My LenderFi refinance is going well

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
FrugalPete
Posts: 6
Joined: Mon May 21, 2018 5:05 am

Re: My LenderFi refinance is going well

Post by FrugalPete » Tue Feb 18, 2020 2:30 am

Any company like this that someone can recommend in NY. They don't operate in NY...

ChiKid24
Posts: 55
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 » Fri Feb 21, 2020 12:34 pm

Rates continue to improve. Recommend people check out Lenderfi if they are looking to refi. I'm in process and now looking at no cost 30 year at 3.25%. Lender credit covers all closing costs and appraisal was waived. Nobody else came close to that unless I move a bunch of money.

boston85
Posts: 40
Joined: Mon Jul 24, 2017 3:30 pm

Re: My LenderFi refinance is going well

Post by boston85 » Fri Feb 21, 2020 1:18 pm

ChiKid24 wrote:
Fri Feb 21, 2020 12:34 pm
Rates continue to improve. Recommend people check out Lenderfi if they are looking to refi. I'm in process and now looking at no cost 30 year at 3.25%. Lender credit covers all closing costs and appraisal was waived. Nobody else came close to that unless I move a bunch of money.
You mind providing some more details on the amount of loan and % equity as well as where you live? The best I can see for a no-cost is 3.5%. This is for a jumbo loan of just over $1M and 21% down in Boston.

dtee
Posts: 27
Joined: Fri Nov 11, 2016 4:48 pm

Re: My LenderFi refinance is going well

Post by dtee » Fri Feb 21, 2020 1:29 pm

ChiKid24 wrote:
Fri Feb 21, 2020 12:34 pm
Rates continue to improve. Recommend people check out Lenderfi if they are looking to refi. I'm in process and now looking at no cost 30 year at 3.25%. Lender credit covers all closing costs and appraisal was waived. Nobody else came close to that unless I move a bunch of money.
Yup. I agree. I’m also in the process of refinancing with them as well. No cost 30 year at 3.25%. I previously did a refinance back in August at 3.625% and now my new monthly mortgage is around $2089/month. Mortgage balance is around $480k. I live in Orange County, CA

ChiKid24
Posts: 55
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 » Fri Feb 21, 2020 4:41 pm

boston85 wrote:
Fri Feb 21, 2020 1:18 pm
ChiKid24 wrote:
Fri Feb 21, 2020 12:34 pm
Rates continue to improve. Recommend people check out Lenderfi if they are looking to refi. I'm in process and now looking at no cost 30 year at 3.25%. Lender credit covers all closing costs and appraisal was waived. Nobody else came close to that unless I move a bunch of money.
You mind providing some more details on the amount of loan and % equity as well as where you live? The best I can see for a no-cost is 3.5%. This is for a jumbo loan of just over $1M and 21% down in Boston.
No problem. Loan balance had to be at $725k, which I believe is the maximum conforming amount cutoff. I'm paying down some principal to get there. LTV will be about 64%, but was told anything under 70% would be fine (assuming the loan value isn't greater than $725k). Southern California.

TropikThunder
Posts: 2191
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder » Fri Feb 21, 2020 6:47 pm

dcw213 wrote:
Wed Feb 05, 2020 8:15 am
Got a cold call from the LO a couple days before closing to check in. I mentioned I was wrapping up and he offered to match my LenderFi rate. This was tempting since I have existing Chase relationships and like their servicing platform but I had a sense of loyalty to finish up with LenderFi, primarily from the conversation I referenced. If the opportunity to refi again presents itself in the future, which I think is very possible, I am happy I have the connection and would definitely use again.
There's a good chance your loan ends up back at Chase for processing, mine did. They told me upfront though that they sell all their conforming loans to Fannie Mae and farm out the processing to Chase (in my case), and from what I've seen on this thread Wells Fargo, and likely additional servicers. I already have a Chase credit card and car loan so it fit in seamlessly on their app, which is nice.
Last edited by TropikThunder on Fri Feb 21, 2020 7:09 pm, edited 1 time in total.

TropikThunder
Posts: 2191
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder » Fri Feb 21, 2020 6:48 pm

KT785 wrote:
Mon Feb 17, 2020 3:31 pm
keith6014 wrote:
Mon Feb 17, 2020 2:55 pm
also started the process with Lenderfi.

whats is difference between "Estimated cash to close" and "Closing Cost"? What is included in "Estimated cash to close?"
"Cash to close" includes additional costs (not lender fees), namely the initial funding for your escrow account. Even with a "no cost" refi, you may (likely) still have to bring cash to the closing table if you escrow your property tax and/or homeowners' insurance.

KT785
But you'll get refunded what's left in your existing escrow account, which lessens the sting.

TropikThunder
Posts: 2191
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder » Fri Feb 21, 2020 7:09 pm

sfmdk240 wrote:
Sat Feb 08, 2020 4:15 pm
For people who have used LenderFi or Better, any concern about the fact that they don't actually service the loan and plan to sell it to a third party? I'm sure this helps to keep their costs low and allows them to offer their aggressive rates.
Doesn't concern me at all. Very few lenders keep the loans any more, most conforming loans are sold to Fannie Mae, Freddie Mac, etc (latest number I've seen is 66% of new mortgages). It's just too capital-intensive for most lenders to keep tens of millions of dollars tied up when most of their revenue comes from origination fees and servicing. They may keep the servicing, though, which leads many borrowers to think the original lender "kept" the loan. But even if the initially keep the servicing, they are just as likely to sell that off too at some point.

mesaverde
Posts: 453
Joined: Wed May 02, 2007 4:14 pm

Re: My LenderFi refinance is going well

Post by mesaverde » Fri Feb 21, 2020 7:55 pm

Thanks to the forum I also learned about Lenderfi and closed on a refinance this week... a 30 year fixed mortgage at 3.5% with $800 in actual closing costs (not including prepaids/escrow). 55% LTV ratio. They did not require me to pay for an appraisal. According to their website rates dropped even lower after I locked one month ago (I could get 3.375% at absolutely no cost now). The whole process was really easy.

My home is a condo and my condo community charges $200 for condo docs, which are required for a refinance. Lenderfi paid for this cost, which is not listed on their list of fees. Any other lender I've used required me to pay this $200 fee.
Citizens Bank will be servicing the loan.
I would not hesitate to refinance with Lenderfi again if rates drop to 3.25% (30 year fixed) at no cost.
"Learn from the past, live in the present, plan for the future"

JimmyD
Posts: 817
Joined: Fri Sep 27, 2013 4:03 pm

Re: My LenderFi refinance is going well

Post by JimmyD » Tue Feb 25, 2020 5:38 am

Locked in a 15 year refi at 2.875% with $800 in fees. Could have done 3% at zero cost, but since we're staying put for a while, the lower rate was better for us...plus it provides for good bragging rights 8-)

The process has been incredibly easy thus far. Fingers crossed it continues that way and that it gets sold to a decent servicer.

dandinsac
Posts: 169
Joined: Sat Jul 30, 2016 8:34 am

Re: My LenderFi refinance is going well

Post by dandinsac » Tue Feb 25, 2020 9:33 am

dandinsac wrote:
Fri Feb 14, 2020 6:56 pm
I just locked in with LenderFi for 3.25% for 20 years with no closing costs and no requirement for escrow. My P+I payment will be $62/month more, but I will saving ~$130/month in interest for the first year compared with prepaying my existing mortgage.

So far, it’s been easy with LenderFi. I liked that their website clearly shows the loan options and costs. I will report back how it turns out.
We completed the closing yesterday with LenderFi. We refinanced from 30 years @ 3.75% to 20 years @ 3.25%. This rate allowed us to get a lender credit of $1,716 which covered all of the transaction costs. We end up getting a $65 check.

The process was smooth and fast - only 13 days since I started the process! I had to close my HELOC, which I hadn't used for three years and don't foresee using any time soon. All in all, it went very smoothly.

The one thing that I did not expect was that we ended up "skipping" the March payment of $1760 on my original loan. So, when we make the first payment on the new loan, the principal will be about $2040 more compared to what it would have been if we kept the original mortgage. So, the cost of the refinance is actually $2040 - 1760 - 65 = $215 in extra interest. With a savings of $127/month in interest, it takes 2 months to make that back.

BlackcatCA
Posts: 127
Joined: Sat Jan 20, 2018 2:55 pm

Re: My LenderFi refinance is going well

Post by BlackcatCA » Tue Feb 25, 2020 12:43 pm

Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?

AD3
Posts: 53
Joined: Tue Apr 04, 2017 11:05 pm

Re: My LenderFi refinance is going well

Post by AD3 » Tue Feb 25, 2020 12:46 pm

BlackcatCA wrote:
Tue Feb 25, 2020 12:43 pm
Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?
I'm in the same position, the rate lock I got is for 3.15% not sure if I can get a lower rate than that. I'm wondering if I should hassle over a lower rate?

duuuuuude
Posts: 52
Joined: Mon Dec 12, 2016 11:42 pm

Re: My LenderFi refinance is going well

Post by duuuuuude » Tue Feb 25, 2020 12:54 pm

We just closed and everything got funded last week, but now I enter my info and it looks like rates dropped by 1/8!

I should stop looking!

Those in the middle of the process may be able to ask for the lower rate? I don't know if that would cost you anything....

KT785
Posts: 371
Joined: Fri Jul 11, 2014 2:21 pm
Location: Texas Hill Country

Re: My LenderFi refinance is going well

Post by KT785 » Tue Feb 25, 2020 12:59 pm

We locked last Friday on a no-cost 30 year fixed at 3.25%, a fair bit of savings from the 4.3% we got when we purchased the home nearly a year ago. In re-running the numbers at LenderFi, I suspect we could get even lower now, but I'm happy with 3.25% and if rates are still that low after 6 payments, we can avail ourselves of LenderFi's rate insurance program. :beer

KT785

tsohg
Posts: 52
Joined: Thu Mar 07, 2013 10:30 am

Re: My LenderFi refinance is going well

Post by tsohg » Tue Feb 25, 2020 1:34 pm

Following up. We closed our 20 conventional loan year refi with LenderFi yesterday (3.375%-- we reduced our interest rate from 3.875%). Total time to close from application was 22 days. I'm very pleased with how it went, it was smooth. We had to deed into and out of our living trust.

They waived the appraisal fee so it was a no cost closing for us.

I recommend you consider them if you're thinking of a refi.

jtdavid
Posts: 127
Joined: Thu Mar 01, 2007 12:21 pm

Re: My LenderFi refinance is going well

Post by jtdavid » Tue Feb 25, 2020 1:46 pm

Update on my end. My loan was sold to Wells Fargo.

User avatar
rocket354
Posts: 362
Joined: Mon Dec 14, 2015 12:31 pm

Re: My LenderFi refinance is going well

Post by rocket354 » Tue Feb 25, 2020 1:48 pm

BlackcatCA wrote:
Tue Feb 25, 2020 12:43 pm
Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?
I tried this during my refi last summer after their advertised rates dropped about 1/8 point. I got politely, but firmly, denied. They made it clear off the bat that once they lock, they lock. The reasoning given was that they have to pay for the lock and can't have a policy of redoing rates and repaying for these locks--it's all part of what helps keep their costs and therefore their fees low. He said if I could find someone who can actually beat the locked rate then come back. I couldn't find anyone within a quarter point of it, so I went forward. It's the risk you take.

They do have a policy that you can refi again after six months or so and they can likely re-use the appraisal and other aspects of the application to make the process possibly even cheaper and easier.

e5116
Posts: 496
Joined: Mon Oct 05, 2009 11:22 am

Re: My LenderFi refinance is going well

Post by e5116 » Tue Feb 25, 2020 3:40 pm

rocket354 wrote:
Tue Feb 25, 2020 1:48 pm
BlackcatCA wrote:
Tue Feb 25, 2020 12:43 pm
Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?
I tried this during my refi last summer after their advertised rates dropped about 1/8 point. I got politely, but firmly, denied. They made it clear off the bat that once they lock, they lock. The reasoning given was that they have to pay for the lock and can't have a policy of redoing rates and repaying for these locks--it's all part of what helps keep their costs and therefore their fees low. He said if I could find someone who can actually beat the locked rate then come back. I couldn't find anyone within a quarter point of it, so I went forward. It's the risk you take.

They do have a policy that you can refi again after six months or so and they can likely re-use the appraisal and other aspects of the application to make the process possibly even cheaper and easier.
Yep, I specifically asked this to my Loan officer at LenderFi and they said that unfortunately, they cannot change it. I'm moving forward with it with the mindset I'm still getting a great rate, one of the lowest in history. I suppose I could be a jerk and back-out, but given the commitment they have already made in pushing this forward and the costs they've already paid, I feel obligated to move forward. If rates are lower in 6 months, then I will look to re-finance again/use their "rate insurance" policy. Just my take.

tsohg
Posts: 52
Joined: Thu Mar 07, 2013 10:30 am

Re: My LenderFi refinance is going well

Post by tsohg » Tue Feb 25, 2020 3:43 pm

jtdavid wrote:
Tue Feb 25, 2020 1:46 pm
Update on my end. My loan was sold to Wells Fargo.
+1

I found out at closing that it would be sold to Wells Fargo as well.

BlackcatCA
Posts: 127
Joined: Sat Jan 20, 2018 2:55 pm

Re: My LenderFi refinance is going well

Post by BlackcatCA » Tue Feb 25, 2020 3:58 pm

e5116 wrote:
Tue Feb 25, 2020 3:40 pm
rocket354 wrote:
Tue Feb 25, 2020 1:48 pm
BlackcatCA wrote:
Tue Feb 25, 2020 12:43 pm
Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?
I tried this during my refi last summer after their advertised rates dropped about 1/8 point. I got politely, but firmly, denied. They made it clear off the bat that once they lock, they lock. The reasoning given was that they have to pay for the lock and can't have a policy of redoing rates and repaying for these locks--it's all part of what helps keep their costs and therefore their fees low. He said if I could find someone who can actually beat the locked rate then come back. I couldn't find anyone within a quarter point of it, so I went forward. It's the risk you take.

They do have a policy that you can refi again after six months or so and they can likely re-use the appraisal and other aspects of the application to make the process possibly even cheaper and easier.
Yep, I specifically asked this to my Loan officer at LenderFi and they said that unfortunately, they cannot change it. I'm moving forward with it with the mindset I'm still getting a great rate, one of the lowest in history. I suppose I could be a jerk and back-out, but given the commitment they have already made in pushing this forward and the costs they've already paid, I feel obligated to move forward. If rates are lower in 6 months, then I will look to re-finance again/use their "rate insurance" policy. Just my take.
Thanks for sharing these. I am leaning towards continuing also, as the original rate was/is still good. I was just curious if there are precedence with LenderFi since they seem to be very direct about everything.

About this 6 month “rate insurance” policy: I don’t recall seeing it when we signed the rate lock papers, nor did the loan officer bring it up when applying. Is it in the application, or will I see it in the final loan papers? Do I have to reach out to them in 6 months, or will they contact me?

manuvns
Posts: 762
Joined: Wed Jan 02, 2008 2:30 pm

Re: My LenderFi refinance is going well

Post by manuvns » Tue Feb 25, 2020 4:31 pm

NorthCenter wrote:
Wed Jan 29, 2020 11:09 am
supersecretname wrote:
Wed Jan 15, 2020 3:27 pm
anyone use for an investment property?
Also wondering if anyone has used LenderFi for an investment property? Are their rates competitive within that niche? Looking to refi a duplex building with one unit occupied by owner. Most mortgage brokers quote a premium of ~50 bps compared to single family. If not LenderFi, any recommendations for other mortgage brokers for owner occupied investment properties? Thanks.
my local credit union was able to offer me 3.75% on 15 yr fixed on investment property , but they only do 60% LTV and charged around 1% in lender fee + closing costs .

User avatar
Ramjet
Posts: 307
Joined: Thu Feb 06, 2020 11:45 am

Re: My LenderFi refinance is going well

Post by Ramjet » Tue Feb 25, 2020 4:53 pm

If you are a current home owner and are purchasing a new residence which option would you choose?

1) Take out home equity loan on current residence to purchase new home; sell old residence afterwards and pay off loan

2) Purchase new home via a loan with minimum possible down, sell old residence, refinance using LenderFi and put what you got from old residence into new

dfeucht
Posts: 8
Joined: Thu Apr 18, 2019 2:04 pm

Re: My LenderFi refinance is going well

Post by dfeucht » Tue Feb 25, 2020 5:07 pm

So I applied yesterday (Monday) around 2pm CST and got approval. I did choose the rate but did not get any option to lock the rate. I uploaded the initial financial items they asked for and sent a couple of messages through the online message center.

I have yet to get a message, email, text otherwise back. I am sure they have been slammed given the plummeting rates in last couple of days so maybe I am being paranoid after only 24 hours and I did call and leave a message with my loan # and my concerns, but just wanted get folks feedback here given the many who have gone through this process.

I am mostly concerned that the rate Lock Status shows as n/a. I may be a little lucky given the direction of rates today, but right now just want to make sure I am not going to miss out and am sending my financial info into the stratosphere. Thanks for any advice (or improving my patience)!

seawolf21
Posts: 481
Joined: Tue Aug 05, 2014 7:33 am

Re: My LenderFi refinance is going well

Post by seawolf21 » Tue Feb 25, 2020 5:21 pm

BlackcatCA wrote:
Tue Feb 25, 2020 3:58 pm
e5116 wrote:
Tue Feb 25, 2020 3:40 pm
rocket354 wrote:
Tue Feb 25, 2020 1:48 pm
BlackcatCA wrote:
Tue Feb 25, 2020 12:43 pm
Just watching the 10 yr treasury yield goes all time low...

We are in the middle of refinance with LenderFi as well, about 1 week in. Wondering if it is worthwhile to see if the rate can be lowered. Any experience with this from the group? Can we starting the whole process again mid-stream?
I tried this during my refi last summer after their advertised rates dropped about 1/8 point. I got politely, but firmly, denied. They made it clear off the bat that once they lock, they lock. The reasoning given was that they have to pay for the lock and can't have a policy of redoing rates and repaying for these locks--it's all part of what helps keep their costs and therefore their fees low. He said if I could find someone who can actually beat the locked rate then come back. I couldn't find anyone within a quarter point of it, so I went forward. It's the risk you take.

They do have a policy that you can refi again after six months or so and they can likely re-use the appraisal and other aspects of the application to make the process possibly even cheaper and easier.
Yep, I specifically asked this to my Loan officer at LenderFi and they said that unfortunately, they cannot change it. I'm moving forward with it with the mindset I'm still getting a great rate, one of the lowest in history. I suppose I could be a jerk and back-out, but given the commitment they have already made in pushing this forward and the costs they've already paid, I feel obligated to move forward. If rates are lower in 6 months, then I will look to re-finance again/use their "rate insurance" policy. Just my take.
Thanks for sharing these. I am leaning towards continuing also, as the original rate was/is still good. I was just curious if there are precedence with LenderFi since they seem to be very direct about everything.

About this 6 month “rate insurance” policy: I don’t recall seeing it when we signed the rate lock papers, nor did the loan officer bring it up when applying. Is it in the application, or will I see it in the final loan papers? Do I have to reach out to them in 6 months, or will they contact me?
Not exactly sure what this "policy" is other than appraisal but my understanding is lender fi does not determine whether appraisal is needed or not, fannie mae does and time since last appraisal is a factor and six months seem to be a cutoff regardless of which lender you refi with.
Ramjet wrote:
Tue Feb 25, 2020 4:53 pm
If you are a current home owner and are purchasing a new residence which option would you choose?

1) Take out home equity loan on current residence to purchase new home; sell old residence afterwards and pay off loan

2) Purchase new home via a loan with minimum possible down, sell old residence, refinance using LenderFi and put what you got from old residence into new
Base on current rates, I would say #2 would will be way to go unless you expect to be completely debt free after old residence is sold. HELOC rates are higher.

dfeucht wrote:
Tue Feb 25, 2020 5:07 pm
So I applied yesterday (Monday) around 2pm CST and got approval. I did choose the rate but did not get any option to lock the rate. I uploaded the initial financial items they asked for and sent a couple of messages through the online message center.

I have yet to get a message, email, text otherwise back. I am sure they have been slammed given the plummeting rates in last couple of days so maybe I am being paranoid after only 24 hours and I did call and leave a message with my loan # and my concerns, but just wanted get folks feedback here given the many who have gone through this process.

I am mostly concerned that the rate Lock Status shows as n/a. I may be a little lucky given the direction of rates today, but right now just want to make sure I am not going to miss out and am sending my financial info into the stratosphere. Thanks for any advice (or improving my patience)!
LenderFi's delayed response have been my experience as well. That's why I went with keystone funding (via mortgage professor). It took 3 business days for LenderFi to even have a 1st conversation with me (less than 24 hours with keystone). Afterwards, LenderFi didn't even bother calling to ask why I didn't proceed with any of my tasks.

runner23
Posts: 40
Joined: Sat Oct 17, 2015 8:45 am

Re: My LenderFi refinance is going well

Post by runner23 » Tue Feb 25, 2020 6:21 pm

dfeucht wrote:
Tue Feb 25, 2020 5:07 pm
So I applied yesterday (Monday) around 2pm CST and got approval. I did choose the rate but did not get any option to lock the rate. I uploaded the initial financial items they asked for and sent a couple of messages through the online message center.

I have yet to get a message, email, text otherwise back. I am sure they have been slammed given the plummeting rates in last couple of days so maybe I am being paranoid after only 24 hours and I did call and leave a message with my loan # and my concerns, but just wanted get folks feedback here given the many who have gone through this process.

I am mostly concerned that the rate Lock Status shows as n/a. I may be a little lucky given the direction of rates today, but right now just want to make sure I am not going to miss out and am sending my financial info into the stratosphere. Thanks for any advice (or improving my patience)!
This happened to me but Friday and Monday in my case. You are not locked yet. My Friday application quote was 3.25 and I locked yesterday at 3.125.

cudavid
Posts: 11
Joined: Thu Feb 14, 2019 7:57 pm

Re: My LenderFi refinance is going well

Post by cudavid » Tue Feb 25, 2020 6:35 pm

Just a shout out for Raterabbit, a lender I learned about from this site. 90% done with 30 year loan no cost 3.25
They do not write in all stTes, but did in mine, very responsive, good people!

manuvns
Posts: 762
Joined: Wed Jan 02, 2008 2:30 pm

Re: My LenderFi refinance is going well

Post by manuvns » Tue Feb 25, 2020 7:04 pm

Ramjet wrote:
Tue Feb 25, 2020 4:53 pm
If you are a current home owner and are purchasing a new residence which option would you choose?

1) Take out home equity loan on current residence to purchase new home; sell old residence afterwards and pay off loan

2) Purchase new home via a loan with minimum possible down, sell old residence, refinance using LenderFi and put what you got from old residence into new
i would not take equity from house #1 and borrow maximum for house #2 , later when house #1 sell invest it in my goals.

Cash
Posts: 1509
Joined: Wed Mar 10, 2010 10:52 am

Re: My LenderFi refinance is going well

Post by Cash » Wed Feb 26, 2020 9:44 pm

dfeucht wrote:
Tue Feb 25, 2020 5:07 pm
So I applied yesterday (Monday) around 2pm CST and got approval. I did choose the rate but did not get any option to lock the rate. I uploaded the initial financial items they asked for and sent a couple of messages through the online message center.

I have yet to get a message, email, text otherwise back. I am sure they have been slammed given the plummeting rates in last couple of days so maybe I am being paranoid after only 24 hours and I did call and leave a message with my loan # and my concerns, but just wanted get folks feedback here given the many who have gone through this process.

I am mostly concerned that the rate Lock Status shows as n/a. I may be a little lucky given the direction of rates today, but right now just want to make sure I am not going to miss out and am sending my financial info into the stratosphere. Thanks for any advice (or improving my patience)!
Any word yet? I am wondering if they will honor the rate on the application if rates subsequently move higher.

User avatar
drive2snow
Posts: 3
Joined: Thu Feb 27, 2020 8:05 am

Re: My LenderFi refinance is going well

Post by drive2snow » Thu Feb 27, 2020 8:06 am

I finally bit the bullet and applied Monday night with LenderFi. I'm still waiting to hear anything from them at this point..

wtarbing
Posts: 8
Joined: Thu Aug 23, 2018 11:22 am

Re: My LenderFi refinance is going well

Post by wtarbing » Thu Feb 27, 2020 2:38 pm

Man.. i closed Jan 27th going from 4.125 to 3.625, last week a coworker locked in 30 yr @ 3.25, and today another locked in 30-yr @ 3%...
At this point, the spread between my loan and current costless rates are as much as they were before.

For those of you who couldn't predict the onset of CODVID-19 and the subsequent dismantling of global markets, what are the best options to do another costless refi?

I'm thinking the best route is to get a LENDERFI quote and take it to Better.com

Thoughts?

Eeveetheragdoll
Posts: 3
Joined: Thu Feb 27, 2020 2:49 pm

Re: My LenderFi refinance is going well

Post by Eeveetheragdoll » Thu Feb 27, 2020 2:51 pm

Thanks to this thread, last night we locked 3.125% 30 year, no closing costs, unfortunately we couldn't wave the appraisal.

e5116
Posts: 496
Joined: Mon Oct 05, 2009 11:22 am

Re: My LenderFi refinance is going well

Post by e5116 » Thu Feb 27, 2020 3:34 pm

wtarbing wrote:
Thu Feb 27, 2020 2:38 pm
Man.. i closed Jan 27th going from 4.125 to 3.625, last week a coworker locked in 30 yr @ 3.25, and today another locked in 30-yr @ 3%...
At this point, the spread between my loan and current costless rates are as much as they were before.

For those of you who couldn't predict the onset of CODVID-19 and the subsequent dismantling of global markets, what are the best options to do another costless refi?

I'm thinking the best route is to get a LENDERFI quote and take it to Better.com

Thoughts?
In your agreement with LenderFi, I believe they made you sign something that says you won't refinance within 6 months of close....Not sure the exact recourse they'd have, though, but they definitely mentioned that to me.

dfeucht
Posts: 8
Joined: Thu Apr 18, 2019 2:04 pm

Re: My LenderFi refinance is going well

Post by dfeucht » Thu Feb 27, 2020 4:41 pm

Cash wrote:
Wed Feb 26, 2020 9:44 pm
Any word yet? I am wondering if they will honor the rate on the application if rates subsequently move higher.
I called them yesterday late morning and talked to someone who apologized and sent a note to the mortgage person licensed in my state. They called me back within the hour. I was able to lock at the same rate with a slightly higher lender credit because the market had moved that way since my application. I assume if it had gone the other way that would have cost me some.

True no cost rate was 1/8% better than I could find anywhere else in my research. 2.875% on 15 year loan with $220k borrowed. The lower borrowed amount makes it a little tougher to cover fixed costs with the lender credit based on loan amount.

I will report back after my process completes with a complete review.

akpk
Posts: 61
Joined: Mon May 13, 2013 7:03 pm

Re: My LenderFi refinance is going well

Post by akpk » Thu Feb 27, 2020 4:53 pm

1.I received "Borrower Certification and Authorization" for signature from Lendefi. Is this normal?
2. Any feedback on raterabbit?

User avatar
Tim_in_GA
Posts: 370
Joined: Wed Jun 08, 2011 9:42 am

Re: My LenderFi refinance is going well

Post by Tim_in_GA » Thu Feb 27, 2020 4:54 pm

akpk wrote:
Thu Feb 27, 2020 4:53 pm
1.I received "Borrower Certification and Authorization" for signature from Lendefi. Is this normal?
Yep, I just signed the same thing last week.

akpk
Posts: 61
Joined: Mon May 13, 2013 7:03 pm

Re: My LenderFi refinance is going well

Post by akpk » Thu Feb 27, 2020 5:02 pm

Tim_in_GA wrote:
Thu Feb 27, 2020 4:54 pm
akpk wrote:
Thu Feb 27, 2020 4:53 pm
1.I received "Borrower Certification and Authorization" for signature from Lendefi. Is this normal?
Yep, I just signed the same thing last week.
Thanks - Is language bit concerning? They are saying they can initiate verification anytime even after closing.

jbell3124
Posts: 31
Joined: Tue Jul 16, 2013 10:53 pm

Re: My LenderFi refinance is going well

Post by jbell3124 » Thu Feb 27, 2020 5:10 pm

Just started the process with them. What does “initiate verification” mean? Getting cold feet, worried about inability to refi in these next 6 months if bottom falls out.

akpk
Posts: 61
Joined: Mon May 13, 2013 7:03 pm

Re: My LenderFi refinance is going well

Post by akpk » Thu Feb 27, 2020 6:46 pm

jbell3124 wrote:
Thu Feb 27, 2020 5:10 pm
Just started the process with them. What does “initiate verification” mean? Getting cold feet, worried about inability to refi in these next 6 months if bottom falls out.
If you need to refinance you in next 6 months you will be free to do so - i think they have a clause that you will need to return any lender credit.

jbell3124
Posts: 31
Joined: Tue Jul 16, 2013 10:53 pm

Re: My LenderFi refinance is going well

Post by jbell3124 » Thu Feb 27, 2020 6:52 pm

Okay, haven’t gotten that far yet to see the fine print. With that in mind, might make sense to take the no cost which actually leaves some of the lender credit (and made the higher cc option more enticing because it used the whole credit and made the extra .125 pretty cheap.

Eric76
Posts: 183
Joined: Fri Nov 07, 2014 4:02 am

Re: My LenderFi refinance is going well

Post by Eric76 » Thu Feb 27, 2020 7:17 pm

Does anybody know of lenders other than LenderFi and AimLoans that don't require personal information to give quotes and closing costs?

akpk
Posts: 61
Joined: Mon May 13, 2013 7:03 pm

Re: My LenderFi refinance is going well

Post by akpk » Thu Feb 27, 2020 9:49 pm

Eric76 wrote:
Thu Feb 27, 2020 7:17 pm
Does anybody know of lenders other than LenderFi and AimLoans that don't require personal information to give quotes and closing costs?
Good question, so far i have seen only raterabbit.com and lenderfi.com. Interested in feedback from other folks as well.

bluebolt
Posts: 1104
Joined: Sat Jan 14, 2017 9:01 am

Re: My LenderFi refinance is going well

Post by bluebolt » Mon Mar 02, 2020 11:18 am

I applied Thursday afternoon (during business hours Pacific Time) and haven't heard back from them. I called and left a message Friday afternoon. My application status is showing as approved on the date of application and the lock info is showing as n/a.

Anybody who applied last week - did you get contacted by them yet? How long did it take to hear from them and to lock?

dlrkw9mu
Posts: 20
Joined: Mon Apr 27, 2015 12:01 pm

Re: My LenderFi refinance is going well

Post by dlrkw9mu » Mon Mar 02, 2020 11:30 am

bluebolt wrote:
Mon Mar 02, 2020 11:18 am
I applied Thursday afternoon (during business hours Pacific Time) and haven't heard back from them. I called and left a message Friday afternoon. My application status is showing as approved on the date of application and the lock info is showing as n/a.

Anybody who applied last week - did you get contacted by them yet? How long did it take to hear from them and to lock?
Here's my rough timeline. Sounds like they've been slammed but are trying to make things right.
Applied Thursday.
Requested and received a loan disclosure (and a number of other documents to e-sign) on Friday.
Got an email Friday night asking for patience due to the number of applications, but assuring me they will make things right.
I emailed twice requesting to lock the rate (Friday and Saturday).
Received a call from the loan officer Saturday afternoon to verbally lock rate. He told me they were receiving ~1000 applications/day last week. When I locked the rate, the lender credits were quite a bit higher than I had seen on the initial disclosure (meaning loan is now much cheaper). He told me it would probably be Monday before i saw the rate lock confirmation online, but assured me the terms we spoke about were what he was locking.

dvvader
Posts: 39
Joined: Fri Nov 22, 2019 7:07 pm

Re: My LenderFi refinance is going well

Post by dvvader » Thu Mar 05, 2020 1:49 pm

dvvader wrote:
Thu Feb 13, 2020 2:56 pm
I locked in a 30 year fixed at 3.375% yesterday with LenderFi. The appraisal fee was waived, resulting in zero closing costs except funding escrow. I applied yesterday, submitted my docs, and spent about 20 minutes on the phone with the loan officer asking various questions. He was extremely gracious and informative. Total time spent: ~1 hour.
Figured I'd update this thread, signed documents last night. 3 weeks from first contact. Everything went relatively smoothly so no complaints from me!

Wyodoc
Posts: 108
Joined: Sat Oct 27, 2018 9:32 am

Re: My LenderFi refinance is going well

Post by Wyodoc » Thu Mar 05, 2020 8:14 pm

I find this thread intriguing as there are some people with great experiences and some with bad communication experiences.
On Monday I applied for a 15yr fixed at 2.5%. Got my confirmation email and that my loan officer would be in touch within 1 business day. Waited 2 days and then left a message and an email. Today, day 3, left another message. Still no call or email back :confused

Makes one nervous to do business with a company you can’t get in touch with and they don’t return calls/emails...

bluebolt
Posts: 1104
Joined: Sat Jan 14, 2017 9:01 am

Re: My LenderFi refinance is going well

Post by bluebolt » Thu Mar 05, 2020 8:36 pm

Wyodoc wrote:
Thu Mar 05, 2020 8:14 pm
I find this thread intriguing as there are some people with great experiences and some with bad communication experiences.
On Monday I applied for a 15yr fixed at 2.5%. Got my confirmation email and that my loan officer would be in touch within 1 business day. Waited 2 days and then left a message and an email. Today, day 3, left another message. Still no call or email back :confused

Makes one nervous to do business with a company you can’t get in touch with and they don’t return calls/emails...
They must have a big backlog. They did get in touch with me 3 or 4 business days after the application to esign some paperwork.

Wyodoc
Posts: 108
Joined: Sat Oct 27, 2018 9:32 am

Re: My LenderFi refinance is going well

Post by Wyodoc » Thu Mar 05, 2020 8:48 pm

bluebolt wrote:
Thu Mar 05, 2020 8:36 pm
Wyodoc wrote:
Thu Mar 05, 2020 8:14 pm
I find this thread intriguing as there are some people with great experiences and some with bad communication experiences.
On Monday I applied for a 15yr fixed at 2.5%. Got my confirmation email and that my loan officer would be in touch within 1 business day. Waited 2 days and then left a message and an email. Today, day 3, left another message. Still no call or email back :confused

Makes one nervous to do business with a company you can’t get in touch with and they don’t return calls/emails...
They must have a big backlog. They did get in touch with me 3 or 4 business days after the application to esign some paperwork.
I don’t doubt it. I just feel that a professional business could at least send out an email/call about unusual high volume and blah blah we have your information and will get back to you soon.... not to respond seems unprofessional. Especially with a company holding everyone’s personal information. Concerning...

magicj
Posts: 122
Joined: Wed Sep 16, 2015 1:44 pm

Re: My LenderFi refinance is going well

Post by magicj » Thu Mar 05, 2020 8:56 pm

I went through a refi with them a month ago. They got in touch with me the next business day. The rep I worked with said “someone on a financial message board said they had a good experience with us”, and said their business got significantly busier. Can’t remember the actual days but we went from application to closing in a couple weeks.
Great process and a great rate. Ours was sold off to chase.

eltron
Posts: 171
Joined: Wed Apr 06, 2016 2:25 pm

Re: My LenderFi refinance is going well

Post by eltron » Thu Mar 05, 2020 9:16 pm

Wyodoc wrote:
Thu Mar 05, 2020 8:14 pm
I find this thread intriguing as there are some people with great experiences and some with bad communication experiences.
On Monday I applied for a 15yr fixed at 2.5%. Got my confirmation email and that my loan officer would be in touch within 1 business day. Waited 2 days and then left a message and an email. Today, day 3, left another message. Still no call or email back :confused

Makes one nervous to do business with a company you can’t get in touch with and they don’t return calls/emails...
Curious, what were your fees like to get that rate? I'm currently sitting on a 15 year note at 3.125% so I've been hesitant to jump. But dropping to 2.5% is getting awfully close to being worth it. I've also considered moving to a 10 year note if I can get a better rate and/or less fees to get there. But on their website I'm not seeing an option below 3% with my current mortgage.

Post Reply