Refinance Mega Thread

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

need403bhelp wrote: Sun Aug 23, 2020 12:07 pm
KeepinItPositive wrote: Sun Aug 23, 2020 12:18 am Loan cabin is currently advertising 2.375/30 from their website.

Has anyone gotten this in the last week or so from them? Is there a catch lurking?
When I applied their rate was within 0.125% of their website.

The catch is they are backed up so they won’t actually get back to you once you apply for weeks and then can take 60 days to close.

Their advertised rates are zero points and there are no lender fees.
That is a long time... I completed 2 refis this years during that time frame...
investor2018
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Re: Refinance Mega Thread

Post by investor2018 »

I am getting 3.25% for full amount of $600 with Lender credits coving all closing costs. Given this, I think that paying down the loan amount to bring it to $510K save money.


anon_investor wrote: Sat Aug 22, 2020 6:15 pm
BrandonBogle wrote: Sat Aug 22, 2020 5:57 pm
anon_investor wrote: Sat Aug 22, 2020 5:39 pm What is the breakeven time between:
-the 15yr 2.375% and 2.5%
-the 30yr 2.75% and 2.875%
Using the 2.75% 15-year that I locked as a baseline:
15-year @ 2.375% = 42 months
15-year @ 2.5% = 44 months
30-year @ 2.75% & 2.875% = never, as there is no interest savings. Costs $1,500 extra compared to 15-year of the same rate.

Instead using 2.875% as a 30-year baseline:
2.875% 30-year closing costs = $650 in my pocket
2.75% 30-year vs. 2.875% 30-year breakeven = 64 months

All the above are using an amortization table with $0 paid extra during the entire term. At 3.5 - over 5 years before I'm ahead by the lower rate, 2.75% 15-year or 2.875% 30-year is the sweet spot for the rate options available to me.

Please note, the numbers I have been sharing are actually going to end up cheaper. I am going to finance the closing costs and take out just shy of $2k, so my lender credits should increase as I only have a $150k loan.
If you plan no further refis, the 15yr @ 2.375% looks good based on the world of a Fannie/Freddie 0.5% fee.

If you plan to gamble on another refi, then obviously the 30yr @ 2.875% is optimal.

Are you planning another refi :twisted: ?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

investor2018 wrote: Sun Aug 23, 2020 1:31 pm I am getting 3.25% for full amount of $600 with Lender credits coving all closing costs. Given this, I think that paying down the loan amount to bring it to $510K save money.


anon_investor wrote: Sat Aug 22, 2020 6:15 pm
BrandonBogle wrote: Sat Aug 22, 2020 5:57 pm
anon_investor wrote: Sat Aug 22, 2020 5:39 pm What is the breakeven time between:
-the 15yr 2.375% and 2.5%
-the 30yr 2.75% and 2.875%
Using the 2.75% 15-year that I locked as a baseline:
15-year @ 2.375% = 42 months
15-year @ 2.5% = 44 months
30-year @ 2.75% & 2.875% = never, as there is no interest savings. Costs $1,500 extra compared to 15-year of the same rate.

Instead using 2.875% as a 30-year baseline:
2.875% 30-year closing costs = $650 in my pocket
2.75% 30-year vs. 2.875% 30-year breakeven = 64 months

All the above are using an amortization table with $0 paid extra during the entire term. At 3.5 - over 5 years before I'm ahead by the lower rate, 2.75% 15-year or 2.875% 30-year is the sweet spot for the rate options available to me.

Please note, the numbers I have been sharing are actually going to end up cheaper. I am going to finance the closing costs and take out just shy of $2k, so my lender credits should increase as I only have a $150k loan.
If you plan no further refis, the 15yr @ 2.375% looks good based on the world of a Fannie/Freddie 0.5% fee.

If you plan to gamble on another refi, then obviously the 30yr @ 2.875% is optimal.

Are you planning another refi :twisted: ?
Even post the 0.5% Fannie/Freddie fee, 3.25% still seems high.
BarDownHockey
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Re: Refinance Mega Thread

Post by BarDownHockey »

anon_investor wrote: Sun Aug 23, 2020 1:40 pm
investor2018 wrote: Sun Aug 23, 2020 1:31 pm I am getting 3.25% for full amount of $600 with Lender credits coving all closing costs. Given this, I think that paying down the loan amount to bring it to $510K save money.


anon_investor wrote: Sat Aug 22, 2020 6:15 pm
BrandonBogle wrote: Sat Aug 22, 2020 5:57 pm
anon_investor wrote: Sat Aug 22, 2020 5:39 pm What is the breakeven time between:
-the 15yr 2.375% and 2.5%
-the 30yr 2.75% and 2.875%
Using the 2.75% 15-year that I locked as a baseline:
15-year @ 2.375% = 42 months
15-year @ 2.5% = 44 months
30-year @ 2.75% & 2.875% = never, as there is no interest savings. Costs $1,500 extra compared to 15-year of the same rate.

Instead using 2.875% as a 30-year baseline:
2.875% 30-year closing costs = $650 in my pocket
2.75% 30-year vs. 2.875% 30-year breakeven = 64 months

All the above are using an amortization table with $0 paid extra during the entire term. At 3.5 - over 5 years before I'm ahead by the lower rate, 2.75% 15-year or 2.875% 30-year is the sweet spot for the rate options available to me.

Please note, the numbers I have been sharing are actually going to end up cheaper. I am going to finance the closing costs and take out just shy of $2k, so my lender credits should increase as I only have a $150k loan.
If you plan no further refis, the 15yr @ 2.375% looks good based on the world of a Fannie/Freddie 0.5% fee.

If you plan to gamble on another refi, then obviously the 30yr @ 2.875% is optimal.

Are you planning another refi :twisted: ?
Even post the 0.5% Fannie/Freddie fee, 3.25% still seems high.
I think at $600k the OP was in the jumbo category, in which case 3.25% and no cost seems pretty good for the jumbo market. Paying it down to $510k put the OP into the conforming category.
spbos
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Re: Refinance Mega Thread

Post by spbos »

I am currently locked for a 30 year 2.5% confirming loan (my second refinancing). I submitted all my documents about two and a half weeks ago. I just checked, and they are saying that it may take them four more weeks for closing – about 7 weeks from application to closing.

The last refinance took me less than four weeks. I am a bit worried. The interest rates have gone up. Are they deliberately delaying to go beyond the rate lock (it expires on Sep 25) and will then ask me to close at a higher rate? Is it legal? Thanks.
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Re: Refinance Mega Thread

Post by anon_investor »

spbos wrote: Sun Aug 23, 2020 1:54 pm I am currently locked for a 30 year 2.5% confirming loan (my second refinancing). I submitted all my documents about two and a half weeks ago. I just checked, and they are saying that it may take them four more weeks for closing – about 7 weeks from application to closing.

The last refinance took me less than four weeks. I am a bit worried. The interest rates have gone up. Are they deliberately delaying to go beyond the rate lock (it expires on Sep 25) and will then ask me to close at a higher rate? Is it legal? Thanks.
Which lender?
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BrandonBogle
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Post by BrandonBogle »

spbos wrote: Sun Aug 23, 2020 1:54 pm I submitted all my documents about two and a half weeks ago. I just checked, and they are saying that it may take them four more weeks for closing – about 7 weeks from application to closing.

... Are they deliberately delaying to go beyond the rate lock (it expires on Sep 25) and will then ask me to close at a higher rate?
If they are an ethical lender (by lender standards anyway!), they should pay to extend the rate lock as they are the ones holding things up, not you. But an unethical lender may indeed try to get your rate lock to expire and not be willing to extend it so they can get updated pricing applied.
spbos
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Re: Refinance Mega Thread

Post by spbos »

anon_investor wrote: Sun Aug 23, 2020 2:08 pm
spbos wrote: Sun Aug 23, 2020 1:54 pm I am currently locked for a 30 year 2.5% confirming loan (my second refinancing). I submitted all my documents about two and a half weeks ago. I just checked, and they are saying that it may take them four more weeks for closing – about 7 weeks from application to closing.

The last refinance took me less than four weeks. I am a bit worried. The interest rates have gone up. Are they deliberately delaying to go beyond the rate lock (it expires on Sep 25) and will then ask me to close at a higher rate? Is it legal? Thanks.
Which lender?
It is a local lender in Massachusetts. I am sorry I am a bit uncomfortable outing the here.
chet96
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Re: Refinance Mega Thread

Post by chet96 »

bgh11 wrote: Sun Aug 23, 2020 2:59 am How much do u need for reno?
If only $200 less in credit, I’d do 30 for lower monthly payment. I can always pay a 30yr like a 20 yr by making additional principal payments.
chet96 wrote: Sun Aug 23, 2020 1:28 am Need some advice here.

I’m looking to refinance now and the again in about year to pull out some equity for a renovation.

Is there any advantage to doing a 20 year versus a 30 for such a short period? The offered rate is the same and lender credit is within 200. Running an amortization table shows the 20 year paying off about 8k more balance over 1 year. (Is balance the right number to look at?)

We are 4 years into our current loan. And can drop the payment significantly with a new 30 and a small increase on the 20.

Thanks.
Right now the Reno is on hold pending contractor quotes and permitting. Plan is about 120k. Reducing the payment with a refinance now will help with savings.

We don’t have a ton of equity, so reno will be paid with savings and either a 2nd cash out refinance or HELOC down the road. I may have started to over-think it when I noticed the additional 200 credit for the 20yr and the added principal reduction.

Thanks for the suggestions. I’m a little too risk averse for an ARM. (ARMs were big when I bought my first house in 05 and I’m concerned about the current rate environment. I will keep it in mind.)
chet96
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Re: Refinance Mega Thread

Post by chet96 »

BrandonBogle wrote: Sun Aug 23, 2020 8:05 am
bgh11 wrote: Sun Aug 23, 2020 2:59 am How much do u need for reno?
If only $200 less in credit, I’d do 30 for lower monthly payment. I can always pay a 30yr like a 20 yr by making additional principal payments.
chet96 wrote: Sun Aug 23, 2020 1:28 am Need some advice here.

I’m looking to refinance now and the again in about year to pull out some equity for a renovation.

Is there any advantage to doing a 20 year versus a 30 for such a short period? The offered rate is the same and lender credit is within 200. Running an amortization table shows the 20 year paying off about 8k more balance over 1 year. (Is balance the right number to look at?)

We are 4 years into our current loan. And can drop the payment significantly with a new 30 and a small increase on the 20.

Thanks.
This. At a $200 difference, the flexibility, especially while doing renovations, is worthwhile. Is the plan here to do a cash-out refi now and then do another in 6-12 months to hopefully lower the rate due to the penalty for the cash out?

If you can swing it, I would only consider a 30-year or 15-year, or a Third Federal 10-year or adjustable as they offer a $300 closing cost refi. As bgh is alluding to, much of this really depends on how much you want to take out. There is another thread here were someone wanted to pull out $80k via a cash out for a pool on an existing $280k mortgage (forgive me if I got those numbers slightly wrong here, I'm only on my first cup of coffee). They got offered 2.875% on the refi for very low closing costs, but if they didn't do the cash out, the rate would be 2.375%. For a 0.5% spread, I recommended actually doing a straight refi for the $280k and taking a second mortgage/HELOC for the renovation. Even if that part is at 3%, you come out ahead as the majority is at 2.375%.

So keep such ideas in mind.
Thanks so much. Are 2nds common these days? I was lead to believe they went the way of Dodo after the housing crash. (We used one on our first house to avoid PMI in an expensive area so I asked). I could just be talking to the wrong lenders.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

spbos wrote: Sun Aug 23, 2020 3:39 pm
anon_investor wrote: Sun Aug 23, 2020 2:08 pm
spbos wrote: Sun Aug 23, 2020 1:54 pm I am currently locked for a 30 year 2.5% confirming loan (my second refinancing). I submitted all my documents about two and a half weeks ago. I just checked, and they are saying that it may take them four more weeks for closing – about 7 weeks from application to closing.

The last refinance took me less than four weeks. I am a bit worried. The interest rates have gone up. Are they deliberately delaying to go beyond the rate lock (it expires on Sep 25) and will then ask me to close at a higher rate? Is it legal? Thanks.
Which lender?
It is a local lender in Massachusetts. I am sorry I am a bit uncomfortable outing the here.
That is fine. I was just curious if it was one of the popular online ones mentioned on this thread.
dstac
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Re: Refinance Mega Thread

Post by dstac »

I really like this if you don’t need the liquidity. You are earning a higher return on those dollars AND getting a lower rate on the rest of your debt.
investor2018 wrote: Sat Aug 22, 2020 2:06 pm What do you think about it?

Our current mortgage balance is about $600K and have 2.9% interest rate of 5/5 ARM from PenFed. ARM is due for renewal Q1 next year. We do not have escrow hence pay city tax and HOI directly.

We locked in refinance rate for $510K loan with 2.65% with lender credits covering all closing costs (will have $100 in pocket). This will require us to pay about $80K at the closing to reduce the loan amount to $510K. The new mortgage monthly payment would be about $600 lesser than our current monthly payment. This means we would have about $7K annually to invest somewhere else.

We have a CD that is expiring next month so can use that to pay down the loan amount. Just wondering if this is the right strategy to invest extra cash. We do have enough cash to cover 8-12 months expenses in emergency.

What would you suggest?
ZMonet
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Re: Refinance Mega Thread

Post by ZMonet »

My loan is currently at the "conditional approval" step. Today I received a document from my home insurer stating that the name of my mortgage company has been changed effective 9/18. I did not make that change so I'm guessing that the lender did it. I would have thought the lender would have reached out and at least given me a closing date. Is this normal?
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Post by anon_investor »

ZMonet wrote: Sun Aug 23, 2020 6:38 pm My loan is currently at the "conditional approval" step. Today I received a document from my home insurer stating that the name of my mortgage company has been changed effective 9/18. I did not make that change so I'm guessing that the lender did it. I would have thought the lender would have reached out and at least given me a closing date. Is this normal?
Yes this is normal. You would have signed a release as part of the app process to allow the lender to contact your insurance provider.
JSDNJ
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Post by JSDNJ »

bgh11 wrote: Sat Aug 22, 2020 6:28 pm Backdoor link I copied for u from previous post.
Not sure what partner, etc codes really mean in the link
https://app.lenderfi.com/partner/C8AX0T ... lts/FQA6D5
Click “modify” in red to punch in your zip and loan info.
Good luck.
joelly wrote: Sat Aug 22, 2020 5:55 pm
bgh11 wrote: Mon Aug 17, 2020 9:18 pm Mortgage amount below $510,400 for most
https://singlefamily.fanniemae.com/orig ... oan-limits
joelly wrote: Mon Aug 17, 2020 9:09 pm
mags wrote: Sun Aug 16, 2020 8:30 am

Loan is (conforming) 540k on 1.2M house. 815 credit score.
What does conforming means?

Thanks in advance for replying.
Thank you for the explanation.

Our loan balance is currently under $450,000 so I guess it is conforming.

Lender Fi is no longer accepting application. Where else can we go to refinance?

Please advise.

Is LenderFi not available in NJ? I keep getting 'sorry no loans found'
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BrandonBogle
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Post by BrandonBogle »

chet96 wrote: Sun Aug 23, 2020 3:51 pm Thanks so much. Are 2nds common these days? I was lead to believe they went the way of Dodo after the housing crash. (We used one on our first house to avoid PMI in an expensive area so I asked). I could just be talking to the wrong lenders.
Yeah, particular as HELOCs. Just beware that many lenders are either not very competitive or outright refuse to do a refi with a subordination, so once you get a second, you’ll be locked out of some refi options for the first unless you do a cash-out and pay it off.

The idea is basically to keep the existing principal low and make the new principal low-ish vs. making the whole thing be low-ish.
JSDNJ wrote: Sun Aug 23, 2020 7:40 pm Is LenderFi not available in NJ? I keep getting 'sorry no loans found'
Do you search during market hours or at least on a weekday and you’ll likely get results. I routinely get that message off-hours with LenderFi.
squirm
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Re: Refinance Mega Thread

Post by squirm »

Owning, 2.65, 30yr, no cost. Not sure how they do it.
m7a8a6
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Re: Refinance Mega Thread

Post by m7a8a6 »

JSDNJ wrote: Sun Aug 23, 2020 7:40 pm
Is LenderFi not available in NJ? I keep getting 'sorry no loans found'
I believe they are. I'm working with them right now. I did get the same message but kept trying every day and it started working for me. I don't recall doing anything different except keep trying it every day.
Goal33
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Post by Goal33 »

m7a8a6 wrote: Sun Aug 23, 2020 9:32 pm
JSDNJ wrote: Sun Aug 23, 2020 7:40 pm
Is LenderFi not available in NJ? I keep getting 'sorry no loans found'
I believe they are. I'm working with them right now. I did get the same message but kept trying every day and it started working for me. I don't recall doing anything different except keep trying it every day.
same, try til it works... it will eventually...
pbnjay
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Re: Refinance Mega Thread

Post by pbnjay »

My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
3of10
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Post by 3of10 »

BrandonBogle wrote: Fri Aug 21, 2020 6:46 pm As for below 3.75% on a 30-year, I am not so sure that can be done at 88% LTV with little or nothing out of pocket. That high LTV will really sour pricing from lender, even if a person's credit is otherwise great.
Interestingly enough, according to the Fannie Mae LLPA, a 88% LTV has a lower rate fee ".250%" than a 76% LTV ".5%" (with both LTVs having excellent credit). That could be because the 88% LTV would have PMI, which would make it less riskier than the non-PMI 76% LTV.
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Post by akuseimark »

pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
Have you been assigned a loan processor yet? Reach out to them and ask how underwriting is going. Mine was always really responsive and was able to give me rough estimates on when to expect things to move to the next step.
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anon_investor
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Post by anon_investor »

akuseimark wrote: Mon Aug 24, 2020 6:54 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
Have you been assigned a loan processor yet? Reach out to them and ask how underwriting is going. Mine was always really responsive and was able to give me rough estimates on when to expect things to move to the next step.
+1. Similar experience with my LenderFi loan processor, very prompt and responsive.
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Brantley
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Post by Brantley »

pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
~Brantley
Goal33
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Post by Goal33 »

Brantley wrote: Mon Aug 24, 2020 7:50 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
One day or one week?
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Post by vasaver »

Brantley wrote: Mon Aug 24, 2020 7:50 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
LenderFI called 3 days before rate lock was set to expire and scheduled closing on the day it expires. Really didn't hear from the them after I signed Pre-Closing Disclosure docs.
Last edited by vasaver on Mon Aug 24, 2020 10:21 pm, edited 2 times in total.
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Brantley
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Post by Brantley »

Goal33 wrote: Mon Aug 24, 2020 10:40 am
Brantley wrote: Mon Aug 24, 2020 7:50 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
One day or one week?
One day
~Brantley
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anon_investor
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Post by anon_investor »

Brantley wrote: Mon Aug 24, 2020 12:07 pm
Goal33 wrote: Mon Aug 24, 2020 10:40 am
Brantley wrote: Mon Aug 24, 2020 7:50 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
One day or one week?
One day
Assuming that extra day was all you needed to close?
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Brantley
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Post by Brantley »

anon_investor wrote: Mon Aug 24, 2020 12:14 pm
Brantley wrote: Mon Aug 24, 2020 12:07 pm
Goal33 wrote: Mon Aug 24, 2020 10:40 am
Brantley wrote: Mon Aug 24, 2020 7:50 am
pbnjay wrote: Sun Aug 23, 2020 10:09 pm My experience with LenderFi was fine up until the new fee announcement...

Current: 4.375% 30y with 28y left.
Refi: 2.5% 30y with LenderFi (lock exp 9/4)

Locked the refi on Aug 12th (right before the new fee). Got the call from Title Insurance that Friday (14th) and have had radio silence since.

I understand they're probably swamped, but the lack of communication doesn't help my anxiety levels especially with the rate lock expiring next week!
My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
One day or one week?
One day
Assuming that extra day was all you needed to close?
Yes. I was contacting them daily for a few weeks. I helped them push things along as the title work was hung up on a local law firm (which I found out from Amrock). I called them law firm and had them get it done on the spot. I think Amrock is so backed up they don’t have the man power to check in on progress and Lenderfi is also not willing to do it as they are relying on Amrock to execute.
~Brantley
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anon_investor
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Post by anon_investor »

Brantley wrote: Mon Aug 24, 2020 12:31 pm
anon_investor wrote: Mon Aug 24, 2020 12:14 pm
Brantley wrote: Mon Aug 24, 2020 12:07 pm
Goal33 wrote: Mon Aug 24, 2020 10:40 am
Brantley wrote: Mon Aug 24, 2020 7:50 am My rate lock expired and they extended by one day for free. Was clearly not my fault and they did not give me any trouble to do so.
One day or one week?
One day
Assuming that extra day was all you needed to close?
Yes. I was contacting them daily for a few weeks. I helped them push things along as the title work was hung up on a local law firm (which I found out from Amrock). I called them law firm and had them get it done on the spot. I think Amrock is so backed up they don’t have the man power to check in on progress and Lenderfi is also not willing to do it as they are relying on Amrock to execute.
That is good to hear that they extended the lock and honored the rate (which I assume would have otherwise gone up).
m7a8a6
Posts: 19
Joined: Mon Aug 17, 2020 8:25 pm

Re: Refinance Mega Thread

Post by m7a8a6 »

So kinda stuck in the middle and having a hard time figuring out if there is really any difference between the two offers...

Loan 30yr fixed 249k at 2.625%

LenderFi
A+B+C+E = $2061
F+G+H+I = $3016
Total: $5077 (no lender credits)

Better
A+B+C+E = $2825
F+G+H+I = $1721
Total: $4546 - $839(lender credits) = $3707

If I'm only comparing ABCE, then isn't LenderFi better? Or am I missing something that Better.com's is better? Take Better's estimate back to LenderFi and ask to match or beat?
itsallaboutme
Posts: 112
Joined: Mon May 22, 2017 2:47 pm

Re: Refinance Mega Thread

Post by itsallaboutme »

Does it matter that they put $27.03 into the loan? Because of the numbers it looks like they just rolled that in. Can I ask to pay that amount? Or does it make very little difference to the loan? Thanks
3of10
Posts: 169
Joined: Tue Jun 30, 2020 7:37 am

Re: Refinance Mega Thread

Post by 3of10 »

m7a8a6 wrote: Fri Aug 21, 2020 9:39 pm So I'm finally getting somewhere (thank you all so far for all the wisdom here).

Just got my first decent offer (in the right direction) from LenderFi...

Current Loan: 249K 30yr fixed at 4.5%

Loan Amount: 249K
LTV: 63%
Term: 30yr fixed at 2.625%

A: $354
B: $217 (appraisal waived)
C: $1175
D: $315
Total (A+B+C+D): $2061

Questions I have is how do I approach the other lenders with this LE? Should I just forward it over to them and ask them if they will beat it? Or should i apply for the same % officially and then share the LE with them for better rates?
Can you update with why section D is $315, and not $1746 "D=(A+B+C)"? Do you already have a LE from the lenders you're planning to forward this particular LE to, so they can compare?

Also, if you're going to be sending that LE to other lenders, it needs to be done ASAP. An LE usually has a quick expiration date. I had one that was rejected because it was more than one business day old.
"You don't stop playing because you're old. You're old because you've stopped playing"
m7a8a6
Posts: 19
Joined: Mon Aug 17, 2020 8:25 pm

Re: Refinance Mega Thread

Post by m7a8a6 »

3of10 wrote: Mon Aug 24, 2020 1:53 pm
m7a8a6 wrote: Fri Aug 21, 2020 9:39 pm So I'm finally getting somewhere (thank you all so far for all the wisdom here).

Just got my first decent offer (in the right direction) from LenderFi...

Current Loan: 249K 30yr fixed at 4.5%

Loan Amount: 249K
LTV: 63%
Term: 30yr fixed at 2.625%

A: $354
B: $217 (appraisal waived)
C: $1175
E: $315
Total (A+B+C+E): $2061

Questions I have is how do I approach the other lenders with this LE? Should I just forward it over to them and ask them if they will beat it? Or should i apply for the same % officially and then share the LE with them for better rates?
Can you update with why section D is $315, and not $1746 "D=(A+B+C)"? Do you already have a LE from the lenders you're planning to forward this particular LE to, so they can compare?

Also, if you're going to be sending that LE to other lenders, it needs to be done ASAP. An LE usually has a quick expiration date. I had one that was rejected because it was more than one business day old.
Ah crap...I wrote the wrong letter. That's actually E (not D). Corrected in original post as well.
JSDNJ
Posts: 275
Joined: Wed Feb 04, 2015 5:17 pm

Re: Refinance Mega Thread

Post by JSDNJ »

Tried to back door LenderFi, accidentally neglected to change the zip code, but filled in the info and it assigned a loan officer who is not licensed in my state. Now I am stuck and cant apply :oops:

Can anyone recommend another solid lender who would be receptive to trying to beat my locked LE with local lender?
User avatar
BrandonBogle
Posts: 3778
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

m7a8a6 wrote: Mon Aug 24, 2020 1:34 pm So kinda stuck in the middle and having a hard time figuring out if there is really any difference between the two offers...

Loan 30yr fixed 249k at 2.625%

LenderFi
A+B+C+E = $2061
F+G+H+I = $3016
Total: $5077 (no lender credits)

Better
A+B+C+E = $2825
F+G+H+I = $1721
Total: $4546 - $839(lender credits) = $3707

If I'm only comparing ABCE, then isn't LenderFi better? Or am I missing something that Better.com's is better? Take Better's estimate back to LenderFi and ask to match or beat?
You need to compare A + B + C + E - credits in J. So based on the above numbers, you would have:
LenderFi @ $2,061
Better @ $2,825 - $839 = $1,986
bgh11
Posts: 92
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

JSDNJ wrote: Mon Aug 24, 2020 3:01 pm Tried to back door LenderFi, accidentally neglected to change the zip code, but filled in the info and it assigned a loan officer who is not licensed in my state. Now I am stuck and cant apply :oops:

Can anyone recommend another solid lender who would be receptive to trying to beat my locked LE with local lender?
Have u talked to LenderFi to get the zip corrected?
JSDNJ
Posts: 275
Joined: Wed Feb 04, 2015 5:17 pm

Re: Refinance Mega Thread

Post by JSDNJ »

bgh11 wrote: Mon Aug 24, 2020 3:57 pm
JSDNJ wrote: Mon Aug 24, 2020 3:01 pm Tried to back door LenderFi, accidentally neglected to change the zip code, but filled in the info and it assigned a loan officer who is not licensed in my state. Now I am stuck and cant apply :oops:

Can anyone recommend another solid lender who would be receptive to trying to beat my locked LE with local lender?
Have u talked to LenderFi to get the zip corrected?

Yea I called them and they said ‘we are shut down how did you even start an app’ and that they weren’t taking apps.
lawrun21
Posts: 11
Joined: Thu May 19, 2016 8:36 am

Re: Refinance Mega Thread

Post by lawrun21 »

I received an offer today from a local guy for:

15 year fixed at 2.375
or
30 year fixed at 2.75

No points, but total closing costs of ~$4K, unless I get an appraisal waiver in which case the costs will be closer to $3.6K.

My current loan has about $300K outstanding, 3.5% 30-year fixed with 22 years to go.

The payback period is about 3 years as I calculate it, and we plan to stay in our house for a long time. Thoughts on whether this is a good deal?
Hugo Township
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Joined: Sat Jun 24, 2017 2:51 am

Re: Refinance Mega Thread

Post by Hugo Township »

lawrun21 wrote: Mon Aug 24, 2020 4:31 pm No points, but total closing costs of ~$4K, unless I get an appraisal waiver in which case the costs will be closer to $3.6K.
The closing costs you should be looking at are the boxes A B C and E, and then the Lender Credits under section J.

It's not clear to me where this $3.6k is going. I think overall 2.75% on a 30 year fixed with no points is a good deal as of today.
LAtoLV
Posts: 1
Joined: Mon Aug 24, 2020 4:57 pm

Re: Refinance Mega Thread

Post by LAtoLV »

Long time lurker...

Curious if anyone knows what the rules/restrictions are for refinancing a recent cash-out refi (closed approximately 50 days ago)? I was recently told that since I 'cashed-out' on my last refi, I would have have to wait 4 months?

Thanks to all of you who've posted on here. It's been amazing learning from this forum.

To clarify: This was from a different lender as the original lender (LoanDepot) has stated that they cannot help us until 6 months post close.
FiscallyResponsible
Posts: 93
Joined: Mon Feb 22, 2016 9:02 pm

Re: Refinance Mega Thread

Post by FiscallyResponsible »

For those looking for Cash-out and/or Loan Cabin info:


I FINALLY received loan estimate from Loan Cabin on cash out refi. 2.50% w/$600 Lender Credit for 30 Year Fixed, 100k cash out, $510,400 loan. Current Mortgage is 410k, home worth ~$700k.

A+B+C+E = $2776

Total Closing Costs (after Lender Credit) = $2176.

Loan Cabin did say that all estimates were on the high end for closing fees and that these numbers should drop. I'm not sure if $460 has a chance to be waived for appraisal w/Cash-out. This was waived in previous refi's done this year (non-cash out). I "made" 3200 in early July with my last refi down to 2.625% between AMEX credit and lender credits. Considering I still itemize, I feel like I'm borrowing an extra 100k at <2%. I have no need to tap this money anytime soon and will park it in the S&P or similar until retirement (less 24k to pay off 5% loan). I don't think the non-cash-out rate was that much cheaper.

FYI, Loan Cabin will not allow cash-out over the conforming limit even though their site quotes it.
newbiead
Posts: 47
Joined: Mon Aug 03, 2020 7:09 pm

Re: Refinance Mega Thread

Post by newbiead »

OK. Just got a date for a notary to come over for signing. Is it what is called closing? And is that the day when we are supposed to bring any checks needed for escrow, etc?
User avatar
anon_investor
Posts: 5257
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

newbiead wrote: Mon Aug 24, 2020 8:59 pm OK. Just got a date for a notary to come over for signing. Is it what is called closing? And is that the day when we are supposed to bring any checks needed for escrow, etc?
Yes.
Soares1234
Posts: 87
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

FiscallyResponsible wrote: Mon Aug 24, 2020 8:36 pm For those looking for Cash-out and/or Loan Cabin info:


I FINALLY received loan estimate from Loan Cabin on cash out refi. 2.50% w/$600 Lender Credit for 30 Year Fixed, 100k cash out, $510,400 loan. Current Mortgage is 410k, home worth ~$700k.

A+B+C+E = $2776

Total Closing Costs (after Lender Credit) = $2176.

Loan Cabin did say that all estimates were on the high end for closing fees and that these numbers should drop. I'm not sure if $460 has a chance to be waived for appraisal w/Cash-out. This was waived in previous refi's done this year (non-cash out). I "made" 3200 in early July with my last refi down to 2.625% between AMEX credit and lender credits. Considering I still itemize, I feel like I'm borrowing an extra 100k at <2%. I have no need to tap this money anytime soon and will park it in the S&P or similar until retirement (less 24k to pay off 5% loan). I don't think the non-cash-out rate was that much cheaper.

FYI, Loan Cabin will not allow cash-out over the conforming limit even though their site quotes it.
😮😮what a deal!!!
3of10
Posts: 169
Joined: Tue Jun 30, 2020 7:37 am

Re: Refinance Mega Thread

Post by 3of10 »

BrandonBogle wrote: Tue Aug 18, 2020 8:32 am Keep in mind homeowners insurance is usually included as well. You typically will see a minimum of 2/12 held (they are allowed to keep a two-month sized reserve for pricing variations year-to-year). However, if you have a payment due within 2-3 months of your closing, they will collect that payment due in addition to the above numbers.

In my case, my taxes are due in Sept (but payable until Jan without penalty). They were collected in addition to my escrow funding. I financed these and the increased loan amount actually enabled a $425 higher lender credit. So I earned $425 more (before interest costs) by financing a few thousand.
The ICD from a refi that I'm assisting with shows:

Section E - property taxes 12 months (prepaid)
Section G -property taxes 6 months (escrow)

These amounts (total of 18 months of property taxes) weren't listed like this on the LE, but all of a sudden showed up on the ICD. From reading your update and researching, it looks like by federal rule, the max # of months for property taxes on a refi should be 14 months (12 months for the year + 2 months in reserve).

Am I correct, and should go after the lender to have the property tax months reduced to 14 months, or is that legal? It just doesn't come across as being legit. Similar to your case, the property taxes are due in Sept (1/2), with the final payment due the end of Dec (1/2).
Last edited by 3of10 on Mon Aug 24, 2020 9:59 pm, edited 1 time in total.
"You don't stop playing because you're old. You're old because you've stopped playing"
Soares1234
Posts: 87
Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

m7a8a6 wrote: Mon Aug 24, 2020 1:34 pm So kinda stuck in the middle and having a hard time figuring out if there is really any difference between the two offers...

Loan 30yr fixed 249k at 2.625%

LenderFi
A+B+C+E = $2061
F+G+H+I = $3016
Total: $5077 (no lender credits)

Better
A+B+C+E = $2825
F+G+H+I = $1721
Total: $4546 - $839(lender credits) = $3707

If I'm only comparing ABCE, then isn't LenderFi better? Or am I missing something that Better.com's is better? Take Better's estimate back to LenderFi and ask to match or beat?
Did you go to better and ask if they can beat LenderFI and vice versa?
jimmyrules712
Posts: 616
Joined: Thu Jan 06, 2011 11:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

JSDNJ wrote: Mon Aug 24, 2020 4:04 pm
bgh11 wrote: Mon Aug 24, 2020 3:57 pm
JSDNJ wrote: Mon Aug 24, 2020 3:01 pm Tried to back door LenderFi, accidentally neglected to change the zip code, but filled in the info and it assigned a loan officer who is not licensed in my state. Now I am stuck and cant apply :oops:

Can anyone recommend another solid lender who would be receptive to trying to beat my locked LE with local lender?
Have u talked to LenderFi to get the zip corrected?

Yea I called them and they said ‘we are shut down how did you even start an app’ and that they weren’t taking apps.
I'm the person who first posted that backdoor "partner" link. I got it from a LenderFI facebook ad. Even right now I still see that ad when I log into facebook. So if they ask again tell them you applied through their facebook marketing campaign which included a working application link.
m7a8a6
Posts: 19
Joined: Mon Aug 17, 2020 8:25 pm

Re: Refinance Mega Thread

Post by m7a8a6 »

Soares1234 wrote: Mon Aug 24, 2020 9:23 pm
m7a8a6 wrote: Mon Aug 24, 2020 1:34 pm So kinda stuck in the middle and having a hard time figuring out if there is really any difference between the two offers...

Loan 30yr fixed 249k at 2.625%

LenderFi
A+B+C+E = $2061
F+G+H+I = $3016
Total: $5077 (no lender credits)

Better
A+B+C+E = $2825
F+G+H+I = $1721
Total: $4546 - $839(lender credits) = $3707

If I'm only comparing ABCE, then isn't LenderFi better? Or am I missing something that Better.com's is better? Take Better's estimate back to LenderFi and ask to match or beat?
Did you go to better and ask if they can beat LenderFI and vice versa?
Yea, I originally had received the LenderFi offer. I took it back to Better and that's the offer they came back with.

What's weird is that LenderFi waived the appraisal fee, but Better didn't. However, Better offered lender credits which more or less kept the cost the same.

I did take Better's offer back to LenderFi, but they came back with even higher numbers (someone didn't pay attention over there).

I had also sent the original LenderFi offer (the one above) to AimLoan. Instead of an offer, they came back asking me how much they would need to beat LenderFi's offer by in order for me to move forward?
bgh11
Posts: 92
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

Have anyone tried Navy FCU? Not that I am a member but just curious.
15 Year 2.000% rate 0.500 pt 2.212% APR
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