Refinance Mega Thread

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seasix
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Re: Refinance Mega Thread

Post by seasix » Thu Jul 30, 2020 8:56 am

10yr US Treasury rate tanking today. What time do mortage rates usually change? May lock in today.

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Thu Jul 30, 2020 9:06 am

anon_investor wrote:
Thu Jul 30, 2020 7:48 am
MrJedi wrote:
Thu Jul 30, 2020 7:44 am
sharker10 wrote:
Thu Jul 30, 2020 6:31 am
anon_investor wrote:
Wed Jul 29, 2020 3:35 pm
BrandonBogle wrote:
Wed Jul 29, 2020 3:22 pm


Did you apply by selecting "choose" on an offered rate from the website?
Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
I received the emails you mentioned above and got the official LE from them and its still just 2.875% with 3.3k needed to close unfortunately. They did waive the appraisal.. but I think 3.3k is still too much to make it worth it. Looking to sell in the next 3 years or so.
How high do you need to bump the rate up to to get enough lender credits to cover costs in sections D+E? Once those sections are covered, it is a true no cost, and if you can get a better rate than what you're currently paying, you will start saving money at month 1.
+1. sharker10, contact LenderFi to see how much you would have to move up in rate for more credits to get a true no cost refi.
What you need to close is very different than the out of pocket costs. Does any of that $3.3k include prepaid interest or escrow in sections F and G? If so, you'll be paying these regardless of whether you refinance so should take them out of the analysis.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 9:16 am

seasix wrote:
Thu Jul 30, 2020 8:56 am
10yr US Treasury rate tanking today. What time do mortage rates usually change? May lock in today.
I believe they change periodically throughout the day. At least that's what I noticed on the dashboard for Ally/Better displaying rate offerings, they would updated a few times daily.

sharker10
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Re: Refinance Mega Thread

Post by sharker10 » Thu Jul 30, 2020 9:43 am

ChiKid24 wrote:
Thu Jul 30, 2020 9:06 am
anon_investor wrote:
Thu Jul 30, 2020 7:48 am
MrJedi wrote:
Thu Jul 30, 2020 7:44 am
sharker10 wrote:
Thu Jul 30, 2020 6:31 am
anon_investor wrote:
Wed Jul 29, 2020 3:35 pm


Yea I did. The day I submitted the app I got an email saying they received my app and would get back to me. The next day I received a couple of emails. One was instructions/link to set up login to their online portal, another was telling me to review the LE in the online portal and to contact the loan officer if I was interested in locking. The LE contained the rate 2.75% 30 year fixed no cost (which I ultimately locked), which was lower than the option I selected, which was 3% 30 year fixed no cost. I can only assume that by selecting the 3% 30 year fixed no cost, that they assumed I was aiming for a no cost 30 year fixed option. I was happy with the rate so I locked and did not really ask about other options. Obviously very YMMV.
I received the emails you mentioned above and got the official LE from them and its still just 2.875% with 3.3k needed to close unfortunately. They did waive the appraisal.. but I think 3.3k is still too much to make it worth it. Looking to sell in the next 3 years or so.
How high do you need to bump the rate up to to get enough lender credits to cover costs in sections D+E? Once those sections are covered, it is a true no cost, and if you can get a better rate than what you're currently paying, you will start saving money at month 1.
+1. sharker10, contact LenderFi to see how much you would have to move up in rate for more credits to get a true no cost refi.
What you need to close is very different than the out of pocket costs. Does any of that $3.3k include prepaid interest or escrow in sections F and G? If so, you'll be paying these regardless of whether you refinance so should take them out of the analysis.
Thanks guys, yea my numbers are wrong then. Realized a bit ago while reading some more that I am including sections F + G in that 3.3k. So my Fees right now are:

A: $839
B: $351
C: $785
E: $60

So I would need a lender credit of roughly $2050 to have a true no cost refi. I will reach out to the loan officer they assigned me to see what it would cost me rate wise to get that credit. I also reached out to WaterMark to get a Loan estimate from them as well.

MrJedi
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Re: Refinance Mega Thread

Post by MrJedi » Thu Jul 30, 2020 10:05 am

sharker10 wrote:
Thu Jul 30, 2020 9:43 am
Thanks guys, yea my numbers are wrong then. Realized a bit ago while reading some more that I am including sections F + G in that 3.3k. So my Fees right now are:

A: $839
B: $351
C: $785
E: $60

So I would need a lender credit of roughly $2050 to have a true no cost refi. I will reach out to the loan officer they assigned me to see what it would cost me rate wise to get that credit. I also reached out to WaterMark to get a Loan estimate from them as well.
Typically when you are asking for lender credits, section A goes to zero. So what you are looking for is section A=$0 and then lender credits line in section J to be roughly $1196 in your case (offsetting A+B+C+E). That will be a true no cost refinance.

This will move the rate up a bit, but if it's a better rate than your current loan, you save money immediately. As you know now, sections F and G are costs you need to pay anyway without refinancing.

Edit: see commentary below about section A vs lender credits, other lenders might leave section A and put a bigger number in lender credits. The main point is to do the math and verify, since there is not a single line that tells you the whole story.
Last edited by MrJedi on Thu Jul 30, 2020 10:14 am, edited 1 time in total.

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pianos101
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Re: Refinance Mega Thread

Post by pianos101 » Thu Jul 30, 2020 10:08 am

MrJedi wrote:
Thu Jul 30, 2020 10:05 am
Typically when you are asking for lender credits, section A goes to zero. So what you are looking for is section A=$0 and then lender credits line in section J to be roughly $1196 in your case (offsetting A+B+C+E). That will be a true no cost refinance.
I'm not sure that's true. My LE shows this:

A = 1595
B = 112
C = 1131
E = 134
Lender Credit = 5128

Clearly, my lender credit more than cancels out A+B+C+E. I even make $2,100 on the deal. So I don't really care what A or B or C says, just that the lender credit (whatever random number they choose) makes up for it in the end.

MrJedi
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Re: Refinance Mega Thread

Post by MrJedi » Thu Jul 30, 2020 10:11 am

pianos101 wrote:
Thu Jul 30, 2020 10:08 am
MrJedi wrote:
Thu Jul 30, 2020 10:05 am
Typically when you are asking for lender credits, section A goes to zero. So what you are looking for is section A=$0 and then lender credits line in section J to be roughly $1196 in your case (offsetting A+B+C+E). That will be a true no cost refinance.
I'm not sure that's true. My LE shows this:

A = 1595
B = 112
C = 1131
E = 134
Lender Credit = 5128

Clearly, my lender credit more than cancels out A+B+C+E. I even make $2,100 on the deal. So I don't really care what A or B or C says, just that the lender credit (whatever random number they choose) makes up for it in the end.
Good to know. Mine was through Lender Fi, so I guess different lenders might do different things.

I guess the point is don't get caught up in the individual line amounts, do the quick math and verify.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Thu Jul 30, 2020 10:11 am

C-man23 wrote:
Thu Jul 30, 2020 7:40 am
How far do you have to get with Watermark to get a loan estimate?
Do I need to upload all of my documents (tax records, W2, paystub, account statements, etc.) before they will provide one?
Their portal immediately had line items for these, but I didn’t fill any out. I don’t submit such documentation unless I’ve provided an “Intent to Proceed”, which I never provided Watermark.

psychoslowmatic
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Re: Refinance Mega Thread

Post by psychoslowmatic » Thu Jul 30, 2020 10:12 am

Looks like Third Federal dropped their rates on their $295 closing cost mortgages. 10 year 2.79%, 3/1 15 year 2.49%.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Thu Jul 30, 2020 10:14 am

wootwoot wrote:
Thu Jul 30, 2020 8:54 am
That APR compared to the rate is awful.
Lender credits are not considered in APR calculations sadly. It’s an industry practice that I feel needs to change. Since Section C also doesn’t appear to be included in the APR, this would have made identical or nearly so (Section B costs were around $100).

C-man23
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Re: Refinance Mega Thread

Post by C-man23 » Thu Jul 30, 2020 10:15 am

BrandonBogle wrote:
Thu Jul 30, 2020 10:11 am
C-man23 wrote:
Thu Jul 30, 2020 7:40 am
How far do you have to get with Watermark to get a loan estimate?
Do I need to upload all of my documents (tax records, W2, paystub, account statements, etc.) before they will provide one?
Their portal immediately had line items for these, but I didn’t fill any out. I don’t submit such documentation unless I’ve provided an “Intent to Proceed”, which I never provided Watermark.
Did they actually provide you a LE? Maybe it is just my rep that I am talking to. He keeps saying he cannot provide one due to different excuses.

JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Thu Jul 30, 2020 10:33 am

Just asked Watermark if a float down is available on the 2.25% we recently locked. Will report back.

jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 » Thu Jul 30, 2020 10:51 am

I'm having a dilemma that I'd like opinions on. I'm supposed to close on a 30 yr $250k 2.875% LenderFI with $1,800 lender credit that covers all but about $100 of closing costs sometime in the next week or two. They've finished going through most of the process and are just waiting on their closing group to finish a final review and schedule it.

The Watermark agent I applied with a while back offered me this morning a 30 yr $250k 2.625% with $3,000 lender credit (but also a $1,500 origination fee) that covers all but about $600 in closing costs but their title costs quoted are a little high so I can probably bring that down a couple hundred bucks by shopping for a different title company but that's also more work for me. They're also saying closing will take 45 to 60 days so more hassle there.

The interest rate difference would save me about $400 a year but I feel bad aborting with LenderFI after they've done the underwriting work and hesitate on the extra work I'll need to do to go through the process with Watermark to try to get the closing costs down plus the extra time to close.

What would you guys do?
Last edited by jimmyrules712 on Thu Jul 30, 2020 11:43 am, edited 1 time in total.

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simplesimon
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Re: Refinance Mega Thread

Post by simplesimon » Thu Jul 30, 2020 11:15 am

I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?

BHLearner2020
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Re: Refinance Mega Thread

Post by BHLearner2020 » Thu Jul 30, 2020 11:22 am

JimmyD wrote:
Thu Jul 30, 2020 10:33 am
Just asked Watermark if a float down is available on the 2.25% we recently locked. Will report back.
I asked my loan officer as well but he told me he doesn't see any movement on 30yrs yet but he will get a notice if i qualify for float down.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 11:23 am

simplesimon wrote:
Thu Jul 30, 2020 11:15 am
I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?
What kind of Lender's credit are you getting?

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simplesimon
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Re: Refinance Mega Thread

Post by simplesimon » Thu Jul 30, 2020 11:48 am

anon_investor wrote:
Thu Jul 30, 2020 11:23 am
simplesimon wrote:
Thu Jul 30, 2020 11:15 am
I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?
What kind of Lender's credit are you getting?
None. I'm going to Loan Depot with the estimate to see what they can do.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 11:50 am

simplesimon wrote:
Thu Jul 30, 2020 11:48 am
anon_investor wrote:
Thu Jul 30, 2020 11:23 am
simplesimon wrote:
Thu Jul 30, 2020 11:15 am
I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?
What kind of Lender's credit are you getting?
None. I'm going to Loan Depot with the estimate to see what they can do.
You probably could move up in rate and get a lender credit to offset those closing costs.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Thu Jul 30, 2020 12:26 pm

jimmyrules712 wrote:
Thu Jul 30, 2020 10:51 am
I'm having a dilemma that I'd like opinions on. I'm supposed to close on a 30 yr $250k 2.875% LenderFI with $1,800 lender credit that covers all but about $100 of closing costs sometime in the next week or two. They've finished going through most of the process and are just waiting on their closing group to finish a final review and schedule it.

The Watermark agent I applied with a while back offered me this morning a 30 yr $250k 2.625% with $3,000 lender credit (but also a $1,500 origination fee) that covers all but about $600 in closing costs but their title costs quoted are a little high so I can probably bring that down a couple hundred bucks by shopping for a different title company but that's also more work for me. They're also saying closing will take 45 to 60 days so more hassle there.

The interest rate difference would save me about $400 a year but I feel bad aborting with LenderFI after they've done the underwriting work and hesitate on the extra work I'll need to do to go through the process with Watermark to try to get the closing costs down plus the extra time to close.

What would you guys do?
Did Watermark send that to you in writing in any way? You could always send an email to your LenderFi agent, BE EXPLICIT that Watermark "cold called" you from the previous loan app (so LenderFi doesn't complain why you are still shopping around) and offered "30 yr $250k 2.625% with $3,000 lender credit". State that you appreciate the work LenderFi has done and would prefer not to switch, but 0.25% less with more credits is nothing to sneeze at. "Can LenderFi improve their pricing and continue since we are almost ready to close?"

ciscovp
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Re: Refinance Mega Thread

Post by ciscovp » Thu Jul 30, 2020 12:28 pm

For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?

theanalyst
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Re: Refinance Mega Thread

Post by theanalyst » Thu Jul 30, 2020 12:49 pm

DP for everyone: Property is in WA, I locked with WM at 2.625%, A+B+C+D = $2,400 with lender credit of $1,500. Credit score ~760 and a ~75% LTV. Was able to get the appraisal waived. Resulting in a loan amount of $121,600, after extracting ~$1,500 of discretionary cash out. Everywhere else has been nowhere near as competitive (I tried Better, LoanDepot, HighTech Mortgage, LenderFI and Caliber), or has been less responsive. The LO there has been on top of things for such a low loan amount.

e5116
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Re: Refinance Mega Thread

Post by e5116 » Thu Jul 30, 2020 1:00 pm

ciscovp wrote:
Thu Jul 30, 2020 12:28 pm
For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?
Mine went to Wells Fargo immediately. Seems like that's a common one but also seems like lately, they've starting servicing themselves for a certain period.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 1:02 pm

e5116 wrote:
Thu Jul 30, 2020 1:00 pm
ciscovp wrote:
Thu Jul 30, 2020 12:28 pm
For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?
Mine went to Wells Fargo immediately. Seems like that's a common one but also seems like lately, they've starting servicing themselves for a certain period.
When did you find out who it would be going to? Mine just closed this week, should be funded tomorrow, awaiting with interest to see where my loan will be going.

sharker10
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Re: Refinance Mega Thread

Post by sharker10 » Thu Jul 30, 2020 1:04 pm

theanalyst wrote:
Thu Jul 30, 2020 12:49 pm
DP for everyone: Property is in WA, I locked with WM at 2.625%, A+B+C+D = $2,400 with lender credit of $1,500. Credit score ~760 and a ~75% LTV. Was able to get the appraisal waived. Resulting in a loan amount of $121,600, after extracting ~$1,500 of discretionary cash out. Everywhere else has been nowhere near as competitive (I tried Better, LoanDepot, HighTech Mortgage, LenderFI and Caliber), or has been less responsive. The LO there has been on top of things for such a low loan amount.
Do you have contact info you'd be willing to share about your LO, here or through PM? Id love to get in touch with someone from WM, especially since our numbers are similar.

e5116
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Re: Refinance Mega Thread

Post by e5116 » Thu Jul 30, 2020 1:14 pm

anon_investor wrote:
Thu Jul 30, 2020 1:02 pm
e5116 wrote:
Thu Jul 30, 2020 1:00 pm
ciscovp wrote:
Thu Jul 30, 2020 12:28 pm
For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?
Mine went to Wells Fargo immediately. Seems like that's a common one but also seems like lately, they've starting servicing themselves for a certain period.
When did you find out who it would be going to? Mine just closed this week, should be funded tomorrow, awaiting with interest to see where my loan will be going.
It was actually part of the closing documentation I believe. Like one of the last pages told me WF was buying it. It took then a few weeks (maybe closer to a month) for Wells Fargo to actually send me something in the mail/for me to be able to set up online access.

bws
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Re: Refinance Mega Thread

Post by bws » Thu Jul 30, 2020 1:16 pm

Is anyone receiving a heavily credited refinance offer at 2.25 anywhere? I'm locked at a no cost 2.25 other than prepaids but was hoping to get more credits.

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simplesimon
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Re: Refinance Mega Thread

Post by simplesimon » Thu Jul 30, 2020 1:17 pm

bws wrote:
Thu Jul 30, 2020 1:16 pm
Is anyone receiving a heavily credited refinance offer at 2.25 anywhere? I'm locked at a no cost 2.25 other than prepaids but was hoping to get more credits.
What term, loan amount, and which lender?

C-man23
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Re: Refinance Mega Thread

Post by C-man23 » Thu Jul 30, 2020 1:19 pm

bws wrote:
Thu Jul 30, 2020 1:16 pm
Is anyone receiving a heavily credited refinance offer at 2.25 anywhere? I'm locked at a no cost 2.25 other than prepaids but was hoping to get more credits.
I'm assuming you are talking about a 15 year? I was just quoted 2.25 with $2,800 in credits for a 15 year which almost makes it a no cost. Sounds like you have a great offer.

bws
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Re: Refinance Mega Thread

Post by bws » Thu Jul 30, 2020 1:25 pm

simplesimon wrote:
Thu Jul 30, 2020 1:17 pm
bws wrote:
Thu Jul 30, 2020 1:16 pm
Is anyone receiving a heavily credited refinance offer at 2.25 anywhere? I'm locked at a no cost 2.25 other than prepaids but was hoping to get more credits.
What term, loan amount, and which lender?
15yr, 342k, Better matched Watermark so I'm currently locked with Better.

bws
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Re: Refinance Mega Thread

Post by bws » Thu Jul 30, 2020 1:27 pm

C-man23 wrote:
Thu Jul 30, 2020 1:19 pm
bws wrote:
Thu Jul 30, 2020 1:16 pm
Is anyone receiving a heavily credited refinance offer at 2.25 anywhere? I'm locked at a no cost 2.25 other than prepaids but was hoping to get more credits.
I'm assuming you are talking about a 15 year? I was just quoted 2.25 with $2,800 in credits for a 15 year which almost makes it a no cost. Sounds like you have a great offer.
I'm trying to improve my offer with bigger credits at 2.25. It only makes it no cost for me after the AMEX credt that recently expired.

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 1:31 pm

e5116 wrote:
Thu Jul 30, 2020 1:14 pm
anon_investor wrote:
Thu Jul 30, 2020 1:02 pm
e5116 wrote:
Thu Jul 30, 2020 1:00 pm
ciscovp wrote:
Thu Jul 30, 2020 12:28 pm
For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?
Mine went to Wells Fargo immediately. Seems like that's a common one but also seems like lately, they've starting servicing themselves for a certain period.
When did you find out who it would be going to? Mine just closed this week, should be funded tomorrow, awaiting with interest to see where my loan will be going.
It was actually part of the closing documentation I believe. Like one of the last pages told me WF was buying it. It took then a few weeks (maybe closer to a month) for Wells Fargo to actually send me something in the mail/for me to be able to set up online access.
Ah. My closing documentation says LenderFi is keeping it for now. I bet mine gets sold to Fannie/Freddie and either LenderFi or someone else will service it.

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NORDO
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Re: Refinance Mega Thread

Post by NORDO » Thu Jul 30, 2020 1:39 pm

Loan Cabin came back (after a little pestering - 4 days after initial application) with a LE this morning.

30 year, 2.500%, $268K, 79% LTV, no escrow ... $1,000 lender credit yields $1,900 total cost.

I expect I can lower the cost by $500 to $1000 using the local title agency from our last refinance late last year; they're working on an estimate right now.

baseball2horse
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Re: Refinance Mega Thread

Post by baseball2horse » Thu Jul 30, 2020 1:47 pm

WannabeEarlyRetiree wrote:
Wed Jul 29, 2020 3:40 pm
A total noob question: if lenders credit exceeds D+E, can the extra amount be used to pay for F (prepaid interests and tax)?
Yes.

I was able to pit Better against a loacal lender and ended up with lender credits that exceed D+E and show as going to the prepaids.
So I am now about to get paid 300 dollars to refiance to 2.875. But I did have to do a lot of back and forth to get there. Better's initial offer was 3.0 with 2k in closing costs. (For a 260k loan in colorado for reference

NDS
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Re: Refinance Mega Thread

Post by NDS » Thu Jul 30, 2020 1:51 pm

Got an offer today of 30-year fixed @ 2.75% w/ closing costs ($1980) and prepaids (property tax, homeowner insurance @ 3300) financed in for total loan value of 150k. Good enough deal relative to market, or should be able to do way better? No lender credit at all, "junk fee" of $650 or so.

sharker10
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Re: Refinance Mega Thread

Post by sharker10 » Thu Jul 30, 2020 2:17 pm

NDS wrote:
Thu Jul 30, 2020 1:51 pm
Got an offer today of 30-year fixed @ 2.75% w/ closing costs ($1980) and prepaids (property tax, homeowner insurance @ 3300) financed in for total loan value of 150k. Good enough deal relative to market, or should be able to do way better? No lender credit at all, "junk fee" of $650 or so.
My offer is very similar, although slightly higher rate. I believe we can do better. What lender was this from?

jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 » Thu Jul 30, 2020 2:19 pm

BrandonBogle wrote:
Thu Jul 30, 2020 12:26 pm
jimmyrules712 wrote:
Thu Jul 30, 2020 10:51 am
I'm having a dilemma that I'd like opinions on. I'm supposed to close on a 30 yr $250k 2.875% LenderFI with $1,800 lender credit that covers all but about $100 of closing costs sometime in the next week or two. They've finished going through most of the process and are just waiting on their closing group to finish a final review and schedule it.

The Watermark agent I applied with a while back offered me this morning a 30 yr $250k 2.625% with $3,000 lender credit (but also a $1,500 origination fee) that covers all but about $600 in closing costs but their title costs quoted are a little high so I can probably bring that down a couple hundred bucks by shopping for a different title company but that's also more work for me. They're also saying closing will take 45 to 60 days so more hassle there.

The interest rate difference would save me about $400 a year but I feel bad aborting with LenderFI after they've done the underwriting work and hesitate on the extra work I'll need to do to go through the process with Watermark to try to get the closing costs down plus the extra time to close.

What would you guys do?
Did Watermark send that to you in writing in any way? You could always send an email to your LenderFi agent, BE EXPLICIT that Watermark "cold called" you from the previous loan app (so LenderFi doesn't complain why you are still shopping around) and offered "30 yr $250k 2.625% with $3,000 lender credit". State that you appreciate the work LenderFi has done and would prefer not to switch, but 0.25% less with more credits is nothing to sneeze at. "Can LenderFi improve their pricing and continue since we are almost ready to close?"
It was an informal email. I have to submit a formal application on their website and lock the rate to get an official LE. I'm skeptical that'll accommodate but I guess it doesn't hurt to ask.

rascott
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Re: Refinance Mega Thread

Post by rascott » Thu Jul 30, 2020 2:58 pm

Locked with Lenderfi today:

$315k loan value (approx 55% LTV)
Waived appraisal
Waived escrow/impounds
2.625% - 30 yr fixed

A+b+c =$1131
Lender credits approx $1050

Total cost like $80

These guys have been VERY prompt. Submitted the application on the link found here at noon yesterday. Had a phone call and a LE sent to me 90 minutes later. Called me back this morning with improved pricing (extra $500 or so in credits). Locked it this afternoon.

Had apps/calls/emails into several other lenders, some as long as week ago....with no responses or lackluster help. These guys are on their game.

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billthecat
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Re: Refinance Mega Thread

Post by billthecat » Thu Jul 30, 2020 3:01 pm

After adjusting up for no-cost (+0.325%), and -0.5% down for holdings at Schwab, I just locked in a refi at 2.575% at Schwab/Quicken/Rocket for a 7/1.

If I covered the costs (~$3k), and didn't have the discount, it would be 2.75%. So, subtract 0.5% for discount, and add 0.325% for no-cost.

How does that compare?
We cannot direct the winds but we can adjust our sails.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Thu Jul 30, 2020 3:13 pm

jimmyrules712 wrote:
Thu Jul 30, 2020 2:19 pm
It was an informal email. I have to submit a formal application on their website and lock the rate to get an official LE. I'm skeptical that'll accommodate but I guess it doesn't hurt to ask.
LenderFi tends to be a bit picky if you get your credit pulled after working with them, and Watermark is not known to get LEs quickly (often 48-72 hours). You may be at the closing table before you could get the LE. Meanwhile, if you apply, it is hard to say you simply you are not actively shopping around, but got cold called. Do you think LenderFi will take a screenshot of the email to improve the file, or would they tell you to pound sand without a LE?

jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 » Thu Jul 30, 2020 3:22 pm

BrandonBogle wrote:
Thu Jul 30, 2020 3:13 pm
jimmyrules712 wrote:
Thu Jul 30, 2020 2:19 pm
It was an informal email. I have to submit a formal application on their website and lock the rate to get an official LE. I'm skeptical that'll accommodate but I guess it doesn't hurt to ask.
LenderFi tends to be a bit picky if you get your credit pulled after working with them, and Watermark is not known to get LEs quickly (often 48-72 hours). You may be at the closing table before you could get the LE. Meanwhile, if you apply, it is hard to say you simply you are not actively shopping around, but got cold called. Do you think LenderFi will take a screenshot of the email to improve the file, or would they tell you to pound sand without a LE?
I'm just going to see how they'll respond to my telling them about the informal email offer. I'm expecting they're either going to tell me they won't change their offer or could even go as far as cancelling my refinance if they don't like that I'm entertaining another offer but I figure if it comes to that at least I have the Watermark offer to fall back on.

rascott
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Re: Refinance Mega Thread

Post by rascott » Thu Jul 30, 2020 3:23 pm

jimmyrules712 wrote:
Thu Jul 30, 2020 2:19 pm
BrandonBogle wrote:
Thu Jul 30, 2020 12:26 pm
jimmyrules712 wrote:
Thu Jul 30, 2020 10:51 am
I'm having a dilemma that I'd like opinions on. I'm supposed to close on a 30 yr $250k 2.875% LenderFI with $1,800 lender credit that covers all but about $100 of closing costs sometime in the next week or two. They've finished going through most of the process and are just waiting on their closing group to finish a final review and schedule it.

The Watermark agent I applied with a while back offered me this morning a 30 yr $250k 2.625% with $3,000 lender credit (but also a $1,500 origination fee) that covers all but about $600 in closing costs but their title costs quoted are a little high so I can probably bring that down a couple hundred bucks by shopping for a different title company but that's also more work for me. They're also saying closing will take 45 to 60 days so more hassle there.

The interest rate difference would save me about $400 a year but I feel bad aborting with LenderFI after they've done the underwriting work and hesitate on the extra work I'll need to do to go through the process with Watermark to try to get the closing costs down plus the extra time to close.

What would you guys do?
Did Watermark send that to you in writing in any way? You could always send an email to your LenderFi agent, BE EXPLICIT that Watermark "cold called" you from the previous loan app (so LenderFi doesn't complain why you are still shopping around) and offered "30 yr $250k 2.625% with $3,000 lender credit". State that you appreciate the work LenderFi has done and would prefer not to switch, but 0.25% less with more credits is nothing to sneeze at. "Can LenderFi improve their pricing and continue since we are almost ready to close?"

It was an informal email. I have to submit a formal application on their website and lock the rate to get an official LE. I'm skeptical that'll accommodate but I guess it doesn't hurt to ask.

You can do what you want....you can always walk away and not do the loan with Lenderfi....But my guess is they would tell you to pound sand. If the market moved the other way, and pricing went up....you'd expect them to honor their lock, right?

JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Thu Jul 30, 2020 3:43 pm

Just heard back from WaterMark re: my float down request and was told that I already have the best rate available (2.25%).

We'll see what the coming days and weeks bring.

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simplesimon
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Re: Refinance Mega Thread

Post by simplesimon » Thu Jul 30, 2020 3:48 pm

anon_investor wrote:
Thu Jul 30, 2020 11:50 am
simplesimon wrote:
Thu Jul 30, 2020 11:48 am
anon_investor wrote:
Thu Jul 30, 2020 11:23 am
simplesimon wrote:
Thu Jul 30, 2020 11:15 am
I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?
What kind of Lender's credit are you getting?
None. I'm going to Loan Depot with the estimate to see what they can do.
You probably could move up in rate and get a lender credit to offset those closing costs.
2.625% for no-cost. I'm waiving escrow too.

vtjon
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Re: Refinance Mega Thread

Post by vtjon » Thu Jul 30, 2020 3:57 pm

I'd some like some feedback/experience. I currently have a building permit open on my property because I am building a detached workshop. It will be a while longer before I can close out the permit. In the meantime, I'm interested in trying to refi. I would be a favorable profile (260k on about 55% LTV) with 800+ credit. This would not be a cash-out refi. Does anyone know if the open building permit would cause a problem? Would it cause a lender to NOT waive the appraisal? I can't recall in my previous refis if there were questions about building permits or if they will show up in the title search.

Shikoku
Posts: 331
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Location: USA

Re: Refinance Mega Thread

Post by Shikoku » Thu Jul 30, 2020 3:59 pm

NORDO wrote:
Thu Jul 30, 2020 1:39 pm
Loan Cabin came back (after a little pestering - 4 days after initial application) with a LE this morning.

30 year, 2.500%, $268K, 79% LTV, no escrow ... $1,000 lender credit yields $1,900 total cost.

I expect I can lower the cost by $500 to $1000 using the local title agency from our last refinance late last year; they're working on an estimate right now.
NORDO, That is an excellent deal. Do you mind to provide a breakdown of the Loan Cabin closing costs for different sections? This will be helpful as I am looking forward to hearing from them. Thank you for sharing.
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett

Shikoku
Posts: 331
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Location: USA

Re: Refinance Mega Thread

Post by Shikoku » Thu Jul 30, 2020 4:09 pm

BrandonBogle wrote:
Thu Jul 30, 2020 12:26 pm
jimmyrules712 wrote:
Thu Jul 30, 2020 10:51 am
I'm having a dilemma that I'd like opinions on. I'm supposed to close on a 30 yr $250k 2.875% LenderFI with $1,800 lender credit that covers all but about $100 of closing costs sometime in the next week or two. They've finished going through most of the process and are just waiting on their closing group to finish a final review and schedule it.

The Watermark agent I applied with a while back offered me this morning a 30 yr $250k 2.625% with $3,000 lender credit (but also a $1,500 origination fee) that covers all but about $600 in closing costs but their title costs quoted are a little high so I can probably bring that down a couple hundred bucks by shopping for a different title company but that's also more work for me. They're also saying closing will take 45 to 60 days so more hassle there.

The interest rate difference would save me about $400 a year but I feel bad aborting with LenderFI after they've done the underwriting work and hesitate on the extra work I'll need to do to go through the process with Watermark to try to get the closing costs down plus the extra time to close.

What would you guys do?
Did Watermark send that to you in writing in any way? You could always send an email to your LenderFi agent, BE EXPLICIT that Watermark "cold called" you from the previous loan app (so LenderFi doesn't complain why you are still shopping around) and offered "30 yr $250k 2.625% with $3,000 lender credit". State that you appreciate the work LenderFi has done and would prefer not to switch, but 0.25% less with more credits is nothing to sneeze at. "Can LenderFi improve their pricing and continue since we are almost ready to close?"
BrandonBogle, You are super creative! And an asset to this thread!!
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 4:30 pm

simplesimon wrote:
Thu Jul 30, 2020 3:48 pm
anon_investor wrote:
Thu Jul 30, 2020 11:50 am
simplesimon wrote:
Thu Jul 30, 2020 11:48 am
anon_investor wrote:
Thu Jul 30, 2020 11:23 am
simplesimon wrote:
Thu Jul 30, 2020 11:15 am
I got a LenderFi loan estimate for a 30-year fixed at 2.5% with loan costs (A+B+C+E) of $1,652. Loan amount $690k, ~75% LTV.

Thoughts?
What kind of Lender's credit are you getting?
None. I'm going to Loan Depot with the estimate to see what they can do.
You probably could move up in rate and get a lender credit to offset those closing costs.
2.625% for no-cost. I'm waiving escrow too.
Wow I would take that!

Pessimist55
Posts: 73
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Re: Refinance Mega Thread

Post by Pessimist55 » Thu Jul 30, 2020 4:55 pm

i begrudgingly submitted my app w LF. apparently it only works w mobile.

i got a really crappy rate
roughly 3% for both 15/30yr for no closing cost
$170k loan.30% LTV

When i called a couple weeks ago i was given 2.625% for 15yr w no closing.
WM gave me a 2.625% w a couple hundred in closing costs for 30yr and 15yr slightly higher.

I hope when i talk w my loan agent, he gets me some real numbers!

nura
Posts: 154
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Re: Refinance Mega Thread

Post by nura » Thu Jul 30, 2020 5:29 pm

In NJ I was offered 2.125 for 15 years with $1500 loan cost.

jbell3124
Posts: 42
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Re: Refinance Mega Thread

Post by jbell3124 » Thu Jul 30, 2020 6:58 pm

First, thanks to all for their contributions to this board and this thread in particular. I refi'd with Lenderfi in March at 3% no cost 30 year. My 180 days from funding ends September 24. I applied with Better last week to be eligible for the AMEX credit. In the end, if I could get 2.75% like many are getting right now with the AMEX, I would be very happy. However, if I lock in now, I'm not sure if I can push off closing for nearly 2 months to September 24th or so. My other thought is to wait until mid to late August to lock to increase the chances of a late September closing. Of course, I run the risk of rates rising between now and then. Anyone have any suggestion for getting the closing pushed out later or any advice in general? I don't want to talk to lenders about the need for a late closing date for fear of losing leverage. I plan to reach out to Loan Depot, Loan Cabin, and Watermark in the coming days. Thanks for reading!

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