Refinance Mega Thread

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finite_difference
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Re: Refinance Mega Thread

Post by finite_difference » Tue Mar 17, 2020 7:17 pm

chrischris wrote:
Tue Mar 17, 2020 7:06 pm
My situation:

Home value : $500,000
Current mortgage amount: $255,000
Current mortgage rate: 3.5% (4 years in)

I honestly never planned to refinance since I thought I did ok at 3.5%. However, dropping to around 3.125% would save me around $200 a month and a lot of interest over the life of the loan. We don't plan on moving.

Did I miss the boat on the low interest rates? A 15 year mortgage at 2.75% also sounds nice since we could afford the higher payment...

Any advice?
My advice is to keep looking around, checking this thread, and wait and see where rates go. At least that is what I am doing. In my opinion they should drop to around 2.25% for a 30-year no cost refinance. Sounds like it may take a few weeks though. All the aggressive refinancers have flooded the market and driven the costs up temporarily. It’s also theoretically possible the Fed will cut rates again.
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seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 » Tue Mar 17, 2020 9:21 pm

seawolf21 wrote:
Sun Mar 15, 2020 10:54 pm
greybus wrote:
Sun Mar 15, 2020 10:44 pm
It appears the Price Guarantee from better.com has been removed from their website- it's giving an error mesage as of now at least.

https://better.com/with/better-price-guarantee
They got rid of it. It's not referenced in FAQ either. At this point I can't recommend better.com anymore. Their pricing is not good. Only thing going for them at the moment is a $2,500 AMEX credit for those targeted (YMMV).
I confirmed with better.com. Price guarantee still alive and well.

TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy » Wed Mar 18, 2020 5:47 am

I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.

blackholescion
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Re: Refinance Mega Thread

Post by blackholescion » Wed Mar 18, 2020 7:23 am

TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Even though we have 60% LTV, they required an appraisal. Appraiser coming today. I talked to them about wearing a mask and gloves and using hand sanitizer. He said he’s been doing it all week. I plan on opening all the doors in the house before he gets here. I’ll wear a mask and gloves as well and disinfect whatever he touches after he leaves (even with gloves). He assures me he’ll be in and out in 15.

I have some n95 masks from various house projects so I figure it’ll be fine. Get it done before the spread is even wider.

Wet signatures are done at mortgage broker with one other person in the room. Will wear mask/gloves.

TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy » Wed Mar 18, 2020 7:53 am

blackholescion wrote:
Wed Mar 18, 2020 7:23 am
TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Even though we have 60% LTV, they required an appraisal. Appraiser coming today. I talked to them about wearing a mask and gloves and using hand sanitizer. He said he’s been doing it all week. I plan on opening all the doors in the house before he gets here. I’ll wear a mask and gloves as well and disinfect whatever he touches after he leaves (even with gloves). He assures me he’ll be in and out in 15.

I have some n95 masks from various house projects so I figure it’ll be fine. Get it done before the spread is even wider.

Wet signatures are done at mortgage broker with one other person in the room. Will wear mask/gloves.
No masks here, in our household! Honestly even if I did have it, I would be uncomfortable letting someone in unless its an emergency. You are right that if you want to do it now is the time before things get crazier.

bluebolt
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Re: Refinance Mega Thread

Post by bluebolt » Wed Mar 18, 2020 8:54 am

blackholescion wrote:
Wed Mar 18, 2020 7:23 am
TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Even though we have 60% LTV, they required an appraisal. Appraiser coming today. I talked to them about wearing a mask and gloves and using hand sanitizer. He said he’s been doing it all week. I plan on opening all the doors in the house before he gets here. I’ll wear a mask and gloves as well and disinfect whatever he touches after he leaves (even with gloves). He assures me he’ll be in and out in 15.

I have some n95 masks from various house projects so I figure it’ll be fine. Get it done before the spread is even wider.

Wet signatures are done at mortgage broker with one other person in the room. Will wear mask/gloves.
We had an appraiser here yesterday. All doors were open, lights were left on. He didn't touch anything. Took photos in each room and left. Kept at least six feet away from us.

blackholescion
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Re: Refinance Mega Thread

Post by blackholescion » Wed Mar 18, 2020 11:11 am

bluebolt wrote:
Wed Mar 18, 2020 8:54 am
blackholescion wrote:
Wed Mar 18, 2020 7:23 am
TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Even though we have 60% LTV, they required an appraisal. Appraiser coming today. I talked to them about wearing a mask and gloves and using hand sanitizer. He said he’s been doing it all week. I plan on opening all the doors in the house before he gets here. I’ll wear a mask and gloves as well and disinfect whatever he touches after he leaves (even with gloves). He assures me he’ll be in and out in 15.

I have some n95 masks from various house projects so I figure it’ll be fine. Get it done before the spread is even wider.

Wet signatures are done at mortgage broker with one other person in the room. Will wear mask/gloves.
We had an appraiser here yesterday. All doors were open, lights were left on. He didn't touch anything. Took photos in each room and left. Kept at least six feet away from us.
This is what just happened here. He brought his own gloves and mask, didn’t touch anything. I wore a respirator. In and out in 5 minutes.

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Wed Mar 18, 2020 6:59 pm

bluebolt wrote:
Wed Mar 18, 2020 8:54 am
blackholescion wrote:
Wed Mar 18, 2020 7:23 am
TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Even though we have 60% LTV, they required an appraisal. Appraiser coming today. I talked to them about wearing a mask and gloves and using hand sanitizer. He said he’s been doing it all week. I plan on opening all the doors in the house before he gets here. I’ll wear a mask and gloves as well and disinfect whatever he touches after he leaves (even with gloves). He assures me he’ll be in and out in 15.

I have some n95 masks from various house projects so I figure it’ll be fine. Get it done before the spread is even wider.

Wet signatures are done at mortgage broker with one other person in the room. Will wear mask/gloves.
We had an appraiser here yesterday. All doors were open, lights were left on. He didn't touch anything. Took photos in each room and left. Kept at least six feet away from us.
Anybody facing a similar situation with their rental properties? How does one approach one's tenants with asking permission?

manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 » Wed Mar 18, 2020 7:10 pm

booboo1234 wrote:
Tue Mar 17, 2020 2:56 pm
thatme wrote:
Tue Mar 17, 2020 11:31 am
I seem to have timed this well (dumb luck). I locked in 2.375%, true no-cost refi, with LenderFi, 15 years fixed. I haven’t closed yet but things are progressing. It doesn’t sound like people are getting rates lower than this despite the recent Fed action. Given the uncertainty in the economy I wish I could find 2.5%, 30 year just to give myself a bit of flexibility but I think we’ll be fine.
same exact situation here. i wanted to refi to a 20 or 30 year, but my guy told me that my 15 year 2.75 approval was changed to a 2.375 loan so i locked right away. now im a little worried about that higher payment with a 15 year =(
You’ll thank yourself in 15 years

kski74
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Re: Refinance Mega Thread

Post by kski74 » Thu Mar 19, 2020 3:59 pm

Rates going back up since yesterday again according the monitoring I've been doing on my offer. Rate is the same, but fees have increased significantly since yesterday morning. Now up $7,400 to $21,000!

BruDude
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Re: Refinance Mega Thread

Post by BruDude » Thu Mar 19, 2020 5:50 pm

PenFed was showing 3.25% for a 30-year fixed yesterday (3.5% with 0 points I think). Now it's showing 5.375%. What the...

jibantik
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Re: Refinance Mega Thread

Post by jibantik » Thu Mar 19, 2020 5:54 pm

Yes I cannot find any good rates now, I hope they go down again

weirdsong1
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Re: Refinance Mega Thread

Post by weirdsong1 » Thu Mar 19, 2020 6:08 pm

jibantik wrote:
Thu Mar 19, 2020 5:54 pm
Yes I cannot find any good rates now, I hope they go down again
This is an understatement. I've been following rates closely for about a month now and have seen rates that were under 3 (for a 30y) up as high as 4.5. My loan officer failed to lock me in 2.875% and now we're stuck playing the waiting game.

So far the Fed's actions regarding the MBS market seem to have had the opposite of the intended effect with rates rising as much as 1% just this week. I'm starting to lose hope.

Is there still optimism out there in the forum?

LiarsDice
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Re: Refinance Mega Thread

Post by LiarsDice » Thu Mar 19, 2020 6:15 pm

TheOscarGuy wrote:
Wed Mar 18, 2020 5:47 am
I have a question for those who are proceeding with the refinance: how are you handling appraisal and final closing, when lawyers visit your home, or you need to travel? I was close to jumping in and then schools closed and I have taken a step back. I am curious where others are.
Our appraiser wore a mask and gloves. Made sure he didn't touch anything. He was really nice about it and actually brought his own mask because his wife told him that's the only way she's letting him work. 🤣

We're about to sign closing documents and we emphasized whomever the notary is will need to do a no contact signing. Something to the effect we give our IDs and they put the documents down and we stay 6+ feet away and sign while they verify. Going to be awkward but my wife is less than 2 weeks from her due date so we aren't taking any chances.

Overall every request we've made has been met with open arms. I think people are understanding the seriousness of what we are facing as a society.

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MortgageOnBlack
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Re: Refinance Mega Thread

Post by MortgageOnBlack » Thu Mar 19, 2020 6:19 pm

weirdsong1 wrote:
Thu Mar 19, 2020 6:08 pm
jibantik wrote:
Thu Mar 19, 2020 5:54 pm
Yes I cannot find any good rates now, I hope they go down again
This is an understatement. I've been following rates closely for about a month now and have seen rates that were under 3 (for a 30y) up as high as 4.5. My loan officer failed to lock me in 2.875% and now we're stuck playing the waiting game.

So far the Fed's actions regarding the MBS market seem to have had the opposite of the intended effect with rates rising as much as 1% just this week. I'm starting to lose hope.

Is there still optimism out there in the forum?
I'm thankful I locked when I did at 3.375% (20 year) for ~$920 in fees (appraisal, lending fee minus credit). I was a little frustrated that I pulled the trigger right before the super-low rates everyone received, but at this point, I'm still not confident I would be able to hit the super-low rates if I had to do it all over again.

I'm still watching rates to see what happens and will re-refinance if the numbers make sense.

mc2
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Re: Refinance Mega Thread

Post by mc2 » Thu Mar 19, 2020 9:13 pm

About to shed a 3.56 20 year with 16 years left for a 2.85 12 year. The difference in payments to the existing 20 year vs the 12 would save me 10k; with no added payment I’ll save about 25k and 4 years.

dropdx
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Re: Refinance Mega Thread

Post by dropdx » Fri Mar 20, 2020 3:06 am

I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.

nic3456
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Re: Refinance Mega Thread

Post by nic3456 » Fri Mar 20, 2020 6:20 am

Current rates from Penfed - this should tamp down demand! :shock: I’ve never seen such high points!

RATES POINTS APR AS LOW AS1
5.625% 2.875 5.928%*
5.500% 3.500 5.861%
5.375% 3.750 5.757%

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Re: Refinance Mega Thread

Post by abuss368 » Fri Mar 20, 2020 6:49 am

Those darn rates still have not come down!
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

bluebolt
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Re: Refinance Mega Thread

Post by bluebolt » Fri Mar 20, 2020 7:10 am

dropdx wrote:
Fri Mar 20, 2020 3:06 am
I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.
When did you apply/lock?

Jmh04j
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Re: Refinance Mega Thread

Post by Jmh04j » Fri Mar 20, 2020 7:15 am

The reason for the spike in rates is that corporate bond spreads have increased dramatically. Until this gets under control expect mortgage rates to continue increasing.

TheOscarGuy
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Re: Refinance Mega Thread

Post by TheOscarGuy » Fri Mar 20, 2020 7:17 am

abuss368 wrote:
Fri Mar 20, 2020 6:49 am
Those darn rates still have not come down!
I think they will. Once these low rate refinances/home buys are over, they have to pump up the supply somehow and they only way that would be done is lowering rates. If they kept rates that high, who would refinance, or even buy?

VikingThor
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Re: Refinance Mega Thread

Post by VikingThor » Fri Mar 20, 2020 8:31 am

Unless no one is buying and they collude to keep refinance rates high.

I mean not actual communicated collussion, just no one drops them because they prefer the market to have higher rates on the loans they have already rather than refi price war. I am hoping this doesn't happen as I'm in the crowd that would like to refi but rates now do not support until they go back down in my state.

dropdx
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Re: Refinance Mega Thread

Post by dropdx » Fri Mar 20, 2020 10:24 am

bluebolt wrote:
Fri Mar 20, 2020 7:10 am
dropdx wrote:
Fri Mar 20, 2020 3:06 am
I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.
When did you apply/lock?
I applied and locked the same day and first phone conversation back on 3/2. I could tell the loan officer was really trying to get me the best deal which was nice. I shopped around with about 4 other places and they all seemed like they wanted to get to know me. LenderFi was no BS, I think I was on the phone with them for 2 minutes.

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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 » Fri Mar 20, 2020 10:30 am

It looks like many lenders, including PenFed, have no idea how to price mortgage products right now and are posting absolutely bizarre pricing outside of market hours. Like some other posters, I've noticed PenFed has eye watering rates, but that appears to be limited to certain times of the day. Right now, PenFed is showing 3.625% with no points, 3.50% with .25 points, and 3.375% with .50 points for a 15 year fixed.

seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 » Fri Mar 20, 2020 10:32 am

VikingThor wrote:
Fri Mar 20, 2020 8:31 am
Unless no one is buying and they collude to keep refinance rates high.

I mean not actual communicated collussion, just no one drops them because they prefer the market to have higher rates on the loans they have already rather than refi price war. I am hoping this doesn't happen as I'm in the crowd that would like to refi but rates now do not support until they go back down in my state.
As long as their backoffice processing staff are swamped, this would remain.

Once the backlog clears and these staff are just watching youtube on company dime, one lender will start lowering rates.

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Re: Refinance Mega Thread

Post by abuss368 » Fri Mar 20, 2020 10:40 am

TheOscarGuy wrote:
Fri Mar 20, 2020 7:17 am
abuss368 wrote:
Fri Mar 20, 2020 6:49 am
Those darn rates still have not come down!
I think they will. Once these low rate refinances/home buys are over, they have to pump up the supply somehow and they only way that would be done is lowering rates. If they kept rates that high, who would refinance, or even buy?
Agreed. Our original term on the mortgage was 30 year fixed at 3.625% I believe.
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

mega317
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Re: Refinance Mega Thread

Post by mega317 » Fri Mar 20, 2020 11:34 am

dropdx wrote:
Fri Mar 20, 2020 3:06 am
I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.
I was scheduled to close today with lenderfi at the same terms. But in California, we got the stay at home order last night and now can't find a notary. I already wired the cash to close. What happens if they're can't figure it out before the lock expires?
Also I am aware this is a nothing problem compared to everyone else on the planet.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

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Re: Refinance Mega Thread

Post by kinless » Fri Mar 20, 2020 11:51 am

mega317 wrote:
Fri Mar 20, 2020 11:34 am
I was scheduled to close today with lenderfi at the same terms. But in California, we got the stay at home order last night and now can't find a notary. I already wired the cash to close. What happens if they're can't figure it out before the lock expires?
Also I am aware this is a nothing problem compared to everyone else on the planet.
That's a little concerning. I'm halfway through my rate lock period with LenderFi (in CA as well). In fact I emailed the broker this morning to make sure we're still on track. Since banks are still open can you use their notary services? Or does it not work that way? (I'm completely unfamiliar with the refinance process, this is my first one.)

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Re: Refinance Mega Thread

Post by BruDude » Fri Mar 20, 2020 12:10 pm

mega317 wrote:
Fri Mar 20, 2020 11:34 am
dropdx wrote:
Fri Mar 20, 2020 3:06 am
I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.
I was scheduled to close today with lenderfi at the same terms. But in California, we got the stay at home order last night and now can't find a notary. I already wired the cash to close. What happens if they're can't figure it out before the lock expires?
Also I am aware this is a nothing problem compared to everyone else on the planet.
Can you hire a notary to come to your house?

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Re: Refinance Mega Thread

Post by fareastwarriors » Fri Mar 20, 2020 12:28 pm

BruDude wrote:
Fri Mar 20, 2020 12:10 pm
mega317 wrote:
Fri Mar 20, 2020 11:34 am
dropdx wrote:
Fri Mar 20, 2020 3:06 am
I closed today on a 30 year @ 3.125% with LenderFi. No appraisal was needed and I received enough lender credits to cover all closing costs and I even got a $400 refund at closing.

LenderFi was absolutely awesome - no BS, got me the best rate they could and processing was easy.
I was scheduled to close today with lenderfi at the same terms. But in California, we got the stay at home order last night and now can't find a notary. I already wired the cash to close. What happens if they're can't figure it out before the lock expires?
Also I am aware this is a nothing problem compared to everyone else on the planet.


Can you hire a notary to come to your house?
+1

My friend is near completion of her refi and a mobile notary came to her house. This is in Bay Area, Ca.

Farmboyslim83
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Re: Refinance Mega Thread

Post by Farmboyslim83 » Fri Mar 20, 2020 12:53 pm

Navy Federal says 150-180 days to close?! Still don’t know if I locked a 7/1 ARM for 2.125.

mega317
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Re: Refinance Mega Thread

Post by mega317 » Fri Mar 20, 2020 1:13 pm

The issue is notaries don't seem to want to work? But I think we found someone.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Fri Mar 20, 2020 2:05 pm

Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.

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Re: Refinance Mega Thread

Post by kski74 » Fri Mar 20, 2020 2:48 pm

mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.
I'm sorry. That's really unfortunate.

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Re: Refinance Mega Thread

Post by Bandit390 » Fri Mar 20, 2020 4:07 pm

mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.

Maybe that will speed mine up. lol

My appraisal was Tuesday and I got a call yesterday with more questions about completing my application.

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Re: Refinance Mega Thread

Post by kathneen » Fri Mar 20, 2020 6:40 pm

mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.
That's very unfortunate. What stage was your application at? Our is Bay Area too, conditionally approved with the appraisal completed. Given the statewide orders, will they be cancelling all refinance applications in NY, CA and WA I wonder?

mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 » Fri Mar 20, 2020 7:48 pm

kathneen wrote:
Fri Mar 20, 2020 6:40 pm
mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.
That's very unfortunate. What stage was your application at? Our is Bay Area too, conditionally approved with the appraisal completed. Given the statewide orders, will they be cancelling all refinance applications in NY, CA and WA I wonder?
We didn't do the appraisal yet. So maybe you are still ok. Most likely, they couldn't guarantee an appraiser would come to the house within the lock period.

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Re: Refinance Mega Thread

Post by kinless » Fri Mar 20, 2020 8:06 pm

mervinj7 wrote:
Fri Mar 20, 2020 7:48 pm
kathneen wrote:
Fri Mar 20, 2020 6:40 pm
mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.
That's very unfortunate. What stage was your application at? Our is Bay Area too, conditionally approved with the appraisal completed. Given the statewide orders, will they be cancelling all refinance applications in NY, CA and WA I wonder?
We didn't do the appraisal yet. So maybe you are still ok. Most likely, they couldn't guarantee an appraiser would come to the house within the lock period.
Man, that's messed up. (Well, I said that in a less PG rated version in my head). Feel really bad for you.

My refi with LenderFi just went to processing this morning (with 15 days left on the lock) and they don't need an appraisal, so hoping I'm still in the clear. I asked them about the possibility of hang-ups with all the lockdowns in place but didn't hear back. They're probably unsure themselves. I'll need a notary at the end so that would be the only roadblock I can think of.

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Re: Refinance Mega Thread

Post by e5116 » Fri Mar 20, 2020 10:39 pm

Most lenders can extend the rate lock if needed. They may charge a nominal fee to do so though. But could be worth it if issues arise due to being unable to sign in person. I've read stories of closings occuring with one person handing papers under a door back and forth....

Wings5
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Re: Refinance Mega Thread

Post by Wings5 » Sat Mar 21, 2020 3:36 am

e5116 wrote:
Fri Mar 20, 2020 10:39 pm
I've read stories of closings occuring with one person handing papers under a door back and forth....
I realize you’re conveying a story, but do people really think this is going to stop the spread of germs? :oops:

neoptolemus412
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Re: Refinance Mega Thread

Post by neoptolemus412 » Sat Mar 21, 2020 6:33 am

mervinj7 wrote:
Fri Mar 20, 2020 7:48 pm
kathneen wrote:
Fri Mar 20, 2020 6:40 pm
mervinj7 wrote:
Fri Mar 20, 2020 2:05 pm
Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up.
That's very unfortunate. What stage was your application at? Our is Bay Area too, conditionally approved with the appraisal completed. Given the statewide orders, will they be cancelling all refinance applications in NY, CA and WA I wonder?
We didn't do the appraisal yet. So maybe you are still ok. Most likely, they couldn't guarantee an appraiser would come to the house within the lock period.
That stinks. I'm in the middle of a refi with Loandepot, but I'm in NY state. Locked in 3.25% on a 30 year fixed conventional. Coming down from 4.375%, so I'm happy. My fee appraisal was waived and my title came back clean, so if they pull something similar, I'll let folks know.

I know NY state is not going to declare a shelter-in-place as the governor has simply made executive orders to reduce those gathering for any non-essential businesses/orgs. It's more effective to execute without causing businesses that can work remotely to shut down.

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simplesimon
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Re: Refinance Mega Thread

Post by simplesimon » Sat Mar 21, 2020 6:50 am

TheOscarGuy wrote:
Fri Mar 20, 2020 7:17 am
abuss368 wrote:
Fri Mar 20, 2020 6:49 am
Those darn rates still have not come down!
I think they will. Once these low rate refinances/home buys are over, they have to pump up the supply somehow and they only way that would be done is lowering rates. If they kept rates that high, who would refinance, or even buy?
As this is the "refinance" megathread, yes all banks are buried with refinances and are trying to stem volume.

Rates on purchase loans are very good. I know that US Bank is offering 2.50% on 10/1 ARM on conforming loans - purchase only.

rascott
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Re: Refinance Mega Thread

Post by rascott » Sat Mar 21, 2020 7:08 am

People..... mortgage rates are based upon what demand is in the mortgage-backed bond market (MBS). It has nothing to do with Fed rate policy..... and currently very little to do with what Treasury rates (10 year bond) are.

Right now.... all investors are dumping EVERYTHING to go to cash. That includes dumping MBS..... so conventional rates are currently as high as they have been in a year+. The Fed is going to start buying MBS again.... so that should help eventually.... but it will be a while.

You may find a good deal on a non-conventional type loan, something like an ARM that a bank will keep for themselves.... but you aren't going to find anything worthwhile in the traditional refi market right now, so don't even bother.


Until there is some level of market stability in the bond market, this situation with mortgages won't improve. Add to that it's questionable you can even get a mortgage done right now with all the stay at home orders starting.... I'm not even bothering looking at options for a couple months.

mcw
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Re: Refinance Mega Thread

Post by mcw » Sat Mar 21, 2020 12:07 pm

I locked at 3.25% on a 30 year fixed no cost refinance with 41% LTV about three weeks ago in SF Bay Area. Two weeks ago floated down to 3.00% and am locked to mid-May according to the lender. Have appraisal scheduled for March 30. Not crazy about that, and tried to get it waived, but no dice. Talked to the appraiser and he will follow safety protocols. Hoping it goes forward, despite anxiety of having someone come into the home.

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Sat Mar 21, 2020 1:52 pm

Hoping to tap the brain trust for some advice here. I have 25.5 years left on my $630k mortgage at 3.75. I am currently locked with LenderFi at 3.125/30 with 0 cost, with an expiration date of April 2.

Chase currently holds the note and services the loan. (I've been extremely happy with them--great communication, and they waived escrow last year with no cost or hassle.) They presumably noticed the hard pulls or payoff quote request and just contacted me to offer me a no-refi rate reduction to 2.875. Not a refi, just a straight-up rate reduction. It seems as easy as clicking a button to accept an offer.

I'm inclined to take it for the following reasons. Appreciate folks telling me if my thinking makes sense or if I'm missing or improperly weighing a factor:

--2.875 is lower than 3.125
--Was planning to pay off loan within current time frame anyway, so extra 4.5 years isn't a meaningful benefit
--Concerned about whether LenderFi can close, given how slammed they are and troubles I have read about of folks obtaining a notary
--Happy with Chase and not having to deal with hassles of refi, closing, and dealing with another servicer
--My understanding is that I can cancel prior to close and am not on the hook for any costs

Appreciate any thoughts from folks. Hope everyone is staying healthy and safe.

jco
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Re: Refinance Mega Thread

Post by jco » Sat Mar 21, 2020 2:39 pm

frankandbeans wrote:
Sat Mar 21, 2020 1:52 pm
Hoping to tap the brain trust for some advice here. I have 25.5 years left on my $630k mortgage at 3.75. I am currently locked with LenderFi at 3.125/30 with 0 cost, with an expiration date of April 2.

Chase currently holds the note and services the loan. (I've been extremely happy with them--great communication, and they waived escrow last year with no cost or hassle.) They presumably noticed the hard pulls or payoff quote request and just contacted me to offer me a no-refi rate reduction to 2.875. Not a refi, just a straight-up rate reduction. It seems as easy as clicking a button to accept an offer.

I'm inclined to take it for the following reasons. Appreciate folks telling me if my thinking makes sense or if I'm missing or improperly weighing a factor:

--2.875 is lower than 3.125
--Was planning to pay off loan within current time frame anyway, so extra 4.5 years isn't a meaningful benefit
--Concerned about whether LenderFi can close, given how slammed they are and troubles I have read about of folks obtaining a notary
--Happy with Chase and not having to deal with hassles of refi, closing, and dealing with another servicer
--My understanding is that I can cancel prior to close and am not on the hook for any costs

Appreciate any thoughts from folks. Hope everyone is staying healthy and safe.
Sounds like an excellent opportunity in an uncertain time. It seems like there is a lot of upside. The only downside may be that your monthly payment doesn't decrease? I would take the Chase offer in a heart beat.

VikingThor
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Re: Refinance Mega Thread

Post by VikingThor » Sat Mar 21, 2020 2:43 pm

Sounds like an awesome deal to me. I have a slightly smaller loan but otherwise almost identical terms to yours. Have looked for refi recently but no luck as rates have gone up.

My loan is with Wells Fargo. If they offered me anything close to what you are getting i would jump on it. Plus avoiding the refi hassle is huge in addition to the money you'll be saving.

frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans » Sat Mar 21, 2020 2:46 pm

jco wrote:
Sat Mar 21, 2020 2:39 pm

Sounds like an excellent opportunity in an uncertain time. It seems like there is a lot of upside. The only downside may be that your monthly payment doesn't decrease? I would take the Chase offer in a heart beat.
Thanks for the feedback! Monthly payment goes down about $300/mo (would go down about $500/mo if go through with refinance).

jco
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Re: Refinance Mega Thread

Post by jco » Sat Mar 21, 2020 4:52 pm

frankandbeans wrote:
Sat Mar 21, 2020 2:46 pm
Thanks for the feedback! Monthly payment goes down about $300/mo (would go down about $500/mo if go through with refinance).
I'd still do it. I suspect the additional reduction in monthly payments is because your are also extending the loan term.

You can still refinance in the future if you wish, but I'd take 1 bird in hand rather than 2 in the bush.

I just closed a refi on 3/13. The rate was a bit higher than some others here have gotten because I locked a bit sooner. But with loan applications being cancelled, I'm glad I took the opportunity when I could. I can refi on 6 months if it makes sense, but I've already locked in with a better term than I previously had.

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