Refinance Mega Thread

[skierincolorado]

I'm not very experienced at this so want to make sure this is a good rate and that there's no chance I get hit with some hidden fee.

2.5%
~350k loan
Sections A+B+C = 1,510
Section E $196
They want 22 days of prepaid interest
no escrow
Lender Credit: 1300

[bws]

For those that have done multiple Better refi's - did you have to create a new account for the 2nd one? When I go into my current account and start a new refi it always just links me back to my old/original one that's complete.

You can keep the same account and start a new refi. I've done 3 loans with them and see all 3 on the left side when I login.

[BrandonBogle]

I'm not very experienced at this so want to make sure this is a good rate and that there's no chance I get hit with some hidden fee.

2.5%
~350k loan
Sections A+B+C = 1,510
Section E $196
They want 22 days of prepaid interest
no escrow
Lender Credit: 1300

That is a strong offer. You basically are paying $406 in closing costs to refinance to 2.5%. While not “no cost”, it’s close enough that I hope you locked that and await closing.

[Johny]

My 2nd LE from LC today had an option for a 30 year @ 2.5% cash out refi A+B+C+E = $1600 and lender credit is $1000. Essentially $600 to do my $100k cash out refi.

I was originally thinking of going with the no cost 2.625% with lender credit of $3,000 and pocketing the difference and refi'ing in 6 months to a rate/term at lower rate. Would I be better off to do the 2.5% and pay now? I am hoping to do a rate/term in 6 months at 2.375% 30 years at least.

I'm not very experienced at this so want to make sure this is a good rate and that there's no chance I get hit with some hidden fee.

2.5%
~350k loan
Sections A+B+C = 1,510
Section E $196
They want 22 days of prepaid interest
no escrow
Lender Credit: 1300

That is a strong offer. You basically are paying $406 in closing costs to refinance to 2.5%. While not “no cost”, it’s close enough that I hope you locked that and await closing.

[Johny]

Has anyone here actually done a float down after locking in? WM is allowing me to do it one time free of charge but I want to say their policy is after the approval to close comes from underwriting.

If WM could maybe float me down to 2.5% that LC is offering but keep the lender credits as they have it now, then I could possibly stay put with WM.

[skierincolorado]

My 2nd LE from LC today had an option for a 30 year @ 2.5% cash out refi A+B+C+E = $1600 and lender credit is $1000. Essentially $600 to do my $100k cash out refi.

I was originally thinking of going with the no cost 2.625% with lender credit of $3,000 and pocketing the difference and refi'ing in 6 months to a rate/term at lower rate. Would I be better off to do the 2.5% and pay now? I am hoping to do a rate/term in 6 months at 2.375% 30 years at least.

I guess I don't understand how you know you could get such a rate in 6 months.

The breakeven on 2.625% w/ 3k credit vs 2.5% w/ 1k credit is 50 months on a 360k loan. It would depend on your loan size, if the loan is over 500k I might take the lower rate, otherwise I'd take the cash.

[Johny]

Yeah definitely wishful thinking on my part.

My 2nd LE from LC today had an option for a 30 year @ 2.5% cash out refi A+B+C+E = $1600 and lender credit is $1000. Essentially $600 to do my $100k cash out refi.

I was originally thinking of going with the no cost 2.625% with lender credit of $3,000 and pocketing the difference and refi'ing in 6 months to a rate/term at lower rate. Would I be better off to do the 2.5% and pay now? I am hoping to do a rate/term in 6 months at 2.375% 30 years at least.

I guess I don't understand how you know you could get such a rate in 6 months.

The breakeven on 2.625% w/ 3k credit vs 2.5% w/ 1k credit is 50 months on a 360k loan. It would depend on your loan size, if the loan is over 500k I might take the lower rate, otherwise I'd take the cash.

[skierincolorado]

I'm not very experienced at this so want to make sure this is a good rate and that there's no chance I get hit with some hidden fee.

2.5%
~350k loan
Sections A+B+C = 1,510
Section E $196
They want 22 days of prepaid interest
no escrow
Lender Credit: 1300

That is a strong offer. You basically are paying $406 in closing costs to refinance to 2.5%. While not “no cost”, it’s close enough that I hope you locked that and await closing.

Thanks for the reassurance. They did offer 2.625 with $3000 credit instead of $1500. I initially dismissed it but just ran it through some calculators and maybe the larger credit is worth it

[zrzhu111]

Should i try to pay down loan balance a little more, so i can have 50% LTV. Will i have a better chance of getting better rates?

[bgh11]

Should i try to pay down loan balance a little more, so i can have 50% LTV. Will i have a better chance of getting better rates?

Keep in mind, small loan size <200k often hard to get a good rate. Even at 70% LTV can get some decent offers depending on loan size, location, w2 income, etc.

[propertyrefi576]

which lenders look at transunion only ?

[Goal33]

which lenders look at transunion only ?

Probably no such lender.

[Fatusr]

I withdrew my last Refi with better just before signing. I had appraisal done by that time which was paid by Amex.

I applied again and currently trying them to beat other lender. Can I ask them to use appraisal from last Refi this time?

[wootwoot]

I withdrew my last Refi with better just before signing. I had appraisal done by that time which was paid by Amex.

I applied again and currently trying them to beat other lender. Can I ask them to use appraisal from last Refi this time?

Give it a shot.

[Calirefi2020]

Have you looked at Better, Owning, LenderFi and Loan Cabin (even slower)?

Owning, lenderfi and better told me they couldn’t beat LD..LC is yet to get back to me since last week..I am trying to get hold of WM and Interactive but they are not resolved ding.. not sure if there are any other better lenders out there..

2.625 with a decent lender credit isn’t bad. The other lender I can think of is Amerisave but I think they require an application fee to lock rate. Mr Cooper, Guaranteed Rate or umaco.com are others you can take a look at.

I closed a 15 year refi at 2.375% with Northpointe back in May/June after 6+months of following rates and getting quotes. Below is the contact if anyone wants to get a current quote

Ryan Bird
Loan Officer
NMLS 150099
p 616-726-5552 | f 616-588-6328
ryan.bird@northpointe.com

Thanks for the new suggestions.. I’ve tried them all in the past two days ..Mr Cooper and Guaranteed rate couldn’t do better. No luck reaching UAM and northpointe ..any other suggestions would be appreciated..

[mega317]

I’m supposed to close with Owning today, I see rates have dropped on their site. I can’t get ahold of my LO, any experience floating down with them?

[BrandonBogle]

I withdrew my last Refi with better just before signing. I had appraisal done by that time which was paid by Amex.

I applied again and currently trying them to beat other lender. Can I ask them to use appraisal from last Refi this time?

Did you get a copy of the appraisal report from the prior refi attempt? If so, send that over and ask them to use.

[propertyrefi576]

I'm not very experienced at this so want to make sure this is a good rate and that there's no chance I get hit with some hidden fee.

2.5%
~350k loan
Sections A+B+C = 1,510
Section E $196
They want 22 days of prepaid interest
no escrow
Lender Credit: 1300

who is this with ? and what credit score ?

[Johny]

Received my lock verification yesterday from LC. The credit was listed at $2,500 instead of 3,000 in the email. I reached out to my LO and within 30 minutes she had it corrected with the lock desk. I must say so far the communication with LC has been solid, I guess I lucked out with my LO.

She said 3 business days to gain access to my online portal to sign initial disclosures and submit requested files. Then up to 30 days from lock date to get into the processing que. 45-60 says to close.

I reached out to Better and sent them the LE from LC but still have not heard back. My contact at Better is Arnold.

Lastly, I asked my LO at WM if he can at least float my rate down to 2.5% with no closing costs. Right now we are locked in at 2.855% since 8/31. I said we want a great deal, was upfront and honest with him. His response was we can float down once we get closing approval from underwriting and to stay the course with him. He mentioned its a free 6 month loan with him at a rate never before seen since 1970 on a 30 year term. He said he will take care of me in 6 months when we rate/term refi as he takes excellent care of his returning clients. Seems sincere enough?

[Auream]

Refinanced with Better in July (closed July 9th or so). Was supposed to get the $2500 Amex credit, but as of today its not showing up yet. I see suggestions to call Amex, which I plan on doing. But in the meantime I have a good offer (with Loan Estimate) from LenderFi for a no-cost refi. Has anyone else started the process of a refi before getting their Amex credit, or would I just be asking for trouble? I don't expect rates to shoot up in the next few days, but I am eager to get this done before the extra 0.5% fee kicks in.

[henry001]

LC has been slow with me. What do you all think of this offer they provided me 2.25% for 15 year loan balance is 230k located in the Midwest no closing costs no credit at closing. Thoughts?

[Johny]

How does that new Dec 1st refi 0.5% fee work? Say you normally would get a 2.5% offer would they just increase the rate to 3.0%?

[dsmil]

How does that new Dec 1st refi 0.5% fee work? Say you normally would get a 2.5% offer would they just increase the rate to 3.0%?

Assuming that it's passed on to the customer, I think we'd just see higher lender costs by .5% of the loan amount (1/2 pt). So on a $300k loan, I'd expect additional lender fees of $1,500, or a reduction in lender credits by $1,500.

[easye418]

I have the Better credit sitting in my AMEX ready to get cut to check.

Is there any data on potential clawback?

I refi-ed quickly to get the credit @ 3.25%, but now, LenderFi can offer me a 2.875% no cost re-fi.

Just want to make sure, want to get in before December new refi fee hits.

[beingzero]

is 2.75 with no closing costs and appraisal waiver for a 30 yr refi good? Or can I do better. I am in GA.

[GoodOmens]

Yikes - was given a Title and Closing cost from LC at $1800 (Section C). LenderFi was aprox $775.

Anyone know a good third party to check for Title and Closing? Emailed Radian and they are only doing quotes if they have an active relationship with the lender, and LC was not one of them. Awaiting on Amrock (LenderFi's company)

LF: 2.75, $1400 credit to cover A+B+C+D+E
LC: 2.5, $1100 credit, A+B+C+D+E= $2337

So If I could lower LC by even $800~$1000, going with LC would begin to make sense.

$283k loan.

[easye418]

you guys are getting great rates.

In TX, LTV 78%, 2.875% 30 year, with a $2800 lender credit.

[presto987]

Yikes - was given a Title and Closing cost from LC at $1800 (Section C). LenderFi was aprox $775.

Anyone know a good third party to check for Title and Closing? Emailed Radian and they are only doing quotes if they have an active relationship with the lender, and LC was not one of them. Awaiting on Amrock (LenderFi's company)

LF: 2.75, $1400 credit to cover A+B+C+D+E
LC: 2.5, $1100 credit, A+B+C+D+E= $2337

So If I could lower LC by even $800~$1000, going with LC would begin to make sense.

$283k loan.

I got a good quote from Amrock, though it wasn't as good as what it was on LenderFi's LE. LenderFi must have special negotiated rates with them.

I've heard bad things about Amrock though, so I was looking for other title companies as well. Ticor Title gave me a solid quote that was close to Amrock's, and they seem to have good reviews in CA.

In order to compare your two offers, you should ask LC what the credit would be if you moved up to 2.75%. I suspect they would be comparable to LenderFi even if you didn't improve on the title costs.

[GoodOmens]

Yikes - was given a Title and Closing cost from LC at $1800 (Section C). LenderFi was aprox $775.

Anyone know a good third party to check for Title and Closing? Emailed Radian and they are only doing quotes if they have an active relationship with the lender, and LC was not one of them. Awaiting on Amrock (LenderFi's company)

LF: 2.75, $1400 credit to cover A+B+C+D+E
LC: 2.5, $1100 credit, A+B+C+D+E= $2337

So If I could lower LC by even $800~$1000, going with LC would begin to make sense.

$283k loan.

I got a good quote from Amrock, though it wasn't as good as what it was on LenderFi's LE. LenderFi must have special negotiated rates with them.

I've heard bad things about Amrock though, so I was looking for other title companies as well. Ticor Title gave me a solid quote that was close to Amrock's, and they seem to have good reviews in CA.

In order to compare your two offers, you should ask LC what the credit would be if you moved up to 2.75%. I suspect they would be comparable to LenderFi even if you didn't improve on the title costs.

Thanks for the lead. I had good experience with Amrock on my last refinance, but that was pre-COVID. I kept the card from our closing agent because I liked her so much. I did ping her to see if she could do anything, unsure (She was independent of Amrock).

[Ryzen]

which lenders look at transunion only ?

None that can sell to fannie or freddie (so basically everyone). Last I knew, it is a requirement for loan files to use the middle score of all 3 for fannie or freddie to buy the loan.

[skierincolorado]

Yikes - was given a Title and Closing cost from LC at $1800 (Section C). LenderFi was aprox $775.

Anyone know a good third party to check for Title and Closing? Emailed Radian and they are only doing quotes if they have an active relationship with the lender, and LC was not one of them. Awaiting on Amrock (LenderFi's company)

LF: 2.75, $1400 credit to cover A+B+C+D+E
LC: 2.5, $1100 credit, A+B+C+D+E= $2337

So If I could lower LC by even $800~$1000, going with LC would begin to make sense.

$283k loan.

If I'm doing the math right the breakeven on those two offers is 18 months. I might already be going with LC. Lowering by even $500 would make the decision easy.

[easye418]

can anyone give me someone to talk to at Loan Cabin?

[beingzero]

can anyone give me someone to talk to at Loan Cabin?

I have tried several numbers and they all go to VM.

[easye418]

can anyone give me someone to talk to at Loan Cabin?

I have tried several numbers and they all go to VM.

Got it. Thanks.

[GoodOmens]

Yikes - was given a Title and Closing cost from LC at $1800 (Section C). LenderFi was aprox $775.

Anyone know a good third party to check for Title and Closing? Emailed Radian and they are only doing quotes if they have an active relationship with the lender, and LC was not one of them. Awaiting on Amrock (LenderFi's company)

LF: 2.75, $1400 credit to cover A+B+C+D+E
LC: 2.5, $1100 credit, A+B+C+D+E= $2337

So If I could lower LC by even $800~$1000, going with LC would begin to make sense.

$283k loan.

If I'm doing the math right the breakeven on those two offers is 18 months. I might already be going with LC. Lowering by even $500 would make the decision easy.

How'd you come to 18 months? I'm getting about 32 months to break even.

LF A-E: 0 after credit.
LC A-E: ~1237 after credit, so LC is $1237 more expensive to close.

2.5% loan would be ~ $37 less a month then the 2.75. What am I missing (Honest question, not a financial wiz).

[robbierob03]

Does anyone know if Better is receptive to floating down a locked rate either during or after UW? I locked in a no cost 2.5% on a 15 year ten days ago, but looks like I could possibly get to 2.375% at no cost with the way rates have moved lower.

I'd rather not go through another refi right after this one if I can avoid it, and at 2.375% I may actually stop looking at mortgage rates for a bit!

[b2bserver]

I emailed LC to get a status update and got this:

We are currently reviewing all applications submitted from 9-1-2020. All applications are reviewed in the order they are received, with the exception of Purchase Applications.

. Also tried calling their main number but it went straight to voicemail which was actually full. I'm in IL

[BrandonBogle]

Does anyone know if Better is receptive to floating down a locked rate either during or after UW? I locked in a no cost 2.5% on a 15 year ten days ago, but looks like I could possibly get to 2.375% at no cost with the way rates have moved lower.

I'd rather not go through another refi right after this one if I can avoid it, and at 2.375% I may actually stop looking at mortgage rates for a bit!

Better will float a rate down 0.125% if the Fred 30-year index has gone down at least 0.25% from the Thursday after you locked your rate to the most recent published rate. This also has to be done prior to signing the closing disclosures.

Generally speaking, it's easier to get another quote and have them compete against that than use their float down setup as the Fred rate doesn't change all that much in the short-term.

[beingzero]

Does anyone know if Better is receptive to floating down a locked rate either during or after UW? I locked in a no cost 2.5% on a 15 year ten days ago, but looks like I could possibly get to 2.375% at no cost with the way rates have moved lower.

I'd rather not go through another refi right after this one if I can avoid it, and at 2.375% I may actually stop looking at mortgage rates for a bit!

The 15 yr rate that was quoted by a mortgage broker that works through Quicken was 2.25 at absolutely no costs. Which state are you in, may be you could shop a bit and get to 2.25.

[Goal33]

When it comes to getting up to $2000 back on a loan without it changing the loan type... does prepaid interest owed on the new loan count towards that $2000 or is the $2000 on top of that?

[BrandonBogle]

When it comes to getting up to $2000 back on a loan without it changing the loan type... does prepaid interest owed on the new loan count towards that $2000 or is the $2000 on top of that?

The $2k is the limit for the size of the check after everything settled at closing.

[Johny]

Todays update:

WM loan went from stuck in "reviewing documents" phase (been there since last week) to "submitted to underwriting". Next per my online portal is conditional approval then final approval.

I am locked with LC officially and awaiting link to get into their system to sign disclosures and submit items requested.

My hope is my WM LO can float my rate down from 2.855% to 2.5% which would make it a good cash out refi compared to my LC refi offer. I locked with LC as a fall back, if WM can't come thru then I will jump over.

[jbuzolich]

Started a refinance request with Owning yesterday. First call back failed so I worked with them today in a chat portal instead. Rates on their website were listed as down below 2.4%. Chat agent came back with offers for me at some good rates but one was $3000 in costs and the other was $6000 in costs. Seemed high! I emailed asking for clarification if that was actually costs or including prepaid items. 57% LTV. The agent also stated that they are no longer offering no cost refinance loans. The $3000 cost option was 2.625%.

I would prefer low or no cost so I guess I'll be trying other lenders.

[robbierob03]

Does anyone know if Better is receptive to floating down a locked rate either during or after UW?

Better will float a rate down 0.125% if the Fred 30-year index has gone down at least 0.25% from the Thursday after you locked your rate to the most recent published rate. This also has to be done prior to signing the closing disclosures.

Generally speaking, it's easier to get another quote and have them compete against that than use their float down setup as the Fred rate doesn't change all that much in the short-term.

Thanks Brandon - I have another few days left before additional hard pulls will affect my credit report, so i'll try to see if I can beat my existing LE with one of the other places I applied.

The 15 yr rate that was quoted by a mortgage broker that works through Quicken was 2.25 at absolutely no costs. Which state are you in, may be you could shop a bit and get to 2.25.

I'm in NC, but only taking a loan out of $225k. I shopped my existing LE out to all of the popular places mentioned here, but I couldn't get anyone to actually beat Better's offer. Other places would only match it so I assume the balance was too small to offer additional lender credits almost two weeks ago. Hopefully that's changed some.

[jfmiii]

Anyone have any luck on sub-3% jumbo 30yr FRM refis? I’m in IL. Thanks!

[Calirefi2020]

Anyone have any luck on sub-3% jumbo 30yr FRM refis? I’m in IL. Thanks!

I’m locked in with LD at 2.625% on $620k refi in CA

[ossipago]

Anyone have any luck on sub-3% jumbo 30yr FRM refis? I’m in IL. Thanks!

I’m locked in with LD at 2.625% on $620k refi in CA

I'm guessing this is a super conforming loan in a high-cost area (sellable to Fannie/Freddie) and not actually a jumbo.

[Goal33]

Anyone have any luck on sub-3% jumbo 30yr FRM refis? I’m in IL. Thanks!

I’m locked in with LD at 2.625% on $620k refi in CA

I'm guessing this is a super conforming loan in a high-cost area (sellable to Fannie/Freddie) and not actually a jumbo.

I sure hope so otherwise I made a mistake paying down my loan

[bgh11]

Anyone have any luck on sub-3% jumbo 30yr FRM refis? I’m in IL. Thanks!

I’m locked in with LD at 2.625% on $620k refi in CA

I'm guessing this is a super conforming loan in a high-cost area (sellable to Fannie/Freddie) and not actually a jumbo.

I sure hope so otherwise I made a mistake paying down my loan

higher conforming limits for certain areas https://www.fhfa.gov/DataTools/Tools/Pa ... s-Map.aspx

[zrzhu111]

Started a refinance request with Owning yesterday. First call back failed so I worked with them today in a chat portal instead. Rates on their website were listed as down below 2.4%. Chat agent came back with offers for me at some good rates but one was $3000 in costs and the other was $6000 in costs. Seemed high! I emailed asking for clarification if that was actually costs or including prepaid items. 57% LTV. The agent also stated that they are no longer offering no cost refinance loans. The $3000 cost option was 2.625%.

I would prefer low or no cost so I guess I'll be trying other lenders.

Thanks for sharing. I wanted to get started with Owning with no cost. Can you keep us updated on the rates with no costs (if they can still do it)? Thanks.