Refinance Mega Thread

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newbieinvestor1
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Re: Refinance Mega Thread

Post by newbieinvestor1 »

Tenesmus83 wrote: Thu Oct 08, 2020 5:50 pm Has anyone refinanced with aimloan recently? Are they pretty fast? All the traditional lenders are backed up and taking forever to get anything done
I just did one with them. Started Application on website on 7/24. Signed docs on 8/21. I really like them, always very quick and straight forward. I'm not one to do a lot of phone calls or other stuff, and they are very good and quick to respond via email. I have done multiple refinance's with them in the past.

For reference, refinance in CA, home estimated value $642,000. Loan for $475,000, 30yr fixed @ 3.0%. No appraisal required, $1700 cash due at close (excluding funding of escrow account). I see rates have continued to go down, and they are now quoting 2.75%. If rates keep dropping into next year, I might looking at refinance again.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

curiouspanda wrote: Fri Oct 09, 2020 8:42 pm
anon_investor wrote: Fri Oct 09, 2020 7:57 pm
curiouspanda wrote: Fri Oct 09, 2020 3:51 pm HI all,

First time going through a refi. Working with a broker my friend had used recently and was given a verbal quote of 3%, 30 year fixed, no closing costs. Current mortgage is 3.5% 7/1 ARM. Second loan via employer that we will keep in place. Got the disclosures today and the LE says 3.125% with A+B+C costs of $5k. Not locked. Do we sign this or ask them to amend the LE per verbal quote? Thank you!
Without knowing your specifics, even 3% sounds bad, others are posting lower rates for no cost refi.
Excellent credit. California. I was told the rate is slightly higher because we have a second. Otherwise, it would have been 2.875, no closing. 1st loan balance $690k, 74% LTV (not counting 2nd loan in this LTV). 2nd loan $100k deferred and will be kept. I asked banker to update the LE but he said he would have to get an exception to get to what he verbally quoted and that we should sign the initial disclosures since we won't be locked to it. He said the system defaults to it. He said it will change when he gets the exception. Does that sound right? TIA.
I would not sign anything until I got the revised LE.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

InvestDoc wrote: Thu Oct 08, 2020 12:18 am
RollinFreight wrote: Mon Oct 05, 2020 10:11 pm Owning sold my Mortgage at 2.5% to PHH Mortgage. Reviews say they are not very good in terms of customer service (fees, escrow errors, late Prop tax payments, etc.). I was looking at Interactive Mortgage at 2.35% no cost. It will cost me $600 after two refinances (recording fees, doc fees, etc). IM uses CMG Mortgage for servicing. are they better than PHH?
Not a lot of data on CMG. BBB has more complaints on PHH that bothers me (fees/business integrity issues) and PHH has litigations from customer side. should I refi just for this?
I refinanced with Owning and they sold my mortgage to PHH. I've made 2 payments to PHH without issue but am in the process of refinancing again. Some of the reviews on BBB scared me too, including reports of not crediting the payments on time. They supposedly charge $7.50 for paying by phone but online it's free. You can't set up automatic payment until the day your mortgage is officially transferred (which was on the day my mortgage was due, but I was still able to link my bank account and submit a payment same day).

The only sketchy thing they've done so far is to send me a letter saying I'm not insured enough and they wanted me to buy enough insurance to cover the full loan amount (even though Owning had no issue with my insurance coverage). However, my homeowner's insurance company said it is illegal for them to ask me to overinsure the home and that by law the insurance company can only provide insurance for the rebuild cost, which obviously is less than the home purchase price due to the value of the land. They sent a letter to PHH quoting the California Civil Code overinsurance law and I never heard anything further from PHH. Also, PHH said in their letter that they would not buy additional insurance on my behalf, but I believe some reviews on BBB said they did that.
Owning just sold mine to US bank. I haven’t heard much about them but being a larger bank I’m hopeful they will be easy to work with. I do plan to make irregular additional principal payments which seems like a problem with some of the services.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
Drew31
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Re: Refinance Mega Thread

Post by Drew31 »

Tenesmus83 wrote: Thu Oct 08, 2020 5:50 pm Has anyone refinanced with aimloan recently? Are they pretty fast? All the traditional lenders are backed up and taking forever to get anything done
Refinanced with AimLoan back in May. Submitted the application around 4/20 and closed on 5/16. Was very happy with the process.
need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp »

anon_investor wrote: Fri Oct 09, 2020 10:51 pm
curiouspanda wrote: Fri Oct 09, 2020 8:42 pm
anon_investor wrote: Fri Oct 09, 2020 7:57 pm
curiouspanda wrote: Fri Oct 09, 2020 3:51 pm HI all,

First time going through a refi. Working with a broker my friend had used recently and was given a verbal quote of 3%, 30 year fixed, no closing costs. Current mortgage is 3.5% 7/1 ARM. Second loan via employer that we will keep in place. Got the disclosures today and the LE says 3.125% with A+B+C costs of $5k. Not locked. Do we sign this or ask them to amend the LE per verbal quote? Thank you!
Without knowing your specifics, even 3% sounds bad, others are posting lower rates for no cost refi.
Excellent credit. California. I was told the rate is slightly higher because we have a second. Otherwise, it would have been 2.875, no closing. 1st loan balance $690k, 74% LTV (not counting 2nd loan in this LTV). 2nd loan $100k deferred and will be kept. I asked banker to update the LE but he said he would have to get an exception to get to what he verbally quoted and that we should sign the initial disclosures since we won't be locked to it. He said the system defaults to it. He said it will change when he gets the exception. Does that sound right? TIA.
I would not sign anything until I got the revised LE.
I agree in principle.

However, I actually had a very similar situation where LO at small bank told me I had to sign initial disclosures that were different than we discussed in order to be able to release corrected LE to me. I did sign and received corrected LE matching terms we discussed the next day. So it may really be true that the loan officer cannot make the change until you sign initial disclosures .
criticalmass
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Re: Refinance Mega Thread

Post by criticalmass »

gaurav811 wrote: Wed Oct 07, 2020 7:41 pm And in no other country except US you get these 30 year fixed rate products.
France and Spain have some 60 year mortgages, and banks in Japan introduced the 100 year mortgage in the 1990s. (Note that France does not have credit cards, as routine borrowing a la USA is not part of the culture. Bank fees there also make any Boglehead blush). Japan's very long mortgages are also due to very high real estate prices and the ability to avoid some inheritance taxes when passing the primary residence to the next generation.
elvistcb
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Re: Refinance Mega Thread

Post by elvistcb »

Has anyone successfully closed with interactive mortgage and how long did the process take from the day you locked?
Minty
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Re: Refinance Mega Thread

Post by Minty »

elvistcb wrote: Sat Oct 10, 2020 10:55 am Has anyone successfully closed with interactive mortgage and how long did the process take from the day you locked?
I'm starting a refi with IM, so I am interested in this question as well. We locked a 1.99%, 15-year, no-cost loan at around $360K 10 days ago. (D + I - Credit = $20 for one day's prepaid interest; not complaining that they rounded up from 19.67!) Have not heard from the underwriter yet. Locked until early November.

FWIW, when I was shopping over the last month or so, Lender Fi told me it was "unrealistic" to get a no-cost refi on a 15 at 2.125% or less. Watermark's quote for a 1.99% loan carried fees of almost $2,000. Loan Cabin was very slow to respond and ultimately stopped communicating entirely. IM appeared to be eager for the business, so I assume they will close.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
yogesh
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Re: Refinance Mega Thread

Post by yogesh »

Minty wrote: Sat Oct 10, 2020 2:06 pm
elvistcb wrote: Sat Oct 10, 2020 10:55 am Has anyone successfully closed with interactive mortgage and how long did the process take from the day you locked?
I'm starting a refi with IM, so I am interested in this question as well. We locked a 1.99%, 15-year, no-cost loan at around $360K 10 days ago. (D + I - Credit = $20 for one day's prepaid interest; not complaining that they rounded up from 19.67!) Have not heard from the underwriter yet. Locked until early November.

FWIW, when I was shopping over the last month or so, Lender Fi told me it was "unrealistic" to get a no-cost refi on a 15 at 2.125% or less. Watermark's quote for a 1.99% loan carried fees of almost $2,000. Loan Cabin was very slow to respond and ultimately stopped communicating entirely. IM appeared to be eager for the business, so I assume they will close.
Wow! 1.99 15-year, no-cost is too good.
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
Minty
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Re: Refinance Mega Thread

Post by Minty »

yogesh wrote: Sat Oct 10, 2020 3:07 pm
Minty wrote: Sat Oct 10, 2020 2:06 pm
elvistcb wrote: Sat Oct 10, 2020 10:55 am Has anyone successfully closed with interactive mortgage and how long did the process take from the day you locked?
I'm starting a refi with IM, so I am interested in this question as well. We locked a 1.99%, 15-year, no-cost loan at around $360K 10 days ago. (D + I - Credit = $20 for one day's prepaid interest; not complaining that they rounded up from 19.67!) Have not heard from the underwriter yet. Locked until early November.

FWIW, when I was shopping over the last month or so, Lender Fi told me it was "unrealistic" to get a no-cost refi on a 15 at 2.125% or less. Watermark's quote for a 1.99% loan carried fees of almost $2,000. Loan Cabin was very slow to respond and ultimately stopped communicating entirely. IM appeared to be eager for the business, so I assume they will close.
Wow! 1.99 15-year, no-cost is too good.
Owning.com is advertising 1.998, and Loan Cabin is at 2.125, supposedly including fees, so deals are out there! Good luck!
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
OrangeKiwi
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Re: Refinance Mega Thread

Post by OrangeKiwi »

criticalmass wrote: Sat Oct 10, 2020 12:17 am
gaurav811 wrote: Wed Oct 07, 2020 7:41 pm And in no other country except US you get these 30 year fixed rate products.
France and Spain have some 60 year mortgages, and banks in Japan introduced the 100 year mortgage in the 1990s. (Note that France does not have credit cards, as routine borrowing a la USA is not part of the culture. Bank fees there also make any Boglehead blush). Japan's very long mortgages are also due to very high real estate prices and the ability to avoid some inheritance taxes when passing the primary residence to the next generation.
Are they fixed rate 60 and 100 year mortgages?
palanzo
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Re: Refinance Mega Thread

Post by palanzo »

criticalmass wrote: Sat Oct 10, 2020 12:17 am
gaurav811 wrote: Wed Oct 07, 2020 7:41 pm And in no other country except US you get these 30 year fixed rate products.
France and Spain have some 60 year mortgages, and banks in Japan introduced the 100 year mortgage in the 1990s. (Note that France does not have credit cards, as routine borrowing a la USA is not part of the culture. Bank fees there also make any Boglehead blush). Japan's very long mortgages are also due to very high real estate prices and the ability to avoid some inheritance taxes when passing the primary residence to the next generation.
Where did you get the idea that France does not have credit cards?

A simple search shows otherwise as well as personal experience.

https://en.selectra.info/banking-france/cards
With over 68 million of them in circulation in France in 2019, credit cards are the number one payment method in France.
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
yogesh
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Re: Refinance Mega Thread

Post by yogesh »

May I get a list of low cost refi lenders?

Interactive Mortgage
LenderFi
Better
Loan Cabin
Loan Depot
Watermark
Owning
Radian
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
StoopieHippo
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Re: Refinance Mega Thread

Post by StoopieHippo »

yogesh wrote: Sat Oct 10, 2020 4:49 pm May I get a list of low cost refi lenders?

Interactive Mortgage
LenderFi
Better
Loan Cabin
Loan Depot
Watermark
Owning
Radian
I don't think Radian is a lender - they do title insurance, etc?
presto987
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Re: Refinance Mega Thread

Post by presto987 »

^ Correct.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I'm waiting 3 months for a reply from Loan Cabin
jb3
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Re: Refinance Mega Thread

Post by jb3 »

I got a reply from Loan Cabin pretty quickly. I felt honored!

I did email them a few days after my application to tell them I had not heard back, don't know if that helped.
criticalmass
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Re: Refinance Mega Thread

Post by criticalmass »

palanzo wrote: Sat Oct 10, 2020 4:13 pm
criticalmass wrote: Sat Oct 10, 2020 12:17 am
gaurav811 wrote: Wed Oct 07, 2020 7:41 pm And in no other country except US you get these 30 year fixed rate products.
France and Spain have some 60 year mortgages, and banks in Japan introduced the 100 year mortgage in the 1990s. (Note that France does not have credit cards, as routine borrowing a la USA is not part of the culture. Bank fees there also make any Boglehead blush). Japan's very long mortgages are also due to very high real estate prices and the ability to avoid some inheritance taxes when passing the primary residence to the next generation.
Where did you get the idea that France does not have credit cards?

A simple search shows otherwise as well as personal experience.

https://en.selectra.info/banking-france/cards
With over 68 million of them in circulation in France in 2019, credit cards are the number one payment method in France.
You mentioned personal experience. I would love to know which French bank your personal experience is based on of holding a true credit card (e.g. revolving credit) issued by a French bank.
I was mentioning cards issued in France, not cards used in France from elsewhere. It's not my idea, it's my experience of living in France and being French as well. "Credit cards" may appear to be very popular in France (indeed Visa is extremely popular, with Mastercard less so due to historical reasons), but are not credit cards at all, at least in the USA sense. The reality is that cards issued by French banks are nearly all debit cards or (usually for an extra fee) deferred debit (débit différé) which some call a "credit card." The difference is a typical Visa card withdrawals from your current account in 0-2 days, where deferred debit withdrawals from your current account at the end of the month. There is no option for carrying revolving balances, except for rare products from French banks. Having funds before purchase is the culture (large purchases like houses excepted).
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Re: Refinance Mega Thread

Post by LadyGeek »

The discussion is derailed on credit cards.

Please stay on-topic, which is refinancing.
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zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

My Wells Fargo loan was purchased by another lender. I still log into Wells Fargo to get mortgage statement. I got a decent quote from Network Capital. should i reach out to Wells Fargo or the other lender for match? Thanks.
criticalmass
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Re: Refinance Mega Thread

Post by criticalmass »

In late August, I locked in 2.625% $0 cost for a 20 year, $250k refinance at WM. (Option for 2.5% for $800 costs). That paperwork is still rolling along, I think. Have rates really sunk below that? I remember they said they could split a reduction in rate before closing.

Most of the recent threads discuss 15 year, where I've seen some great rates, but it's hard to know the circumstances.

Also, does WM allow you to choose a title insurer? (I know technically everyone is supposed to allow this, but it can be a major hassle in practice to choose a Radian or Redfin/TitleForward title insurance if the title company doesn't want to).

I've found rate shopping to be extremely difficult, since everyone wants you to send in an application with paystubs etc before quoting rates. That wasn't the case before the last financial crisis.
Tenesmus83
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Re: Refinance Mega Thread

Post by Tenesmus83 »

How quickly can LenderFi close right now? from application start to closing?
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

About a month ago I locked with loan depot on a 15 year 2.25 cash out with about $5500 fees, most of that closing costs. It is TX and cash out, thus driving higher fees. It is still out there, radio silence almost 2 weeks. Have rates gone down enough to start looking at other options?
jco
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Re: Refinance Mega Thread

Post by jco »

It looks like I'm going to get charged two or three days of extra interested because of screw ups by the title company. I'm wondering who I should I ask for a refund (presumably the title company).

I was supposed to fund on 10/7, but there was a problem with the title paper work. I only learned about this on 10/8. I followed up the evening of 10/8 asking whether the issue had been resolved. The closing expert from Better said there was still a problem with one document and copied the title person on his response along with a scan of the problematic document. Radio silence from the title company. I called the title company about midday 10/9. The title person says they were waiting for Better to wire them the money. I say I think there is a problem with the scanned document. She says they've already sent it multiple times. I respond that Better received the document but there was a problem with it. I then mentioned what the problem specifically was. The title person keys saying they already sent it. I keep explaining in different ways to the title person that the document has this specific problem. The title person keeps repeating that the document was already sent. My wife is laughing this whole time because I pretty much couldn't have been more specific about what the problem was. I call the closing expert at Better, and the closing expert says they still have not received the corrected document. I ask him if it's because of "this specific thing". He said yes. So I beg him to call the title expert to get the issue resolved. He called immediately, ended up leaving the title person a voicemail, but followed up with an email saying I need this specific thing and here's how your fix it. The corrected document gets sent shortly after, Better funds the mortgage almost instantly, but by this time it's 4:30 EST. So the wire to payoff my loan won't go out until Monday.

Does anyone have recommendations about how to approach the title company (presumably) for getting a refund. I know the exact payoff amount for both 10/9 and 10/12, so I know exactly how much extra this cost me. It's not a lot of money, but I felt pretty upset that I had to step in to get this resolved.
Tenesmus83
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Re: Refinance Mega Thread

Post by Tenesmus83 »

does anyone know if the freddie/fannie refinance fee is already baked into current rates?
Are you good as long as you lock your rate before 12/1?
presto987
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Re: Refinance Mega Thread

Post by presto987 »

The fee is already baked into pricing, except maybe for lenders who are closing very quickly.

Dec 1 is the cutoff for when the lender transfers the loan to Fannie/Freddie. It takes at least a couple of weeks after funding for that to happen. So even if you lock now and close in 30 days, by the time the loan is funded and transferred, you are looking at December.
JJ Alemany
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Re: Refinance Mega Thread

Post by JJ Alemany »

presto987 wrote: Thu Oct 01, 2020 11:09 pm LoanDepot is hit or miss depending on who you get. When I first applied, I got a phone call from someone who was unhelpful and somewhat rude. He had no interest in trying to beat my other offer.

I subsequently found an LO who was responsive, helpful, and able to access good deals. She is accessible by phone, email, and text and always got back to me on the same day. Happy to refer folks to her if you’re not already working with an LO there. You can check if an LO is already assigned to you by logging into your account.
Presto, first post over here, but I have been following this thread for a few weeks. Can you send me the LO you recommend from LD? The forum doesn't let me private message yet (or maybe i'm doing it wrong). I submitted online to LenderFi today and waiting to hear back, but I want to check with LD once I get my LE from LD.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jco wrote: Sun Oct 11, 2020 2:41 pm It looks like I'm going to get charged two or three days of extra interested because of screw ups by the title company. I'm wondering who I should I ask for a refund (presumably the title company).

... I call the closing expert at Better, and the closing expert says they still have not received the corrected document. I ask him if it's because of "this specific thing". He said yes. So I beg him to call the title expert to get the issue resolved. He called immediately, ended up leaving the title person a voicemail, but followed up with an email saying I need this specific thing and here's how your fix it. The corrected document gets sent shortly after, Better funds the mortgage almost instantly, but by this time it's 4:30 EST. So the wire to payoff my loan won't go out until Monday.

Does anyone have recommendations about how to approach the title company (presumably) for getting a refund. I know the exact payoff amount for both 10/9 and 10/12, so I know exactly how much extra this cost me. It's not a lot of money, but I felt pretty upset that I had to step in to get this resolved.
It’s worse than you think. Monday is a bank holiday, so the payoff wire won’t go out until 10/13. Did you use Better’s selected title or did you pick a different company? If the former, through your closing expert I’d ask how the extra $X in interest is getting paid, which hopefully if the title company doesn’t cover it, Better will.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

JJ Alemany wrote: Sun Oct 11, 2020 4:42 pm Presto, first post over here, but I have been following this thread for a few weeks. Can you send me the LO you recommend from LD? The forum doesn't let me private message yet (or maybe i'm doing it wrong). I submitted online to LenderFi today and waiting to hear back, but I want to check with LD once I get my LE from LD.
PM sent!
Giovanna29
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Re: Refinance Mega Thread

Post by Giovanna29 »

mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I Closed with Loan Cabin a few weeks ago. 1.875% 15 year fixed with no lender fees. The only charge was title of $575.00. They were a bit behind but worth the wait. I shopped all the lenders better, loan Depot, and Aim and they were the best deal
Giovanna29
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Re: Refinance Mega Thread

Post by Giovanna29 »

manatee2005 wrote: Sat Oct 10, 2020 7:50 pm
mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I'm waiting 3 months for a reply from Loan Cabin

Shoot them an email hello@loancabin.com
For quickest response . They Offer the best deal out of all the lenders.
need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp »

presto987 wrote: Sun Oct 11, 2020 7:17 pm
JJ Alemany wrote: Sun Oct 11, 2020 4:42 pm Presto, first post over here, but I have been following this thread for a few weeks. Can you send me the LO you recommend from LD? The forum doesn't let me private message yet (or maybe i'm doing it wrong). I submitted online to LenderFi today and waiting to hear back, but I want to check with LD once I get my LE from LD.
PM sent!
I'll take the name/link for future reference also, just in case, if you don't mind. Thanks!
Giovanna29
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Re: Refinance Mega Thread

Post by Giovanna29 »

Minty wrote: Sat Oct 10, 2020 3:40 pm
yogesh wrote: Sat Oct 10, 2020 3:07 pm
Minty wrote: Sat Oct 10, 2020 2:06 pm
elvistcb wrote: Sat Oct 10, 2020 10:55 am Has anyone successfully closed with interactive mortgage and how long did the process take from the day you locked?
I'm starting a refi with IM, so I am interested in this question as well. We locked a 1.99%, 15-year, no-cost loan at around $360K 10 days ago. (D + I - Credit = $20 for one day's prepaid interest; not complaining that they rounded up from 19.67!) Have not heard from the underwriter yet. Locked until early November.

FWIW, when I was shopping over the last month or so, Lender Fi told me it was "unrealistic" to get a no-cost refi on a 15 at 2.125% or less. Watermark's quote for a 1.99% loan carried fees of almost $2,000. Loan Cabin was very slow to respond and ultimately stopped communicating entirely. IM appeared to be eager for the business, so I assume they will close.
Wow! 1.99 15-year, no-cost is too good.
Owning.com is advertising 1.998, and Loan Cabin is at 2.125, supposedly including fees, so deals are out there! Good luck!
I closed with Loan Cabin at 1.875% 15 year fixed and no lender fees. Easy process and they had the best deal. Good luck.
jco
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Re: Refinance Mega Thread

Post by jco »

BrandonBogle wrote: Sun Oct 11, 2020 5:02 pm
jco wrote: Sun Oct 11, 2020 2:41 pm It looks like I'm going to get charged two or three days of extra interested because of screw ups by the title company. I'm wondering who I should I ask for a refund (presumably the title company).

Does anyone have recommendations about how to approach the title company (presumably) for getting a refund. I know the exact payoff amount for both 10/9 and 10/12, so I know exactly how much extra this cost me. It's not a lot of money, but I felt pretty upset that I had to step in to get this resolved.
It’s worse than you think. Monday is a bank holiday, so the payoff wire won’t go out until 10/13. Did you use Better’s selected title or did you pick a different company? If the former, through your closing expert I’d ask how the extra $X in interest is getting paid, which hopefully if the title company doesn’t cover it, Better will.
I picked a local company to save a few hundred dollars. I had a great experience with them for the last refinance 6 months ago. But this time I had a different closer, which led to a very different experience.
Savingscaptain
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Re: Refinance Mega Thread

Post by Savingscaptain »

presto987 wrote: Sun Oct 11, 2020 7:17 pm
JJ Alemany wrote: Sun Oct 11, 2020 4:42 pm Presto, first post over here, but I have been following this thread for a few weeks. Can you send me the LO you recommend from LD? The forum doesn't let me private message yet (or maybe i'm doing it wrong). I submitted online to LenderFi today and waiting to hear back, but I want to check with LD once I get my LE from LD.
PM sent!
Me too please.
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F150HD
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Re: Refinance Mega Thread

Post by F150HD »

Does anyone have any updates on the "adverse market refinance fee" that kicks in Dec 1?

Is there anyway to avoid this fee? Thought I read that when you lock your rate you could avoid it but other websites state otherwise so a bit confusing.


have not read this entire thread to see if this was mentioned. Thanks.

Edit: I see it referenced above but still contradicts some of what I am reading. Dunno.
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F150HD
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Re: Refinance Mega Thread

Post by F150HD »

Giovanna29 wrote: Sun Oct 11, 2020 7:37 pm
manatee2005 wrote: Sat Oct 10, 2020 7:50 pm
mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I'm waiting 3 months for a reply from Loan Cabin

Shoot them an email hello@loancabin.com
For quickest response . They Offer the best deal out of all the lenders.
doesn't look like they are licensed in every state. This may be the reason for the 3 month wait?

just looked and they are not licensed where I am but it lets me continue w/ the application. Unsure why.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

Giovanna29 wrote: Sun Oct 11, 2020 7:35 pm
mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I Closed with Loan Cabin a few weeks ago. 1.875% 15 year fixed with no lender fees. The only charge was title of $575.00. They were a bit behind but worth the wait. I shopped all the lenders better, loan Depot, and Aim and they were the best deal
Can you post your timeline? E.g. when did you apply, lock, enter underwriting, etc. compared to when you closed.
dlrkw9mu
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Re: Refinance Mega Thread

Post by dlrkw9mu »

F150HD wrote: Sun Oct 11, 2020 9:25 pm Does anyone have any updates on the "adverse market refinance fee" that kicks in Dec 1?

Is there anyway to avoid this fee? Thought I read that when you lock your rate you could avoid it but other websites state otherwise so a bit confusing.


have not read this entire thread to see if this was mentioned. Thanks.

Edit: I see it referenced above but still contradicts some of what I am reading. Dunno.
My understanding is that this fee gets charged to the lender - not the borrower. It should already be baked into the rates you're seeing.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

F150HD wrote: Sun Oct 11, 2020 9:35 pm
Giovanna29 wrote: Sun Oct 11, 2020 7:37 pm
manatee2005 wrote: Sat Oct 10, 2020 7:50 pm
mceagle555 wrote: Sat Oct 10, 2020 4:20 pm Has anyone actually successfully closed with Loan Cabin? I submitted my app a week ago and have called in multiple times. Also emailed the complaints email address. Zero responses.

I would go with Interactive Mortgage, but they just stopped doing lending in my state (TN).
I'm waiting 3 months for a reply from Loan Cabin

Shoot them an email hello@loancabin.com
For quickest response . They Offer the best deal out of all the lenders.
doesn't look like they are licensed in every state. This may be the reason for the 3 month wait?

just looked and they are not licensed where I am but it lets me continue w/ the application. Unsure why.
They lend in California where I am. I refinanced with interactive mortgage so I don’t need them anymore.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

dlrkw9mu wrote: Sun Oct 11, 2020 9:53 pm
F150HD wrote: Sun Oct 11, 2020 9:25 pm Does anyone have any updates on the "adverse market refinance fee" that kicks in Dec 1?

Is there anyway to avoid this fee? Thought I read that when you lock your rate you could avoid it but other websites state otherwise so a bit confusing.


have not read this entire thread to see if this was mentioned. Thanks.

Edit: I see it referenced above but still contradicts some of what I am reading. Dunno.
My understanding is that this fee gets charged to the lender - not the borrower. It should already be baked into the rates you're seeing.
That is correct. All things being equal, a $500k loan subject to the fee vs. a $500k loan not subject to it (again, ALL other factors being equal) would have $2,500 less in lender credits/more in points cost. So in practice, rather than pay $2500 more/get less, one would move up the rate table a bit.

But yes. It will 100% never be a fee that the borrower sees on any paperwork or disclosure as they are not directly charged — the lender adjusts their offer due to the increased “cost of doing business” as outlined above.
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MathMaster
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Re: Refinance Mega Thread

Post by MathMaster »

Owning just sold mine to US bank. I haven’t heard much about them but being a larger bank I’m hopeful they will be easy to work with. I do plan to make irregular additional principal payments which seems like a problem with some of the services.
I had two mortgage loans with US Bank through 2012. I made several years of extra principal payments. At that time, US Bank's online autopayment setup had a specific field for additional principal applied to each payment. Hopefully they've maintained the same approach through any system updates over the years.
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

Loan Cabin currently offers loans only in the following states. If your property isn't in one of these 15 states don't waste your time applying.


Alabama
California
Colorado
Florida
Georgia
Illinois
Indiana
Michigan
New Jersey
Ohio
Pennsylvania
Mississippi
Tennessee
Texas
Kentucky
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

Any title company to recommend? Radian doesn't work with Network Capital. I'm in NY if that matters. Thanks.
sudohouse
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Re: Refinance Mega Thread

Post by sudohouse »

"Radian’s consumer channel of business is temporarily suspended. Currently, we are only accepting orders from lenders that we have an active account with. Unfortunately, we do not have an active account or relationship with Amerisave Mortgage so we are unable to provide a quote at this time. I apologize for the inconvenience. "

Radian's a no go I also need a recommendation for title service. Anyone?
jco
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Re: Refinance Mega Thread

Post by jco »

sudohouse wrote: Mon Oct 12, 2020 2:01 pm "Radian’s consumer channel of business is temporarily suspended. Currently, we are only accepting orders from lenders that we have an active account with. Unfortunately, we do not have an active account or relationship with Amerisave Mortgage so we are unable to provide a quote at this time. I apologize for the inconvenience. "

Radian's a no go I also need a recommendation for title service. Anyone?
I would just call some local companies (to you), get their prices, and make a decision.

If you've had good experiences with someone local, you may give a preference to them.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

criticalmass wrote: Sun Oct 11, 2020 12:32 am I've found rate shopping to be extremely difficult, since everyone wants you to send in an application with paystubs etc before quoting rates. That wasn't the case before the last financial crisis.
I agree. I've found this aspect of doing a refi to be the most challenging. The gov't has changed the refi landscape with having lenders provide a LE in order to give borrowers a level playing field to compare rates. But, the lenders (especially banks, and CUs) are doing everything they can to prevent having to provide the LE.
"You don't stop playing because you're old. You're old because you've stopped playing"
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

jco wrote: Sun Oct 11, 2020 8:27 pm
BrandonBogle wrote: Sun Oct 11, 2020 5:02 pm
jco wrote: Sun Oct 11, 2020 2:41 pm It looks like I'm going to get charged two or three days of extra interested because of screw ups by the title company. I'm wondering who I should I ask for a refund (presumably the title company).

Does anyone have recommendations about how to approach the title company (presumably) for getting a refund. I know the exact payoff amount for both 10/9 and 10/12, so I know exactly how much extra this cost me. It's not a lot of money, but I felt pretty upset that I had to step in to get this resolved.
It’s worse than you think. Monday is a bank holiday, so the payoff wire won’t go out until 10/13. Did you use Better’s selected title or did you pick a different company? If the former, through your closing expert I’d ask how the extra $X in interest is getting paid, which hopefully if the title company doesn’t cover it, Better will.
I picked a local company to save a few hundred dollars. I had a great experience with them for the last refinance 6 months ago. But this time I had a different closer, which led to a very different experience.
This isn't going to be as bad as you think. Agree it sucks to be charged 2-3 days extra interest on the old loan due to a problem someone else should have handled. But your new mortgage will be funding 2-3 days later, so you will be paying less in prepaid interest on the new note. This will (should) all get ironed out either at close or shortly after when they true up your documents for what actually occurred. You'll be sent a check from the title company and the amount won't be all that much. I don't know your specific loan numbers, but here's an example on a 30-year:

- Example loan value = $600k
- Example old rate = 3.5%, which means $57.53/day interest x 3 days = $172.59 additional interest you'll pay on the old loan
- Example new rate = 2.75%, which means $45.21/day interest x 3 days = $135.62 less prepaid interest you'll owe on the new loan
- Net refund owed to you is the $36.97 difference between these two items
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

Below is section C in the LE provided. As people suggest to find a local title company, should I call them and tell them each items included in section C below or they know what to do? Thanks.

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