Refinance Mega Thread

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

BackToSchoolDad wrote: Wed Dec 23, 2020 4:17 pm
BackToSchoolDad wrote: Mon Dec 21, 2020 6:26 pm Been wanting to refinance our 30y 4.25% loan. I wasn't loving the rates quoted by the various online banks. After a tip from a buddy I checked out a local credit union who quoted me at 2.5% for a 30y. This blew me away and the application is pending now. Our LTV is still pretty high at 90% so there'll be some closing costs, but locking in a sub 3% rate seems too good to pass up.
Update on my situation: the 2.5% fell through, so our options were 2.875% with around $3,000 closing costs, or 3.25% with no closing costs, both 30 year fixed.

At this point, we're leaning towards the 3.25% with no closing costs and using the $3,000 we would have paid in closings costs towards the principal. Based on the calculations I've checked it will be about equal in interest savings with the added benefit of more equity. Still waiting to lock in the 3.25% as it went up slightly today, but I don't mind being patient and seeing if we can shave off the full percentage point.
With the options you have shared, I would also choose the 3.25%. That said, keep looking at the direct lenders. Consider if they would improve their rate offer if you are willing to pay down the principal by $3k to improve the LTV.
BackToSchoolDad
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Re: Refinance Mega Thread

Post by BackToSchoolDad »

BrandonBogle wrote: Wed Dec 23, 2020 4:39 pm With the options you have shared, I would also choose the 3.25%. That said, keep looking at the direct lenders. Consider if they would improve their rate offer if you are willing to pay down the principal by $3k to improve the LTV.
I've tried to tease the numbers as much as I can, but this CU rate is the best I've found between LF, AimLoan, Better, Loan Cabin, Loan Depot, and other local banks. I think if our LTV was at 80% it would be different.

My hope is we can refinance to something even lower in the coming years, but since it's no cost it feels like it'd be smart to lock in whatever we can while rates are low.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

BackToSchoolDad wrote: Wed Dec 23, 2020 5:20 pm My hope is we can refinance to something even lower in the coming years, but since it's no cost it feels like it'd be smart to lock in whatever we can while rates are low.
Yup. 3.25% is better than 4.25%. $3k to go less isn’t worth it, IMO. If they dropped off a zero, that would be an easier pill to take. :)
chazas
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Re: Refinance Mega Thread

Post by chazas »

chazas wrote: Mon Dec 21, 2020 10:21 am
coconutpolito wrote: Mon Dec 21, 2020 12:39 am
erdo wrote: Sun Dec 20, 2020 10:09 am
coconutpolito wrote: Sun Dec 20, 2020 1:45 am
chazas wrote: Sat Dec 19, 2020 9:22 am

Thanks, folks. Going with LoanDepot for a couple of reasons, including overall cost. I’ve reached out to a few local title companies for quotes on title/closing work, does anyone have any experience with whether to just stick with LD’s title company, American Coast Title?
I got a quote from radian and waiting for loan depot to respond with their title company quote. I hear good things about radian and I let them know that I want to go with the lowest quote.
Did you just end up calling Radian for a quote? I looked up Radian in my area and they have terrible reviews but maybe Better will match them, which would be ideal for me.
I sent them an e-mail to clientrelations@radian.com They replied to me the next morning with a quote and I sent it over to loan depot to match or use them. It's the weekend so I'm still waiting to hear back.
I realized that the closing estimate on the Loan Estimate is from Closing USA. I got a prompt email back from Radian - all of $45 cheaper for the title work/closing fee. And my local friendly title company with my "relationship for life" discount? $800 more. I'm assuming it will be easier to just go with Closing USA, but someone who's used them please let me know if I'm wrong.
I picked Radian for no really good reason other than that they got back to me so promptly with their numbers. We'll see.
spbos
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Re: Refinance Mega Thread

Post by spbos »

I have a 15-year loan locked at LD for 1.99%, no cost. I got a quote for 1.875%, no cost, from LenderFi. What should I do? I can take the LenderFi LE to LD and ask them to match it. Or I can go with LenderFi. Which one will close first?

Also in the LenderFi LE, the rate is not locked. Is it usual? Thansk.
RefiMoneyMoves
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Re: Refinance Mega Thread

Post by RefiMoneyMoves »

So IM just had an appraiser come by and they should be finished with the report on Monday or Tuesday. LD gave me a better estimate by $500 but the appraiser isn't coming by until Jan 7th. I'm thinking about backing out of the IM refi, but would I have to pay for the IM appraisal? They didn't take a credit card up front, but I did sign and lock the Loan Estimate which stated that "we may order an appraisal . . . and charge you for this appraisal." Anyone have any experience here?
Last edited by RefiMoneyMoves on Wed Dec 23, 2020 11:51 pm, edited 1 time in total.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

spbos wrote: Wed Dec 23, 2020 10:54 pm I have a 15-year loan locked at LD for 1.99%, no cost. I got a quote for 1.875%, no cost, from LenderFi. What should I do? I can take the LenderFi LE to LD and ask them to match it. Or I can go with LenderFi. Which one will close first?

Also in the LenderFi LE, the rate is not locked. Is it usual? Thansk.
LD matched my LF estimate and then some. If you want to go back and forth you can try. Note that LF does NOT like when you do this.

The loan estimate is just an estimate. That is separate from actually locking the rate. You have to tell the loan officer that you want to lock after you sign the disclosures.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

spbos wrote: Wed Dec 23, 2020 10:54 pm I have a 15-year loan locked at LD for 1.99%, no cost. I got a quote for 1.875%, no cost, from LenderFi. What should I do? I can take the LenderFi LE to LD and ask them to match it. Or I can go with LenderFi. Which one will close first?

Also in the LenderFi LE, the rate is not locked. Is it usual? Thansk.
Sounds like you are locked with LD but not with LF. I would certainly ask LD if they can beat LF. If not, then jump ship to LF.

Yes, it is usual for LF to provide an LE before you lock. If you want to move forward, then you ask them to lock.

If you shop around LF’s LE before you lock with them, then I don’t think they care too much. What they don’t like is if you still shop after locking.
spbos
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Re: Refinance Mega Thread

Post by spbos »

presto987 wrote: Thu Dec 24, 2020 5:12 am Sounds like you are locked with LD but not with LF. I would certainly ask LD if they can beat LF. If not, then jump ship to LF.

Yes, it is usual for LF to provide an LE before you lock. If you want to move forward, then you ask them to lock.

If you shop around LF’s LE before you lock with them, then I don’t think they care too much. What they don’t like is if you still shop after locking.
Thank you. Is it okay to share LF's LE with LD when I ask them to beat it? or I just ask them if they can beat 1.875%? Thanks.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

spbos wrote: Thu Dec 24, 2020 9:39 am Thank you. Is it okay to share LF's LE with LD when I ask them to beat it? or I just ask them if they can beat 1.875%? Thanks.
Yes, you will need to share it. Most likely they will have to get a "pricing exception", and typically they need the LE in order to do that.
JCK
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Re: Refinance Mega Thread

Post by JCK »

Just wanted to contribute my recent experience with Better. I locked in $548k 15 year refi loan in California at 1.75% with a ~$550 closing credit. Initial quote was at 2.215% with at least some lender credit, but I was able to get them lower by showing them that they quoted this lower rate on bankrate.

I’ve locked so we will see how it goes from here...
confused1
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Re: Refinance Mega Thread

Post by confused1 »

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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

confused1 wrote: Thu Dec 24, 2020 2:56 pmdon’t expect to refi again.
Looking forward to your post when you get 1.75 :greedy
confused1
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Re: Refinance Mega Thread

Post by confused1 »

Goal33 wrote: Thu Dec 24, 2020 3:32 pm
confused1 wrote: Thu Dec 24, 2020 2:56 pmdon’t expect to refi again.
Looking forward to your post when you get 1.75 :greedy
Done two refis this year, both saved $10k over the expected remaining loan term. Would go again if it saved $5k, not worked out what the rate needs to be.
NA10
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Re: Refinance Mega Thread

Post by NA10 »

spbos wrote: Wed Dec 23, 2020 10:54 pm I have a 15-year loan locked at LD for 1.99%, no cost. I got a quote for 1.875%, no cost, from LenderFi. What should I do? I can take the LenderFi LE to LD and ask them to match it. Or I can go with LenderFi. Which one will close first?

Also in the LenderFi LE, the rate is not locked. Is it usual? Thansk.
Hello, the best rate I see at LF is 2% for 15 year with $1900 in credit. did LF quote a better rate after a hard credit pull?
I am looking to refi $477k at 69% LTV currently at 2.375%. I am hoping to do a no cost refi @1.875%.

thanks
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

NA10 wrote: Thu Dec 24, 2020 4:14 pm
spbos wrote: Wed Dec 23, 2020 10:54 pm I have a 15-year loan locked at LD for 1.99%, no cost. I got a quote for 1.875%, no cost, from LenderFi. What should I do? I can take the LenderFi LE to LD and ask them to match it. Or I can go with LenderFi. Which one will close first?

Also in the LenderFi LE, the rate is not locked. Is it usual? Thansk.
Hello, the best rate I see at LF is 2% for 15 year with $1900 in credit. did LF quote a better rate after a hard credit pull?
I am looking to refi $477k at 69% LTV currently at 2.375%. I am hoping to do a no cost refi @1.875%.

thanks
Yes their actual rates are better than what their website shows. I just locked with them at 1.875 no cost 15 year.
bogledude23
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Re: Refinance Mega Thread

Post by bogledude23 »

Adding another DP:

-Refi'd with Better ~July, took advantage of AMEX offer. Went to 2.875 30-yr 262k loan in N. California (net profit).
-Rec'd email from CFBank about year-end "significant decrease" in pricing to meet annual goals. Was disappointed by their offer.
-Since I pulled credit with CFBank, decided to check the market. Quoted w/ Selfi, WaterMark, Simplist, Sovereign Lending (avoid them), LenderFi, LoanPal, and Loan Cabin. Also checked CashCall's published rates. LF and WM were most competitive.
-Took their offer to Better who beat them by $200. 2.625 30-yr 260k with ABC - credits = -$568. This should increase by $550 once appraisal waiver comes in (did an appraisal in July) and by $305 once Better matches Radian's quote for title insurance/settlement fees. Total = -$1,423.

I didn't get a quote from LD since last time around, it was like pulling teeth getting an LE. They wanted me to pay for the credit report first. Any tips on how to deal with LD to avoid getting the Fee worksheet and get the LE right away? Debating to take Better's locked LE to LD to get them to beat it and take it back to Better.

Also, any DPs about getting lenders and/or brokers to honor their "Best Price Guarantees" when they inevitably can't beat a competitor's LE?
spbos
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Re: Refinance Mega Thread

Post by spbos »

NA10 wrote: Thu Dec 24, 2020 4:14 pm
Hello, the best rate I see at LF is 2% for 15 year with $1900 in credit. did LF quote a better rate after a hard credit pull?
I am looking to refi $477k at 69% LTV currently at 2.375%. I am hoping to do a no cost refi @1.875%.

thanks
Yes, you get a better rate than what they advertise. I just asked for a 1.875% zero cost and the loan officer sent me a revised LE. It was before the hard pull.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

bogledude23 wrote: Thu Dec 24, 2020 5:24 pm Adding another DP:

-Refi'd with Better ~July, took advantage of AMEX offer. Went to 2.875 30-yr 262k loan in N. California (net profit).
-Rec'd email from CFBank about year-end "significant decrease" in pricing to meet annual goals. Was disappointed by their offer.
-Since I pulled credit with CFBank, decided to check the market. Quoted w/ Selfi, WaterMark, Simplist, Sovereign Lending (avoid them), LenderFi, LoanPal, and Loan Cabin. Also checked CashCall's published rates. LF and WM were most competitive.
-Took their offer to Better who beat them by $200. 2.625 30-yr 260k with ABC - credits = -$568. This should increase by $550 once appraisal waiver comes in (did an appraisal in July) and by $305 once Better matches Radian's quote for title insurance/settlement fees. Total = -$1,423.

I didn't get a quote from LD since last time around, it was like pulling teeth getting an LE. They wanted me to pay for the credit report first. Any tips on how to deal with LD to avoid getting the Fee worksheet and get the LE right away? Debating to take Better's locked LE to LD to get them to beat it and take it back to Better.

Also, any DPs about getting lenders and/or brokers to honor their "Best Price Guarantees" when they inevitably can't beat a competitor's LE?
Nice work. I like your plan of taking the Better LE to LD and then going back to Better. Unfortunately, I don't believe I was able to get an LE from LD until I paid the $20 to lock. On the bright side, once they present you with an offer, you will know whether it's worth it to pay the $20 to get the LE.

Another idea, if you're willing to use LD for the refi, is to wait until Better price matches Radian and waives the appraisal, then take that updated LE to LD. The only issue is that at some point Better stopped providing the LE through their website, so I'm not 100% sure if you'll be able to get one that has the appraisal removed.
NA10
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Re: Refinance Mega Thread

Post by NA10 »

spbos wrote: Thu Dec 24, 2020 6:02 pm
NA10 wrote: Thu Dec 24, 2020 4:14 pm
Hello, the best rate I see at LF is 2% for 15 year with $1900 in credit. did LF quote a better rate after a hard credit pull?
I am looking to refi $477k at 69% LTV currently at 2.375%. I am hoping to do a no cost refi @1.875%.

thanks
Yes, you get a better rate than what they advertise. I just asked for a 1.875% zero cost and the loan officer sent me a revised LE. It was before the hard pull.
Thanks for the info. Happy Holidays!!!
bogledude23
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Re: Refinance Mega Thread

Post by bogledude23 »

presto987 wrote: Thu Dec 24, 2020 7:02 pm
bogledude23 wrote: Thu Dec 24, 2020 5:24 pm Adding another DP:

-Refi'd with Better ~July, took advantage of AMEX offer. Went to 2.875 30-yr 262k loan in N. California (net profit).
-Rec'd email from CFBank about year-end "significant decrease" in pricing to meet annual goals. Was disappointed by their offer.
-Since I pulled credit with CFBank, decided to check the market. Quoted w/ Selfi, WaterMark, Simplist, Sovereign Lending (avoid them), LenderFi, LoanPal, and Loan Cabin. Also checked CashCall's published rates. LF and WM were most competitive.
-Took their offer to Better who beat them by $200. 2.625 30-yr 260k with ABC - credits = -$568. This should increase by $550 once appraisal waiver comes in (did an appraisal in July) and by $305 once Better matches Radian's quote for title insurance/settlement fees. Total = -$1,423.

I didn't get a quote from LD since last time around, it was like pulling teeth getting an LE. They wanted me to pay for the credit report first. Any tips on how to deal with LD to avoid getting the Fee worksheet and get the LE right away? Debating to take Better's locked LE to LD to get them to beat it and take it back to Better.

Also, any DPs about getting lenders and/or brokers to honor their "Best Price Guarantees" when they inevitably can't beat a competitor's LE?
Nice work. I like your plan of taking the Better LE to LD and then going back to Better. Unfortunately, I don't believe I was able to get an LE from LD until I paid the $20 to lock. On the bright side, once they present you with an offer, you will know whether it's worth it to pay the $20 to get the LE.

Another idea, if you're willing to use LD for the refi, is to wait until Better price matches Radian and waives the appraisal, then take that updated LE to LD. The only issue is that at some point Better stopped providing the LE through their website, so I'm not 100% sure if you'll be able to get one that has the appraisal removed.
Not a bad idea to wait for the price match first. I think you're right about the appraisal part. During my July refi, I think I got a total of 5 different LEs from Better (from the initial one to them matching/beating competitors multiple times even after locking) but each one had the appraisal cost on there even though they were going to refund it at closing. However, the one difference is that this time around I don't think I'll need an appraisal at all so maybe they'll outright remove it when they determine it's waivable. We'll see. But they should be able to update the LE with Radian's price at least.

Last time around, I jumped through hoops with LD to get an LE so I could compare apples to apples until I just gave up with them. Then lo and behold, I saw their LE in the online portal a day or two later. I think they're unwilling to provide the LE same day to prevent shopping but since they're legally required to provide it within 3 days of pulling credit, they provide it after the fact.

But I guess you're right, it's just a matter of "Are the savings gained from getting LD's LE > $20?" I just don't like how they're the only ones requiring a fee to get an LE. I understand to lock the rate but not just a quote.
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.

I’m closing with IM next week. They’re charging me 250$ for HOA certification fees.. were you charged anything like that?
spbos
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Re: Refinance Mega Thread

Post by spbos »

presto987 wrote: Thu Dec 24, 2020 9:51 am
spbos wrote: Thu Dec 24, 2020 9:39 am Thank you. Is it okay to share LF's LE with LD when I ask them to beat it? or I just ask them if they can beat 1.875%? Thanks.
Yes, you will need to share it. Most likely they will have to get a "pricing exception", and typically they need the LE in order to do that.
I took LF's LE to LD and they beat it by $200. So, now, I have 15-year 1.875% with -200 closing cost. I could go back to LF. But, to ask them to match $200 will sound weird. I guess, I will stop.

Is there a way I can get to 1.75%, zero cost? I guess that is the best rate I have heard on this forum. However, I think it is offered by Better in California. I live in Massachusetts. Hence, I probably have hit the floor already. Any thoughts? Thank you.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Calirefi2020 wrote: Thu Dec 24, 2020 7:38 pm
confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.

I’m closing with IM next week. They’re charging me 250$ for HOA certification fees.. were you charged anything like that?
I was.
quizzer25
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Joined: Fri Dec 26, 2014 3:28 am

Re: Refinance Mega Thread

Post by quizzer25 »

Calirefi2020 wrote: Thu Dec 24, 2020 7:38 pm
confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.

I’m closing with IM next week. They’re charging me 250$ for HOA certification fees.. were you charged anything like that?
When did you get to know about this $250 fees? Was it after you signed the closing disclosures doc with the notary?
How long did it take from notary to funding?
confused1
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Re: Refinance Mega Thread

Post by confused1 »

Calirefi2020 wrote: Thu Dec 24, 2020 7:38 pm
confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.

I’m closing with IM next week. They’re charging me 250$ for HOA certification fees.. were you charged anything like that?
Not in HOA, so no HOA certification fees or anything unexpected as yet
quizzer25
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Joined: Fri Dec 26, 2014 3:28 am

Recent Interactive Mortgage closers

Post by quizzer25 »

How many days is it taking with IM from notary signing (CD) to funding?
onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia »

I just closed with IM. Unfortunately, Wells Fargo charged $190 for loan pay off and IM is not paying for it. I guess it's not 100% no cost refi per say.....
confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.
Calirefi2020
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Joined: Sat Sep 05, 2020 11:55 am

Re: Refinance Mega Thread

Post by Calirefi2020 »

quizzer25 wrote: Fri Dec 25, 2020 12:32 am
Calirefi2020 wrote: Thu Dec 24, 2020 7:38 pm
confused1 wrote: Thu Dec 24, 2020 2:56 pm
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.
Loan funded yesterday, all quite painless.
Only frustration was the $25 charge from SLS for loan payoff statements. For some reason we needed 3, got 2 wiped off after a little arguing.
Super happy to be at 1.99% now, don’t expect to refi again.

I’m closing with IM next week. They’re charging me 250$ for HOA certification fees.. were you charged anything like that?
When did you get to know about this $250 fees? Was it after you signed the closing disclosures doc with the notary?
How long did it take from notary to funding?

They would tell you upfront in day 1 about not paying for HOA certification fees..My notary is scheduled for 12/31, almost 5 weeks after signing my LE
Qw1221wq
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Joined: Sat Jun 13, 2020 11:54 am

Re: Refinance Mega Thread

Post by Qw1221wq »

Anyone ever try Intelliloan? They are advertising 15 year 1.75% and 30 year 2.1%.
RefiMoneyMoves
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Re: Refinance Mega Thread

Post by RefiMoneyMoves »

RefiMoneyMoves wrote: Wed Dec 23, 2020 11:07 pm So IM just had an appraiser come by and they should be finished with the report on Monday or Tuesday. LD gave me a better estimate by $500 but the appraiser isn't coming by until Jan 7th. I'm thinking about backing out of the IM refi, but would I have to pay for the IM appraisal? They didn't take a credit card up front, but I did sign and lock the Loan Estimate which stated that "we may order an appraisal . . . and charge you for this appraisal." Anyone have any experience here?
Bumping this question to see if anyone knows. IM kept saying there were no upfront costs on the phone, and it's true that they didn't get my credit card for the appraisal, but just want to know what'd happen if I pull out of the process now that the appraisal has been carried out.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

RefiMoneyMoves wrote: Fri Dec 25, 2020 3:38 pm
RefiMoneyMoves wrote: Wed Dec 23, 2020 11:07 pm So IM just had an appraiser come by and they should be finished with the report on Monday or Tuesday. LD gave me a better estimate by $500 but the appraiser isn't coming by until Jan 7th. I'm thinking about backing out of the IM refi, but would I have to pay for the IM appraisal? They didn't take a credit card up front, but I did sign and lock the Loan Estimate which stated that "we may order an appraisal . . . and charge you for this appraisal." Anyone have any experience here?
Bumping this question to see if anyone knows. IM kept saying there were no upfront costs on the phone, and it's true that they didn't get my credit card for the appraisal, but just want to know what'd happen if I pull out of the process now that the appraisal has been carried out.
Since they sent an appraiser to do the work already, I think you have to pay for it. Even they didn't take your CC, i think they'll ask you to pay for it even you back out from the refi. I didn't get refin from IM.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

RefiMoneyMoves wrote: Fri Dec 25, 2020 3:38 pm
RefiMoneyMoves wrote: Wed Dec 23, 2020 11:07 pm So IM just had an appraiser come by and they should be finished with the report on Monday or Tuesday. LD gave me a better estimate by $500 but the appraiser isn't coming by until Jan 7th. I'm thinking about backing out of the IM refi, but would I have to pay for the IM appraisal? They didn't take a credit card up front, but I did sign and lock the Loan Estimate which stated that "we may order an appraisal . . . and charge you for this appraisal." Anyone have any experience here?
Bumping this question to see if anyone knows. IM kept saying there were no upfront costs on the phone, and it's true that they didn't get my credit card for the appraisal, but just want to know what'd happen if I pull out of the process now that the appraisal has been carried out.
This post from December 1st in this same thread may be helpful.
learn2invest2day wrote: Tue Dec 01, 2020 7:36 pm Thank you for the suggestion.Yes, the LD pricing is based on price-match to IM. Initially they quoted me 2.5% and then matched the IM quote. LD also mentioned this is the best they can offer. Regarding better than no-cost with lender credit, it depends on how many years I plan to continue in the same house without refinancing right? I am just considering to go with no-cost as of now. The LTV will be more than 60% without appraisal for $999,999. But let me check again with the LO to verify if they can provide the same rate without appraisal. If LD comes back and say they can't provide the same rate then i think its a toss-up.

One thing though is for IM, LO mentioned I can go through a appraisal and then back out for any reason without paying appraisal fee, where as for LD I need to pay the fee once appraisal is done. My home value is anywhere between 55-62% based on online platforms, less than 60% (Realtor, Redfin) vs more than 60% (Zillow, Trulia). So there is a slight risk of it coming more than 60% LTV.
Interactive Mortgage does extend the lock if the delay is on their end. Their process was quick (28 days from application to signing), but I've been waiting almost 2 weeks for the loan to fund (as has another user on this forum). I'm not sure what's taking them so long as they originally said the loan would fund within 1-2 days after the 3-day cancellation period after signing the docs. They originally told me it would take about 45 days for the whole process so I'm still within that time frame even with the funding delays (assuming it funds this week).
Thank you for the data point. So it seems pretty safe to go with IM just incase I decide to.

If LD matches rate without appraisal, I can go with them. If not seems like either option isn't bad.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Qw1221wq wrote: Fri Dec 25, 2020 2:42 pm Anyone ever try Intelliloan? They are advertising 15 year 1.75% and 30 year 2.1%.
With fees?
RefiMoneyMoves
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Re: Refinance Mega Thread

Post by RefiMoneyMoves »

BrandonBogle wrote: Fri Dec 25, 2020 9:48 pm
RefiMoneyMoves wrote: Fri Dec 25, 2020 3:38 pm
RefiMoneyMoves wrote: Wed Dec 23, 2020 11:07 pm So IM just had an appraiser come by and they should be finished with the report on Monday or Tuesday. LD gave me a better estimate by $500 but the appraiser isn't coming by until Jan 7th. I'm thinking about backing out of the IM refi, but would I have to pay for the IM appraisal? They didn't take a credit card up front, but I did sign and lock the Loan Estimate which stated that "we may order an appraisal . . . and charge you for this appraisal." Anyone have any experience here?
Bumping this question to see if anyone knows. IM kept saying there were no upfront costs on the phone, and it's true that they didn't get my credit card for the appraisal, but just want to know what'd happen if I pull out of the process now that the appraisal has been carried out.
This post from December 1st in this same thread may be helpful.
learn2invest2day wrote: Tue Dec 01, 2020 7:36 pm Thank you for the suggestion.Yes, the LD pricing is based on price-match to IM. Initially they quoted me 2.5% and then matched the IM quote. LD also mentioned this is the best they can offer. Regarding better than no-cost with lender credit, it depends on how many years I plan to continue in the same house without refinancing right? I am just considering to go with no-cost as of now. The LTV will be more than 60% without appraisal for $999,999. But let me check again with the LO to verify if they can provide the same rate without appraisal. If LD comes back and say they can't provide the same rate then i think its a toss-up.

One thing though is for IM, LO mentioned I can go through a appraisal and then back out for any reason without paying appraisal fee, where as for LD I need to pay the fee once appraisal is done. My home value is anywhere between 55-62% based on online platforms, less than 60% (Realtor, Redfin) vs more than 60% (Zillow, Trulia). So there is a slight risk of it coming more than 60% LTV.
Interactive Mortgage does extend the lock if the delay is on their end. Their process was quick (28 days from application to signing), but I've been waiting almost 2 weeks for the loan to fund (as has another user on this forum). I'm not sure what's taking them so long as they originally said the loan would fund within 1-2 days after the 3-day cancellation period after signing the docs. They originally told me it would take about 45 days for the whole process so I'm still within that time frame even with the funding delays (assuming it funds this week).
Thank you for the data point. So it seems pretty safe to go with IM just incase I decide to.

If LD matches rate without appraisal, I can go with them. If not seems like either option isn't bad.
Very, very helpful, thank you very much. I had gone back a number of pages but hadn’t gone back quite far enough. And my LTV situation is very similar (where I should be at 60% LTV based on the last two appraisals I’ve done) so I’ll continue forward with both and hope that LD’s appraisal comes through.
Qw1221wq
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Re: Refinance Mega Thread

Post by Qw1221wq »

manatee2005 wrote: Fri Dec 25, 2020 9:52 pm
Qw1221wq wrote: Fri Dec 25, 2020 2:42 pm Anyone ever try Intelliloan? They are advertising 15 year 1.75% and 30 year 2.1%.
With fees?
It shows 2.29% apr which I assume includes all fees. Looking for real life quotes to see if they try to sneak in additional fees.
DoveBogle
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15 yr vs 30 year

Post by DoveBogle »

I see a lot of people doing 15 year instead of 30 year refis. I’m curious to hear peoples opinions on the benefits of each. At rates under 3%, wouldn’t it be better to be able to keep the cheap money for longer and have more flexibility to invest? I am in my 30s and in a house I plan to stay in for 30+ years.
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Re: 15 yr vs 30 year

Post by BrandonBogle »

Qw1221wq wrote: Sat Dec 26, 2020 11:45 am
manatee2005 wrote: Fri Dec 25, 2020 9:52 pm
Qw1221wq wrote: Fri Dec 25, 2020 2:42 pm Anyone ever try Intelliloan? They are advertising 15 year 1.75% and 30 year 2.1%.
With fees?
It shows 2.29% apr which I assume includes all fees. Looking for real life quotes to see if they try to sneak in additional fees.
Likely points as most (no?) lenders include title work costs in the APR calculation.
DoveBogle wrote: Sat Dec 26, 2020 11:46 am I see a lot of people doing 15 year instead of 30 year refis. I’m curious to hear peoples opinions on the benefits of each. At rates under 3%, wouldn’t it be better to be able to keep the cheap money for longer and have more flexibility to invest? I am in my 30s and in a house I plan to stay in for 30+ years.
Those of us with smaller mortgages may not be able to get competitive offers on 30 year mortgages, or it may align with existing plans and/or psychological barriers.

For instance, my option today is to do 2.375% 15-year at no-cost or 2.75% 20-year or 30-year at no-cost.

While I’m NOT in the camp of “I cannot have a mortgage in retirement”, I also promised myself during all my prior refis that I wouldn’t go beyond paying it off in 2041, which is 30 years from when I bought the house, so I would pay at least as if it was a 20-year term. And since the plan is to early retire in 5 years at 40, a 15-year is the sweet spot for me.
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Re: 15 yr vs 30 year

Post by JCK »

DoveBogle wrote: Sat Dec 26, 2020 11:46 am I see a lot of people doing 15 year instead of 30 year refis. I’m curious to hear peoples opinions on the benefits of each. At rates under 3%, wouldn’t it be better to be able to keep the cheap money for longer and have more flexibility to invest? I am in my 30s and in a house I plan to stay in for 30+ years.
Assuming you can swing the 15 year payment (a big IF to be sure), it really depends on the interest rate difference between the 30 year and 15 year options. In my case, the 30 year rates I’m seeing are around 2.5% for no/low cost refinance whereas I just locked at 1.75% rate at low cost for a 15 year. In this case I’ll take the .75% savings on the balance plus faster payoff. But I appreciate that others may value the cash flow more than the lower rate/faster payoff.
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Re: 15 yr vs 30 year

Post by DVA79 »

DoveBogle wrote: Sat Dec 26, 2020 11:46 am I see a lot of people doing 15 year instead of 30 year refis. I’m curious to hear peoples opinions on the benefits of each. At rates under 3%, wouldn’t it be better to be able to keep the cheap money for longer and have more flexibility to invest? I am in my 30s and in a house I plan to stay in for 30+ years.
I debated a 15 year refi from my 30 but the rate wasn’t that much better than a 20 year at 2.5% so I went with that and decided to invest the difference. To keep me accountable I increased my 403b automatic withdrawal to VG with the $ difference.

At 2.5% it is pretty cheap money and I will likely not pay it off early. Like you I plan to stay in current house for a long time.
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Re: 15 yr vs 30 year

Post by Goal33 »

DoveBogle wrote: Sat Dec 26, 2020 11:46 am I see a lot of people doing 15 year instead of 30 year refis. I’m curious to hear peoples opinions on the benefits of each. At rates under 3%, wouldn’t it be better to be able to keep the cheap money for longer and have more flexibility to invest? I am in my 30s and in a house I plan to stay in for 30+ years.
I’ll do a 15 year when the spread is .75 for my scenario. At that rate, I won’t be able to resist.
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Re: Refinance Mega Thread

Post by gaurav811 »

I'm currently sitting on a 510k 30yr fixed loan @2.25%.
Looking to do a cash out refinance at the same or better rate to take advantage of home appreciation. Property prices are up about 20% in our area. Is it possible. Who is the best lender to reach out to for cash out refinance?
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Re: Refinance Mega Thread

Post by Jbanks1280 »

I am finishing up a no cost 30 year 2.625 from lenderfi with loan a ltv of 77%. Loan at 280 and freshly appraised at 365 after a construction loan. I locked in December 1 and only had competitive offers from LF and LD only. I used Northepointe and AmeriSave, a couple credit unions, and a few local and big banks and didn’t receive anything better that a 2.85 no point offer.

Being from MA, several big lenders on the forum aren’t available to me (better, loan cabin, not qualified for IM).

LD said they couldn’t go better at that time due to either my ltv or loan amount. Also my house was listed at 200k on active listings and raised eyebrows. I finished a renovation/construction loan with 150k value work completed which is now officially appraised.

Any way with the current market, a different strategy, and/or a different loan officer could get me a 2.5 no cost?
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Re: Refinance Mega Thread

Post by newtoohere »

gaurav811 wrote: Sat Dec 26, 2020 1:59 pm I'm currently sitting on a 510k 30yr fixed loan @2.25%.
Looking to do a cash out refinance at the same or better rate to take advantage of home appreciation. Property prices are up about 20% in our area. Is it possible. Who is the best lender to reach out to for cash out refinance?
I looked at a cash-out refi and the best I could do was 2.75%.
That was with credit scores >800; LTV from 70% to 78%; and no cost.
Ended up going with a no cash-out refi for 2.5% with no costs.
Figured if I need the cash-out money, I will do either a HELOC or 2nd mortgage if really needed it.
For the amount I need ($35k), I can get a loan around 4%. This would make my blended rate around 2.66% or better then I could get with a cash-out.
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Re: 15 yr vs 30 year

Post by gaurav811 »

DoveBogle wrote: Sat Dec 26, 2020 11:46 am I am in my 30s and in a house I plan to stay in for 30+ years.
I have crunched numbers on this many times and it boils down to what is your alternative investment rate.
If you're not maxing out your 401k or Roth IRA if you're taking on 15 year loan then choose 30 year and max out those because after taxes on the interest u pay and tax free gains on investments in 401k/roth you are coming out way ahead with 30 year option.

If already maxing out retirement accounts then, question is what average return you expect to make after taxes on your savings. Assuming 2.5% 30yr and 30% tax rate it costs you 1.75% after taxes.
A stock market index fund will probably give you more than over a 30 year time frame so in my opinion it's a no brainer.

Some people just look at today's interest rate they get in bank and think 15 year is better because in bank you get only 0%. That's not the best way to look at it in my opinion because this money is given to you for 30 year so it really matters what return you get on it over the life of the loan not just in the next year or two.
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Re: Refinance Mega Thread

Post by DoveBogle »

Jbanks1280 wrote: Sat Dec 26, 2020 2:02 pm I am finishing up a no cost 30 year 2.625 from lenderfi with loan a ltv of 77%. Loan at 280 and freshly appraised at 365 after a construction loan. I locked in December 1 and only had competitive offers from LF and LD only. I used Northepointe and AmeriSave, a couple credit unions, and a few local and big banks and didn’t receive anything better that a 2.85 no point offer.

Being from MA, several big lenders on the forum aren’t available to me (better, loan cabin, not qualified for IM).

LD said they couldn’t go better at that time due to either my ltv or loan amount. Also my house was listed at 200k on active listings and raised eyebrows. I finished a renovation/construction loan with 150k value work completed which is now officially appraised.

Any way with the current market, a different strategy, and/or a different loan officer could get me a 2.5 no cost?
I'm in MA too and in a very similar situation to yours. Interested to hear what people suggest. I'd be interested to compare notes, too. I just sent you a PM.
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Re: Refinance Mega Thread

Post by gaurav811 »

[quote=newtoohere post_id=5685262
I looked at a cash-out refi and the best I could do was 2.75%.
[/quote]

I'm currently at 510k @2.25% 30 year loan which includes cash out of 200k. Let me explain how I achieve this.
Originally I had 300k @3.125% 30 yr loan
I did cash out refi 510k @2.75% 30 yr loan NO COST. No cost is the most important part.
Within a week after closing I locked with loan depot 510k @2.25% 30 year no cost loan.
So whole process took 2 months but I got 200k cash out and got 2.25% 30 year fixed at no cost.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

gaurav811 wrote: Sat Dec 26, 2020 2:21 pm
I'm currently at 510k @2.25% 30 year loan which includes cash out of 200k. Let me explain how I achieve this.
Originally I had 300k @3.125% 30 yr loan
I did cash out refi 510k @2.75% 30 yr loan NO COST. No cost is the most important part.
Within a week after closing I locked with loan depot 510k @2.25% 30 year no cost loan.
So whole process took 2 months but I got 200k cash out and got 2.25% 30 year fixed at no cost.
What are you doing with the 200k you cashed out?
Last edited by manatee2005 on Sat Dec 26, 2020 8:35 pm, edited 1 time in total.
Doug E. Dee
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Re: Refinance Mega Thread

Post by Doug E. Dee »

Qw1221wq wrote: Fri Dec 25, 2020 2:42 pm Anyone ever try Intelliloan? They are advertising 15 year 1.75% and 30 year 2.1%.
I just tried starting an app but the only state listed in the drop down was CA.

ETA- Just chatted with them, they say they are nationwide but not in NH so I'm out.
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Re: Refinance Mega Thread

Post by drk »

gaurav811 wrote: Sat Dec 26, 2020 2:21 pm I'm currently at 510k @2.25% 30 year loan which includes cash out of 200k. Let me explain how I achieve this.
Originally I had 300k @3.125% 30 yr loan
I did cash out refi 510k @2.75% 30 yr loan NO COST. No cost is the most important part.
Within a week after closing I locked with loan depot 510k @2.25% 30 year no cost loan.
So whole process took 2 months but I got 200k cash out and got 2.25% 30 year fixed at no cost.
You appear to have had $10k costs somewhere given that you took out $200k and had your loan balance increase by $210k.
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