Refinance Mega Thread

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Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 » Sat May 23, 2020 10:47 am

gtg970g wrote:
Sat May 23, 2020 10:08 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?
I'm curious if you've had any luck finding a lender. We contacted owning.com but they say their rate would be close to 5% because our balance is so low. Our balance is 155k on a 380k house. Have you (or anyone else) run into this issue? I also wonder if they are just trying to get me to do a cash out refi.
Why not go ahead and do a cash out refi? And then in a few months send them a massive principal payment to get back down to 155k or so. Assuming no prepayment penalty.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Sat May 23, 2020 10:52 am

Inframan4712 wrote:
Sat May 23, 2020 10:47 am
Why not go ahead and do a cash out refi? And then in a few months send them a massive principal payment to get back down to 155k or so. Assuming no prepayment penalty.
Many lenders charge a higher rate for a cash out refi. That may not end up being better than the 3.5% s/he is already paying.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Sat May 23, 2020 6:13 pm

DeadLoad wrote:
Thu May 21, 2020 7:29 pm
byenare wrote:
Thu May 21, 2020 5:55 pm
Any lender is giving less 3 percent in California? 400k loan value. Interested in 30 years fixed mortgage.
Yes, closing 6/5/2020 on a 30 yr @ 2.99% $252k loan with a home value of $425k through UWM Conquest Program in NorCal
Did you have to pay points? I found a lender in MA butbthey are charging 1/2 points? Are they requiring any prepaid etcs?

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Sat May 23, 2020 6:15 pm

new2bogle wrote:
Thu May 21, 2020 4:49 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!
Fantastic! Thank you.

I've never heard of them - are they good/trustworthy?
Appears to be so far. Very responsive! Try to see if a broker in your area works with UWM. A broker in my afeta just quoted me 2.99 but 1/2 points.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Sat May 23, 2020 9:01 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..
Sorry maybe I missed it. Why do you need to paydown principal?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Sat May 23, 2020 10:12 pm

Soares1234 wrote:
Sat May 23, 2020 9:01 pm
Sorry maybe I missed it. Why do you need to paydown principal?
UWM isn’t offering him the 2.875% on a Jumbo/Superconforming loan, so he has to pay it down to the conforming limit to take the offer. Vs, taking the offer from Chase means no need to bring it down to the limit.

millionsofpennies
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Re: Refinance Mega Thread

Post by millionsofpennies » Sat May 23, 2020 10:45 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%.
I also recently locked in @ 2.99% for 30 year no cost refi in CA with owning.com. Are you going with "cash out limited" option to cover the prepaids? That's how mine is currently set but I'm reading up on cash out limited vs no cash out.

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Sat May 23, 2020 11:15 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..
Take the offer from Chase and call it a day. An easy day. A very very easy day.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Sun May 24, 2020 6:25 am

BrandonBogle wrote:
Sat May 23, 2020 10:12 pm
Soares1234 wrote:
Sat May 23, 2020 9:01 pm
Sorry maybe I missed it. Why do you need to paydown principal?
UWM isn’t offering him the 2.875% on a Jumbo/Superconforming loan, so he has to pay it down to the conforming limit to take the offer. Vs, taking the offer from Chase means no need to bring it down to the limit.
Oh I see! I wonder if they told him that at the beginning because he didn’t mention that initially. My loan balance is 579k for the UWM one they are offering 2.99 at 1/2 point + 3900 closing costs. I’m currently working on a deal that’s in underwriting for 3.25 2100 closing costs. So I’m in a dilema. The UWM the broker said to reach out to him on Tuesday because maybe rate improves and he doesn’t have to charge the point. The difference in p&i is 85.

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BigBankHank
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Re: Refinance Mega Thread

Post by BigBankHank » Sun May 24, 2020 4:04 pm

Okay ... culmination of two straight days of refinance research, and looking for input (plus maybe this might be useful to someone?): I am currently about 30 months into a 30 year loan on my primary residence, $342,000 outstanding at 3.75%. Looking into refinancing (straight refinance, no cash out). After spending a fair bit of time on this board and mortgage professor tools, this is where I am:

• I am looking for pure value here. I can afford payments for shorter terms loans. I am also comfortable with sitting on debt if that’s what makes sense financially.
• Seems like the decision here comes down to two factors: 1) how long I will be in the house and 2) what sort of return I could get on the difference if I had a lower payment. If I’m in the house a short time before unloading, there’s more value in having the balance sitting at a lower percent. But as I stay longer, that increases the possible value of available alternate investments for the difference in premiums. I’m trying to find that balance.

This is where I am on those two big unknowns:
• Not sure how long I’ll stay in this house. Wife and I have good, stable jobs, but not without issues. Could be open to relocating in the future for employment; ties to the area are loose. Or could be here until our small children are out of the home. We’ll say 2-20 years in the hours, so I focused on 5 and 10 year horizons.
• Regarding alternate investments, we already max out tax-advantaged investments, and any mortgage savings would go into a taxable brokerage account—your basic index funds. I used this website (https://dqydj.com/dow-jones-industrial- ... alculator/) to look at historic annualized returns for those periods. It very helpfully gives not only median and mean, but also percentile outcomes. (I realize that these historic percentiles are no assurance of what the market might do in the future, but I don’t know of anything better to go by.)

So given that information and those unknowns, I spent quite a while on the mortgage professor refinancing tool (https://www.mtgprofessor.com/ext/partne ... rLoan.aspx?), plugging in various numbers and comparing costs. This is what I came up with:
• If I were to stay in my house 5 years, the tool says that 15 and 20 year loans are equally costly if an after-tax alternate investment returns 7.80%. That would be 9.18% pretax, and around a 45-percentile DOW outcome for a 5 year period. The 20 year loan is equally costly as a 30 year loan at around an 11% return, which is easily a losing bet.
• If I were to stay in my house 10 years, the tool says that 15 and 20 year loans would be equally costly if an after-tax alternate investment return was 5.05%. That would be just under 6% pretax, and around a 22-percentile DOW outcome for a 10 year period. The 20 year loan is equally costly as a 30 year loan at a 6.22% return, which corresponds to 7.32% before tax, a roughly 31-percentile DOW outcome.
• Takeaway: If I was staying 5 years, I’d have a moderate preference for 15 year, given additional security over what would be roughly a coin-flip market bet. But if I stayed 10 years or longer, even a mildly pessimistic market returns would justify the lower payment of a 20 or even 30 year mortgages. 20 seems like a good balance.

Anything wrong with that analysis or important factors I'm missing? I'm leaning toward a no-cost finance, and those are the rates that the mortgage professor website populates. Also, I've seen a lot of comments about rates getting worse just because lenders are flooded with requests. Any cause to wait and watch for a while due to that?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Sun May 24, 2020 7:51 pm

BigBankHank wrote:
Sun May 24, 2020 4:04 pm
Okay ... culmination of two straight days of refinance research, and looking for input (plus maybe this might be useful to someone?): I am currently about 30 months into a 30 year loan on my primary residence, $342,000 outstanding at 3.75%. Looking into refinancing (straight refinance, no cash out). After spending a fair bit of time on this board and mortgage professor tools, this is where I am:

While I read your entire post and understand it, I think you are making it overly complicated. Don’t let perfect be the enemy of good, and generally speaking, avoid leverage when you can. I would see what 30-year loan you can get with no closing costs, and do the same for a 15-year. That gives you a floor with the 30 year. Then feel free to analyze until you are blue in the face. Once you get some good offers, the hard part is which to choose - as your analysis delves into.

Ultimately, I would make the decision based on how those payments fit with your schedule vs. what investment return I can make on the difference if I got a long term. But that’s just me. I’ve happily taken out loans when it made sense (0% 6-figure credit card balance transfer when I had a 7%+ CD offer in early 2000s, 0% car loan when I had an offer for a 4.5%+ multi-year CD in 2006), but there comes a time for simplicity. So I just refi’d into a 15-year and plan to not pay a penny extra on the mortgage.

pfl5001
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Re: Refinance Mega Thread

Post by pfl5001 » Sun May 24, 2020 10:33 pm

manatee2005 wrote:
Sat May 23, 2020 3:18 am
pfl5001 wrote:
Thu May 21, 2020 8:15 pm
I’ve been following the thread and it’s been helpful following the rates people are getting. Just locked in a 2.625 15 year. I’m in CA with about 450k left in case that helps.
Owning.com I presume? Isn't payment about 3100/month on that while 30 year payment would be 2000/month?
Actually it's a local broker. Not a fan of 30 year so I've always tried to stick with 15. Luckily this is with no points and credits to cover fees.

Dungaravan1
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Re: Refinance Mega Thread

Post by Dungaravan1 » Mon May 25, 2020 6:03 pm

First of all, thank you to those who have contributed to this thread, without your input I would not have discovered Northpointe Bank or had transparency on available (true) market rates. Hopefully my loan details can be helpful to others. I closed today on a 15-year re-fi -- overall it went fairly smoothly and closely followed projected timeline (correspondence exclusively via email until closing week). Here are the details:

Original loan:
30-year fixed @ 3.25%
State: MN
LTV: 35%
Loan amount: $330K
Years remaining: 23

New loan:
15-year fixed @ 2.37%
Escrow
Costs - $900 (after lender credits, not including pre-paid and escrow. Appraisal waived)

Timeline:
4/8 - Original inquiry to Northpointe (submitted to processing on 4/15)
5/25 - Closing

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Mon May 25, 2020 7:01 pm

BigBankHank wrote:
Sun May 24, 2020 4:04 pm
Okay ... culmination of two straight days of refinance research, and looking for input (plus maybe this might be useful to someone?): I am currently about 30 months into a 30 year loan on my primary residence, $342,000 outstanding at 3.75%. Looking into refinancing (straight refinance, no cash out). After spending a fair bit of time on this board and mortgage professor tools, this is where I am:

• I am looking for pure value here. I can afford payments for shorter terms loans. I am also comfortable with sitting on debt if that’s what makes sense financially.
• Seems like the decision here comes down to two factors: 1) how long I will be in the house and 2) what sort of return I could get on the difference if I had a lower payment. If I’m in the house a short time before unloading, there’s more value in having the balance sitting at a lower percent. But as I stay longer, that increases the possible value of available alternate investments for the difference in premiums. I’m trying to find that balance.

This is where I am on those two big unknowns:
• Not sure how long I’ll stay in this house. Wife and I have good, stable jobs, but not without issues. Could be open to relocating in the future for employment; ties to the area are loose. Or could be here until our small children are out of the home. We’ll say 2-20 years in the hours, so I focused on 5 and 10 year horizons.
• Regarding alternate investments, we already max out tax-advantaged investments, and any mortgage savings would go into a taxable brokerage account—your basic index funds. I used this website (https://dqydj.com/dow-jones-industrial- ... alculator/) to look at historic annualized returns for those periods. It very helpfully gives not only median and mean, but also percentile outcomes. (I realize that these historic percentiles are no assurance of what the market might do in the future, but I don’t know of anything better to go by.)

So given that information and those unknowns, I spent quite a while on the mortgage professor refinancing tool (https://www.mtgprofessor.com/ext/partne ... rLoan.aspx?), plugging in various numbers and comparing costs. This is what I came up with:
• If I were to stay in my house 5 years, the tool says that 15 and 20 year loans are equally costly if an after-tax alternate investment returns 7.80%. That would be 9.18% pretax, and around a 45-percentile DOW outcome for a 5 year period. The 20 year loan is equally costly as a 30 year loan at around an 11% return, which is easily a losing bet.
• If I were to stay in my house 10 years, the tool says that 15 and 20 year loans would be equally costly if an after-tax alternate investment return was 5.05%. That would be just under 6% pretax, and around a 22-percentile DOW outcome for a 10 year period. The 20 year loan is equally costly as a 30 year loan at a 6.22% return, which corresponds to 7.32% before tax, a roughly 31-percentile DOW outcome.
• Takeaway: If I was staying 5 years, I’d have a moderate preference for 15 year, given additional security over what would be roughly a coin-flip market bet. But if I stayed 10 years or longer, even a mildly pessimistic market returns would justify the lower payment of a 20 or even 30 year mortgages. 20 seems like a good balance.

Anything wrong with that analysis or important factors I'm missing? I'm leaning toward a no-cost finance, and those are the rates that the mortgage professor website populates. Also, I've seen a lot of comments about rates getting worse just because lenders are flooded with requests. Any cause to wait and watch for a while due to that?
No need to get too fancy. You can likely find a refi where credits cover all costs (no cost refi, or even get paid) and lower your interest enough that if you pay more than the minimum each month, but less than your current payment, you can payoff the mortgage equal to or faster than your current remaining term while pocketing some money each month (to do whatever with).

wootwoot
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Re: Refinance Mega Thread

Post by wootwoot » Mon May 25, 2020 7:53 pm

How quickly can you refi after closing on a no-cost refi?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon May 25, 2020 8:26 pm

wootwoot wrote:
Mon May 25, 2020 7:53 pm
How quickly can you refi after closing on a no-cost refi?
If it didn’t include any clawback provisions, a few days.

BanquetBeer
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Re: Refinance Mega Thread

Post by BanquetBeer » Tue May 26, 2020 8:41 am

I see a lot of people saying "no cost" but Better's 'no cost' option had like $3000 for appraisals, gov fees, etc. is this typical?

We may move in 3-5 years (maybe not) so I don't want to go through the effort for almost break even. Currently about $215k@4% in Texas.

Any thoughts on this? Wouldn't mind cashing out at this rate but can also pay more. Just want a lower interest rate and max economics over the next ~4 years time frame.

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Tue May 26, 2020 8:48 am

BanquetBeer wrote:
Tue May 26, 2020 8:41 am
I see a lot of people saying "no cost" but Better's 'no cost' option had like $3000 for appraisals, gov fees, etc. is this typical?

We may move in 3-5 years (maybe not) so I don't want to go through the effort for almost break even. Currently about $215k@4% in Texas.

Any thoughts on this? Wouldn't mind cashing out at this rate but can also pay more. Just want a lower interest rate and max economics over the next ~4 years time frame.
The better.com offer with Amex waives appraisal fees. The government fees are what they are no matter who you go with. On the estimate that I saw for my refinance with better.com, it looked like the government fees were wrong. I think their estimate didn't take into account that this was just a refinance and there is no transfer taxes.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Tue May 26, 2020 8:50 am

BanquetBeer wrote:
Tue May 26, 2020 8:41 am
I see a lot of people saying "no cost" but Better's 'no cost' option had like $3000 for appraisals, gov fees, etc. is this typical?

We may move in 3-5 years (maybe not) so I don't want to go through the effort for almost break even. Currently about $215k@4% in Texas.

Any thoughts on this? Wouldn't mind cashing out at this rate but can also pay more. Just want a lower interest rate and max economics over the next ~4 years time frame.
At least for me, when someone says no cost, that means credits cancel out any costs, so the only thing that needs to be paid are pre-paids and/or escrow (which I do not view as costs, butjust part of the loan that would have to be paid regardless of costs).

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 26, 2020 8:53 am

anon_investor wrote:
Tue May 26, 2020 8:50 am
BanquetBeer wrote:
Tue May 26, 2020 8:41 am
I see a lot of people saying "no cost" but Better's 'no cost' option had like $3000 for appraisals, gov fees, etc. is this typical?

We may move in 3-5 years (maybe not) so I don't want to go through the effort for almost break even. Currently about $215k@4% in Texas.

Any thoughts on this? Wouldn't mind cashing out at this rate but can also pay more. Just want a lower interest rate and max economics over the next ~4 years time frame.
At least for me, when someone says no cost, that means credits cancel out any costs, so the only thing that needs to be paid are pre-paids and/or escrow (which I do not view as costs, butjust part of the loan that would have to be paid regardless of costs).
I concur with anon_investor. I use “no lender fee” to describe Better and others like them that have nothing in section A (except points) of a Loan Estimate. I use “no costs” when sections A, B, C - any lender credits in section J result in $0 (I give some leeway here. Under $100, I would usually say near-$0, but may trip up and call it “no costs” from time to time).

Note that in both cases, I’m not considering prepaid interest or escrow funding prepaids.

4th and Inches
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Re: Refinance Mega Thread

Post by 4th and Inches » Tue May 26, 2020 9:06 am

For lenders that have a claw-back provision for the lender credit if you refinance or sell within 6 months/180 days what is the mechanism they use to actually get it back from you?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Tue May 26, 2020 9:57 am

4th and Inches wrote:
Tue May 26, 2020 9:06 am
For lenders that have a claw-back provision for the lender credit if you refinance or sell within 6 months/180 days what is the mechanism they use to actually get it back from you?
Usually, it will be included in any and all payoff statements requested during the refi process.

I guess it could be possible that the payoff would go through, but they will not release the lien/file a satisfaction of lien until that is paid. I can’t imagine a lender doing that vs. asking up front (via the payoff statement) though.

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Tue May 26, 2020 12:33 pm

I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!

a010z
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Re: Refinance Mega Thread

Post by a010z » Tue May 26, 2020 3:28 pm

dsmil wrote:
Tue May 26, 2020 12:33 pm
I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
How long did it take to get a rate lock?
And is this conventional or jumbo?
Thanks.

jb1
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Re: Refinance Mega Thread

Post by jb1 » Tue May 26, 2020 3:36 pm

Refinancing is stressful. I thought I found a great company. No origination fee, great rate. After the call he said he would email me the info.. No email.. I text him and he said he would send it again.. no email.. He then texts me a screenshot of the email he sent it to asking if it was correct.. Email he sent is to was: Joeshmoe7070@gmail.com.. (Joe Shmoe).. I literally had to hold back an anger with him. Point of story is, he lost my business that day.

2quiker
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Re: Refinance Mega Thread

Post by 2quiker » Tue May 26, 2020 4:55 pm

jb1 wrote:
Tue May 26, 2020 3:36 pm
Refinancing is stressful. I thought I found a great company. No origination fee, great rate. After the call he said he would email me the info.. No email.. I text him and he said he would send it again.. no email.. He then texts me a screenshot of the email he sent it to asking if it was correct.. Email he sent is to was: Joeshmoe7070@gmail.com.. (Joe Shmoe).. I literally had to hold back an anger with him. Point of story is, he lost my business that day.
My guess is that he didn't want to give an estimate so you don't us it to get a better deal. I have ran into those type of brokers. I had a really back experience with Lenderfi, I would not recommend them at all. What company was it?

jb1
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Re: Refinance Mega Thread

Post by jb1 » Tue May 26, 2020 6:00 pm

2quiker wrote:
Tue May 26, 2020 4:55 pm
jb1 wrote:
Tue May 26, 2020 3:36 pm
Refinancing is stressful. I thought I found a great company. No origination fee, great rate. After the call he said he would email me the info.. No email.. I text him and he said he would send it again.. no email.. He then texts me a screenshot of the email he sent it to asking if it was correct.. Email he sent is to was: Joeshmoe7070@gmail.com.. (Joe Shmoe).. I literally had to hold back an anger with him. Point of story is, he lost my business that day.
My guess is that he didn't want to give an estimate so you don't us it to get a better deal. I have ran into those type of brokers. I had a really back experience with Lenderfi, I would not recommend them at all. What company was it?
Carolina mortgage in Charlotte

ChrisB
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Re: Refinance Mega Thread

Post by ChrisB » Tue May 26, 2020 6:46 pm

Not a huge fan of LendingTree but filled out the basic information and got some quotes from what appears to be a couple of small providers. Anyone ever hear of Prospect Financial Group out of San Diego? On Q Financial, Inc. (Offices around the country, couple offices in my area of Oregon).

Have not heard of these and wondering if anyone had any experience.

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Tue May 26, 2020 7:01 pm

a010z wrote:
Tue May 26, 2020 3:28 pm
dsmil wrote:
Tue May 26, 2020 12:33 pm
I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
How long did it take to get a rate lock?
And is this conventional or jumbo?
Thanks.
It's conventional and we locked the same day that he gave me his estimate.

manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 » Tue May 26, 2020 7:39 pm

4th and Inches wrote:
Tue May 26, 2020 9:06 am
For lenders that have a claw-back provision for the lender credit if you refinance or sell within 6 months/180 days what is the mechanism they use to actually get it back from you?
I would also like to know. I refi-ed with lenderfi and now i'm going to owning.com so let's see if and what Lenderfi does.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 8:15 pm

br0nd wrote:
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)
Hi! How was the close? Did everything go through as planned?

as9
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Re: Refinance Mega Thread

Post by as9 » Tue May 26, 2020 8:22 pm

Has anyone closed with LenderFi recently? Been waiting on final confirmation and a closing date and now haven't heard back in almost three weeks.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 8:31 pm

Help!

I’m in the process with a current deal @3.25 for 2100 in closing costs (cc) locked until 6/20. I have gotten the appraisal done and it’s currently with the underwriter set to close on 6/10.

I reached out to brokers for UWM deal and I got two deals for 2.99 for 2900 CC + 1/2 point (2900) they said it’s a 2.5 week close.

The difference between the rate is an extra 85 dollars.

To provide more details this is a 3 unit property. I occupy 1 of the units. With the 3.25, the rent from 2 units covers the P&I, taxes, insurance, trash and common expenses. With 2.99 I make the 85 which can serve as a buffer to pay for landscaping and snow removal.

With that being said, do you think it’s worth pursuing the new deals? Will running a new application/credit impact my current deal since I’m past the credit inquiry window?

Any help or thoughts would be greatly appreciated!

Thank you!

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Tue May 26, 2020 8:41 pm

Soares1234 wrote:
Tue May 26, 2020 8:31 pm
Help!

I’m in the process with a current deal @3.25 for 2100 in closing costs (cc) locked until 6/20. I have gotten the appraisal done and it’s currently with the underwriter set to close on 6/10.

I reached out to brokers for UWM deal and I got two deals for 2.99 for 2900 CC + 1/2 point (2900) they said it’s a 2.5 week close.

The difference between the rate is an extra 85 dollars.

To provide more details this is a 3 unit property. I occupy 1 of the units. With the 3.25, the rent from 2 units covers the P&I, taxes, insurance, trash and common expenses. With 2.99 I make the 85 which can serve as a buffer to pay for landscaping and snow removal.

With that being said, do you think it’s worth pursuing the new deals? Will running a new application/credit impact my current deal since I’m past the credit inquiry window?

Any help or thoughts would be greatly appreciated!

Thank you!
I would keep the bird in hand. At $85/month, you would take 43.5 months to recoup that extra $3700 (not counting any upfront fees you might lose if you walk). Add in the uncertainty of the new loan to close and I don't think it's worthwhile. You can always keep shopping for better rates to refi again after you close.

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drive2snow
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Re: Refinance Mega Thread

Post by drive2snow » Tue May 26, 2020 9:07 pm

as9 wrote:
Tue May 26, 2020 8:22 pm
Has anyone closed with LenderFi recently? Been waiting on final confirmation and a closing date and now haven't heard back in almost three weeks.
I’m still waiting to hear from them after a rate lock in early March. Pretty annoyed I had a hard credit pull and they’ve essentially ghosted me. They’re not responsive to calls, texts, or emails.

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 9:19 pm

frankandbeans wrote:
Tue May 26, 2020 8:41 pm
Soares1234 wrote:
Tue May 26, 2020 8:31 pm
Help!

I’m in the process with a current deal @3.25 for 2100 in closing costs (cc) locked until 6/20. I have gotten the appraisal done and it’s currently with the underwriter set to close on 6/10.

I reached out to brokers for UWM deal and I got two deals for 2.99 for 2900 CC + 1/2 point (2900) they said it’s a 2.5 week close.

The difference between the rate is an extra 85 dollars.

To provide more details this is a 3 unit property. I occupy 1 of the units. With the 3.25, the rent from 2 units covers the P&I, taxes, insurance, trash and common expenses. With 2.99 I make the 85 which can serve as a buffer to pay for landscaping and snow removal.

With that being said, do you think it’s worth pursuing the new deals? Will running a new application/credit impact my current deal since I’m past the credit inquiry window?

Any help or thoughts would be greatly appreciated!

Thank you!
I would keep the bird in hand. At $85/month, you would take 43.5 months to recoup that extra $3700 (not counting any upfront fees you might lose if you walk). Add in the uncertainty of the new loan to close and I don't think it's worthwhile. You can always keep shopping for better rates to refi again after you close.
Thank you for taking the time to help me. I’m a newbie at this and these are the things that were running through my head that you confirmed. I appreciate it!

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 9:21 pm

drive2snow wrote:
Tue May 26, 2020 9:07 pm
as9 wrote:
Tue May 26, 2020 8:22 pm
Has anyone closed with LenderFi recently? Been waiting on final confirmation and a closing date and now haven't heard back in almost three weeks.
I’m still waiting to hear from them after a rate lock in early March. Pretty annoyed I had a hard credit pull and they’ve essentially ghosted me. They’re not responsive to calls, texts, or emails.
I would log onto the the different credit bureaus and dispute the pull. I think I saw somewhere that they are required to get back to you in 3 days unless you shopped.

teamDE
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Re: Refinance Mega Thread

Post by teamDE » Tue May 26, 2020 10:20 pm

Is Massachusetts some kind of black hole for mortgage lenders? None of these sites or deals are available here. :?

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 10:28 pm

teamDE wrote:
Tue May 26, 2020 10:20 pm
Is Massachusetts some kind of black hole for mortgage lenders? None of these sites or deals are available here. :?
Try consumer direct lender, mcglone mortgage, Middlesex mortgage financing, miller mortgage, Naveo.

You literally have to email everyone and looking through this site, each page, definitely helps. Search MA above I’m sure more will popup

Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 » Tue May 26, 2020 10:38 pm

Has anyone found a lender/broker with down payments under 10% for non-owner occupied/investment property loans?

finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Tue May 26, 2020 10:42 pm

dsmil wrote:
Tue May 26, 2020 7:01 pm
a010z wrote:
Tue May 26, 2020 3:28 pm
dsmil wrote:
Tue May 26, 2020 12:33 pm
I locked at 3% and a $2,600 lender credit with Keystone Funding on a 30 year loan. Only $400 for the 2.875% rate, but I like going with the lender credits and making it a no-cost refinance. I'm also around 80% LTV and they took my value estimate and got an appraisal waiver, so no PMI for me for the first time!
How long did it take to get a rate lock?
And is this conventional or jumbo?
Thanks.
It's conventional and we locked the same day that he gave me his estimate.
Congrats, that’s a fantastic deal! Best I could find was $1500 closing cost for 3% (Northpointe).
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 » Wed May 27, 2020 12:55 am

pfl5001 wrote:
Sun May 24, 2020 10:33 pm
manatee2005 wrote:
Sat May 23, 2020 3:18 am
pfl5001 wrote:
Thu May 21, 2020 8:15 pm
I’ve been following the thread and it’s been helpful following the rates people are getting. Just locked in a 2.625 15 year. I’m in CA with about 450k left in case that helps.
Owning.com I presume? Isn't payment about 3100/month on that while 30 year payment would be 2000/month?
Actually it's a local broker. Not a fan of 30 year so I've always tried to stick with 15. Luckily this is with no points and credits to cover fees.
Ok, I've had it in my head to go to 15 year mortgage since 2012, and now with lower principal and 2.625% rate I can finally afford it.

teamDE
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Re: Refinance Mega Thread

Post by teamDE » Wed May 27, 2020 11:31 am

TracyC wrote:
Sun Jan 26, 2020 12:39 pm
For those living in Arizona, California, Massachusetts or Idaho I also strongly suggest looking at raterabbit.com. We locked in a 15 year refi last November for a secondary home for only 3% with $500 cost. I know rates are up from then but I just looked and it seems they are still competitive if you live in states in which they are able to do business. Process was very smooth and easy.

Edit to add that website is transparent re costs and no email required.
Thanks for the tip.

They're now offering 2.75% with a $30 fee for a 15yr fixed. About the best i've found in MA just perusing around. Anyone else with good experience with these guys?

wootwoot
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Re: Refinance Mega Thread

Post by wootwoot » Wed May 27, 2020 11:47 am

BrandonBogle wrote:
Mon May 25, 2020 8:26 pm
wootwoot wrote:
Mon May 25, 2020 7:53 pm
How quickly can you refi after closing on a no-cost refi?
If it didn’t include any clawback provisions, a few days.
Within the closing docs where would I locate a clawback provision? I don't see any language that suggests one but I may have missed it in this mountain of paperwork.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Wed May 27, 2020 11:52 am

wootwoot wrote:
Wed May 27, 2020 11:47 am
BrandonBogle wrote:
Mon May 25, 2020 8:26 pm
wootwoot wrote:
Mon May 25, 2020 7:53 pm
How quickly can you refi after closing on a no-cost refi?
If it didn’t include any clawback provisions, a few days.
Within the closing docs where would I locate a clawback provision? I don't see any language that suggests one but I may have missed it in this mountain of paperwork.
It would be on your closing disclosure. Look for some reference to prepayment penalty. It should indicate whether there is one or not and what the terms are.

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Wed May 27, 2020 12:22 pm

For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 27, 2020 12:36 pm

ChiKid24 wrote:
Wed May 27, 2020 12:22 pm
For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!
Did Better compete against the Keystone LE or straight up offer you those terms? Does this mean you aren’t applying through the Amex promo? The latter waived the appraisal fee.

a010z
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Re: Refinance Mega Thread

Post by a010z » Wed May 27, 2020 12:49 pm

ChiKid24 wrote:
Wed May 27, 2020 12:22 pm
For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!
The website is showing 3.625% at the moment for a 30-year jumbo.
How did you get this rate with better? Did you negotiate?

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Wed May 27, 2020 2:25 pm

a010z wrote:
Wed May 27, 2020 12:49 pm
ChiKid24 wrote:
Wed May 27, 2020 12:22 pm
For those looking into Jumbos / Super Conforming, I just locked in a 3% 30-year with Better. 0 points, $1,844 in loan costs (Appraisal, Credit, Flood Cert, Title fees) with a lender credit of $3,548. So I'll actually be getting $1,704 extra from the lender to do the refi. LTV is about 65% with a loan of $720k in SoCal. I had been shopping the last two weeks with the UWM program through Keystone, but this rate was far better. It does require me to do an initial escrow payment for property taxes and homeowners insurance at close, but that's money I'd be spending anyway so not a big deal to me. Good luck to all those shopping!
The website is showing 3.625% at the moment for a 30-year jumbo.
How did you get this rate with better? Did you negotiate?
I was working with Keystone and had a loan estimate for 2.99% which included closing costs resulting in about $2k out of pocket to me. I applied on Better and sent them Keystone's pricing last week and they said they would match it, but I could not use the Amex promo as they don't allow stacking promos (matching and Amex I suppose?). So I was continuing on with Keystone but hadn't locked hoping that pricing would improve and the out of pocket would go down. Then out of blue I got an email from Better today saying they would apply an additional $500 off final closing costs if I lock by Friday. I was intrigued and went to my online dashboard and pulled up the updated loan estimate. Somehow the pricing was significantly better with the lender credit being $3,048 plus the additional $500 from the email I received. I called to confirm everything with them and then locked. BTW, the way you lock with them is by paying the appraisal fee upfront ($550). So at this point there's really no turning back since I've paid that amount, unless Keystone provides an even larger discount! Hope that helps.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Wed May 27, 2020 2:28 pm

ChiKid24 wrote:
Wed May 27, 2020 2:25 pm
I was working with Keystone and had a loan estimate for 2.99% which included closing costs resulting in about $2k out of pocket to me. I applied on Better and sent them Keystone's pricing last week and they said they would match it, but I could not use the Amex promo as they don't allow stacking promos (matching and Amex I suppose?). So I was continuing on with Keystone but hadn't locked hoping that pricing would improve and the out of pocket would go down. Then out of blue I got an email from Better today saying they would apply an additional $500 off final closing costs if I lock by Friday. I was intrigued and went to my online dashboard and pulled up the updated loan estimate. Somehow the pricing was significantly better with the lender credit being $3,048 plus the additional $500 from the email I received. I called to confirm everything with them and then locked. BTW, the way you lock with them is by paying the appraisal fee upfront ($550). So at this point there's really no turning back since I've paid that amount, unless Keystone provides an even larger discount! Hope that helps.
Do you by chance have an account with Ally (savings, CD, etc)?

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