My LenderFi refinance is going well

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Sun Mar 15, 2020 5:00 pm

rv26 wrote:
Sat Mar 14, 2020 9:52 am
For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.
I closed over a week ago and won’t have a payment until May. I got an email about one week after closing saying my loan had funded and they mentioned the 1st payment date. I think the temporary payment coupons were also in the closing documents.

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AerialWombat
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Re: My LenderFi refinance is going well

Post by AerialWombat » Sun Mar 15, 2020 5:30 pm

Kosmo wrote:
Sun Mar 15, 2020 4:48 pm
I submitted an application and all requested documents about 3 weeks ago. I've had 0 contact with anyone. No responses to emails or phone messages. I have no idea what's going on. So I'm getting pretty angry about it.
The big online lenders were absolutely slammed with refi applications the past few weeks. Quite frankly, you should assume that they are disregarding your application. It will be two months before they can probably catch up.

kayakprof
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Re: My LenderFi refinance is going well

Post by kayakprof » Mon Mar 16, 2020 7:35 am

I am in the process with Lenderfi. I initially applied on Feb 22. I am hoping to move from a 3.875% 30 year mortgage (25 years left) to a 3.25% 20 year mortgage. This would both lower my interest rate and cuts 5 years off the mortgage (although it raises my monthly payment by $125). I received a phone call from the LO within a day. Within a week I was shifted to a different LO and I have received several emails asking me to sign documents. I had to submit a few documents (mortgage statement and last 2 bank statements).

The original terms offered me $2400 in credits toward closing. Once they found out I had a HELOC, the number of credits went down to $700. Total costs to close (not including escrow) was going to be $2500. Then they waived the appraisal fee and made other adjustments. I just received a "redisclosure" that reduces the costs to close from $2500 to $1500.

So far it has been 24 days since initial contact. They are waiting for a "sublimation" of the HELOC with PNC.

It was interesting (and slightly unnerving) that the original LO seemed to know that I found out about Lenderfi from Bogleheads.

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Kosmo
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Re: My LenderFi refinance is going well

Post by Kosmo » Mon Mar 16, 2020 8:30 am

AerialWombat wrote:
Sun Mar 15, 2020 5:30 pm
Kosmo wrote:
Sun Mar 15, 2020 4:48 pm
I submitted an application and all requested documents about 3 weeks ago. I've had 0 contact with anyone. No responses to emails or phone messages. I have no idea what's going on. So I'm getting pretty angry about it.
The big online lenders were absolutely slammed with refi applications the past few weeks. Quite frankly, you should assume that they are disregarding your application. It will be two months before they can probably catch up.
I figured as much. It still makes me angry. Generating so much work that you can't actually complete it seems like a bad way to run a business. Especially one that is very time sensitive.

tsohg
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Re: My LenderFi refinance is going well

Post by tsohg » Mon Mar 16, 2020 8:38 am

Tim_in_GA wrote:
Sun Mar 15, 2020 5:00 pm
rv26 wrote:
Sat Mar 14, 2020 9:52 am
For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.
I closed over a week ago and won’t have a payment until May. I got an email about one week after closing saying my loan had funded and they mentioned the 1st payment date. I think the temporary payment coupons were also in the closing documents.
I'm in the same boat. Closed 3 weeks ago and still waiting on documents from Wells Fargo. The old loan did get paid off. I suppose Wells Fargo is moving slowly. Not sure if I should get nervous.

runner23
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Re: My LenderFi refinance is going well

Post by runner23 » Wed Mar 18, 2020 12:50 pm

tsohg wrote:
Mon Mar 16, 2020 8:38 am
Tim_in_GA wrote:
Sun Mar 15, 2020 5:00 pm
rv26 wrote:
Sat Mar 14, 2020 9:52 am
For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.
I closed over a week ago and won’t have a payment until May. I got an email about one week after closing saying my loan had funded and they mentioned the 1st payment date. I think the temporary payment coupons were also in the closing documents.
I'm in the same boat. Closed 3 weeks ago and still waiting on documents from Wells Fargo. The old loan did get paid off. I suppose Wells Fargo is moving slowly. Not sure if I should get nervous.
Following. I am in the same boat. Closed last Monday, loan paid off and new loan sold to Wells Fargo. Awaiting any new information from wells.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Wed Mar 18, 2020 1:41 pm

My appraisal is done and I got notified my load moved to approval by underwriting. Anyone have any recent experience how long it took from that step to closing?

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Wed Mar 18, 2020 2:51 pm

bluebolt wrote:
Wed Mar 18, 2020 1:41 pm
My appraisal is done and I got notified my load moved to approval by underwriting. Anyone have any recent experience how long it took from that step to closing?
A few weeks for me. Total time from initial disclosures to final signing/closing was about a month.

tsohg
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Re: My LenderFi refinance is going well

Post by tsohg » Wed Mar 18, 2020 3:42 pm

runner23 wrote:
Wed Mar 18, 2020 12:50 pm
tsohg wrote:
Mon Mar 16, 2020 8:38 am
Tim_in_GA wrote:
Sun Mar 15, 2020 5:00 pm
rv26 wrote:
Sat Mar 14, 2020 9:52 am
For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.
I closed over a week ago and won’t have a payment until May. I got an email about one week after closing saying my loan had funded and they mentioned the 1st payment date. I think the temporary payment coupons were also in the closing documents.
I'm in the same boat. Closed 3 weeks ago and still waiting on documents from Wells Fargo. The old loan did get paid off. I suppose Wells Fargo is moving slowly. Not sure if I should get nervous.
Following. I am in the same boat. Closed last Monday, loan paid off and new loan sold to Wells Fargo. Awaiting any new information from wells.
Another data point: A friend of mine contacted LenderFi about a refinance and got a message back that they were swamped and accepting no new applications. It made me think Wells Fargo (or whoever bought the loan) is probably also swamped.

I checked our old mortgage holder and was able to verify the funds did pay off the old mortgage. I remain confident this will work out, despite the delay.

freezing_in_mn
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Re: My LenderFi refinance is going well

Post by freezing_in_mn » Thu Mar 19, 2020 1:02 pm

I'll give them 10/10. Somewhat light on communications and I had to prod them a bit initially, but that's because they were so busy after that late-Feb influx of customers.

Applied Feb 27. Got first contact Feb 28 - email saying our credit reports were frozen. OOPS. Sorry. Unlocked the reports and asked them to re-pull. Ryan called me Saturday March 1. I ended up selecting a lower rate than I had originally applied for after discussing various rate/credit options -- chose to go with 2.5% and 15yr, with $1184 lender credit. Not quite enough lender credit to get no-cost, but could have had that with a 2.625 if I wanted. Got lock confirmation on March 3. Got email saying it had moved to "processing" on march 9. Got email saying payoff statement for old bank had been ordered March 13. Got email with final closing disclosure to be signed March 17. Closed today, March 19. Total resultant out of pocket (including prepaid interest on new loan from March 24 - April 1) of $1070.50. Conforming (not jumbo), no appraisal needed, LTV <70% and credit scores >800.

One interesting note -- the lender credit went down slightly (almost $200) when I asked him to waive the escrow. I could have just accepted the escrow and later asked the bank to waive it, but that would likely require 1-2 years of current payments plus a bunch of documentation to the bank. I chose to just forgo a bit of lender credit and do it now.
Last edited by freezing_in_mn on Thu Mar 19, 2020 1:22 pm, edited 2 times in total.

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Thu Mar 19, 2020 1:06 pm

I submitted an application and had my credit pulled prior to the website being shut down. I kept calling and luckily the CEO (Ryan) picked up the phone. My rate had not been previously locked, and they are not able to give me what the previous offer was ($0 cost 3.75% 30 yr). He told me to float it a few days and see if it comes back down to where it previously was or lower. We shall see.
~Brantley

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Sat Mar 21, 2020 6:59 am

I submitted an app on 3/3 when rates were at 2.875 on Lenderfi. I've had very little communication but did receive my preclosing disclosures Thursday the 19th. We're set to close on Monday or Tuesday.

We're going from 22 years left on a 3.625% and 506k to 30 years at 2.875%. Total closing costs (everything but escrow which we'd owe anyway) is -$7.55 (ie money coming to us) . No appraisal, no documentation other than W2. With the economy doing what it's doing I'm happy to have the lower minimum payment as an option, or we can pay it off faster like the old loan and save interest.

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Sat Mar 21, 2020 5:20 pm

I closed yesterday. 18 days from application to close. We had some trouble finding a notary after the stay home order but they got it done. I'm very pleased.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

Novice2020
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Re: My LenderFi refinance is going well

Post by Novice2020 » Sun Mar 22, 2020 6:39 pm

Somebody alluded to NY residences not being eligible for LenderFi refinancing. Can anyone shed some insight onto this? Looking to apply if/when they lift the hold on their website. Thank you in advance for any information!

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Sun Mar 22, 2020 7:11 pm

Novice2020 wrote:
Sun Mar 22, 2020 6:39 pm
Somebody alluded to NY residences not being eligible for LenderFi refinancing. Can anyone shed some insight onto this? Looking to apply if/when they lift the hold on their website. Thank you in advance for any information!
Not sure if they are licensed. Now even if they were, if you refinance you have to pay a mortgage tax to the state which varies by principal amount unless you can convince your current lender to modify the current loan to allow for a new lender to refi. Your current lender is not obligated to and some don’t so that you are forced to refi with current lender or pay the tax.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Sun Mar 22, 2020 7:59 pm

locked a 15 year with lenderfi a couple of weeks ago. if i wanted to change the term to a 20 or 30 year, would they give me the rates at the time of my lock? or the current rates ?

cost.basis
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Re: My LenderFi refinance is going well

Post by cost.basis » Mon Mar 23, 2020 11:30 am

LenderFi website appears overwhelmed. I want to refi a VA loan. I currently have it at 30 years 3.0% fixed. May I have some recommendations? Thank you all.

manatee2005
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Re: My LenderFi refinance is going well

Post by manatee2005 » Wed Mar 25, 2020 4:09 am

booboo1234 wrote:
Sun Mar 22, 2020 7:59 pm
locked a 15 year with lenderfi a couple of weeks ago. if i wanted to change the term to a 20 or 30 year, would they give me the rates at the time of my lock? or the current rates ?
At the time of lock. Other people have asked to change and they got a polite no.

Tribonian
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Re: My LenderFi refinance is going well

Post by Tribonian » Wed Mar 25, 2020 4:43 pm

Update, applied March 9, set to close tomorrow, March 26 so should be 17 days start to finish, during rush.

Nothing interesting in our credit history. Waived appraisal, >$2k credits, so nothing out of pocket, sending notary to our home. 15 yr. fixed at 2.5.

Hope to post final update tomorrow. They’ve been really easy to deal with.

jbell3124
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Re: My LenderFi refinance is going well

Post by jbell3124 » Wed Mar 25, 2020 9:17 pm

Closed with Lenderfi yesterday, 3/24. First initiated contact with them on 2/26. Smooth process throughout. 3% no cost refi on a 30-year. Would definitely use again based on this experience. Sent closing agent/notary to house.

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mister_sparkle
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Re: My LenderFi refinance is going well

Post by mister_sparkle » Wed Mar 25, 2020 9:36 pm

Applied on 3/2 but they went radio silent due to the crush of applications.

Got an update on 3/23: "The Fed announced that it would start unlimited bond buying which should bring the rates back down. If we can wait a few days I would love to lock you in at the rate you applied."

So, here I am, waiting a few days and hoping for the best. :|

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Wed Mar 25, 2020 10:25 pm

mister_sparkle wrote:
Wed Mar 25, 2020 9:36 pm
Applied on 3/2 but they went radio silent due to the crush of applications.

Got an update on 3/23: "The Fed announced that it would start unlimited bond buying which should bring the rates back down. If we can wait a few days I would love to lock you in at the rate you applied."

So, here I am, waiting a few days and hoping for the best. :|
Rates do look a bit more reasonable today. Close to something from 4-6 weeks ago (3.25% year "no-cost" vs 4% a couple of days ago) but it should still be lower as the spread between mortgage rate and the 10 year treasury is still higher than historical.

rene
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Re: My LenderFi refinance is going well

Post by rene » Thu Mar 26, 2020 2:55 pm

Just closed with LenderFi 15 Yr 2.5% (2.524 APR). Sent request 2/28. Communication was very sparse but on the other hand the whole process went extremely smooth. No appraisal needed. Uploading of the few docs needed was easy on their web portal. The notary came by today and we signed docs with notary waiting in the car. No thumb prints required due to current circumstances.

At some point LenderFi might want to invest in a more beefed up platform to prevent anxious customers but these are crazy and exceptional times. I am extremely pleased with them and would 100% recommend them.

Tribonian
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Re: My LenderFi refinance is going well

Post by Tribonian » Thu Mar 26, 2020 6:33 pm

Just signed all the docs & received a confirmation e-mail. 17 days start to finish. This was the easiest closing we’ve had though AIMLoan was also very good.

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Fri Mar 27, 2020 9:34 am

This week we closed on our 2.875% 30 year with Lenderfi. We received $1300 back at closing (this improved from final estimate to closing docs) and the only thing rolled into the new loan was escrow, which we'd have to pay anyway. That's $510k loan with something like 70% LTV.

No appraisal, no bank statements to upload, and the closing was at our house (on the porch with our pens for social distancing). Something like 25 days start to finish. Highly recommend them once they're open again.

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hand
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Re: My LenderFi refinance is going well

Post by hand » Tue Mar 31, 2020 5:59 pm

Just closed with LenderFi $350k @3.0% for a 30 year fixed with a nominal credit beyond full credit for all closing cost. I was very happy with LenderFi throughout the process, though I didn't require much handholding.

Locked in the first week of March just before the site shut down and closed March 31 despite the heavy volume. I used Radian Title to save about $600 off the LenderFi default title and closing company.

I was interested to see a coronavirus rider added to the closing paperwork - apparently nobody wants to be responsible if proper paperwork can't be filed timely because of coronavirus and that prevents a future sale or future refinance. Perhaps something worth thinking about for those who are convinced rates will continue to drop or planning to sell imminently.

Bummed to see others score 2.875% loans, but happy to improve upon the 3.25% loan I had previously.

Tribonian
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Re: My LenderFi refinance is going well

Post by Tribonian » Wed Apr 01, 2020 1:21 pm

Signed docs Thursday, received e-mail confirmation an hour later. E-mail on Saturday advising we’d hear within 30 days about first payment due. This morning, I saw that our former lender had been paid off. All in all, very smooth transaction. Highly recommend LenderFi. Thanks for the initial tip, BH community!

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Wed Apr 01, 2020 1:28 pm

***Looks like they are taking applications again.***

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Wed Apr 01, 2020 2:08 pm

seawolf21 wrote:
Wed Apr 01, 2020 1:28 pm
***Looks like they are taking applications again.***
true! their rates are a joke, though.

thatme
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Re: My LenderFi refinance is going well

Post by thatme » Wed Apr 01, 2020 2:16 pm

Hoping to close in the next few days. Got really lucky and locked at exactly the right time - 2.375%, true no closing costs, 15-year fixed. No appraisal, minimal documentation, etc... super easy process so far.

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Wed Apr 01, 2020 3:24 pm

dlrkw9mu wrote:
Wed Apr 01, 2020 2:08 pm
seawolf21 wrote:
Wed Apr 01, 2020 1:28 pm
***Looks like they are taking applications again.***
true! their rates are a joke, though.
They're certainly not as good as they once were, but still seem relatively competitive. I'm seeing 3.5% for a 30-year refinance with a $1700 lender credit to cover closing costs, while mortage news daily survey from today tells me the average purchasing rate today was 3.88%.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Wed Apr 01, 2020 4:58 pm

dlrkw9mu wrote:
Wed Apr 01, 2020 2:08 pm
seawolf21 wrote:
Wed Apr 01, 2020 1:28 pm
***Looks like they are taking applications again.***
true! their rates are a joke, though.
LenderFi rates are inline with the low end of current rates being offered by competitors; same as before.

MTZ
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Re: My LenderFi refinance is going well

Post by MTZ » Wed Apr 01, 2020 6:00 pm

I was given a ballpark quote of 3.375 30-year fixed no cost today. The problem is to get this rate I need to bring down my loan balance by about $5k to get under the "large balance" threshold or it doesn't even make sense for me to refi (current rate is 3.75, 7 years into the loan).

Should we do it? Looks like you have to pay points now to get 3.25 or lower. Man what a difference a few weeks makes..
Last edited by MTZ on Wed Apr 01, 2020 6:48 pm, edited 1 time in total.

frankandbeans
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Re: My LenderFi refinance is going well

Post by frankandbeans » Wed Apr 01, 2020 6:16 pm

seawolf21 wrote:
Wed Apr 01, 2020 4:58 pm
dlrkw9mu wrote:
Wed Apr 01, 2020 2:08 pm
seawolf21 wrote:
Wed Apr 01, 2020 1:28 pm
***Looks like they are taking applications again.***
true! their rates are a joke, though.
LenderFi rates are inline with the low end of current rates being offered by competitors; same as before.
FWIW, I’m now getting a quote on their site in the 4s after having been locked for no cost at 3.125 last month. So at least some scenarios seem to have gotten quite a bit worse for them relative to others.

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Wed Apr 01, 2020 6:44 pm

e5116 wrote:
Wed Apr 01, 2020 3:24 pm
dlrkw9mu wrote:
Wed Apr 01, 2020 2:08 pm
seawolf21 wrote:
Wed Apr 01, 2020 1:28 pm
***Looks like they are taking applications again.***
true! their rates are a joke, though.
They're certainly not as good as they once were, but still seem relatively competitive. I'm seeing 3.5% for a 30-year refinance with a $1700 lender credit to cover closing costs, while mortage news daily survey from today tells me the average purchasing rate today was 3.88%.
Not in the market any more (just closed with them) but I'm seeing 4.0% for 30-year with $474 credit, or 3.625% for 15-year with $281 credit. My local credit union has them beat by almost 1% on both. I'm sure the differences in balance/location are a major factor.

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8foot7
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Re: My LenderFi refinance is going well

Post by 8foot7 » Wed Apr 01, 2020 7:30 pm

At least in NC on a jumbo under 80% LtV they are not competitive.
Lowest they are offering on a 570k 30 year is 4.125, which is our existing rate, and they want 25,000 (!!!) in points for that.
Almost feels like a joke, or an error, or basically an admission they don’t care to do the loan.
Would recommend looking elsewhere for jumbo options.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Thu Apr 02, 2020 6:01 am

my rate lock expires april 7 and the last correspondence i’ve gotten from them is that my file is going to underwriting for approval on march 13. should i be concerned?

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Thu Apr 02, 2020 9:27 am

booboo1234 wrote:
Thu Apr 02, 2020 6:01 am
my rate lock expires april 7 and the last correspondence i’ve gotten from them is that my file is going to underwriting for approval on march 13. should i be concerned?
I would recommend to call/text/email them. I had my Loan Processor's personal cell phone and he asked me to text him for fastest response. So, I wouldn't necessarily be concerned, but always good to follow up. You should get your final rate disclosure at least three days before closing, so that time is rapidly approaching. I believe they can also extend the rate lock if needed - particularly if it was on their end that was the holdup.

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Thu Apr 02, 2020 9:33 am

I'm sure glad I locked in early February. It doesn't seem like rates ever returned to that point since then.

KT785
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Re: My LenderFi refinance is going well

Post by KT785 » Thu Apr 02, 2020 9:48 am

Tim_in_GA wrote:
Sun Mar 15, 2020 5:00 pm
rv26 wrote:
Sat Mar 14, 2020 9:52 am
For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.
I closed over a week ago and won’t have a payment until May. I got an email about one week after closing saying my loan had funded and they mentioned the 1st payment date. I think the temporary payment coupons were also in the closing documents.
We closed around the same time as you and also got the email you referenced, though it indicated we'd receive payment coupons in the mail (they weren't in the closing docs). Payment isn't due until May 1, but still haven't heard anything--have you?

KT785

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Thu Apr 02, 2020 10:02 am

KT785 wrote:
Thu Apr 02, 2020 9:48 am
We closed around the same time as you and also got the email you referenced, though it indicated we'd receive payment coupons in the mail (they weren't in the closing docs). Payment isn't due until May 1, but still haven't heard anything--have you?

KT785
I haven't heard anything. I have a couple payment coupons from the closing docs so I'll use those in May if I don't get anything this month.

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Thu Apr 02, 2020 10:07 am

Tim_in_GA wrote:
Thu Apr 02, 2020 10:02 am
KT785 wrote:
Thu Apr 02, 2020 9:48 am
We closed around the same time as you and also got the email you referenced, though it indicated we'd receive payment coupons in the mail (they weren't in the closing docs). Payment isn't due until May 1, but still haven't heard anything--have you?

KT785
I haven't heard anything. I have a couple payment coupons from the closing docs so I'll use those in May if I don't get anything this month.
I never got anything in the mail, but the new loan showed up on my login at Wells Fargo automatically. My old loan was with WF, and the new one also got purchased by them, haha. Automatically showed up with the same login. Showed that my old loan got paid off, and then showed the new one getting funded. It took a few weeks after closing for the new loan to be setup. I was able to go online and set the autopay for May. I closed around March 11 and my loan was setup a few days ago finally.

So, I might suggest trying to create a web login with whomever purchased your loan (seems like it's WF for the majority of LenderFi loans). You can use the Loan # that was provided on basically the last page of your closing materials. See if that works. Or you can call WF with the information, but they are experiencing crazy high call volumes, so would avoid that if at all possible.

as9
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Re: My LenderFi refinance is going well

Post by as9 » Thu Apr 02, 2020 10:11 am

Our loan was moved to "processing" on 3/25. Anyone know what comes after that?

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Thu Apr 02, 2020 10:20 am

as9 wrote:
Thu Apr 02, 2020 10:11 am
Our loan was moved to "processing" on 3/25. Anyone know what comes after that?
Your loan is now put in the queue to be reviewed by the assigned underwriter. But expect longer wait times. My LenderFi refi was moved to Processing on 3/20 and it’s still in line. (Loan processor said she expects to receive it back by the end of this week.)

as9
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Re: My LenderFi refinance is going well

Post by as9 » Thu Apr 02, 2020 10:45 am

Thanks -- I think we have another 3 weeks on our rate lock.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Fri Apr 03, 2020 10:29 am

to those that closed already, what was the timeline towards the end of the process? Were you sent the closing documents for review before closing? When did you schedule your closing date/time?

wootwoot
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Re: My LenderFi refinance is going well

Post by wootwoot » Fri Apr 03, 2020 10:38 am

Has anyone started a new refi with LenderFi recently? Most if not all of the posts from the last 2 weeks are follow-ups to people who started the process some time ago.

Hyperchicken
Posts: 171
Joined: Mon Mar 02, 2020 5:33 pm

Re: My LenderFi refinance is going well

Post by Hyperchicken » Fri Apr 03, 2020 10:45 am

Just noticed that the big blue "we're busy" message on their site is gone - looks like they've cleared the backlog, and are accepting new applications!

vickler
Posts: 4
Joined: Tue Dec 30, 2014 7:24 pm

Re: My LenderFi refinance is going well

Post by vickler » Sat Apr 04, 2020 10:02 pm

wootwoot wrote:
Fri Apr 03, 2020 10:38 am
Has anyone started a new refi with LenderFi recently? Most if not all of the posts from the last 2 weeks are follow-ups to people who started the process some time ago.
Yes. Locked 3.375 no-cost (~$1700 lender credits covered closing costs) yesterday on a conventional.

Berean
Posts: 8
Joined: Tue Mar 17, 2020 4:30 pm

Re: My LenderFi refinance is going well

Post by Berean » Sun Apr 05, 2020 6:56 am

I was not looking to refinance, but after seeing all the great offers in this thread, I decided to sniff around.

My current loan is a 20-year fixed at 3.75%. My monthly princiipal and interest payment is $1,100. I have been paying the loan for five years. The outstanding amount is $153,000.

I just got a quote on the Lender Fi website. The best offer was a 15-year fixed at 2.5%. My new monthly P&I would be $1,020 but at the cost of a whopping $7,557 in costs and fees. No way I am paying that much up front to lower my payment by only $80.

Is there any way to get them to significantly reduce the costs and fees? I have an 800 credit score and very stable income. Or should I just be happy that my current situation is so good that nobody can beat it even in this current low-rate environment?

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