Refinance Mega Thread

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presto987
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Re: Refinance Mega Thread

Post by presto987 »

totallynotsure wrote: Sat Sep 19, 2020 6:11 pm
totallynotsure wrote: Fri Sep 18, 2020 9:32 am
BrandonBogle wrote: Fri Sep 18, 2020 8:56 am
totallynotsure wrote: Fri Sep 18, 2020 6:52 am am i missing something?

how is everyone getting <3%?

wife and i have a combined income of $250K. excellent credit (780+) and are looking to put 20% down on a $700-750K home.

the best we've found is 3.25%. we've checked Better, Alliant, Citi, Chase and Rocket.

we're in NY if it matters.

totally at a loss. are most folks buying points? putting more down? am i reaching out to the wrong places?

thanks!
Income doesn't really matter for the rate, just to qualify for the mortgage payment size. However, a few things are hurting you - (1) you haven't looked at the other online lenders listed in this thread, (2) if you are looking for no-cost on a purchase, the rate will be much higher given the large additional taxes and fees associated with a purchase, and (3) you are not in a conforming loan (though perhaps you are in a superconforming one?).

That last one in particular is hurting you right now as jumbo mortgages have been quite negatively affected by the mortgage market impact from Covid-19 and many companies are not currently offering jumbos (or doing so with adverse terms to drive away business). You may also find that some of the most competitive lenders at the moment may not be doing superconforming loans.

That all said, LenderFi does offer jumbos, so they should at least be on your list to check with. However, you may be best served by a local mortgage broker. This is because LenderFi has been overwhelmed the past 6 months with refis that their communication has been hit-or-miss depending on the folks working your loan. That would be particularly stressful on a purchase when expedient communication and process is of the essence (vs. a refi that could just get its rate lock extended without too much impact, if any).
thanks for the insight.

1. agreed but some of the recommend vendors (LenderFi, etc don't do business in NY)
2. not looking for no cost, just no points. happy to pay typical closing costs (taxes, etc.)
3. we are in conforming/super conforming. here in NY the limit is MUCH higher than most other areas.

with that additional insight, any other thoughts?

i am now >45 days since my last quote so i assume i'll have to eat another hard inquiry if i want to get a new quote elsewhere...
just bumping this. still haven't found the answer as to what's holding us back from getting even just a "good" rate. to me, 3.25% in this environment is actually kind of poor.

am i just not playing these lenders off of each other like i should be? what am i doing wrong. thank you!
You may not be talking to the right lenders. Big banks like Citi and Chase are not competitive right now. Better is typically not very competitive until you get them to match someone else. The rates on Alliant’s website aren’t competitive either.

Rocket (Quicken) should have decent rates, but often you can actually get much better Quicken rates by going through a mortgage broker. This is counterintuitive, as you’d think going direct would be cheaper since you avoid the broker commission.

Unfortunately I don’t know of any direct lenders who are licensed in NY. My suggestion would be to check Yelp for a couple of mortgage brokers in NY and get quotes from them.
Bd4727
Posts: 4
Joined: Mon Apr 18, 2016 8:40 pm

Re: Refinance Mega Thread

Post by Bd4727 »

SC. 493k loan. 86% LTV. >800 credit scores x2.

2.125% 15yr no closing cost only prepaids.

Better matched LF exactly. LD, aimloan, ally not even close and would not rate match or just didn’t even reply.

Appreciate this thread a lot really helped me.
zebrafishy
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Joined: Sat Sep 19, 2020 7:18 pm

Re: Refinance Mega Thread

Post by zebrafishy »

I am not sure if this will add anything to the discussion here, but wanted to thank all contributors to this page. I finally got moving just in time (I believe, before the 0.5% rate hike) and pulled the trigger with Better. They beat my other best offer by $100 on paper, and are waiving the appraisal, so they were the best by $650 overall.

These online refinancing platforms are next-level awesome in terms of ease-of-use and convenience. I went from being too hesitant to get started 4 days ago to being locked in and in underwriting with my selected company as of early yesterday. It's a great feeling.

I'm in TX, ~195k loan (59%LTV), 30-year 2.875% (par/no points being bought) with $350 cash to close after appraisal fee refund. Old loan was/is 4.0% so we are saving over $200/month and planning on using the extra cash to pay off the home more quickly (assuming no hiccups in underwriting).

We're a simple, growing family and this megathread and the contributors have really helped us out! So a big, huge thank you to all of you.
leviathan
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Joined: Tue Jul 09, 2019 3:03 pm

Re: Refinance Mega Thread

Post by leviathan »

madmartigan wrote: Sat Sep 19, 2020 5:18 pm I would appreciate anyone's advice on my situation.

Current: $325,000 @ 4.00; LTV ~75%; Primary Residence in AZ

Rate Rabbit:
2.85%
ABDCE = $3185 | Credits = 3185
Total Cost: $0

Better:
3.00%
ABCDE = $1700 | Credits = 0
Total Cost: $1700

Rate Rabbit seems to the clear choice. They have guaranteed my rate but I have not locked with them. I have not locked with Better. Should I go back to Better to see if they'll beat it? If I should, how does one do that? Email my Mortgage Expert (their term) and send them the details of the other Closing Cost Details form? Or, if this is good enough, I'll just stick with Rate Rabbit.

Rate Rabbit also has my estimated Taxes, Insurance, and Assessments at $626, which is double what they actually are. I'm wondering if this is due to them listing only a few hundred in Section E, and having Section G be much larger than Better (e.g. I think Better is being more accurate, whereas Rate Rabbit is skewing numbers, and I'm not really sure why or if it matters).
Your offer from rate rabbit seems good.
But email the loan estimate (LE) from rate rabbit to your Better mortgage expert for PM.
Numbers in section E and G are usually fixed with the closing disclosure (CD).
I don't have any experience with rate rabbit, but I have positive experiences with Better.
bgh11
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Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

Calirefi2020 wrote: Sat Sep 19, 2020 12:20 pm
BrandonBogle wrote: Sat Sep 19, 2020 11:55 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:32 am
BrandonBogle wrote: Sat Sep 19, 2020 11:27 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:01 am Thanks for the guidance from members here to date. I’ve successfully navigated a refi with several companies and in the process of closing a 15yr at 2.5%.

My question is how much can one expect A+B+C change from the Loan Estimate to Closing? In reviewing the closing papers, I’m seeing a $1,500 increase in A+B+C. Is this normal? What % of change would be tolerable vs intolerable?
Which specific line item(s) changed?
Individual lines under items I did / didn’t shop for changed slightly, but largest amount by far was the introduction of origination fees, which were $0 on the Loan Estimate.
You will have to push for an explanation of that. Generally, that can only happen with a material change, which has to be disclosed. Like if they quoted you a single family home, but you actually have a condo. But even then, that’s usually a change in points/lender credits vs. addition of an origination fee.
I’m also currently facing a similar issue with LD.. in their latest estimate during underwriting step, they tacked on points as part of origination fees and took away lender credits because they didn’t check property type before locking rate ..theycame back with higher rate and still keeping 0 costs to rectify their screw up which I pushed back on..
LD always charges a $1595 origination unless you refi with them again after 12 month then they waive the $1595 (according to their lifetime guarantee). If the LO screwed up, I would push LD to remove the $1595 as one of the ways to bring back your offer to what was originally promised on the LE. The $1595 is pure profit for them. Whether LD is going to intentionally drag you for months and tell you your lock expires in another story. I would use LD to ask other quicker lenders to match.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

bgh11 wrote: Sat Sep 19, 2020 9:25 pm
Calirefi2020 wrote: Sat Sep 19, 2020 12:20 pm
BrandonBogle wrote: Sat Sep 19, 2020 11:55 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:32 am Individual lines under items I did / didn’t shop for changed slightly, but largest amount by far was the introduction of origination fees, which were $0 on the Loan Estimate.
...
I’m also currently facing a similar issue with LD.. in their latest estimate during underwriting step, they tacked on points as part of origination fees and took away lender credits because they didn’t check property type before locking rate ..theycame back with higher rate and still keeping 0 costs to rectify their screw up which I pushed back on..
LD always charges a $1595 origination unless you refi with them again after 12 month then they waive the $1595 (according to their lifetime guarantee). If the LO screwed up, I would push LD to remove the $1595 as one of the ways to bring back your offer to what was originally promised on the LE. The $1595 is pure profit for them. Whether LD is going to intentionally drag you for months and tell you your lock expires in another story. I would use LD to ask other quicker lenders to match.
Do we know XtremeSki2001 is refinancing with Loan Depot? It was Calirefi2020 that mentioned their name.
Skerrick
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Re: Refinance Mega Thread

Post by Skerrick »

Hey everyone. The sheer volume of content in this thread is a bit overwhelming for me. I'd like to explore refinancing again after my first at the beginning of this year. I'd like to understand the process a bit more than I did last time and shop around a bit more.

Can someone give me a very brief recommendation on how to get started. What are the three sites I should go to first?
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

need403bhelp wrote: Thu Sep 17, 2020 11:22 pm
AlphaLess wrote: Thu Sep 17, 2020 11:03 pm
dstac wrote: Thu Sep 17, 2020 7:22 pm the Better/AMEX offer, so waiting for another $2500 credit on top of this.)
Nice!

What's the better / AMEX offer?

TIA!
Briefly: it has expired
Curious minds would like to know for the future.

TIA again!
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

Skerrick wrote: Sat Sep 19, 2020 10:36 pm Hey everyone. The sheer volume of content in this thread is a bit overwhelming for me. I'd like to explore refinancing again after my first at the beginning of this year. I'd like to understand the process a bit more than I did last time and shop around a bit more.

Can someone give me a very brief recommendation on how to get started. What are the three sites I should go to first?
If better.com offers a refi in your area, I would recommend them for a first crack:
- no hard pull,
- an initial rate estimate after about 10 minutes of data entry.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
bgh11
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Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

AlphaLess wrote: Sat Sep 19, 2020 10:52 pm
Skerrick wrote: Sat Sep 19, 2020 10:36 pm Hey everyone. The sheer volume of content in this thread is a bit overwhelming for me. I'd like to explore refinancing again after my first at the beginning of this year. I'd like to understand the process a bit more than I did last time and shop around a bit more.

Can someone give me a very brief recommendation on how to get started. What are the three sites I should go to first?
If better.com offers a refi in your area, I would recommend them for a first crack:
- no hard pull,
- an initial rate estimate after about 10 minutes of data entry.
loan cabin if you are in Kentucky and if you are not in a rush
lenderfi is another option
bgh11
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Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

bgh11 wrote: Thu Sep 17, 2020 3:18 pm For Amerisave $500 application fee, do they really return the $500 back to you at closing to offset closing costs? Is this in writing somewhere?
Does the $500 application fee show in Section A of the initial LE? and then removed when the loan closes?
Thank you.
Anybody used Amerisave can answer above question? Thank you.
hbdad
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Joined: Fri Dec 13, 2019 3:29 pm

Re: Refinance Mega Thread

Post by hbdad »

The servicing of my loan has been transferred to Dovenmuehle. Anyone have experience with them? Online reviews are horrible.
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

hbdad wrote: Sat Sep 19, 2020 11:38 pm The servicing of my loan has been transferred to Dovenmuehle. Anyone have experience with them? Online reviews are horrible.
luckily I did not have any problem with them
hbdad
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Re: Refinance Mega Thread

Post by hbdad »

bgh11 wrote: Sat Sep 19, 2020 11:43 pm
hbdad wrote: Sat Sep 19, 2020 11:38 pm The servicing of my loan has been transferred to Dovenmuehle. Anyone have experience with them? Online reviews are horrible.
luckily I did not have any problem with them
How long have you had them? Do you have automatic payment set up? Get your tax documents timely?
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

bgh11 wrote: Sat Sep 19, 2020 9:25 pm
Calirefi2020 wrote: Sat Sep 19, 2020 12:20 pm
BrandonBogle wrote: Sat Sep 19, 2020 11:55 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:32 am
BrandonBogle wrote: Sat Sep 19, 2020 11:27 am

Which specific line item(s) changed?
Individual lines under items I did / didn’t shop for changed slightly, but largest amount by far was the introduction of origination fees, which were $0 on the Loan Estimate.
You will have to push for an explanation of that. Generally, that can only happen with a material change, which has to be disclosed. Like if they quoted you a single family home, but you actually have a condo. But even then, that’s usually a change in points/lender credits vs. addition of an origination fee.
I’m also currently facing a similar issue with LD.. in their latest estimate during underwriting step, they tacked on points as part of origination fees and took away lender credits because they didn’t check property type before locking rate ..theycame back with higher rate and still keeping 0 costs to rectify their screw up which I pushed back on..
LD always charges a $1595 origination unless you refi with them again after 12 month then they waive the $1595 (according to their lifetime guarantee). If the LO screwed up, I would push LD to remove the $1595 as one of the ways to bring back your offer to what was originally promised on the LE. The $1595 is pure profit for them. Whether LD is going to intentionally drag you for months and tell you your lock expires in another story. I would use LD to ask other quicker lenders to match.
Yeah 1595 is not enough..For cash to close: I went from 491 back to me in the locked LE to 4200 paid to them in the new LE..Anyways, I just locked with LF, will move forward with LF unless LD agrees to close based on my locked LE..
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

hbdad wrote: Sat Sep 19, 2020 11:49 pm
bgh11 wrote: Sat Sep 19, 2020 11:43 pm
hbdad wrote: Sat Sep 19, 2020 11:38 pm The servicing of my loan has been transferred to Dovenmuehle. Anyone have experience with them? Online reviews are horrible.
luckily I did not have any problem with them
How long have you had them? Do you have automatic payment set up? Get your tax documents timely?
About 3 years with auto pay and getting 1098 timely, don't recall exactly when I get it but quite sure by mid Feb.
blindfan
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Joined: Sun Sep 20, 2020 2:26 am

Re: Refinance Mega Thread

Post by blindfan »

bgh11 wrote: Sat Sep 19, 2020 9:25 pm
Calirefi2020 wrote: Sat Sep 19, 2020 12:20 pm
BrandonBogle wrote: Sat Sep 19, 2020 11:55 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:32 am
BrandonBogle wrote: Sat Sep 19, 2020 11:27 am

Which specific line item(s) changed?
Individual lines under items I did / didn’t shop for changed slightly, but largest amount by far was the introduction of origination fees, which were $0 on the Loan Estimate.
You will have to push for an explanation of that. Generally, that can only happen with a material change, which has to be disclosed. Like if they quoted you a single family home, but you actually have a condo. But even then, that’s usually a change in points/lender credits vs. addition of an origination fee.
I’m also currently facing a similar issue with LD.. in their latest estimate during underwriting step, they tacked on points as part of origination fees and took away lender credits because they didn’t check property type before locking rate ..theycame back with higher rate and still keeping 0 costs to rectify their screw up which I pushed back on..
LD always charges a $1595 origination unless you refi with them again after 12 month then they waive the $1595 (according to their lifetime guarantee). If the LO screwed up, I would push LD to remove the $1595 as one of the ways to bring back your offer to what was originally promised on the LE. The $1595 is pure profit for them. Whether LD is going to intentionally drag you for months and tell you your lock expires in another story. I would use LD to ask other quicker lenders to match.
Last week locked 30 year fixed at 2.625% with LD at no closing cost. Agent and document didn't mention about origination fees when the origination fees will be charged by LD?
traveler00
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Re: Refinance Mega Thread

Post by traveler00 »

Dovenmuele bought my loan as well although it's serviced by someone else. No problems. Regarding the bad online reviews, as a general rule, the only people that post online reviews of mortgage companies are those people that have terrible experiences with them. How many people would go out of their way to post a positive review about a mortgage company? Lol
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sunny_socal
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Re: Refinance Mega Thread

Post by sunny_socal »

bgh11 wrote: Sat Sep 19, 2020 11:21 pm
bgh11 wrote: Thu Sep 17, 2020 3:18 pm For Amerisave $500 application fee, do they really return the $500 back to you at closing to offset closing costs? Is this in writing somewhere?
Does the $500 application fee show in Section A of the initial LE? and then removed when the loan closes?
Thank you.
Anybody used Amerisave can answer above question? Thank you.
Pretty sure it's credited to you at closing:
https://www.thetruthaboutmortgage.com/a ... ge-review/

I've used them before but it's been about 10 years. No problems at that time. They've been FAR more responsive than any of the other online lenders.
- Loan Cabin: No response (yet...it's been a week)
- Loan Depot: I got a call from some CS rep, but no idea what happened to my application after that. Seems dead.
- Quicken/Rocket: Pretty good CS, but very high closing costs (10k)
- Better: Fairly responsive, mediocre deal to to high closing costs (6k)
- LenderFi: No response
- Amerisave: Had to unfreeze my credit accounts, but got a call 2 hours after application. Rep convinced me to pay the $500 after giving me a quote over the phone and showing me the completely breakdown online. So far so good.

Since then there have been a couple document requests, but overall much less than a typical refi. I haven't even sent in the usual bank statements & pay stubs (seems like companies are able to pull a lot of personal info these days :| )
madmartigan
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Re: Refinance Mega Thread

Post by madmartigan »

Thanks for your advice, I'll email them and see if they'll match.
leviathan wrote: Sat Sep 19, 2020 8:25 pm
madmartigan wrote: Sat Sep 19, 2020 5:18 pm I would appreciate anyone's advice on my situation.

Current: $325,000 @ 4.00; LTV ~75%; Primary Residence in AZ

Rate Rabbit:
2.85%
ABDCE = $3185 | Credits = 3185
Total Cost: $0

Better:
3.00%
ABCDE = $1700 | Credits = 0
Total Cost: $1700

Rate Rabbit seems to the clear choice. They have guaranteed my rate but I have not locked with them. I have not locked with Better. Should I go back to Better to see if they'll beat it? If I should, how does one do that? Email my Mortgage Expert (their term) and send them the details of the other Closing Cost Details form? Or, if this is good enough, I'll just stick with Rate Rabbit.

Rate Rabbit also has my estimated Taxes, Insurance, and Assessments at $626, which is double what they actually are. I'm wondering if this is due to them listing only a few hundred in Section E, and having Section G be much larger than Better (e.g. I think Better is being more accurate, whereas Rate Rabbit is skewing numbers, and I'm not really sure why or if it matters).
Your offer from rate rabbit seems good.
But email the loan estimate (LE) from rate rabbit to your Better mortgage expert for PM.
Numbers in section E and G are usually fixed with the closing disclosure (CD).
I don't have any experience with rate rabbit, but I have positive experiences with Better.
Lee_WSP
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Location: Arizona

Re: Refinance Mega Thread

Post by Lee_WSP »

Quick verification:

Better is offering 3.25% at a cost of ~$1400.
Current rate is 3.85%
Loan amount ~$250k

I'm assuming I should keep looking?
drk
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Location: Seattle

Re: Refinance Mega Thread

Post by drk »

Lee_WSP wrote: Sun Sep 20, 2020 2:51 pm Quick verification:

Better is offering 3.25% at a cost of ~$1400.
Current rate is 3.85%
Loan amount ~$250k

I'm assuming I should keep looking?
That would be a good offer on a Jumbo, but that sucks for conforming.
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

traveler00 wrote: Sun Sep 20, 2020 2:36 am Dovenmuele bought my loan as well although it's serviced by someone else. No problems. Regarding the bad online reviews, as a general rule, the only people that post online reviews of mortgage companies are those people that have terrible experiences with them. How many people would go out of their way to post a positive review about a mortgage company? Lol

Same with me. My original mortgage was with my local credit union and Dovenmuele purchased the loan but the servicing remained with the credit union, so my situation may be different than yours since all my contact was with the credit union. But I never had any issues during the 3 years I had that loan.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

madmartigan wrote: Sun Sep 20, 2020 12:32 pm Thanks for your advice, I'll email them and see if they'll match.
I usually send loan estimates as soon as possible for pm. They may refuse to consider a loan estimate, which is not locked and more than one business day old.
Sunrise
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Re: Refinance Mega Thread

Post by Sunrise »

sunny_socal wrote: Sun Sep 20, 2020 7:31 am
- Amerisave: Had to unfreeze my credit accounts, but got a call 2 hours after application. Rep convinced me to pay the $500 after giving me a quote over the phone and showing me the completely breakdown online. So far so good.
sunny_socal, could you give a little more detail on what "Had to unfreeze my credit accounts" means. Did Amerisave do something to "freeze" your accounts? I was considering applying for a refi with Amerisave, but this sounds a little concerning. I'm probably misunderstanding.....
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

blindfan wrote: Sun Sep 20, 2020 2:31 am
bgh11 wrote: Sat Sep 19, 2020 9:25 pm
Calirefi2020 wrote: Sat Sep 19, 2020 12:20 pm
BrandonBogle wrote: Sat Sep 19, 2020 11:55 am
XtremeSki2001 wrote: Sat Sep 19, 2020 11:32 am

Individual lines under items I did / didn’t shop for changed slightly, but largest amount by far was the introduction of origination fees, which were $0 on the Loan Estimate.
You will have to push for an explanation of that. Generally, that can only happen with a material change, which has to be disclosed. Like if they quoted you a single family home, but you actually have a condo. But even then, that’s usually a change in points/lender credits vs. addition of an origination fee.
I’m also currently facing a similar issue with LD.. in their latest estimate during underwriting step, they tacked on points as part of origination fees and took away lender credits because they didn’t check property type before locking rate ..theycame back with higher rate and still keeping 0 costs to rectify their screw up which I pushed back on..
LD always charges a $1595 origination unless you refi with them again after 12 month then they waive the $1595 (according to their lifetime guarantee). If the LO screwed up, I would push LD to remove the $1595 as one of the ways to bring back your offer to what was originally promised on the LE. The $1595 is pure profit for them. Whether LD is going to intentionally drag you for months and tell you your lock expires in another story. I would use LD to ask other quicker lenders to match.
Last week locked 30 year fixed at 2.625% with LD at no closing cost. Agent and document didn't mention about origination fees when the origination fees will be charged by LD?
It usually shows in Section A of the LE from the very beginning of the process
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

Sunrise wrote: Sun Sep 20, 2020 5:36 pm
sunny_socal wrote: Sun Sep 20, 2020 7:31 am
- Amerisave: Had to unfreeze my credit accounts, but got a call 2 hours after application. Rep convinced me to pay the $500 after giving me a quote over the phone and showing me the completely breakdown online. So far so good.
sunny_socal, could you give a little more detail on what "Had to unfreeze my credit accounts" means. Did Amerisave do something to "freeze" your accounts? I was considering applying for a refi with Amerisave, but this sounds a little concerning. I'm probably misunderstanding.....
I think sunny_socal had frozen his credit before applying and had to unfreeze to allow Amerisave to pull credit info.
lillycat
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Re: Refinance Mega Thread

Post by lillycat »

Oh my! This is my first post into this truly useful thread. Here' what I have so far... I am in Texas, have great credit, want to REFI my home worth 600k plus, and the loan will be for 400k, a 30 year term. No cash out. Current rate is 3.5 from a REFI done maybe 6 months ago? This was obtained via COSTCO and NBKC. This went smoothly, Just contacted NBKC this past week and they said they could offer me 2.875, and a $2000 credit. But they charge maybe $500 in fees, so the net credit is $1500, more or less. The appraisal and surveyed are waived.

I contacted the title company we closed at earlier this year and learned that this closing would cost $2000 drive out. Texas charges a lot for a renewal of the title insurance and other assorted fees. I'm thinking there's maybe an advantage of ease going back through NBKC again? They were very responsive and easy to deal with. Is this offer compelling? Of course, I guess I have to act fast before the REFI premium kicks in, right?

Thank y'all in advance for your wisdom!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Just as a datapoint to folks, sometimes Better needs little paperwork. The first two refis they wanted pay stubs, bank accounts, and W2s (for 2018/19). This time, I didn’t have to submit anything. I was expecting them to come back and ask for it, but I’ve moved to the closing phase. Perhaps they used the fact that everything looked good in the prior refis and I certified my employment hasn’t changed? I’m not complaining as this has been the easiest of the three refis.
invest4
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Re: Refinance Mega Thread

Post by invest4 »

BrandonBogle wrote: Sun Sep 20, 2020 6:41 pm Just as a datapoint to folks, sometimes Better needs little paperwork. The first two refis they wanted pay stubs, bank accounts, and W2s (for 2018/19). This time, I didn’t have to submit anything. I was expecting them to come back and ask for it, but I’ve moved to the closing phase. Perhaps they used the fact that everything looked good in the prior refis and I certified my employment hasn’t changed? I’m not complaining as this has been the easiest of the three refis.
Very useful info. for future. First time dealing with Better. All good so far and I didn't really find the paperwork to be too onerous...so far. ;)
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

Recent experience......

1. Loan Depot wouldn't touch our 30 year mortgage for at least 6 months after we closed the last refinance at 3.25/30yr in April, and didn't seem interested in keeping us as a borrower.

2. Loan Cabin showed promising rates on their website for our zip code, but don't even offer loans in our state. They are licensed in ~15 states.

3. Closed with Lenderfi within 23 days of applying online for our loan. (got 2.625 / 30 years with a net $350 cost to us after LD escrow refund) That seems incredibly fast.

4. Lenderfi's documentation requirements were much, much easier and less burdensome than LD, and the communication was less frequent and more efficient.

Only downside I see so far with Lenderfi is that they don't offer recasting.
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

Mako52 wrote: Sun Sep 20, 2020 8:32 pm Recent experience......

1. Loan Depot wouldn't touch our 30 year mortgage for at least 6 months after we closed the last refinance at 3.25/30yr in April, and didn't seem interested in keeping us as a borrower.

2. Loan Cabin showed promising rates on their website for our zip code, but don't even offer loans in our state. They are licensed in ~15 states.

3. Closed with Lenderfi within 23 days of applying online for our loan. (got 2.625 / 30 years with a net $350 cost to us after LD escrow refund) That seems incredibly fast.

4. Lenderfi's documentation requirements were much, much easier and less burdensome than LD, and the communication was less frequent and more efficient.

Only downside I see so far with Lenderfi is that they don't offer recasting.
Does LD offer recasting? Do you know the rules?
Eurookat
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Re: Refinance Mega Thread

Post by Eurookat »

I noticed better is enforcing the fee by the FHA (whatever that's called). are aimloan and lenderfi doing the same? I couldn't find it on their website..I just started the process of applying this morning so I'm hoping I don't miss out.
mega317
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Post by mega317 »

Mako52 wrote: Sun Sep 20, 2020 8:32 pm.

3. Closed with Lenderfi within 23 days of applying online for our loan. (got 2.625 / 30 years with a net $350 cost to us after LD escrow refund) That seems incredibly fast.
In March I closed with LF 18 days after first applying. I also closed this month with owning 11 days after applying, although it’s now 11 days after that and still haven’t funded....
https://www.bogleheads.org/forum/viewtopic.php?t=6212
samta09
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Re: Refinance Mega Thread

Post by samta09 »

Bd4727 wrote: Sat Sep 19, 2020 6:44 pm SC. 493k loan. 86% LTV. >800 credit scores x2.

2.125% 15yr no closing cost only prepaids.

Better matched LF exactly. LD, aimloan, ally not even close and would not rate match or just didn’t even reply.

Appreciate this thread a lot really helped me.
Who's the lender?
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

bgh11 wrote: Sun Sep 20, 2020 11:39 pm
Mako52 wrote: Sun Sep 20, 2020 8:32 pm Recent experience......

1. Loan Depot wouldn't touch our 30 year mortgage for at least 6 months after we closed the last refinance at 3.25/30yr in April, and didn't seem interested in keeping us as a borrower.

2. Loan Cabin showed promising rates on their website for our zip code, but don't even offer loans in our state. They are licensed in ~15 states.

3. Closed with Lenderfi within 23 days of applying online for our loan. (got 2.625 / 30 years with a net $350 cost to us after LD escrow refund) That seems incredibly fast.

4. Lenderfi's documentation requirements were much, much easier and less burdensome than LD, and the communication was less frequent and more efficient.

Only downside I see so far with Lenderfi is that they don't offer recasting.
Does LD offer recasting? Do you know the rules?
My loan officer at LD indicated that they allowed recasting (as of Nov. 2019- he thought it was $150 fee). Is recasting even worth it in such a low interest rate environment?
Johny
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Re: Refinance Mega Thread

Post by Johny »

Careful with the recasting claims lenders do. My refi 6 months ago with Providential they said Quicken will recast no problem well turns out I spoke to Quicken and they require an additional $10,000 in additional principle payments within 6 months.
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BrandonBogle
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Post by BrandonBogle »

Eurookat wrote: Mon Sep 21, 2020 7:46 am I noticed better is enforcing the fee by the FHA (whatever that's called). are aimloan and lenderfi doing the same? I couldn't find it on their website..I just started the process of applying this morning so I'm hoping I don't miss out.
There is no “enforcing the fee”. It is a cost of them doing business with Fannie and Freddie. Nothing for them to charge you. Now, since it’s a cost to them, I’m sure they otherwise adjust their pricing to you to account for that, but there still won’t be a “FHA fee” anywhere on any estimates or disclosures you get.
samta09 wrote: Mon Sep 21, 2020 9:13 am
Bd4727 wrote: Sat Sep 19, 2020 6:44 pm SC. 493k loan. 86% LTV. >800 credit scores x2.

2.125% 15yr no closing cost only prepaids.

Better matched LF exactly. LD, aimloan, ally not even close and would not rate match or just didn’t even reply.

Appreciate this thread a lot really helped me.
Who's the lender?
I underlined that for you. Though, given that Better and LenderFi are matched in terms of pricing, Bd4727 could be proceeding with either one of them.
jco
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Re: Refinance Mega Thread

Post by jco »

Does anyone have any experience about how long it takes Better.com to move to closing once the Title Report is wrapped up?

I haven't been asked for anything in about a week. Under what they're working on it says, "Your report is all wrapped up. We've signed off on everything and you're all set!"

Things have been moving relatively fast, but I'm eager to close.
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anon_investor
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Post by anon_investor »

Mako52 wrote: Mon Sep 21, 2020 9:20 am
bgh11 wrote: Sun Sep 20, 2020 11:39 pm
Mako52 wrote: Sun Sep 20, 2020 8:32 pm Recent experience......

1. Loan Depot wouldn't touch our 30 year mortgage for at least 6 months after we closed the last refinance at 3.25/30yr in April, and didn't seem interested in keeping us as a borrower.

2. Loan Cabin showed promising rates on their website for our zip code, but don't even offer loans in our state. They are licensed in ~15 states.

3. Closed with Lenderfi within 23 days of applying online for our loan. (got 2.625 / 30 years with a net $350 cost to us after LD escrow refund) That seems incredibly fast.

4. Lenderfi's documentation requirements were much, much easier and less burdensome than LD, and the communication was less frequent and more efficient.

Only downside I see so far with Lenderfi is that they don't offer recasting.
Does LD offer recasting? Do you know the rules?
My loan officer at LD indicated that they allowed recasting (as of Nov. 2019- he thought it was $150 fee). Is recasting even worth it in such a low interest rate environment?
Probably not unless you just made a massive additional principal payment.
coconutpolito
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Re: Refinance Mega Thread

Post by coconutpolito »

I saw on owning’s website they are advertising 2.25% for 30 yr conventional. I chatted online and they said that rate is for 50% ltv and 2 points in fees!! LC still has the best deal.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jco wrote: Mon Sep 21, 2020 11:28 am Does anyone have any experience about how long it takes Better.com to move to closing once the Title Report is wrapped up?

I haven't been asked for anything in about a week. Under what they're working on it says, "Your report is all wrapped up. We've signed off on everything and you're all set!"

Things have been moving relatively fast, but I'm eager to close.
Once they’ve cleared the title report, generally about 2-3 business days. The processor will do a soft pull of your credit and to see if there are any changes and new inquiries, then submit you for final approval.

My title switched to that status on Wednesday, Thursday I was asked about the new inquiries on my report, and Saturday I was assigned a closing person. Monday I got my initial closing disclosures.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

My mortgage from Wells Fargo was sold to another Bank. When i refinance, who should I ask for relevant documents if needed? Wells Fargo is still serving my mortgage per the letter i received from them a while ago. I can still log into Wells fargo website to get the mortgage statement.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

zrzhu111 wrote: Mon Sep 21, 2020 2:41 pm My mortgage from Wells Fargo was sold to another Bank. When i refinance, who should I ask for relevant documents if needed? Wells Fargo is still serving my mortgage per the letter i received from them a while ago. I can still log into Wells fargo website to get the mortgage statement.
The only documents I was asked for when refinancing that had to do with my current mortgage was copy of last two statements showing that I’m current.
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BrandonBogle
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Post by BrandonBogle »

Jags4186 wrote: Mon Sep 21, 2020 2:44 pm
zrzhu111 wrote: Mon Sep 21, 2020 2:41 pm My mortgage from Wells Fargo was sold to another Bank. When i refinance, who should I ask for relevant documents if needed? Wells Fargo is still serving my mortgage per the letter i received from them a while ago. I can still log into Wells fargo website to get the mortgage statement.
The only documents I was asked for when refinancing that had to do with my current mortgage was copy of last two statements showing that I’m current.
Yes, the mortgage bank statement is usually sufficient. If Wells Fargo will retain servicing with a new investor owning the note, the statements will still be from Wells Fargo. Usually the new lender will order any payoffs, but if you want to order it yourself, it will be right on Wells Fargo's website to order a payoff statement. Fundamentally, nothing for zrzhu111 changes.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

I've seen a couple of people with good calculators, but can't find one for comparison - trying to determine if I should take a 2.75% loan with $0 credit or a 2.625% loan with $1,000 credit ($330K cashout loan). I'm hoping to refi in 6 months, but who knows with rates.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

nic3456 wrote: Mon Sep 21, 2020 3:20 pm I've seen a couple of people with good calculators, but can't find one for comparison - trying to determine if I should take a 2.75% loan with $0 credit or a 2.625% loan with $1,000 credit ($330K cashout loan). I'm hoping to refi in 6 months, but who knows with rates.
In the first year alone, there is a $400 interest difference (0.125% x $330k) between the two. So just rough, back of the envelop math vs. using an amortization calculator, it would take over two years before you come out ahead with the lower rate. So the questions would be if (1) you think you will refi again in the next two years to an even lower rate without extra cost, or (2) if you stick with this loan for the long term, would the extra interest paid be materially different.

For me, I’m doing a 15-year loan and over 15 years, each 0.125% is roughly a $1,500 difference in interest. So for me, $500 now vs. $1,500 in 15 years is worth it. On a 30-year, the difference would be much greater though and may skew towards the lower rate.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

coconutpolito wrote: Mon Sep 21, 2020 11:48 am I saw on owning’s website they are advertising 2.25% for 30 yr conventional. I chatted online and they said that rate is for 50% ltv and 2 points in fees!! LC still has the best deal.
Yes my LO told me at the same time the rates on the website dropped, they stopped offering no-cost. I assumed he wasn’t being fully truthful and didn’t want to deal with me asking about it, but this is what I’ve read from others.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
b2bserver
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Re: Refinance Mega Thread

Post by b2bserver »

I got back an updated LE from LF after verbally locking. It's suppose to be no escrow refi but I still see costs in Section G.

Section F
Homeowners Insurance - $0
Mortgage Insurance - $0
Prepaid Interest - $27.47 x 21 days @ 2.625% - $577
Property Taxes - $0

Section G
Homeowners Insurance - $60 x 11 mo - $660
Mortgage Insurance - $0
Property Taxes - $672.78 x 4 mo - $2691

I assume there would be some interest prepaid and tax in case tax payment is due soon but should that all be in Section F instead?

My homeowners insurance was already paid by my current escrow in Feb this year and is good until Mar of next year. Tax is twice a year and was paid in July this year with next payment due Feb of next year.
Last edited by b2bserver on Mon Sep 21, 2020 4:45 pm, edited 1 time in total.
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BrandonBogle
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Post by BrandonBogle »

b2bserver wrote: Mon Sep 21, 2020 4:37 pm I got back an updated LE from LF after verbally locking. It's suppose to be no escrow refi but I still see costs in Section G.

Section F
Homeowners Insurance - $0
Mortgage Insurance - $0
Prepaid Interest - $27.47 x 21 days @ 2.625% - $577
Property Taxes - $0

Section G
Homeowners Insurance - $60 x 11 mo - $660
Mortgage Insurance - $0
Property Taxes - $672.78 x 4 mo - $2691

I assume there would be some interest prepaid and tax in case tax payment is due soon but should that all be in Section F instead? And my homeowners insurance was already paid by my current escrow in Feb this year and is good until Mar of next year.
Yes, these are usually in Section F. Near the bottom of page 1 on the right, does it say Escrow Yes or No?
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