their price was already good, but i had them price-match to the lowest.presto987 wrote: ↑Fri Nov 13, 2020 11:37 pmThat is great! Did you have them price match someone else? If not, did you link to Better from another site like bankrate?
but the weird thing is that the price-match worked out to be way better than what the other company was.
better originally had me at 2.125% with a decent credit (like $1k). to go down to 2.00% was like inordinate amount of dollars (like pay $2.2K, which is a swing of $3.2K, vs a loan amount of 500K, so 0.65%, or something like 6 years worth of interest).
the other company offered 2.125% with a slightly higher credit than better. But to go down to 2.000% was less than a $1K swing. So, pay $1k to reduce interest rate by 0.125%. I asked them if they can go even lower at that pay-down. I don't think lending officer wanted to check (just wanted to proceed).
When I presented that to better, they decided I should get a 1.875% with a smaller credit. Relative to the original better deal, it was a swing of almost $6.5K in my favor. it is also possible that the rate had dropped, so they were able to give a better deal.
I have no idea how they price-matched that deal.
all said and done, paid around $500K in refi-costs (everything else was prepaids).
Interest rate went from 2.75% 5x1 ARM to 1.875% 15 fixed.
I think around $18K savings in 5 years.
Not bad for a few hours of work.
I have to say my better team was the nicest, most responsive, most competent set of people.
The closing notary, on the other hand, was the biggest prik I have met in my life.
And I am still getting calls from loan depot "retention department" asking why I did not go with them.
kid you not.