Refinance Mega Thread

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JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Thu Jul 30, 2020 7:14 pm

jbell3124 wrote:
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!
I'm in a similar situation having refied with LenderFi back in March and now doing another with WaterMark.

I plan to "not be available" for closing until 180 days after my prior loan funding.

that_guy
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Re: Refinance Mega Thread

Post by that_guy » Thu Jul 30, 2020 7:58 pm

I just applied with LenderFi. Loan amount is $411000, LTV of about 63%. credit score 800+. The rate I was offered was 2.5% on a 15 year with about $100 in closing costs after a $2300 lender credit. I've seen a few people post better offers but for some reason, unfortunately, a few of the sites people use are not offering mortgages in my home state of MN (better, loan cabin...) This will shave $600 per month off my mortgage which seems like a no-brainer. I would like to say thank you to all the contributors to this thread for information and advice.

jbell3124
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Re: Refinance Mega Thread

Post by jbell3124 » Thu Jul 30, 2020 8:11 pm

JimmyD wrote:
Thu Jul 30, 2020 7:14 pm
jbell3124 wrote:
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!
I'm in a similar situation having refied with LenderFi back in March and now doing another with WaterMark.

I plan to "not be available" for closing until 180 days after my prior loan funding.
Did you already lock your rate? I haven't applied to Watermark yet but plan to. Think the "not available" strategy will work?

br0nd
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Re: Refinance Mega Thread

Post by br0nd » Thu Jul 30, 2020 8:14 pm

I just locked with lenderfi @ 2.5%
30 yr, 510k loan
Enough lender credits to cover all costs except prepaids/escrow.

When I called in to lock the loan, it was a little awkward. Almost felt like an Inquisition
1) we aren't taking loan apps, how did you even manage to apply today?
2) are you sure you are done shopping, otherwise I don't really want to talk to you
3) you owe us your first born if you refi in 6 months ( well that's a little exaggeration but not much)

Was not a very warm conversation, but I can deal with it to save $$
On a positive note they had my application process credited and loan estimate sent within a few hours of me submitting my app..

JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Thu Jul 30, 2020 8:20 pm

jbell3124 wrote:
Thu Jul 30, 2020 8:11 pm
JimmyD wrote:
Thu Jul 30, 2020 7:14 pm
jbell3124 wrote:
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!
I'm in a similar situation having refied with LenderFi back in March and now doing another with WaterMark.

I plan to "not be available" for closing until 180 days after my prior loan funding.
Did you already lock your rate? I haven't applied to Watermark yet but plan to. Think the "not available" strategy will work?
Yes, locked last Friday. I believe it's a 45 day lock window, so I will be past the 180 days toward the end of that window. I don't have any reason to believe that my availability for closing will have a negative impact on anything.

Also, I went through all my documentation for my last refi and I don't see anything that references the 180 day rule, so I'm not terribly concerned about it even if I do have to close earlier than anticipated.

jbell3124
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Re: Refinance Mega Thread

Post by jbell3124 » Thu Jul 30, 2020 8:24 pm

I also went through my closing docs and didn't see anything either. I remember them mentioning it verbally. Did you lock on a 30 year? If so, do you mind giving any details regarding rate, costs, etc.? Thanks.

cost.basis
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Re: Refinance Mega Thread

Post by cost.basis » Thu Jul 30, 2020 8:27 pm

All, I am currently refinancing with Loan Depot at 2.25 percent. VA IRRL streamline. I think it is a GREAT rate!

JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Thu Jul 30, 2020 8:28 pm

jbell3124 wrote:
Thu Jul 30, 2020 8:24 pm
I also went through my closing docs and didn't see anything either. I remember them mentioning it verbally. Did you lock on a 30 year? If so, do you mind giving any details regarding rate, costs, etc.? Thanks.
We're doing another 15 year at 2.25%. Still awaiting final numbers, but after escrow and prepaids, it'll be $500 or so in costs.

$240k loan on home worth $420k. 800 FICO.

fiskalisch gesinnt
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Re: Refinance Mega Thread

Post by fiskalisch gesinnt » Thu Jul 30, 2020 8:29 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.
That seems pretty good. The other lenders couldn't come that low on my $150k refinance. They were saying the balance wasn't high enough to get the best rates.

jbell3124
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Re: Refinance Mega Thread

Post by jbell3124 » Thu Jul 30, 2020 8:36 pm

JimmyD wrote:
Thu Jul 30, 2020 8:20 pm
jbell3124 wrote:
Thu Jul 30, 2020 8:11 pm
JimmyD wrote:
Thu Jul 30, 2020 7:14 pm
jbell3124 wrote:
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!
I'm in a similar situation having refied with LenderFi back in March and now doing another with WaterMark.

I plan to "not be available" for closing until 180 days after my prior loan funding.
Did you already lock your rate? I haven't applied to Watermark yet but plan to. Think the "not available" strategy will work?
Yes, locked last Friday. I believe it's a 45 day lock window, so I will be past the 180 days toward the end of that window. I don't have any reason to believe that my availability for closing will have a negative impact on anything.

Also, I went through all my documentation for my last refi and I don't see anything that references the 180 day rule, so I'm not terribly concerned about it even if I do have to close earlier than anticipated.
I also went through my closing docs and didn't see anything either. I remember them mentioning it verbally. Did you lock on a 30 year? If so, do you mind giving any details regarding rate, costs, etc.? Thanks.

NoGambleNoFuture
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Re: Refinance Mega Thread

Post by NoGambleNoFuture » Thu Jul 30, 2020 9:06 pm

Got the following quote form LenderFi today:

House value: $380,000
Current balance: $280,000
Current rate: 3.75%
~26 years remaining on 30year loan

Refi:
Loan: $280,000
Rate: 2.75%
20 years

A: $0
B: $351
C: $2,079
Total: $2,430

E: $162
F: $85
G: $6,390
H: $0
Total: $6,637

Total: $9,067
Lender credit $1,931
Cash to close: $7,136

This seems wayyyy better than I saw through Better. Anything look off?

I haven’t talked to anyone on the phone yet so was curious if there were any negotiable items from your glance!

Appreciate it!!

m@ver1ck
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Re: Refinance Mega Thread

Post by m@ver1ck » Thu Jul 30, 2020 9:24 pm

Thanks to the forum, I'm going with LenderFi too. 2.875%, no points, about $1K in closing costs (a+b+c).

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 9:37 pm

jbell3124 wrote:
Thu Jul 30, 2020 8:36 pm
JimmyD wrote:
Thu Jul 30, 2020 8:20 pm
jbell3124 wrote:
Thu Jul 30, 2020 8:11 pm
JimmyD wrote:
Thu Jul 30, 2020 7:14 pm
jbell3124 wrote:
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!
I'm in a similar situation having refied with LenderFi back in March and now doing another with WaterMark.

I plan to "not be available" for closing until 180 days after my prior loan funding.
Did you already lock your rate? I haven't applied to Watermark yet but plan to. Think the "not available" strategy will work?
Yes, locked last Friday. I believe it's a 45 day lock window, so I will be past the 180 days toward the end of that window. I don't have any reason to believe that my availability for closing will have a negative impact on anything.

Also, I went through all my documentation for my last refi and I don't see anything that references the 180 day rule, so I'm not terribly concerned about it even if I do have to close earlier than anticipated.
I also went through my closing docs and didn't see anything either. I remember them mentioning it verbally. Did you lock on a 30 year? If so, do you mind giving any details regarding rate, costs, etc.? Thanks.
I think its in the initial disclosures signed when you do the rate lock, not in the closing packet.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Thu Jul 30, 2020 9:40 pm

NoGambleNoFuture wrote:
Thu Jul 30, 2020 9:06 pm
Got the following quote form LenderFi today:

House value: $380,000
Current balance: $280,000
Current rate: 3.75%
~26 years remaining on 30year loan

Refi:
Loan: $280,000
Rate: 2.75%
20 years

A: $0
B: $351
C: $2,079
Total: $2,430

E: $162
F: $85
G: $6,390
H: $0
Total: $6,637

Total: $9,067
Lender credit $1,931
Cash to close: $7,136

This seems wayyyy better than I saw through Better. Anything look off?

I haven’t talked to anyone on the phone yet so was curious if there were any negotiable items from your glance!

Appreciate it!!
This may vary for you, but when I use the LenderFi site for quotes, I actually have worse pricing on 20-year and 15-year loans. Basically, for the same rate, I pay more in points or get less in credits for shorter terms. Check if that is the case with you. If so, get the 30-year with extra lender credits and pay it like the 20-year quoted to you.

ipiscean
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Re: Refinance Mega Thread

Post by ipiscean » Thu Jul 30, 2020 11:21 pm

ipiscean wrote:
Tue Jul 28, 2020 9:11 pm
This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
My updates and questions as of now 7/30

LenderFi gave me formal LE, but never replied to my two emails sent 24 hours back - very surprised and concerned due to unresponsiveness -
Loan amount - $520K (52% LTV)
Rate: 2.75%
A+B+C+E = $1235 with $1295 lender credits (means -$60) - I know the lingo now :)

Better.com matched the offer and gave $100 extra in credits, but no AmEx or any substantial difference :(
Watermark - took my basic details on phone (no SSN) but haven't heard back from them it has been 36 hours.
LoanDepot - spoke over the phone, the loan officer took basic details, said need to fix something in his system and will call me right back but never did. I will wait for tomorrow.

I am surprised and concerned about a few things -
- I have seen better rates on this thread like 2.5% for $600K+ loan but my rates are stuck at 2.75%.
- I have seen really good reviews here for LenderFi and also good rates from Watermark and LoanDepot - but all of these have been unresponsive. So fat better.com guy is very responsive.

If I do not get any better rates and prompt reply from any of the others above, I am thinking I should just go with Better.com.

Any thoughts?

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Thu Jul 30, 2020 11:43 pm

ipiscean wrote:
Thu Jul 30, 2020 11:21 pm
ipiscean wrote:
Tue Jul 28, 2020 9:11 pm
This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
My updates and questions as of now 7/30

LenderFi gave me formal LE, but never replied to my two emails sent 24 hours back - very surprised and concerned due to unresponsiveness -
Loan amount - $520K (52% LTV)
Rate: 2.75%
A+B+C+E = $1235 with $1295 lender credits (means -$60) - I know the lingo now :)

Better.com matched the offer and gave $100 extra in credits, but no AmEx or any substantial difference :(
Watermark - took my basic details on phone (no SSN) but haven't heard back from them it has been 36 hours.
LoanDepot - spoke over the phone, the loan officer took basic details, said need to fix something in his system and will call me right back but never did. I will wait for tomorrow.

I am surprised and concerned about a few things -
- I have seen better rates on this thread like 2.5% for $600K+ loan but my rates are stuck at 2.75%.
- I have seen really good reviews here for LenderFi and also good rates from Watermark and LoanDepot - but all of these have been unresponsive. So fat better.com guy is very responsive.

If I do not get any better rates and prompt reply from any of the others above, I am thinking I should just go with Better.com.

Any thoughts?
I did a refi with Ally (they use Better for everything in the background) in May. They were very responsive, from lock to close was 1.5 weeks. Very smooth. Under writing asked for a lot of things, but I had it all handy, but I could see it being a pain for some.

I just closed with LenderFi on Monday, just under 3 weeks from initial app to close. They were not very responsive initially, but if you proactively call or email them a few times they do respond. After I locked it was a few days of radio silence, but after I got assigned a loan processor, she was very responsive and things got moving quickly. No complications, under writing was painless (drivers license, 2 pay stubs, 2 bank statements, insurance statement, last mortgage statement, and that's it!), smooth closing.

I would feel comfortable going with either Better or LenderFi.

OP, if Better gave you the best rate, go with them.

McGilicutty
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Re: Refinance Mega Thread

Post by McGilicutty » Fri Jul 31, 2020 1:22 am


rascott
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Re: Refinance Mega Thread

Post by rascott » Fri Jul 31, 2020 1:29 am

that_guy wrote:
Thu Jul 30, 2020 7:58 pm
I just applied with LenderFi. Loan amount is $411000, LTV of about 63%. credit score 800+. The rate I was offered was 2.5% on a 15 year with about $100 in closing costs after a $2300 lender credit. I've seen a few people post better offers but for some reason, unfortunately, a few of the sites people use are not offering mortgages in my home state of MN (better, loan cabin...) This will shave $600 per month off my mortgage which seems like a no-brainer. I would like to say thank you to all the contributors to this thread for information and advice.

Would have thought a 15 year would have been 1/8th lower.

I got a 30 yr today with them for almost the same costs (2.625)

That said, their rates/ prices are still great.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Fri Jul 31, 2020 1:57 am

McGilicutty wrote:
Fri Jul 31, 2020 1:22 am
15 year at 1.875%, anyone?

https://finance.yahoo.com/news/head-tur ... 00865.html
My second refi needs to finish up so I can get started on the third already! Wow. Just wow!

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Fri Jul 31, 2020 6:30 am

BrandonBogle wrote:
Fri Jul 31, 2020 1:57 am
McGilicutty wrote:
Fri Jul 31, 2020 1:22 am
15 year at 1.875%, anyone?

https://finance.yahoo.com/news/head-tur ... 00865.html
My second refi needs to finish up so I can get started on the third already! Wow. Just wow!
Wow! By the time I am ready for my third the 30 year may be sub 2%!

mark77
Posts: 9
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Location: PA

Re: Refinance Mega Thread

Post by mark77 » Fri Jul 31, 2020 7:03 am

Thanks to everyone for all the great information!
I love that everyone is getting low rates with lender credits to cover (A+B+C).
From the posts I have read, it seems where i live (Pennsylvania) has some higher Title fees (C) than others.
I know I can slide up the scale to get more credits to cover them, but i also want to try to push for the best rate at "no cost".
Working on a 20yr at 2.75% from LenderFi, but the ~$2k in credits still wont cover the $3475 of (A+B+C).
The 30yr was offering way lower credits, thats why we are focused on a 20yr.
Anyone in PA recently have better luck?

topcatin
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Re: Refinance Mega Thread

Post by topcatin » Fri Jul 31, 2020 7:43 am

Any idea how long it takes to get to the finish line after the loan at Lenderfi goes to the Underwriter for "clear to close"?

findx
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Re: Refinance Mega Thread

Post by findx » Fri Jul 31, 2020 8:04 am

mark77 wrote:
Fri Jul 31, 2020 7:03 am
Thanks to everyone for all the great information!
I love that everyone is getting low rates with lender credits to cover (A+B+C).
From the posts I have read, it seems where i live (Pennsylvania) has some higher Title fees (C) than others.
I know I can slide up the scale to get more credits to cover them, but i also want to try to push for the best rate at "no cost".
Working on a 20yr at 2.75% from LenderFi, but the ~$2k in credits still wont cover the $3475 of (A+B+C).
The 30yr was offering way lower credits, thats why we are focused on a 20yr.
Anyone in PA recently have better luck?
I'm in MA and locked 2.625% 20 year ~400k last week with LenderFi with $200 closing costs for me after the lender credits. Hope this helps.

mplsbadger
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Re: Refinance Mega Thread

Post by mplsbadger » Fri Jul 31, 2020 8:17 am

Question: I owe $535k on a jumbo 85/15 at 4.5%. I want to refinance and was planning to do so in a conforming loan. Is the best bet to pay the mortgage down to $510 (conforming for my county) before I get started? It seems to me with online refi services that would simplify the process and make it more likely to go smoothly

mark77
Posts: 9
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Location: PA

Re: Refinance Mega Thread

Post by mark77 » Fri Jul 31, 2020 8:33 am

findx wrote:
Fri Jul 31, 2020 8:04 am
mark77 wrote:
Fri Jul 31, 2020 7:03 am
Thanks to everyone for all the great information!
I love that everyone is getting low rates with lender credits to cover (A+B+C).
From the posts I have read, it seems where i live (Pennsylvania) has some higher Title fees (C) than others.
I know I can slide up the scale to get more credits to cover them, but i also want to try to push for the best rate at "no cost".
Working on a 20yr at 2.75% from LenderFi, but the ~$2k in credits still wont cover the $3475 of (A+B+C).
The 30yr was offering way lower credits, thats why we are focused on a 20yr.
Anyone in PA recently have better luck?
I'm in MA and locked 2.625% 20 year ~400k last week with LenderFi with $200 closing costs for me after the lender credits. Hope this helps.
Thanks, definitely helps to know there is some room for me to work!
If you wouldn't mind sharing, what was the $ amount of your lender credits that made you end up with $200 closing costs?
I think that is where my mileage may vary when comparing to others in this thread.

All_About_Benjis
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Re: Refinance Mega Thread

Post by All_About_Benjis » Fri Jul 31, 2020 8:35 am

mplsbadger wrote:
Fri Jul 31, 2020 8:17 am
Question: I owe $535k on a jumbo 85/15 at 4.5%. I want to refinance and was planning to do so in a conforming loan. Is the best bet to pay the mortgage down to $510 (conforming for my county) before I get started? It seems to me with online refi services that would simplify the process and make it more likely to go smoothly
Not necessary. On our last refi, we agreed to bring enough cash to closing to pay the loan down to $510k.

Ellie
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Re: Refinance Mega Thread

Post by Ellie » Fri Jul 31, 2020 8:39 am

mark77 wrote:
Fri Jul 31, 2020 7:03 am
Anyone in PA recently have better luck?
Also in PA. Locked with Better on a 15 year @ 2.625. A+B+C = $4,150. Lender credit of $1,900 plus I have the AmEx credits. So I am at no cost, but only because of the AmEx deal.

The issue is that those high lender's title policy insurance fees are set by the Commonwealth; there is little flexibility there. HOWEVER, the PA rules state that if a title policy is being reissued due a loan modification, such as a refinance, the new title policy is to be issued at a discount if it is less than 10 years from the date the original title policy was issued. See the discussion on pages 42-43 of this thread on this topic (also this good explanation: https://www.mtgprofessor.com/A%20-%20Ti ... Rates.html). The discount can be up to 50% -- it is a sliding scale depending on how recently the first policy was issued. There are some hoops to jump through though (e.g., you may need to be able to produce the original lender's title policy).

In my case, Better will not get involved with negotiating title fees. But, will issue additional lender credits to match the discount on any lower title costs. I have found some better rates on title services, so I am sure to knock the loan costs down.

TL;DR -- Have you shopped for title services?

Good luck to you!

~ Ellie

Edit: Update, after further research, I have learned that PA no longer offers a re-issuance rate. Goes to show you can't believe what you read on the Internet or hear from mortgage brokers!
Last edited by Ellie on Mon Aug 03, 2020 7:06 pm, edited 2 times in total.
Best thing that ever happened to me was being too busy in 2008 to pay attention to my portfolio.

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Fri Jul 31, 2020 9:22 am

All_About_Benjis wrote:
Fri Jul 31, 2020 8:35 am
mplsbadger wrote:
Fri Jul 31, 2020 8:17 am
Question: I owe $535k on a jumbo 85/15 at 4.5%. I want to refinance and was planning to do so in a conforming loan. Is the best bet to pay the mortgage down to $510 (conforming for my county) before I get started? It seems to me with online refi services that would simplify the process and make it more likely to go smoothly
Not necessary. On our last refi, we agreed to bring enough cash to closing to pay the loan down to $510k.
True, but if you have the money and are going to do it anyway why not just do it now? You'll save money on interest and will be able to get good online quotes to shop between lenders. Otherwise the estimates you are going to get are going to show a jumbo when you apply and they pull your credit so you're going to have to explain the circumstance to each lender and wait for them to reprice. I'd just get it done.

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NORDO
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Re: Refinance Mega Thread

Post by NORDO » Fri Jul 31, 2020 9:25 am

Shikoku wrote:
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.
Loan Cabin - $268K, 30 year, 2.500%, no escrow

A = $0
B = $460
C = $1740 ($1350 using local title agency we've used previously)

D (A+B+C) = $2200 ($1810 w/local title)

E = $200
F = $400

G = $0
H = $0

I (E+F+G+H) = $600

J = $1915 after $1000 lender credit ($1410 w/local title)

---------------------------------

Coincidentally our current local bank saw I was shopping rates (they must have alerts set up on our credit reports) and called me; the banker asked me to send them the LE so they could match.

They're coming in even lower, at ~$1000 total. I'm waiting on their official LE to verify but that's what he just emailed me.


I already sent my LC estimate to Better; I'll send the local bank one over as soon as I receive it, too. If they agree to match, then I'll net +$1000 to +$1500 with the AMEX credit. Not complaints here, that's for sure.

All_About_Benjis
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Re: Refinance Mega Thread

Post by All_About_Benjis » Fri Jul 31, 2020 10:07 am

ChiKid24 wrote:
Fri Jul 31, 2020 9:22 am
All_About_Benjis wrote:
Fri Jul 31, 2020 8:35 am
mplsbadger wrote:
Fri Jul 31, 2020 8:17 am
Question: I owe $535k on a jumbo 85/15 at 4.5%. I want to refinance and was planning to do so in a conforming loan. Is the best bet to pay the mortgage down to $510 (conforming for my county) before I get started? It seems to me with online refi services that would simplify the process and make it more likely to go smoothly
Not necessary. On our last refi, we agreed to bring enough cash to closing to pay the loan down to $510k.
True, but if you have the money and are going to do it anyway why not just do it now? You'll save money on interest and will be able to get good online quotes to shop between lenders. Otherwise the estimates you are going to get are going to show a jumbo when you apply and they pull your credit so you're going to have to explain the circumstance to each lender and wait for them to reprice. I'd just get it done.
In our case, we closed within 30 days so interest wasn't an issue. And the quotes we received were all for conforming loans - when I spoke with places on the phone, I let them know we'd be paying down the principal and to give me a quote that reflected such. We ended up with a 30-year, 2.875% and no closing costs - and at the time we locked, that was as good as folks were doing ITT.

FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible » Fri Jul 31, 2020 10:44 am

From initial quote to signing with the notary was 14 days w/Better.com. 2.625% no cost 30-year Fixed (+ 2500 AMEX) 410k Loan, 58.5% LTV. Better.com was great to work with, but their rates were not close to competitive until I provided a LenderFi quote.

Call me crazy, but I fear another refinance coming within the next month or two ~2.25% at which point, I would probably consider pulling 100k out and throwing it in the market, given my long time horizon for ever needing to get to that money. LoanCabin auto-quotes are already showing 100k Cash out 30 year refi's at 2.375% w/$959 in points/loan costs. It seems like a no cost cash out might be available at 2.5%. I would like to get a full quote on this... I am still skeptical on LoanCabin given the minimal/relatively recent track record I've seen in this forum.
Last edited by FiscallyResponsible on Fri Jul 31, 2020 11:00 am, edited 1 time in total.

JimmyD
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Re: Refinance Mega Thread

Post by JimmyD » Fri Jul 31, 2020 10:50 am

What site or service does everyone use to track daily rate fluctuations? I'd like to hold my loan officer accountable if rates keep heading lower.

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NORDO
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Re: Refinance Mega Thread

Post by NORDO » Fri Jul 31, 2020 10:56 am

JimmyD wrote:
Fri Jul 31, 2020 10:50 am
What site or service does everyone use to track daily rate fluctuations? I'd like to hold my loan officer accountable if rates keep heading lower.
This has been referenced by many - I've read that Better tracks it closely:
https://fred.stlouisfed.org/series/MORTGAGE30US

mark77
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Re: Refinance Mega Thread

Post by mark77 » Fri Jul 31, 2020 11:07 am

Ellie wrote:
Fri Jul 31, 2020 8:39 am
mark77 wrote:
Fri Jul 31, 2020 7:03 am
Anyone in PA recently have better luck?
Also in PA. Locked with Better on a 15 year @ 2.625. A+B+C = $4,150. Lender credit of $1,900 plus I have the AmEx credits. So I am at no cost, but only because of the AmEx deal.

The issue is that those high lender's title policy insurance fees are set by the Commonwealth; there is little flexibility there. HOWEVER, the PA rules state that if a title policy is being reissued due a loan modification, such as a refinance, the new title policy is to be issued at a discount if it is less than 10 years from the date the original title policy was issued. See the discussion on pages 42-43 of this thread on this topic (also this good explanation: https://www.mtgprofessor.com/A%20-%20Ti ... Rates.html and the PA title insurance rate manual https://patitleratingbureau.org/tirbop-rate-manual/ -- see pages 10 and 22). The discount can be up to 50% -- it is a sliding scale depending on how recently the first policy was issued. There are some hoops to jump through though (e.g., you may need to be able to produce the original lender's title policy).

In my case, Better will not get involved with a reissuance rate. But, will issue additional lender credits to match the discount on any lower title costs. So, I am working with the original title company to see if I can get the reissuance rate from them. If so, it should knock ~$1,500 off of my costs. Even if I can't thread the needle on the reissuance rate, I have found some better rates on title services, so I am sure to knock the loan costs down.

TL;DR -- Have you shopped for title services?

Good luck to you!

~ Ellie
Thank you very much! Very helpful and great information to hopefully save me more $!

FiscallyResponsible
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Re: Refinance Mega Thread

Post by FiscallyResponsible » Fri Jul 31, 2020 11:14 am

JimmyD wrote:
Fri Jul 31, 2020 10:50 am
What site or service does everyone use to track daily rate fluctuations? I'd like to hold my loan officer accountable if rates keep heading lower.
I check the 10-year treasury rate and use Lenderfi and Costco to monitor. Rates quoted verbally always seem lower than the online auto-quotes, but if you check on a daily basis, you get a good feel for relative high's and low's.

dave8228
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Re: Refinance Mega Thread

Post by dave8228 » Fri Jul 31, 2020 11:40 am

NORDO wrote:
Fri Jul 31, 2020 10:56 am
JimmyD wrote:
Fri Jul 31, 2020 10:50 am
What site or service does everyone use to track daily rate fluctuations? I'd like to hold my loan officer accountable if rates keep heading lower.
This has been referenced by many - I've read that Better tracks it closely:
https://fred.stlouisfed.org/series/MORTGAGE30US
I also use this site: http://www.mortgagenewsdaily.com/data/3 ... rates.aspx

chicago077
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Re: Refinance Mega Thread

Post by chicago077 » Fri Jul 31, 2020 12:12 pm

Hi All, long term lurker. Thank you to all that contribute. This has been an incredible learning platform for me.

I'm about to close on our refi w/ Better (still waiting to schedule a date). I used the techniques mentioned here. (Started with Better, then went to LenderFi, back to Better, then to LoanDepot, back to Better. Plus a few others.)

I ended up here:
20yr at 2.75 on a 310000 (65% LTV) loan on a suburban Chicago home
A=0
B=64
C=966
Lender Credit: -1163
Amex Offer: -2500
Total Cost: -3663

Being one who can't resist reading this forum I'm seeing better rates (down to 2.5) and I'm questioning if I should keep shopping until close. Has anyone gotten to "nearly" closing and dropped a new competing LE offer on Better to see if they would match?

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor » Fri Jul 31, 2020 12:31 pm

topcatin wrote:
Fri Jul 31, 2020 7:43 am
Any idea how long it takes to get to the finish line after the loan at Lenderfi goes to the Underwriter for "clear to close"?
I just closed with LenderFi, here was my timeline:

7/08 Wed - initial app
7/09 Thu - rate locked
7/10 Fri - all docs submitted
7/15 Wed - updated disclosures reflecting lock received, sent to underwriting
7/20 Mon - under writing approved, title cleared, e-signed pre-closing disclosure
7/26 Sun - final disclosure and payment instructions received
7/27 Mon - closing

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Re: Refinance Mega Thread

Post by F150HD » Fri Jul 31, 2020 1:21 pm

MrJedi wrote: ....It is a slam dunk all around.
ChiKid24 wrote: I'd be happy to run your numbers if you'd like to provide more specifics.
Thanks to you both. URL below is essentially what I was referring to multiple pages back.

https://www.hsh.com/prepayment-refinanc ... lator.html

"...prepaying can effectively replace the need to refinance...Just a few extra dollars per month can bring the same savings as a refinance can, lowering the effective rate you pay without all the effort and hassle."

This was the point of my prior posts. Everyone's scenario is unique depending on their specific rate, remaining term, remaining principal, credit score etc.

dstac wrote: With the lender offering credits to cover all the costs and then some, these are truly no cost to the applicant. As you asked about elsewhere, yes the lender is paying for appraisal, title, & other services with a lender credit.
Sorry, this has not been my experience when researching even with lender credits unfortunately, oftentimes there are no lender credits whatsoever. Thanks for the insight though.


Also read this in a post above, thinking items like this affect some of us, among other variables.
...loan balance isn't high enough. Best rates seem to be at minimum 300k.

Thanks. No replies necessary to this post, just wanted to clarify. :beer

NDS
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Re: Refinance Mega Thread

Post by NDS » Fri Jul 31, 2020 1:23 pm

Thoughts? Better.com (so hopefully Amex credit on top)

30-year @ 2.75 %

Total loan = $149000 (pay off existing mortgage + finance in closing costs, prob only in house a couple more years)

A = $410 (.275% points)

B = $64

C = $1304 (haven't shopped to see if cheaper options, biggest is settlement @ $450)

D (a+b+c) = $1304

E = $100

F = $170 (prepaid interest)

G = $1900 (escrow home ins + taxes)

II = $2250

J = $4030

Total cash to me = $105

APR of 2.821%

Trust_In_TylerDurden
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Re: Refinance Mega Thread

Post by Trust_In_TylerDurden » Fri Jul 31, 2020 2:00 pm

Hello, I have an outstanding loan for $570K in California. Does it make sense for me to pay off 60k or so to bring the loan owed to $510K for a lower interest rate or are the refinancing rates same for Jumbo or no-Jumbo?

If you recommend bringing my loan amount down to $510, when should I pay it off? Do you have to do it a few months or weeks in advance or refinancing or does it not matter?

thanks,
TD

ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 » Fri Jul 31, 2020 2:15 pm

Trust_In_TylerDurden wrote:
Fri Jul 31, 2020 2:00 pm
Hello, I have an outstanding loan for $570K in California. Does it make sense for me to pay off 60k or so to bring the loan owed to $510K for a lower interest rate or are the refinancing rates same for Jumbo or no-Jumbo?

If you recommend bringing my loan amount down to $510, when should I pay it off? Do you have to do it a few months or weeks in advance or refinancing or does it not matter?

thanks,
TD
Where are you in California? Where I am the jumbo loan market starts at balances above $765,600. As long as you are below that amount you should be able to get a competitive/best rate. I'm at about $720k and the loan officer said I'm right in the sweet spot. You can look up jumbo limits for California by county here: http://www.loanlimits.org/california/

Ellie
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Re: Refinance Mega Thread

Post by Ellie » Fri Jul 31, 2020 2:17 pm

Trust_In_TylerDurden wrote:
Fri Jul 31, 2020 2:00 pm
Hello, I have an outstanding loan for $570K in California. Does it make sense for me to pay off 60k or so to bring the loan owed to $510K for a lower interest rate or are the refinancing rates same for Jumbo or no-Jumbo?

If you recommend bringing my loan amount down to $510, when should I pay it off? Do you have to do it a few months or weeks in advance or refinancing or does it not matter?

thanks,
TD
I am doing a buy down as part of my refi so that my new loan is under the conforming limit (which may be higher than 510k for you, depending on which part of CA you live in). I did not pay down my principal in advance; the buy down is just built into the calculations of the cash I need to bring to the closing. In my state (PA) jumbo and non-jumbo rates can differ pretty significantly, depending on the lender. A refinance would not have made sense for me at the jumbo level. YMMV. I would recommend reaching out to your mortgage providers of choice to see what the rates look like at each level.
Best thing that ever happened to me was being too busy in 2008 to pay attention to my portfolio.

sharker10
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Re: Refinance Mega Thread

Post by sharker10 » Fri Jul 31, 2020 2:46 pm

MrJedi wrote:
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.
Thanks everyone for your help. I finally received a reply from LenderFi and the lowest they can offer is 3% with credit covering A,B,C, and E fully. I think this is a pretty solid offer considering im only financing 160k. I wish I could get a response from WaterMark, no reply online and over the phone they just took my info and told me they would contact me soon.

Do you think its worth locking this in with LenderFi?

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Re: Refinance Mega Thread

Post by Shikoku » Fri Jul 31, 2020 3:03 pm

NORDO wrote:
Fri Jul 31, 2020 9:25 am
Shikoku wrote:
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.
Loan Cabin - $268K, 30 year, 2.500%, no escrow

A = $0
B = $460
C = $1740 ($1350 using local title agency we've used previously)

D (A+B+C) = $2200 ($1810 w/local title)

E = $200
F = $400

G = $0
H = $0

I (E+F+G+H) = $600

J = $1915 after $1000 lender credit ($1410 w/local title)

---------------------------------

Coincidentally our current local bank saw I was shopping rates (they must have alerts set up on our credit reports) and called me; the banker asked me to send them the LE so they could match.

They're coming in even lower, at ~$1000 total. I'm waiting on their official LE to verify but that's what he just emailed me.

I already sent my LC estimate to Better; I'll send the local bank one over as soon as I receive it, too. If they agree to match, then I'll net +$1000 to +$1500 with the AMEX credit. Not complaints here, that's for sure.
Thank you, NORDO. Is $460 in Section B for appraisal?
"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 » Fri Jul 31, 2020 3:13 pm

NDS wrote:
Fri Jul 31, 2020 1:23 pm
Thoughts? Better.com (so hopefully Amex credit on top)

30-year @ 2.75 %

Total loan = $149000 (pay off existing mortgage + finance in closing costs, prob only in house a couple more years)

A = $410 (.275% points)

B = $64

C = $1304 (haven't shopped to see if cheaper options, biggest is settlement @ $450)

D (a+b+c) = $1304

E = $100

F = $170 (prepaid interest)

G = $1900 (escrow home ins + taxes)

II = $2250

J = $4030

Total cash to me = $105

APR of 2.821%
That does not seem that good because you are still pay for costs (even if you are just rolling it into the loan). If you plan to stay there only a couple more years, you should find a long that will not increase your principal and where the lender's credits cover D (A+B+C) and E. It looks like this loan is costing you $1,404, how much would you be saving a month, what would your breakeven be?

NDS
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Re: Refinance Mega Thread

Post by NDS » Fri Jul 31, 2020 3:32 pm

anon_investor wrote:
Fri Jul 31, 2020 3:13 pm
NDS wrote:
Fri Jul 31, 2020 1:23 pm
Thoughts? Better.com (so hopefully Amex credit on top)

30-year @ 2.75 %

Total loan = $149000 (pay off existing mortgage + finance in closing costs, prob only in house a couple more years)

A = $410 (.275% points)

B = $64

C = $1304 (haven't shopped to see if cheaper options, biggest is settlement @ $450)

D (a+b+c) = $1304

E = $100

F = $170 (prepaid interest)

G = $1900 (escrow home ins + taxes)

II = $2250

J = $4030

Total cash to me = $105

APR of 2.821%
That does not seem that good because you are still pay for costs (even if you are just rolling it into the loan). If you plan to stay there only a couple more years, you should find a long that will not increase your principal and where the lender's credits cover D (A+B+C) and E. It looks like this loan is costing you $1,404, how much would you be saving a month, what would your breakeven be?
If I could find a deal with 0 closing costs I’d be all over it. For loan amt of 145k or so, with 760-ish credit score, best I’ve found on 30 year fixed has been 2.75 where at least two brokers have charged some form of fee for section A either origination or points. Who would you recommend where they’d cover not just closing costs ( D ) but E as well? ( forget is E property taxes and home insurance or ...?)

Compared to my existing monthly payment (including escrowed tax/insurance) I’d prob save 100 a month or so. Same diff if just P+I

mtwhmemn
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Re: Refinance Mega Thread

Post by mtwhmemn » Fri Jul 31, 2020 4:10 pm

Forgive me if I've missed it but can't find the process of getting the $2500 AMEX credit after just closing today with Better.com. Does Better contact me for my AMEX account number or what? When? Thanks.

Also, for those interested in my numbers...

I'm in NC and owed $188k on a $275k home. (I was in a 30 at 3.875 I got last year this time.)

I just closed on a 20 at 3% and I'm netting a gain of around $600, so not a no cost refi but a gain of around $600 after I get the $2500 in AMEX credit. (I'm not counting escrowed taxes and insurance money that I paid or will get back on current loan.)

Thanks.

chavie
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Re: Refinance Mega Thread

Post by chavie » Fri Jul 31, 2020 4:15 pm

Long time reader, first time writing.

Just wanted to share my experience refinancing with Better.

As several users mentioned, the way to get a good rate with Better is sending them an LE from other lenders.
That's exactly what I did around 3/4 weeks ago. My rate is locked until 8/12, and everything is moving fine so far.
The current rate is 2.75%, 30 years, 250 points. Not the greatest deal right now, but it was ok 3 or 4 weeks ago.

Now, it occurred to me, that I might want to cash out some money and asked for 10k cash out refresh. I was shocked they increased the points from 250 to $2500 for just 10k cash-out.
Only option I have is to get another competing LE so they can match it.
The problem I have is I am way out of the 15 days threshold so all my Hard Pulls are combined due to mortgage refinance. I did see my score in general dropped a little.
Is there a way to get an LE from a lender without doing another hard pull to my score?
I've noticed my FICO8, is still 740+ but I do see FICO2 is a little less than 740 now, that's why I'm thinking that doing another HP into my score won't give me the better possible rate since my FICO2 score is not anymore 740+.

Thanks in advance for keeping helping us each other.

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle » Fri Jul 31, 2020 4:20 pm

mtwhmemn wrote:
Fri Jul 31, 2020 4:10 pm
Forgive me if I've missed it but can't find the process of getting the $2500 AMEX credit after just closing today with Better.com. Does Better contact me for my AMEX account number or what? When? Thanks.

Also, for those interested in my numbers...

I'm in NC and owed $188k on a $275k home. (I was in a 30 at 3.875 I got last year this time.)

I just closed on a 20 at 3% and I'm netting a gain of around $600, so not a no cost refi but a gain of around $600 after I get the $2500 in AMEX credit. (I'm not counting escrowed taxes and insurance money that I paid or will get back on current loan.)

Thanks.
Contact your closing expert ASAP! The last 5 digits of your Amex were supposed to be collected before closing, after you have reviewed the initial closing disclosures.

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