Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
wootwoot
Posts: 531
Joined: Tue Jan 27, 2009 7:37 pm

Re: Refinance Mega Thread

Post by wootwoot » Fri Jun 26, 2020 2:10 pm

tbone555 wrote:
Fri Jun 26, 2020 12:33 pm
mx711yam wrote:
Fri Jun 26, 2020 12:02 pm
LenderFi just quoted me 7k to close, they say because I'm in Texas. Seems insane to me, it's for a primary residence 30 year at 2.75.

Gonna see what better can do.
LoanFlight is offering me 2.75% with only title fees for costs. I am locked at 3% with Better so not sure what my next move is...
LoanFlight's no-cost option offered me 2.875, I'm working on getting the rate locked.

User avatar
BrandonBogle
Posts: 2677
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Fri Jun 26, 2020 2:16 pm

dave8228 wrote:
Fri Jun 26, 2020 2:04 pm
Mine is also no closing costs if you add in lender credits, but I do have to come to the closing table with prepaid interest and initial escrow funds, I think that's normal though, right? The escrow from my current lender should be refunded to me within 45 days, right? (this is my first refi)
All correct

dave8228
Posts: 5
Joined: Thu May 28, 2020 8:09 am

Re: Refinance Mega Thread

Post by dave8228 » Fri Jun 26, 2020 2:23 pm

BrandonBogle wrote:
Fri Jun 26, 2020 2:16 pm
dave8228 wrote:
Fri Jun 26, 2020 2:04 pm
Mine is also no closing costs if you add in lender credits, but I do have to come to the closing table with prepaid interest and initial escrow funds, I think that's normal though, right? The escrow from my current lender should be refunded to me within 45 days, right? (this is my first refi)
All correct
Okay great, thanks Brandon. Reading through this post has been incredibly useful! The knowledge/facts gained here empowered me when going through the refi shopping process. Thanks again everyone :thumbsup

McJammer
Posts: 35
Joined: Mon Apr 22, 2019 4:05 pm

Re: Refinance Mega Thread

Post by McJammer » Fri Jun 26, 2020 3:05 pm

Agreed, this thread is incredibly helpful!

I'm getting refi fatigue and have been through a few scenarios and tried a few lenders. Trying to make a choice between AimLoan and Quicken for a 20 year fixed rate cash-out refinance (of about $20,000).

AimLoan is offering 3.00% and closing costs (from lender) of $2,560.
Quicken Loan is offering rate of 2.99% and closing costs (from lender) of $3,284.

Yes, I decided to escrow.

The guy at Quicken isn't budging on the offer, telling me that what AimLoan is giving me just a rate and fee quote and what he is giving me is an actual legal loan estimate. Fancy marketing speak, I assume?

The guy at AimLoan told me he isn't going to send a LE b/c of "volume." He did confirm the extra $1,000 lender credit that I negotiated today via an e-mail. He wants me to give him credit card info for appraisal to lock in the rate. Huhn. I smell something fishy.

Any tips? I'd appreciate it!

GRAZ
Posts: 27
Joined: Mon Apr 25, 2016 7:28 pm

Re: Refinance Mega Thread

Post by GRAZ » Fri Jun 26, 2020 3:13 pm

GRAZ wrote:
Thu Jun 25, 2020 3:47 pm
I am early in on the process of refinancing, working with both LenderFI and better.com to take advantage of the amex promos through better.com

Better was willing to match the terms offered by LenderFI, but would not beat them due to me taking advantage of the $2500 amex statement credit.

Today I locked the the following:
Loan amt: $419k
Loan term: 30 year fixed
Interest rate: 2.875%
Total loan costs (A+B+C): $2338

Taking the $2500 amex statement credit into account, I am actually getting a credit of $162 and dropping my interest rate from 3.5% to 2.875% so I think I am doing OK.

Better has told me that they will still match a competing offer even though I have already locked in case rates improve in the next 1-2 weeks.

If anybody sees something that I may be missing, please comment.

Update today - I saw that rates dipped down today, so I called LenderFI to get an update and received the following offer:
Loan amt: $419k
Loan term: 30 year fixed
Interest rate: 2.75%
Total loan costs (A+B+C): $1066
Lender credits: $1066

So only $$ required to close is for the prepaids.

I've sent this to better to see if they can match or beat.

Brain
Posts: 82
Joined: Fri May 27, 2016 9:14 am

Re: Refinance Mega Thread

Post by Brain » Fri Jun 26, 2020 3:15 pm

McJammer wrote:
Fri Jun 26, 2020 3:05 pm
Agreed, this thread is incredibly helpful!

I'm getting refi fatigue and have been through a few scenarios and tried a few lenders. Trying to make a choice between AimLoan and Quicken for a 20 year fixed rate cash-out refinance (of about $20,000).

AimLoan is offering 3.00% and closing costs (from lender) of $2,560.
Quicken Loan is offering rate of 2.99% and closing costs (from lender) of $3,284.

Yes, I decided to escrow.

The guy at Quicken isn't budging on the offer, telling me that what AimLoan is giving me just a rate and fee quote and what he is giving me is an actual legal loan estimate. Fancy marketing speak, I assume?

The guy at AimLoan told me he isn't going to send a LE b/c of "volume." He did confirm the extra $1,000 lender credit that I negotiated today via an e-mail. He wants me to give him credit card info for appraisal to lock in the rate. Huhn. I smell something fishy.

Any tips? I'd appreciate it!
Tell them that you can't proceed (especially with putting money down or locking) without a loan estimate first. It's a legal requirement that the lender provide you with one. It's a standardized form, so they can't play games by leaving things out or double-counting things. Many lender's won't consider matching/beating another offer without an official loan estimate. So they're doubly useful.

Cash is King
Posts: 216
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King » Fri Jun 26, 2020 3:34 pm

Brain wrote:
Fri Jun 26, 2020 3:15 pm
McJammer wrote:
Fri Jun 26, 2020 3:05 pm
Agreed, this thread is incredibly helpful!

I'm getting refi fatigue and have been through a few scenarios and tried a few lenders. Trying to make a choice between AimLoan and Quicken for a 20 year fixed rate cash-out refinance (of about $20,000).

AimLoan is offering 3.00% and closing costs (from lender) of $2,560.
Quicken Loan is offering rate of 2.99% and closing costs (from lender) of $3,284.

Yes, I decided to escrow.

The guy at Quicken isn't budging on the offer, telling me that what AimLoan is giving me just a rate and fee quote and what he is giving me is an actual legal loan estimate. Fancy marketing speak, I assume?

The guy at AimLoan told me he isn't going to send a LE b/c of "volume." He did confirm the extra $1,000 lender credit that I negotiated today via an e-mail. He wants me to give him credit card info for appraisal to lock in the rate. Huhn. I smell something fishy.

Any tips? I'd appreciate it!
Tell them that you can't proceed (especially with putting money down or locking) without a loan estimate first. It's a legal requirement that the lender provide you with one. It's a standardized form, so they can't play games by leaving things out or double-counting things. Many lender's won't consider matching/beating another offer without an official loan estimate. So they're doubly useful.
Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Fri Jun 26, 2020 4:17 pm

Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.

pindevil
Posts: 93
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil » Fri Jun 26, 2020 4:21 pm

Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today.

Cash is King
Posts: 216
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King » Fri Jun 26, 2020 4:29 pm

frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
Don't disagree on the legality of the LE. I'm just surprised they are intentionally holding up an LE. FWIW, they were slammed back in March.

fourballs
Posts: 3
Joined: Thu Jun 25, 2020 3:04 pm

Re: Refinance Mega Thread

Post by fourballs » Fri Jun 26, 2020 4:51 pm

seawolf21 wrote:
Thu Jun 25, 2020 7:44 pm
fourballs wrote:
Thu Jun 25, 2020 7:11 pm
Jags4186 wrote:
Thu Jun 25, 2020 1:44 pm
Go get the best offer you can get before even approaching Better. They will continue to match and beat by $1000 until you lock your rate. Do all of your comparison shopping beforehand and once you are confident you have the best deal you can get, go to Better. Once you get Better’s best rate, circle that back around to see if folks will match that then go back to Better again and see if they’ll beat it again by $1000. Once you lock in with Better they may match a better offer but don’t guarantee it, and certainly won’t beat it by $1000.
I wish I had this clear strategy in mind before I approached Better. After talking to so many people and getting all these estimates comparison shopping fatigue sets in. And Better's quote was so way off that I didn't want to circle back to them. We still did fine I think with LenderFi (30 yr @2.875%) but we gave up some cash.

Once you lock with a lender, can you still walk away? Hasn't the lender already incurred fees at this point (pulling your credit reports, etc), or at least put in some effort? Also, if rates continue to drop meaningfully say in the next week or so, can we still do anything if we are already thick in the refi process?
Yes you can. You can cancel the whole thing within 3 business days AFTER closing due to federal regulations and not be on the hook for items paid at closing. Of course some bridges will be burned if you opt for that.
Thanks for the reply. Exactly what I was looking for. This forum has been extremely helpful!

McJammer
Posts: 35
Joined: Mon Apr 22, 2019 4:05 pm

Re: Refinance Mega Thread

Post by McJammer » Fri Jun 26, 2020 6:07 pm

Cash is King wrote:
Fri Jun 26, 2020 4:29 pm
frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
Don't disagree on the legality of the LE. I'm just surprised they are intentionally holding up an LE. FWIW, they were slammed back in March.
Thanks for the helpful feedback. I e-mailed requesting the LE a few hours ago and so far, radio silence. AimLoan guy is in CA time so I will check back in a few hours after I get back from an event. I was hoping to make the decision b/n the two today. Quicken said today was "special promotion" just for today of 2.99 with no points. We'll see if this moves into tomorrow.

Gadget
Posts: 354
Joined: Fri Mar 17, 2017 1:38 pm

Re: Refinance Mega Thread

Post by Gadget » Fri Jun 26, 2020 6:13 pm

frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
LoanDepot basically did this to me, even though lots of people on here seemed to have good experiences with them. Seems very dependent on individual people you happen to get to work with at each place.

Cash is King
Posts: 216
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King » Fri Jun 26, 2020 6:16 pm

McJammer wrote:
Fri Jun 26, 2020 6:07 pm
Cash is King wrote:
Fri Jun 26, 2020 4:29 pm
frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
Don't disagree on the legality of the LE. I'm just surprised they are intentionally holding up an LE. FWIW, they were slammed back in March.
Thanks for the helpful feedback. I e-mailed requesting the LE a few hours ago and so far, radio silence. AimLoan guy is in CA time so I will check back in a few hours after I get back from an event. I was hoping to make the decision b/n the two today. Quicken said today was "special promotion" just for today of 2.99 with no points. We'll see if this moves into tomorrow.
Good luck. My apologies for confusing you and Brain. I thought Brain was having issues.. :D

pindevil
Posts: 93
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil » Fri Jun 26, 2020 6:24 pm

pindevil wrote:
Fri Jun 26, 2020 4:21 pm
Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today.
This was bogus. They made a mistake. Investment rate is 3.25% for 15yr.

User avatar
BrandonBogle
Posts: 2677
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Fri Jun 26, 2020 6:34 pm

Cash is King wrote:
Fri Jun 26, 2020 4:29 pm
frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
Don't disagree on the legality of the LE. I'm just surprised they are intentionally holding up an LE. FWIW, they were slammed back in March.
I suspect it is more nuanced that you feel, but it is effectively the same. Yes, they are legally required to send an LE within three days. However, putting it in the mail and being postmarked by that third day meets the requirement. So I'm sure they will send an LE as legally required to do, but by the time it gets to you, it will be useless. Meanwhile, since it won't go out for three days, the lackeys in the back-office compliance team can generate the LE vs. the loan officer spending time doing it.

One of those ways companies skirt the spirit of the law while following the legal letter of the law.

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Fri Jun 26, 2020 6:37 pm

pindevil wrote:
Fri Jun 26, 2020 6:24 pm
pindevil wrote:
Fri Jun 26, 2020 4:21 pm
Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today.
This was bogus. They made a mistake. Investment rate is 3.25% for 15yr.
Wow. That sucks that they made a mistake. I kept thinking they made a mistake locking me at 2.875 0 pts for an investment prop back in early April, but they never took it back.

wootwoot
Posts: 531
Joined: Tue Jan 27, 2009 7:37 pm

Re: Refinance Mega Thread

Post by wootwoot » Fri Jun 26, 2020 7:05 pm

wootwoot wrote:
Fri Jun 26, 2020 2:10 pm
tbone555 wrote:
Fri Jun 26, 2020 12:33 pm
mx711yam wrote:
Fri Jun 26, 2020 12:02 pm
LenderFi just quoted me 7k to close, they say because I'm in Texas. Seems insane to me, it's for a primary residence 30 year at 2.75.

Gonna see what better can do.
LoanFlight is offering me 2.75% with only title fees for costs. I am locked at 3% with Better so not sure what my next move is...
LoanFlight's no-cost option offered me 2.875, I'm working on getting the rate locked.
The loan estimate came back without the lender credits that I was told about on the phone, I won't be going with loanflight.

User avatar
BrandonBogle
Posts: 2677
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Fri Jun 26, 2020 7:05 pm

FYI that today I noticed Northpointe's website went to 2.25% for a 15-year. That was my trigger point to refi my mid-May refi. I began some apps at a few places and reached out to Northpointe, having to leave a message by phone. They emailed me back (I left my email address In the message) to say that their website advertised rates are for purchase mortgages only and that today's 15-year refi was 2.75%.

That said, I know people have had Northpointe work with them compared to other offers, but I thought I would share for those looking at their advertised rates.

tbone555
Posts: 144
Joined: Thu Apr 13, 2017 1:28 pm

Re: Refinance Mega Thread

Post by tbone555 » Fri Jun 26, 2020 7:28 pm

wootwoot wrote:
Fri Jun 26, 2020 7:05 pm
wootwoot wrote:
Fri Jun 26, 2020 2:10 pm
tbone555 wrote:
Fri Jun 26, 2020 12:33 pm
mx711yam wrote:
Fri Jun 26, 2020 12:02 pm
LenderFi just quoted me 7k to close, they say because I'm in Texas. Seems insane to me, it's for a primary residence 30 year at 2.75.

Gonna see what better can do.
LoanFlight is offering me 2.75% with only title fees for costs. I am locked at 3% with Better so not sure what my next move is...
LoanFlight's no-cost option offered me 2.875, I'm working on getting the rate locked.
The loan estimate came back without the lender credits that I was told about on the phone, I won't be going with loanflight.
I haven't received a LE yet. Happy with Better and moving forward.

koryg75
Posts: 55
Joined: Sun Feb 01, 2015 8:48 am

Re: Refinance Mega Thread

Post by koryg75 » Fri Jun 26, 2020 7:41 pm

Another happy LenderFi customer. Refi 2.5%, 15 year no appraisal. No closing costs. Extremely smooth process from start to finish. Two week timeframe.

pindevil
Posts: 93
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil » Fri Jun 26, 2020 8:36 pm

frankandbeans wrote:
Fri Jun 26, 2020 6:37 pm
pindevil wrote:
Fri Jun 26, 2020 6:24 pm
pindevil wrote:
Fri Jun 26, 2020 4:21 pm
Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today.
This was bogus. They made a mistake. Investment rate is 3.25% for 15yr.
Wow. That sucks that they made a mistake. I kept thinking they made a mistake locking me at 2.875 0 pts for an investment prop back in early April, but they never took it back.
Honestly I don't know what to think about what happened. I told them twice in writing the loan was for an investment property before they generated a qoute. After I mentioned the $2,500 AMEX credit that better.com is offering the estimate they previously gave me became a mistake.

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Fri Jun 26, 2020 8:45 pm

pindevil wrote:
Fri Jun 26, 2020 8:36 pm
frankandbeans wrote:
Fri Jun 26, 2020 6:37 pm
pindevil wrote:
Fri Jun 26, 2020 6:24 pm
pindevil wrote:
Fri Jun 26, 2020 4:21 pm
Heads up to anyone with investment property NorthPointe quoted 2.625% on a 15yr with no points today.
This was bogus. They made a mistake. Investment rate is 3.25% for 15yr.
Wow. That sucks that they made a mistake. I kept thinking they made a mistake locking me at 2.875 0 pts for an investment prop back in early April, but they never took it back.
Honestly I don't know what to think about what happened. I told them twice in writing the loan was for an investment property before they generated a qoute. After I mentioned the $2,500 AMEX credit that better.com is offering the estimate they previously gave me became a mistake.
Rather curious. When I got 2.875 others were getting 2.375 for primary residence rates, so it seemed plausible. But nobody seems to have had data points that low with them lately, so I wonder if it really was a mistake. That, or perhaps, as you seem to be suggesting, they decided you were likely to shop their LE (as it seems many have done lately) and they didn't want to bother.

Brain
Posts: 82
Joined: Fri May 27, 2016 9:14 am

Re: Refinance Mega Thread

Post by Brain » Fri Jun 26, 2020 10:57 pm

Cash is King wrote:
Fri Jun 26, 2020 6:16 pm
McJammer wrote:
Fri Jun 26, 2020 6:07 pm
Cash is King wrote:
Fri Jun 26, 2020 4:29 pm
frankandbeans wrote:
Fri Jun 26, 2020 4:17 pm
Cash is King wrote:
Fri Jun 26, 2020 3:34 pm

Brain,
I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit.
My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate to use them again.
Not doubting that AIMLoan is a legit outfit but Brain is right that they're legally required to provide a loan estimate once the prospective borrower provides six pieces of information: name, income, SSN, address, property value, and loan amount. A failure to do so is, indeed, sketchy, although this unfortunately seems to be a not uncommon practice during high-volume periods.
Don't disagree on the legality of the LE. I'm just surprised they are intentionally holding up an LE. FWIW, they were slammed back in March.
Thanks for the helpful feedback. I e-mailed requesting the LE a few hours ago and so far, radio silence. AimLoan guy is in CA time so I will check back in a few hours after I get back from an event. I was hoping to make the decision b/n the two today. Quicken said today was "special promotion" just for today of 2.99 with no points. We'll see if this moves into tomorrow.
Good luck. My apologies for confusing you and Brain. I thought Brain was having issues.. :D
I don't have issues. I have a whole subscription! ;)

mighty72
Moderator
Posts: 986
Joined: Fri May 04, 2018 11:22 pm
Location: Somewhere in the West

Re: Refinance Mega Thread

Post by mighty72 » Sat Jun 27, 2020 1:17 am

I got a 3% & ~1.5k closing cost quote on refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it.

Goal33
Posts: 1269
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 » Sat Jun 27, 2020 2:08 am

mighty72 wrote:
Sat Jun 27, 2020 1:17 am
I got a 3% & ~1.5k closing cost quote on jumbo refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it.
if you're saying jumbo as in 765k+, then yes, this is a great deal on a refinance. Can you share more specifics on your numbers and loan to value?
A man with one watch always knows what time it is; a man with two watches is never sure.

Familyman2012
Posts: 53
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 » Sat Jun 27, 2020 8:41 am

Good morning Bogle fam.

I’m close to locking with better but have a question to ask.
Hope I’m explaining it correctly and want to make sure the closing cost is correct.

Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.

When I spoke with better yesterday. He stated that I qualified to have NO APPRAISAL (I forgot the term he used)

I do have to pay $550 to lock. And then it will be refunded during closing.
My question is since i qualify for NO APPRAISAL. Should my closing cost be only $1200 instead of $1750? And should I be getting back total -$950 instead of -$400? Plus the $550 lock refund?

Sorry if I’m not explaining it correctly. Hope that makes sense.

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Sat Jun 27, 2020 8:57 am

Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Good morning Bogle fam.

I’m close to locking with better but have a question to ask.
Hope I’m explaining it correctly and want to make sure the closing cost is correct.

Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.

When I spoke with better yesterday. He stated that I qualified to have NO APPRAISAL (I forgot the term he used)

I do have to pay $550 to lock. And then it will be refunded during closing.
My question is since i qualify for NO APPRAISAL. Should my closing cost be only $1200 instead of $1750? And should I be getting back total -$950 instead of -$400? Plus the $550 lock refund?

Sorry if I’m not explaining it correctly. Hope that makes sense.
Yes, if you are getting an appraisal waiver you don't have to pay an appraisal fee, so that $550 should just come off as you say. You should confirm with the LO when locking, of course.

ChiKid24
Posts: 154
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 » Sat Jun 27, 2020 9:06 am

Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Good morning Bogle fam.

I’m close to locking with better but have a question to ask.
Hope I’m explaining it correctly and want to make sure the closing cost is correct.

Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.

When I spoke with better yesterday. He stated that I qualified to have NO APPRAISAL (I forgot the term he used)

I do have to pay $550 to lock. And then it will be refunded during closing.
My question is since i qualify for NO APPRAISAL. Should my closing cost be only $1200 instead of $1750? And should I be getting back total -$950 instead of -$400? Plus the $550 lock refund?

Sorry if I’m not explaining it correctly. Hope that makes sense.
Since you've paid this and its being refunded, yes you will get back an additional $550 at close (or it will go towards prepaids). At close there is a final statement that shows all the items and a column for lender and a column for borrower to show what is owed and what had been paid. You will get credit for having paid this already.

Familyman2012
Posts: 53
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 » Sat Jun 27, 2020 9:23 am

Thank you both for your reply. I have a call schedule with them soon and will bring it up to them.

So here’s the detail.

Currently at 4.3% at a little over 25 years. Original 30 years.

Going to lock with Better.
20 years 2.875% no escrow
All closing covered/prepaid
-$400 credit back to me as of now.
Happy wife
Amex $2500
No appraisal

Our mortgage goes up $35 dollars per month .We cut out 5 years.

We save over $103,000 in interest. Let me say that again. We save over $103,000 in interest.

It’s been a tiring process of figuring out what to do. But we’ll worth it. Will do it again in a heartbeat if rates drop even further later this year. But as of right now. Bird in hand.
Thanks everyone. We appreciate this forum more than you know.

mighty72
Moderator
Posts: 986
Joined: Fri May 04, 2018 11:22 pm
Location: Somewhere in the West

Re: Refinance Mega Thread

Post by mighty72 » Sat Jun 27, 2020 9:39 am

Goal33 wrote:
Sat Jun 27, 2020 2:08 am
mighty72 wrote:
Sat Jun 27, 2020 1:17 am
I got a 3% & ~1.5k closing cost quote on jumbo refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it.
if you're saying jumbo as in 765k+, then yes, this is a great deal on a refinance. Can you share more specifics on your numbers and loan to value?
I thought jumbo was $540+. I am below 765. LTV is ~65%, no points and credit score ~800

frankandbeans
Posts: 160
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans » Sat Jun 27, 2020 10:16 am

mighty72 wrote:
Sat Jun 27, 2020 9:39 am
Goal33 wrote:
Sat Jun 27, 2020 2:08 am
mighty72 wrote:
Sat Jun 27, 2020 1:17 am
I got a 3% & ~1.5k closing cost quote on jumbo refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it.
if you're saying jumbo as in 765k+, then yes, this is a great deal on a refinance. Can you share more specifics on your numbers and loan to value?
I thought jumbo was $540+. I am below 765. LTV is ~65%, no points and credit score ~800
It depends on the property zip code. Ranges from 510 to 765 in 2020. See: https://www.fhfa.gov/DataTools/Download ... L_FLAT.pdf

User avatar
BrandonBogle
Posts: 2677
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Sat Jun 27, 2020 10:32 am

Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).

mighty72
Moderator
Posts: 986
Joined: Fri May 04, 2018 11:22 pm
Location: Somewhere in the West

Re: Refinance Mega Thread

Post by mighty72 » Sat Jun 27, 2020 11:04 am

frankandbeans wrote:
Sat Jun 27, 2020 10:16 am
mighty72 wrote:
Sat Jun 27, 2020 9:39 am
Goal33 wrote:
Sat Jun 27, 2020 2:08 am
mighty72 wrote:
Sat Jun 27, 2020 1:17 am
I got a 3% & ~1.5k closing cost quote on jumbo refi from loan depot. I am shopping rates around. Do you recommend that I lock this rate while I shop around? If I don't get anything better then I would go with it.
if you're saying jumbo as in 765k+, then yes, this is a great deal on a refinance. Can you share more specifics on your numbers and loan to value?
I thought jumbo was $540+. I am below 765. LTV is ~65%, no points and credit score ~800
It depends on the property zip code. Ranges from 510 to 765 in 2020. See: https://www.fhfa.gov/DataTools/Download ... L_FLAT.pdf
Thanks, not jumbo in my case based on the information

pindevil
Posts: 93
Joined: Thu Apr 03, 2014 11:04 am

Re: Refinance Mega Thread

Post by pindevil » Sat Jun 27, 2020 11:52 am

There may be changes coming to better.com and their price guarantee. While talking to them on the phone yesterday I was told the price guarantee is being replaced by the better price match. They will match a competing offer and beat costs by $100. A big difference compared to the $1000 they had offered.

Not sure if this is just something they are thinking about doing or if it's already in effect. The person I spoke to couldn't give me a price match and had to "open a ticket" with my loan processor. The old price guarantee is still listed on their web site and I don't see anything mentioned about the better price match I was told about over the phone.

Jags4186
Posts: 4872
Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 » Sat Jun 27, 2020 11:59 am

pindevil wrote:
Sat Jun 27, 2020 11:52 am
There may be changes coming to better.com and their price guarantee. While talking to them on the phone yesterday I was told the price guarantee is being replaced by the better price match. They will match a competing offer and beat costs by $100. A big difference compared to the $1000 they had offered.

Not sure if this is just something they are thinking about doing or if it's already in effect. The person I spoke to couldn't give me a price match and had to "open a ticket" with my loan processor. The old price guarantee is still listed on their web site and I don't see anything mentioned about the better price match I was told about over the phone.
Not saying rates won’t continue to go down, but I think anyone who took advantage of Better and AMEX over the past 2-3 weeks may have made the best deals possible.

Still jelly of the prior poster who got 30 yr 2.75% and $3600 in credits + $2500 AMEX credit.

psychoslowmatic
Posts: 205
Joined: Fri Jul 19, 2013 2:34 pm

Re: Refinance Mega Thread

Post by psychoslowmatic » Sat Jun 27, 2020 12:34 pm

Thought I'd offer my situation as a data point. I started applying 6/18 and locked this up 6/22.

Maine investment property, $250k loan amount 75% LTV, bought six months ago with Aimloan @4%. I intend to own this property forever and think investment loan rates won't get much cheaper, so I was ready to pay some points to lock in a low 30 year rate.

Applied with Aimloan, Northpointe, and Better.

Aimloan offered 3% w/2.375 points, A+B+C 8195
Northpointe offered 3.375% w. 0.897 points, A+B+C 4750. Email said appraisal waived but that it would be on the LE which it was.
Better beat Northpointe's LE (including Northpointe's appraisal, Better's did not have appraisal fee per the Amex deal) by 1000, so really by 600 after subtracting 400 for appraisal. I was getting loan fatigue so didn't argue the appraisal. Lowest rate on their updated sheet was 3% with 2.4 points, which I took. I could also have had a 15 year at 2.5% with 2.3 points, but the payments would've been 611 more. 3% 30yr A+B+C 7127 plus the Amex credit which I won't count until I get it. I wasn't targeted but chat said anyone can get it.

Thanks to everyone in the thread! This is saving me more than all my credit card signup bonuses combined.

limeyx
Posts: 304
Joined: Wed Sep 07, 2016 5:34 pm

Re: Refinance Mega Thread

Post by limeyx » Sat Jun 27, 2020 1:32 pm

tingles wrote:
Wed Jun 24, 2020 8:05 am
limeyx wrote:
Tue Jun 23, 2020 9:01 pm
tingles wrote:
Tue Jun 23, 2020 4:16 pm
Just closed today - refinanced to 2.5%, 15 years, conventional loan. Many thanks to Bogleheads for introducing me to Lenderfi. I applied through Lenderfi and was conditionally approved for 2.5%. I then took that rate to my existing lender and asked them to beat it. They were willing to match the rate - their closing costs were slightly higher, but we decided to go with our existing lender for ease of completing the refinance process and because they also service the loan. They also agreed to waive the appraisal. From application to closing, it took less than 3 weeks!
Do you mind saying what closing costs were approx ? We have a 20 yr fixed at 3.25% and Rocket (our current lender) wanted around $7-8K on a current balance of $260K to refinance. All the options with higher rates ended up increasing our loan starting balance to around $270K

I played with tons of options and they all looked worse than just sticking w/what we have
We were 4 years in on a mortgage of 3.75%, 30 years, with 390k left on principal balance. Lenderfi offered 2.5%, 15 years for closing costs of $2100 after a $600 lender credit. My lender offered 2.5%, 15 years, with closing costs of $3300 after a $800 lender credit. It was a $1200 difference... but the simplicity of familiarity, and extremely fast response times from my current broker (within 30 mins) made it worth it. When I originally applied through Lenderfi, I sent a message to the broker, and it took them more than 24 hours to call me. That, and reading about bogleheads' experience not knowing who was servicing the loan, I decided that it wasn't worth it.
Got it. I looked at Quicken who already has our loan. They wanted $8K closing for 2.75% !!!!
Then I went to lender.fi and got some similar quotes as you
Quicken actually texted me asking if I wanted to go ahead and I told them I was going to Lender.fi instead and suddenly they could do 2.5% for $3K in closing, including rolling in our business loan which is secured on the house and was 5.4%

Could probably have gotten slightly lower cost @ lender.fi but as you say, ease of completing with existing lender has an advantage

We will have a *lower* payment, *and* pay off faster, and have all our loans in one place so basically a win-win-win

tuck3979
Posts: 11
Joined: Mon Jun 15, 2020 2:29 pm

Re: Refinance Mega Thread

Post by tuck3979 » Sat Jun 27, 2020 1:42 pm

Jags4186 wrote:
Sat Jun 27, 2020 11:59 am
pindevil wrote:
Sat Jun 27, 2020 11:52 am
There may be changes coming to better.com and their price guarantee. While talking to them on the phone yesterday I was told the price guarantee is being replaced by the better price match. They will match a competing offer and beat costs by $100. A big difference compared to the $1000 they had offered.

Not sure if this is just something they are thinking about doing or if it's already in effect. The person I spoke to couldn't give me a price match and had to "open a ticket" with my loan processor. The old price guarantee is still listed on their web site and I don't see anything mentioned about the better price match I was told about over the phone.
Not saying rates won’t continue to go down, but I think anyone who took advantage of Better and AMEX over the past 2-3 weeks may have made the best deals possible.

Still jelly of the prior poster who got 30 yr 2.75% and $3600 in credits + $2500 AMEX credit.
That was me! I'm actually up to $4k credit after fighting over title. But before I go bragging, I'm also active in the 300 page slickdeals thread for Better and there are multiple reports of 2.75% with 5k credit. Also in the last few days it seems like a no-cost 2.75% is becoming standard at LenderFi, LoanDepot, LoanFlight (assuming you have the ideal loan for the secondary market - $300k+ conforming, 800+ credit, ~75% LTV or better). So it's easy to work your way up from there now. Also have a person who locked a 2.5% no-cost 30year with Better (provided proof) by having them match LoanCabin.

I spoke with LoanCabin yesterday and they could do 2.5% 30year with about 2k closing costs (A+B+C) and that was just a rough quote, no negotiating. I'm actually closing on Tuesday on the 2.75% so the call was just curiosity but I didn't tell him that. I will be jumping right back into the game in July if 2.5% no-cost 30years become obtainable. I'm keeping my eyes on the forums for success stories.

McJammer
Posts: 35
Joined: Mon Apr 22, 2019 4:05 pm

Re: Refinance Mega Thread

Post by McJammer » Sat Jun 27, 2020 2:35 pm

BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?

Familyman2012
Posts: 53
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 » Sat Jun 27, 2020 3:21 pm

McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me

McJammer
Posts: 35
Joined: Mon Apr 22, 2019 4:05 pm

Re: Refinance Mega Thread

Post by McJammer » Sat Jun 27, 2020 3:28 pm

Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?

Familyman2012
Posts: 53
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 » Sat Jun 27, 2020 3:34 pm

McJammer wrote:
Sat Jun 27, 2020 3:28 pm
Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?
I’m not to sure. I feel like some loan officers just plugs in and adjust numbers to make certain deals work out. But honestly, I have no clue. Just assuming. I’m sure someone on this forum might know.

Jags4186
Posts: 4872
Joined: Wed Jun 18, 2014 7:12 pm

Re: Refinance Mega Thread

Post by Jags4186 » Sat Jun 27, 2020 3:36 pm

tuck3979 wrote:
Sat Jun 27, 2020 1:42 pm
Jags4186 wrote:
Sat Jun 27, 2020 11:59 am
pindevil wrote:
Sat Jun 27, 2020 11:52 am
There may be changes coming to better.com and their price guarantee. While talking to them on the phone yesterday I was told the price guarantee is being replaced by the better price match. They will match a competing offer and beat costs by $100. A big difference compared to the $1000 they had offered.

Not sure if this is just something they are thinking about doing or if it's already in effect. The person I spoke to couldn't give me a price match and had to "open a ticket" with my loan processor. The old price guarantee is still listed on their web site and I don't see anything mentioned about the better price match I was told about over the phone.
Not saying rates won’t continue to go down, but I think anyone who took advantage of Better and AMEX over the past 2-3 weeks may have made the best deals possible.

Still jelly of the prior poster who got 30 yr 2.75% and $3600 in credits + $2500 AMEX credit.
That was me! I'm actually up to $4k credit after fighting over title. But before I go bragging, I'm also active in the 300 page slickdeals thread for Better and there are multiple reports of 2.75% with 5k credit. Also in the last few days it seems like a no-cost 2.75% is becoming standard at LenderFi, LoanDepot, LoanFlight (assuming you have the ideal loan for the secondary market - $300k+ conforming, 800+ credit, ~75% LTV or better). So it's easy to work your way up from there now. Also have a person who locked a 2.5% no-cost 30year with Better (provided proof) by having them match LoanCabin.

I spoke with LoanCabin yesterday and they could do 2.5% 30year with about 2k closing costs (A+B+C) and that was just a rough quote, no negotiating. I'm actually closing on Tuesday on the 2.75% so the call was just curiosity but I didn't tell him that. I will be jumping right back into the game in July if 2.5% no-cost 30years become obtainable. I'm keeping my eyes on the forums for success stories.
Yup, I’m at 2.875% and $3500 credits plus the AMEX $2500. I got their closing costs down to $1413 and I’m just sick of chasing rates.

Your deal is about $2k better than mine.

Cash is King
Posts: 216
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King » Sat Jun 27, 2020 3:44 pm

McJammer wrote:
Sat Jun 27, 2020 3:28 pm
Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?
I would suggest you go to your county recorders website to see how they calculate transfer tax. Do the math and you'll know which lender is puffing. :D

User avatar
BrandonBogle
Posts: 2677
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle » Sat Jun 27, 2020 3:47 pm

McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am
Familyman2012 wrote:
Sat Jun 27, 2020 8:41 am
Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded.
Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Legally, they cannot charge you more than what they estimated on the loan estimate unless there is some major factor difference (for instance, you have a HELOC that will be subordinated by the new loan and that wasn't disclosed when the LE was initially prepared, stuff like that). So many lenders will think it costs in a range and use the upper estimate so they don't have to eat the cost.

Every lender I applied with had $100 in their LE except my local credit unions (which has $64 in Section E). When it came time for closing, my disclosure was updated to $64 in Section E. When I used a title estimator, it says my recording costs would be $64.

The morale here is that yes, city/county/state officials set these rates and fees and if you are estimated above that, it will be adjusted down as closing disclosures are prepared.

Familyman2012
Posts: 53
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 » Sat Jun 27, 2020 3:52 pm

Cash is King wrote:
Sat Jun 27, 2020 3:44 pm
McJammer wrote:
Sat Jun 27, 2020 3:28 pm
Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am


Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?
I would suggest you go to your county recorders website to see how they calculate transfer tax. Do the math and you'll know which lender is puffing. :D
I just checked the 3 LE I got. All three were different.
$380, $211, $153

I tried not to stress over it. If lender credit covers everything. I ain’t sweating it.

McJammer
Posts: 35
Joined: Mon Apr 22, 2019 4:05 pm

Re: Refinance Mega Thread

Post by McJammer » Sat Jun 27, 2020 3:59 pm

Cash is King wrote:
Sat Jun 27, 2020 3:44 pm
McJammer wrote:
Sat Jun 27, 2020 3:28 pm
Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm
BrandonBogle wrote:
Sat Jun 27, 2020 10:32 am


Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages).
^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?
I would suggest you go to your county recorders website to see how they calculate transfer tax. Do the math and you'll know which lender is puffing. :D
Okay done . . thanks! but oh crap, if my algebra is correct then they're both wrong and lowballed it and transfer taxes will be $1,750!! 25 cents per $100 of property value - our home will likely appraise for $700,000. That's $1,750 right? Ugh. Thanks future Amazon HQ2.

Cash is King
Posts: 216
Joined: Sun Dec 10, 2017 9:04 am

Re: Refinance Mega Thread

Post by Cash is King » Sat Jun 27, 2020 4:10 pm

McJammer wrote:
Sat Jun 27, 2020 3:59 pm
Cash is King wrote:
Sat Jun 27, 2020 3:44 pm
McJammer wrote:
Sat Jun 27, 2020 3:28 pm
Familyman2012 wrote:
Sat Jun 27, 2020 3:21 pm
McJammer wrote:
Sat Jun 27, 2020 2:35 pm


^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best deal out there today" as he is telling me, because the LE he just sent me lists transfer taxes at $953. The verbal and e-mailed quote from AimLoan (remember the guy wouldn't even send me an LE b/c of "volume" he's dealing with) lists transfer taxes at $1,290.

Why the different prices though? Don't local city/state officials set these tax rates?
Section E is $380

Section J is D+I= $2500- $2900(lender credit) difference of $400 back to me
Thank you I learned from your response, but what I meant by my question was, why would one lender's LE list a different amount for transfer taxes than another lender?
I would suggest you go to your county recorders website to see how they calculate transfer tax. Do the math and you'll know which lender is puffing. :D
Okay done . . thanks! but oh crap, if my algebra is correct then they're both wrong and lowballed it and transfer taxes will be $1,750!! 25 cents per $100 of property value - our home will likely appraise for $700,000. That's $1,750 right? Ugh. Thanks future Amazon HQ2.
I'm surprised the appraised amount is used. Either way, the correct amount will be on your final LE.

tuck3979
Posts: 11
Joined: Mon Jun 15, 2020 2:29 pm

Re: Refinance Mega Thread

Post by tuck3979 » Sat Jun 27, 2020 4:13 pm

Jags4186 wrote:
Sat Jun 27, 2020 3:36 pm
tuck3979 wrote:
Sat Jun 27, 2020 1:42 pm
Jags4186 wrote:
Sat Jun 27, 2020 11:59 am
pindevil wrote:
Sat Jun 27, 2020 11:52 am
There may be changes coming to better.com and their price guarantee. While talking to them on the phone yesterday I was told the price guarantee is being replaced by the better price match. They will match a competing offer and beat costs by $100. A big difference compared to the $1000 they had offered.

Not sure if this is just something they are thinking about doing or if it's already in effect. The person I spoke to couldn't give me a price match and had to "open a ticket" with my loan processor. The old price guarantee is still listed on their web site and I don't see anything mentioned about the better price match I was told about over the phone.
Not saying rates won’t continue to go down, but I think anyone who took advantage of Better and AMEX over the past 2-3 weeks may have made the best deals possible.

Still jelly of the prior poster who got 30 yr 2.75% and $3600 in credits + $2500 AMEX credit.
That was me! I'm actually up to $4k credit after fighting over title. But before I go bragging, I'm also active in the 300 page slickdeals thread for Better and there are multiple reports of 2.75% with 5k credit. Also in the last few days it seems like a no-cost 2.75% is becoming standard at LenderFi, LoanDepot, LoanFlight (assuming you have the ideal loan for the secondary market - $300k+ conforming, 800+ credit, ~75% LTV or better). So it's easy to work your way up from there now. Also have a person who locked a 2.5% no-cost 30year with Better (provided proof) by having them match LoanCabin.

I spoke with LoanCabin yesterday and they could do 2.5% 30year with about 2k closing costs (A+B+C) and that was just a rough quote, no negotiating. I'm actually closing on Tuesday on the 2.75% so the call was just curiosity but I didn't tell him that. I will be jumping right back into the game in July if 2.5% no-cost 30years become obtainable. I'm keeping my eyes on the forums for success stories.
Yup, I’m at 2.875% and $3500 credits plus the AMEX $2500. I got their closing costs down to $1413 and I’m just sick of chasing rates.

Your deal is about $2k better than mine.
honestly that's an amazing deal all on its own! bottom line is we are both walking away money makers while reducing our lifetime interest. I will refinance again in the near future if I can get a no-cost 2.5% 30 year, however I'm done with the whole trying to make money off Refinancing thing. The better AMEX promo was the only reason I put in the effort and shopped between half a dozen lenders, constantly working them against each other. Next time around, I'll lock with anyone who gives me a no-cost and quick close for 2.5%. If rates don't end up getting that low, then i'm happy where I'm at.

Post Reply