Refinance Mega Thread

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

Re: Refinance Mega Thread

Post by Brain » Sat Jun 27, 2020 6:25 pm

tuck3979 wrote:
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.
I got super lucky. I locked on the lowest day for 15y loans. I ended up with a 2.5% with A+B+C=$859, E=$119. Total closing costs (ignoring escrow business)=$978 ($795 of which is title-related). Better's lender credit=$3,741. Add in the Amex rebate, and I'm going to be making $5,263 off this refinance. I'll also be cutting two years off my loan and saving $28k in interest, to boot.

Shame about the Better price match situation, but maybe it was too good a promotion and they're throwing money at folks that didn't need it. But if they can manage to offer such ridiculous credits...how much more are they still making off the servicing/selling of the loan?

tuck3979
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Re: Refinance Mega Thread

Post by tuck3979 » Sat Jun 27, 2020 9:17 pm

Brain wrote:
Sat Jun 27, 2020 6:25 pm
tuck3979 wrote:
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


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.
I got super lucky. I locked on the lowest day for 15y loans. I ended up with a 2.5% with A+B+C=$859, E=$119. Total closing costs (ignoring escrow business)=$978 ($795 of which is title-related). Better's lender credit=$3,741. Add in the Amex rebate, and I'm going to be making $5,263 off this refinance. I'll also be cutting two years off my loan and saving $28k in interest, to boot.

Shame about the Better price match situation, but maybe it was too good a promotion and they're throwing money at folks that didn't need it. But if they can manage to offer such ridiculous credits...how much more are they still making off the servicing/selling of the loan?
That is an amazing deal! I posted a screenshot earlier in the thread of my rate sheet, including a 2.25% 15year with $2800 credit and a 2.375% with $4200 credit. Some people on Slickdeals are doing even better with 2.25% and 4k credits. Market is moving fast. My brother is closing next week and took a 2.25% with $1900 credit with Better. Unfortunately the slickdeals thread is showing more and more people getting turned away, refusing matches, etc. Wondering if Better is coming to a close with these hot deals, their pipeline must be very strong. AMEX expires in a month, gonna miss how sweet of a money maker this round of financing was. I'm personally waiting to see success stories in here of 2% 15years and 2.5% 30years, if I had to bet, I think we'll get there.

Berean
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Re: Refinance Mega Thread

Post by Berean » Sat Jun 27, 2020 9:43 pm

I too am having difficulty with Better. I am looking for a 15 year fixed refi.

Better's first LE was 3.25% with total loan costs (A + B + C) of $1,891. I emailed them a LE from LenderFi for 2.375% with total loan costs of $4,505. Better told me that LenderFi's was a great deal, I should take it, and asked if I wanted to withdraw my application with Better. I replied no, I want Better to honor its guarantee and beat the LenderFi by $1,000 lower costs. Better first said that I did not qualify under the fine print of its guarantee; that was incorrect. Better then said the guarantee did not apply because it was not offering 2.375 today. I checked the website and that was correct. I said I would either wait for some day next week when Better offers 2.375% or I would get a LE from LenderFi for 2.5%. Better said it was going to cancel my application. I sent texts and emails saying I did not want to withdraw my application. Better relented and said let's talk Monday morning.

Any tips? One of my problems may be that I only owe $150K on a home worth north of $425K. Another lender (Quicken) told me that my loan was too small to merit their best terms.

GZR4DR
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Re: Refinance Mega Thread

Post by GZR4DR » Sat Jun 27, 2020 10:25 pm

Locked in a 15 year fixed 2.5% $510,000 loan with Better, after getting a competing quote from Owning. Better matched and beat by 1k, I was able to get the AMEX 2.5k incentive, and scheduled to close in about 5 days. Closing costs are A+B+C = 1664, with a 2996 credit from the lender. Getting paid 3,832 to close the loan, and one of the best parts, no escrow for tax or insurance, which I'd much rather manage myself.

My only complaint about better is the people you do speak with I can tell are on the younger side (not necessarily a bad thing), but don't seem as knowledgeable as some of the other brokers I've used in the past. However, I can't beat this rate.

Goal33
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Re: Refinance Mega Thread

Post by Goal33 » Sat Jun 27, 2020 11:58 pm

mighty72 wrote:
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
Then no, personally I’d rather do 3.125 with no closing costs. But to answer your question, it’s just an ok deal. Nothing that you won’t get elsewhere. I wouldn’t say you need to rush to lock it.
A man with one watch always knows what time it is; a man with two watches is never sure.

mighty72
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Re: Refinance Mega Thread

Post by mighty72 » Sun Jun 28, 2020 12:38 am

^^^ thanks

Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster » Sun Jun 28, 2020 12:47 pm

Locked 2.75 refi for a 30 year loan of 575k.

Can anyone share expected fees for “lender title insurance” & “title settlement/ closing fee”?

Goal33
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Re: Refinance Mega Thread

Post by Goal33 » Sun Jun 28, 2020 12:58 pm

Monsterflockster wrote:
Sun Jun 28, 2020 12:47 pm
Locked 2.75 refi for a 30 year loan of 575k.

Can anyone share expected fees for “lender title insurance” & “title settlement/ closing fee”?
Probably about half a percent of the loan. It should be on your disclosure.
A man with one watch always knows what time it is; a man with two watches is never sure.

limeyx
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Re: Refinance Mega Thread

Post by limeyx » Sun Jun 28, 2020 4:42 pm

GZR4DR wrote:
Sat Jun 27, 2020 10:25 pm
Locked in a 15 year fixed 2.5% $510,000 loan with Better, after getting a competing quote from Owning. Better matched and beat by 1k, I was able to get the AMEX 2.5k incentive, and scheduled to close in about 5 days. Closing costs are A+B+C = 1664, with a 2996 credit from the lender. Getting paid 3,832 to close the loan, and one of the best parts, no escrow for tax or insurance, which I'd much rather manage myself.

My only complaint about better is the people you do speak with I can tell are on the younger side (not necessarily a bad thing), but don't seem as knowledgeable as some of the other brokers I've used in the past. However, I can't beat this rate.
Betters initial quote to me is horrid. $9300 of points for. 2.5%/15yr merging of three loans into one. I emailed the rep the Quicken #s to see if they can compete. Nothing like other people are seeing here so far. Even with the Amex credit, it's a lot worse

QL A+B+C = $3161 but they are supposed to back out the appraisal of $695 from that

Better was: $9704 !!!! with $8160 in points

morpheus1958
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Re: Refinance Mega Thread

Post by morpheus1958 » Sun Jun 28, 2020 5:28 pm

I am getting the following quote:

3% APR, 0 cost, 0 points. 30 years fixed.
1.1M value, 620K loan amount.

Agent has offered $200 back as gift to me.

This would be my first refinance.
and I have not done deeper research.

Does this look decent enough to go forward in today's market?

I tried submitting application at better.com and lenderfi.com and waiting for their actual rates after they preapproved my application.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Sun Jun 28, 2020 6:54 pm

morpheus1958 wrote:
Sun Jun 28, 2020 5:28 pm
I am getting the following quote:

3% APR, 0 cost, 0 points. 30 years fixed.
1.1M value, 620K loan amount.

Agent has offered $200 back as gift to me.

This would be my first refinance.
and I have not done deeper research.

Does this look decent enough to go forward in today's market?

I tried submitting application at better.com and lenderfi.com and waiting for their actual rates after they preapproved my application.
Yes, that looks good particularly for the loan amount. However, is that zero cost or zero lender fees? What does your Loan Estimate look like?

Triple digit golfer
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Re: Refinance Mega Thread

Post by Triple digit golfer » Sun Jun 28, 2020 8:02 pm

Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Sun Jun 28, 2020 10:44 pm

Triple digit golfer wrote:
Sun Jun 28, 2020 8:02 pm
Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.
For me it has been 50/50 for those that want to pull vs. who will give me numbers if I provide them with the necessary details. In my case then, I just focused on the latter group until I got an offer I'd be essentially willing to take. So now I've switched to the phase of letting them pull my report while shopping that offer around.

And I don't know for sure how the numbers match up, but based on my credit monitoring alerts, I had 10 or credit pulls on Friday and Saturday. The Saturday ones surprised me as I didn't reach out to anyone on Saturday, but even at 3 pm Eastern I got alerts. It could be the credit monitoring alert was just behind though.

BackOfTheNet
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Re: Refinance Mega Thread

Post by BackOfTheNet » Mon Jun 29, 2020 8:44 am

Looks like Penfed has stopped offering the 5/5 ARM.

psychoslowmatic
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Re: Refinance Mega Thread

Post by psychoslowmatic » Mon Jun 29, 2020 10:26 am

BackOfTheNet wrote:
Mon Jun 29, 2020 8:44 am
Looks like Penfed has stopped offering the 5/5 ARM.
It's a very customer-unfriendly sign how much they've hidden all mortgage information on their site, too. They used to be great.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon Jun 29, 2020 10:31 am

psychoslowmatic wrote:
Mon Jun 29, 2020 10:26 am
BackOfTheNet wrote:
Mon Jun 29, 2020 8:44 am
Looks like Penfed has stopped offering the 5/5 ARM.
It's a very customer-unfriendly sign how much they've hidden all mortgage information on their site, too. They used to be great.
While the 5/5 hasn’t been on their site for months, some rates are. I just notice them vary widely. On Friday morning the 15-year conventional was 2.625% and by afternoon it was 3.375%. Meanwhile, direct lenders dropped like crazy as the door progressed.

I’ve had great experiences with PenFed for more than a decade. However, PenFed today vs. 200x doesn’t feel the same and they are no longer my go-to for nearly the best deal.

Berean
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Re: Refinance Mega Thread

Post by Berean » Mon Jun 29, 2020 10:41 am

Triple digit golfer wrote:
Sun Jun 28, 2020 8:02 pm
Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.
Really good question. I faced the same issue. I had several lenders refuse to give me even a loose estimate until they checked my credit, so I finally relented and gave them all my consent. A guy at Equifax told me that multiple hard inquiries from lenders within a few days of each other only count as one inquiry. If that is true, I hope it won't ding my credit score too much.

Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 » Mon Jun 29, 2020 10:43 am

I paid $550 (Appraisal) to lock with better.
Just curious, I don’t think I will. But do you know if that is refunded if I break the lock before close?

I know it’s refunded through Amex Promo once I close. But not sure if I break the lock. My original lender wants to beat better which I wasn’t expecting. Was happy with betters deal...That’s why I locked with better.

I know it’s something I should’ve asked my expert but was going through a lot that I didn’t ask.

logos
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Re: Refinance Mega Thread

Post by logos » Mon Jun 29, 2020 10:53 am

Refi with Better closed last Friday.

$450k at 2.625%, $1.5k lender credit to offset their fees - so essentially no fees.

I was a bit skeptical but better was actually very easy to work with.

limeyx
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Re: Refinance Mega Thread

Post by limeyx » Mon Jun 29, 2020 11:47 am

logos wrote:
Mon Jun 29, 2020 10:53 am
Refi with Better closed last Friday.

$450k at 2.625%, $1.5k lender credit to offset their fees - so essentially no fees.

I was a bit skeptical but better was actually very easy to work with.
Nice. I sent my Quicken LE to Better and they ... bettered it by a bit (it was tricky since QL had the appraisal fee still included but will waive this later)
Then I showed the LE to Quicken and told them about the Amex credit and they offered $2000 in lender credits, so it was close enough and we will keep going with QL

bestisfree
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Re: Refinance Mega Thread

Post by bestisfree » Mon Jun 29, 2020 11:49 am

Hi,

First time refinancing. Really apperciated the information...


1. I am seeing lots of people getting $1000's of lender's credit but i have had no luck - is that because of the loan amount?

The best rate I am getting from today is from my bank (better than better.com on a first quote)
Quote wrote: Conventional 15-year fixed on loan $239,000 (property value $670000 LTV ~ 36%)
Interest Rate: 2.50%

A.
Point: 0.032% = $76
originator fee = $1175
B. (with appraisal) = $ 649
C. titling / lender's policy=$1015
not sure this is a good rate, especially without lenders' credit? 8-)

2. The title/settlement company the bank referred me to is Boston National. Apparently they are a licensed to settle over 42 states, but no local branch for me so they will be sending our "signing agents" to bring documents for signature, which I prefer during the pandemic. They are $200 cheaper than the best quote i got from several local settlement companies.

However, should I be concerned that they don't have a local office and I can't find any reviews for them on Redfin's Openbook? How important is the title company for the refinancing? :confused

3. we are into 6th year of our 30 year fixed loan at 3.693%. We try to be aggressive pay off the principals as much as possible. So even with the lower monthly payment with the new 15-year loan, we'll try to be paying at the same level ourselves (e.g., extra principal payment)

Berean
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Re: Refinance Mega Thread

Post by Berean » Mon Jun 29, 2020 12:25 pm

limeyx wrote:
Mon Jun 29, 2020 11:47 am
logos wrote:
Mon Jun 29, 2020 10:53 am
Refi with Better closed last Friday.

$450k at 2.625%, $1.5k lender credit to offset their fees - so essentially no fees.

I was a bit skeptical but better was actually very easy to work with.
Nice. I sent my Quicken LE to Better and they ... bettered it by a bit (it was tricky since QL had the appraisal fee still included but will waive this later)
Then I showed the LE to Quicken and told them about the Amex credit and they offered $2000 in lender credits, so it was close enough and we will keep going with QL
Quicken told me that they too offer the $2,500 AmEx credit.

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Mon Jun 29, 2020 12:30 pm

Berean wrote:
Mon Jun 29, 2020 10:41 am
Triple digit golfer wrote:
Sun Jun 28, 2020 8:02 pm
Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.
Really good question. I faced the same issue. I had several lenders refuse to give me even a loose estimate until they checked my credit, so I finally relented and gave them all my consent. A guy at Equifax told me that multiple hard inquiries from lenders within a few days of each other only count as one inquiry. If that is true, I hope it won't ding my credit score too much.
Usually it's a 14 day window where hard credit scores count as 1 pull. One source: https://www.equifax.com/personal/educat ... it-report/

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Mon Jun 29, 2020 12:31 pm

Familyman2012 wrote:
Mon Jun 29, 2020 10:43 am
I paid $550 (Appraisal) to lock with better.
Just curious, I don’t think I will. But do you know if that is refunded if I break the lock before close?

I know it’s refunded through Amex Promo once I close. But not sure if I break the lock. My original lender wants to beat better which I wasn’t expecting. Was happy with betters deal...That’s why I locked with better.

I know it’s something I should’ve asked my expert but was going through a lot that I didn’t ask.
You can probably get it refunded if the appraisal is cancelled before it actually happens. But once someone comes and does it, they've incurred the cost so doubt they would credit it back if you walk

Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 » Mon Jun 29, 2020 12:36 pm

ChiKid24 wrote:
Mon Jun 29, 2020 12:31 pm
Familyman2012 wrote:
Mon Jun 29, 2020 10:43 am
I paid $550 (Appraisal) to lock with better.
Just curious, I don’t think I will. But do you know if that is refunded if I break the lock before close?

I know it’s refunded through Amex Promo once I close. But not sure if I break the lock. My original lender wants to beat better which I wasn’t expecting. Was happy with betters deal...That’s why I locked with better.

I know it’s something I should’ve asked my expert but was going through a lot that I didn’t ask.
You can probably get it refunded if the appraisal is cancelled before it actually happens. But once someone comes and does it, they've incurred the cost so doubt they would credit it back if you walk
Actually my expert stated that I qualify for a waived appraisal. But I still needed to pay 550 to lock. But will be refunded when I close. But not sure if it’s refunded if I break the lock.

Brain
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Re: Refinance Mega Thread

Post by Brain » Mon Jun 29, 2020 12:59 pm

Familyman2012 wrote:
Mon Jun 29, 2020 12:36 pm
ChiKid24 wrote:
Mon Jun 29, 2020 12:31 pm
Familyman2012 wrote:
Mon Jun 29, 2020 10:43 am
I paid $550 (Appraisal) to lock with better.
Just curious, I don’t think I will. But do you know if that is refunded if I break the lock before close?

I know it’s refunded through Amex Promo once I close. But not sure if I break the lock. My original lender wants to beat better which I wasn’t expecting. Was happy with betters deal...That’s why I locked with better.

I know it’s something I should’ve asked my expert but was going through a lot that I didn’t ask.
You can probably get it refunded if the appraisal is cancelled before it actually happens. But once someone comes and does it, they've incurred the cost so doubt they would credit it back if you walk
Actually my expert stated that I qualify for a waived appraisal. But I still needed to pay 550 to lock. But will be refunded when I close. But not sure if it’s refunded if I break the lock.
Better required me to pay the appraisal fee ($550) to lock, but had already explained that with the Amex deal, it would be refunded. Additionally, it was waived by the processor, so Better has initiated the refund via my credit card and removed the appraisal from my Loan Estimate.

Triple digit golfer
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Re: Refinance Mega Thread

Post by Triple digit golfer » Mon Jun 29, 2020 1:11 pm

Berean wrote:
Mon Jun 29, 2020 10:41 am
Triple digit golfer wrote:
Sun Jun 28, 2020 8:02 pm
Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.
Really good question. I faced the same issue. I had several lenders refuse to give me even a loose estimate until they checked my credit, so I finally relented and gave them all my consent. A guy at Equifax told me that multiple hard inquiries from lenders within a few days of each other only count as one inquiry. If that is true, I hope it won't ding my credit score too much.
Thank you. Mine and my wife's credit is frozen at all three major bureaus. Do I just unfreeze them all for 14 days, reach out to various lenders in that time and let them do their checks?

dsmil
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Re: Refinance Mega Thread

Post by dsmil » Mon Jun 29, 2020 1:21 pm

bestisfree wrote:
Mon Jun 29, 2020 11:49 am

1. I am seeing lots of people getting $1000's of lender's credit but i have had no luck - is that because of the loan amount?

Your first quote seems to be their rate that is closest to zero lender points/credits. Simply ask them for a quote at 2.625% and they should provide some lender credits. I usually start with Mortgage Professor to get a very good rate (https://www.mtgprofessor.com/ext/partne ... rLoan.aspx).

mx711yam
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Re: Refinance Mega Thread

Post by mx711yam » Mon Jun 29, 2020 1:42 pm

Better just called me and said they can't touch the loandepot offer, and they wouldn't even try. He said they were told by higher ups to shut down refi matches due to the amex offer. They claimed they were literally losing money on refis and they weren't going to be doing it anymore. I asked him about the $1000 dollars since they couldn't match and he said I just need to send in the closing disclosures and they would cut me a check. I'm pretty shocked, guess I'll got with a local lender.

limeyx
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Re: Refinance Mega Thread

Post by limeyx » Mon Jun 29, 2020 1:48 pm

Berean wrote:
Mon Jun 29, 2020 12:25 pm
limeyx wrote:
Mon Jun 29, 2020 11:47 am
logos wrote:
Mon Jun 29, 2020 10:53 am
Refi with Better closed last Friday.

$450k at 2.625%, $1.5k lender credit to offset their fees - so essentially no fees.

I was a bit skeptical but better was actually very easy to work with.
Nice. I sent my Quicken LE to Better and they ... bettered it by a bit (it was tricky since QL had the appraisal fee still included but will waive this later)
Then I showed the LE to Quicken and told them about the Amex credit and they offered $2000 in lender credits, so it was close enough and we will keep going with QL
Quicken told me that they too offer the $2,500 AmEx credit.
Interesting, I do see that. I wonder if somehow I can make them give this to me also !

Bleedinggums99
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Re: Refinance Mega Thread

Post by Bleedinggums99 » Mon Jun 29, 2020 1:56 pm

mx711yam wrote:
Mon Jun 29, 2020 1:42 pm
Better just called me and said they can't touch the loandepot offer, and they wouldn't even try. He said they were told by higher ups to shut down refi matches due to the amex offer. They claimed they were literally losing money on refis and they weren't going to be doing it anymore. I asked him about the $1000 dollars since they couldn't match and he said I just need to send in the closing disclosures and they would cut me a check. I'm pretty shocked, guess I'll got with a local lender.
Same situation with me Better got to a point they wouldn't even match. I was unaware about the 1,000 for not matching. Is that part of the T&C?

Triple digit golfer
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Re: Refinance Mega Thread

Post by Triple digit golfer » Mon Jun 29, 2020 2:00 pm

I have been trying to get offers for 30 year mortgages with no fees or points so that I can easily compare apples to apples to my current 30 year mortgage at 3.50%. Seems the best that's out there without fees or points is 3.375%. Hardly seems worth it to refinance for 0.125%.

Bleedinggums99
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Re: Refinance Mega Thread

Post by Bleedinggums99 » Mon Jun 29, 2020 2:03 pm

mx711yam wrote:
Mon Jun 29, 2020 1:42 pm
Better just called me and said they can't touch the loandepot offer, and they wouldn't even try. He said they were told by higher ups to shut down refi matches due to the amex offer. They claimed they were literally losing money on refis and they weren't going to be doing it anymore. I asked him about the $1000 dollars since they couldn't match and he said I just need to send in the closing disclosures and they would cut me a check. I'm pretty shocked, guess I'll got with a local lender.
Looks like they changed it to $100? I saw the 1,000 match a few days ago but now all i can find is $100

Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 » Mon Jun 29, 2020 2:04 pm

Triple digit golfer wrote:
Mon Jun 29, 2020 2:00 pm
I have been trying to get offers for 30 year mortgages with no fees or points so that I can easily compare apples to apples to my current 30 year mortgage at 3.50%. Seems the best that's out there without fees or points is 3.375%. Hardly seems worth it to refinance for 0.125%.
Depends how big the loan is. Read back a few pages on this thread, most people are getting sub 3% with multiple $1000s of credits on conventional 30yr fixed, myself included. Of course if its a jumbo or very small loan, you can’t get the best rates.

Triple digit golfer
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Re: Refinance Mega Thread

Post by Triple digit golfer » Mon Jun 29, 2020 2:12 pm

Jags4186 wrote:
Mon Jun 29, 2020 2:04 pm
Triple digit golfer wrote:
Mon Jun 29, 2020 2:00 pm
I have been trying to get offers for 30 year mortgages with no fees or points so that I can easily compare apples to apples to my current 30 year mortgage at 3.50%. Seems the best that's out there without fees or points is 3.375%. Hardly seems worth it to refinance for 0.125%.
Depends how big the loan is. Read back a few pages on this thread, most people are getting sub 3% with multiple $1000s of credits on conventional 30yr fixed, myself included. Of course if its a jumbo or very small loan, you can’t get the best rates.
Why am I not getting these rates? Our credit scores are both 800+, less than 80% LTV, $295k remaining on the loan. I don't get it.

Bleedinggums99
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Re: Refinance Mega Thread

Post by Bleedinggums99 » Mon Jun 29, 2020 2:18 pm

Triple digit golfer wrote:
Mon Jun 29, 2020 2:12 pm
Jags4186 wrote:
Mon Jun 29, 2020 2:04 pm
Triple digit golfer wrote:
Mon Jun 29, 2020 2:00 pm
I have been trying to get offers for 30 year mortgages with no fees or points so that I can easily compare apples to apples to my current 30 year mortgage at 3.50%. Seems the best that's out there without fees or points is 3.375%. Hardly seems worth it to refinance for 0.125%.
Depends how big the loan is. Read back a few pages on this thread, most people are getting sub 3% with multiple $1000s of credits on conventional 30yr fixed, myself included. Of course if its a jumbo or very small loan, you can’t get the best rates.
Why am I not getting these rates? Our credit scores are both 800+, less than 80% LTV, $295k remaining on the loan. I don't get it.
You have to have let them pull you credit score and shop their Loan Estimates.The first one I received was a 2.875% for 30 and 2.25 for 15 with either costing over 10,000. After shopping around it has come down to 2.25 for the 15 and 2.75 for the 30 and its only going to cost a few bucks

2.25% 15-Year, 300,000 loan, 80% LTV
Out of Pocket Expense (D + E + Lender Credits) --> $27
2.75% 30-Year, 300,000 loan, 80% LTV
Out of Pocket Expense (D + E + Lender Credits) --> -$54

akl2840
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Re: Refinance Mega Thread

Post by akl2840 » Mon Jun 29, 2020 2:57 pm

Need advice on potentially pulling out of a pending refi:

The loan balance is $760K. The existing loan is at 4.06%. I'm in DC, which seems to rule out some of the best rates people in other areas have been seeing.

I'm currently in underwriting with Citibank to refinance to 3.25% with around $1000 net closing costs after a lender credit. (That includes around $900 in fees I already paid.) They've also already run an appraisal, which presumably cost around $500.

This has been going on 90 days, since late March. The closing date keeps getting pushed back, and their service is abysmal. It's impossible to get information from them. (Plus I had to move over $50K for a relationship discount to get the rate and credit, despite the fact that I have no desire to use their services.)

I got a quote today from CF Bank for 3% with $900 net closing costs after a credit. It's possible they'd waive the appraisal, reducing the costs by another $500. Also tried Lenderfi, but CF was lower.

I'm sick of dealing with Citibank's ineptitude and would happily pull the plug at this point.

Two questions:

(1) Is there any reason I can't withdraw from the Citibank loan at this point?

(2) If I withdraw, what are my chances of getting the $900 in fees refunded?

Thanks!

FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 » Mon Jun 29, 2020 3:26 pm

My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon Jun 29, 2020 3:32 pm

FordMustang12 wrote:
Mon Jun 29, 2020 3:26 pm
My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?
This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan".

FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 » Mon Jun 29, 2020 3:46 pm

BrandonBogle wrote:
Mon Jun 29, 2020 3:32 pm
FordMustang12 wrote:
Mon Jun 29, 2020 3:26 pm
My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?
This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan".

I have always refinanced with him.. he shows closing costs on the loan estimate and final closure forms but then he pays everything in the end.. He also pays the appraisal fee. He told me if appraisal is not needed then he will pay for the closing costs and give me 450$ appraisal fee that was never used. I am also getting 2.375 for 15 year no closing cost so I am considering this one tool.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon Jun 29, 2020 3:51 pm

FordMustang12 wrote:
Mon Jun 29, 2020 3:46 pm
BrandonBogle wrote:
Mon Jun 29, 2020 3:32 pm
FordMustang12 wrote:
Mon Jun 29, 2020 3:26 pm
My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?
This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan".

I have always refinanced with him.. he shows closing costs on the loan estimate and final closure forms but then he pays everything in the end.. He also pays the appraisal fee. He told me if appraisal is not needed then he will pay for the closing costs and give me 450$ appraisal fee that was never used. I am also getting 2.375 for 15 year no closing cost so I am considering this one tool.
If only I had a broker like that! I would take the 2.375% myself (though I am awaiting paperwork for a 2.25% with small fees to compare against others).

GRAZ
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Re: Refinance Mega Thread

Post by GRAZ » Mon Jun 29, 2020 3:53 pm

Update:


Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better.

Terms as follows:
Loan amount: $419k
Rate: 2.75%
Term: 30 year fixed
Loan costs (A+B+C) = $1079
Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes)

Thanks to all who posted the great info on this thread - So helpful

FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 » Mon Jun 29, 2020 4:07 pm

BrandonBogle wrote:
Mon Jun 29, 2020 3:51 pm
FordMustang12 wrote:
Mon Jun 29, 2020 3:46 pm
BrandonBogle wrote:
Mon Jun 29, 2020 3:32 pm
FordMustang12 wrote:
Mon Jun 29, 2020 3:26 pm
My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?
This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan".

I have always refinanced with him.. he shows closing costs on the loan estimate and final closure forms but then he pays everything in the end.. He also pays the appraisal fee. He told me if appraisal is not needed then he will pay for the closing costs and give me 450$ appraisal fee that was never used. I am also getting 2.375 for 15 year no closing cost so I am considering this one tool.
If only I had a broker like that! I would take the 2.375% myself (though I am awaiting paperwork for a 2.25% with small fees to compare against others).
Yes i am contemplating if I should go for 15 year.. I can afford the payments. Just that rate is so low I feel like it would be better to invest the difference for now.

FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 » Mon Jun 29, 2020 4:09 pm

GRAZ wrote:
Mon Jun 29, 2020 3:53 pm
Update:


Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better.

Terms as follows:
Loan amount: $419k
Rate: 2.75%
Term: 30 year fixed
Loan costs (A+B+C) = $1079
Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes)

Thanks to all who posted the great info on this thread - So helpful
So you got an estimate from Lender fi and then gave it to better? Better is matching the rate and covering the closing costs? So you get 2500 in your pocket?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon Jun 29, 2020 4:16 pm

Got a rate lock (locked on Friday) and estimate today for:

State: NC
Rate: 2.25% *
Term: 15-year fixed
Loan Amount: $150k
No escrow
Section A + B + C + E = $2,977 - $338 lender credit = $2,639

* includes free float down option if rate drops 0.25%

Knowing local pricing available to me for C and E, it would end up actually being $2,345. Now to shop this estimate around to beat it.

GRAZ
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Re: Refinance Mega Thread

Post by GRAZ » Mon Jun 29, 2020 4:20 pm

FordMustang12 wrote:
Mon Jun 29, 2020 4:09 pm
GRAZ wrote:
Mon Jun 29, 2020 3:53 pm
Update:


Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better.

Terms as follows:
Loan amount: $419k
Rate: 2.75%
Term: 30 year fixed
Loan costs (A+B+C) = $1079
Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes)

Thanks to all who posted the great info on this thread - So helpful
So you got an estimate from Lender fi and then gave it to better? Better is matching the rate and covering the closing costs? So you get 2500 in your pocket?
Yes that's exactly what I did. I started out with Better with around $2300 in fees and a rate of 2.875% which seemed good, and then LenderFI came in at 2.75% no fees which better was willing to match. On top of that, I'll get the $2500 amex statement credit after closing as I understand it.

FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 » Mon Jun 29, 2020 4:29 pm

GRAZ wrote:
Mon Jun 29, 2020 4:20 pm
FordMustang12 wrote:
Mon Jun 29, 2020 4:09 pm
GRAZ wrote:
Mon Jun 29, 2020 3:53 pm
Update:


Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better.

Terms as follows:
Loan amount: $419k
Rate: 2.75%
Term: 30 year fixed
Loan costs (A+B+C) = $1079
Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes)

Thanks to all who posted the great info on this thread - So helpful
So you got an estimate from Lender fi and then gave it to better? Better is matching the rate and covering the closing costs? So you get 2500 in your pocket?
Yes that's exactly what I did. I started out with Better with around $2300 in fees and a rate of 2.875% which seemed good, and then LenderFI came in at 2.75% no fees which better was willing to match. On top of that, I'll get the $2500 amex statement credit after closing as I understand it.
That’s incredible. Did lenderfi at the first instance came out with no fees or did you have to negotiate? How soon can you refinance if the rates drop further ?

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Mon Jun 29, 2020 4:35 pm

FordMustang12 wrote:
Mon Jun 29, 2020 4:29 pm
That’s incredible. Did lenderfi at the first instance came out with no fees or did you have to negotiate? How soon can you refinance if the rates drop further ?
LenderFi has a clawback on costs they incurred/covered for you if you refinance within 6 months.

McJammer
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Re: Refinance Mega Thread

Post by McJammer » Mon Jun 29, 2020 4:39 pm

Reporting in with final results from a week and a half of reading, haggling, learning from you guys, think I got a good result and locked today with Loan Depot:

D. TOTAL LOAN COSTS (A + B + C) $3,152 - Lender credits of $2,012 = costs rolled into loan $1,140.
2.99% fixed rate for a 20 year term, cash-out refinance.

Lowered from 4.125% rate, and payment went up $95 a month . . . ultimately getting $22,000 for the house repair we need done.

Berean
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Re: Refinance Mega Thread

Post by Berean » Mon Jun 29, 2020 4:42 pm

Triple digit golfer wrote:
Mon Jun 29, 2020 1:11 pm
Berean wrote:
Mon Jun 29, 2020 10:41 am
Triple digit golfer wrote:
Sun Jun 28, 2020 8:02 pm
Really dumb question. Are you all letting multiple lenders run hard credit checks to give you rate quotes? I'd like to compare lenders but I'm finding that they all want to run credit before working with me on quotes.
Really good question. I faced the same issue. I had several lenders refuse to give me even a loose estimate until they checked my credit, so I finally relented and gave them all my consent. A guy at Equifax told me that multiple hard inquiries from lenders within a few days of each other only count as one inquiry. If that is true, I hope it won't ding my credit score too much.
Thank you. Mine and my wife's credit is frozen at all three major bureaus. Do I just unfreeze them all for 14 days, reach out to various lenders in that time and let them do their checks?
Yes, that is what I did. First, I removed the freeze on my credit report at all three bureaus for seven days. Then I applied for refis with five lenders, giving each one permission to check my credit. Today, I opened my credit report and saw that all five lenders had already pulled my report. So now I am re-freezing my credit at all three bureaus. It is scary but necessary.

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