Refinance Mega Thread

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Count of Notre Dame
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Re: Refinance Mega Thread

Post by Count of Notre Dame » Mon May 18, 2020 2:15 pm

postal007 wrote:
Sat May 16, 2020 2:01 am
Closed on a refinance on Monday for 2.85% for a 30-year fixed at First Republic. Locked in mid-March, right as the SIP orders were coming in, finally closed (~50 day closing).

Rate: 2.85%, 30-year fixed
Points: None
Closing Costs: ~$2500 third party costs and recording costs (waived $600 origination costs)
Loan Amount: $570K
LTV: 40%
Previous Rate: 3.625% @ Wells (Wells voluntarily dropped from 4% to 3.625% after I started shopping around)
State: CA

Originally asked for open checking and ~$100k balance, but didn't require the balance for closing. I did move some money over but not $100k. Hope this helps!
That's a great rate! I have a $1.5M 7/1 (80 LTV) mortgage with First Republic @ 3%. They said they would not match a lower rate at this point in time.

amindu
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Re: Refinance Mega Thread

Post by amindu » Mon May 18, 2020 2:37 pm

Question for all can you walk away from a refinance? I am supposed to close today however the rate that I can currently get on a 30 year is 0.375% less than what I locked in at. I will see if my loan officer can match but don’t have a LE yet from the new bank. Thanks

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Mon May 18, 2020 2:41 pm

amindu wrote:
Mon May 18, 2020 2:37 pm
Question for all can you walk away from a refinance? I am supposed to close today however the rate that I can currently get on a 30 year is 0.375% less than what I locked in at. I will see if my loan officer can match but don’t have a LE yet from the new bank. Thanks

Yes you can. However, certain cost may be charged depending on the terms such as appraisal or others

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Mon May 18, 2020 2:44 pm

Pullupking214 wrote:
Sun May 17, 2020 7:22 pm
darkhorse wrote:
Sat May 16, 2020 9:37 pm
Signed 2.5 % @ 15 year 70 LTV
North pointe today
What state? Been trying to get the same 2.5% (mythical) rate for 5 weeks now. My NorthPointe rep says the lowest without points is 2.625%. How much in closing costs did you pay and what was the breakdown? Congrats on the phenomenal offer! Probably one of the best I've seen scouring this thread
Thank you. I surely hope so. Closing costexcluding prepaids were sub-1000. When I pursued, 30 years was 3.2 so dint pursue it.

Now with 30 year at sub 3, if I could find no closing cost, I would consider pursuing it

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon May 18, 2020 2:47 pm

amindu wrote:
Mon May 18, 2020 12:46 pm
Cobra Commander wrote:
Mon May 18, 2020 12:39 pm
grp2c wrote:
Mon May 18, 2020 11:16 am
BrandonBogle wrote:
Mon May 18, 2020 10:37 am
They have a narrow field of membership and are a small organization, so you may not be able to actually apply for it. That said, when you get an LE for it, hopefully another lender will match/beat it.
I was told you don't have to meet the narrow membership requirements to apply for a home loan.
I assume they only do loans in CA?
I just called and was advised that you do have to be a member in order to apply.
I'm in NC and they write loans for NC, assuming that one of two versions of it you are apply to apply is true :)

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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander » Mon May 18, 2020 3:29 pm

I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.

Edit: lender was Amerisave.
Last edited by Cobra Commander on Mon May 18, 2020 5:38 pm, edited 1 time in total.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon May 18, 2020 3:46 pm

Cobra Commander wrote:
Mon May 18, 2020 3:29 pm
I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.
Excellent deal Cobra! Lock it in while you shop around so you don’t lose it!

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Mon May 18, 2020 3:49 pm

Cobra Commander wrote:
Mon May 18, 2020 3:29 pm
I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.

Unbelievable deal! Lock it, must be VA specific. Congrats!

new2bogle
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Re: Refinance Mega Thread

Post by new2bogle » Mon May 18, 2020 3:50 pm

Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.

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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander » Mon May 18, 2020 3:55 pm

darkhorse wrote:
Mon May 18, 2020 3:49 pm
Cobra Commander wrote:
Mon May 18, 2020 3:29 pm
I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.

Unbelievable deal! Lock it, must be VA specific. Congrats!
Yes, definitely VA specific. Conventional mortgage at same rate would have $1.9k lender fees.

The downside is they wont lock until the loan is approved which is apparently 3-6 weeks.

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Mon May 18, 2020 4:00 pm

Cobra Commander wrote:
Mon May 18, 2020 3:55 pm
darkhorse wrote:
Mon May 18, 2020 3:49 pm
Cobra Commander wrote:
Mon May 18, 2020 3:29 pm
I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.

Unbelievable deal! Lock it, must be VA specific. Congrats!
Yes, definitely VA specific. Conventional mortgage at same rate would have $1.9k lender fees.

The downside is they wont lock until the loan is approved which is apparently 3-6 weeks.
I see. Good luck and hope it locks in at the same terms

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon May 18, 2020 4:05 pm

Cobra Commander wrote:
Mon May 18, 2020 3:55 pm
darkhorse wrote:
Mon May 18, 2020 3:49 pm
Cobra Commander wrote:
Mon May 18, 2020 3:29 pm
I was just quoted 2.75% with $8.2k lender credit that will cover closing costs and some prepaid escrows such that I will profit a little from this. $510K loan. VA IRRL. Might shop around a little more.

Unbelievable deal! Lock it, must be VA specific. Congrats!
Yes, definitely VA specific. Conventional mortgage at same rate would have $1.9k lender fees.

The downside is they wont lock until the loan is approved which is apparently 3-6 weeks.
Prudent to shop around then and see if you find it elsewhere with a lock, or have a lock on an almost as good loan to have as a backup.

alfaspider
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Re: Refinance Mega Thread

Post by alfaspider » Mon May 18, 2020 4:15 pm

new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
Not had good luck myself with Jumbos. Best I got back in March was 3.5% with ~$3k in closing costs on a 30 year jumbo. Current is at 3.75, so I decided to wait. More recently, I'm seeing 4%+ quoted.

PerfecTiming
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Re: Refinance Mega Thread

Post by PerfecTiming » Mon May 18, 2020 4:22 pm

I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.

2quiker
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Re: Refinance Mega Thread

Post by 2quiker » Mon May 18, 2020 4:45 pm

PerfecTiming wrote:
Mon May 18, 2020 4:22 pm
I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.
Through where? People please post where they got the rate from.

Yogayaya
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Re: Refinance Mega Thread

Post by Yogayaya » Mon May 18, 2020 5:07 pm

I got a quote from Chase at 3.125 for super conforming no point no fee. A deposit of $250k can lower the rate to 3.00. Location CA.

byenare
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Re: Refinance Mega Thread

Post by byenare » Mon May 18, 2020 5:33 pm

Anyone got sub 3 loans for 30 year fixed in SoCal area?

PerfecTiming
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Re: Refinance Mega Thread

Post by PerfecTiming » Mon May 18, 2020 6:22 pm

2quiker wrote:
Mon May 18, 2020 4:45 pm
PerfecTiming wrote:
Mon May 18, 2020 4:22 pm
I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.
Through where? People please post where they got the rate from.
Check out Owning.com

They claimed this advertised rate was "only for 50% equity" but gave in upon negotiations. I am ~24% equity.

confused1
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Re: Refinance Mega Thread

Post by confused1 » Mon May 18, 2020 7:21 pm

PerfecTiming wrote:
Mon May 18, 2020 6:22 pm
2quiker wrote:
Mon May 18, 2020 4:45 pm
PerfecTiming wrote:
Mon May 18, 2020 4:22 pm
I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.
Through where? People please post where they got the rate from.
Check out Owning.com

They claimed this advertised rate was "only for 50% equity" but gave in upon negotiations. I am ~24% equity.
+1 just completed a painless refi with them 2.75% 15 Yr $600k zero closing costs.

Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson » Mon May 18, 2020 8:20 pm

I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.

psmoove
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Re: Refinance Mega Thread

Post by psmoove » Mon May 18, 2020 8:30 pm

Ron Ronnerson wrote:
Mon May 18, 2020 8:20 pm
I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.
In order for you to get an LE, you would have to complete an application where you provide your SS#. Once you do that, Owning will send you an e-disclosures package include the LE. To lock the rate, you would need to upload all the relevant documents.

What I would suggest is for you to get other LEs during this time so you can compare. What I did was I got an LE from LenderFI, then sent it to Owning, who matched the lower rate from LenderFI and also dropped the closing costs to 0. I then took that LE and asked Better.com to beat it, which they did with additional credits. I moved forward with Better.com by uploading the documents and locking the rate. Even at this stage you can still shop around as you’re not wedded to the lender until you sign the closing documents. I don’t intend to change myself since I am eligible for the additional $2500 due to the Amex promotion with Better.

Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson » Mon May 18, 2020 8:46 pm

psmoove wrote:
Mon May 18, 2020 8:30 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:20 pm
I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.
In order for you to get an LE, you would have to complete an application where you provide your SS#. Once you do that, Owning will send you an e-disclosures package include the LE. To lock the rate, you would need to upload all the relevant documents.

What I would suggest is for you to get other LEs during this time so you can compare. What I did was I got an LE from LenderFI, then sent it to Owning, who matched the lower rate from LenderFI and also dropped the closing costs to 0. I then took that LE and asked Better.com to beat it, which they did with additional credits. I moved forward with Better.com by uploading the documents and locking the rate. Even at this stage you can still shop around as you’re not wedded to the lender until you sign the closing documents. I don’t intend to change myself since I am eligible for the additional $2500 due to the Amex promotion with Better.
Thanks for this very helpful information. It sounds like you got an incredible deal. I'm curious about the AmEx promo. I have an American Express credit card. Is anyone eligible for this offer or does AmEx have to target the customer?

Thanks again,
R.R.

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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander » Mon May 18, 2020 9:04 pm

PerfecTiming wrote:
Mon May 18, 2020 6:22 pm
2quiker wrote:
Mon May 18, 2020 4:45 pm
PerfecTiming wrote:
Mon May 18, 2020 4:22 pm
I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.
Through where? People please post where they got the rate from.
Check out Owning.com

They claimed this advertised rate was "only for 50% equity" but gave in upon negotiations. I am ~24% equity.
Are they only in CA?

drizzleray
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Re: Refinance Mega Thread

Post by drizzleray » Mon May 18, 2020 9:12 pm

new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
I’m finding the same thing. Best around 3.5% at zero points, and Texas title insurance rates aren’t cheap...

psmoove
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Re: Refinance Mega Thread

Post by psmoove » Mon May 18, 2020 9:27 pm

Ron Ronnerson wrote:
Mon May 18, 2020 8:46 pm
psmoove wrote:
Mon May 18, 2020 8:30 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:20 pm
I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.
In order for you to get an LE, you would have to complete an application where you provide your SS#. Once you do that, Owning will send you an e-disclosures package include the LE. To lock the rate, you would need to upload all the relevant documents.

What I would suggest is for you to get other LEs during this time so you can compare. What I did was I got an LE from LenderFI, then sent it to Owning, who matched the lower rate from LenderFI and also dropped the closing costs to 0. I then took that LE and asked Better.com to beat it, which they did with additional credits. I moved forward with Better.com by uploading the documents and locking the rate. Even at this stage you can still shop around as you’re not wedded to the lender until you sign the closing documents. I don’t intend to change myself since I am eligible for the additional $2500 due to the Amex promotion with Better.
Thanks for this very helpful information. It sounds like you got an incredible deal. I'm curious about the AmEx promo. I have an American Express credit card. Is anyone eligible for this offer or does AmEx have to target the customer?

Thanks again,
R.R.
You're very welcome. Regarding the Amex promotion, this is what I did: I first logged in to amex.com with my credentials. Then, without logging out, I opened the promo page at https://www.americanexpress.com/us/camp ... ns/better/. The page kept me logged in , and after going through the steps, I automatically received a confirmation email from Better that verified that I am registered for the promotion. Just to be safe, I also confirmed it with my Better loan expert. They also told me that my consumer Amex cards are qualified for the promo (i.e. Blue Cash, EveryDay, etc). Right before closing, Better asks for the five digits of the Amex card. The statement credit is issued about 8-12 weeks after closing, in some cases sooner than that based on some people's experiences on this thread. Bonus: the promo also waives the appraisal fee, which is $550 in my case (I did not end up needing an appraisal due to my low LTV).

njdealguy
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Re: Refinance Mega Thread

Post by njdealguy » Mon May 18, 2020 9:52 pm

psmoove wrote:
Mon May 18, 2020 9:27 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:46 pm
psmoove wrote:
Mon May 18, 2020 8:30 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:20 pm
I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.
In order for you to get an LE, you would have to complete an application where you provide your SS#. Once you do that, Owning will send you an e-disclosures package include the LE. To lock the rate, you would need to upload all the relevant documents.

What I would suggest is for you to get other LEs during this time so you can compare. What I did was I got an LE from LenderFI, then sent it to Owning, who matched the lower rate from LenderFI and also dropped the closing costs to 0. I then took that LE and asked Better.com to beat it, which they did with additional credits. I moved forward with Better.com by uploading the documents and locking the rate. Even at this stage you can still shop around as you’re not wedded to the lender until you sign the closing documents. I don’t intend to change myself since I am eligible for the additional $2500 due to the Amex promotion with Better.
Thanks for this very helpful information. It sounds like you got an incredible deal. I'm curious about the AmEx promo. I have an American Express credit card. Is anyone eligible for this offer or does AmEx have to target the customer?

Thanks again,
R.R.
You're very welcome. Regarding the Amex promotion, this is what I did: I first logged in to amex.com with my credentials. Then, without logging out, I opened the promo page at https://www.americanexpress.com/us/camp ... ns/better/. The page kept me logged in , and after going through the steps, I automatically received a confirmation email from Better that verified that I am registered for the promotion. Just to be safe, I also confirmed it with my Better loan expert. They also told me that my consumer Amex cards are qualified for the promo (i.e. Blue Cash, EveryDay, etc). Right before closing, Better asks for the five digits of the Amex card. The statement credit is issued about 8-12 weeks after closing, in some cases sooner than that based on some people's experiences on this thread. Bonus: the promo also waives the appraisal fee, which is $550 in my case (I did not end up needing an appraisal due to my low LTV).
Omg I just literally did a rate lock with better a few hours ago and paid the $550 appraisal fee to lock in a 30 year 2.875 rate loan and never knew about this Amex promo which really is worth $3050 since its $2500 plus the appraisal fee for whoever needs it. Though I only have the Marriott Bonvoy Brilliant Amex, did not see this under my offers so not sure if were eligible!

PerfecTiming
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Re: Refinance Mega Thread

Post by PerfecTiming » Mon May 18, 2020 9:59 pm

Cobra Commander wrote:
Mon May 18, 2020 9:04 pm
PerfecTiming wrote:
Mon May 18, 2020 6:22 pm
2quiker wrote:
Mon May 18, 2020 4:45 pm
PerfecTiming wrote:
Mon May 18, 2020 4:22 pm
I was just recently able to get a 30 year @ 2.99% no costs, no points refi in CA for a $400k loan. I was also seeing 15 years @ 2.625%.
Through where? People please post where they got the rate from.
Check out Owning.com

They claimed this advertised rate was "only for 50% equity" but gave in upon negotiations. I am ~24% equity.
Are they only in CA?
I believe they’re a national firm..Try giving them a call. It’s a pretty simple and smooth process with them.

psychoslowmatic
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Re: Refinance Mega Thread

Post by psychoslowmatic » Mon May 18, 2020 11:11 pm

Owning.com only refinances in California per chat this weekend.

Ron Ronnerson
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Location: Bay Area

Re: Refinance Mega Thread

Post by Ron Ronnerson » Tue May 19, 2020 12:13 am

psmoove wrote:
Mon May 18, 2020 9:27 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:46 pm
psmoove wrote:
Mon May 18, 2020 8:30 pm
Ron Ronnerson wrote:
Mon May 18, 2020 8:20 pm
I called Owning and they said they could do 2.99% on a 30-year at no cost (LTV would be 40%). I haven't refinanced in a while so would appreciate guidance on how to proceed. The person I spoke with sent me an email requesting information (W2, paystubs, etc.). Should I send that in at this stage or is it worth shopping around? Do I request an LE from Owning and, if so, do I do that now or after sending in the docs they asked for? Thank you.
In order for you to get an LE, you would have to complete an application where you provide your SS#. Once you do that, Owning will send you an e-disclosures package include the LE. To lock the rate, you would need to upload all the relevant documents.

What I would suggest is for you to get other LEs during this time so you can compare. What I did was I got an LE from LenderFI, then sent it to Owning, who matched the lower rate from LenderFI and also dropped the closing costs to 0. I then took that LE and asked Better.com to beat it, which they did with additional credits. I moved forward with Better.com by uploading the documents and locking the rate. Even at this stage you can still shop around as you’re not wedded to the lender until you sign the closing documents. I don’t intend to change myself since I am eligible for the additional $2500 due to the Amex promotion with Better.
Thanks for this very helpful information. It sounds like you got an incredible deal. I'm curious about the AmEx promo. I have an American Express credit card. Is anyone eligible for this offer or does AmEx have to target the customer?

Thanks again,
R.R.
You're very welcome. Regarding the Amex promotion, this is what I did: I first logged in to amex.com with my credentials. Then, without logging out, I opened the promo page at https://www.americanexpress.com/us/camp ... ns/better/. The page kept me logged in , and after going through the steps, I automatically received a confirmation email from Better that verified that I am registered for the promotion. Just to be safe, I also confirmed it with my Better loan expert. They also told me that my consumer Amex cards are qualified for the promo (i.e. Blue Cash, EveryDay, etc). Right before closing, Better asks for the five digits of the Amex card. The statement credit is issued about 8-12 weeks after closing, in some cases sooner than that based on some people's experiences on this thread. Bonus: the promo also waives the appraisal fee, which is $550 in my case (I did not end up needing an appraisal due to my low LTV).
Sounds good. I'll give it a go. Thank you!

easye418
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Re: Refinance Mega Thread

Post by easye418 » Tue May 19, 2020 8:47 am

new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
I locked a 3.25% 30 year for no cost (when you including the Better credit, I make $1000). Since I have to subordinate a 2nd lien, that is the best I am getting.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 9:12 am

easye418 wrote:
Tue May 19, 2020 8:47 am
new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
I locked a 3.25% 30 year for no cost (when you including the Better credit, I make $1000). Since I have to subordinate a 2nd lien, that is the best I am getting.
Presumably you are not talking about the Better Amex promo and instead their “beat by at least $1,000” offer? If so, just note that the latter is not guaranteed. They often do it, but not always. For me, they didn’t even match it and were $150 more expensive than the competing offer, but I proceeded anyways because of the Amex promo.

DeadLoad
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Re: Refinance Mega Thread

Post by DeadLoad » Tue May 19, 2020 9:16 am

byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 9:25 am

DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
What are your closing costs looking like? Particularly, what is in section A on your LE?

DeadLoad
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Re: Refinance Mega Thread

Post by DeadLoad » Tue May 19, 2020 9:38 am

BrandonBogle wrote:
Tue May 19, 2020 9:25 am
DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
What are your closing costs looking like? Particularly, what is in section A on your LE?
LE states “estimated closing costs $2,160 - includes $3,017 in loan costs + $923 in Other costs - $1,780 in Lender Credits”

The costs were over estimated and I had the actual closing costs rolled into my new loan. My loan went from $251,368 to $252,250 for a total cost of $882.

Leemiller
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Re: Refinance Mega Thread

Post by Leemiller » Tue May 19, 2020 9:44 am

Anyone pay down a jumbo to get a better rate as a confirming loan? We are maybe 50-60k from a confirming loan with a 30 year fixed 3.5% jumbo. I’m considering a pay down to see if I can refi to a 20 year fixed at sub 3%.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 9:44 am

DeadLoad wrote:
Tue May 19, 2020 9:38 am
BrandonBogle wrote:
Tue May 19, 2020 9:25 am
DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
What are your closing costs looking like? Particularly, what is in section A on your LE?
LE states “estimated closing costs $2,160 - includes $3,017 in loan costs + $923 in Other costs - $1,780 in Lender Credits”

The costs were over estimated and I had the actual closing costs rolled into my new loan. My loan went from $251,368 to $252,250 for a total cost of $882.
That’s great. I was worried that with the Conquest program many brokers would charge outrageous fees, but that is very competitive.

Goal33
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Re: Refinance Mega Thread

Post by Goal33 » Tue May 19, 2020 9:46 am

Leemiller wrote:
Tue May 19, 2020 9:44 am
Anyone pay down a jumbo to get a better rate as a confirming loan? We are maybe 50-60k from a confirming loan with a 30 year fixed 3.5% jumbo. I’m considering a pay down to see if I can refi to a 20 year fixed at sub 3%.
I am getting confused on this myself. Do you need to pay it below 765 or 510?
A man with one watch always knows what time it is; a man with two watches is never sure.

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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander » Tue May 19, 2020 10:21 am

Leemiller wrote:
Tue May 19, 2020 9:44 am
Anyone pay down a jumbo to get a better rate as a confirming loan? We are maybe 50-60k from a confirming loan with a 30 year fixed 3.5% jumbo. I’m considering a pay down to see if I can refi to a 20 year fixed at sub 3%.
This is my plan. For comparison on the VA loan I noted above, if I keep my loan at $530K a 30 year fixed rate loan has a 3% interest rate with $5.2K lender fees and a $510K 30 year fixed rate loan has a 2.75% rate with an $8.3K lender credit.

IMHO I'm not sure I would go with the 20 year as there does not seem to be a difference in rates between the 20 and the 30. I'd either go with the 15 or the 30 and perhaps pay extra so you pay it off in 20 years but maintain flexibility.

DeadLoad
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Re: Refinance Mega Thread

Post by DeadLoad » Tue May 19, 2020 10:33 am

BrandonBogle wrote:
Tue May 19, 2020 9:44 am
DeadLoad wrote:
Tue May 19, 2020 9:38 am
BrandonBogle wrote:
Tue May 19, 2020 9:25 am
DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
What are your closing costs looking like? Particularly, what is in section A on your LE?
LE states “estimated closing costs $2,160 - includes $3,017 in loan costs + $923 in Other costs - $1,780 in Lender Credits”

The costs were over estimated and I had the actual closing costs rolled into my new loan. My loan went from $251,368 to $252,250 for a total cost of $882.
That’s great. I was worried that with the Conquest program many brokers would charge outrageous fees, but that is very competitive.
These were the other two options I had on the same LE...

Image

easye418
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Re: Refinance Mega Thread

Post by easye418 » Tue May 19, 2020 10:45 am

BrandonBogle wrote:
Tue May 19, 2020 9:12 am
easye418 wrote:
Tue May 19, 2020 8:47 am
new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
I locked a 3.25% 30 year for no cost (when you including the Better credit, I make $1000). Since I have to subordinate a 2nd lien, that is the best I am getting.
Presumably you are not talking about the Better Amex promo and instead their “beat by at least $1,000” offer? If so, just note that the latter is not guaranteed. They often do it, but not always. For me, they didn’t even match it and were $150 more expensive than the competing offer, but I proceeded anyways because of the Amex promo.
I am talking about the Better AMEX credit. I also used the "match' feature. I agree, it is not guaranteed. They were only able to match my other lender. It was disappointing to find out that it was only 3 matches before they could no longer do it.

My closing costs are like $2550 - $1600 lender credit (-$2500 Amex Credit).

Fatusr
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Re: Refinance Mega Thread

Post by Fatusr » Tue May 19, 2020 10:48 am

DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
Can you share broker details in NorCal? I can’t pm as I am new here.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 10:53 am

Fatusr wrote:
Tue May 19, 2020 10:48 am
DeadLoad wrote:
Tue May 19, 2020 9:16 am
byenare wrote:
Mon May 18, 2020 5:33 pm
Anyone got sub 3 loans for 30 year fixed in SoCal area?
Look up UWM on google and find a broker that will go through that program. I got (and two friends) sub 3% for a 30 in NorCal. Applied Thursday night, turned in all paperwork required by Sunday and I was in underwriting yesterday.
Can you share broker details in NorCal? I can’t pm as I am new here.
UWM maintains a list of member brokers here: http://findamortgagebroker.com/

CaptainSaver
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Re: Refinance Mega Thread

Post by CaptainSaver » Tue May 19, 2020 10:54 am

new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.

Here is my (Texas) refinance story, signed the closing paperwork Saturday and wired funds Monday... looks like everything is moving along as planned.

After seeing the Amex offer I requested rates from Better mortgage on March 31st, I was very
disappointed to see 4.625% - 4.679% APR for $300 in points.... my existing 30 year mortgage was at 4.875% and was over 6 years old.

Kept monitoring the rates and they drifted down slightly. While using rate comparison websites I saw a Texas lender offering the lowest rate I had seen up to that point, a 3.125% - 3.313% APR 15 year refinance. To get their loan estimate I did have to pay a credit check fee, I think it was around $50. (Lender was American Heritage Capital LP)

I sent this loan estimate to my 'concierge' at Better asking if they could beat it by $1000 and she said they could and sent me a competing loan offer. There was a lender credit added to get the closing costs $1000 below American and most importantly the rate dropped by about .8% from the previous lowest one that Better had offered. If you are having a hard time finding a low rate in Texas. I suggest using this method to drive it down, even if you have to pay a fee to get a loan estimate from a lender offering the lowest rate. Final rate after removing ~$500 in points on Better's counter offer was 3.25% - 3.313% APR. $72 in points was the closest to $0 they could get on their schedule without going into credits.

The low rate, free appraisal, and Amex offer means that I should net about $700-800 once the credit is applied. Payment will go up slightly but interest per month is dropping substantially.

P&I on 30 year was $999.15
P&I on 15 year is $1,121.92

P&I on my May payment for the 30 year was split $647 Interest, $351.25 Principal.
P&I on first month of 15 year amortization is split $432 Interest, $698.92 Principal.
$215 less in interest per month, $347 more going towards principal, all for an extra obligation of $122 per month. Really nice psychologically to see the P&I weightings reversed so I am no longer paying more in interest than principal per month.
Loan will be paid off 9 years faster than sticking to 30 year. No need to calculate breakeven period as the Amex offer means that I will actually make money on the whole thing as soon the credit is applied.

Betters customer service was great the whole way through... if there is any hiccup in funding I will
update.

Also to those asking if they have to be targeted with the offer I suggest just calling Amex up and asking if it is available to you. I monitored the rates for 15 days without locking in so my first application with Better was closed.

I went to the American Express website and wasn't prompted with the offer and couldn't find it anywhere so I called and they told me the link to use.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 10:58 am

easye418 wrote:
Tue May 19, 2020 10:45 am
BrandonBogle wrote:
Tue May 19, 2020 9:12 am
easye418 wrote:
Tue May 19, 2020 8:47 am
new2bogle wrote:
Mon May 18, 2020 3:50 pm
Has anyone refinanced in Texas? I am not able to find these sub-3% rates without points (and forget no-fee refinance).

I'm wondering what my Texas neighbors are finding.
I locked a 3.25% 30 year for no cost (when you including the Better credit, I make $1000). Since I have to subordinate a 2nd lien, that is the best I am getting.
Presumably you are not talking about the Better Amex promo and instead their “beat by at least $1,000” offer? If so, just note that the latter is not guaranteed. They often do it, but not always. For me, they didn’t even match it and were $150 more expensive than the competing offer, but I proceeded anyways because of the Amex promo.
I am talking about the Better AMEX credit. I also used the "match' feature. I agree, it is not guaranteed. They were only able to match my other lender. It was disappointing to find out that it was only 3 matches before they could no longer do it.

My closing costs are like $2550 - $1600 lender credit (-$2500 Amex Credit).
Nice. My closing costs were $2,455 but no lender credit, so I'm roughly no-cost after the Amex credit. You got a good deal coming out $1,500 ahead after the promo.

thedane
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Re: Refinance Mega Thread

Post by thedane » Tue May 19, 2020 11:15 am

Need some tips/guidance here please:
I am on a 30 year fixed at 3.5%. Loan dates back to 2012. Was a refinance on the original loan from 2010. So I "lost" 2 years. But it was well worth it! Balance is around $130K. Home value is around $350K. Excellent credit score. AZ based.

Goals:
  • I don't want to pay any fees/points/closing costs. Nothing out of pocket.
  • I want lower monthly cost than today
  • I will be in this house for a while, not planning to sell anytime soon
  • I like the flexibility of a low monthly payment
Questions:
  • Should I go for a 20 year fixed? I'd hate to "push back" the loan further by going for another 30 year. I've never really heard much of 20 year loans before. Thoughts?
  • Any good mortgage brokers to work with?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 19, 2020 11:30 am

thedane wrote:
Tue May 19, 2020 11:15 am
Need some tips/guidance here please:
I am on a 30 year fixed at 3.5%. Loan dates back to 2012. Was a refinance on the original loan from 2010. So I "lost" 2 years. But it was well worth it! Balance is around $130K. Home value is around $350K. Excellent credit score. AZ based.

Goals:
  • I don't want to pay any fees/points/closing costs. Nothing out of pocket.
  • I want lower monthly cost than today
  • I will be in this house for a while, not planning to sell anytime soon
  • I like the flexibility of a low monthly payment
Questions:
  • Should I go for a 20 year fixed? I'd hate to "push back" the loan further by going for another 30 year. I've never really heard much of 20 year loans before. Thoughts?
  • Any good mortgage brokers to work with?
Just a note that I recommend changing your mentality on "losing 2 years" and "pushing back" the mortgage. That only applies if you only do the minimum payment from the amortization schedule.

Let's use an simple example to show this: $100k mortgage, 3% mortgage, no closing costs, 15-year or 30-year term (same rate for either).
15-year term, min payment $690.58, total interest $24,304.76
30-year term, min payment $421.60, total interest $51,778.37
30-year term, payment of $690.58, total interest $24,304.76

So if you use the 15-year payment schedule on a 30-year loan, you lose absolutely nothing.

So now, chances are the 30-year loan and the 15-year loan will have different interest rates. So you need to determine if that difference is worth the flexibility. But you should compare the total cost of the two based on the same payment. This is especially true as plenty of lenders today are NOT giving a lower rate on a 20-year vs. 30-year mortgage (but some are). Thus, in such a case, get the 30-year and pay using a 20-year schedule.

Plenty of loans can be no-closing-costs, either directly or via lender credits. Be sure to account for that and if a lender says there is $XYZ in closing costs, have them provide you a quote with a lender credit sufficient to cover that (this will carry a higher interest rate). You can then compare that to your existing mortgage. Just note that you may still have to be cash to closing. When doing these comparisons, do NOT count any funds in escrow (for taxes and insurance) nor any prepaid interest (interest from closing date to end-of-month). Both of those are things you pay anyway and should be excluding in your comparisons. Once you have the numbers worked out, then you can see how to streamline the cash flow if you indeed don't want to bring any cash to closing. You will find though that having some flexibility there will bring great rewards. For instance, the loan I closed last week carried a $2,450 closing cost when you excluding the prepaid interest to get to the end of the month. However, I get $2,500 back in a couple weeks, so while I have to "carry" about $2,500, I still consider this a no-closing-cost loan. In my case, that refund is from a promo, but in your case, it could be a refund of your escrow from the current lender (if you are using escrow).

I hope this change in mentality for the mortgage helps.

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Tue May 19, 2020 11:32 am

thedane wrote:
Tue May 19, 2020 11:15 am
Need some tips/guidance here please:
I am on a 30 year fixed at 3.5%. Loan dates back to 2012. Was a refinance on the original loan from 2010. So I "lost" 2 years. But it was well worth it! Balance is around $130K. Home value is around $350K. Excellent credit score. AZ based.

Goals:
  • I don't want to pay any fees/points/closing costs. Nothing out of pocket.
  • I want lower monthly cost than today
  • I will be in this house for a while, not planning to sell anytime soon
  • I like the flexibility of a low monthly payment
Questions:
  • Should I go for a 20 year fixed? I'd hate to "push back" the loan further by going for another 30 year. I've never really heard much of 20 year loans before. Thoughts?
  • Any good mortgage brokers to work with?
Just to be clear, just because one gets a 30 year loan doesn't mean one has to take 30 years to pay it off. You can always pay extra principal each month to knock off those "extra" years you added. Given a choice between a 20 year and 30 year, if they have the same interest rate and you make the same payment each month, you will finish the loan in the same timeframe.

thedane
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Re: Refinance Mega Thread

Post by thedane » Tue May 19, 2020 11:44 am

mervinj7 wrote:
Tue May 19, 2020 11:32 am

Just to be clear, just because one gets a 30 year loan doesn't mean one has to take 30 years to pay it off. You can always pay extra principal each month to knock off those "extra" years you added. Given a choice between a 20 year and 30 year, if they have the same interest rate and you make the same payment each month, you will finish the loan in the same timeframe.
Correct. I like the 30 year where I can make increased payments (if I want to). Well aware of this. Hence why I don't really want a 15 year if the rate is the same as my current 30 year.

Amhenn01
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Re: Refinance Mega Thread

Post by Amhenn01 » Tue May 19, 2020 3:31 pm

Owning.com is amazing. I went back a forth with Better.com and Owning.com and settled on owning.com for 15 Year 2.5% No Cost, No Escrow account.

darkhorse
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Re: Refinance Mega Thread

Post by darkhorse » Tue May 19, 2020 3:44 pm

Amhenn01 wrote:
Tue May 19, 2020 3:31 pm
Owning.com is amazing. I went back a forth with Better.com and Owning.com and settled on owning.com for 15 Year 2.5% No Cost, No Escrow account.

Great! Was that lower than advertised rate on their front page. I have been following the advertised rate on their home page bit have not applied

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