Refinance Mega Thread

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

zrzhu111 wrote: Wed Dec 02, 2020 9:43 pm I just recently closed my refi. Want to check a few things with you guys to make sure I didn't missed anything.
1. If you used their preferred title/settlement agent, no, they can’t increase the settlement fee down the road. If you chose your own title/settlement agent, yes, the fee can increase.

2. Others have touched on this well. It all depends on where the break occurred. On one of my refis Better sent the funds to my preferred settlement agent, but neglected to put the property address in the wire memo. We poked and prodded for two days and Better provided the Fedwire reference #. The settlement agent then saw they received the wire two days earlier, just hadn’t realized it. Thus, the “service break” was with the settlement agent. You may have something similar happen.

3. Yes. When my WF mortgage was paid off, it took a few days, but then I had an escrow balance of the difference. I didn’t have an escrow on that mortgage prior to the payoff. Then about 10 business days later WF mailed me an escrow refund.

4. I’m not familiar with this, but I wonder if you mean specifically about Better Mortgage. With them, they prepare a “post consumption closing disclosure” about 14-30 days after funding when their compliance team goes over the completed load to verify things. I’ve not encountered another lender that sends such a “final” copy of the closing disclosures unless there was a mistake and a revision needed after-the-fact.

I’m not sure what overpayment you are referring to with Network Capital instead of the one with WF. But regardless, if NC owes you money, they can still send it to you even if the loan has been sold.
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

logiclife wrote: Thu Dec 03, 2020 8:24 pm
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
Thank you for your kind advice. I have decided to stick to this refinance and will fancy my chances if rates drop significantly down the road.
Jbanks1280
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Re: Refinance Mega Thread

Post by Jbanks1280 »

I just rate locked and signed disclosures and going through underwriting. Is there any more price marching or beating I could do?
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

Jbanks1280 wrote: Thu Dec 03, 2020 11:38 pm I just rate locked and signed disclosures and going through underwriting. Is there any more price marching or beating I could do?
Absolutely. I went from a 2.875% to a 2.5% in the middle of underwriting.
slbnoob
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Re: Refinance Mega Thread

Post by slbnoob »

houseofcheap wrote: Fri Dec 04, 2020 12:11 am
Jbanks1280 wrote: Thu Dec 03, 2020 11:38 pm I just rate locked and signed disclosures and going through underwriting. Is there any more price marching or beating I could do?
Absolutely. I went from a 2.875% to a 2.5% in the middle of underwriting.
How did you manage that? Just get rates from others and ask your current in-process lender to match that else you walk away?
confused1
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Re: Refinance Mega Thread

Post by confused1 »

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.
Thanks for the heads up, I will keep an eye on it.
Bmonaye
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Re: Refinance Mega Thread

Post by Bmonaye »

learn2invest2day wrote: Thu Dec 03, 2020 10:12 pm
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.
Thanks, I applied to a few different lenders. I’ll see what they all say.
Janhaus
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Re: Refinance Mega Thread

Post by Janhaus »

Loan amount was ~370k, LTV was 62% or thereabouts
On the LE's, if I remember correctly it was:
Get LE from Better (initial LE did not even match the Bankrate quote)
Mentioned Bankrate, got a reduction in the LE
Shopped with LenderFi, LoanDepot, Watermark, Amerisave etc.
Recompared back with Better
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).
Immelmann
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Re: Refinance Mega Thread

Post by Immelmann »

There have been some complaints with IM getting things closed. Ours finally closed, here is the time line:

Application/lock ~10/16
Appraisal done early Nov
Signed papers with notary 11/10
Was supposed to fund 11/16 or thereabouts.

We had a delay because a 2nd mortgage caused a title wrinkle. I had that paid off and the payoff paperwork recorded at our county on 11/6 (and told IM all along) but when it came time to fund, I guess they still had an older title report. It was trivial to clear that up but started two-week delay where things weren't very transparent. Just prior to funding I was asked for a most recent pay stub, but no other documentation.

Finally funded 12/2
Original loan paid off 12/3

Despite this wrinkle, I'd go with IM again since they were very easy to deal with on the front end (no haggling necessary for an excellent rate with no closing costs). But.... if the rates stay low and I can refi again, I wll get a LE and take it to Chase to see if they would match. Chase has been a very good servicer of our existing loan.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Janhaus wrote: Fri Dec 04, 2020 11:00 am Loan amount was ~370k, LTV was 62% or thereabouts
On the LE's, if I remember correctly it was:
Get LE from Better (initial LE did not even match the Bankrate quote)
Mentioned Bankrate, got a reduction in the LE
Shopped with LenderFi, LoanDepot, Watermark, Amerisave etc.
Recompared back with Better
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).
That’s the way to do it. Great job! Thanks!
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

Just an update as I signed closing docs today on my second refi with Better. Did back-to-back refi similar to @BrandonBogle based upon lender credits and rates continually dropping. Ended up making $4,500 total.

Refi #1----
10/10: Application
10/13: Rate Lock
10/30: Closing
11/4: Loan Funding Date

Refi #2----
11/6: Application
11/6: Rate Lock
12/4: Closing
12/9: Loan Funding Date

Highly recommend working with Better. Great experience both times.
JASchneider68
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Re: Refinance Mega Thread

Post by JASchneider68 »

Hello.

Sorry if some of this is answered elsewhere, but the thread is so long, and I have a hard time knowing exactly what keywords to search.

I'm now at closing with Better on an approx $170K loan for a 15-year fixed, at 2.5% with just under $100 origination charges. I just need to sign the last papers, wait 3 days, then schedule the closing.

1) Is this still a good rate? On Bankrate today, 2.5% seems to be the lowest immediate quote with 0 points. So that makes me think I'm still where I need to be.
2) Even if there were lower rates, am I too late to even bargain with Better?

I'm hoping I'm just at a good place and can move forward. I've already gone through the process of getting LEs from LD and LenderFi, matching/beating with Better, then working through all of the process with Better over the past month. So I could be done with it all maybe even next week.

Thanks
isubrama
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Re: Refinance Mega Thread

Post by isubrama »

mceagle555 wrote: Fri Dec 04, 2020 12:04 pm Just an update as I signed closing docs today on my second refi with Better. Did back-to-back refi similar to @BrandonBogle based upon lender credits and rates continually dropping. Ended up making $4,500 total.

Refi #1----
10/10: Application
10/13: Rate Lock
10/30: Closing
11/4: Loan Funding Date

Refi #2----
11/6: Application
11/6: Rate Lock
12/4: Closing
12/9: Loan Funding Date

Highly recommend working with Better. Great experience both times.
Can you please post the term and rate ? Thanks.
soobaerodude
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Re: Refinance Mega Thread

Post by soobaerodude »

learn2invest2day wrote: Thu Dec 03, 2020 10:12 pm 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.
If you had locked with Better, then sent the IM LE to your loan processor, they would beat it. Better is more eager to match after locking
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

JASchneider68 wrote: Fri Dec 04, 2020 12:08 pm Hello.

Sorry if some of this is answered elsewhere, but the thread is so long, and I have a hard time knowing exactly what keywords to search.

I'm now at closing with Better on an approx $170K loan for a 15-year fixed, at 2.5% with just under $100 origination charges. I just need to sign the last papers, wait 3 days, then schedule the closing.

1) Is this still a good rate? On Bankrate today, 2.5% seems to be the lowest immediate quote with 0 points. So that makes me think I'm still where I need to be.
2) Even if there were lower rates, am I too late to even bargain with Better?

I'm hoping I'm just at a good place and can move forward. I've already gone through the process of getting LEs from LD and LenderFi, matching/beating with Better, then working through all of the process with Better over the past month. So I could be done with it all maybe even next week.

Thanks
1. Yes
2. No, but honestly, you are unlikely to find a lower rate and the same costs with your loan size.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

BrandonBogle wrote: Thu Dec 03, 2020 10:43 pm
zrzhu111 wrote: Wed Dec 02, 2020 9:43 pm I just recently closed my refi. Want to check a few things with you guys to make sure I didn't missed anything.
1. If you used their preferred title/settlement agent, no, they can’t increase the settlement fee down the road. If you chose your own title/settlement agent, yes, the fee can increase.

It's their preferred agent. Should I ask the lender or the settlement agent for refund?

2. Others have touched on this well. It all depends on where the break occurred. On one of my refis Better sent the funds to my preferred settlement agent, but neglected to put the property address in the wire memo. We poked and prodded for two days and Better provided the Fedwire reference #. The settlement agent then saw they received the wire two days earlier, just hadn’t realized it. Thus, the “service break” was with the settlement agent. You may have something similar happen.

What do you mean by break? I need to start pay interest to the new lender/Network Capital when they fund the loan to settlement agent and I'll stop paying interest when Wells Fargo/current lender receives the fund from the settlement agent. Do I understand it correctly?


3. Yes. When my WF mortgage was paid off, it took a few days, but then I had an escrow balance of the difference. I didn’t have an escrow on that mortgage prior to the payoff. Then about 10 business days later WF mailed me an escrow refund.

Thanks.

4. I’m not familiar with this, but I wonder if you mean specifically about Better Mortgage. With them, they prepare a “post consumption closing disclosure” about 14-30 days after funding when their compliance team goes over the completed load to verify things. I’ve not encountered another lender that sends such a “final” copy of the closing disclosures unless there was a mistake and a revision needed after-the-fact.

ok. Thank. I guess it's not every lender does that.

I’m not sure what overpayment you are referring to with Network Capital instead of the one with WF. But regardless, if NC owes you money, they can still send it to you even if the loan has been sold.

First one is related to the settlement fee in #1.
Another one could be the interest in the closing statement. This is related to #2. I was charged for prepaid interest from 11/25 to 12/1. if they didn't fund the loan on 11/25, I would not need to pay the interest on 11/25. How can I check when they fund the loan?

See my response above, bold and underlined.

Link to my original questions: viewtopic.php?f=2&t=289559&p=5633975&si ... f#p5633975
AllAboard
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Re: Refinance Mega Thread

Post by AllAboard »

The current low mortgage rates made me look into some refinancing options.

Mortgage: $193K
Years left: 10 yrs, 8 mo
Rate: 3.5%

The lowest offer for refi was through Aimloan at 2.375% with $2400 closing costs.

I talked with my bank, who offered to modify the current loan to 2.625% for 10 years and a fee of $859.

I'm planning on taking the modification as the process is a bit more streamlined. I'll be paying essentially the same monthly amount that I am currently, but will be saving ~12K in total interest due to the lower rate (~11K+ if subtracting out the $859 fee).

With the refi, I would have saved a little bit more, ~13K+ accounting for closing costs, but don't really want to go through the hassle.
JASchneider68
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Re: Refinance Mega Thread

Post by JASchneider68 »

BrandonBogle wrote: Fri Dec 04, 2020 3:46 pm 1. Yes
2. No, but honestly, you are unlikely to find a lower rate and the same costs with your loan size.
Thank you very much :beer
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

zrzhu111 wrote: Fri Dec 04, 2020 4:02 pm What do you mean by break? I need to start pay interest to the new lender/Network Capital when they fund the loan to settlement agent and I'll stop paying interest when Wells Fargo/current lender receives the fund from the settlement agent. Do I understand it correctly?

Link to my original questions: viewtopic.php?f=2&t=289559&p=5633975&si ... f#p5633975
Yes, your understanding it correctly. If the funding was delayed to the settlement agent past 11/21, then the service break is at Network Capital and they should credit you the interest until when funding actually happened (if you push them to credit you, that is). If the funding was on time, but the settlement agent delayed until 12/1, they should credit you the interest from when they received the funds and when they sent the payoff.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

mceagle555 wrote: Fri Dec 04, 2020 12:04 pm Just an update as I signed closing docs today on my second refi with Better. Did back-to-back refi similar to @BrandonBogle based upon lender credits and rates continually dropping. Ended up making $4,500 total.

Refi #1----
10/10: Application
10/13: Rate Lock
10/30: Closing
11/4: Loan Funding Date

Refi #2----
11/6: Application
11/6: Rate Lock
12/4: Closing
12/9: Loan Funding Date

Highly recommend working with Better. Great experience both times.
Just wondering what rate you got....
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

Just wondering if anyone knows of any promotions going on now. Because of this message board, I did my first refi with Better and got the $2,500.00 AmEx promotion!! Thanks so much!!
hookemhorns
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Re: Refinance Mega Thread

Post by hookemhorns »

Adding my numbers:

Loanflight
Conventional 30yr fixed @ 2.375%
No points, but I bear the standard closing costs
Locked in early November
Scheduled to close by YE

I received quotes from 8 lenders and this was the best I could find. Loan Cabin was teasing a slight lender credit at the same rate, but they stopped responding to my emails so I stuck with Loanflight.
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

Investor1319 wrote: Fri Dec 04, 2020 6:38 pm Just wondering if anyone knows of any promotions going on now. Because of this message board, I did my first refi with Better and got the $2,500.00 AmEx promotion!! Thanks so much!!
Is Amex offer still available with Better?How to redeem?
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

BrandonBogle wrote: Fri Dec 04, 2020 6:04 pm
zrzhu111 wrote: Fri Dec 04, 2020 4:02 pm What do you mean by break? I need to start pay interest to the new lender/Network Capital when they fund the loan to settlement agent and I'll stop paying interest when Wells Fargo/current lender receives the fund from the settlement agent. Do I understand it correctly?

Link to my original questions: viewtopic.php?f=2&t=289559&p=5633975&si ... f#p5633975
Yes, your understanding it correctly. If the funding was delayed to the settlement agent past 11/21, then the service break is at Network Capital and they should credit you the interest until when funding actually happened (if you push them to credit you, that is). If the funding was on time, but the settlement agent delayed until 12/1, they should credit you the interest from when they received the funds and when they sent the payoff.
Thanks so much, @BrandonBogle. I'll push them to refund me for the difference on the Settlement Fee as well as the prepaid interest. If they refuse or don't respond, anything we can do?
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

Investor1319 wrote: Fri Dec 04, 2020 6:35 pm
mceagle555 wrote: Fri Dec 04, 2020 12:04 pm Just an update as I signed closing docs today on my second refi with Better. Did back-to-back refi similar to @BrandonBogle based upon lender credits and rates continually dropping. Ended up making $4,500 total.

Refi #1----
10/10: Application
10/13: Rate Lock
10/30: Closing
11/4: Loan Funding Date

Refi #2----
11/6: Application
11/6: Rate Lock
12/4: Closing
12/9: Loan Funding Date

Highly recommend working with Better. Great experience both times.
Just wondering what rate you got....
Refi #1: 2.125% @ 15yr w/ $1600 in lender credit

Refi #2: 2.375% @ 30yr w/ $2900 in lender credit

I may end up doing a 3rd.
criticalmass
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Re: Refinance Mega Thread

Post by criticalmass »

I closed in early November with Watermark. Lock to closing was 8.5 weeks, significantly longer than the 45 day promise. I had returned documents within a day or two, delays were on their end. No charge for rate lock extension, but rates may have fallen a bit. Nice people to deal with, but they are slow--likely due to huge volume, they are probably overwhelmed but making a mint.

2.625 fixed rate, no cost (in a state with high mandatory refi costs), actually got a credit back which I wasn't expecting. I used their title company and their title insurance, which was the lowest I could find during a brief shopping attempt. The closing was a huge hassle though, as they apparently scheduled a notary to close, except nobody informed me of the appointment. A few days later, finally closed for real. Loan was funded and old loan paid off just short of a week later. Loan is held by Watermark and serviced by their contractor.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
robobub
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Re: Refinance Mega Thread

Post by robobub »

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!

Out of curiosity, why might a lender give you money to refinance with them? I am getting similar scenarios, lender credit > section D in the loan estimate. And this is a good rate, 2.375 on a 30yr, no relationship pricing, well known lender

I've been shopping around and my last 3 offers went negative (asking each lender if they can beat my best LE). It seems to good to be true
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

Did anyone get 2.375 or less rate with $0 costs and fees on 30 year high balance loans ( 590k) in the past week or so? The best I’m seeing is 2.5..
netrammgc
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Location: Yooper

Re: Refinance Mega Thread

Post by netrammgc »

hookemhorns wrote: Fri Dec 04, 2020 9:44 pm Adding my numbers:

Loanflight
Conventional 30yr fixed @ 2.375%
No points, but I bear the standard closing costs
Locked in early November
Scheduled to close by YE

I received quotes from 8 lenders and this was the best I could find. Loan Cabin was teasing a slight lender credit at the same rate, but they stopped responding to my emails so I stuck with Loanflight.
My first refinance and am shocked no one is quoting from credit unions (and/or small local institutions). Are they just not competitive anymore?

Filled out Loan Cabin application last night and going to do some others today. Should I just stick with the ones here or also add a couple local ones (or big banks?) Whats the max i would want to do?
Ressy
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Re: Refinance Mega Thread

Post by Ressy »

manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
Mr. Cooper. No complaints, I had them previously as well.
confused1
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Re: Refinance Mega Thread

Post by confused1 »

Ressy wrote: Sat Dec 05, 2020 9:22 am
manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
Mr. Cooper. No complaints, I had them previously as well.
SLS for us
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

robobub wrote: Sat Dec 05, 2020 4:11 am
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!



Out of curiosity, why might a lender give you money to refinance with them? I am getting similar scenarios, lender credit > section D in the loan estimate. And this is a good rate, 2.375 on a 30yr, no relationship pricing, well known lender

I've been shopping around and my last 3 offers went negative (asking each lender if they can beat my best LE). It seems to good to be true


Who is this lender offering credit @2.375 .
The best I could find so far is $0 fees on 2.5 for a 30 yr
netrammgc
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Location: Yooper

Re: Refinance Mega Thread

Post by netrammgc »

hookemhorns wrote: Fri Dec 04, 2020 9:44 pm Adding my numbers:

Loanflight
Conventional 30yr fixed @ 2.375%
No points, but I bear the standard closing costs
Locked in early November
Scheduled to close by YE

I received quotes from 8 lenders and this was the best I could find. Loan Cabin was teasing a slight lender credit at the same rate, but they stopped responding to my emails so I stuck with Loanflight.
Care to share the 8 you got quotes from? I just applied to LC and am considering some alternatives.
robobub
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Re: Refinance Mega Thread

Post by robobub »

pmorgan2020 wrote: Sat Dec 05, 2020 10:19 am
robobub wrote: Sat Dec 05, 2020 4:11 am
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!



Out of curiosity, why might a lender give you money to refinance with them? I am getting similar scenarios, lender credit > section D in the loan estimate. And this is a good rate, 2.375 on a 30yr, no relationship pricing, well known lender

I've been shopping around and my last 3 offers went negative (asking each lender if they can beat my best LE). It seems to good to be true


Who is this lender offering credit @2.375 .
The best I could find so far is $0 fees on 2.5 for a 30 yr
These three gave me credit, in ascending order but only after shopping around over 20 lenders, asking each one to beat the current best loan estimate, which I locked in. My first estimates were around $2500 in fees for 2.375. I started shopping months ago

Intercontinental Capital Group
LoanDepot ($20 credit application fee)
PennyMac ($100 application fee)

I am under 75% LTV and just under the conforming loan limit, which definitely affect the rate.

My question still stands, what incentive do lenders have give more credit than Section D? Aren't they essentially paying me to have my loan?
Last edited by robobub on Sat Dec 05, 2020 1:13 pm, edited 1 time in total.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

robobub wrote: Sat Dec 05, 2020 1:06 pm My question still stands, what incentive do lenders have give more credit than Section D? Aren't they essentially paying me to have my loan?
Profit from selling your loan into a mortgage-backed security/bond, and those buyers earn more interest than a savings account.
robobub
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Re: Refinance Mega Thread

Post by robobub »

BrandonBogle wrote: Sat Dec 05, 2020 1:09 pm
robobub wrote: Sat Dec 05, 2020 1:06 pm My question still stands, what incentive do lenders have give more credit than Section D? Aren't they essentially paying me to have my loan?
Profit from selling your loan into a mortgage-backed security/bond, and those buyers earn more interest than a savings account.
Thanks, this makes sense given rates on bonds and treasuries
Xrayman69
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Re: Refinance Mega Thread

Post by Xrayman69 »

Investor1319 wrote: Fri Dec 04, 2020 6:38 pm Just wondering if anyone knows of any promotions going on now. Because of this message board, I did my first refi with Better and got the $2,500.00 AmEx promotion!! Thanks so much!!
Does “Better” = better.com?
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

pmorgan2020 wrote: Fri Dec 04, 2020 10:03 pm
Investor1319 wrote: Fri Dec 04, 2020 6:38 pm Just wondering if anyone knows of any promotions going on now. Because of this message board, I did my first refi with Better and got the $2,500.00 AmEx promotion!! Thanks so much!!
Is Amex offer still available with Better?How to redeem?
I'm not sure if Better.com is still offering the $2,500.00 AmEx promotion. I believe it was supposed to end at the end of October. You might try calling them and asking. You needed to be an AmEx card holder to get the promotion so we opened up an AmEx card just for that purpose.
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
PHH Mortgage. It is a no-frills website but I never had any problems having my loan payments credited. They did try to force me into buying extra home insurance by claiming that I needed to insure the full loan value, even though it was higher than the home rebuild cost (which by law in CA you can only insure up to the home rebuild cost, so my insurance company sent them a letter saying so). I'm in the process of refinancing again so hopefully it won't be difficult to close out the loan and get my refund back from them.
Minty
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Re: Refinance Mega Thread

Post by Minty »

InvestDoc wrote: Sat Dec 05, 2020 2:19 pm
manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
PHH Mortgage. It is a no-frills website but I never had any problems having my loan payments credited. They did try to force me into buying extra home insurance by claiming that I needed to insure the full loan value, even though it was higher than the home rebuild cost (which by law in CA you can only insure up to the home rebuild cost, so my insurance company sent them a letter saying so). I'm in the process of refinancing again so hopefully it won't be difficult to close out the loan and get my refund back from them.
Dovenmuehle Mortgage Inc. for us. They seemed fine, but I refied again with Interactive Mortgage and our new servicer is CMG.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

Xrayman69 wrote: Sat Dec 05, 2020 1:44 pm
Investor1319 wrote: Fri Dec 04, 2020 6:38 pm Just wondering if anyone knows of any promotions going on now. Because of this message board, I did my first refi with Better and got the $2,500.00 AmEx promotion!! Thanks so much!!
Does “Better” = better.com?
I received a ridiculously high quote from better.com
I was just trying to test out lender matching and test out few bargaining skills I learnt here ;-) but they did not budge
postal007
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Re: Refinance Mega Thread

Post by postal007 »

Calirefi2020 wrote: Sat Dec 05, 2020 7:31 am Did anyone get 2.375 or less rate with $0 costs and fees on 30 year high balance loans ( 590k) in the past week or so? The best I’m seeing is 2.5..
Have you tried Interactive Mortgage? You have to have a single family home and LTV 60% or less, probably same for many other lenders to get the 2.375% rate.
postal007
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Re: Refinance Mega Thread

Post by postal007 »

soobaerodude wrote: Fri Dec 04, 2020 3:01 pm
learn2invest2day wrote: Thu Dec 03, 2020 10:12 pm 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.
If you had locked with Better, then sent the IM LE to your loan processor, they would beat it. Better is more eager to match after locking
I made this mistake recently, sent an IM LE before locking, no joy. I got LD to match though... do you think if I lock with Better now and send the LD LE they'd play ball at this stage?
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

postal007 wrote: Sat Dec 05, 2020 5:57 pm
Calirefi2020 wrote: Sat Dec 05, 2020 7:31 am Did anyone get 2.375 or less rate with $0 costs and fees on 30 year high balance loans ( 590k) in the past week or so? The best I’m seeing is 2.5..
Have you tried Interactive Mortgage? You have to have a single family home and LTV 60% or less, probably same for many other lenders to get the 2.375% rate.
Yea I did, 2.375 is for 510k or under.. still have not come across someone who can offer that rate on high balance loans
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Ressy wrote: Sat Dec 05, 2020 9:22 am
manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
Mr. Cooper. No complaints, I had them previously as well.
I loved mr Cooper when I had them after citi sold my loan. They’re good.
InvestDoc
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Re: Refinance Mega Thread

Post by InvestDoc »

Minty wrote: Sat Dec 05, 2020 2:25 pm
InvestDoc wrote: Sat Dec 05, 2020 2:19 pm
manatee2005 wrote: Sat Dec 05, 2020 12:25 am For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had.
PHH Mortgage. It is a no-frills website but I never had any problems having my loan payments credited. They did try to force me into buying extra home insurance by claiming that I needed to insure the full loan value, even though it was higher than the home rebuild cost (which by law in CA you can only insure up to the home rebuild cost, so my insurance company sent them a letter saying so). I'm in the process of refinancing again so hopefully it won't be difficult to close out the loan and get my refund back from them.
Dovenmuehle Mortgage Inc. for us. They seemed fine, but I refied again with Interactive Mortgage and our new servicer is CMG.
Have you been with CMG long enough to have an opinion about them? I just refinanced with IM and I believe all their loans go to CMG.
destiny
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Re: Refinance Mega Thread

Post by destiny »

I just applied for refi with lenderfi who had locked 2.5% 30 year no cost , lenderfii hold my current note at 3% which I refinanced in June.
once bitten, twice shy
learn2invest2day
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Re: Refinance Mega Thread

Post by learn2invest2day »

postal007 wrote: Sat Dec 05, 2020 6:08 pm
soobaerodude wrote: Fri Dec 04, 2020 3:01 pm
learn2invest2day wrote: Thu Dec 03, 2020 10:12 pm 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.
If you had locked with Better, then sent the IM LE to your loan processor, they would beat it. Better is more eager to match after locking
I made this mistake recently, sent an IM LE before locking, no joy. I got LD to match though... do you think if I lock with Better now and send the LD LE they'd play ball at this stage?
I did not know that. However, my experience with Better was so much "better" (pun intended :D) that I would have chosen them if they matched the rate. I am not sure if they would match after locking now, given they already mentioned they wouldn't match before locking. However, if you are within 14 days of credit check, maybe worth a try!
learn2invest2day
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Re: Refinance Mega Thread

Post by learn2invest2day »

robobub wrote: Sat Dec 05, 2020 4:11 am
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!

Out of curiosity, why might a lender give you money to refinance with them? I am getting similar scenarios, lender credit > section D in the loan estimate. And this is a good rate, 2.375 on a 30yr, no relationship pricing, well known lender

I've been shopping around and my last 3 offers went negative (asking each lender if they can beat my best LE). It seems to good to be true
I was wondering the same myself since Quicken Loans mentioned to me that they are the biggest in industry and they have not seen the 2.375 rate. For comparison, if i were to get the same rate he mentioned 26K$ in fees with them. How can there be such a huge difference between lenders given Quicken is one of the biggest lenders.
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