My LenderFi refinance is going well

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bling
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Re: My LenderFi refinance is going well

Post by bling » Tue Jan 28, 2020 8:35 pm

i recently applied to lenderfi as well because they easily had the best rates. process was really smooth and the loan officer said i was able to close in 2 weeks after i sent in all the documentation.

i was about to sign all the forms, and then out of nowhere i got an email from better.com. it's as if they were spying on my credit report... anywho, targeted offer comes in -- close with better.com and get a $2500 statement credit on my credit card. free money is free money, so i applied. the rate was the same but closing costs were much higher. i showed them my offer from lenderfi and they matched.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jan 28, 2020 10:10 pm

LOL wow! That's insane.

NorthCenter
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Re: My LenderFi refinance is going well

Post by NorthCenter » 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.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Wed Jan 29, 2020 12:09 pm

Just checked a private link I still have for checking various loan options, though I think my link is just for refis. For an investment property condo, $300k mortgage, 30 year conventional mortgage, excellent credit, 50% equity, the fees were free for 4.375%, and if you pay like $20 you can get 4.25%.

If you change that to primary residence, same parameters, the no-fee mortgage is 3.5%.

I suspect you'll see a similar discrepancy when looking at a purchase and not a refi.

One more thing, the rates on conventional refis drop when you hit $400k principal remaining, and then even better at $500k.

chewy8k
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Re: My LenderFi refinance is going well

Post by chewy8k » Wed Jan 29, 2020 2:14 pm

I also wanted to thank you guys for leading me to lenderfi. Process seemed smooth but just like a poster above mentioned better.com reached out to me and offered me $1000 to go with them and they matched lenderfi's rate. In the process of trying to close with better now.

rage_phish
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Re: My LenderFi refinance is going well

Post by rage_phish » Wed Jan 29, 2020 6:59 pm

This is very good to know

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Fri Jan 31, 2020 3:16 am

bling wrote:
Tue Jan 28, 2020 8:35 pm
i recently applied to lenderfi as well because they easily had the best rates. process was really smooth and the loan officer said i was able to close in 2 weeks after i sent in all the documentation.

i was about to sign all the forms, and then out of nowhere i got an email from better.com. it's as if they were spying on my credit report... anywho, targeted offer comes in -- close with better.com and get a $2500 statement credit on my credit card. free money is free money, so i applied. the rate was the same but closing costs were much higher. i showed them my offer from lenderfi and they matched.
Amex is running a similar offer

4th and Inches
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Re: My LenderFi refinance is going well

Post by 4th and Inches » Fri Jan 31, 2020 6:59 am

seawolf21 wrote:
Fri Jan 31, 2020 3:16 am
bling wrote:
Tue Jan 28, 2020 8:35 pm
i recently applied to lenderfi as well because they easily had the best rates. process was really smooth and the loan officer said i was able to close in 2 weeks after i sent in all the documentation.

i was about to sign all the forms, and then out of nowhere i got an email from better.com. it's as if they were spying on my credit report... anywho, targeted offer comes in -- close with better.com and get a $2500 statement credit on my credit card. free money is free money, so i applied. the rate was the same but closing costs were much higher. i showed them my offer from lenderfi and they matched.
Amex is running a similar offer
I too received this from AMEX regarding a $2500 statement credit. Did you look at the actual rates? I didn’t see anything about a rate/fee match. I put in my loan parameters and fake contact information so I wouldn’t get contacted and the interest rate was 3.625% with an APR at 3.875%. That same day at the same time Lenderfi was offering 3.375% at no cost.

bling
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Re: My LenderFi refinance is going well

Post by bling » Fri Jan 31, 2020 5:47 pm

4th and Inches wrote:
Fri Jan 31, 2020 6:59 am
seawolf21 wrote:
Fri Jan 31, 2020 3:16 am
bling wrote:
Tue Jan 28, 2020 8:35 pm
i recently applied to lenderfi as well because they easily had the best rates. process was really smooth and the loan officer said i was able to close in 2 weeks after i sent in all the documentation.

i was about to sign all the forms, and then out of nowhere i got an email from better.com. it's as if they were spying on my credit report... anywho, targeted offer comes in -- close with better.com and get a $2500 statement credit on my credit card. free money is free money, so i applied. the rate was the same but closing costs were much higher. i showed them my offer from lenderfi and they matched.
Amex is running a similar offer
I too received this from AMEX regarding a $2500 statement credit. Did you look at the actual rates? I didn’t see anything about a rate/fee match. I put in my loan parameters and fake contact information so I wouldn’t get contacted and the interest rate was 3.625% with an APR at 3.875%. That same day at the same time Lenderfi was offering 3.375% at no cost.
https://better.com/with/better-price-guarantee/

Another thing worth mentioning is that lenderfi only gave me their best rate if I closed my HELOC. So far better has not said anything.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Fri Jan 31, 2020 11:23 pm

4th and Inches wrote:
Fri Jan 31, 2020 6:59 am
seawolf21 wrote:
Fri Jan 31, 2020 3:16 am
bling wrote:
Tue Jan 28, 2020 8:35 pm
i recently applied to lenderfi as well because they easily had the best rates. process was really smooth and the loan officer said i was able to close in 2 weeks after i sent in all the documentation.

i was about to sign all the forms, and then out of nowhere i got an email from better.com. it's as if they were spying on my credit report... anywho, targeted offer comes in -- close with better.com and get a $2500 statement credit on my credit card. free money is free money, so i applied. the rate was the same but closing costs were much higher. i showed them my offer from lenderfi and they matched.
Amex is running a similar offer
I too received this from AMEX regarding a $2500 statement credit. Did you look at the actual rates? I didn’t see anything about a rate/fee match. I put in my loan parameters and fake contact information so I wouldn’t get contacted and the interest rate was 3.625% with an APR at 3.875%. That same day at the same time Lenderfi was offering 3.375% at no cost.
You have to use better's price match to get the best deal out of them. Their initial offer is not going to be the lowest.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Sat Feb 01, 2020 9:27 am

Is lenderfi responsive? I filled out an application and hard pull on Thursday night. Had a question and emailed and called. No response at all on Friday. Their general 888 number and the assigned rep number ends up in voicemail. Not a very good first impression.

oktax
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Re: My LenderFi refinance is going well

Post by oktax » Sat Feb 01, 2020 9:56 am

So far, so good for us with LenderFi. Applied Monday and the loan is already over to processing. They waived our appraisal so was able to lock at 3.5% with basically no closing costs other than funding the escrow. Very pleased.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Sat Feb 01, 2020 10:19 am

seawolf21 wrote:
Sat Feb 01, 2020 9:27 am
Is lenderfi responsive? I filled out an application and hard pull on Thursday night. Had a question and emailed and called. No response at all on Friday. Their general 888 number and the assigned rep number ends up in voicemail. Not a very good first impression.
I found it’s better to call than email. I know you did call, but I suspect they’re a small operation. Found them very honest and diligent, just sometimes slow to respond. They’re good, it’s worth calling again.

wootwoot
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Re: My LenderFi refinance is going well

Post by wootwoot » Sat Feb 01, 2020 7:40 pm

What documentation is required for a refinance with lenderfi?

SEAworld9
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Re: My LenderFi refinance is going well

Post by SEAworld9 » Sat Feb 01, 2020 8:01 pm

great to see this thread. looking to refinance with them as well; best rates from what i can find.

tsohg
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Re: My LenderFi refinance is going well

Post by tsohg » Sun Feb 02, 2020 11:23 am

Chiming in. This thread made me aware of LenderFI.

I just submitted a refinance application with LenderFI for a fixed 20 year conventional loan. Loan amount 220k, value of home 350k. The quoted rate on the site is 3.25% with ~$500 in closing costs. I am hoping we can avoid the appraisal. We live in a middle-to-upper-middle class subdivision with a fair amount of market activity.

Will report back on our experience.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Mon Feb 03, 2020 12:04 pm

abyan wrote:
Sat Feb 01, 2020 10:19 am
seawolf21 wrote:
Sat Feb 01, 2020 9:27 am
Is lenderfi responsive? I filled out an application and hard pull on Thursday night. Had a question and emailed and called. No response at all on Friday. Their general 888 number and the assigned rep number ends up in voicemail. Not a very good first impression.
I found it’s better to call than email. I know you did call, but I suspect they’re a small operation. Found them very honest and diligent, just sometimes slow to respond. They’re good, it’s worth calling again.
Anybody know which timezone they are in?

Submit app on Friday 3AM Eastern
Emailed and left voicemail (designated rep and general number) Friday morning Eastern. Left voicemail on Saturday as well.
Still waiting to for a callback or email response as of Monday noon Eastern.

I guess business must be good.

During the same time, I was put in touch with Keystone via Mortgage Professor and had already spoke with them and had several email exchanges between Friday evening and Saturday and Monday morning.

Good thing I'm just doing a refi. I would be really be concern having LenderFi for a purchase transaction.

Topic Author
abyan
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Re: My LenderFi refinance is going well

Post by abyan » Mon Feb 03, 2020 12:10 pm

They're in CA.

jtdavid
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Re: My LenderFi refinance is going well

Post by jtdavid » Tue Feb 04, 2020 9:48 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.
Follow up to my previous post. Closing is scheduled for tomorrow, February 5. My closing did get delayed by a few days because at the 11th hour my current lender erroneously reported my mortgage past due 60 days during a transition period from one servicer to another. It took several days and about 2 hours of my time on the phone getting it straightened out. But that really wasn't LenderFi's fault.

The only thing I had to provide after my original contact with LenderFi was my last two months' bank statements, and something from my HOA that showed what my HOA fees were. Overall, I am happy with the process.

duuuuuude
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Re: My LenderFi refinance is going well

Post by duuuuuude » Wed Feb 05, 2020 1:10 am

Just locked in 3.25% no fee 25 year rate. Would have been same rate for 30 year, but we’re in year 5 of our original 30 year loan. Plan to continue to make the same payment amount and end loan 1 year early and saving even more on interest.

I applied online yesterday via the website after entering the basic info. Loan officer called back today and within 15 minutes had it all done. Appraisal was waived here as well so that could speed up the process.

Lots of lenders were offering 3.375% no cost after flashing 3.25% no cost. Lenderfi was the only one actually able to go 3.25% no cost so we went with them. I wasn’t sure if they were going to follow through but they did.

I just uploaded all the financial docs via their portal tonight so we’ll see what happens next...smooth so far...

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Wed Feb 05, 2020 7:40 am

I applied Monday morning when the lender discount for a 20-year 3.25% mortgage was over $400. Didn't get a response until the next day and missed the discount. On Tuesday the same loan was even, no discount and no extra points. I wasn't happy about that and the loan officer gave me a $200 credit. My house is only 2.5 years old but they must do an appraisal. My house is classified as a condo even though it's a detached house, but we all belong to a condo association. That also affects the loan because it requires a higher loan-to-value ratio. The loan officer told me it should take 3 weeks. :shock:

dcw213
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Re: My LenderFi refinance is going well

Post by dcw213 » Wed Feb 05, 2020 8:15 am

I just closed a refi with LenderFi yesterday. Fast process, closed in 10 days and used all the automated tools the industry has adopted (Appraisal Waiver, payroll service income verification). Only had to provide a few documents. The process was smooth but documentation transfers felt a little less secure than larger institutions I have used in the past (clunky portal, not super intuitive). Lots of the processing work is clearly farmed out and the outreach was very brief fand not high touch (knowing the drill, I was fine with this but struck me that less informed borrowers might be a deer in headlights).Clearly a small operation but that is why their rates are what they are.

I spoke to who I believe is the owner on the phone during the process. He was refreshingly straight forward and I generally trusted that he was giving it to me straight (perhaps this is naive of me but I did). He also emphasized that if rates were favorable in 6 months they will do another loan and guarantee no cost. This was a nice offer in my opinion.

Interestingly, I had also been taking with Chase who was not moving much on rates so I broke contact. I was also extremely put off by a requirement of a $500 non refundable application fee. When I questioned it he said it could probably be waived. Rubbed me the wrong way, have never heard of such a steep non refundable fee. 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.

oktax
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Re: My LenderFi refinance is going well

Post by oktax » Sat Feb 08, 2020 2:33 pm

As an update, we closed on our LenderFi refinance this morning. Dropped our rate from 5% to 3.5% with less than $80 of loan costs. Only other cash to close was to fund our escrow and for prepaid interest. Closed in less than 2 weeks from applying. Very seamless. Very pleased. Would highly recommend them. And would gladly use them again if the opportunity arises.

sfmdk240
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Re: My LenderFi refinance is going well

Post by sfmdk240 » 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.

babyvinny
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Re: My LenderFi refinance is going well

Post by babyvinny » Sat Feb 08, 2020 5:10 pm

Applied online on Monday AM, had questions on the process and tried to call their number multiple times with no success. Finally spoke to LO in the evening, signed paperwork and was told closing time is about 2.5 weeks.
Pretty happy so far, 3.375%, 30 years, no closing cost per LO, and waived appraisal. I called around, and most places, rates are around 3.5-4% with high fees, with promise to match, but felt good after talking to LO so I’ll stick with lenderfi.

oktax
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Re: My LenderFi refinance is going well

Post by oktax » Sat Feb 08, 2020 7:49 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.
The closing documents we signed this morning showed they’re selling our loan to Wells Fargo. I’m pleased with that. Imagine a big bank like that will be easy to deal with.

Darth Poppy
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Re: My LenderFi refinance is going well

Post by Darth Poppy » Wed Feb 12, 2020 10:44 pm

I began the process, and received a pretty approved notice. It was 2% lower than I currently have, so would love the follow through with the loan, and get the mortgage. LenderFi requested I send some paperwork, which I began. I had some question....... and have received NO response. I have emailed both of the contacts I have, as well as called 3 times and left two different voicemails. I have had a TERRIBLE experience, and feel like in some ways I have been scammed into submitting my documents. I have been trying to reach them for over a week, with absolutely no response.

Any help or ideas, or should I just move on.

bap
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Re: My LenderFi refinance is going well

Post by bap » Wed Feb 12, 2020 11:08 pm

We just closed our refi with LenderFi this evening. 15 yrs 3.0% Zero closing costs.
Applied thinking the rate was 3.25%, but after they ran credit check they lowered the rate.

Very pleased with the service, but do not expect a lot of hand holding.
They have a very streamlined process and everyone I worked with was very professional.
Notary from title company came to our home this evening for signatures.
The closing documents state they already sold the loan to Wells Fargo.

Could not be happier with the rate and the process.
Sadly, I did not get a better offer out of the blue from betterment or anywhere else like other posters.

Thank you fellow Bogleheads for bringing this to my attention.

Darth Poppy
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Re: My LenderFi refinance is going well

Post by Darth Poppy » Wed Feb 12, 2020 11:16 pm

How did they communicate with you? I have had no response no matter how I tried to reach out.

bap
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Re: My LenderFi refinance is going well

Post by bap » Wed Feb 12, 2020 11:44 pm

Both email and phone.
I inadvertently caused a delay in the processing because I used a Google Voice number instead of my regular cell number, and then had technical difficulties answering it and retrieving voicemails.
Once I realized we were going to proceed with the loan I shared my real cell number with them.
Most emails were answered within minutes. Phone calls answered immediately.
And, as I mentioned above, the rate was less than advertised. Best of luck with your loan.

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Thu Feb 13, 2020 6:54 am

Almost two weeks now since I applied and locked in. Haven't heard much from anyone. They setup an appraisal with a local place that only has one guy who is out for surgery until late March. And the guy gets terrible reviews online. They probably went with the lowest bidder. I told LenderFi to find an alternative. Not really happy with the experience so far. I probably should have went with AimLoan.

Wolfpack2463
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Re: My LenderFi refinance is going well

Post by Wolfpack2463 » Thu Feb 13, 2020 7:03 am

Thanks to this forum I have locked in with LenderFi for a 20 yr fixed 3.125% with no appraisal and no cost(besides funding escrow). It was just sent to processing and they said they are very busy but closing should be in 3 weeks. So far so good though.

dvvader
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Re: My LenderFi refinance is going well

Post by dvvader » 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.

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imak
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Re: My LenderFi refinance is going well

Post by imak » Thu Feb 13, 2020 3:34 pm

Thanks to this thread, I locked in 2.75% (733 points) with 15 years duration & nearly 3600 in closing costs with LenderFi. Earlier mortgage was 3.75% with 30 years duration.
Asset Allocation: 30% US Mid-Cap Blend/Value, 30% US Small-Cap Blend/Value, 15% US REIT, 15% ex-US Small Cap, 10% Long-term treasuries; Accumulation Phase; Stay the course!

mudman76
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Re: My LenderFi refinance is going well

Post by mudman76 » Fri Feb 14, 2020 9:56 am

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.
I did the same thing last night. Refinancing a rental property was not even on my radar. 5.25 -> 4.125% with minimal fees for a 30 year fixed. We were only 18 months into this mortgage. Nice to improve cash flow and long term interest without a lot of fees! Thanks everyone for their discussion on this lender :sharebeer
Last edited by mudman76 on Tue Feb 18, 2020 2:56 pm, edited 1 time in total.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Fri Feb 14, 2020 10:22 am

Okay, now I'm getting annoyed that I paid $900 to refi at 3.5% :)

It's all a gamble, with these rates. And I'm glad I locked in a good one -- I was at 4.125% before, and my mortgage started at 4.875%. So I'm doing well. Still, it's annoying to watch rates drop AFTER you lock (and settle). Sigh. Glad the rest of you did so well!

Oceans
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Re: My LenderFi refinance is going well

Post by Oceans » Fri Feb 14, 2020 10:55 am

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.
Pardon my ignorance here, but I have been looking at LenderFi about each day this week and it has been pretty consistent that LenderFi is providing me a 3.25% 30 year that have total closing costs and fees of approximately $2,500 (even with a credit score of 800+).

So when we say "zero closing costs except funding escrow" does that truly mean the lender credit covered all closing costs or that the closing costs were rolled into the new mortgage.

It doesn't seem like the costs would vary so much within a few days.

dvvader
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Re: My LenderFi refinance is going well

Post by dvvader » Fri Feb 14, 2020 3:19 pm

Oceans wrote:
Fri Feb 14, 2020 10:55 am
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.
Pardon my ignorance here, but I have been looking at LenderFi about each day this week and it has been pretty consistent that LenderFi is providing me a 3.25% 30 year that have total closing costs and fees of approximately $2,500 (even with a credit score of 800+).

So when we say "zero closing costs except funding escrow" does that truly mean the lender credit covered all closing costs or that the closing costs were rolled into the new mortgage.

It doesn't seem like the costs would vary so much within a few days.
You might have to pardon my ignorance instead.

Line J on my loan estimate is $1506, $1461 of which is pre-funding escrow. The $1506 is being added to my previous loan balance and paid from there.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Fri Feb 14, 2020 3:37 pm

Oceans wrote:
Fri Feb 14, 2020 10:55 am
Pardon my ignorance here, but I have been looking at LenderFi about each day this week and it has been pretty consistent that LenderFi is providing me a 3.25% 30 year that have total closing costs and fees of approximately $2,500 (even with a credit score of 800+).

So when we say "zero closing costs except funding escrow" does that truly mean the lender credit covered all closing costs or that the closing costs were rolled into the new mortgage.

It doesn't seem like the costs would vary so much within a few days.
What we mean is just that -- zero costs to you other than paying your escrow up front. But that's only one rate they offer -- the one at the bottom of the screen. The next rate better you usually pay something, then the next rate better than that you pay even more. Now, I did find that for some people, depending on the state, you may have transfer taxes and all sorts of crazy expensive things that LenderFi won't reimburse you for. But for me, not in Maryland, my total fees out of pocket, excluding escrow (which isn't a fee), was what they said it would, lower $900 or so.

jackson313
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Re: My LenderFi refinance is going well

Post by jackson313 » Fri Feb 14, 2020 5:53 pm

Also having a good experience thanks to this thread. Just locked in 3.25% for a 25 year fixed with appraisal waived. Only money out of pocket is ~ $3.5k to fund escrow. Coming from a 30 year fixed at 3.75%.

Question for those of you refi experts: do you generally recommend to match the new loan amount with the existing principal/payoff balance of your existing loan? I noticed the broker initially added ~ $5k on top of my outstanding balance (which had my cash to close at essentially ~ $0), but asked them to revise it to match since I didn't feel like taking on additional debt.

dandinsac
Posts: 155
Joined: Sat Jul 30, 2016 8:34 am

Re: My LenderFi refinance is going well

Post by dandinsac » Fri Feb 14, 2020 6:56 pm

We have a mortgage at 3.75% 30 years, with about 22.5 years left. I didn’t think that I’d have much benefit to refinance. With a mortgage balance of about 50% of the market value and interest rates where they are, I was wrong.

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.

(edited payment increase from $56 to $62 - which is a result of the skipped payment while the refinancing is getting done.)
Last edited by dandinsac on Tue Feb 25, 2020 8:55 am, edited 1 time in total.

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xyz12
Posts: 61
Joined: Wed Mar 19, 2008 4:04 pm
Location: Somewhere

Re: My LenderFi refinance is going well

Post by xyz12 » Fri Feb 14, 2020 9:10 pm

Just closed on my LenderFI refinance this morning. Took about 15 days from initial inquiry to close. Very pleased with the process, extremely easy and straightforward.

For anyone wondering, it looks like LenderFi sold servicing of my loan to Wells Fargo.
Last edited by xyz12 on Mon Feb 17, 2020 10:32 pm, edited 2 times in total.

flanders81
Posts: 15
Joined: Thu Feb 23, 2017 9:28 pm

Re: My LenderFi refinance is going well

Post by flanders81 » Sun Feb 16, 2020 9:01 pm

I applied today after using the online calculator and settled on a 3.5% 30 year fixed with 0 closing costs (lender credit equaled closing costs).

However, after going through the hard credit check, the same 3.5% rate now had 9k of closing costs (instead of 3.5k if lender credits there are now 6k of lender fees). My credit came back exactly as I had estimated (high 700s) and ratios are all adequate.

I sent the loan officer an email but am wondering if anyone else had a similar experience.

I'll be really heated if they don't honor the rate given the hard credit inquiry. Hopefully things work out.

e5116
Posts: 463
Joined: Mon Oct 05, 2009 11:22 am

Re: My LenderFi refinance is going well

Post by e5116 » Sun Feb 16, 2020 9:29 pm

flanders81 wrote:
Sun Feb 16, 2020 9:01 pm
I applied today after using the online calculator and settled on a 3.5% 30 year fixed with 0 closing costs (lender credit equaled closing costs).

However, after going through the hard credit check, the same 3.5% rate now had 9k of closing costs (instead of 3.5k if lender credits there are now 6k of lender fees). My credit came back exactly as I had estimated (high 700s) and ratios are all adequate.

I sent the loan officer an email but am wondering if anyone else had a similar experience.

I'll be really heated if they don't honor the rate given the hard credit inquiry. Hopefully things work out.
Are you talking about on your loan estimate? Basically, you have to take into account pre-paids and escrow as those aren't truly closing fees given they apply to insurance & taxes. So, if Section J - Section F - Section G = $0 that would effectively be no closing fees. The insurance and escrow is not an extra cost/fee given you'll be refunded with a check with whatever is in your current escrow account. The refinance itself didn't initiate an extra fee, just is setting up a new escrow. If you haven't gotten a loan estimate, I wouldn't worry quite yet....but there should be a Lender Credit applied in Section J if you had chosen an option that gives a credit.

duuuuuude
Posts: 51
Joined: Mon Dec 12, 2016 11:42 pm

Re: My LenderFi refinance is going well

Post by duuuuuude » Sun Feb 16, 2020 10:12 pm

Just signed final docs with Lenderfi and their mobile notary this past Friday the 14th, 11 days (including a weekend)from initial contact. Everything was automated via email and E-signed. Date to be finalized is 2/20.

Because our home is in a trust they need to take it out, refi and put it back in. They charged an additional $120 “deed” fee from the title company, but I asked them to waive it and they did. A day after, on their own volition, they mentioned that a fee from title had gone up by $67, so they waived their $75 “verification” fee....woo hoo!

Anyway, fees may be negotiable, so see what they’re willing to waive or credit! Look over them. Everything was spelled out clearly for me.

Loan will be going to Wells Fargo as well.

3.25% 25 year no cost loan here.

Good luck everyone!

flanders81
Posts: 15
Joined: Thu Feb 23, 2017 9:28 pm

Re: My LenderFi refinance is going well

Post by flanders81 » Mon Feb 17, 2020 6:22 am

e5116 wrote:
Sun Feb 16, 2020 9:29 pm
flanders81 wrote:
Sun Feb 16, 2020 9:01 pm
I applied today after using the online calculator and settled on a 3.5% 30 year fixed with 0 closing costs (lender credit equaled closing costs).

However, after going through the hard credit check, the same 3.5% rate now had 9k of closing costs (instead of 3.5k if lender credits there are now 6k of lender fees). My credit came back exactly as I had estimated (high 700s) and ratios are all adequate.

I sent the loan officer an email but am wondering if anyone else had a similar experience.

I'll be really heated if they don't honor the rate given the hard credit inquiry. Hopefully things work out.
Are you talking about on your loan estimate? Basically, you have to take into account pre-paids and escrow as those aren't truly closing fees given they apply to insurance & taxes. So, if Section J - Section F - Section G = $0 that would effectively be no closing fees. The insurance and escrow is not an extra cost/fee given you'll be refunded with a check with whatever is in your current escrow account. The refinance itself didn't initiate an extra fee, just is setting up a new escrow. If you haven't gotten a loan estimate, I wouldn't worry quite yet....but there should be a Lender Credit applied in Section J if you had chosen an option that gives a credit.
Just took another look to confirm -- actual loan fees went up and not just prepaids/escrows. The loan APR jumped from 3.516% to 3.604% once I submitted the online application.

I'll wait for the response from the loan officer but I'm skeptical to say the least. No debts other than revolving credit which is paid off every month.

rage_phish
Posts: 142
Joined: Thu Jan 31, 2019 4:27 pm

Re: My LenderFi refinance is going well

Post by rage_phish » Mon Feb 17, 2020 10:45 am

Has anyone used them for a purchase?

Or is everyone just using them for refi with generally positive results?

keith6014
Posts: 260
Joined: Thu Jan 02, 2014 11:58 pm

Re: My LenderFi refinance is going well

Post by keith6014 » 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?"

KT785
Posts: 365
Joined: Fri Jul 11, 2014 2:21 pm
Location: Texas Hill Country

Re: My LenderFi refinance is going well

Post by KT785 » 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

babyvinny
Posts: 28
Joined: Thu Nov 14, 2019 2:40 pm

Re: My LenderFi refinance is going well

Post by babyvinny » Mon Feb 17, 2020 8:12 pm

Close in 15 days
Last edited by babyvinny on Tue Feb 18, 2020 9:34 am, edited 1 time in total.

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