Refinance Mega Thread

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mschurner
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Re: Refinance Mega Thread

Post by mschurner »

1andDone wrote: Fri Sep 03, 2021 1:04 pm
SavageHunter wrote: Fri Sep 03, 2021 1:02 pm starting the Refi with better today..

its been 9 months since my first better refi was done.. went from 4.75% to 2.25% 15yr no cost...

I'm looking for 1.75% no cost... but just saw better rate table and :-x it sucks as expected, 1.75 isn't even on the table..

got a screenshot of bankrate and email my LO (Joe Laughon)

He hasn't reply or touch base..
need to lock before the AMEX deal ends on sept 13th :wink:
Lock your rate by 09/13/2022 and close by 12/17/2022 to be eligible for the statement credit.
Thanks for pointing out this. I'm working with better. I thought I need to lock in by this week. I didnt realize 2022.
mschurner
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Re: Refinance Mega Thread

Post by mschurner »

ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I came across few posts recommending Radiant for title. I reached out to them. I was told lender can reach out to them directly.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

mschurner wrote: Thu Sep 09, 2021 12:40 am
ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I came across few posts recommending Radiant for title. I reached out to them. I was told lender can reach out to them directly.
My last refi was with Better and use their default provider. This was last year. This time around there will be no changes in the title (not adding or removing borrowers) Is there a way I can contact the company that has the title to "update" it with the new loan info. Do I really need to go through the entire title process?
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

ig77 wrote: Thu Sep 09, 2021 9:26 am
mschurner wrote: Thu Sep 09, 2021 12:40 am
ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I came across few posts recommending Radiant for title. I reached out to them. I was told lender can reach out to them directly.
My last refi was with Better and use their default provider. This was last year. This time around there will be no changes in the title (not adding or removing borrowers) Is there a way I can contact the company that has the title to "update" it with the new loan info. Do I really need to go through the entire title process?
There's a lot more to title service than names. I don't know if that's possible, at least I've never heard of title not being done for a refinance.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

MrJedi wrote: Thu Sep 09, 2021 9:57 am
ig77 wrote: Thu Sep 09, 2021 9:26 am
mschurner wrote: Thu Sep 09, 2021 12:40 am
ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I came across few posts recommending Radiant for title. I reached out to them. I was told lender can reach out to them directly.
My last refi was with Better and use their default provider. This was last year. This time around there will be no changes in the title (not adding or removing borrowers) Is there a way I can contact the company that has the title to "update" it with the new loan info. Do I really need to go through the entire title process?
There's a lot more to title service than names. I don't know if that's possible, at least I've never heard of title not being done for a refinance.
Agreed. BUT many title companies have "reissue" rates that are lower than their standard rates because the title search is less cumbersome for a refinance for a policy that the same company previously issued.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

truenyer wrote: Thu Sep 09, 2021 11:39 am
Agreed. BUT many title companies have "reissue" rates that are lower than their standard rates because the title search is less cumbersome for a refinance for a policy that the same company previously issued.
How do I go about doing this? Not sure who betters default provider is.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

ig77 wrote: Thu Sep 09, 2021 11:50 am
truenyer wrote: Thu Sep 09, 2021 11:39 am
Agreed. BUT many title companies have "reissue" rates that are lower than their standard rates because the title search is less cumbersome for a refinance for a policy that the same company previously issued.
How do I go about doing this? Not sure who betters default provider is.
In my experience, I've gotten the reissue rate by default because it's a refinance. I don't know of any specific search, besides googling title companies and asking for quotes, clarifying that it's a refinance and if they have reissue rates.
tj
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Re: Refinance Mega Thread

Post by tj »

ig77 wrote: Thu Sep 09, 2021 11:50 am
truenyer wrote: Thu Sep 09, 2021 11:39 am
Agreed. BUT many title companies have "reissue" rates that are lower than their standard rates because the title search is less cumbersome for a refinance for a policy that the same company previously issued.
How do I go about doing this? Not sure who betters default provider is.
I would assume that Better's default provider is Better Settlement Services, which likely gets outsourced to somebody else.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

tj wrote: Thu Sep 09, 2021 12:14 pm
ig77 wrote: Thu Sep 09, 2021 11:50 am
truenyer wrote: Thu Sep 09, 2021 11:39 am
Agreed. BUT many title companies have "reissue" rates that are lower than their standard rates because the title search is less cumbersome for a refinance for a policy that the same company previously issued.
How do I go about doing this? Not sure who betters default provider is.
I would assume that Better's default provider is Better Settlement Services, which likely gets outsourced to somebody else.
It varies by state. Better Settlement Services and Title365 seem to be popular choices for their default. BSS outsources to Westcor Land & Title Association.
eltron
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Re: Refinance Mega Thread

Post by eltron »

I'm trying to get a quote for service title/fees from Radian but the one person from Radian told me they can't quote me directly, that they'd need Better to contact them for a quote. Better did, and Radian told them the opposite - basically they couldn't give Better the quote.

Does anyone have the email/contact info they used to get in touch with someone at Radian that was willing to help and give a quote based on the loan estimate?

Not real sure why this is such an issue to just get a quote to see if they are cheaper.
tj
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Re: Refinance Mega Thread

Post by tj »

eltron wrote: Thu Sep 09, 2021 12:59 pm I'm trying to get a quote for service title/fees from Radian but the one person from Radian told me they can't quote me directly, that they'd need Better to contact them for a quote. Better did, and Radian told them the opposite - basically they couldn't give Better the quote.

Does anyone have the email/contact info they used to get in touch with someone at Radian that was willing to help and give a quote based on the loan estimate?

Not real sure why this is such an issue to just get a quote to see if they are cheaper.
Don't waste your time with Radian. Maybe try Amrock ?
tuck3979
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Re: Refinance Mega Thread

Post by tuck3979 »

ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
Use National Title Solutions (https://www.ntsnational.com/) for Illinois. Flat rate of $628 all in for a refinance. I just closed my 6th refinance with Better and have used them every time. Painless and super easy. Just contact NTS, get a quote for good measure, then tell your Better rep that you want to use NTS and provide the quote and contact info. You do nothing else. I found them because they are actually the title company that Loan Cabin partners with for Illinois closings. You won't find anything cheaper for Illinois.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

tuck3979 wrote: Thu Sep 09, 2021 4:36 pm
ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
Use National Title Solutions (https://www.ntsnational.com/) for Illinois. Flat rate of $628 all in for a refinance. I just closed my 6th refinance with Better and have used them every time. Painless and super easy. Just contact NTS, get a quote for good measure, then tell your Better rep that you want to use NTS and provide the quote and contact info. You do nothing else. I found them because they are actually the title company that Loan Cabin partners with for Illinois closings. You won't find anything cheaper for Illinois.
Thanks. I'll call them. Have you tried asking better to price match the quote from NTS?
Mako
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Re: Refinance Mega Thread

Post by Mako »

I closed last night with Better. 30 year, 2.75%, net was about $1500 cash back plus I am supposed to get the $2k AMEX credit.

The entire process was incredibly easy until closing. I finished my last task on Saturday 8/28, and closing was scheduled for Friday 9/3. No one showed up and no one called me. My loan officer said they didn't finish the paperwork in time...which is fine, but somebody really should have let me know. Fortunately I work at home so it didn't really impact my day, but it was mildly annoying. It was rescheduled for Tuesday 9/7 and again they didn't finish the paperwork in time, this time they emailed me a few hours ahead to reschedule. Yesterday it worked out just fine.

I locked on 8/23 and closed in less than 3 weeks so overall it was very quick, I just wish closing had been more smooth.
saltyWaterfall87
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Re: Refinance Mega Thread

Post by saltyWaterfall87 »

Mako wrote: Fri Sep 10, 2021 7:24 am I closed last night with Better. 30 year, 2.75%, net was about $1500 cash back plus I am supposed to get the $2k AMEX credit.

The entire process was incredibly easy until closing. I finished my last task on Saturday 8/28, and closing was scheduled for Friday 9/3. No one showed up and no one called me. My loan officer said they didn't finish the paperwork in time...which is fine, but somebody really should have let me know. Fortunately I work at home so it didn't really impact my day, but it was mildly annoying. It was rescheduled for Tuesday 9/7 and again they didn't finish the paperwork in time, this time they emailed me a few hours ahead to reschedule. Yesterday it worked out just fine.

I locked on 8/23 and closed in less than 3 weeks so overall it was very quick, I just wish closing had been more smooth.
Looking forward to this as well, my rate is even the same. Already hitting a slowdown as they are having a hard time verifying my employment. I first gave the main phone number of my office as requested but they indicated they weren't able to find out, so to give a specific contact, which I did and I assume the verification team is outsourced because they didn't email the person until after the business was closed for the day on Wednesday, to verify that it was the correct email. My contact responded to Thursday morning that that was the case but didn't get an additional email as of now. Silly thing to get stuck on. This is nearly the last task for me I assume. Not a major slowdown as I had to wait for an appraisal but if not for that, this verification would have constituted a delay of nearly a week.
slickracer
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Re: Refinance Mega Thread

Post by slickracer »

Hi Everyone, apologies if this has been asked already....can/will Amex issue a check for the $2,000 reward credit?

Thank you!
tj
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Re: Refinance Mega Thread

Post by tj »

slickracer wrote: Fri Sep 10, 2021 2:25 pm Hi Everyone, apologies if this has been asked already....can/will Amex issue a check for the $2,000 reward credit?

Thank you!
Anyone can request a check for a negative credit card balance.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

slickracer wrote: Fri Sep 10, 2021 2:25 pm Hi Everyone, apologies if this has been asked already....can/will Amex issue a check for the $2,000 reward credit?

Thank you!
I received a check about a week after I submitted my request for negative balance refund.
crg11
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Re: Refinance Mega Thread

Post by crg11 »

Getting on this train. Locked in a 2.625% rate with LenderFi tonight. Just $291 to close. Everyone else quoted $3k to close.
rookie_investor1
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Re: Refinance Mega Thread

Post by rookie_investor1 »

As part of signing I see this, can some one please confirm all this means is that Lender can sell the loan ? (Closing with Better today)

Also, I do not see any page where my spouse name is listed as title owner, how do I confirm that?

TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

rookie_investor1 wrote: Sat Sep 11, 2021 9:24 am As part of signing I see this, can some one please confirm all this means is that Lender can sell the loan ? (Closing with Better today)

Also, I do not see any page where my spouse name is listed as title owner, how do I confirm that?

TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale
Yes, that is for the note itself, it is assigned to MERS and as an ownership interest in it is sold, it still is owned by MERS, allowing for “selling” of the loan easily.

No feedback on title sadly as I’m in a deed state vs. title state, so no experience.
rookie_investor1
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Re: Refinance Mega Thread

Post by rookie_investor1 »

BrandonBogle wrote: Sat Sep 11, 2021 10:01 am
rookie_investor1 wrote: Sat Sep 11, 2021 9:24 am As part of signing I see this, can some one please confirm all this means is that Lender can sell the loan ? (Closing with Better today)

Also, I do not see any page where my spouse name is listed as title owner, how do I confirm that?

TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale
Yes, that is for the note itself, it is assigned to MERS and as an ownership interest in it is sold, it still is owned by MERS, allowing for “selling” of the loan easily.

No feedback on title sadly as I’m in a deed state vs. title state, so no experience.
Thanks a lot for confirming.
I see that as part of closing itself they are selling it to MoneySource , Better don’t waste time at all. I wish it was MrCooper (my current lender), anyone has few yrs of experience with Money source ? How are they and will they also end up selling the loan ?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

rookie_investor1 wrote: Sat Sep 11, 2021 10:20 am
BrandonBogle wrote: Sat Sep 11, 2021 10:01 am
rookie_investor1 wrote: Sat Sep 11, 2021 9:24 am As part of signing I see this, can some one please confirm all this means is that Lender can sell the loan ? (Closing with Better today)

Also, I do not see any page where my spouse name is listed as title owner, how do I confirm that?

TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale
Yes, that is for the note itself, it is assigned to MERS and as an ownership interest in it is sold, it still is owned by MERS, allowing for “selling” of the loan easily.

No feedback on title sadly as I’m in a deed state vs. title state, so no experience.
Thanks a lot for confirming.
I see that as part of closing itself they are selling it to MoneySource , Better don’t waste time at all. I wish it was MrCooper (my current lender), anyone has few yrs of experience with Money source ? How are they and will they also end up selling the loan ?
The Money Source is Better’s default interim servicer. The only servicing Better does themselves are any minimum legally required servicing (like receiving and forwarding your two payments).

While TMS can end up being the permanent servicer, they often sell the loan shortly after. Of my 5 Better refis, one stayed at TMS, one went to Wells Fargo, and three went to Mr Cooper.

TMS did an adequate job servicing my loan, though overall I think they need to improve their processes for handling hiccups. I needed some paperwork since I was doing a back-to-back refi and the person at TMS who took my care got it requested right away without issue, but a few hours later I had the paperwork for someone in Texas. Add to that the docs were simply emailed to me unencrypted, I can see someday they having security compliance issues. THAT ALL SAID, this is sadly a common problem not unique to TMS. I’ve had serious issues with Mr Cooper too and AimLoan I think just had a security breach/disclosure issue.
rookie_investor1
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Re: Refinance Mega Thread

Post by rookie_investor1 »

BrandonBogle wrote: Sat Sep 11, 2021 10:35 am
rookie_investor1 wrote: Sat Sep 11, 2021 10:20 am
BrandonBogle wrote: Sat Sep 11, 2021 10:01 am
rookie_investor1 wrote: Sat Sep 11, 2021 9:24 am As part of signing I see this, can some one please confirm all this means is that Lender can sell the loan ? (Closing with Better today)

Also, I do not see any page where my spouse name is listed as title owner, how do I confirm that?

TRANSFER OF RIGHTS IN THE PROPERTY
The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale
Yes, that is for the note itself, it is assigned to MERS and as an ownership interest in it is sold, it still is owned by MERS, allowing for “selling” of the loan easily.

No feedback on title sadly as I’m in a deed state vs. title state, so no experience.
Thanks a lot for confirming.
I see that as part of closing itself they are selling it to MoneySource , Better don’t waste time at all. I wish it was MrCooper (my current lender), anyone has few yrs of experience with Money source ? How are they and will they also end up selling the loan ?
The Money Source is Better’s default interim servicer. The only servicing Better does themselves are any minimum legally required servicing (like receiving and forwarding your two payments).

While TMS can end up being the permanent servicer, they often sell the loan shortly after. Of my 5 Better refis, one stayed at TMS, one went to Wells Fargo, and three went to Mr Cooper.

TMS did an adequate job servicing my loan, though overall I think they need to improve their processes for handling hiccups. I needed some paperwork since I was doing a back-to-back refi and the person at TMS who took my care got it requested right away without issue, but a few hours later I had the paperwork for someone in Texas. Add to that the docs were simply emailed to me unencrypted, I can see someday they having security compliance issues. THAT ALL SAID, this is sadly a common problem not unique to TMS. I’ve had serious issues with Mr Cooper too and AimLoan I think just had a security breach/disclosure issue.
Very helpful info.
I assumed security is in place and they are are compliant , it is unfortunate that there are such issues. With MrCooper which has been my lender for almost 3-5 years now, I like the ease of making payment, getting statement / documents . Although i did try many times to get loan recasted and refinance but never got through their customer service team.


Any idea about Title query ? How do I make sure my spouse name is also included/ as it was until now.
Mako52
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Re: Refinance Mega Thread

Post by Mako52 »

We are currently a year into a 2.625 / 30 yr with Lenderfi, and had a Loan Depot 3.25 / 30 prior to that.

Loan Depot wants us back, and offered us a 1.75 7-year ARM with approx $2300 in net closing costs (or 1.875 with $1200 in closing costs). We plan to retire/downsize in 7 years but there's a chance we may be here longer than that......if the interest rates spike in 2028 we can always pay off the 364k future balance with other assets.

Factoring in the $2300, net interest savings over the next 84 months total $22,966.

Would you have any reluctance in doing this refi? 2.625 is a great rate but 1.75 is even better.
miketheboglehead
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Re: Refinance Mega Thread

Post by miketheboglehead »

Just closed with Better on 8/13. Amex credit to Amex HHonors card cleared on about 8/30.
2.00 15yr fixed - thanks bogleheads! :D

Received email notification on 9/1 that Better/TMS sold the loan to Mr Cooper.

Haven't received anything in the mail.
Called Mr Cooper on 9/7 and they have no record of the loan yet.
They said look for something in snail mail.

Starting to get concerned. :?

Is this normal?
1st payment due 10/1 on the refi.

Thanks,
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

miketheboglehead wrote: Sat Sep 11, 2021 4:43 pm Just closed with Better on 8/13. Amex credit to Amex HHonors card cleared on about 8/30.
2.00 15yr fixed - thanks bogleheads! :D

Received email notification on 9/1 that Better/TMS sold the loan to Mr Cooper.

Haven't received anything in the mail.
Called Mr Cooper on 9/7 and they have no record of the loan yet.
They said look for something in snail mail.

Starting to get concerned. :?

Is this normal?
1st payment due 10/1 on the refi.

Thanks,
Very normal. Remember, Mr Cooper doesn’t have your email address like TMS does. Also, Mr Cooper is a very slow servicer. You’ll be able to get in before your 10/1 payment is due and you will receive snail mail welcoming you to them and providing the address and loan number for your payment.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

miketheboglehead wrote: Sat Sep 11, 2021 4:43 pm Just closed with Better on 8/13. Amex credit to Amex HHonors card cleared on about 8/30.
2.00 15yr fixed - thanks bogleheads! :D

Received email notification on 9/1 that Better/TMS sold the loan to Mr Cooper.

Haven't received anything in the mail.
Called Mr Cooper on 9/7 and they have no record of the loan yet.
They said look for something in snail mail.

Starting to get concerned. :?

Is this normal?
1st payment due 10/1 on the refi.

Thanks,
Mine got sold to Mr. Cooper as well and I got an email about it on 9/1. I did not get any snail mail yet either but I saw a tip earlier about using Better's loan number on the Mr. Cooper website, and that worked for me. So I got registered and setup before getting anything in the mail.

https://www.mrcooper.com/accounts/new
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Nate79
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Re: Refinance Mega Thread

Post by Nate79 »

MrJedi wrote: Sat Sep 11, 2021 5:33 pm
miketheboglehead wrote: Sat Sep 11, 2021 4:43 pm Just closed with Better on 8/13. Amex credit to Amex HHonors card cleared on about 8/30.
2.00 15yr fixed - thanks bogleheads! :D

Received email notification on 9/1 that Better/TMS sold the loan to Mr Cooper.

Haven't received anything in the mail.
Called Mr Cooper on 9/7 and they have no record of the loan yet.
They said look for something in snail mail.

Starting to get concerned. :?

Is this normal?
1st payment due 10/1 on the refi.

Thanks,
Mine got sold to Mr. Cooper as well and I got an email about it on 9/1. I did not get any snail mail yet either but I saw a tip earlier about using Better's loan number on the Mr. Cooper website, and that worked for me. So I got registered and setup before getting anything in the mail.

https://www.mrcooper.com/accounts/new
Same for us and it worked out fine. Only issue was the registering with Mr Cooper took a couple of days after the email before the information worked to create an account.
ymmt
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Re: Refinance Mega Thread

Post by ymmt »

ymmt wrote: Wed Aug 18, 2021 12:33 pm Closed yesterday.

Data point for others:

Refinanced into
1.75% 15yr Fixed
Loan Amt: $525K
LTV: 30%
No Escrow
A+B+C+E=$2088
Lender Credits: $3688
Locked July 23

Better's title was very expensive. Went with Radian. Also, might've been able to avoid $550 appraisal. Very smooth process overall. Much preferred to the back and forth I had to deal with previously on my other lender.
Amex credit showed up earlier this week/late last week. Amex check arrived today.
miketheboglehead
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Re: Refinance Mega Thread

Post by miketheboglehead »

MrJedi wrote: Sat Sep 11, 2021 5:33 pm
miketheboglehead wrote: Sat Sep 11, 2021 4:43 pm Just closed with Better on 8/13. Amex credit to Amex HHonors card cleared on about 8/30.
2.00 15yr fixed - thanks bogleheads! :D

Received email notification on 9/1 that Better/TMS sold the loan to Mr Cooper.

Haven't received anything in the mail.
Called Mr Cooper on 9/7 and they have no record of the loan yet.
They said look for something in snail mail.

Starting to get concerned. :?

Is this normal?
1st payment due 10/1 on the refi.

Thanks,
Mine got sold to Mr. Cooper as well and I got an email about it on 9/1. I did not get any snail mail yet either but I saw a tip earlier about using Better's loan number on the Mr. Cooper website, and that worked for me. So I got registered and setup before getting anything in the mail.

https://www.mrcooper.com/accounts/new
Thanks! Better loan # didn’t work 9/7, however it DID work today. Good to go.
-Mike
eltron
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Re: Refinance Mega Thread

Post by eltron »

I'm being offered the option to have Better 'pay' my property taxes for 2021 by rolling the property tax amount into my loan. I'm good with doing this as it leaves me more liquid. However, I want to make sure that Better paying these property taxes won't eliminate me from claiming these property taxes as a write off for 2021.

Anyone with experience on this?
tj
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Re: Refinance Mega Thread

Post by tj »

eltron wrote: Mon Sep 13, 2021 5:31 pm I'm being offered the option to have Better 'pay' my property taxes for 2021 by rolling the property tax amount into my loan. I'm good with doing this as it leaves me more liquid. However, I want to make sure that Better paying these property taxes won't eliminate me from claiming these property taxes as a write off for 2021.

Anyone with experience on this?

I mean, yeah, People have been paying property taxes through escrow accounts and have been taking deductions for decades.
eltron
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Re: Refinance Mega Thread

Post by eltron »

tj wrote: Mon Sep 13, 2021 5:33 pm
eltron wrote: Mon Sep 13, 2021 5:31 pm I'm being offered the option to have Better 'pay' my property taxes for 2021 by rolling the property tax amount into my loan. I'm good with doing this as it leaves me more liquid. However, I want to make sure that Better paying these property taxes won't eliminate me from claiming these property taxes as a write off for 2021.

Anyone with experience on this?

I mean, yeah, People have been paying property taxes through escrow accounts and have been taking deductions for decades.
Ok just wanted to be sure. I've never escrowed so I just wanted to be certain that Better paying my property taxes wouldn't be an issue with me claiming those property taxes for 2021. Thanks!
pmmcmu
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Re: Refinance Mega Thread

Post by pmmcmu »

pmmcmu wrote: Mon Aug 23, 2021 6:26 pm
MrJedi wrote: Mon Aug 23, 2021 6:14 pm
pmmcmu wrote: Mon Aug 23, 2021 5:54 pm Closing on Refinance with Better tomorrow. Here are the final details.
2.875%
(Box A thru E) = 3,386.92
Lender Credit = 4,733

So we would net $1346.08 + $2K in AMEX credit = $3,346.08. Is that math correct?

I do have a few logistical questions since this is our first re-finance.

Our cash to close amount shows us as having to bring $2,637.70 to closing. Does that look reasonable? This amount includes the escrow amounts and pre-paids so I know it shouldn't really factor into the analysis of the re-finance.

The Loan Amount shown on page 1 of my closing disclosure is 709,678 which is the balance on my mortgage statement date 7/2/2021. I called better and asked why this amount was not updated to my current UPB amount of 708,235 for my 8/2/2021 statement (Note: I paid $217 in additional principal in our payment) the closing agent said that the loan amount doesn't get updated and doesn't really impact anything. Is that correct? I was expecting the loan amount on page 1 to be updated to my current UPB in the final closing disclosure.

I also have question about having a loan fund date. Our loan is going to fund on the 30th. Do people when they re-finance try to time it out at the very end of the month to avoid more pre-paid interest?
Math looks right.

You need to look at the actual details of the cash to close to see if it looks reasonable. For example, if you are being forced to prepay your property tax into the closing, then this will show up and make a big difference to this number. It is normal for a handful of months of initial escrow funding to show up as well. I've seen it where they overestimate the monthly tax amount, so the monthly escrow payments and the initial escrow funding were way higher than necessary.

The payoff amount will not really impact anything. It is normal to overpay the payoff and then the old lender will refund you the overage. This gives some flexibility in case funding gets delayed, etc. If you want them to change the payoff, you will just force them to generate new numbers, new closing disclosures, and then be forced to wait 3 days again before you can sign.

End of the month close will reduce prepaids, yes, though I wouldn't really make a huge deal about it since you are either paying interest on your old loan or the new loan, there is no free lunch to win. Actually if you had a ton of lender credits, you can try to time it early in the month so you have extra prepaids to soak up excess lender credits without changing to a cash out refinance. I think more important is to avoid funding on a Friday or the day before a holiday. If you do this, there's a chance that you get hit with multiple days of double interest, since your new loan will start charging interest on funding day, and the old loan may or may not receive the payment until the following business day. You will get charged interest on the old loan until they actually receive the payment, which is somewhat dependent on how timely the title company is and if they are wiring (may get same day payment in that case) or overnighting a check (payment will be next business day at best).
Thank you your responses were very helpful.

We are prepaying 5 months of property taxes $3,143.90 and 6 months of Homeowners Insurance $500.52. Our property taxes in Fairfax County, VA according to the county website are due on July 28th & December 5th each year. We only purchased the home on May 20, 2021 but I do know that at closing when we purchased the home the way property taxes were handled is that the first half of the years taxes were paid and then we received a credit from the sellers for the first half of the year where they lived in the house.
Just to finalize the details of my refinance.
Closing was 8/24
Loan was funded 8/30
$2K AMEX Bonus appears 9/14

Thanks again for all the help!
lane7068
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Re: Refinance Mega Thread

Post by lane7068 »

KNOWLEDGE REQUESTED: Hello all, wanted to get some expertise with refinancing my mortgage.

I'm currently on a 7/1 arm, 30 yr @ 2% and my 7 years are up. I owe 215,000 on the house. I wanted to move to a fixed rate, 15 yr as I'm not sure where interest rates will be in the next couple of years. Wells Fargo sent docs for a 15 year fixed at 2.875%, but with almost $11,000 in closing and fees to be wrapped back up into the loan making it $226,000.

I'm not sure it would be worth it, as I'm not sure exactly how high interest rates would rise in the next 5-10 years. I'm not attached to this house and may even sell it eventually. I'm not even living in it and have it leased out.

My question is, if it were you, would you incur more debt on a mortgage just to move from an ARM to a fixed rate that's higher than what you are paying now?

Thank you all for any responses or ideas.
mceagle555
Posts: 174
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Re: Refinance Mega Thread

Post by mceagle555 »

lane7068 wrote: Tue Sep 14, 2021 12:52 pm KNOWLEDGE REQUESTED: Hello all, wanted to get some expertise with refinancing my mortgage.

I'm currently on a 7/1 arm, 30 yr @ 2% and my 7 years are up. I owe 215,000 on the house. I wanted to move to a fixed rate, 15 yr as I'm not sure where interest rates will be in the next couple of years. Wells Fargo sent docs for a 15 year fixed at 2.875%, but with almost $11,000 in closing and fees to be wrapped back up into the loan making it $226,000.

I'm not sure it would be worth it, as I'm not sure exactly how high interest rates would rise in the next 5-10 years. I'm not attached to this house and may even sell it eventually. I'm not even living in it and have it leased out.

My question is, if it were you, would you incur more debt on a mortgage just to move from an ARM to a fixed rate that's higher than what you are paying now?

Thank you all for any responses or ideas.
If you are in an ARM and your 7-year "teaser" period is up, I would 100% refinance. We're in historically low interest rates...no reason not to refinance.

Don't limit yourself to your current lender. Do a refinance inquiry with Better mortgage using the techniques outlined above.
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

mceagle555 wrote: Tue Sep 14, 2021 1:02 pm
lane7068 wrote: Tue Sep 14, 2021 12:52 pm KNOWLEDGE REQUESTED: Hello all, wanted to get some expertise with refinancing my mortgage.

I'm currently on a 7/1 arm, 30 yr @ 2% and my 7 years are up. I owe 215,000 on the house. I wanted to move to a fixed rate, 15 yr as I'm not sure where interest rates will be in the next couple of years. Wells Fargo sent docs for a 15 year fixed at 2.875%, but with almost $11,000 in closing and fees to be wrapped back up into the loan making it $226,000.

I'm not sure it would be worth it, as I'm not sure exactly how high interest rates would rise in the next 5-10 years. I'm not attached to this house and may even sell it eventually. I'm not even living in it and have it leased out.

My question is, if it were you, would you incur more debt on a mortgage just to move from an ARM to a fixed rate that's higher than what you are paying now?

Thank you all for any responses or ideas.
If you are in an ARM and your 7-year "teaser" period is up, I would 100% refinance. We're in historically low interest rates...no reason not to refinance.

Don't limit yourself to your current lender. Do a refinance inquiry with Better mortgage using the techniques outlined above.
yeah this
also that wells fargo offer sounds horrible
Mako
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Re: Refinance Mega Thread

Post by Mako »

fanmail wrote: Tue Sep 14, 2021 1:05 pm yeah this
also that wells fargo offer sounds horrible
+2. I don't think I'm exaggerating in saying that if you're paying $11k in closing costs your rate on a 15 year should be at least 1% less than 2.875. Do the Better/Bankrate thing discussed in here.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

Going through a refi with Better and realized that my current lender (Flagstar) drop the ball on paying property taxes to the county. My landing estimate has now been updated to bring close to $5,000 at closing.

I know I will get the money back in a few months but but I'm wondering if I need to make arrangements for the $5,000 or roll this up into the loan amount.

If I make this a part of the loan amount and pay additional principle ones flagstar refunds $5,000 would interest payments start going down? What are the downsides of rolling this cost into the loan amount?
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

ig77 wrote: Tue Sep 14, 2021 2:00 pm Going through a refi with Better and realized that my current lender (Flagstar) drop the ball on paying property taxes to the county. My landing estimate has now been updated to bring close to $5,000 at closing.

I know I will get the money back in a few months but but I'm wondering if I need to make arrangements for the $5,000 or roll this up into the loan amount.

If I make this a part of the loan amount and pay additional principle ones flagstar refunds $5,000 would interest payments start going down? What are the downsides of rolling this cost into the loan amount?
You’d have a higher payment. Let’s say you have a $300k loan at 2.75%. The payment is $1224/mo. If you roll the costs in you have a $305k loan and the payment is $1245. If you make a one time $5k payment you still have a $1245 payment, but you’ve shortened the loan duration by 9 months.
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cchrissyy
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Re: Refinance Mega Thread

Post by cchrissyy »

Wells Fargo sent docs for a 15 year fixed at 2.875%, but with almost $11,000 in closing and fees
that's a fine rate for a rental house but the fees are wild!

no no no

get quotes elsewhere

if your 7 year ARM was from a time it was a primary residence, it's possible that whatever rate it adjusts to is still better than refinancing as a rental.


edit to add, since i've never heard of such terrible fees before, you should check the loan estimate carefully - are they coming from paying points? no good. are they coming from prepaid taxes and insurance? no problem! you pay those anyway and it is not fair to consider them costs of the loan.
60-20-20 us-intl-bond
Mako
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Re: Refinance Mega Thread

Post by Mako »

^ I missed that it was a rental, but still, those fees are crazy (unless, as said, it is somehow mostly prepaid stuff).
Money_Badger
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Location: Raleigh NC

Re: Refinance Mega Thread

Post by Money_Badger »

ig77 wrote: Tue Sep 14, 2021 2:00 pm Going through a refi with Better and realized that my current lender (Flagstar) drop the ball on paying property taxes to the county. My landing estimate has now been updated to bring close to $5,000 at closing.

I know I will get the money back in a few months but but I'm wondering if I need to make arrangements for the $5,000 or roll this up into the loan amount.

If I make this a part of the loan amount and pay additional principle ones flagstar refunds $5,000 would interest payments start going down? What are the downsides of rolling this cost into the loan amount?
I had the same situation, but I wouldn't say my prior lender dropped the ball really, it was just a timing thing for when the taxes were due. Regardless, I rolled it into the loan. The loan was 2.25% and when I got my escrow refund from my prior lender, I decided not to use it for the mortgage, the rate is just so low.

I am not in a position where I can max my 401K right now, so I'm using that money to temporarily bump my contributions up for a few months. I'll reduce my tax liability for the year and get the money in the market where it will hopefully earn better than 2.25%.

In short, I don't see a downside to rolling it into the loan, aside from the fact that it increases your balance and slightly increases your monthly payment.
saltyWaterfall87
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Re: Refinance Mega Thread

Post by saltyWaterfall87 »

ig77 wrote: Tue Sep 14, 2021 2:00 pm Going through a refi with Better and realized that my current lender (Flagstar) drop the ball on paying property taxes to the county. My landing estimate has now been updated to bring close to $5,000 at closing.

I know I will get the money back in a few months but but I'm wondering if I need to make arrangements for the $5,000 or roll this up into the loan amount.

If I make this a part of the loan amount and pay additional principle ones flagstar refunds $5,000 would interest payments start going down? What are the downsides of rolling this cost into the loan amount?
Same lender as me and also in the middle of a Better refi. Taxes are due in the first few days of October, normally get taken out by now but it's a few days later this year. I had been wondering if they were going to pay them as it will likely coincide with closing pretty closely.
Edit: I like to imagine this is done out of spite.
VSPD1
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Refinance Mega Thread

Post by VSPD1 »

Hi

Please need some info ,

I did cash out refinance last month.. can i do another cash out refinance, are there any rules. Conventional. Not FHA. When i did cash out refinance last month, the lender did not inform me any rules like 6 month rule. Good income. no other loans. scores above 800.

Home value 675k
present loan 415k (after last month cash out refinance)
so thinking of doing another one with 70k cash out.


Thank you
mschurner
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Re: Refinance Mega Thread

Post by mschurner »

eltron wrote: Thu Sep 09, 2021 12:59 pm I'm trying to get a quote for service title/fees from Radian but the one person from Radian told me they can't quote me directly, that they'd need Better to contact them for a quote. Better did, and Radian told them the opposite - basically they couldn't give Better the quote.

Does anyone have the email/contact info they used to get in touch with someone at Radian that was willing to help and give a quote based on the loan estimate?

Not real sure why this is such an issue to just get a quote to see if they are cheaper.
I had the same exact issue. Radian just told me Better can reach out to them directly. They refused to give me the quote. Have you sorted this out? Did you reach out to another title company?
mschurner
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Re: Refinance Mega Thread

Post by mschurner »

tuck3979 wrote: Thu Sep 09, 2021 4:36 pm
ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
Use National Title Solutions (https://www.ntsnational.com/) for Illinois. Flat rate of $628 all in for a refinance. I just closed my 6th refinance with Better and have used them every time. Painless and super easy. Just contact NTS, get a quote for good measure, then tell your Better rep that you want to use NTS and provide the quote and contact info. You do nothing else. I found them because they are actually the title company that Loan Cabin partners with for Illinois closings. You won't find anything cheaper for Illinois.
Thank you so much. Very useful. Actually I'm working with Better and Loan Cabin. Loan Cabin's LE is with title fee of around $600.
anhonymous
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Re: Refinance Mega Thread

Post by anhonymous »

All - I need some quick help feedback from those who have gone/going through Better refinancing. I showed them a "Better" advertised lower rate on bank rate for 15 year term -> 2% (interest as well as APR) at 0 upfront costs. Better is arguing that the "0" only includes origination and points and specifically excludes "services you can shop for" which is where most of my estimated fees currently for title etc sit. When I went to the CFPB site for definition of "upfront costs" they do include most of the closing costs including title/settlement fees.For those are with Better how did they treat your rate/closing cost match specifically from an aggregator site? Any feedback will be appreciated. If I am in error I am happy to not pursue this argument..

see below from CFPB website
Upfront costs. In addition to your down payment, you have to pay for several different kinds of costs at closing.

Origination and lender charges. These costs are charged by the lender for “originating,” or making you the loan. They are part of the price of borrowing money. Different lenders may choose to itemize these costs to varying degrees – it’s the overall total that matters. Common charges are labeled origination fees, application fees, underwriting fees, processing fees, administrative fees, etc.
Points. Points are a charge you pay upfront to the lender. Points are part of the price of borrowing money and are calculated as a percentage of the loan amount. You can choose whether or not to pay points. Learn more about points.
Third-party closing costs. These are charges for third-party services that are required to get a mortgage, such as appraisals and title insurance. You can shop separately for some of these services.
Taxes and government fees. These fees are charged by your local government. They are charged in connection with the real estate transaction, but are usually not a cost of borrowing money.
Prepaid expenses and deposits. These expenses may be associated with your loan or with homeownership. Typically, you need to pay the interest on your loan between the time you close and the end of that month. It’s also common to pay the first year’s homeowner’s insurance premium and make initial deposits into an escrow account to cover future homeowner’s insurance and property taxes.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

anhonymous wrote: Tue Sep 14, 2021 8:22 pm All - I need some quick help feedback from those who have gone/going through Better refinancing. I showed them a "Better" advertised lower rate on bank rate for 15 year term -> 2% (interest as well as APR) at 0 upfront costs. Better is arguing that the "0" only includes origination and points and specifically excludes "services you can shop for" which is where most of my estimated fees currently for title etc sit. When I went to the CFPB site for definition of "upfront costs" they do include most of the closing costs including title/settlement fees.For those are with Better how did they treat your rate/closing cost match specifically from an aggregator site? Any feedback will be appreciated. If I am in error I am happy to not pursue this argument..

see below from CFPB website
Upfront costs. In addition to your down payment, you have to pay for several different kinds of costs at closing.

Origination and lender charges. These costs are charged by the lender for “originating,” or making you the loan. They are part of the price of borrowing money. Different lenders may choose to itemize these costs to varying degrees – it’s the overall total that matters. Common charges are labeled origination fees, application fees, underwriting fees, processing fees, administrative fees, etc.
Points. Points are a charge you pay upfront to the lender. Points are part of the price of borrowing money and are calculated as a percentage of the loan amount. You can choose whether or not to pay points. Learn more about points.
Third-party closing costs. These are charges for third-party services that are required to get a mortgage, such as appraisals and title insurance. You can shop separately for some of these services.
Taxes and government fees. These fees are charged by your local government. They are charged in connection with the real estate transaction, but are usually not a cost of borrowing money.
Prepaid expenses and deposits. These expenses may be associated with your loan or with homeownership. Typically, you need to pay the interest on your loan between the time you close and the end of that month. It’s also common to pay the first year’s homeowner’s insurance premium and make initial deposits into an escrow account to cover future homeowner’s insurance and property taxes.
The numbers on bankrate do not include other closing costs. The $0 there just means $0 points. You will need to go with a higher rate to get lender credits against other closing costs. Bank rate doesn't show negative point / lender credit options. Those options only show up on Better's website. You need to find a good option from bankrate to show to Better and then the whole rate table will update, including the lender credit options.
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