My LenderFi refinance is going well

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Topic Author
abyan
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My LenderFi refinance is going well

Post by abyan » Wed Jan 15, 2020 11:26 am

Hey all,

I wanted to post a note about my mortgage refi I'm doing with LenderFi, since I found out about them via you guys (there was some thread in which it was indicated they were actually decent operators). In fact, they've been great. My current rate is 4.125% (for a 30 year fixed conventional loan). A few months back, right before rates went back up, LenderFi was offering 3.5% with NO FEES AT ALL (again, 30 year fixed conventional). I missed locking that in, and finally jumped a few weeks ago when rates again went down to 3.5% with $900 in fees (not points, fees). I locked that in, and am about to close, and in fact it appears that $900 are my only actual fees (beyond escrow and first interest payment for the time between the two mortgages, but I don't count those as "fees"). I'm really pleasantly surprised. There have been no surprises, and LenderFi has been great to work with.

I will say, you have to review your forms carefully. There was a minor error or two on the initial form to lock in the rates, and I caught it and lenderfi had to update it (and thus I missed locking in that day). And my pre-closing closing disclosure also had a few mistakes that I caught, and they fixed.

But overall, the experience has been great. They've been really nice and responsive. No surprises. And for no, or low, fee, the rates were among the lowest I could find (and still trust).

Anyway, not to sound like a commercial, but this has been a surprisingly good experience. So just wanted to pass that along. (But definitely review the forms before you sign them.)

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Wed Jan 15, 2020 11:52 am

That has been my experience with them as well. I did a refi with them about six months ago and it was the cheapest, quickest, cleanest mortgage experience of my life (my sixth one, overall).

Little errors on forms seems to be a common issue with lenders, so anyone doing any loan with any lender should always do their due diligence.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 15, 2020 12:00 pm

Yep, I just talked to a friend who is an expert on such things, and he said the little errors are common, and that's why you get the forms, to verify the data etc BEFORE the closing.

anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca » Wed Jan 15, 2020 12:00 pm

Interesting, thanks. I have not heard of LendingFi.

How does the appraisal work? Does someone need to be home? Last time I did one (refinance), I had to take a half day off work and be there to lead him around.

How long does the process take with LendingFi?

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 15, 2020 12:05 pm

Appraisal was normal. They sent an outside appraiser, I paid the $495 fee, she came to my home for maybe 15 minutes, had it completed within 5 days. Someone definitely needs to be home as they look at every room and photograph some of it. And it's to your advantage -- I informed her about a few special aspects of my unit, which she agreed with.

As for how long -- I did the initial paperwork when I was trying to lock them in a few months ago. I assembled the paper in a few hours (bank statements, past tax returns). Then this time, when I did lock, I said "lock it" 9 days ago, the appraisal was two days later,they asked me for a few more forms (which didn't take much time to find), and now I'm probably 2 to 5 days from closing. So not long at all.

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Wed Jan 15, 2020 12:07 pm

anonsdca wrote:
Wed Jan 15, 2020 12:00 pm
Interesting, thanks. I have not heard of LendingFi.

How does the appraisal work? Does someone need to be home? Last time I did one (refinance), I had to take a half day off work and be there to lead him around.

How long does the process take with LendingFi?
For my refi, they did an automated computer appraisal that was acceptable, so no in-person appraisal was required, saving me $500 or so.

For me, it was two weeks total between when I talked with the guy the first time and the closing date. I have not yet used them for a purchase so I can't speak towards that time frame.

anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca » Wed Jan 15, 2020 1:02 pm

rocket354 wrote:
Wed Jan 15, 2020 12:07 pm
anonsdca wrote:
Wed Jan 15, 2020 12:00 pm
Interesting, thanks. I have not heard of LendingFi.

How does the appraisal work? Does someone need to be home? Last time I did one (refinance), I had to take a half day off work and be there to lead him around.

How long does the process take with LendingFi?
For my refi, they did an automated computer appraisal that was acceptable, so no in-person appraisal was required, saving me $500 or so.

For me, it was two weeks total between when I talked with the guy the first time and the closing date. I have not yet used them for a purchase so I can't speak towards that time frame.
Nice! Reason I asked is because I am doing a work tour out of state for a while and would still like to refinance while I am out of pocket. Thanks!

anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca » Wed Jan 15, 2020 1:03 pm

abyan wrote:
Wed Jan 15, 2020 12:05 pm
Appraisal was normal. They sent an outside appraiser, I paid the $495 fee, she came to my home for maybe 15 minutes, had it completed within 5 days. Someone definitely needs to be home as they look at every room and photograph some of it. And it's to your advantage -- I informed her about a few special aspects of my unit, which she agreed with.

As for how long -- I did the initial paperwork when I was trying to lock them in a few months ago. I assembled the paper in a few hours (bank statements, past tax returns). Then this time, when I did lock, I said "lock it" 9 days ago, the appraisal was two days later,they asked me for a few more forms (which didn't take much time to find), and now I'm probably 2 to 5 days from closing. So not long at all.
Interesting. One in-person appraisal and one computer generated one. Humm. Thanks for the the info.

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Wed Jan 15, 2020 1:06 pm

anonsdca wrote:
Wed Jan 15, 2020 1:03 pm
Interesting. One in-person appraisal and one computer generated one. Humm. Thanks for the the info.
The guy I talked to said that he was 50/50 he could do a computer appraisal and save me money. He ran it while I was on the phone with him, and whatever system he uses accepted it. The backup would have been an in-person appraisal.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 15, 2020 1:12 pm

Same thing happened with me. He tried to see if we could get it waived, but we couldn't (and I have almost 50% equity).

supersecretname
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Re: My LenderFi refinance is going well

Post by supersecretname » Wed Jan 15, 2020 3:27 pm

anyone use for an investment property?

LoveTheBogle
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Re: My LenderFi refinance is going well

Post by LoveTheBogle » Wed Jan 15, 2020 6:02 pm

abyan wrote:
Wed Jan 15, 2020 1:12 pm
Same thing happened with me. He tried to see if we could get it waived, but we couldn't (and I have almost 50% equity).
Are you considering the $500 appraisal fee in your $900 loan cost calculation?

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 15, 2020 6:07 pm

Yes. Though one last minute glitch. The Lender Title Insurance fee they quoted me just jumped like $500, and while they offset some of it, they still just increased my costs by $150 at the last minute. And I don't recall that being discussed as a possibility. So stay tuned on that. But yes, the $495 appraisal fee that I pay was included in the $913 total fees that I was quoted (that doesn't include escrow and interest).

Update: They adjusted the lender credit to cover the last-minute title insurance spike. So my closing is in two days and I'm done. They did a good job.
Last edited by abyan on Thu Jan 16, 2020 9:11 pm, edited 1 time in total.

over45
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Re: My LenderFi refinance is going well

Post by over45 » Wed Jan 15, 2020 6:19 pm

Sometimes if the same Title insurance company that issued the original policy "re-writes" the policy, those fees can be less. They simply go forward from their past research, where a new title company has to do a full work-up.

wtarbing
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Re: My LenderFi refinance is going well

Post by wtarbing » Wed Jan 15, 2020 6:41 pm

I also learned of lenderFI thru the forums here, big thanks.

Effortless breadth of quotes in a matter of seconds, and the fees were even lower than quoted once starting the process - appraisal waived, lender credit higher than quoted. Staff easy to deal with!

Current mortgage is 4.125, lenderFI is able to do 3.625 for a $1200 fee.

Even tho my FICO reports generated thru credit card accounts tell my my score is 795. The hard pull comes back with 680, 712, 753 and the midpoint used...
Hoped to get a bit of a lower rate but I'll take half percentage for now

anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca » Wed Jan 15, 2020 6:47 pm

I signed up and looked at the various rates, loans and points. Do they roll those fees (which ever you choose) into the loan? Or do you actually have to pay upfront for the appraisal, buy up etc?

wtarbing
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Re: My LenderFi refinance is going well

Post by wtarbing » Wed Jan 15, 2020 9:41 pm

I think either is possible, in my case they rolled the 1200 and 4mo. Escrow into the loan balance.. About 4k total, but I'll get the balance back down once I receive the balance in my previous mortgage escrow

gardener7
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Re: My LenderFi refinance is going well

Post by gardener7 » Wed Jan 15, 2020 9:51 pm

I had an incredibly smooth experience with them as well.
Closed a refi in September 2019. 15 yrs /3.125%, zero out of pocket. no appraisal. There wasn't a ton of communication on their part, but I would highly recommend.

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Thu Jan 16, 2020 12:20 pm

My first time hearing about LenderFi was through this post. Applied recently and was approved for 3.625% with no fees (technically $50 out of pocket) and an appraisal waived. I had no idea that lenders could waive an appraisal.

ExitStageLeft
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Re: My LenderFi refinance is going well

Post by ExitStageLeft » Thu Jan 16, 2020 6:16 pm

We're in the midst of a LenderFi refinance, also one who learned of them through this forum. Rates were the lowest of any I could find that lend in my state. I started with Costco but the guy on the phone was too obnoxious, turned me off immediately. Also looked at Mutual of Omaha but they were about 0.25% higher than LenderFi.

The appraiser was due at noon today. Will have to check with my wife and see how it went.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Thu Jan 16, 2020 9:12 pm

Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Thu Jan 16, 2020 9:51 pm

seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
I'm curious, have you (or anyone else) heard of anyone collecting on that offer? I researched it some and there was so much legalese around it that I felt they could probably always find a way to back out of ever paying it. But, of course, I'm no lawyer.

My experience was that I did shop them but since I found a much better deal after they made their offer I wasn't entitled to anything. They were still about $3k worse than, in fact, LenderFi, and said they'd get back to me but simply disappeared on me. So I do know that if you want to stand a chance, you have to get a great offer in hand then present it to them the first time you shop them. (And, my guess, go through a lot more.)

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Fri Jan 17, 2020 2:23 am

seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
One caveat is they only offer it on loan amounts <$500,000.

Are there any downsides to refinance a new mortgage (8 months into a 30 year fixed) if I'm bringing no cash to close, there are no points and the interest rate is 0.25% lower? Just want to make sure I'm not missing anything.

manatee2005
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Re: My LenderFi refinance is going well

Post by manatee2005 » Fri Jan 17, 2020 3:55 am

gardener7 wrote:
Wed Jan 15, 2020 9:51 pm
I had an incredibly smooth experience with them as well.
Closed a refi in September 2019. 15 yrs /3.125%, zero out of pocket. no appraisal. There wasn't a ton of communication on their part, but I would highly recommend.
In September 2019 I got 20 years for 3.0, no fees. I think 15 year was 2.875.
I found my lender on Zillow.

manatee2005
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Re: My LenderFi refinance is going well

Post by manatee2005 » Fri Jan 17, 2020 3:56 am

charis23 wrote:
Fri Jan 17, 2020 2:23 am
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
One caveat is they only offer it on loan amounts <$500,000.

Are there any downsides to refinance a new mortgage (8 months into a 30 year fixed) if I'm bringing no cash to close, there are no points and the interest rate is 0.25% lower? Just want to make sure I'm not missing anything.
Just because there are no points doesn’t mean there are no fees.
What are the fees?

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Fri Jan 17, 2020 4:01 am

manatee2005 wrote:
Fri Jan 17, 2020 3:56 am
charis23 wrote:
Fri Jan 17, 2020 2:23 am
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
One caveat is they only offer it on loan amounts <$500,000.

Are there any downsides to refinance a new mortgage (8 months into a 30 year fixed) if I'm bringing no cash to close, there are no points and the interest rate is 0.25% lower? Just want to make sure I'm not missing anything.
Just because there are no points doesn’t mean there are no fees.
What are the fees?
They're giving me a lender credit of about 1500 that is cover many of the fees. I was originally going to have to pay for an appraisal but they waived that. My total closing costs are $60.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Fri Jan 17, 2020 5:52 am

rocket354 wrote:
Thu Jan 16, 2020 9:51 pm
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
I'm curious, have you (or anyone else) heard of anyone collecting on that offer? I researched it some and there was so much legalese around it that I felt they could probably always find a way to back out of ever paying it. But, of course, I'm no lawyer.

My experience was that I did shop them but since I found a much better deal after they made their offer I wasn't entitled to anything. They were still about $3k worse than, in fact, LenderFi, and said they'd get back to me but simply disappeared on me. So I do know that if you want to stand a chance, you have to get a great offer in hand then present it to them the first time you shop them. (And, my guess, go through a lot more.)

Yes I did twice. Once with initial purchase and second time with refinance.

Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 » Fri Jan 17, 2020 6:16 am

charis23 wrote:
Fri Jan 17, 2020 4:01 am
manatee2005 wrote:
Fri Jan 17, 2020 3:56 am
charis23 wrote:
Fri Jan 17, 2020 2:23 am
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
One caveat is they only offer it on loan amounts <$500,000.

Are there any downsides to refinance a new mortgage (8 months into a 30 year fixed) if I'm bringing no cash to close, there are no points and the interest rate is 0.25% lower? Just want to make sure I'm not missing anything.
Just because there are no points doesn’t mean there are no fees.
What are the fees?
They're giving me a lender credit of about 1500 that is cover many of the fees. I was originally going to have to pay for an appraisal but they waived that. My total closing costs are $60.
No downside. Do it
A man with one watch always knows what time it is; a man with two watches is never sure.

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Fri Jan 17, 2020 6:33 am

charis23 wrote:
Fri Jan 17, 2020 2:23 am
Are there any downsides to refinance a new mortgage (8 months into a 30 year fixed) if I'm bringing no cash to close, there are no points and the interest rate is 0.25% lower? Just want to make sure I'm not missing anything.
Hassle is about it. We refid from 4.25 (2015) to 3.625 (2016) for only a few hundred bucks out of pocket and we save that each month. It was well worth it,and that was via a random cheapo outfit on Zillow.

The hassle was A) trying to dig up all the financial docs again since I have some self employment income and B) signing a hundred forms and scanning them into the computer. Maybe that's easier at some lenders. Again, it was worth it, but at 3.625 fixed I can't imagine refinancing again in my lifetime.

RJC
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Re: My LenderFi refinance is going well

Post by RJC » Fri Jan 17, 2020 9:05 am

We are currently going through a refinance as well (w/ Loan Flight, 30-year, 3.49%, no lender fees). So far a smooth process.

Question - do folks pay for pre-paid interest on the new loan AND accrued interested on your current loan? I can't remember if we paid both the last time I went through this process so this feels new to me.

Thanks in advance.

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Fri Jan 17, 2020 9:37 am

seawolf21 wrote:
Fri Jan 17, 2020 5:52 am
rocket354 wrote:
Thu Jan 16, 2020 9:51 pm
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
I'm curious, have you (or anyone else) heard of anyone collecting on that offer? I researched it some and there was so much legalese around it that I felt they could probably always find a way to back out of ever paying it. But, of course, I'm no lawyer.

My experience was that I did shop them but since I found a much better deal after they made their offer I wasn't entitled to anything. They were still about $3k worse than, in fact, LenderFi, and said they'd get back to me but simply disappeared on me. So I do know that if you want to stand a chance, you have to get a great offer in hand then present it to them the first time you shop them. (And, my guess, go through a lot more.)

Yes I did twice. Once with initial purchase and second time with refinance.
That's awesome. Are you willing to go into more detail about the process?

jtdavid
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Re: My LenderFi refinance is going well

Post by jtdavid » Fri Jan 17, 2020 1:36 pm

Based on this thread, I applied with LenderFi this morning. Here's what happened:

I went through their website at about 9:30 this morning and input some basic information. Name, address, occupation, loan amount, property value, SS#. Their website generated quotes for several loan types (30/25/20/15 yr fixed, plus some ARM options). Each loan term option included about 5 rate options based on points you were willing to pay. Each option clearly listed closing costs as well as any lender credit for that option. I selected the one I wanted (going from a 3.50% ARM to a no-cost 3.375% 30 year fixed rate loan).

About an hour later, the loan officer called me, and said my loan application looked great. He walked me through some electronic disclosures I had to initial and then I had to upload my last two paystubs, a copy of my homeowners insurance, drivers license, and most recent mortgage statement. He told me he could approve my application, my rate was locked, and we could close in about 2.5 weeks. He told me no appraisal was needed. The only cash I need to come to closing with is a few thousand dollars to pre-fund my escrow account.

All this sounds too easy. Will report back to confirm they follow through.
Last edited by jtdavid on Fri Jan 17, 2020 2:15 pm, edited 1 time in total.

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Fri Jan 17, 2020 1:42 pm

jtdavid wrote:
Fri Jan 17, 2020 1:36 pm
Based on this thread, I applied with LenderFi this morning. Here's what happened:

I went through their website at about 9:30 this morning and input some basic information. Name, address, occupation, loan amount, property value, SS#. Their website generated quotes for several loan types (30/25/20/15 yr fixed, plus some ARM options). Each loan term option included about 5 rate options based on points you were willing to pay. Each option clearly listed closing costs as well as any lender credit for that option. I selected the one I wanted (going from a 3.50% ARM to a no-cost 3.375% 30 year fixed rate loan).

About an hour later, the loan officer called me, and said my loan application looked great. He walked me through some electronic disclosures I had to initial and then I had to upload my last two paystubs, a copy of my homeowners insurance, drivers license, and most recent mortgage statement. He told me he could approve my application, my rate was locked, and we could close in about 2.5 weeks. He told me no appraisal was needed. He told me the only cash I need to come to closing with is a few thousand dollars to pre-fund my escrow account.

All this sounds too easy. Will report back to confirm they follow through.
That's a great rate. What is your loan amount?

anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca » Fri Jan 17, 2020 7:52 pm

jtdavid wrote:
Fri Jan 17, 2020 1:36 pm
Based on this thread, I applied with LenderFi this morning. Here's what happened:

I went through their website at about 9:30 this morning and input some basic information. Name, address, occupation, loan amount, property value, SS#. Their website generated quotes for several loan types (30/25/20/15 yr fixed, plus some ARM options). Each loan term option included about 5 rate options based on points you were willing to pay. Each option clearly listed closing costs as well as any lender credit for that option. I selected the one I wanted (going from a 3.50% ARM to a no-cost 3.375% 30 year fixed rate loan).

About an hour later, the loan officer called me, and said my loan application looked great. He walked me through some electronic disclosures I had to initial and then I had to upload my last two paystubs, a copy of my homeowners insurance, drivers license, and most recent mortgage statement. He told me he could approve my application, my rate was locked, and we could close in about 2.5 weeks. He told me no appraisal was needed. The only cash I need to come to closing with is a few thousand dollars to pre-fund my escrow account.

All this sounds too easy. Will report back to confirm they follow through.
Wow, great report. Look forward to the updates. I am gathering my documents and will apply also. Thanks for the report.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Sat Jan 18, 2020 4:42 pm

rocket354 wrote:
Fri Jan 17, 2020 9:37 am
seawolf21 wrote:
Fri Jan 17, 2020 5:52 am
rocket354 wrote:
Thu Jan 16, 2020 9:51 pm
seawolf21 wrote:
Thu Jan 16, 2020 9:12 pm
Did you shop against better.com? They have been pretty good at price beating competition best offer by $1000.
I'm curious, have you (or anyone else) heard of anyone collecting on that offer? I researched it some and there was so much legalese around it that I felt they could probably always find a way to back out of ever paying it. But, of course, I'm no lawyer.

My experience was that I did shop them but since I found a much better deal after they made their offer I wasn't entitled to anything. They were still about $3k worse than, in fact, LenderFi, and said they'd get back to me but simply disappeared on me. So I do know that if you want to stand a chance, you have to get a great offer in hand then present it to them the first time you shop them. (And, my guess, go through a lot more.)

Yes I did twice. Once with initial purchase and second time with refinance.
That's awesome. Are you willing to go into more detail about the process?
In summary, just be aware of the T&Cs (primarily loan estimate younger than 3 days from your request for price match). You fill out the better.com profile to get started. They do a soft pull and present you with rates combination.

Go shop around and email them the best offer you can get. Preferably the best offer would be in the form of a loan estimate as that would make comparison clear cut. You need to compare apples-to-apples in the form of same rate and loan duration (eg 30 year at 3.5%). The number you are looking to compare is section D (sum of sections A, B, and C) MINUS the Lender Credit in Section J (if any).

Better comes back with a response same day/next day. They will most likely match (as it would involve you lending with them) as opposed to giving you $1K to close with the competitor. The way they approve the match is to increase their lender credit such that better's section D minus Lender Credit is now $1K less than the offer you submitted.

The increase in lender credit carries across different loan terms so if they increased the lender credit on a 3.5% 30 year offer, you can decide you want to pay more points and go down to a lower rate because of the larger lender credit.

They appear willing to entertain multiple price matches provided you haven't lock your rate. Speaking of which, the beauty with better is you can switch rate/terms around pretty much up to a couple of days prior to closing even when you rate lock. A rate lock lock you into the rate sheet in effect on the day of the lock; it doesn't prevent you from changing to a different rate/term combination on that locked rate sheet. Other lenders allow you to do that as well but involve jumping around some hoops to get it done.

PROTIP - If you are planning to find your own title agent (especially for refi), mention it after the price match not before.

The only downsides with better is that they seem to be do more due diligence (or ask stupid questions depending on how you look at it) on the application than the other lender I used (Garden State Home Loans) so you may get questions on documentation submitted which GSHL didn't ask. For example, my spouse switch jobs in June 2019. I submitted final paystub from 1st employer and the "most recent" paystub from 2nd employer from August 2019. The 2nd employer paystub only showed show two months worth of income instead of an expected YTD of more than 66% (8 months out of the year) of stated income. better ask why most recent paystub YTD is so low whereas underwriter at GSHL was smart enough to add on YTD from 1st employer final paystub.

Second downside of better is they don't really weekends (super long hold times only for them to tell you your rep will get back to you following business day).

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AerialWombat
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Re: My LenderFi refinance is going well

Post by AerialWombat » Sat Jan 18, 2020 6:29 pm

seawolf21 wrote:
Sat Jan 18, 2020 4:42 pm
The only downsides with better is that they seem to be do more due diligence (or ask stupid questions depending on how you look at it) on the application than the other lender I used (Garden State Home Loans) so you may get questions on documentation submitted which GSHL didn't ask.
I will second this experience.

Did a refi with better.com in April 2019. I’m currently in the process of my 8th mortgage (purchases and refis) in just over 4 years, and better.com was by far the most demanding in terms of documentation, weird questions, and their due diligence.

I’m self-employed, so generally have more hoops to jump through anyway, but Better was just over the top.

For example, I had a foreclosure and bankruptcy in 2008. Under fair credit laws, I don’t even think they’re allowed to ask about stuff like that from 11 years ago. But, because the address from the foreclosed home still showed up in the address history portion of my credit report, Better demanded that I prove I had no ownership interest in that property anymore — which was difficult, because that was 2008, the lender was Washington Mutual (defunct), and it was one of those foreclosures on which the correct paperwork was never actually filed with the county.

They accepted my bankruptcy paperwork from the period as proof, since I listed the property and lender in the BK petition.

I won’t even go into all the explaining I had to do regarding my rental properties.

So, Better was great on rate and fees, but be ready to explain every little thing that might be even slightly “oddball”.

Ed_Sandwich
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Re: My LenderFi refinance is going well

Post by Ed_Sandwich » Tue Jan 21, 2020 1:21 pm

I called LenderFi yesterday as well based on the online quote. I am already set to close in the coming days. After signing up on the site, I received a call about 3 hours later. Paperwork is complete and rate is locked. The entire process took maybe an hour.

I second the poster above who said the hardest part was scanning and sending the documentation (approximately 4 forms). They were able to waive my appraisal as well. No snags so far...

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jan 21, 2020 1:30 pm

And my closing is done!

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xyz12
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Location: Somewhere

Re: My LenderFi refinance is going well

Post by xyz12 » Tue Jan 21, 2020 3:07 pm

Contemplating refinancing with LenderFi.

Does anyone know who service's the loan? Do they sell it? If they handle it, how's their website / interface for making additional principal payments?

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Tue Jan 21, 2020 3:08 pm

xyz12 wrote:
Tue Jan 21, 2020 3:07 pm
Contemplating refinancing with LenderFi.

Does anyone know who service's the loan? Do they sell it? If they handle it, how's their website / interface for making additional principal payments?
They sell it. They sell to a variety of places. You can actually request ahead of time who your loan gets sold to (for a cost, perhaps baked into the rate). I did not request any place specific, and my loan was sold to Wells Fargo. I never made a payment to LenderFi. This is my first loan serviced by Wells Fargo, and they've been perfectly fine so far.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jan 21, 2020 3:29 pm

Why would anyone care who services their loan? Are there any differences?

Ed_Sandwich
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Re: My LenderFi refinance is going well

Post by Ed_Sandwich » Tue Jan 21, 2020 3:55 pm

abyan wrote:
Tue Jan 21, 2020 3:29 pm
Why would anyone care who services their loan? Are there any differences?
Mine has been sold between companies a handful of times. Some of the websites are better than others. I currently have Wells Fargo, so we'll see who I end up with after the Refi.

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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 » Tue Jan 21, 2020 4:08 pm

abyan wrote:
Tue Jan 21, 2020 3:29 pm
Why would anyone care who services their loan? Are there any differences?
Having dealt with a few, some have better web interfaces than others. One I currently have for a loan on a rental property is downright abysmal. It's impossible to get any real statement off that site. Other servicers have better (or, of course, worse) customer service in case you are asking questions about payoffs or recasts or even just refinances. You might not be able to trust a word you're told. Finally, some people might not like a particular bank--for example, some might not like/trust Wells Fargo due to all those issues that came to light a couple years ago. I know because I was in that camp, but have had no issues so far. I might even go for one of their checking account bonuses if things continue to go smoothly. :happy

wildkarrde21
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Re: My LenderFi refinance is going well

Post by wildkarrde21 » Tue Jan 21, 2020 4:58 pm

I see everyone is talking about refis here, has anyone done a purchase with LenderFi?

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Wed Jan 22, 2020 3:07 am

This has been such a smooth and easy refi. Compared to my refinance that I did last year with Better.com, LenderFi asked for orders of magnitude less documents and also waived the appraisal. Very happy so far.

Ed_Sandwich
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Re: My LenderFi refinance is going well

Post by Ed_Sandwich » Wed Jan 22, 2020 8:34 am

abyan wrote:
Tue Jan 21, 2020 1:30 pm
And my closing is done!
How many days between rate lock/document upload/appraisal and closing?

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 22, 2020 9:05 am

You can upload some documents before rate lock. Otherwise, I locked on a Monday. Uploaded a few docs in the following days. Appraisal was Thursday of the same week. Closing was 9 days later.

jharkin
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Re: My LenderFi refinance is going well

Post by jharkin » Wed Jan 22, 2020 9:53 am

If this thread is open to other recommendations - Im currently working though a refi with NBKC. My previous loan was also 4.125 from last summer with NBKC and the lock in no points rate was 3.5% for conforming/3.75% for superconforming (over 510k) as of last week.

Lender fee is $275 for Costco members (costco mortgage program) + typical title and recording fees. They have a no cost option for a fraction of a point higher rate. And I also got appraisal waived.

This is my third loan with them and its been sooth sailing every time. They appear to keep conforming loans in house for servicing and transfer super/jumbos.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 22, 2020 9:59 am

Totally open, that's why I posted this! Just so folks would know their options. Be careful on that "+ other fees" component. My title fees were $1200! Fortunately, LenderFi promised me I'd pay $920 or so maxn for my 3.5% rate, and they upped their lender credit to cover the high title fees. My point is: Do the actual math, don't just assume it's "$250" plus "other fees." Those other fees can be a lot more.

charis23
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Re: My LenderFi refinance is going well

Post by charis23 » Sat Jan 25, 2020 7:28 pm

Ed_Sandwich wrote:
Wed Jan 22, 2020 8:34 am
abyan wrote:
Tue Jan 21, 2020 1:30 pm
And my closing is done!
How many days between rate lock/document upload/appraisal and closing?
I recently wrapped up closing too. Total of 10 days.

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