Refinance Mega Thread

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Amhenn01
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Re: Refinance Mega Thread

Post by Amhenn01 » Tue May 19, 2020 3:56 pm

darkhorse wrote:
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
Yes. Currently they offer 2.625 15 year no cost.

If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.

Amhenn01
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Joined: Wed Dec 06, 2017 3:04 am

Re: Refinance Mega Thread

Post by Amhenn01 » Tue May 19, 2020 3:56 pm

darkhorse wrote:
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
Yes. Currently they offer 2.625 15 year no cost.

If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.

thedane
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Re: Refinance Mega Thread

Post by thedane » Tue May 19, 2020 3:57 pm

Amhenn01 wrote:
Tue May 19, 2020 3:56 pm
darkhorse wrote:
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
Yes. Currently they offer 2.625 15 year no cost.

If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.
They only service California?

Amhenn01
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Joined: Wed Dec 06, 2017 3:04 am

Re: Refinance Mega Thread

Post by Amhenn01 » Tue May 19, 2020 3:58 pm

thedane wrote:
Tue May 19, 2020 3:57 pm
Amhenn01 wrote:
Tue May 19, 2020 3:56 pm
darkhorse wrote:
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
Yes. Currently they offer 2.625 15 year no cost.

If I did it over, I would take the 2.625% estimate and go to better.com to beat by $1000.
They only service California?
Yes.

psmoove
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Re: Refinance Mega Thread

Post by psmoove » Tue May 19, 2020 4:12 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.
I got the same rate and no cost with them and I took that to Better, which beat it by issuing $2,000 in lender credits. So I went with Better, and I am also eligible for the $2,500 Amex promo. But yes, I agree that Owning is great. If it wasn’t for the promo I would’ve proceeded with them.

McMillion
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Re: Refinance Mega Thread

Post by McMillion » Tue May 19, 2020 4:18 pm

Closed over the weekend on a 2.375% 15 year for $2200 all in (waived appraisal). Northpointe. $250k loan, home value $700k+. Total time from submitting application to closing was 30 days, and I have to say a very smooth and easy process. We considered a 30 year, but can afford the 15 year and still maintain savings and investments rates. We had 19.5 years left on our mortgage before opting for this refi package. We will be in this house a minimum of 7 more years, maybe longer.

need403bhelp
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Re: Refinance Mega Thread

Post by need403bhelp » Tue May 19, 2020 7:22 pm

I'm prob going to take advantage of Better.com $2,500 offer again and re-refinance (it is kosher per my communications with them).

It looks like LenderFi has best rates for me, but I already used them to match better.com once and it seems they did not take kindly to that. I don't want to permanently burn a bridge by doing it again.

Any other ideas for places to lender match? I realize there is this whole thread, not in CA. I haven't found any other lenders to be as competitive as LenderFi (although for a while after mortgage rates went crazy post-COVID they weren't competitive at all).

Thanks!

EDIT: Also, I don't believe I qualify for UWM mortgage as our purchase loan 5/2019 was through UWM.

nova148
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Re: Refinance Mega Thread

Post by nova148 » Tue May 19, 2020 8:14 pm

Got an offer for 15yr refi at 2.625% with no cost (lender credits to cover all costs except prepaids and escrow). Loan Amount 600K (70% LTV) in Virginia

Requesting your feedback on a couple of observations that I found a bit off -

1) I went through a mortgage broker and to my surprise, the lender is Quicken Loans. I have been shopping aggressively for the last 2-3 weeks and have been shopping at many lenders mentioned in this thread. I am just a bit surprised that Quicken came in with the best offer for me. On their site, the advertised rate is much higher. Anyone have experience with Quicken?

2) The LE contains a Broker fee (couple '000s) which is negated by the lender credit. The disclosure package contains a Broker Fee agreement which says the fee is disclosed in LE and I am responsible to pay it. I have never seen this before so just curious if this is normal. Does this pose any risk to me? There is a sentence in the agreement which says
If your loan is a refinance transaction, our compensation is paid directly by you, and our compensation has been paid from proceeds of your loan; you will be reimbursed for our compensation if you exercise your right to rescind the loan.
Please advise if you see any red flags. Thanks.

manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 » Wed May 20, 2020 1:28 am

At the beginning of the crisis I refinanced to a 30 year with Lenderfi because I wanted to be flexible with my payments, even though the amortization on a 15 year is so sweeeet. But since things look a lot better now, I am looking at the 15 year mortgages now. Seems like the best thing is to get better.com to match lenderfi and get the $2500 Amex credit. I don't qualify for UWM conquest as a refinanced with them in 2019. Maybe in 2021 I can go with them again hehehe.

Carl53
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Re: Refinance Mega Thread

Post by Carl53 » Wed May 20, 2020 5:13 am

Son ended up going with LenderFI on a 30 year refinance. Better told him that they would not give the AMEX credit to him despite having an otherwise eligible AMEX card.

Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 » Wed May 20, 2020 6:26 am

Closed yesterday on my 15yr 2.5% refinance. Only paid escrow - a little less actually since appraisal was waived and lender credits included that, too. So I got paid a few hundred dollars to get rid of my 4% 30 year with 28 years left on it.

79% LTV. Northpointe. Pretty painless.

nova148
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Joined: Thu May 05, 2016 9:22 am

Re: Refinance Mega Thread

Post by nova148 » Wed May 20, 2020 7:03 am

Inframan4712 wrote:
Wed May 20, 2020 6:26 am
Closed yesterday on my 15yr 2.5% refinance. Only paid escrow - a little less actually since appraisal was waived and lender credits included that, too. So I got paid a few hundred dollars to get rid of my 4% 30 year with 28 years left on it.

79% LTV. Northpointe. Pretty painless.
Mind sharing loan amount and state? The best I got offered from Northpointe was 3.375% for a 15 yr refi (600k loan). The originator knew he wasn’t competitive and didn’t even try to negotiate.

nepats
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Re: Refinance Mega Thread

Post by nepats » Wed May 20, 2020 8:34 am

nova148 wrote:
Tue May 19, 2020 8:14 pm
Got an offer for 15yr refi at 2.625% with no cost (lender credits to cover all costs except prepaids and escrow). Loan Amount 600K (70% LTV) in Virginia

Requesting your feedback on a couple of observations that I found a bit off -

1) I went through a mortgage broker and to my surprise, the lender is Quicken Loans. I have been shopping aggressively for the last 2-3 weeks and have been shopping at many lenders mentioned in this thread. I am just a bit surprised that Quicken came in with the best offer for me. On their site, the advertised rate is much higher. Anyone have experience with Quicken?

2) The LE contains a Broker fee (couple '000s) which is negated by the lender credit. The disclosure package contains a Broker Fee agreement which says the fee is disclosed in LE and I am responsible to pay it. I have never seen this before so just curious if this is normal. Does this pose any risk to me? There is a sentence in the agreement which says
If your loan is a refinance transaction, our compensation is paid directly by you, and our compensation has been paid from proceeds of your loan; you will be reimbursed for our compensation if you exercise your right to rescind the loan.
Please advise if you see any red flags. Thanks.
What was the 30 year fixed or 10/1 ARM rate?

nova148
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Joined: Thu May 05, 2016 9:22 am

Re: Refinance Mega Thread

Post by nova148 » Wed May 20, 2020 9:48 am

nepats wrote:
Wed May 20, 2020 8:34 am
What was the 30 year fixed or 10/1 ARM rate?
15 year fixed

Gigante
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Re: Refinance Mega Thread

Post by Gigante » Wed May 20, 2020 11:00 am

Carl53 wrote:
Wed May 20, 2020 5:13 am
Son ended up going with LenderFI on a 30 year refinance. Better told him that they would not give the AMEX credit to him despite having an otherwise eligible AMEX card.
Did they state why they wouldn't be able to give him the $2.5k Better credit? Did he not apply through the link originally? Otherwise it doesn't seem like there are really many restrictions on it that would exclude someone as long as they have an eligible card and apply via the link.

Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 » Wed May 20, 2020 11:45 am

nova148 wrote:
Wed May 20, 2020 7:03 am
Inframan4712 wrote:
Wed May 20, 2020 6:26 am
Closed yesterday on my 15yr 2.5% refinance. Only paid escrow - a little less actually since appraisal was waived and lender credits included that, too. So I got paid a few hundred dollars to get rid of my 4% 30 year with 28 years left on it.

79% LTV. Northpointe. Pretty painless.
Mind sharing loan amount and state? The best I got offered from Northpointe was 3.375% for a 15 yr refi (600k loan). The originator knew he wasn’t competitive and didn’t even try to negotiate.
State: SC. Amount $350k

All of these mortgage companies adjust the rate depending on how busy they are. I originally just missed 2.75 with AimLoan, but kept watching rates go up and down for 2 weeks, and they never dipped down to 2.5 to 2.75 like I was hoping. I stalked AimLoan, LenderFi and a couple of others.

Out of the blue I responded to an old invitation email from a previous refinance with Northpointe. Locked that day at 2.5. It probably helped that the loan officer knew me from previous refinance, and more importantly, my initial email answered every one of his questions in his invitation email. So he didn't have to go back and forth. I also told him I wanted a no-cost refinance without rolling any costs into new loan.

When I told a friend of mine about it the same day, he emailed the next day but never could lock that same rate.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 20, 2020 11:53 am

Gigante wrote:
Wed May 20, 2020 11:00 am
Carl53 wrote:
Wed May 20, 2020 5:13 am
Son ended up going with LenderFI on a 30 year refinance. Better told him that they would not give the AMEX credit to him despite having an otherwise eligible AMEX card.
Did they state why they wouldn't be able to give him the $2.5k Better credit? Did he not apply through the link originally? Otherwise it doesn't seem like there are really many restrictions on it that would exclude someone as long as they have an eligible card and apply via the link.
One requirement is that is it only available to the primary account holder. Perhaps Carl's son is just an additional user on the Amex card account.

Fatusr
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Re: Refinance Mega Thread

Post by Fatusr » Wed May 20, 2020 12:07 pm

Do I need to submit actual loan application with all details to get a loan estimate?

onyxlinkia
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Re: Refinance Mega Thread

Post by onyxlinkia » Wed May 20, 2020 12:10 pm

Yea, that's the only way I know of. They want to run your credit reports before providing LE.
Fatusr wrote:
Wed May 20, 2020 12:07 pm
Do I need to submit actual loan application with all details to get a loan estimate?

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Wed May 20, 2020 1:05 pm

alfaspider wrote:
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.
Try consumer direct mortgage!

alfaspider
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Re: Refinance Mega Thread

Post by alfaspider » Wed May 20, 2020 1:28 pm

Soares1234 wrote:
Wed May 20, 2020 1:05 pm
alfaspider wrote:
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.
Try consumer direct mortgage!
They just quoted me 5% :annoyed

I'm afraid the Jumbo market is just wonky right now. A few months ago the spread between regular and jumbo was .1-.2%. Now it's 2%+.

Renzi
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Re: Refinance Mega Thread

Post by Renzi » Wed May 20, 2020 2:01 pm

CaptainSaver wrote:
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.
I also refinanced in Texas and just closed last week. Applied back in early April with Better.com. Initially I went on zillow and emailed the lowest rates, about 3.25% without points (but with closing costs in the 3-5k range). Got some estimates, shopped them around between lenders and ultimately better.com matched my lowest offer and did beat it by $1,000. I actually asked them to match twice and shopped it again after the first match.

Rate: 3%
Loan: 350k outstanding / 420k value / 85% LTV / Conventional 30 yr
Loan Costs: $2300 ($500 points, rest for title and fees)
Amex Credit: $2500
Appraisal Credit: $500 (I was told no appraisal but ended up needing one in the end. Better covered the appraisal fee AND sent me a $500 amazon gift card)

Overall I think I made about $700 on the whole thing. Brought my rate down from 4.125% to 3% at no cost. Better uses Radian title and for some reason my title insurance was about half of what was expected ($1100 v $2230 I was seeing at other places). Escrow requirements were low ultimately im putting in about the same amount as my current escrow holds. Very simple all online process, will be serviced by The Money Service initially.

FWIW I checked zillow the other day and saw 2.875% with no points at BNC National on a 30 year. Didn't see rates that low until just after closing, but I could still upload a competing offer to match just before closing, so if rates drop and you get a better estimate I think you can try to push it down after underwriting.

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Wed May 20, 2020 3:27 pm

alfaspider wrote:
Wed May 20, 2020 1:28 pm
Soares1234 wrote:
Wed May 20, 2020 1:05 pm
alfaspider wrote:
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.
Try consumer direct mortgage!
They just quoted me 5% :annoyed

I'm afraid the Jumbo market is just wonky right now. A few months ago the spread between regular and jumbo was .1-.2%. Now it's 2%+.
I too was having trouble with the jumbo market. I reached out to the contact at Keystone that someone else on this thread mentioned and was just quoted 2.99% on 30-year jumbo, with lender credit to cover all closing costs (assuming appraisal is waived which she said was likely). They are using the UWM program also referenced somewhere in this thread. Location is SoCal, LTV about 63%. I submitted my application so no clue if this will actually go through, but it's the first time I've gotten any quote on a jumbo lower than 3.375% on a no-cost basis. Will be very thankful for this thread if it goes through so figured I'd pass along.

johnkidding
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Re: Refinance Mega Thread

Post by johnkidding » Wed May 20, 2020 3:37 pm

The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 20, 2020 3:59 pm

johnkidding wrote:
Wed May 20, 2020 3:37 pm
The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
If you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.

finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Wed May 20, 2020 4:11 pm

BrandonBogle wrote:
Wed May 20, 2020 3:59 pm
johnkidding wrote:
Wed May 20, 2020 3:37 pm
The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
If you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.
I think you want at least 0.5% reduction to make it worth it.

I’m violating my own rule of going with no cost, though.

With Northpointe, I’m refinancing a $220k for $1500 out of pocket to reduce the rate from 3.625% to 3.0%, and resetting it to 30 years. I like the idea of saving ~$1375 in interest for the first year, and a decreasing but still substantial amount each following year. Almost get the closing costs back in a year.

Edit: Adding lender (Northpointe).
Last edited by finite_difference on Fri May 22, 2020 8:37 am, edited 1 time in total.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

johnkidding
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Re: Refinance Mega Thread

Post by johnkidding » Wed May 20, 2020 4:22 pm

BrandonBogle wrote:
Wed May 20, 2020 3:59 pm
johnkidding wrote:
Wed May 20, 2020 3:37 pm
The quotes I'm getting in TX are between 3 and 3.5% for a 30 year fixed -- depending on points, credits, etc. Am I Crazy for being OK sticking with my 3.65% rate and focusing on paying it off early? All these other options either add thousands to the principle or just complicate things for saving $40 a month.
If you can get a refi for no closing costs, you might as well as the interest adds up. Just assuming a $200k mortgage, over the full term (it would be less for you b/c your existing loan is already partly paid) there would be about a $3k savings. Not much, but not bad either IF you get no closing costs. If there are closing costs, then a 3.5% wouldn't be worth it. That said, it is a lot of work for only $3k (@ 3.5%) savings if you don't move/sell the house before finish paying off the mortgage. So I could see the argument to not bother at 1/8 %. The big gotcha here will be if you can find it with no closing costs. Unless you have a very large mortgage, the closing costs will eat up any real savings here.
Thanks.

I love being a boglehead but this time I found myself reading this thread, thinking of getting an AMEX just for the 2.5k promotion, getting multiple brokers bidding for the lowest rate, calculating all the work involved and then... I decided to go spend more time grilling by the pool and with family.

Might change my mind if rates drop again.

Thanks everyone and happy Memorial Day weekend!

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 20, 2020 4:29 pm

johnkidding wrote:
Wed May 20, 2020 4:22 pm
Thanks.

I love being a boglehead but this time I found myself reading this thread, thinking of getting an AMEX just for the 2.5k promotion, getting multiple brokers bidding for the lowest rate, calculating all the work involved and then... I decided to go spend more time grilling by the pool and with family.

Might change my mind if rates drop again.

Thanks everyone and happy Memorial Day weekend!
Even if the rate was going from 3.625% -> 2.0%, you made the right decision. There comes a time when we need to decide if the effort is worth it when we could do other things with our lives. You’ve decided that 3% - 3.5% isn’t worth the trade off in your time and there is absolutely nothing wrong with that.

Enjoy the weekend!

Leemiller
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Re: Refinance Mega Thread

Post by Leemiller » Wed May 20, 2020 5:48 pm

Goal33 wrote:
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?
Depends on where you live. I’m in a HCOL so I need to get below 765. Look on the fhfa.gov website - you can google jumbo confirming limit.

br0nd
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Re: Refinance Mega Thread

Post by br0nd » Wed May 20, 2020 6:02 pm

Soares1234 wrote:
Sat May 16, 2020 6:04 pm
br0nd wrote:
Wed May 13, 2020 2:50 pm
amindu wrote:
Wed May 13, 2020 2:37 pm
br0nd wrote:
Wed May 13, 2020 2:28 pm
I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
How did you find a broker, can you share who you used so we can contact them to see if they would service other areas? Thanks.
Not sure if its against the rules to post this (Moderators, please remove if not)..
I am using a Mortgage broker who is licensed in Arizona, California and Utah
Jenni Anderson
Keystone Financial Services
P: 480-899-9445
jenni@usekeystone.com

www.usekeystone.com
What did your lender say in regards to the 22 day close. Will they be able to fulfill that? Supposedly Averyday after 22 days the loan rate increases by .1 I’m not sure if lender loses this spread or we have to pay it.
Sorry I missed this. All I can say its blazing fast on my end. I locked on 5/13 and my loan is through underwriting and close is scheduled for Tuesday 5/26. So thats 13 days (including the long weekend in the middle)

br0nd
Posts: 32
Joined: Sun Feb 19, 2012 5:40 pm

Re: Refinance Mega Thread

Post by br0nd » Wed May 20, 2020 6:09 pm

br0nd wrote:
Wed May 13, 2020 2:28 pm
I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
Update on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)

Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261

Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..

PhinTron
Posts: 1
Joined: Wed May 20, 2020 5:58 pm

Re: Refinance Mega Thread

Post by PhinTron » Wed May 20, 2020 6:11 pm

Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...

Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?

My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.

Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?

onyxlinkia
Posts: 108
Joined: Tue Feb 26, 2008 12:13 am

Re: Refinance Mega Thread

Post by onyxlinkia » Wed May 20, 2020 6:39 pm

They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal.
PhinTron wrote:
Wed May 20, 2020 6:11 pm
Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...

Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?

My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.

Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?

frankandbeans
Posts: 131
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Wed May 20, 2020 6:48 pm

onyxlinkia wrote:
Wed May 20, 2020 6:39 pm
They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal.
PhinTron wrote:
Wed May 20, 2020 6:11 pm
Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...

Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?

My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.

Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?
My sense with Northpointe is that they dropped their rates ahead of the crowd for a couple of weeks in early April, filled up their pipeline, and then raised their rates again. Maybe they'll do it again once this batch clears.

onyxlinkia
Posts: 108
Joined: Tue Feb 26, 2008 12:13 am

Re: Refinance Mega Thread

Post by onyxlinkia » Wed May 20, 2020 6:50 pm

I agreed with your assessment, same with lender fi. Not willing to provide competitive rates.
frankandbeans wrote:
Wed May 20, 2020 6:48 pm
onyxlinkia wrote:
Wed May 20, 2020 6:39 pm
They weren't competitive in my experience as well. I have 820 fico and low debt, not sure what profile they are looking for. Luckily, they are not the only game in town. Eventually, you will find a lender who is willing to cut you the deal.
PhinTron wrote:
Wed May 20, 2020 6:11 pm
Considering the comments on Northpointe in this forum , reached out to them today ( Today being alltime low rate ) & to my surprise I was quoted rate of 3.5% for 30 years to cover closing costs ( excluding prepaid + Escrow)...

Did anyone got 3% or lower from Northpointe for 30 years, without any closing cost?

My current mortgage is at 3.25% & looking to lower to either 3% or lower at 30 yrs with no effective cost.

Did anyone locked a rate at 3.00% or below for 30 Yrs without effective closing cost from any other lenders?
My sense with Northpointe is that they dropped their rates ahead of the crowd for a couple of weeks in early April, filled up their pipeline, and then raised their rates again. Maybe they'll do it again once this batch clears.

JBTX
Posts: 6177
Joined: Wed Jul 26, 2017 12:46 pm

Re: Refinance Mega Thread

Post by JBTX » Wed May 20, 2020 6:56 pm

We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.

Goal33
Posts: 1233
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 » Wed May 20, 2020 7:07 pm

br0nd wrote:
Wed May 20, 2020 6:09 pm
br0nd wrote:
Wed May 13, 2020 2:28 pm
I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
Update on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)

Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261

Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
I’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.
A man with one watch always knows what time it is; a man with two watches is never sure.

Absolute
Posts: 12
Joined: Sat Apr 18, 2020 9:03 am

Re: Refinance Mega Thread

Post by Absolute » Wed May 20, 2020 7:10 pm

Absolute wrote:
Thu May 07, 2020 10:01 pm
Hey everyone,

Would like some insight from the BH community on the below refinance proprosal.

Details of proposed loan:
Current rate: 4.366%, 30 year, 56 months in.
Credit Score: ~770 (middle score)
Value: $270,000
Mortgage Balance: $198,000
20 year locked: 3.25 (no points)
Lender Credit: -$400 (appraisal waived)
Origination: $1290
Title (Shoppable Fees): $1,910
Taxes/Prepaid/Escrow: $3,371
Total Closing Costs: $6,640
Total Cash to Close: $7,389

Costs seem higher than what I've seen from other posts. How about the below breakdown of title fees.

Title - Closing Protection Letter $75
Title - Courier Fee $70
Title - Document Storage Archive Copies $90
Title - Lender's Endorsements $100
Title - Lender's Title Insurance $550
Title - Municipal Search $70
Title - Notary Fee $25
Title - Recording Service Fee $50
Title - Release Prep Fee $75
Title - Settlement Fee $425
Title - Tideland Search $50
Title - Title Examination $100
Title - Title Search Abstract $100

This adds $10 to the monthly payment and shaves ~5 years where I can also start adding to principal monthly with flexibility. Any advice? Costs seem high as I mentioned. I understand the taxes/escrow/prepaid are just moving money around.

Cheers :sharebeer
Update: I shopped around for title services, received a few quotes and sent them the lowest cost. They beat it and I ended up saving ~$500 on the title costs. Looks like I'll be going from 4.33% 25 years left on 30 year conventional to a 3.25% 20 year conventional with $2,800 out of pocket. New Jersey.

User avatar
BrandonBogle
Posts: 2446
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 20, 2020 7:19 pm

JBTX wrote:
Wed May 20, 2020 6:56 pm
We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
Send Better your Quicken LE for them to match the lower point. They may even beat it by $1k. Then the Amex offer stacks on top of that.

User avatar
BrandonBogle
Posts: 2446
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 20, 2020 7:21 pm

Goal33 wrote:
Wed May 20, 2020 7:07 pm
br0nd wrote:
Wed May 20, 2020 6:09 pm
br0nd wrote:
Wed May 13, 2020 2:28 pm
I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
Update on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)

Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261

Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
I’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.
I concur. Especially given the pay down needed, I would just stick with the Chase loan. You can invest the $22k (or pay down your principal anyways). Or, see if the UWM broker beats Chase's offer, but you may not get traction there since, outside of the rate modification you are being offered, they are offering a competitive loan.

davehica
Posts: 36
Joined: Sun May 18, 2014 3:07 pm

Re: Refinance Mega Thread

Post by davehica » Wed May 20, 2020 7:25 pm

BrandonBogle wrote:
Wed May 20, 2020 7:21 pm
Goal33 wrote:
Wed May 20, 2020 7:07 pm
br0nd wrote:
Wed May 20, 2020 6:09 pm
br0nd wrote:
Wed May 13, 2020 2:28 pm
I just wanted to share an amazing rate I just locked.
Apparently UWM has new insane pricing.. I just locked in a 30 year conventional loan for 2.875%.
And its better than no cost - covering all costs plus also $1,000 of my escrow payment.

This is in AZ. I would suggest finding a broker that works with UWM in your area and getting a quote right now!
Update on my end - UWM has my loan through underwriting and its scheduled to close on Tuesday 5/26..However , Chase just offered me a rate adjustment to 3% without needing a refi.
So here are my two options.. any advice on how to weigh these options..
Option 1 - New lower mortgage rate
Principal - $532K
Interest Rate - 3% (currently 3.5%)
Term - 313 months left (original 30 year)

Option 2 UWM Refi to conventional Loan
Principal - $510K
Interest Rate - 2.875%
Term - 30 years
Closing Costs (ignoring prepaids and escrow) - Credit of $1147
Cash to pay down mortgage to conventional - $22,408
So actual cost = 22408 - 1147 = $21,261

Summary
Is it worth paying down my balance by $21,261 to lower my interest rate by 0.125% (from 3% to 2.875%)? I am leaning towards just being happy with the Chase 3% rate adjustment and not closing on my UWM loan.
Appreciate any insight into doing the math here..
I’d stick with chase unless that money is just sitting in your checking. Chase might lower your rate again later! I do wonder if you can ask them to do better.
I concur. Especially given the pay down needed, I would just stick with the Chase loan. You can invest the $22k (or pay down your principal anyways). Or, see if the UWM broker beats Chase's offer, but you may not get traction there since, outside of the rate modification you are being offered, they are offering a competitive loan.
+1.

Except I would also call chase, say you’re about to close at 2.875% and that you’ll immediately sign with them if they can match that rate.

nepats
Posts: 314
Joined: Mon Jul 20, 2009 11:56 am

Re: Refinance Mega Thread

Post by nepats » Wed May 20, 2020 9:19 pm

nova148 wrote:
Wed May 20, 2020 9:48 am
nepats wrote:
Wed May 20, 2020 8:34 am
What was the 30 year fixed or 10/1 ARM rate?
15 year fixed
I was wondering if you had asked for those rates as well while you were shopping.

psmoove
Posts: 22
Joined: Mon Feb 27, 2012 7:35 pm

Re: Refinance Mega Thread

Post by psmoove » Wed May 20, 2020 10:28 pm

Absolute wrote:
Wed May 20, 2020 7:10 pm
Absolute wrote:
Thu May 07, 2020 10:01 pm
Hey everyone,

Would like some insight from the BH community on the below refinance proprosal.

Details of proposed loan:
Current rate: 4.366%, 30 year, 56 months in.
Credit Score: ~770 (middle score)
Value: $270,000
Mortgage Balance: $198,000
20 year locked: 3.25 (no points)
Lender Credit: -$400 (appraisal waived)
Origination: $1290
Title (Shoppable Fees): $1,910
Taxes/Prepaid/Escrow: $3,371
Total Closing Costs: $6,640
Total Cash to Close: $7,389

Costs seem higher than what I've seen from other posts. How about the below breakdown of title fees.

Title - Closing Protection Letter $75
Title - Courier Fee $70
Title - Document Storage Archive Copies $90
Title - Lender's Endorsements $100
Title - Lender's Title Insurance $550
Title - Municipal Search $70
Title - Notary Fee $25
Title - Recording Service Fee $50
Title - Release Prep Fee $75
Title - Settlement Fee $425
Title - Tideland Search $50
Title - Title Examination $100
Title - Title Search Abstract $100

This adds $10 to the monthly payment and shaves ~5 years where I can also start adding to principal monthly with flexibility. Any advice? Costs seem high as I mentioned. I understand the taxes/escrow/prepaid are just moving money around.

Cheers :sharebeer
Update: I shopped around for title services, received a few quotes and sent them the lowest cost. They beat it and I ended up saving ~$500 on the title costs. Looks like I'll be going from 4.33% 25 years left on 30 year conventional to a 3.25% 20 year conventional with $2,800 out of pocket. New Jersey.
Did you ask Better for a detailed breakdown of Section C on the LE (title services)? And you sent them a competing quote? I am shopping around myself for title services and I got a couple of itemized breakdowns. I am in the Approval Process. What step were you in when you sent them the lowest quote? Thanks.

hotelcalifornia
Posts: 18
Joined: Sat Jan 19, 2019 5:35 pm

Re: Refinance Mega Thread

Post by hotelcalifornia » Thu May 21, 2020 12:18 am

JBTX wrote:
Wed May 20, 2020 6:56 pm
We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
In a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.

User avatar
BrandonBogle
Posts: 2446
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Thu May 21, 2020 12:23 am

hotelcalifornia wrote:
Thu May 21, 2020 12:18 am
JBTX wrote:
Wed May 20, 2020 6:56 pm
We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
In a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.
If you do close on a mortgage loan, all those inquiries within a 45 day span are counted as one for scoring purposes.

rascott
Posts: 2040
Joined: Wed Apr 15, 2015 10:53 am

Re: Refinance Mega Thread

Post by rascott » Thu May 21, 2020 12:49 am

Still sitting on a 3.125% 5/5 ARM (PenFed). Reset in 2 years.

ARM rates are wack right now, and are worse than fixed rates.

What I want is a true zero cost refi at that rate or better on a 30 year. Still floating. I'm not seeing anything as good as what some are posting now. I'll continue to wait, I guess.

Anyone know the reset terms/ spreads on the Penfed 5/5. The 5 year CMT is close to zero right now (0.35)

User avatar
BrandonBogle
Posts: 2446
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Thu May 21, 2020 12:54 am

rascott wrote:
Thu May 21, 2020 12:49 am
Still sitting on a 3.125% 5/5 ARM (PenFed). Reset in 2 years.

ARM rates are wack right now, and are worse than fixed rates.

What I want is a true zero cost refi at that rate or better on a 30 year. Still floating. I'm not seeing anything as good as what some are posting now. I'll continue to wait, I guess.

Anyone know the reset terms/ spreads on the Penfed 5/5. The 5 year CMT is close to zero right now (0.35)
Assuming your mortgage closed after 2010, it is at least 2.35. The margin was 1 percent before 2010 and it was 2 percent for my 5/5 in 2011 and refi in 2017. I don’t know if it went up since. The 5/5 also has a floor of 2%.

I was 2.875% with a reset in two years and closed last week on 2.625% with no cost to me, though that’s for a 15-year. With offers of 2.99% with near-$0 cost for a 30-year, I’d make the switch to play it safe.

rascott
Posts: 2040
Joined: Wed Apr 15, 2015 10:53 am

Re: Refinance Mega Thread

Post by rascott » Thu May 21, 2020 1:02 am

BrandonBogle wrote:
Thu May 21, 2020 12:54 am
rascott wrote:
Thu May 21, 2020 12:49 am
Still sitting on a 3.125% 5/5 ARM (PenFed). Reset in 2 years.

ARM rates are wack right now, and are worse than fixed rates.

What I want is a true zero cost refi at that rate or better on a 30 year. Still floating. I'm not seeing anything as good as what some are posting now. I'll continue to wait, I guess.

Anyone know the reset terms/ spreads on the Penfed 5/5. The 5 year CMT is close to zero right now (0.35)
Assuming your mortgage closed after 2010, it is at least 2.35. The margin was 1 percent before 2010 and it was 2 percent for my 5/5 in 2011 and refi in 2017. I don’t know if it went up since. The 5/5 also has a floor of 2%.

I was 2.875% with a reset in two years and closed last week on 2.625% with no cost to me, though that’s for a 15-year. With offers of 2.99% with near-$0 cost for a 30-year, I’d make the switch to play it safe.
For whatever reason, I can't find anything close to 3% $0 cost right now. It's all 3.375+. Prime credit and 60% LTV. Tried most of the names mentioned here. AIM can get me closest, at 2.75 on a no- cost 15 year. But really looking for a 25+ year.

30 years should be in the 2.5% range based upon historical spreads vs the 10 year treasury. But market still messy

User avatar
BrandonBogle
Posts: 2446
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Thu May 21, 2020 1:11 am

rascott wrote:
Thu May 21, 2020 1:02 am
For whatever reason, I can't find anything close to 3% $0 cost right now. It's all 3.375+. Prime credit and 60% LTV. Tried most of the names mentioned here. AIM can get me closest, at 2.75 on a no- cost 15 year. But really looking for a 25+ year.
If you have an Amex, I would apply at Better for their 15 year, then send the AIM 15 year Loan Estimate to Better for them to beat. Once they do, before you lock, you can click on the 30 year loan and see what their lender credits give you there, buying down a point as necessary (up to making your total closing costs up to the Amex credit). If you do not have an Amex, I would still do the above and see what is available at no cost (lender credits to offset section B and C of the loan estimate).

JBTX
Posts: 6177
Joined: Wed Jul 26, 2017 12:46 pm

Re: Refinance Mega Thread

Post by JBTX » Thu May 21, 2020 2:38 am

hotelcalifornia wrote:
Thu May 21, 2020 12:18 am
JBTX wrote:
Wed May 20, 2020 6:56 pm
We currently are at 3.25% with around $150k. In TX hard to get math to work with such heavy refi fees. Quicken loans was 2.75%, half point, and around $4000 of closing fees. Would take over 5 years to breakeven. I just tried better online and best rate was 2.75%, with about 2 points plus closing fees. The amex credit would mostly offset the points but still have closing fees. Better turned out to be about the same as quicken loans.
In a very similar situation to you but at 3.5% in TX. It may be worth it for me with the Amex credit but hate having to take a credit pull just to check with rocket loans or better.
Better starts with a soft pull from Trans union. Quicken does a hard credit pull which is irritating.

In TX refinancing fees are outrageous. With QL I doubt there is any way around ponying up at least $3500, probably more.

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