Re: Refinance Mega Thread
Posted: Thu Aug 06, 2020 1:14 pm
What risk in providing all these documents (W-2, paystubs, etc) to brokers??
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LenderFI is pretty quick on closing and I've seen other people post that LenderFI wouldn't let them refi with them shortly after closing out on a refi with someone else so if I were in your shoes I would probably ask Better to match and if they say no abort the better deal and start over with the 2.5 offer.KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Wow...
Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
Just got off the phone, I’m inclined to go ahead and get my current one closed (bird in hand) but wonder how soon I could start another one with LF.
I continue to be just amazed at this low rate environment.
Thanks, I’m gonna give better a call this afternoon. I don’t love the idea of terminating this late (especially working with local title co), but I also don’t like the idea of declining a better offer.jimmyrules712 wrote: ↑Thu Aug 06, 2020 1:16 pmLenderFI is pretty quick on closing and I've seen other people post that LenderFI wouldn't let them refi with them shortly after closing out on a refi with someone else so if I were in your shoes I would probably ask Better to match and if they say no abort the better deal and start over with the 2.5 offer.KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Wow...
Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
Just got off the phone, I’m inclined to go ahead and get my current one closed (bird in hand) but wonder how soon I could start another one with LF.
I continue to be just amazed at this low rate environment.
What is the loan amount? Thanks.KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
The cash-out became necessary to get a rate lower than our current rate. It made the loan more attractive to the lenders because it's a higher amount.
Just tell better you got a better offer and ask them to match or you walk. Even if they balk, you don't have to walk...KeepinItPositive wrote: ↑Thu Aug 06, 2020 1:59 pmThanks, I’m gonna give better a call this afternoon. I don’t love the idea of terminating this late (especially working with local title co), but I also don’t like the idea of declining a better offer.jimmyrules712 wrote: ↑Thu Aug 06, 2020 1:16 pmLenderFI is pretty quick on closing and I've seen other people post that LenderFI wouldn't let them refi with them shortly after closing out on a refi with someone else so if I were in your shoes I would probably ask Better to match and if they say no abort the better deal and start over with the 2.5 offer.KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Wow...
Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
Just got off the phone, I’m inclined to go ahead and get my current one closed (bird in hand) but wonder how soon I could start another one with LF.
I continue to be just amazed at this low rate environment.
Any stories of LF failing to close? I’m also concerned about the canceling out and then something with LF goes sideways and missing out on a great offer going after a super one.
Suggestions on compelling language to try to get better to match this late in the process? I’ve read they do not have a float down option.
The 15 year option from better.com is 2.875/3.307 but with $2,500 worth of points. Love the rate but I'm still thinking those points are too high.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:13 pm I just cannot get a good deal.
Do you guys think I should just take this?
Better.com beat loandepot by $100.
Current rate is 3.8% and new rate would be 30 year at 2.99%.
$30,000 cash out refinance would bring our total loan up from $106,000 to $136,000.
A+B+C costs are going to be $5,100. This is the bad part. I don't get it--we have 800 credit, both of us. It must just be too low of a loan amount. Home value is $215,000.
The $30,000 would be used to pay off 5-6.5% home improvement and student loans. So the cash out money would help us pay off some of our worse debt.
what do y'all think? Am I doomed to just keep my current mortgage plan? Thanks
I never had luck getting good offers from either Better or Loan Depot. Have you applied with Loan Cabin, Watermark, or LenderFi? Those 3 gave me the best offers.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:34 pmThe 15 year option from better.com is 2.875/3.307 but with $2,500 worth of points. Love the rate but I'm still thinking those points are too high.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:13 pm I just cannot get a good deal.
Do you guys think I should just take this?
Better.com beat loandepot by $100.
Current rate is 3.8% and new rate would be 30 year at 2.99%.
$30,000 cash out refinance would bring our total loan up from $106,000 to $136,000.
A+B+C costs are going to be $5,100. This is the bad part. I don't get it--we have 800 credit, both of us. It must just be too low of a loan amount. Home value is $215,000.
The $30,000 would be used to pay off 5-6.5% home improvement and student loans. So the cash out money would help us pay off some of our worse debt.
what do y'all think? Am I doomed to just keep my current mortgage plan? Thanks
I cannot apply with LenderFi but I have not checked out the other two so will do that. Thanks for the tip.jimmyrules712 wrote: ↑Thu Aug 06, 2020 2:41 pmI never had luck getting good offers from either Better or Loan Depot. Have you applied with Loan Cabin, Watermark, or LenderFi? Those 3 gave me the best offers.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:34 pmThe 15 year option from better.com is 2.875/3.307 but with $2,500 worth of points. Love the rate but I'm still thinking those points are too high.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:13 pm I just cannot get a good deal.
Do you guys think I should just take this?
Better.com beat loandepot by $100.
Current rate is 3.8% and new rate would be 30 year at 2.99%.
$30,000 cash out refinance would bring our total loan up from $106,000 to $136,000.
A+B+C costs are going to be $5,100. This is the bad part. I don't get it--we have 800 credit, both of us. It must just be too low of a loan amount. Home value is $215,000.
The $30,000 would be used to pay off 5-6.5% home improvement and student loans. So the cash out money would help us pay off some of our worse debt.
what do y'all think? Am I doomed to just keep my current mortgage plan? Thanks
Hi, can someone please help me with the above questions?gurusw wrote: ↑Thu Aug 06, 2020 12:07 pm Hi,
What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them?
Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before making the final choice?
I must be missing something.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:19 pmThe cash-out became necessary to get a rate lower than our current rate. It made the loan more attractive to the lenders because it's a higher amount.
Gosh dang. Our home acquired $100k in equity in 6 years and we can't use it.
They actually said that over the phone.bestisfree wrote: ↑Thu Aug 06, 2020 2:56 pmI must be missing something.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:19 pmThe cash-out became necessary to get a rate lower than our current rate. It made the loan more attractive to the lenders because it's a higher amount.
Gosh dang. Our home acquired $100k in equity in 6 years and we can't use it.
If the lender provides enough lender's credit to cover the increased A+B+C due to a higher loan amount (e.g., with cash-out so the loan is more attractive), why can't the borrower just immediately pay extra principal (i..e the cash-out amount) without any out-of-pocket difference had the borrower borrowed the lower amount? There's no prepayment penalty typically.
I'd like to help you but I'm not sure I understand the question.gurusw wrote: ↑Thu Aug 06, 2020 2:54 pmHi, can someone please help me with the above questions?gurusw wrote: ↑Thu Aug 06, 2020 12:07 pm Hi,
What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them?
Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before making the final choice?
I tried reaching out to agents at 2 banks, but they are not even responding. How wil I compare rates if they end up responding on different days?
The strategy for most of these online lenders is to sell your loan. Cash out refinance loans are considered riskier, so the commission received on selling the loan is less, that I assume means the lender won't pass as much lender credit to you.bestisfree wrote: ↑Thu Aug 06, 2020 2:56 pmI must be missing something.huskerfan1414 wrote: ↑Thu Aug 06, 2020 2:19 pmThe cash-out became necessary to get a rate lower than our current rate. It made the loan more attractive to the lenders because it's a higher amount.
Gosh dang. Our home acquired $100k in equity in 6 years and we can't use it.
If the lender provides enough lender's credit to cover the increased A+B+C due to a higher loan amount (e.g., with cash-out so the loan is more attractive), why can't the borrower just immediately pay extra principal (i..e the cash-out amount) without any out-of-pocket difference had the borrower borrowed the lower amount? There's no prepayment penalty typically.
Getting the lenders to actually cough up an official LE seems to be the difficulty. Understandable, if frustrating, as they know you're only asking to go do comparison shopping, it costts them time, and they're probably already having to turn down business from everyone trying to get their refis done. But if there's a trick to reliably getting the LE, please share!huskerfan1414 wrote: ↑Thu Aug 06, 2020 3:04 pmI'd like to help you but I'm not sure I understand the question.gurusw wrote: ↑Thu Aug 06, 2020 2:54 pmHi, can someone please help me with the above questions?gurusw wrote: ↑Thu Aug 06, 2020 12:07 pm Hi,
What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them?
Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before making the final choice?
I tried reaching out to agents at 2 banks, but they are not even responding. How wil I compare rates if they end up responding on different days?
When you get estimates from banks, ask for loan estimates to be sent to you via email and then once you have them, compare them. You can also send an estimate to another lender as proof that you have a better deal than what they're offering and see if they will counter it.
You hound them?NDS wrote: ↑Thu Aug 06, 2020 3:07 pmGetting the lenders to actually cough up an official LE seems to be the difficulty. Understandable, if frustrating, as they know you're only asking to go do comparison shopping, it costts them time, and they're probably already having to turn down business from everyone trying to get their refis done. But if there's a trick to reliably getting the LE, please share!huskerfan1414 wrote: ↑Thu Aug 06, 2020 3:04 pmI'd like to help you but I'm not sure I understand the question.gurusw wrote: ↑Thu Aug 06, 2020 2:54 pmHi, can someone please help me with the above questions?gurusw wrote: ↑Thu Aug 06, 2020 12:07 pm Hi,
What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them?
Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before making the final choice?
I tried reaching out to agents at 2 banks, but they are not even responding. How wil I compare rates if they end up responding on different days?
When you get estimates from banks, ask for loan estimates to be sent to you via email and then once you have them, compare them. You can also send an estimate to another lender as proof that you have a better deal than what they're offering and see if they will counter it.
Totally agree!NDS wrote: ↑Thu Aug 06, 2020 3:07 pmGetting the lenders to actually cough up an official LE seems to be the difficulty. Understandable, if frustrating, as they know you're only asking to go do comparison shopping, it costts them time, and they're probably already having to turn down business from everyone trying to get their refis done. But if there's a trick to reliably getting the LE, please share!huskerfan1414 wrote: ↑Thu Aug 06, 2020 3:04 pmI'd like to help you but I'm not sure I understand the question.gurusw wrote: ↑Thu Aug 06, 2020 2:54 pmHi, can someone please help me with the above questions?gurusw wrote: ↑Thu Aug 06, 2020 12:07 pm Hi,
What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them?
Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before making the final choice?
I tried reaching out to agents at 2 banks, but they are not even responding. How wil I compare rates if they end up responding on different days?
When you get estimates from banks, ask for loan estimates to be sent to you via email and then once you have them, compare them. You can also send an estimate to another lender as proof that you have a better deal than what they're offering and see if they will counter it.
Please make sure your lender will issue a payoff statement if you try to refinance again immediately a refinance. Under federal law (12 C.F.R. § 1026.36.) lenders are required to provide a payoff statement within seven business days of request with a few exceptions. My lender is refusing!KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Wow...
Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
Just got off the phone, I’m inclined to go ahead and get my current one closed (bird in hand) but wonder how soon I could start another one with LF.
I continue to be just amazed at this low rate environment.
If property taxes are due within 2 months of your closing date, the lender will want you to pay the property tax due before the loan closes. You can use the lender credits to pay the property tax. I personally have done that before.blablabla0010 wrote: ↑Thu Aug 06, 2020 11:34 am Avid reader, but asking my first question
Thank you for all the experts in the house. [/color]
I have 2.375% from Lenderfi for 20 years on 500k in Maryland no closing costs, no excrow, zero out of pocket cost
Better.com will not match, but will increase lender credits to $-4999 at 2.5%, and then there is the Amex $2500 from better.com (on my loan estimate from them, there is just enough money to pay for A,B,C, D, E and F{prepaid interest and 6 months of property taxes} and 534 out of pocket to cover the rest. F is likely the same what ever lender you use anyways, right?
The difference in lifetime interest from 2.375% to 2.5% is $7000
The difference in monthly payments is $33
I want to go with Lenderfi, but what am I missing?
Also, with no excrow, how can I maximize that lenders credit? Is there a way to add it to one time prepaid for taxes or use it to pay down my principal?
Well, you have to keep in mind that different lenders are competing for different parts of the market -- some are catering to big loans and others on the lower end. So, it is to be expected that there is not just one company offering the best rates for all sizes of loans. For that reason, you have to shop around to find the company that offers the best rate for your particular situation.jimmyrules712 wrote: ↑Thu Aug 06, 2020 12:34 pmWhat kind of a deal did AImloan give you? You're the first person I've seen say that Aimloan provided the best offer. Did you check with LenderFI, Laon Cabin, or Watermark? I haven't seen Aimloan get anywhere near the deals those 3 have had. Better hasn't been nearly as competitive either for many people.Katz wrote: ↑Thu Aug 06, 2020 12:25 pmAimLoan.com has been the best option for me so far for a ReFi with $187k principal remaining. On the phone, folks at Better Mortgage said they could try to give me a better offer once I have the official loan summary from AimLoan. People at AimLoan that I've talked to are really nice, while the guy at Better was unprofessional.Niceperson77 wrote: ↑Wed Aug 05, 2020 9:02 pm Hello everyone — here is what I received from Mutual of Omaha....$140k loan @ 2.6% with 1 point. I believe the guy said $440ish/month payment. I currently have a 15 yr $62k HELOC at 5.7% ($550/month) with Suntrust that I'll be using the money to pay off.
I spent all day trying to find rates but the best I could find was Omaha at 2.6% and Amerisave VA loan at 2.5% with $4,000 closing cost.
Should I lock in with Mutual of Omaha tomorrow or check somewhere else? I'm in NC so many of the popular places like Loan Cabin don't work here. LenderFi said they only do refinance with no cash out (think he said $200k+). Box Loans said they are at 500% capacity and not taking new loans.
Where else should I look? This is my first refi. 800 credit score.
NKBC (through Costco) is at 3% with $3k in fees
Owning is CA only
Rate Rabbit - not NC
PenFed 3.7% no fees
Loan Depot - CA only
Still waiting on Better and Watermark to get back
Following worked for me with varying degrees of success. Contact loan officers by e-mail or phone. If someone responds, have time, and is willing to work with you, negotiate a deal by phone or e-mail. If you like the offer, ask them what they need to provide an LE and how long will it take.NDS wrote: ↑Thu Aug 06, 2020 3:07 pm Getting the lenders to actually cough up an official LE seems to be the difficulty. Understandable, if frustrating, as they know you're only asking to go do comparison shopping, it costts them time, and they're probably already having to turn down business from everyone trying to get their refis done. But if there's a trick to reliably getting the LE, please share!
I have the same question as blablabla0010. Does F change from lender to lender? I have a LE from Better that includes property tax in F and an LE from Lender FI that does not include it. Better told me that they have to include it if it is within 3 months of the due date. In CA the first installment is due 11/1, but the amount is not known until late September when the bill is issued. I don't understand the requirement to pay the property tax before the amount is issued. Is Better or Lender FI correct?VCC wrote: ↑Thu Aug 06, 2020 3:48 pmIf property taxes are due within 2 months of your closing date, the lender will want you to pay the property tax due before the loan closes. You can use the lender credits to pay the property tax. I personally have done that before.blablabla0010 wrote: ↑Thu Aug 06, 2020 11:34 am Avid reader, but asking my first question
Thank you for all the experts in the house. [/color]
I have 2.375% from Lenderfi for 20 years on 500k in Maryland no closing costs, no excrow, zero out of pocket cost
Better.com will not match, but will increase lender credits to $-4999 at 2.5%, and then there is the Amex $2500 from better.com (on my loan estimate from them, there is just enough money to pay for A,B,C, D, E and F{prepaid interest and 6 months of property taxes} and 534 out of pocket to cover the rest. F is likely the same what ever lender you use anyways, right?
The difference in lifetime interest from 2.375% to 2.5% is $7000
The difference in monthly payments is $33
I want to go with Lenderfi, but what am I missing?
Also, with no excrow, how can I maximize that lenders credit? Is there a way to add it to one time prepaid for taxes or use it to pay down my principal?
This is essentially what happened to me with the very same lenders, except I was about a month ahead of you so completed a no cost (actually got cash back) refi with Better at 3.0%, then immediately locked with Lenderfi at 2.75% no cost which I just closed today. I thoroughly reviewed Better's loan documents and there is no penalty for refinancing in short order. Only thing I would avoid is having Lenderfi do a hard credit pull before you sign/close your Better refi.anon_investor wrote: ↑Thu Aug 06, 2020 2:20 pmJust tell better you got a better offer and ask them to match or you walk. Even if they balk, you don't have to walk...KeepinItPositive wrote: ↑Thu Aug 06, 2020 1:59 pmThanks, I’m gonna give better a call this afternoon. I don’t love the idea of terminating this late (especially working with local title co), but I also don’t like the idea of declining a better offer.jimmyrules712 wrote: ↑Thu Aug 06, 2020 1:16 pmLenderFI is pretty quick on closing and I've seen other people post that LenderFI wouldn't let them refi with them shortly after closing out on a refi with someone else so if I were in your shoes I would probably ask Better to match and if they say no abort the better deal and start over with the 2.5 offer.KeepinItPositive wrote: ↑Thu Aug 06, 2020 12:52 pm Wow...
Currently just about to close on a 2.75/30/no cost with better and just had lenderfi call me up because we hadn’t chatted in a few weeks offering 2.50/30/no cost.
Just got off the phone, I’m inclined to go ahead and get my current one closed (bird in hand) but wonder how soon I could start another one with LF.
I continue to be just amazed at this low rate environment.
Any stories of LF failing to close? I’m also concerned about the canceling out and then something with LF goes sideways and missing out on a great offer going after a super one.
Suggestions on compelling language to try to get better to match this late in the process? I’ve read they do not have a float down option.
Do you need the appraisal to come out above $1M? During my latest refi, the loan officer just set the home value at whatever resulted in 75% LTV. My loan is about $720k, so this resulted in a home value of under $1M. My house is worth more than that, but since the rate wasn't going to be any different at the FMV of the house he said this allowed him to get an appraisal waiver. So if your loan in under $750k, this could be an option worth exploring.skyisgrey wrote: ↑Thu Aug 06, 2020 2:01 pm We're about to have our second appraisal in two weeks. Each potential lender requires a separate appraisal, it turns out, though one Loan Officer said he once had another lender share an appraisal. It seems wasteful, but is apparently required by Fannie Mae for any home valued over $1 million.
Is this true? I've searched Mortage Doctor and Bogle for a good explanation of the appraisal process and requirements.
The first appraisal cost $725, and this one is going to cost $1,050.
The lender requiring today's appraisal said he could accept a copy of the two-week-old appraisal, but required:
1. Copy of the PDF of the appraisal;
2. XML of the appraisal data, so it could be submitted directly to Fannie Mae through their automated loan submission portal;
3. Copy of Appraisal Independence Requirements (AIR) Letter "We need to document that the appraisal was ordered in compliance within Appraisal Independence Requirements. There is a letter in each file saying that the appraisal was ordered correctly within the AIR requirements."
He said the extremely high cost was due to the high demand. Apparently, lenders turn to an Appraisal Management Company, or AMC, who puts the desired appraisal out to bid.
What is the Bogle experience? Since lenders must provide a "copy" of the appraisal to us, the borrowers, is there a way to get more than a PDF?
Someone correct me if I’m wrong but I thought the Amex deal had expired if not applied by July 25th.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
I applied by the deadline.Slick8503 wrote: ↑Thu Aug 06, 2020 6:44 pmSomeone correct me if I’m wrong but I thought the Amex deal had expired if not applied by July 25th.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
Have you considered calling Lenderfi and discussing this with them? Be honest and tell them you want to honor their 6-month request, but are worried about missing out on the current great rates. Perhaps they'll do something for you. I've found them to be very pragmatic in their dealings.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
I’ve thought about that and still may. I’m hoping Better will match so that I can score the 2500. Want to lock tomorrow but will closing at 170 days get LenderFi after me. Hoping to get Better to match, get the 2500, and hope LenderFi can get me under my new rate in a few months. In this environment, the 6 month commitment is hard to make!ChiKid24 wrote: ↑Thu Aug 06, 2020 7:16 pmHave you considered calling Lenderfi and discussing this with them? Be honest and tell them you want to honor their 6-month request, but are worried about missing out on the current great rates. Perhaps they'll do something for you. I've found them to be very pragmatic in their dealings.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
jbell3124 wrote: ↑Thu Aug 06, 2020 7:04 pmI applied by the deadline.Slick8503 wrote: ↑Thu Aug 06, 2020 6:44 pmSomeone correct me if I’m wrong but I thought the Amex deal had expired if not applied by July 25th.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
Aloha, I am a newbie trying to refi in Honolulu too. I've found local banks and brokers are not very competitive, expect to pay about 0.125% to 0.50% higher.AlohaT wrote: ↑Thu Aug 06, 2020 2:58 pm HI all, would love some input on 2 mortgage refinance options. I live in Hawaii and there are no national banks here. For various reasons, I'd like to stick to a local bank so that's where I've started.
We own a condo, originally paid $600k in 2014, put 20% down and have a 4% interest rate currently on a 30 year. Our monthly payment of principal and interest is $2,291.59. In original loan we paid no points. Our credit score is close to 800. Current estimated property value is approximately $725-$750k based on comps.
Bank A:
Loan amount: $425k
30 year
Interest Rate: 3.125%
No points
Monthly principal & interest: $1,820.60
Closing costs: $9,071 (none of them are shoppable according to the loan)
Lender credits: $4,250
No closing costs financed into the loan
In 5 years will have paid $46,292 of principal
Estimated cash to close: $6,429 (they offered to estimate it with closing costs rolled in if I want that)
Compared to current mortgage, will save $470.99 per month
Bank B (this is the bank where I currently have the original mortgage):
Loan amount: $432k (they assume $6,463 of closing costs rolled in)
30 year
Interest rate: 2.875%
No points
Monthly principal & interest: $1,792.34
Closing costs: $8,661 (a few of these are shoppable)
No lender credits
In 5 years will have paid $48,806 of principal
Estimated cash to close: $3,654
Compared to current mortgage, will save $499.25 per month
Thoughts? We will likely own this for 5 more years, but don't see it as our forever home. Are the lender credits for Bank A a reason to lean towards that loan? Or is the lower interest rate for Bank B the better choice?
Mahalo in advance for any feedback!
You submit the legally required minimum info, make sure they pull your report, then wait the maximum legally required time for them to give you one.NDS wrote: ↑Thu Aug 06, 2020 3:07 pm Getting the lenders to actually cough up an official LE seems to be the difficulty. Understandable, if frustrating, as they know you're only asking to go do comparison shopping, it costts them time, and they're probably already having to turn down business from everyone trying to get their refis done. But if there's a trick to reliably getting the LE, please share!
Slick is correct. However, jbell could have applied while it was offered and be using that app.Slick8503 wrote: ↑Thu Aug 06, 2020 6:44 pmSomeone correct me if I’m wrong but I thought the Amex deal had expired if not applied by July 25th.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
BrandonBogle- Yes, I did apply before the deadline, so I am still eligible for the AMEX $2500. Here's hoping Better will match the best offer I can get.BrandonBogle wrote: ↑Thu Aug 06, 2020 8:44 pmSlick is correct. However, jbell could have applied while it was offered and be using that app.Slick8503 wrote: ↑Thu Aug 06, 2020 6:44 pmSomeone correct me if I’m wrong but I thought the Amex deal had expired if not applied by July 25th.jbell3124 wrote: ↑Thu Aug 06, 2020 6:32 pm Applied with watermark today. Hoping to get LE tomorrow and take to Better to see if they will match or come close to it (2500 Amex could still make them more attractive without match I suppose). I am 130 days since my LenderFi loan funded. So, not within a 45 day lock, but do you think close enough that I could/should go ahead and lock (preliminary verbal offer sounded great)? Worried if I lock tomorrow, loan will close before 180 mark from LenderFi. LF rep said it was 180 from funding of loan, not closing date (?). Don’t want lose credits via clawback or burn bridge with LenderFi. Who knows, may want to refi with them later this year. Haven’t contacted them yet to see what they will offer right now, but maybe I should? Thanks for any suggestions!
But jbell, bad news. First, you won’t get the LE from Watermark in 24 hours. It will be 48-72, so it could Tuesday before you get it. Also, since you didn’t lock with Watermark, the LE won’t include any lender credits discussed with you. That’s only listed if you locked the loan.
I asked the person who did my appraisal if he was aware whether the appraisal can be transferred he said yes that they just need to reach out to him directly and that he cannot reach out to them. I would ask this lenders again if they can accept the previous appraisal and if they can check with their manager or underwriter. Please keep us posted on any updates.skyisgrey wrote: ↑Thu Aug 06, 2020 2:01 pm We're about to have our second appraisal in two weeks. Each potential lender requires a separate appraisal, it turns out, though one Loan Officer said he once had another lender share an appraisal. It seems wasteful, but is apparently required by Fannie Mae for any home valued over $1 million.
Is this true? I've searched Mortage Doctor and Bogle for a good explanation of the appraisal process and requirements.
The first appraisal cost $725, and this one is going to cost $1,050.
The lender requiring today's appraisal said he could accept a copy of the two-week-old appraisal, but required:
1. Copy of the PDF of the appraisal;
2. XML of the appraisal data, so it could be submitted directly to Fannie Mae through their automated loan submission portal;
3. Copy of Appraisal Independence Requirements (AIR) Letter "We need to document that the appraisal was ordered in compliance within Appraisal Independence Requirements. There is a letter in each file saying that the appraisal was ordered correctly within the AIR requirements."
He said the extremely high cost was due to the high demand. Apparently, lenders turn to an Appraisal Management Company, or AMC, who puts the desired appraisal out to bid.
What is the Bogle experience? Since lenders must provide a "copy" of the appraisal to us, the borrowers, is there a way to get more than a PDF?
Nothing happens. You're actually free to walk within three days AFTER signing your closing docs. You would be out any out of pocket expenses you already paid and might burn the bridge with that lender, but it's completely within your rights.BHLearner2020 wrote: ↑Thu Aug 06, 2020 9:09 pm I have a question what happens if you walk away from a locked loan while it's still under writing because you got a better offer from another lender.
I know if you paid for appraisal then you won't get the money back.
I finally pulled the trigger and applied online to a few places (Owning, LC, LenderFi through link here, Better, and WaterMark).mcdb84 wrote: ↑Wed Aug 05, 2020 11:55 pm Hey guys,
Just locked in a 2.5% conventional 30 year fixed with Owning.com.
Since I have over 50% equity, they didn't charge me the 0.25% origination charge.
Absolutely no closing costs at all: No origination, No title charges, No recording charges. They gave me lender credit of $1104.00 to cover all costs.
Only costs for me is prepaid interest of 15 days, which total $406.00
I was in shock that this was completely free! I actually am refinancing from a VA 30 year fixed, which I closed back in May 2020, into this conventional loan and opted to not escrow my taxes and insurance.
Total loan amount is $389400.00