Refinance Mega Thread

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pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

Any disadvantages if the loan is passed of for servicing? Isn’t it seamless for a borrower?
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

pmorgan2020 wrote: Wed Dec 02, 2020 2:16 am Any disadvantages if the loan is passed of for servicing? Isn’t it seamless for a borrower?
That's common practice. Whenever the servicer changes you have to send the monthly payments to the new guy at a new address. If you have have setup automatic payments thru your bank or the servicer you have to cancel it and setup a new one for the new servicer..
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

TLHHead wrote: Tue Dec 01, 2020 8:27 pm Hi, catching up on these threads. Maybe I'm old school but I do like going with a Big Guy.

Current Rate 4%

I'm currently looking at refinancing with Quiken at a 480K refinance $1877 (.126% points) + title = 5519 of feeds.

Also, has anybody refinanced in PA? I see my original mortgage had significant taxes $8K which I remember being surprised about. Section E of closing document and wondering about PA or township fees to just refinance that may not be accounted for here.

Trying to figure out if this is a good deal. Seems decent.

I'm also looking to payoff in <5 years
I have done couple of refinances with Quicken Loans. If you go to them directly their rates (and attitude) are horrible. The trick is to go to Quicken through an agent to get lower rates
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

logiclife wrote: Tue Dec 01, 2020 9:40 pm
mt2k wrote: Tue Dec 01, 2020 10:49 am
logiclife wrote: Mon Nov 30, 2020 7:37 pm Can someone give inputs on if this reasonable deal from "Better" , iam in IL. ? My goal here is to pay off my mortgage sooner and pay less interest overall. My current rate is 3.375% on 30 year fixed

Rate:2.375 Payment:$1,682 APR:2.49% Loan Amount:$254,557
Closing Fees:$3843 (orig fees,A:$1734 ; B:$614 C:$1123) Loan Term:15 years.


with LenderFi ,today I received 15 yr fixed 2.25% with $0 out of pocket closing costs after credits Seems better .
LenderFi quote is way better, with lower rate and $3,600 lower closing cost. I would take LenderFi quote to Better and LD and ask them to beat it.

MR Cooper (my current loan servicer) pricematched LenderFi, with $881 credits with no costs loan BUT with an approx close date of 2/1/2021., rate locked

I am not sure if waiting that long has any --ve's in it, any thoughts?

EDIT: I feel that they are putting me back in the line as they know Iam already their customer and Iam given a good rate plus I will be paying them 3.375% rate on my current loan until the refi closes


Does anyone know who lender fi passes off the loan for servicing!?
Looks like 60 days closing period is quite normal with many lenders these days. Make sure you get it in writing that they auto extend the rate lock if it expires before closing
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

Well now the Better LE has updated. Estimated total payoff and payments is $1500 higher than the loan payoff amount. Is this normal? I really don’t want to play this game...might back out and go with Lenderfi.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

houseofcheap wrote: Wed Dec 02, 2020 11:50 am Well now the Better LE has updated. Estimated total payoff and payments is $1500 higher than the loan payoff amount. Is this normal? I really don’t want to play this game...might back out and go with Lenderfi.
You do realize you are in control of the loan amount (to a degree) you get? In all likelihood, the increase is to cover some closing costs vs. paying them out of pocket. Your loan officer/concierge can change that for you. However, keep in mind where you are in the process. If you are early and not approaching closing, leave it for now. It is not uncommon for the higher amount to go to underwriting for approval. It can then be lowered without any concern. If, however, you go to underwriting for the lower amount and then decide to roll in some closing costs, you may need to get another approval depending on your circumstances. Thus, some loan officers start with the higher amount to minimize underwriting headaches.
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

BrandonBogle wrote: Wed Dec 02, 2020 11:57 am
houseofcheap wrote: Wed Dec 02, 2020 11:50 am Well now the Better LE has updated. Estimated total payoff and payments is $1500 higher than the loan payoff amount. Is this normal? I really don’t want to play this game...might back out and go with Lenderfi.
You do realize you are in control of the loan amount (to a degree) you get? In all likelihood, the increase is to cover some closing costs vs. paying them out of pocket. Your loan officer/concierge can change that for you. However, keep in mind where you are in the process. If you are early and not approaching closing, leave it for now. It is not uncommon for the higher amount to go to underwriting for approval. It can then be lowered without any concern. If, however, you go to underwriting for the lower amount and then decide to roll in some closing costs, you may need to get another approval depending on your circumstances. Thus, some loan officers start with the higher amount to minimize underwriting headaches.
I was hoping this was the case but my closing costs went from $500 going back to me to me owing $1300 at closing. The loan amount stayed the same while the estimated payoffs and payments went up. I asked them to update my estimated home worth to the figure every other lender has used (they are less $10k) but they won’t saying it might cause the appraisal waiver to be lost. How? I was granted the waiver for higher value at other lenders? It matters because if they roll in any more costs then PMI will pop back up.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

houseofcheap wrote: Wed Dec 02, 2020 12:16 pm
BrandonBogle wrote: Wed Dec 02, 2020 11:57 am
houseofcheap wrote: Wed Dec 02, 2020 11:50 am Well now the Better LE has updated. Estimated total payoff and payments is $1500 higher than the loan payoff amount. Is this normal? I really don’t want to play this game...might back out and go with Lenderfi.
You do realize you are in control of the loan amount (to a degree) you get? In all likelihood, the increase is to cover some closing costs vs. paying them out of pocket. Your loan officer/concierge can change that for you. However, keep in mind where you are in the process. If you are early and not approaching closing, leave it for now. It is not uncommon for the higher amount to go to underwriting for approval. It can then be lowered without any concern. If, however, you go to underwriting for the lower amount and then decide to roll in some closing costs, you may need to get another approval depending on your circumstances. Thus, some loan officers start with the higher amount to minimize underwriting headaches.
I was hoping this was the case but my closing costs went from $500 going back to me to me owing $1300 at closing. The loan amount stayed the same while the estimated payoffs and payments went up. I asked them to update my estimated home worth to the figure every other lender has used (they are less $10k) but they won’t saying it might cause the appraisal waiver to be lost. How? I was granted the waiver for higher value at other lenders? It matters because if they roll in any more costs then PMI will pop back up.
If the difference is from the payoffs going up, you would have run into this with all the lenders as the new lender doesn’t set what the payoff is, the old one does.

Now, the property value is one thing if you were looking to roll in the costs to not pay out of pocket for the refi. I don’t know what to say about the house value other than it should be something they can play with. If they pull up the Fannie Mae evaluator and put in the higher amount, they should see if it kicks out needing an appraisal. If it does, they just keep the lower amount on your file. However, LenderFi I believe leans more towards using Freddie Mac’s desktop evaluations vs. Fannie Mae’s, so there could be a difference between the two.
IamLaura
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Re: Refinance Mega Thread

Post by IamLaura »

It sounds like I am not the only one having some issues with Interactive Mortgage. I was told the process would take up to 45 days. We did not need an appraisal, which was supposed to speed up the process.

10/14 - Rate locked
11/06 - Loan approved
11/13 - Closing disclosure sent and signed
11/20 - Notified that paperwork prepared
11/24 - Paperwork signed with notary
12/01 - Request for bank statements

Isn't it weird for them to be asking for bank statements now? They approved our loan almost four weeks ago!

I am getting fed up with them. It is often taking them two days or more to respond to my messages, which is unprofessional. I am starting to wish I had gone with another lender. I guess it's too late for us to back out because we signed everything, but don't they have to keep up their end of the bargain by actually funding the loan?
fedworker2021
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Re: Refinance Mega Thread

Post by fedworker2021 »

Locked in a 30yr refinance rate at 2.625% for $286k at 80% LTV. The lender is providing $3,200 credit in closing costs and waiving the appraisal fee. Crazy how low the rates are right now and wanted to get in before they perk up again. I asked my local broker about the adverse market fee and he stated that if the rate was locked before yesterday, the lender would not impose the .5% fee or any additional basis points. I guess we will see what happens, but he was pretty clear.
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rocket354
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Re: Refinance Mega Thread

Post by rocket354 »

BrandonBogle wrote: Wed Dec 02, 2020 12:48 pm
houseofcheap wrote: Wed Dec 02, 2020 12:16 pm
BrandonBogle wrote: Wed Dec 02, 2020 11:57 am
houseofcheap wrote: Wed Dec 02, 2020 11:50 am Well now the Better LE has updated. Estimated total payoff and payments is $1500 higher than the loan payoff amount. Is this normal? I really don’t want to play this game...might back out and go with Lenderfi.
You do realize you are in control of the loan amount (to a degree) you get? In all likelihood, the increase is to cover some closing costs vs. paying them out of pocket. Your loan officer/concierge can change that for you. However, keep in mind where you are in the process. If you are early and not approaching closing, leave it for now. It is not uncommon for the higher amount to go to underwriting for approval. It can then be lowered without any concern. If, however, you go to underwriting for the lower amount and then decide to roll in some closing costs, you may need to get another approval depending on your circumstances. Thus, some loan officers start with the higher amount to minimize underwriting headaches.
I was hoping this was the case but my closing costs went from $500 going back to me to me owing $1300 at closing. The loan amount stayed the same while the estimated payoffs and payments went up. I asked them to update my estimated home worth to the figure every other lender has used (they are less $10k) but they won’t saying it might cause the appraisal waiver to be lost. How? I was granted the waiver for higher value at other lenders? It matters because if they roll in any more costs then PMI will pop back up.
If the difference is from the payoffs going up, you would have run into this with all the lenders as the new lender doesn’t set what the payoff is, the old one does.

Now, the property value is one thing if you were looking to roll in the costs to not pay out of pocket for the refi. I don’t know what to say about the house value other than it should be something they can play with. If they pull up the Fannie Mae evaluator and put in the higher amount, they should see if it kicks out needing an appraisal. If it does, they just keep the lower amount on your file. However, LenderFi I believe leans more towards using Freddie Mac’s desktop evaluations vs. Fannie Mae’s, so there could be a difference between the two.
You should be able to identify exactly which lines in the LE have changed to increase the total owed at closing. That will help determine your answer.

Just as examples, I've had an LE from a lender increase when it became a CD (closing disclosure) for a variety of legitimate reasons:

1) estimated payoff amount of old loan is higher because there will be 40 days of interest accrued since the last reported loan balance and the actual funding date

2) auto-filled title costs were low compared to what it actually costs locally

3) state transfer taxes were not adequately represented

4) HOA initial "funding" dues (for a purchase) were discovered later in the process

Some of those maybe can be filed under "they should have known" (like #3) but all were legitimate and none in my opinion were out of malice.
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

IamLaura wrote: Wed Dec 02, 2020 1:28 pm It sounds like I am not the only one having some issues with Interactive Mortgage. I was told the process would take up to 45 days. We did not need an appraisal, which was supposed to speed up the process.

10/14 - Rate locked
11/06 - Loan approved
11/13 - Closing disclosure sent and signed
11/20 - Notified that paperwork prepared
11/24 - Paperwork signed with notary
12/01 - Request for bank statements

Isn't it weird for them to be asking for bank statements now? They approved our loan almost four weeks ago!

I am getting fed up with them. It is often taking them two days or more to respond to my messages, which is unprofessional. I am starting to wish I had gone with another lender. I guess it's too late for us to back out because we signed everything, but don't they have to keep up their end of the bargain by actually funding the loan?
I signed less than a week before you and am also waiting for Interactive to fund. After I signed they asked me to show proof that my HELOC was closed back in July...seems like something that should have been discovered early on in the process, and certainly before having me sign closing docs. I was told yesterday that they are "looking for a funder". I don't know if it's common to have delays with refinancing as this is only my second time doing it, but it sounds like a lot of us here are waiting for our loans to fund and I wonder if Interactive is processing more loans than they can handle if they don't have investors lined up to fund the loans. This exact situation happened with my refinance with Owning several months back...seems like some of these lenders process the closing documents quickly before they're done with the underwriting process, thus causing a big delay in funding while they continue to work on getting documents and signatures. Regarding your bank statements, sometimes lenders ask for updated bank statements if yours are older statements or if you owe money at closing they could be trying to confirm that you have enough assets to pay.

My loan officer was excellent and always responds within minutes, but my processor has been extremely difficult to get ahold of and hasn't responded to me in almost a week. It's all super frustrating considering how pleasant the experience was with the loan officer.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

InvestDoc wrote: Wed Dec 02, 2020 4:53 pm My loan officer was excellent and always responds within minutes, but my processor has been extremely difficult to get ahold of and hasn't responded to me in almost a week. It's all super frustrating considering how pleasant the experience was with the loan officer.
This has been my experience with Network Capital, so it’s not unique to Interactive Mortgage sadly. The processing has been so loan that the rate lock expired twice already and the second time they reduced my lender credits to pay for it. I refused to proceed and they ate that cost and extended it a third time, and we may not meet that date. All because their processor is taking so long.

Yesterday I got asked about certain liens from prior refis. Not only are those immediately searchable on my county website, I answered the same questions in October. So if the rate lock expires again, I will refuse to proceed with fewer lender credits as I’ve been ready to close for over a month, but their processor is dragging their feet.
logiclife
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Re: Refinance Mega Thread

Post by logiclife »

mt2k wrote: Wed Dec 02, 2020 11:07 am [

with LenderFi ,today I received 15 yr fixed 2.25% with $0 out of pocket closing costs after credits Seems better .

Looks like 60 days closing period is quite normal with many lenders these days. Make sure you get it in writing that they auto extend the rate lock if it expires before closing
[/quote]


I am planning on sticking with LenderFi as I was told that the loan will close by end of this month.
mneumann
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Re: Refinance Mega Thread

Post by mneumann »

Curious as to any input on what is an acceptable delay on a refi from funding of loan to disbursement of funds. I am slightly jaded with current refi process because of the poor communication of the bank as well as issues with their vendors (poor appraisal that had to be argued and was eventually revised only after I fought them, notary communication mix up causing delays etc). Due to this not sure if I am justified or just looking for more things to complain about.


I signed closing docs for refi on Tuesday the 17th, recission period expired Friday the 20th at midnight, so settlement date was 11-23. This is all laid out in the paperwork no issue.

I had heard nothing after signing and reached out to loan officer on the 30th inquiring what was going on as no check had been received (was getting cash out) and prior mortgage was not paid off per online banking portal. She said she would look into it and I never heard back. That afternoon the 30th the pay-off finally posted to the old lender, and they mailed my cash out check yesterday 12-1. So I paid 7 days of double interest because I had 2 open loans, and took 9 days from settlement to get my cash out check where I am paying interest but earning nothing.

This seems excessive to me and think they should have overnighted checks on the 23rd and should've had them on the 24th to everywhere, is my thinking out of line? If not who is this the fault of (title/escrow company? Check is coming from them, or the new institution) and who should I start the complaining with, the loan officer or someone at the closing company?
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

mneumann wrote: Wed Dec 02, 2020 6:00 pm Curious as to any input on what is an acceptable delay on a refi from funding of loan to disbursement of funds. I am slightly jaded with current refi process because of the poor communication of the bank as well as issues with their vendors (poor appraisal that had to be argued and was eventually revised only after I fought them, notary communication mix up causing delays etc). Due to this not sure if I am justified or just looking for more things to complain about.


I signed closing docs for refi on Tuesday the 17th, recission period expired Friday the 20th at midnight, so settlement date was 11-23. This is all laid out in the paperwork no issue.

I had heard nothing after signing and reached out to loan officer on the 30th inquiring what was going on as no check had been received (was getting cash out) and prior mortgage was not paid off per online banking portal. She said she would look into it and I never heard back. That afternoon the 30th the pay-off finally posted to the old lender, and they mailed my cash out check yesterday 12-1. So I paid 7 days of double interest because I had 2 open loans, and took 9 days from settlement to get my cash out check where I am paying interest but earning nothing.

This seems excessive to me and think they should have overnighted checks on the 23rd and should've had them on the 24th to everywhere, is my thinking out of line? If not who is this the fault of (title/escrow company? Check is coming from them, or the new institution) and who should I start the complaining with, the loan officer or someone at the closing company?
It's the title company's fault
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

mneumann wrote: Wed Dec 02, 2020 6:00 pm Curious as to any input on what is an acceptable delay on a refi from funding of loan to disbursement of funds. I am slightly jaded with current refi process because of the poor communication of the bank as well as issues with their vendors (poor appraisal that had to be argued and was eventually revised only after I fought them, notary communication mix up causing delays etc). Due to this not sure if I am justified or just looking for more things to complain about.


I signed closing docs for refi on Tuesday the 17th, recission period expired Friday the 20th at midnight, so settlement date was 11-23. This is all laid out in the paperwork no issue.

I had heard nothing after signing and reached out to loan officer on the 30th inquiring what was going on as no check had been received (was getting cash out) and prior mortgage was not paid off per online banking portal. She said she would look into it and I never heard back. That afternoon the 30th the pay-off finally posted to the old lender, and they mailed my cash out check yesterday 12-1. So I paid 7 days of double interest because I had 2 open loans, and took 9 days from settlement to get my cash out check where I am paying interest but earning nothing.

This seems excessive to me and think they should have overnighted checks on the 23rd and should've had them on the 24th to everywhere, is my thinking out of line? If not who is this the fault of (title/escrow company? Check is coming from them, or the new institution) and who should I start the complaining with, the loan officer or someone at the closing company?
Do you know if your loan actually funded on the 23rd or was that the estimated date? I refinanced a few months ago and my funding was delayed 2 weeks after signing the closing docs, so even though the closing documents had everything calculated for the estimated funding date,the escrow company had to recalculate all the per diems to reflect the actual funding date and I only paid one day (at most) of double interest. I'm dealing with the same thing again with my current refinance. If your loan actually funded on the 23rd and it took them 1 week to send the payoff, I wonder if you have any recourse to get them to cover the double interest, or if there's any legal requirement for them to overnight the payoff after the loan funds?
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

BrandonBogle wrote: Wed Dec 02, 2020 5:14 pm
InvestDoc wrote: Wed Dec 02, 2020 4:53 pm My loan officer was excellent and always responds within minutes, but my processor has been extremely difficult to get ahold of and hasn't responded to me in almost a week. It's all super frustrating considering how pleasant the experience was with the loan officer.
This has been my experience with Network Capital, so it’s not unique to Interactive Mortgage sadly. The processing has been so loan that the rate lock expired twice already and the second time they reduced my lender credits to pay for it. I refused to proceed and they ate that cost and extended it a third time, and we may not meet that date. All because their processor is taking so long.

Yesterday I got asked about certain liens from prior refis. Not only are those immediately searchable on my county website, I answered the same questions in October. So if the rate lock expires again, I will refuse to proceed with fewer lender credits as I’ve been ready to close for over a month, but their processor is dragging their feet.
Same experience with Network Capital. The LO is excellent and the processor is pretty bad.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

I just recently closed my refi. Want to check a few things with you guys to make sure I didn't missed anything.

1. Title - Settlement Fee in Section B was increased by $120 from closing disclosure on 11/19 to the final closing disclosure on 11/24. Can they do that? or I should ask for refund for the difference?

2. The fund was supposed to disbursed on 11/25. That's why I was charged for interest of $227.27 from 11/25 to 12/1. On Wells Fargo website, the loan was paid off on 12/1. I should not pre-pay the interest from 11/25 to 12/1 to the new lender, correct? since Wells Fargo got the payment on 12/1.

3. In the final disclosing, the payoff to Wells Fargo is $485,238.20. However, the paid-off amount reflected on Wells Fargo's website, the amount is $484,636.59 (including principal balance of $483,327.58). Will I receive overpayment of $601.3 from Wells Fargo?

4. I saw people mentioned they received some final statements from the new lender after the close. Is that something the new lender will always prepare?

12/3 update: Just learned it today. My loan with Network Capital closed on 11/24 has been sold to another bank. I'm not sure if this will make it difficult for me to get any overpayment from them.
Last edited by zrzhu111 on Thu Dec 03, 2020 10:27 pm, edited 1 time in total.
confused1
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Re: Refinance Mega Thread

Post by confused1 »

confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
mneumann
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Re: Refinance Mega Thread

Post by mneumann »

InvestDoc wrote: Wed Dec 02, 2020 6:13 pm
mneumann wrote: Wed Dec 02, 2020 6:00 pm Curious as to any input on what is an acceptable delay on a refi from funding of loan to disbursement of funds. I am slightly jaded with current refi process because of the poor communication of the bank as well as issues with their vendors (poor appraisal that had to be argued and was eventually revised only after I fought them, notary communication mix up causing delays etc). Due to this not sure if I am justified or just looking for more things to complain about.


I signed closing docs for refi on Tuesday the 17th, recission period expired Friday the 20th at midnight, so settlement date was 11-23. This is all laid out in the paperwork no issue.

I had heard nothing after signing and reached out to loan officer on the 30th inquiring what was going on as no check had been received (was getting cash out) and prior mortgage was not paid off per online banking portal. She said she would look into it and I never heard back. That afternoon the 30th the pay-off finally posted to the old lender, and they mailed my cash out check yesterday 12-1. So I paid 7 days of double interest because I had 2 open loans, and took 9 days from settlement to get my cash out check where I am paying interest but earning nothing.

This seems excessive to me and think they should have overnighted checks on the 23rd and should've had them on the 24th to everywhere, is my thinking out of line? If not who is this the fault of (title/escrow company? Check is coming from them, or the new institution) and who should I start the complaining with, the loan officer or someone at the closing company?
Do you know if your loan actually funded on the 23rd or was that the estimated date? I refinanced a few months ago and my funding was delayed 2 weeks after signing the closing docs, so even though the closing documents had everything calculated for the estimated funding date,the escrow company had to recalculate all the per diems to reflect the actual funding date and I only paid one day (at most) of double interest. I'm dealing with the same thing again with my current refinance. If your loan actually funded on the 23rd and it took them 1 week to send the payoff, I wonder if you have any recourse to get them to cover the double interest, or if there's any legal requirement for them to overnight the payoff after the loan funds?

I guess I'll need to look after I get some sort of statement or start the conversation with someone. I paid prepaid interest as part of closing to cover the 23rd to the 30th, and I have no indication from anyone that is being recalculated, so I assume it still funded as expected. Sounds like I'm not just being a jerk for expecting it to be funded on time though, so I'll need to reach out somewhere.

The closing docs specifically said they would overnight a check for any proceeds, so I assume they should be held to that.
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
postal007
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Re: Refinance Mega Thread

Post by postal007 »

InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
I was going to do my second re-fi this year with IM but now thinking I should try to get LD to match and go with LD given everyone's experiences. And I thought it was bad with Owning where it took ~1.5 weeks to fund.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
Did you call them to see what's the hold up? In my case they didn't have my wired funds, so I had to call the escrow company and push them to send it to Owning. It funded very shortly after that, in fact I just got the email from my current bank that my loan was paid off.
purpleKatz
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Re: Refinance Mega Thread

Post by purpleKatz »

mneumann wrote: Wed Dec 02, 2020 6:00 pm Curious as to any input on what is an acceptable delay on a refi from funding of loan to disbursement of funds. I am slightly jaded with current refi process because of the poor communication of the bank as well as issues with their vendors (poor appraisal that had to be argued and was eventually revised only after I fought them, notary communication mix up causing delays etc). Due to this not sure if I am justified or just looking for more things to complain about.


I signed closing docs for refi on Tuesday the 17th, recission period expired Friday the 20th at midnight, so settlement date was 11-23. This is all laid out in the paperwork no issue.

I had heard nothing after signing and reached out to loan officer on the 30th inquiring what was going on as no check had been received (was getting cash out) and prior mortgage was not paid off per online banking portal. She said she would look into it and I never heard back. That afternoon the 30th the pay-off finally posted to the old lender, and they mailed my cash out check yesterday 12-1. So I paid 7 days of double interest because I had 2 open loans, and took 9 days from settlement to get my cash out check where I am paying interest but earning nothing.

This seems excessive to me and think they should have overnighted checks on the 23rd and should've had them on the 24th to everywhere, is my thinking out of line? If not who is this the fault of (title/escrow company? Check is coming from them, or the new institution) and who should I start the complaining with, the loan officer or someone at the closing company?
If you're in California, I thought CA Civil Code 2948.5 was designed to stop predatory overlapping interest charges beyond two days.
Last edited by purpleKatz on Thu Dec 03, 2020 3:28 am, edited 1 time in total.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

IM is back to 2.375 no cost for 30 year. So much for the Dec 1 increase. Owning is 2.224 but with a fee.

I thought 2.375 was my final refinance but now who knows :mrgreen:
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

My refinance closing tomorrow,if my current lender matches or beats rate,can i backoff?
robobub
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Re: Refinance Mega Thread

Post by robobub »

pmorgan2020 wrote: Thu Dec 03, 2020 9:33 am My refinance closing tomorrow,if my current lender matches or beats rate,can i backoff?


You have 3 days. Look up the 3 day right of rescission.
Janhaus
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Re: Refinance Mega Thread

Post by Janhaus »

Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

Do you mind sharing what are their terms for 30year loan
I got 2.5 on 30 year with out of pocket third party fees and will be closing my refinance tomorrow
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Janhaus wrote: Thu Dec 03, 2020 11:18 am Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!
I know you mentioned who you compared them with, but could you please clarify whose LE you sent to Better for them to beat? Also, what loan size (nearest $25k or $50k is fine)?

Maybe I need to do yet another Better refi lol! My last one was 2.625% for $1,200 profit (before the $2,500 promo credit).
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MilleniumBuc
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Re: Refinance Mega Thread

Post by MilleniumBuc »

logiclife wrote: Tue Dec 01, 2020 9:40 pm
mt2k wrote: Tue Dec 01, 2020 10:49 am
logiclife wrote: Mon Nov 30, 2020 7:37 pm Can someone give inputs on if this reasonable deal from "Better" , iam in IL. ? My goal here is to pay off my mortgage sooner and pay less interest overall. My current rate is 3.375% on 30 year fixed

Rate:2.375 Payment:$1,682 APR:2.49% Loan Amount:$254,557
Closing Fees:$3843 (orig fees,A:$1734 ; B:$614 C:$1123) Loan Term:15 years.


with LenderFi ,today I received 15 yr fixed 2.25% with $0 out of pocket closing costs after credits Seems better .
LenderFi quote is way better, with lower rate and $3,600 lower closing cost. I would take LenderFi quote to Better and LD and ask them to beat it.

MR Cooper (my current loan servicer) pricematched LenderFi, with $881 credits with no costs loan BUT with an approx close date of 2/1/2021., rate locked

I am not sure if waiting that long has any --ve's in it, any thoughts?

EDIT: I feel that they are putting me back in the line as they know Iam already their customer and Iam given a good rate plus I will be paying them 3.375% rate on my current loan until the refi closes


Does anyone know who lender fi passes off the loan for servicing!?
When I did my refi with them in August, it seemed to be Wells Fargo, but they kept mine for servicing. Reading the Lenderfi thread last month, there were several mentions of Mr Cooper for servicing (also my old servicer) and another firm I can’t remember.

At least they send me a $5 Starbucks gift card for suffering through their transition from the BSI website to their own website for servicing.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

BrandonBogle wrote: Thu Dec 03, 2020 2:06 pm
Janhaus wrote: Thu Dec 03, 2020 11:18 am Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!
I know you mentioned who you compared them with, but could you please clarify whose LE you sent to Better for them to beat? Also, what loan size (nearest $25k or $50k is fine)?

Maybe I need to do yet another Better refi lol! My last one was 2.625% for $1,200 profit (before the $2,500 promo credit).

We just finished a refi with Better and got the $2,500 AmEx promo credit. Our first month paying our new mortgage is December. My rate was also 2.625% with no costs on an almost $500K balance in state of NJ. 20 year fixed.

Am I allowed to refi again so soon after the one I just completed? Is the adverse fee in effect now b/c, if so, that alone would probably make refinancing again not worth it. Am I allowed to do it with Better again? or do I have to find a new company to do it with?

Thx!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Investor1319 wrote: Thu Dec 03, 2020 5:48 pm
BrandonBogle wrote: Thu Dec 03, 2020 2:06 pm
Janhaus wrote: Thu Dec 03, 2020 11:18 am Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!
I know you mentioned who you compared them with, but could you please clarify whose LE you sent to Better for them to beat? Also, what loan size (nearest $25k or $50k is fine)?

Maybe I need to do yet another Better refi lol! My last one was 2.625% for $1,200 profit (before the $2,500 promo credit).

We just finished a refi with Better and got the $2,500 AmEx promo credit. Our first month paying our new mortgage is December. My rate was also 2.625% with no costs on an almost $500K balance in state of NJ. 20 year fixed.

Am I allowed to refi again so soon after the one I just completed? Is the adverse fee in effect now b/c, if so, that alone would probably make refinancing again not worth it. Am I allowed to do it with Better again? or do I have to find a new company to do it with?

Thx!
I refi’d with Better in May, July, and Sept. No reason you can’t refi with them now. The adverse fee has long been there Better, but the market for mortgages have continued to drop rates, so while the adverse fee is in effect, the market movement has made its affect invisible.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

BrandonBogle wrote: Thu Dec 03, 2020 5:50 pm
Investor1319 wrote: Thu Dec 03, 2020 5:48 pm
BrandonBogle wrote: Thu Dec 03, 2020 2:06 pm
Janhaus wrote: Thu Dec 03, 2020 11:18 am Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!
I know you mentioned who you compared them with, but could you please clarify whose LE you sent to Better for them to beat? Also, what loan size (nearest $25k or $50k is fine)?

Maybe I need to do yet another Better refi lol! My last one was 2.625% for $1,200 profit (before the $2,500 promo credit).

We just finished a refi with Better and got the $2,500 AmEx promo credit. Our first month paying our new mortgage is December. My rate was also 2.625% with no costs on an almost $500K balance in state of NJ. 20 year fixed.

Am I allowed to refi again so soon after the one I just completed? Is the adverse fee in effect now b/c, if so, that alone would probably make refinancing again not worth it. Am I allowed to do it with Better again? or do I have to find a new company to do it with?

Thx!
I refi’d with Better in May, July, and Sept. No reason you can’t refi with them now. The adverse fee has long been there Better, but the market for mortgages have continued to drop rates, so while the adverse fee is in effect, the market movement has made its affect invisible.
Thx for the info! That's great to hear! We actually had a very good experience with Better and would definitely consider using them again. Are you going to refi again?
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

https://imgur.com/a/gMVfT0g

Which do you guys think is better? Let's assume I'm staying in my home at least another 5 years. 2.75% will get me lender credits while 2.5% will cost me about $1k in points.

$200k refi 30 yr fixed
logiclife
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Re: Refinance Mega Thread

Post by logiclife »

Janhaus wrote: Thu Dec 03, 2020 11:18 am Just locked a no-cost refi with Better: 15-year, 2.125%, D+E+Credits =>$-1200 (I get paid $1200 to close)
No loan orig fee, loan appraisal waived.

Had compared with: LoanDepot, Lenderfi, Watermark, and a few more. Glad Better was flexible on rates - their web interface is great and and responsiveness has been solid so far!


What's the loan amount?
logiclife
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Re: Refinance Mega Thread

Post by logiclife »

pmorgan2020 wrote: Thu Dec 03, 2020 9:33 am My refinance closing tomorrow,if my current lender matches or beats rate,can i backoff?
Think carefully, do you trust your current lender in all aspects!? Is it worth the jump!? 🙂
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

logiclife wrote: Thu Dec 03, 2020 6:26 pm
pmorgan2020 wrote: Thu Dec 03, 2020 9:33 am My refinance closing tomorrow,if my current lender matches or beats rate,can i backoff?
Think carefully, do you trust your current lender in all aspects!? Is it worth the jump!? 🙂
They are not bad,I ended up overlooking few things due to busy work schedule and the thought about impending adverse mortgage fee hastened me to do a refinance.Few things that concern me now are

1)loan will be passed for servicing
2)I could have got a slightly better rate and saved on some third party fees
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Investor1319 wrote: Thu Dec 03, 2020 5:54 pm Thx for the info! That's great to hear! We actually had a very good experience with Better and would definitely consider using them again. Are you going to refi again?
I'm seriously considering it. And I would be more than happy to do it with Better again. I wouldn't said it was a trouble-free process, but it wasn't problematic.
Bmonaye
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Re: Refinance Mega Thread

Post by Bmonaye »

Now that the conforming limits are increasing in 2021, my loan amount will qualify as a conforming loan ($795k).I live in the Bay Area, our conforming limits are on the higher end, $822k starting 2021. I bought my house last year at $1,015,000 and now the estimated value is about $1.1 mill. I read thru this thread and picked up some great knowledge. This is the first time I’ve refied, so I do have a few questions.

I’ve contacted a few lenders and I’m about to start an application for a loan estimate from loan cabin. They gave me the best quote initially without running my credit for 2.625% at par on a 30yr at an amount of $795k refi + rolling in my $50k heloc into the refi.

Bettor Mortgage offered me a 3.5% 30yr, but I don’t think they factored in the increase in conforming limit. They also said that loan cabin can take 3-5 months to close. BBVA said they’d beat any rate, providing I show them the LE. Bettor said they’d see if they can match or beat a competitors rate.

So my questions are the following:

1.How do I go about getting a 2.3% as some of you are getting? Are there any other lenders I should contact?

2.Should I get loan estimates from multiple companies? Will it adversely effect my credit rating if there are multiple credit checks being ran?

3.loan cabin says the only fees I’d have to pay for are title charges, recording fees, and an appraisal fee. Do most companies offer this?
logiclife
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Re: Refinance Mega Thread

Post by logiclife »

pmorgan2020 wrote: Thu Dec 03, 2020 6:37 pm
logiclife wrote: Thu Dec 03, 2020 6:26 pm [quote=pmorgan2020 post_id=5634498 time

They are not bad,I ended up overlooking few things due to busy work schedule and the thought about impending adverse mortgage fee hastened me to do a refinance.Few things that concern me now are

1)loan will be passed for servicing
2)I could have got a slightly better rate and saved on some third party fees


I wouldn't worry much about #1
See if it's worth the trouble of moving back to square one, unless you are going to save thousands in the long run. Good luck
yakk0
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Re: Refinance Mega Thread

Post by yakk0 »

InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
InvestDoc, my IM loan funded early this week, 3 weeks after we signed. We did have to FedEx them a lien release document after signing that may have delayed it ~5 days (we were under the impression they were obtaining this document themselves from the relevant dept, but when I let them know that we had requested it ourselves and received it just after closing they asked us to FedEx it to them). When I inquired about when to expect funding they just said we were in the queue. Their funding queue is definitely slow right now.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
Been about 2 weeks gap for Loan Depot since closing. Closed mid Nov, still not funded. First started beginning of September. Not been a great experience.
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

JBTX wrote: Thu Dec 03, 2020 8:54 pm
InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
Been about 2 weeks gap for Loan Depot since closing. Closed mid Nov, still not funded. First started beginning of September. Not been a great experience.
Dropped LD for that very reason. Horrrrrrrrible experience. Didn't even make it to processing. Better has been nit picky, but at least they respond.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

BrandonBogle wrote: Thu Dec 03, 2020 7:25 pm
Investor1319 wrote: Thu Dec 03, 2020 5:54 pm Thx for the info! That's great to hear! We actually had a very good experience with Better and would definitely consider using them again. Are you going to refi again?
I'm seriously considering it. And I would be more than happy to do it with Better again. I wouldn't said it was a trouble-free process, but it wasn't problematic.
I wasn't impressed with Better. Their quotes were higher, and the only way you get better rates is to give them a written formal quote, submitted in the last 24/48 hours. I had sent them a couple but they denied them because they weren't within a day or 2, or the quote format was not formal enough for them.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

houseofcheap wrote: Thu Dec 03, 2020 8:55 pm
JBTX wrote: Thu Dec 03, 2020 8:54 pm
InvestDoc wrote: Thu Dec 03, 2020 1:47 am
confused1 wrote: Wed Dec 02, 2020 11:54 pm
confused1 wrote: Tue Nov 03, 2020 3:14 pm Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Quick update - All going well so far. Looking to close in next 10-15 days.
FYI, you’ll likely be delayed in the loan funding after you close. There’s several of us here who signed closing documents almost 2 weeks ago and we’re still waiting on the loans to fund.
Been about 2 weeks gap for Loan Depot since closing. Closed mid Nov, still not funded. First started beginning of September. Not been a great experience.
Dropped LD for that very reason. Horrrrrrrrible experience. Didn't even make it to processing. Better has been nit picky, but at least they respond.
Yeah I was too far along to bail. My options were limited in that it was cash out and lower amount $230k, plus in TX which had higher fees. Some of the cheaper options don't do cash out. Luckily I'm not in a big hurry.
JBTX
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Re: Refinance Mega Thread

Post by JBTX »

Bmonaye wrote: Thu Dec 03, 2020 7:48 pm Now that the conforming limits are increasing in 2021, my loan amount will qualify as a conforming loan ($795k).I live in the Bay Area, our conforming limits are on the higher end, $822k starting 2021. I bought my house last year at $1,015,000 and now the estimated value is about $1.1 mill. I read thru this thread and picked up some great knowledge. This is the first time I’ve refied, so I do have a few questions.

I’ve contacted a few lenders and I’m about to start an application for a loan estimate from loan cabin. They gave me the best quote initially without running my credit for 2.625% at par on a 30yr at an amount of $795k refi + rolling in my $50k heloc into the refi.

Bettor Mortgage offered me a 3.5% 30yr, but I don’t think they factored in the increase in conforming limit. They also said that loan cabin can take 3-5 months to close. BBVA said they’d beat any rate, providing I show them the LE. Bettor said they’d see if they can match or beat a competitors rate.

So my questions are the following:

1.How do I go about getting a 2.3% as some of you are getting? Are there any other lenders I should contact?

2.Should I get loan estimates from multiple companies? Will it adversely effect my credit rating if there are multiple credit checks being ran?

3.loan cabin says the only fees I’d have to pay for are title charges, recording fees, and an appraisal fee. Do most companies offer this?
1. I can't speak to everyones experience but not everyone can get those crazy low rates. I didn't really see them.

2. Generally yes it is best go get multiple quotes. If you get them all within a week or so the credit agencies lump them together.

3. Fees are dependent on what is required in the respective states. I can't speak for CA.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

JBTX wrote: Thu Dec 03, 2020 9:00 pm
BrandonBogle wrote: Thu Dec 03, 2020 7:25 pm
Investor1319 wrote: Thu Dec 03, 2020 5:54 pm Thx for the info! That's great to hear! We actually had a very good experience with Better and would definitely consider using them again. Are you going to refi again?
I'm seriously considering it. And I would be more than happy to do it with Better again. I wouldn't said it was a trouble-free process, but it wasn't problematic.
I wasn't impressed with Better. Their quotes were higher, and the only way you get better rates is to give them a written formal quote, submitted in the last 24/48 hours. I had sent them a couple but they denied them because they weren't within a day or 2, or the quote format was not formal enough for them.
I understand what you are saying, but I was willing to do the hustle and had better luck (since it was earlier in the process) getting competitive LEs everywhere to make over $10k (after closing costs) while refinancing to a lower rate. I could have gone significantly more in the rate too, but the up front profit was worth more to me than the long-term savings.
learn2invest2day
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Re: Refinance Mega Thread

Post by learn2invest2day »

1.How do I go about getting a 2.3% as some of you are getting? Are there any other lenders I should contact?

2.Should I get loan estimates from multiple companies? Will it adversely effect my credit rating if there are multiple credit checks being ran?

3.loan cabin says the only fees I’d have to pay for are title charges, recording fees, and an appraisal fee. Do most companies offer this?
Here is the process I followed. I called Loan Depot(LD) online number and then got routed to a loan officer. Based on the information I provided to him, the first quote (after credit check - score 800+) was 2.5% interest. I was actually happy with the rate but then after reading through this forum, I applied online with Better, Rocket mortgage, Interactive Mortgage, AmeriSave, Loan Cabin. Since a credit check was done by LD, i applied within the next day or so to all these other lenders as well. Your credit will not be affected if you do multiple credit checks within 14 days.

Better's online platform was very good and they were very responsive as well. I got rate around 2.6 with some costs online. I emailed them saying I have a better quote from LD and asked them if they can offer a better deal. They replied asking to email the LE from LD dated within 1 day and they would revise their offer. This was on Wednesday before Thanksgiving. On Friday, IM called and said I can get 2.375% without closing costs and I can lock the rate without any charges. (For reference, LD charges 20$ to lock rate, IM said its 0$ to lock, 0$ closing costs and 0$ to walk way even after appraisal is done for any reason). I asked them to lock the rate and accepted initial discloures.

I sent the latest quote from IM to LD and Better. Better said they cannot match after some emails. LD said they will match and gave a new loan estimate which was almost same as IM (except appraisal fee). Rocket mortgage said 3%. Amerisave called me and left a voice mail but did not respond back to my email (even without discussing any estimates I had). I haven't heard anything at all from Loan Cabin.

Based on my discussions with LD/IM, the best rate is possible if LTV is below 60% and a high credit score. Regarding fees, IM exactly gives lender credits that combine A+B+C+E of the estimate such that closing costs come to zero. LD has origination fees and others but offered credits to offset them.

I am currently going with IM with appraisal and have LD without appraisal as backup incase appraisal comes lower (LTV > 60%). The closing cost difference is around 1300$ for LD with and without appraisal.
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