Refinance Mega Thread

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BrandonBogle
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Re: Refinance Mega Thread

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?
Eurookat
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Re: Refinance Mega Thread

Post by Eurookat »

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.
how did you get a no escrow refi. I also received an LE from LF and I show the same (different values of course). my taxes were recently paid, the rep told me I should get a refund from my current mortgage company.
jco
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Re: Refinance Mega Thread

Post by jco »

BrandonBogle wrote: Mon Sep 21, 2020 12:37 pm
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.
That's excellent news to hear. Thanks!
b2bserver
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Re: Refinance Mega Thread

Post by b2bserver »

Eurookat wrote: Mon Sep 21, 2020 4:44 pm
how did you get a no escrow refi. I also received an LE from LF and I show the same (different values of course). my taxes were recently paid, the rep told me I should get a refund from my current mortgage company.
The LO just asked me if I wanted escrow or not. He said it didn't affect my rates/costs which I thought was weird since it seems like there's usually a charge for no escrow. Now that I have this LE with non-zero Section G, we'll see how this plays out.
BrandonBogle wrote: Mon Sep 21, 2020 4:40 pm
Yes, these are usually in Section F. Near the bottom of page 1 on the right, does it say Escrow Yes or No?
It says

Code: Select all

This estimate includes        In escrow?
[x] Property Taxes            YES
[x] Homeower's Insurance      YES
[x] Other                     NO
Eurookat
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Re: Refinance Mega Thread

Post by Eurookat »

this is my first refi how are escrow handled? the rep I spoke to today said they would ask for 8months worth of escrow. I believe one of my taxes were just dispersed (June I wanna say) and I have like 1300 sitting in my escrow balancer. I think another draw is happening in Feb. would my current mortgage company refund what I've already paid? Im
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

b2bserver wrote: Mon Sep 21, 2020 5:23 pm
BrandonBogle wrote: Mon Sep 21, 2020 4:40 pm
Yes, these are usually in Section F. Near the bottom of page 1 on the right, does it say Escrow Yes or No?
It says

Code: Select all

This estimate includes        In escrow?
[x] Property Taxes            YES
[x] Homeower's Insurance      YES
[x] Other                     NO
They most definitely have you currently set up to have an escrow. You will need to push them to change that without any negative impact to pricing.
Bd4727
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Re: Refinance Mega Thread

Post by Bd4727 »

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?
Better matched lenderfi
powerhouse
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Re: Refinance Mega Thread

Post by powerhouse »

If I'm not rolling any closing costs into the new loan, should the new loan amount be equal to payoff amount to old lender? Or at least higher then payoff amount, and then the old lender can refund me? I'm trying to make sense of a CD where loan amount is lower then payoff amount.
b2bserver
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Re: Refinance Mega Thread

Post by b2bserver »

BrandonBogle wrote: Mon Sep 21, 2020 7:01 pm
b2bserver wrote: Mon Sep 21, 2020 5:23 pm
BrandonBogle wrote: Mon Sep 21, 2020 4:40 pm
Yes, these are usually in Section F. Near the bottom of page 1 on the right, does it say Escrow Yes or No?
It says

Code: Select all

This estimate includes        In escrow?
[x] Property Taxes            YES
[x] Homeower's Insurance      YES
[x] Other                     NO
They most definitely have you currently set up to have an escrow. You will need to push them to change that without any negative impact to pricing.
Will do. Thanks!!
Nappyloxs
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Re: Refinance Mega Thread

Post by Nappyloxs »

Please help. Might close this week.

Cashout refi at $575k (high limit city). About 200k out for remodeling at about 75% LTV. House appraised for $745k

2.875% at 2+ points. Total closing costs are about $20k.

Lender screwed up LO screwed up twice, so not happy with them. Nobody beat their rate initially at 2.75, but they didn’t lock us at that rate. Now loandepot could be the rate, but they are only doing 70% cashout. Still checking around. One broker said the .5 refi charge will start being added to quotes on Oct. 1 due to December closing timelines.

Credit score is 740. Multiple lenders said score was fine and we didn’t need to try to increase it since score still fell into best rates.

We tried Better, loan cabin, loan depot, and few smaller brokers. I am wondering if we should try amerisave. Costco had nothing for us.

Thanks
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Nappyloxs wrote: Mon Sep 21, 2020 8:33 pm Cashout refi at $575k (high limit city). About 200k out for remodeling at about 75% LTV. House appraised for $745k

2.875% at 2+ points. Total closing costs are about $20k.
Personally, I would consider not paying any points and saving that money to do a rate-and-term refi in 6 months
traveler00
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Re: Refinance Mega Thread

Post by traveler00 »

Nappyloxs wrote: Mon Sep 21, 2020 8:33 pm Please help. Might close this week.

Cashout refi at $575k (high limit city). About 200k out for remodeling at about 75% LTV. House appraised for $745k

2.875% at 2+ points. Total closing costs are about $20k.

Lender screwed up LO screwed up twice, so not happy with them. Nobody beat their rate initially at 2.75, but they didn’t lock us at that rate. Now loandepot could be the rate, but they are only doing 70% cashout. Still checking around. One broker said the .5 refi charge will start being added to quotes on Oct. 1 due to December closing timelines.

Credit score is 740. Multiple lenders said score was fine and we didn’t need to try to increase it since score still fell into best rates.

We tried Better, loan cabin, loan depot, and few smaller brokers. I am wondering if we should try amerisave. Costco had nothing for us.

Thanks
I would try Sebonic Financial. They have competitive rates on cash outs. PM me for contact info of a really good loan officer I've used. She'll give you rates via email.
bluebolt
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Re: Refinance Mega Thread

Post by bluebolt »

powerhouse wrote: Mon Sep 21, 2020 7:51 pm If I'm not rolling any closing costs into the new loan, should the new loan amount be equal to payoff amount to old lender? Or at least higher then payoff amount, and then the old lender can refund me? I'm trying to make sense of a CD where loan amount is lower then payoff amount.
Payoff amount includes principal plus accrued interest up until whenever it's paid off. It's common to set the loan amount to the principal.
fallofrain
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Re: Refinance Mega Thread

Post by fallofrain »

What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.

It seems to be a common issue others have noted and I've tried to be patient but the rates are particularly good today so I'm eager to lock! When I call it goes to a full voicemail box. Thoughts?

Also has anyone had a bad experience with them? I am not in a rush to close but between the slow contact and the fact that I haven't heard of them before makes me nervous. I generally work with the same loan officer at First Internet Bank (who is great btw you all should check them out if you haven't been) to refi and have gone through at least 5 no cost refis with him over the last 10 years (points to cover lender and third parties fees but paying prepaids out of pocket since they aren't really refi costs) but his bank wouldn't do any locks last week and isn't locking this week until Thursday! I am having such a hard time being patient at the moment!

Sorry and thank in advance for thoughts/insight on Loan Cabin.
Sunrise
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Re: Refinance Mega Thread

Post by Sunrise »

For those of you that have applied for a refinance with Loan Cabin (LC) using their online loan application (accessed by the "Get Started" button on their web site): after getting through the whole application and clicking "submit" at the very end, did you get an email or some other notification soon after indicating that your application was received/submitted?

I applied Saturday, completed the entire application and clicked submit, and got an error saying my application could not be submitted, try to submit later, never could get it to submit correctly and give me some kind of confirmation. I've tried to contact them to confirm that my application is in the system, but so far no response.

Just wondering if you got an email or other confirmation after submitting your LC online application? Or is it just radio silence until they actually review your application, which currently sounds like that may be 2 weeks after application? Thanks.
Sunrise
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Re: Refinance Mega Thread

Post by Sunrise »

fallofrain wrote: Mon Sep 21, 2020 9:40 pm What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.
I sent them an email this past Saturday (9/19), and got an automated reply that they "are currently reviewing all applications submitted from 9-5-2020". So that's about a 2 week delay. I assume they have to review your application before providing a LE.

After putting in your application, did you immediately get an email (or other) notification that your application had been received/submitted? Thanks.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Sunrise wrote: Tue Sep 22, 2020 1:31 am For those of you that have applied for a refinance with Loan Cabin (LC) using their online loan application (accessed by the "Get Started" button on their web site): after getting through the whole application and clicking "submit" at the very end, did you get an email or some other notification soon after indicating that your application was received/submitted?

I applied Saturday, completed the entire application and clicked submit, and got an error saying my application could not be submitted, try to submit later, never could get it to submit correctly and give me some kind of confirmation. I've tried to contact them to confirm that my application is in the system, but so far no response.

Just wondering if you got an email or other confirmation after submitting your LC online application? Or is it just radio silence until they actually review your application, which currently sounds like that may be 2 weeks after application? Thanks.
I got a confirmation email.
Loan Cabin email confirmation wrote: Your Loan Application Has Been Submitted

Hi Brandon,

Thank you for applying for a home loan with us!

We’re reviewing your application and will be in touch soon about what to do next.

Due to current market conditions and high volume, a Loan Officer will be in touch with you within the next few days.

Thank you for choosing Loan Cabin Inc. We’re proud to be part of your journey to home ownership.
I submitted my app on Sept 1st and as of today (the 21st), I still haven’t heard from them. I can tell you they haven’t pulled my credit.
Sunrise
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Re: Refinance Mega Thread

Post by Sunrise »

Thanks. Maybe the problem with my application submittal was the web browser I was using (Microsoft Edge), although it seemed to work fine until the very end/submit. Maybe I'll try again using Google Chrome. Their web site "view rates" calculator seems to work better for me with Chrome.
Jwulgaru
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Re: Refinance Mega Thread

Post by Jwulgaru »

Can someone please help me out with this calculation?

Current loan: 10 years left $77,300 balance @3.75. If I keep it I will pay:
$14,331.00 in interest
$1500.00 in interest for a heloc

Total: $15,831

New Loan: 15 years @ 2.5% w/cash out for heloc payoff
$19,084 interest
$2549 closing costs

Total: $21,633

This costs me $5802 to refinance, but I free up more cash per month over 10 years (6 years of heloc payments until paid off, then 4 more of what I save going from the 30 to 15 year) specifically:

6 years @ 381.14/mo $27442.08
4 years @ 131.14/mo $6294.72

27442.08 + 6294.72 - 5802 = $27934.80

Am I right in that this is saving me $27,934.80 over the next ten years through increased monthly cash flow?
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

Nappyloxs wrote: Mon Sep 21, 2020 8:33 pm Please help. Might close this week.

Cashout refi at $575k (high limit city). About 200k out for remodeling at about 75% LTV. House appraised for $745k

2.875% at 2+ points. Total closing costs are about $20k.

Lender screwed up LO screwed up twice, so not happy with them. Nobody beat their rate initially at 2.75, but they didn’t lock us at that rate. Now loandepot could be the rate, but they are only doing 70% cashout. Still checking around. One broker said the .5 refi charge will start being added to quotes on Oct. 1 due to December closing timelines.

Credit score is 740. Multiple lenders said score was fine and we didn’t need to try to increase it since score still fell into best rates.

We tried Better, loan cabin, loan depot, and few smaller brokers. I am wondering if we should try amerisave. Costco had nothing for us.

Thanks
Unless you are completely gutting the interior, 200k is a huge sum to be putting into a house appraised at 745k, and paying $20k in closing costs? Unless 1) you are confident you can get >70% of your remodeling costs back when you sell, or 2) it is your forever home, I wouldn't do that.
powerhouse
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Re: Refinance Mega Thread

Post by powerhouse »

bluebolt wrote: Mon Sep 21, 2020 9:24 pm
powerhouse wrote: Mon Sep 21, 2020 7:51 pm If I'm not rolling any closing costs into the new loan, should the new loan amount be equal to payoff amount to old lender? Or at least higher then payoff amount, and then the old lender can refund me? I'm trying to make sense of a CD where loan amount is lower then payoff amount.
Payoff amount includes principal plus accrued interest up until whenever it's paid off. It's common to set the loan amount to the principal.
But if the new loan amount is equal to the principal (on old loan), how will the old lender get it's accrued interest? It's not in section F, that's only interest to new lender. And yes, payoff amount should include the accrued interest, but the funds used to payoff the old lender are coming from the new loan amount, right? That's why I was thinking they either have to match, or the new loan amount has to be higher, in case there are delays in disbursement date.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

powerhouse wrote: Tue Sep 22, 2020 10:37 am
bluebolt wrote: Mon Sep 21, 2020 9:24 pm
powerhouse wrote: Mon Sep 21, 2020 7:51 pm If I'm not rolling any closing costs into the new loan, should the new loan amount be equal to payoff amount to old lender? Or at least higher then payoff amount, and then the old lender can refund me? I'm trying to make sense of a CD where loan amount is lower then payoff amount.
Payoff amount includes principal plus accrued interest up until whenever it's paid off. It's common to set the loan amount to the principal.
But if the new loan amount is equal to the principal (on old loan), how will the old lender get it's accrued interest? It's not in section F, that's only interest to new lender. And yes, payoff amount should include the accrued interest, but the funds used to payoff the old lender are coming from the new loan amount, right? That's why I was thinking they either have to match, or the new loan amount has to be higher, in case there are delays in disbursement date.
In my case. When I applied on earlier this month. I put the loan amount of 323,025 on my application . That was the balance from my September statement.
I’m going to meet with the notary in 3 days.
During my closing disclose. The payoff was $324,125. I requested the closing expert to send me the payoff sheet. It breaks down the arrear interest x days. It also haves a couple fees that are included also.

I have enough lender credit to cover the payoff amount.

But if I didn’t, I can raise my loan amount to match my payoff or I can bring $1,100 cash to close.

Also, if you’re not ready to close. Your loan estimate will probably change a few times. Mine did quite a few times.So if you’re requesting a payoff to early before closing. Then it will be different. I actually remember my closing expert mentioning that they add a few extra days for a buffer. But don’t worry. If you over pay. They will refund you the difference. Just a heads up. YMMV
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Jwulgaru wrote: Tue Sep 22, 2020 2:13 am Can someone please help me out with this calculation?

Current loan: 10 years left $77,300 balance @3.75. If I keep it I will pay:
$14,331.00 in interest
$1500.00 in interest for a heloc

Total: $15,831

New Loan: 15 years @ 2.5% w/cash out for heloc payoff
$19,084 interest
$2549 closing costs

Total: $21,633

This costs me $5802 to refinance, but I free up more cash per month over 10 years (6 years of heloc payments until paid off, then 4 more of what I save going from the 30 to 15 year)
I would compare the new loan paid on a 10-year term first to see if it is worthwhile to refi at all. Then see if the extra cost from that for extending to a 15-year term ($21,633 - 10-year term) is worth it to you.
z1_gravedigger
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Re: Refinance Mega Thread

Post by z1_gravedigger »

Seems being so far out of the sweet spot is really hurting us. 25YR remaining/$108k at 3.99% in Ohio. Anything no-cost is being quoted 4% or higher.

I do have reasonable 15YR options with our credit union. Excluding escrow:
2.5% for $3319
2.25% for $3866

Possibility for $485 appraisal waiver.

Keep hunting, or is this just the way it is for low-100k refi’s?

Thanks!
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

z1_gravedigger wrote: Tue Sep 22, 2020 12:19 pm Seems being so far out of the sweet spot is really hurting us. 25YR remaining/$108k at 3.99% in Ohio. Anything no-cost is being quoted 4% or higher.

I do have reasonable 15YR options with our credit union. Excluding escrow:
2.5% for $3319
2.25% for $3866

Possibility for $485 appraisal waiver.

Keep hunting, or is this just the way it is for low-100k refi’s?

Thanks!
I'm not familiar with the 100k market since I owe 7x that ;) However, I'd say if you can't find a no-cost that beats your current rate, then it's probably not worth doing.
rjman36
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Re: Refinance Mega Thread

Post by rjman36 »

Anyone know who is currently offering the best interest only rates?

Who is the most competitive with cash out rates?

I'm also not seeing very good discounts for relationships with lenders (i.e. deposit 500k get .5 off rate) Anyone find a good lender for this?

Thanks.
prosperosdaughter
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Re: Refinance Mega Thread

Post by prosperosdaughter »

Sunrise wrote: Tue Sep 22, 2020 1:44 am
fallofrain wrote: Mon Sep 21, 2020 9:40 pm What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.
I sent them an email this past Saturday (9/19), and got an automated reply that they "are currently reviewing all applications submitted from 9-5-2020". So that's about a 2 week delay. I assume they have to review your application before providing a LE.

After putting in your application, did you immediately get an email (or other) notification that your application had been received/submitted? Thanks.
I just heard from LC via email about an application I submitted last week.

Rates were competitive, but not as good as what I locked through a broker and UWM. They're offering 2.625% with costs of $124 total to close.
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

I am interested in doing another refi right after the other refi. Assumed the new lender is ok with it, Am I good to go then? Obviously, I won't be able to provide any mortgage statement from the lender that I just refinanced into. Anything that I should watch for or be mindful of? Thank you.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

prosperosdaughter wrote: Tue Sep 22, 2020 2:15 pm
Sunrise wrote: Tue Sep 22, 2020 1:44 am
fallofrain wrote: Mon Sep 21, 2020 9:40 pm What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.
I sent them an email this past Saturday (9/19), and got an automated reply that they "are currently reviewing all applications submitted from 9-5-2020". So that's about a 2 week delay. I assume they have to review your application before providing a LE.

After putting in your application, did you immediately get an email (or other) notification that your application had been received/submitted? Thanks.
I just heard from LC via email about an application I submitted last week.

Rates were competitive, but not as good as what I locked through a broker and UWM. They're offering 2.625% with costs of $124 total to close.
I applied 8/30. That's 23 days no contact. I'm pretty sure my situation is favorable--60% LTV superconforming good credit. Not sure what else matters on initial app.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
gougou
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Re: Refinance Mega Thread

Post by gougou »

Does anyone have good refinance rate with a good lender for SFH investment property refinance? Conforming loan.
Sunrise
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Re: Refinance Mega Thread

Post by Sunrise »

prosperosdaughter wrote: Tue Sep 22, 2020 2:15 pm
Sunrise wrote: Tue Sep 22, 2020 1:44 am
fallofrain wrote: Mon Sep 21, 2020 9:40 pm What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.
I sent them an email this past Saturday (9/19), and got an automated reply that they "are currently reviewing all applications submitted from 9-5-2020". So that's about a 2 week delay. I assume they have to review your application before providing a LE.

After putting in your application, did you immediately get an email (or other) notification that your application had been received/submitted? Thanks.
I just heard from LC via email about an application I submitted last week.

Rates were competitive, but not as good as what I locked through a broker and UWM. They're offering 2.625% with costs of $124 total to close.
Was this brokered deal for a new purchase or refinance? 30 year fixed loan? Thanks!
traveler00
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Re: Refinance Mega Thread

Post by traveler00 »

gougou wrote: Tue Sep 22, 2020 2:53 pm Does anyone have good refinance rate with a good lender for SFH investment property refinance? Conforming loan.
Lenderfi has the best rates from anyone I found for investment properties. I did my homework. I'm currently in the refi process with them right now with multiple loans.

Feel free to PM me for more info.
prosperosdaughter
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Re: Refinance Mega Thread

Post by prosperosdaughter »

Sunrise wrote: Tue Sep 22, 2020 3:08 pm
prosperosdaughter wrote: Tue Sep 22, 2020 2:15 pm
Sunrise wrote: Tue Sep 22, 2020 1:44 am
fallofrain wrote: Mon Sep 21, 2020 9:40 pm What is the deal with Loan Cabin? The rates for my assumptions look great - and blow just about everything else out of the water. I put in an application - but I can't get in touch with anyone to get an LE. I applied about a week and a half ago.
I sent them an email this past Saturday (9/19), and got an automated reply that they "are currently reviewing all applications submitted from 9-5-2020". So that's about a 2 week delay. I assume they have to review your application before providing a LE.

After putting in your application, did you immediately get an email (or other) notification that your application had been received/submitted? Thanks.
I just heard from LC via email about an application I submitted last week.

Rates were competitive, but not as good as what I locked through a broker and UWM. They're offering 2.625% with costs of $124 total to close.
Was this brokered deal for a new purchase or refinance? 30 year fixed loan? Thanks!
All quotes are for a refi, 30-yr fixed, about 250k loan. 64% LTV and 800+ credit scores. The 2.625% was from Loan Cabin.

Broker's deal was a mortgage from UWM. 2.375% rate, $1800 out of pocket closing costs, no escrow.
traveler00
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Re: Refinance Mega Thread

Post by traveler00 »

traveler00 wrote: Tue Sep 22, 2020 3:25 pm
gougou wrote: Tue Sep 22, 2020 2:53 pm Does anyone have good refinance rate with a good lender for SFH investment property refinance? Conforming loan.
Lenderfi has the best rates from anyone I found for investment properties. I did my homework. I'm currently in the refi process with them right now with multiple loans.

Feel free to PM me for more info.
To follow up my previous response, Lenderfi's website will give very uncompetitive rates for investment properties. However, this is not the case when you actually speak to someone.
bluebolt
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Re: Refinance Mega Thread

Post by bluebolt »

powerhouse wrote: Tue Sep 22, 2020 10:37 am
bluebolt wrote: Mon Sep 21, 2020 9:24 pm
powerhouse wrote: Mon Sep 21, 2020 7:51 pm If I'm not rolling any closing costs into the new loan, should the new loan amount be equal to payoff amount to old lender? Or at least higher then payoff amount, and then the old lender can refund me? I'm trying to make sense of a CD where loan amount is lower then payoff amount.
Payoff amount includes principal plus accrued interest up until whenever it's paid off. It's common to set the loan amount to the principal.
But if the new loan amount is equal to the principal (on old loan), how will the old lender get it's accrued interest? It's not in section F, that's only interest to new lender. And yes, payoff amount should include the accrued interest, but the funds used to payoff the old lender are coming from the new loan amount, right? That's why I was thinking they either have to match, or the new loan amount has to be higher, in case there are delays in disbursement date.
You would have to make up the additional amount with cash at closing.
zrzhu111
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Joined: Sun Sep 01, 2013 6:03 pm

Re: Refinance Mega Thread

Post by zrzhu111 »

I live in NY. I just applied to Better, LoanDepot and Network Capital. Owning is not licensed in NY. Search refin rates in Zillow and it gave me absurd rates, like 4% with no points. Any other lenders that are licensed in NY I should try? Thanks.
jjhk121
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Joined: Thu Jul 23, 2020 1:09 am

Re: Refinance Mega Thread

Post by jjhk121 »

Has anybody paid closing costs with a personal check?

I owe about $900 cash to close and double checked with my processor the amount owed so that I could get a cashier's check from the bank. She said that for that amount I could pay with a personal check. I was surprised because I thought a cashier's check or bank wire was always required.
gurusw
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Re: Refinance Mega Thread

Post by gurusw »

Just posting my experience for the benefit of others. I had jumbo mortgage at 4.125%, and no one was giving me refinance rates. I decided to pay 100k+ to get super conforming loan. My quotes on Aug 7 were ...

- Quicken Loan 2.75 (LTV 75, 6 month clawback)
- Owning 2.99 (LTV 70)
- Zillow 3.125
- Loan Depot 3.25
- Amerisave 3.375
- BofA 3.375 (LTV 70)
- Aimloan 3.5

I went with Quicken, and closed on Sep 8. Very happy with the process. Hopefully this info helps someone.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

Update from me on my experience with Owning.
8/30 apply online, phone call within an hour.
9/1 lock
9/9 a few phone calls asking for documentation, underwriters don't like something.
9/10 sign closing docs. I know at this time that I'm not through underwriting. Don't send any cash.
9/14 and 15 underwriters still aren't happy, and apparently the processor stinks, on the phone with LO for a while trying to sort it out.
9/16 told verbally that we're good to go, given another estimated closing statement and asked to wire funds.
9/22 today the loan funded and sent final closing statement.

Someone owes me over $1000 in extra interest paid on both ends (prepaids were from 9/14 and the estimated payoff amount went into October) and I'm not thrilled about how they close before underwriting, but hey I just dropped my rate by 0.5% no-cost in 3 weeks.

Edit to add I got a check for the >$1000 on 9/25.
Last edited by mega317 on Wed Sep 30, 2020 12:58 pm, edited 1 time in total.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
perceptionist
Posts: 13
Joined: Tue Mar 29, 2011 10:58 pm

Re: Refinance Mega Thread

Post by perceptionist »

mega317 wrote: Tue Sep 22, 2020 11:43 pm Update from me on my experience with Owning.
8/30 apply online, phone call within an hour.
9/1 lock
9/9 a few phone calls asking for documentation, underwriters don't like something.
9/10 sign closing docs. I know at this time that I'm not through underwriting. Don't send any cash.
9/14 and 15 underwriters still aren't happy, and apparently the processor stinks, on the phone with LO for a while trying to sort it out.
9/16 told verbally that we're good to go, given another estimated closing statement and asked to wire funds.
9/22 today the loan funded and sent final closing statement.

Someone owes me over $1000 in extra interest paid on both ends (prepaids were from 9/14 and the estimated payoff amount went into October) and I'm not thrilled about how they close before underwriting, but hey I just dropped my rate by 0.5% no-cost in 3 weeks.
I hope you get that money back without too much hassle. I also locked with Owning on 9/1 and signed closing docs on 9/15. On 9/19 they just asked me to take a few photos of the home since the city I live in was part of the wildfires (she already gave me a heads up that I would need to do that later). I will contact the processor tomorrow to see if everything went through as planned and if the loan was funded.
bgh11
Posts: 92
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

gurusw wrote: Tue Sep 22, 2020 10:50 pm Just posting my experience for the benefit of others. I had jumbo mortgage at 4.125%, and no one was giving me refinance rates. I decided to pay 100k+ to get super conforming loan. My quotes on Aug 7 were ...

- Quicken Loan 2.75 (LTV 75, 6 month clawback)
- Owning 2.99 (LTV 70)
- Zillow 3.125
- Loan Depot 3.25
- Amerisave 3.375
- BofA 3.375 (LTV 70)
- Aimloan 3.5

I went with Quicken, and closed on Sep 8. Very happy with the process. Hopefully this info helps someone.
Is there an official name for the legal document that tells borrower about the 6 month clawback? Or is it just a sentence hidden in one of the many signed forms?
Johny
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Joined: Fri Mar 25, 2011 11:34 pm

Re: Refinance Mega Thread

Post by Johny »

Why does owning have people sign closing docs before underwriting approves loan? Does it speed things up? What if numbers change between closing disclosure and underwriting?
mega317
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Re: Refinance Mega Thread

Post by mega317 »

Johny wrote: Wed Sep 23, 2020 1:22 am Why does owning have people sign closing docs before underwriting approves loan? Does it speed things up? What if numbers change between closing disclosure and underwriting?
And they most certainly will change. I speculated earlier in the thread that in a declining rate environment they want to sign quickly lock you in—can’t back out after 3 days from signing to pursue a better offer while you wait for underwriting. I’m just guessing, I don’t know the business at all.

I also read that they own the escrow company so I imagine they will be in no great hurry to refund the difference.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
InvestDoc
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Joined: Sat Jan 13, 2018 12:54 am

Re: Refinance Mega Thread

Post by InvestDoc »

mega317 wrote: Wed Sep 23, 2020 1:37 am
Johny wrote: Wed Sep 23, 2020 1:22 am Why does owning have people sign closing docs before underwriting approves loan? Does it speed things up? What if numbers change between closing disclosure and underwriting?
And they most certainly will change. I speculated earlier in the thread that in a declining rate environment they want to sign quickly lock you in—can’t back out after 3 days from signing to pursue a better offer while you wait for underwriting. I’m just guessing, I don’t know the business at all.

I also read that they own the escrow company so I imagine they will be in no great hurry to refund the difference.
I suspect it’s so they can promise big things and rope you in. They told me they close within 2-3 weeks and mine actually closed within about 2 weeks since I got an appraisal waiver. They never once told me I’d still be in underwriting after closing and in fact I’m pretty sure they told me everything had been approved before I signed. I’m pretty sure they lied to me based on what I’m seeing here and I bet I was still in underwriting during the 2 weeks I waited for funding after signing. And they asked me for a check at closing which I gave to the notary, but based on other people’s experience here I’d wait until they have a more definite funding date before sending money if they let you.
You had to sign a document acknowledging that Owning has an 80% ownership of the title company which I was told is why they can keep the closing costs low.
It didn’t take me too long to get a refund from the escrow company, but the escrow company miscalculated the prepaids and had already distributed all of the funds before I got the final closing statement, so I had to work with Owning to get the rest of the refund which took weeks to get.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

InvestDoc wrote: Wed Sep 23, 2020 1:49 am You had to sign a document acknowledging that Owning has an 80% ownership of the title company
Oh yeah forgot about that. Maybe that’s where I read it 8-)
https://www.bogleheads.org/forum/viewtopic.php?t=6212
FreddyC
Posts: 34
Joined: Mon Jul 06, 2015 7:25 pm

Re: Refinance Mega Thread

Post by FreddyC »

Is GoDirectLenders a reputable company for refinancing? What are the pitfalls of using a company for refinancing you don’t fully trust as long as the proposal seems in order?

My online sleuthing has revealed mostly positive reviews, from a small sample size. A government regulator recently issued the company a fine related to deceptive advertising practices— this is a red flag to me but not a deal breaker in that I am going to read the individual documents for my deal.

Please provide any advice!
JimmyD
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Joined: Fri Sep 27, 2013 4:03 pm

Re: Refinance Mega Thread

Post by JimmyD »

FINALLY received our final closing disclosure from Watermark last night after 2 months of waiting and everything still looks good.

2.25% 15 year with about $900 in fees (on top of escrow) all said and done. Has a closing date of 9/25 listed, but we're going to be driving down to Sarasota, FL for vacation then, so that'll have to get changed.
JoeJohnson
Posts: 443
Joined: Wed Jun 08, 2011 2:34 pm

Re: Refinance Mega Thread

Post by JoeJohnson »

jjhk121 wrote: Tue Sep 22, 2020 10:46 pm Has anybody paid closing costs with a personal check?

I owe about $900 cash to close and double checked with my processor the amount owed so that I could get a cashier's check from the bank. She said that for that amount I could pay with a personal check. I was surprised because I thought a cashier's check or bank wire was always required.
We've paid with a personal check at a local credit union
postal007
Posts: 26
Joined: Thu Feb 27, 2020 2:29 am

Re: Refinance Mega Thread

Post by postal007 »

mega317 wrote: Tue Sep 22, 2020 11:43 pm Update from me on my experience with Owning.
8/30 apply online, phone call within an hour.
9/1 lock
9/9 a few phone calls asking for documentation, underwriters don't like something.
9/10 sign closing docs. I know at this time that I'm not through underwriting. Don't send any cash.
9/14 and 15 underwriters still aren't happy, and apparently the processor stinks, on the phone with LO for a while trying to sort it out.
9/16 told verbally that we're good to go, given another estimated closing statement and asked to wire funds.
9/22 today the loan funded and sent final closing statement.

Someone owes me over $1000 in extra interest paid on both ends (prepaids were from 9/14 and the estimated payoff amount went into October) and I'm not thrilled about how they close before underwriting, but hey I just dropped my rate by 0.5% no-cost in 3 weeks.
I’m on a similar timeline to you (applied 8/31, locked 9/2 on match to IM) and haven’t funded yet. I wonder if some of this is because owning still hasn’t found buyers for their loans? I talked to the processor yesterday - he’s been super responsive and my file has been complete since Friday and he said the company was waiting on “market conditions” and the loan should fund by Thursday. So not sure what they means, maybe they’re waiting for a better buyer to come along?
Robertscz
Posts: 48
Joined: Tue Feb 27, 2018 9:30 am

Re: Refinance Mega Thread

Post by Robertscz »

38yr old

maxed roth ira
taxable brokerage $6k/yr
no 401k option


should i go ahead and refinance? currently at:

30yr fixed 4.5% with 25yr left $156,300
$881 P&I

refi - 30yr fixed 3.25%
closing costs $3240
total loan amount $159,540
new P&I - $695

would put the additional +-$200 into taxable brokerage fund.
planning to stay in the house 5 years or so depending on family changes
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