs,

- amerisave.com A questionable company, with bad tech. I filled out an app, and half-way through, it was like: "we are notifying a rep so that he can call you right away". It was Sunday, so I never got a call for like 5-10 minutes. So I called their number. Someone answered! I explained to him that the application is stuck. He was like: "Did it pull your credit"? I told him: "I did not even get to that part". He was like, well, "until it pulls your credit, I can't help you.". Hmm. What should I do. He was like "I can take all that information now." I was like, "Well, I'd rather do it online". He was like, "Sorry, I can't help you".

I tried again another time the next day. This time, I got to credit pull part. Since it is a soft pull, I don't mind. Yeay! However, it was saying: "We could not access your Equifax or Experian reports". Mind ya: there is already an inquiry on my Transunion report from Amerisave (soft one). Very puzzling. I called them again: "Oh, we need to pull all three". OK. Unlocking the other two. Went back, filled out the application. Guess what? I don't get a rate again, and the application is stuck again.

I get a call again next day. Seems like he had all the information. But he did not give me a Federal Loan Estimate. I got frustrated, and said, I am not interested. Next day, I filled out ANOTHER application.

The following day, I get a call. This time I haver very professional, very responsible agent. He was like, "Sir, you have two applications, which one should I got by". I am like, whichever one is complete. He is like, "Looks like the second one is almost complete". I am like: "Can you please check if BOTH applications have my credit score". I only have TWO. Year, lucky me.

He was like, "Yes, there is a score in both of them, but the second one has all 3 bureau scores". BTW, I knew the second application has all my 3 credit scores, because I had saved the screenshot, and BTW, in addition to the screen shot there is a small link, and you can download the PDF. They don't want you to do this easily, because you get 3 free credit scores with details.

(Side detail about their BROKEN tech. The N-1 application which had successfully pulled my Transunion report, but got stuck on Equifax and Experian being LOCKED never recovered, even though I went back to try to pull them AFTER I unlocked the missing two.)

So, he asked a few questions, got the answers, fixed the online application, gave me the Federal Loan Estimate, and said, I will let you think a bit, but if you choose to proceed, please let me go.

For *JUST THAT* professional encounter, I am not downgrading amerisave to the klown world.
BTW: their rate is NOT competitive vs ally OR better, and better is NOT EVEN my best rate. Ally is my 4th best rate, better.original is my 3rd best rate, and better.concessions and another one are my best rate.

- loandepot.com. the most amateur, the most terrible, the most unskilled, the most crappy employees in the process. This is my 3rd time dealing with this company, and I have nothing but the most awful things to say. Long time ago I wrote a very long and scathing report about a company on a consumer website, and that company went under based on my review. I don't have as much energy in this case, but I am just saying. Long story short: I kept getting an agent, who would be unprofessional, and next day, I fill out another application, and yet another terrible agent would be on the phone.

Responses I got from this clowns: (1) we don't do condos in your area. Well, that is disappointed. Why did you pull my credit, then? "I can't answer that question". Technically, this may not be true, because I got a "rate" from them about 3 months ago. Maybe they don't do it now, or whatever, but that answer was technically not true.

(In case you are wondering about the encounters below, we also have a rental, so I made applications on multiple properties).

Second encounter: here is a rate, but I can't send you a Federal Loan Estimate. I kindly asked why. He was like: "Because you will take it, and shop around". I said: but you are not even in my top 3, he goes: "I don't believe you". I said: "I will send the 3rd best one to you in an e-mail". His response: "But you have top 3, why not send all 3". I said: "You send me yours, and I will send you all three". He was like: "You first". I don't like working with clowns like that, suffice it to say.

Third encounter: I get this guy who calls me, and spends 10 minutes doing small talk. Once we start getting into the details, his phone kept disconnecting. Then I find out that it is not his phone, but rather his headset. He kept saying that his phone is low on charge, but I was on the line, and the line was not getting disconnected. He had to hang up twice. And when he returned, he had to leave in 5 minutes because of an "Important meeting". It was around 6:30 PM CST, and if he was in EST, he probably had to go have dinner with his family. He was going to: "Call me as soon as his meeting was over". So, he does not call me that day, and again, next day, he contacts me at a late hour. I told him: "Are we going to get interrupted again with your non-working head set, and your family dinner time at 7:30"? He was like, "Why are you being rude to me." I will let the forum decide who was being rude here.

And fourth is the crown jewel. This woman calls. Mind you, when loan depot calls, you have the jump through the hoops twice. First is some call center rep. Then after they ask you like 5 questions, they transfer you to a "Licensed loan rep". So she calls and says, I am calling about your refinance request. OK. Can I get your birthday please. I am like, "I don't give out my birthday to random people". She was like, "I am not a random person, I am a loan rep from loan depot". I said, "I don't care if you are Jesus Christ, Alexander the Great, or Joan of Arc. I don't give out my phone number to random people". She goes, "Did you make a refinance request on loan depot". I asked, "In your sentence, who is "you". She goes, "My name is Brenda Smith (different name, using for example), I am from loan depot". I asked, "I don't think you understood what I asked for. When you said, someone made a refinance request, who is that"? She finally understood, and for the first time said a name. But because she botched it, and because I don't want to waste my time, I said: "No, I am afraid you have the wrong number". And I hung up.


Now, here is the most interesting part. I MUST HAVE FILLED OUT CLOSE TO 10 applications (not counting duplicates with the same firm). I have only heard from these 6.
Last edited by AlphaLess on Sat Sep 12, 2020 11:24 am, edited 1 time in total.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
Johny
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Re: Refinance Mega Thread

Post by Johny »

We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

Johny wrote: Sat Sep 12, 2020 11:05 am We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
It will be fine
AlphaLess
Posts: 2679
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Re: Refinance Mega Thread

Post by AlphaLess »

Here is a rapid review of RATES I am getting from various lenders that I worked with:

Data:
- condo around $1M in a center of a major metro area,
- LTV of 59.9% or less,
- no cash-out, nothing fancy, not rolling the costs or prepaids into the mortgage,
- mortgage dollar figure just below $500K,
- currently in a 5x1 ARM at 2.75%,
- mortgage is conforming for the area,
- 3-bureau mortgage credit score average pulled by ally/better/amerisave etc was 816 (transunion somewhat low, 786, but the rest of them were in the 820 range). I have like 3 credco inquires on the same day. Will be disputing the 2,
- I make multiples of the mortgage amount in a year, W2, income no issue,
- Fannie waived the $550 appraisal fee.

LenderFi.com

15-year, conforming, rounding numbers so that my application is not easily identified to them,
2.125%
A = 0
B = $300 (appraisal waived)
C = $950 (title insurance),
[[D is simply A+B+C, so skipping it.]]
E = $150 (govt fees but this will change, and will be LOWER, as I peeked in my 2017 refinance),
J.LenderCredit = $1,300
Note: I am not counting prepaids as fees, because they are not a sunk cost like the rest of them.

So, A+B+C+E+J.Credit = $100.
BTW, I have the option to move down to 2.000% for $1K more. I will do that because 0.12% savings on a $500K mortgage is $600 in interest per year, and $1K is peanuts.

I asked them what it would take to buy down to 0.00%, and he laughed. I was NOT kidding. AT $10K in interest, I would pay $20K to move down to 0.00%. Sadly, they don't quote a 0.00%.

FYI, this refi will save us $3.8K a year in interest, but we have to pay $1K more a month in principal (30yr vs 1yr).

better.com
They MOVED DOWN a lot once I send them the estimate from LenderFi.
Down by 0.125% in rate, and also INCREASED lender credits. I would venture that was around $5K worth of extra credits.

15-year conforming, rounding numbers.
2.125%
A = $0 ($500 origination fee was offered to be waived on the first interaction)
B = $75 (appraisal waived)
C = $1,600 (title insurance)
[[D is simply A+B+C, so skipping it.]]
E = $200
J.credits = $2,500

So, A + B + C + J.credits = $600 in my favor.

Original estimate, one from ally, and amerisave one is not even worth mentioning.
Amerisave rate which is closest to zero (without even "B" and "C" costs) is like 2.625%. I mean, that is a WHOPPING 0.5% HIGHER. WTF?
Not to mention that at that rate, their lender credits are almost at zero, and I have to pay like $2.K out of pocket.

That probably makes a $10K+ difference to me, which is puzzling, because these companies are offering a vanilla, generic product, and often times at crappy service.

Ally was slightly worse than better, but after better came down to LendeFi levels, ally is laughable at this point.
I mean, considering that they are reselling better.com tech, what is it that they are adding value to, exactly?
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
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Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

bgh11 wrote: Fri Sep 11, 2020 8:06 pm
postal007 wrote: Fri Sep 11, 2020 12:15 pm
ossipago wrote: Fri Sep 11, 2020 11:13 am Can you lock with two lenders?

Is there any reason to do so, if the rates are the same and appraisal is waived in both cases? E.g. concerns over time to close?

Does it matter at all if one lender is a broker (i.e. LenderFi) and another is a direct lender (e.g. Loan Depot)?
There's nothing preventing you from locking with multiple lenders. The restrictions on the lock mainly apply to the lender, not the homeowner. I locked with Owning, Interactive Mortgage, and Loan Depot early last week. Owning moved by the far the fastest, signing on Monday if everything goes well, even before my apps were in processing at the other two. I'll plan to let the two know when I close to cancel/withdraw my app. But I thinking locking with multiple folks is smart - lock in a low rate now, and continue shopping for something better if some lender hasn't gotten back to you yet.

Hi Everyone! When you lock with multiple lenders, do you send in your documents to all of them and go thru underwriting? At what point do you tell the lenders that you are canceling/withdrawing the application? What reason do you tell them without making them too upset or does that not matter?
TY For asking that question.

I am thinking of locking with two.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
drk
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Location: Seattle

Re: Refinance Mega Thread

Post by drk »

propertyrefi576 wrote: Fri Sep 11, 2020 10:32 pm I am hearing about LenderFi waiving appraisal - its not something that THEY make the call on right ? it has to be desktop underwriting from fannie and freddie ?
Yes
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

hgsavita wrote: Sat Sep 12, 2020 9:38 am very nice thread.

My LD loan status is showing "Conditional Underwriting Approval" , How do I know the list of conditions ? website does not show any information.
They’ll email you in 45 days and ask for all new updated documents. 😉
coconutpolito
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Re: Refinance Mega Thread

Post by coconutpolito »

Johny wrote: Sat Sep 12, 2020 11:05 am We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
How long did it take for them to respond to your initial application? I’ve been waiting a week and a half.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

coconutpolito wrote: Sat Sep 12, 2020 11:40 am
Johny wrote: Sat Sep 12, 2020 11:05 am We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
How long did it take for them to respond to your initial application? I’ve been waiting a week and a half.
I’ve been waiting two weeks.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
mega317
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Re: Refinance Mega Thread

Post by mega317 »

AlphaLess wrote: Sat Sep 12, 2020 11:18 am
better.com
They MOVED DOWN a lot once I send them the estimate from LenderFi.
Down by 0.125% in rate, and also INCREASED lender credits. I would venture that was around $5K worth of extra credits.
Better came down from 3.5 to 2.6% when I sent them a competing offer.

(Then that expired before I could even lock it, then they texted and then called asking why I hadn’t moved....)
https://www.bogleheads.org/forum/viewtopic.php?t=6212
Johny
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Re: Refinance Mega Thread

Post by Johny »

coconutpolito wrote: Sat Sep 12, 2020 11:40 am
Johny wrote: Sat Sep 12, 2020 11:05 am We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
How long did it take for them to respond to your initial application? I’ve been waiting a week and a half.
Applied 8/31/20 and received an email from my LO on 9/4/20. Someone mentioned in a slickdeals thread that LC has more LO Licensed to work in California so maybe thats why I got such a quick reply. Or I was just lucky in this case.

OTOH, I emailed Arnold at Better my LC LE and he has not replied since a week ago almost.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

drk wrote: Sat Sep 12, 2020 11:39 am
propertyrefi576 wrote: Fri Sep 11, 2020 10:32 pm I am hearing about LenderFi waiving appraisal - its not something that THEY make the call on right ? it has to be desktop underwriting from fannie and freddie ?
Yes
Yup! It's NOT their choice.

Standard Fannie procedure, and it depends on:
- borrower credit score,
- LTV,
- possibly Debt-to-Income.

However, whatever "desktop underwriting" means is done during a 5 minute phone call.
Last edited by AlphaLess on Sat Sep 12, 2020 1:12 pm, edited 1 time in total.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
coconutpolito
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Re: Refinance Mega Thread

Post by coconutpolito »

Johny wrote: Sat Sep 12, 2020 12:04 pm
coconutpolito wrote: Sat Sep 12, 2020 11:40 am
Johny wrote: Sat Sep 12, 2020 11:05 am We are in the beginning refi stages with LC and completed initial disclosures and sent in the required documents.

We pay off our 2 credit cards in full every month from prior month charges(gas/food/bills/etc)...usually $2-3k balances. Is this going to be a problem if they see large payoffs on a statement?
How long did it take for them to respond to your initial application? I’ve been waiting a week and a half.
Applied 8/31/20 and received an email from my LO on 9/4/20. Someone mentioned in a slickdeals thread that LC has more LO Licensed to work in California so maybe thats why I got such a quick reply. Or I was just lucky in this case.

OTOH, I emailed Arnold at Better my LC LE and he has not replied since a week ago almost.
Damn you go lucky. I'm in SoCal so I was hoping for a quicker response.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

ossipago wrote: Fri Sep 11, 2020 4:11 pm To get the best rate:

Loan amount can't be too small or too big
LTV can't be too big
Best credit bracket
Live in the right state
Apply on the right day, hour, or minute
Also, need to through the dice 10 times and attempt to get a 6x6.
Face east.
Make sure sun is shining, AND
No full moon that night.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

FrugalProfessor wrote: Fri Sep 11, 2020 4:23 pm
nic3456 wrote: Fri Sep 11, 2020 3:44 pm Not sure how quick other lenders will follow but just got this email from Better

“Lock now — prices go up on 9/21
As you may know, the FHFA has introduced a 0.5% fee on all refinance loans funded after November 30, 2020. That means you must lock a rate before September 21 to avoid additional costs.
The fee will raise the cost of refinancing by 0.5% of the loan amount — $1650 on average.

Rates are still near record lows, so don’t wait. Lock instantly online today — and lock in those savings.”
I got the same email from Better. I've learned over the past week or two that this is a well known fee that was initially intended to be implemented on Sept 1 but was pushed back to Dec 1. Consequently, it puts some time pressure on refinancing before that 0.5% fee is implemented.

What I'm still trying to figure out is when I need to start the process to hit the Dec 1 deadline. If it takes 6 weeks to close, I thought that Dec 1 minus 6 weeks = mid Oct would suffice (though earlier would obviously be safer).

My credit score was 840 or so until I put a $12k HVAC replacement on a credit card last month (for the 2.625% cash back and the interest-free float), dropping my score by 40 points. It'll be paid of in full on Oct 1, but there always seems to be a lag in reporting to the credit agencies. Kind or rotten timing given the imminent 0.5% fee deadline.
The real question is, why is FHFA implementing a refinancing fee of 0.5%.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
This is what I had found. I live in TX so the refi fees there tend to be higher. I got an interesting cash out quote from loan depot at 2.25 15 year but ultimately backed away because it was $8k+ in total fees. Quicken loans had higher rate and higher fees. Better had even higher fees. Lender fi flat out said in my case refi wasnt worth it (I an in 3.25 15 year 140k left)

At the recommendation of somebody here I tried Provident Funding. A straight up refi on $140k, 2.375 15 year, about $3000 total fees, and no escrow. This is by far the best I have found. So far all communication has been through email. I have locked and given them all paperwork (via website upload) They are proceeding and I only have about 40 days on lock. Will be interesting to see if they can turn it around.
Last edited by JBTX on Sat Sep 12, 2020 2:43 pm, edited 1 time in total.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

JBTX wrote: Sat Sep 12, 2020 2:40 pm
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
This is what I had found. I live in TX so the refi fees there tend to be higher. I got an interest cash out quote from loan depot at 2.25 15 year but ultimately backed away because it was $8k+ in total fees.

At the recommendation of somebody here I tried Provident Funding. A straight up refi on $140k, 2.375 15 year, about $3000 total fees, and no escrow. This is by far the best I have found. So far all communication has been through email. I have locked and given them all paperwork (via website upload) They are proceeding and I only had about 40 days on lock. Will be interesting to see if they can turn it around.
Good to hear, thank you.

As for fees. Wow. $3K in fees for $140K loan. Are those feeds pre-paid R/E taxes, etc. Or real fees (A,B,C, E)? If not, that is a lot of fees.

I am doing a refi for a $500K condo, and likely, total to be brought to closing is either below $500, or receive a bit of money.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

AlphaLess wrote: Sat Sep 12, 2020 2:42 pm
JBTX wrote: Sat Sep 12, 2020 2:40 pm
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
This is what I had found. I live in TX so the refi fees there tend to be higher. I got an interest cash out quote from loan depot at 2.25 15 year but ultimately backed away because it was $8k+ in total fees.

At the recommendation of somebody here I tried Provident Funding. A straight up refi on $140k, 2.375 15 year, about $3000 total fees, and no escrow. This is by far the best I have found. So far all communication has been through email. I have locked and given them all paperwork (via website upload) They are proceeding and I only had about 40 days on lock. Will be interesting to see if they can turn it around.
Good to hear, thank you.

As for fees. Wow. $3K in fees for $140K loan. Are those feeds pre-paid R/E taxes, etc. Or real fees (A,B,C, E)? If not, that is a lot of fees.

I am doing a refi for a $500K condo, and likely, total to be brought to closing is either below $500, or receive a bit of money.
These are all refi fees. Not points. And those are lower by far than most and they are waiving appraisal. TX has kind of a racket with Title companies. They charge enormous fees and do a full title search on every refi.

https://www.dallasnews.com/business/201 ... he-nation/
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

sunny_socal wrote: Fri Sep 11, 2020 4:26 pm I'm in the same boat. Seemingly excellent stats going in, should be a no-brainer to find one of these deals.

I even had a guy call me from LoanDepot and tell me straight up "You should stay with your 3.125%, it's not going to get better than that." State of TX.
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
When you have a smaller loan, your debt is not nearly as profitable for them, thus they are not able to offer the same rates/credits. As your balance gets too small, your rate jacks up in order to get enough lender credits (essentially negative points) to offset the closing costs.

Sweet spot seems to be around 300-400k loans.
Last edited by MrJedi on Sat Sep 12, 2020 2:58 pm, edited 1 time in total.
drk
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Re: Refinance Mega Thread

Post by drk »

AlphaLess wrote: Sat Sep 12, 2020 2:32 pm The real question is, why is FHFA implementing a refinancing fee of 0.5%.
Mortgage News Daily had a take on it:
Lender margins are wide. In other words, lenders haven't dropped rates as much as the bond market would allow them to (a decision driven by necessity due to capacity constraints amid a refi boom and unprecedented workflow hurdles created by coronavirus rather than simple greed). The agencies or their regulator, FHFA, or some combination of the two see the wider margins and conclude lenders have extra profit to spare.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

drk wrote: Sat Sep 12, 2020 2:51 pm
AlphaLess wrote: Sat Sep 12, 2020 2:32 pm The real question is, why is FHFA implementing a refinancing fee of 0.5%.
Mortgage News Daily had a take on it:
Lender margins are wide. In other words, lenders haven't dropped rates as much as the bond market would allow them to (a decision driven by necessity due to capacity constraints amid a refi boom and unprecedented workflow hurdles created by coronavirus rather than simple greed). The agencies or their regulator, FHFA, or some combination of the two see the wider margins and conclude lenders have extra profit to spare.
TY For sharing.

That just doesn't make sense as an explanation to the problem.

I see the DESCRIBED problem as:
- lender margins are too wide, i.e., consumers are getting screwed,
- so let's add a 0.5% tax so that consumers can get even more screwed.

I view mortgage daily news as a useful source, but definitely a mouth-piece for the mortgage industry.

A much more LIKELY explanation that I see is this:
- there have been many newcomers to the industry, significantly undercutting the fat profits of the old guard,
- the old guard is connected,
- they have manufactured a problem: "too much demand",
- they have used the manufactured problem to lobby the critters in charge to for a "solution",
- the "solution" has been advertised as consumer-friendly. Meanwhile, it is likely to take out some of the marginal players, thus DECREASING competition.
Last edited by AlphaLess on Sat Sep 12, 2020 3:26 pm, edited 2 times in total.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

JBTX wrote: Sat Sep 12, 2020 2:46 pm
AlphaLess wrote: Sat Sep 12, 2020 2:42 pm
JBTX wrote: Sat Sep 12, 2020 2:40 pm
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
This is what I had found. I live in TX so the refi fees there tend to be higher. I got an interest cash out quote from loan depot at 2.25 15 year but ultimately backed away because it was $8k+ in total fees.

At the recommendation of somebody here I tried Provident Funding. A straight up refi on $140k, 2.375 15 year, about $3000 total fees, and no escrow. This is by far the best I have found. So far all communication has been through email. I have locked and given them all paperwork (via website upload) They are proceeding and I only had about 40 days on lock. Will be interesting to see if they can turn it around.
Good to hear, thank you.

As for fees. Wow. $3K in fees for $140K loan. Are those feeds pre-paid R/E taxes, etc. Or real fees (A,B,C, E)? If not, that is a lot of fees.

I am doing a refi for a $500K condo, and likely, total to be brought to closing is either below $500, or receive a bit of money.
These are all refi fees. Not points. And those are lower by far than most and they are waiving appraisal. TX has kind of a racket with Title companies. They charge enormous fees and do a full title search on every refi.

https://www.dallasnews.com/business/201 ... he-nation/
Thank you for sharing.

My impression was that Texas was low in everything: taxes, fees, etc.

I guess that is not true. Disclaimer: never lived in TX, and only been there once or twice.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
Xrayman69
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Re: Refinance Mega Thread

Post by Xrayman69 »

Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
schwank
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Re: Refinance Mega Thread

Post by schwank »

Interesting, we locked 8/17 with LD, have completed the appraisal, and they were able to e-verify my income so we're already through underwriting and in processing. They were implying close by end of this month.

My 15 is at 2.375 (slightly higher lender credits) but would love it lower! Doubt they will offer on their own though.
Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

MrJedi wrote: Sat Sep 12, 2020 2:50 pm When you have a smaller loan, your debt is not nearly as profitable for them, thus they are not able to offer the same rates/credits. As your balance gets too small, your rate jacks up in order to get enough lender credits (essentially negative points) to offset the closing costs.

Sweet spot seems to be around 300-400k loans.
Exactly. Someone private messaged me yesterday asking why I’m only getting 2.75% 15-year without escrow at no cost (but then $2,500 via Amex promo, so $2.5k profit). The answer is that my loan is only just under $150k. However, I’ve gotten a cheaper loan offer elsewhere that should nap me an extra concession.
Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
Keep in mind the fine print on that page. Those rates are with one point and no lender credits. Your current offer beats that.
AlphaLess
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Re: Refinance Mega Thread

Post by AlphaLess »

Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
That seems like a hug rate difference.

The one time, back in 2012 or so, when I was locked, and rates went down, the mortgage banker was arguing that the rate did not go down low enough for him to offer a re-lock. After I pushed him, by asking around, his final word was: "Well, only nice people get to re-lock, and you are not nice". I am not doing business with him to be nice. I am doing business with him to be practical.

My advice: if Loan Depot does not want to re-lock at lower rate, start another re-fi with another company.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
fussy
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Re: Refinance Mega Thread

Post by fussy »

I am wondering if the lenders commonly mentioned on this thread only do "cookie cutter" mortgages.

I have a property in which ~70% of the value is my primary residence, but i also have detached buildings on the property (small cottage and a duplex) that I rent out for very little income. When I got the property appraised last year for my initial purchase, the appraiser actually valued those rentals at less than 5% of the total value, but i think that was because he was playing games to make the buy price = appraisal.

If I try to plug in numbers for a multifamily, the rates are at least a half point higher than for a single family. Can I convince these guys that this is really just a single family with "extra buildings" or am I forced to take the higher multifamily rate? I talked to one guy at Loan Depot so far but he didn't seem to be able to go off script. Maybe this is too hard to package and resell for these guys, I don't know.
JohnSmith123
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Re: Refinance Mega Thread

Post by JohnSmith123 »

In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

fussy wrote: Sat Sep 12, 2020 4:36 pm I am wondering if the lenders commonly mentioned on this thread only do "cookie cutter" mortgages.

I have a property in which ~70% of the value is my primary residence, but i also have detached buildings on the property (small cottage and a duplex) that I rent out for very little income. When I got the property appraised last year for my initial purchase, the appraiser actually valued those rentals at less than 5% of the total value, but i think that was because he was playing games to make the buy price = appraisal.

If I try to plug in numbers for a multifamily, the rates are at least a half point higher than for a single family. Can I convince these guys that this is really just a single family with "extra buildings" or am I forced to take the higher multifamily rate? I talked to one guy at Loan Depot so far but he didn't seem to be able to go off script. Maybe this is too hard to package and resell for these guys, I don't know.
What’s the legal classification of your property?
SaveStrong
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Re: Refinance Mega Thread

Post by SaveStrong »

Just started another estimate with Lender Capital - any experience with them? Rates and fees all seem super low awaiting LE after initial phone convo
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
Shop around, LD most likely will match if you send them a worksheet or LE from another lender.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

AlphaLess wrote: Sat Sep 12, 2020 3:21 pm
JBTX wrote: Sat Sep 12, 2020 2:46 pm
AlphaLess wrote: Sat Sep 12, 2020 2:42 pm
JBTX wrote: Sat Sep 12, 2020 2:40 pm
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
This is what I had found. I live in TX so the refi fees there tend to be higher. I got an interest cash out quote from loan depot at 2.25 15 year but ultimately backed away because it was $8k+ in total fees.

At the recommendation of somebody here I tried Provident Funding. A straight up refi on $140k, 2.375 15 year, about $3000 total fees, and no escrow. This is by far the best I have found. So far all communication has been through email. I have locked and given them all paperwork (via website upload) They are proceeding and I only had about 40 days on lock. Will be interesting to see if they can turn it around.
Good to hear, thank you.

As for fees. Wow. $3K in fees for $140K loan. Are those feeds pre-paid R/E taxes, etc. Or real fees (A,B,C, E)? If not, that is a lot of fees.

I am doing a refi for a $500K condo, and likely, total to be brought to closing is either below $500, or receive a bit of money.
These are all refi fees. Not points. And those are lower by far than most and they are waiving appraisal. TX has kind of a racket with Title companies. They charge enormous fees and do a full title search on every refi.

https://www.dallasnews.com/business/201 ... he-nation/
Thank you for sharing.

My impression was that Texas was low in everything: taxes, fees, etc.

I guess that is not true. Disclaimer: never lived in TX, and only been there once or twice.
In general yes, but if it's between business friendly and consumer friendly business usually wins.

Property tax rates are higher than average, approx 2.5% of property value. Sales tax is 8.25%. But no income tax. On balance I'll take it to have no income tax.
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

Going to ask again...Thank you!
When you lock with multiple lenders, do you send in your documents to all of them and go thru underwriting? At what point do you tell the lenders that you are canceling/withdrawing the application? What reason do you tell them without making them too upset or does that not matter?
Johny
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Re: Refinance Mega Thread

Post by Johny »

I need to cancel on a lender I am locked in and in underwriting as well. Thinking of an excuse so I can come back in 6 months for a refi and not burn that bridge.

Some excuse that includes my wife is coming to mind. 😁😁
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sunny_socal
Posts: 2286
Joined: Tue Mar 24, 2015 4:22 pm

Re: Refinance Mega Thread

Post by sunny_socal »

bgh11 wrote: Sat Sep 12, 2020 5:14 pm Going to ask again...Thank you!
When you lock with multiple lenders, do you send in your documents to all of them and go thru underwriting? At what point do you tell the lenders that you are canceling/withdrawing the application? What reason do you tell them without making them too upset or does that not matter?
They're upset for a little while but they get over it. Go ahead and cancel. "A bird in the hand...."
presto987
Posts: 120
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

JohnSmith123 wrote: Sat Sep 12, 2020 4:38 pm In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go.

PM me if you need a contact there.

For people with smaller loan sizes, you can get up to $300k by making it a cash out refi. My understanding is that for cash out, IM will offer you the same rate but charge you a 0.5 point fee (which would be $1500 for a 300k loan).

These are the 7 states where they are licensed:
https://interactivemortgage.com/licensing
Last edited by presto987 on Sat Sep 12, 2020 6:09 pm, edited 2 times in total.
DVMResident
Posts: 1486
Joined: Mon Aug 01, 2011 8:15 pm

Re: Refinance Mega Thread

Post by DVMResident »

Reporting in: LenderFI 2.5% 30-year fixed with lender credits that result in a total no fee and appraisal waived. MA on a mid-400's note with ~28% LTV. The original loan was a 3.125% 7/1 ARM, ~1.5 years in, which I thought was really good in 2019.

Thank you, forum :beer I would have never heard of LenderFI if not for the Bodgleheads.
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