Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Monsterflockster
Posts: 380
Joined: Thu Nov 21, 2019 12:03 am

Re: Refinance Mega Thread

Post by Monsterflockster »

Question for those whose rate lock has expired while in underwriting. If the rate drops and they haven’t closed in time, if rates are lower will they give you the lower rate or extend the locked rate?
fussy
Posts: 2
Joined: Sat Sep 12, 2020 3:06 pm

Re: Refinance Mega Thread

Post by fussy »

Goal33 wrote: Sat Sep 12, 2020 4:44 pm
fussy wrote: Sat Sep 12, 2020 4:36 pm I am wondering if the lenders commonly mentioned on this thread only do "cookie cutter" mortgages.

I have a property in which ~70% of the value is my primary residence, but i also have detached buildings on the property (small cottage and a duplex) that I rent out for very little income. When I got the property appraised last year for my initial purchase, the appraiser actually valued those rentals at less than 5% of the total value, but i think that was because he was playing games to make the buy price = appraisal.

If I try to plug in numbers for a multifamily, the rates are at least a half point higher than for a single family. Can I convince these guys that this is really just a single family with "extra buildings" or am I forced to take the higher multifamily rate? I talked to one guy at Loan Depot so far but he didn't seem to be able to go off script. Maybe this is too hard to package and resell for these guys, I don't know.
What’s the legal classification of your property?
That's a good point. It's actually on 2 parcels. The one my house is on is classified as Family Dwelling (1 acre) and the other is classified as General Farm (8.5 acres). I currently have one loan for the whole thing (3.5%, 15/30 ARM).
User avatar
gas_balloon
Posts: 1039
Joined: Fri Aug 15, 2014 4:55 pm

Re: Refinance Mega Thread

Post by gas_balloon »

Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Goal33 wrote: Sat Sep 12, 2020 4:44 pm
fussy wrote: Sat Sep 12, 2020 4:36 pm I am wondering if the lenders commonly mentioned on this thread only do "cookie cutter" mortgages.

I have a property in which ~70% of the value is my primary residence, but i also have detached buildings on the property (small cottage and a duplex) that I rent out for very little income.
What’s the legal classification of your property?
This.

All they will care about is what the title search finds what your lot is classified as. And the lien they place will be on the legal description of your lot, however that my read. So between how the lot is described (i.e., is it subdivided?) and how your property is classified by the local municipality, that’s what the lenders will use.

That said, many will lump residential dwellings of 1-4 units together, as far as to pricing of the loan.
Monsterflockster wrote: Sat Sep 12, 2020 6:53 pm Question for those whose rate lock has expired while in underwriting. If the rate drops and they haven’t closed in time, if rates are lower will they give you the lower rate or extend the locked rate?
Varies by lender.
manatee2005
Posts: 933
Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

gas_balloon wrote: Sat Sep 12, 2020 7:10 pm Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Pacific
Posts: 1395
Joined: Tue Mar 06, 2007 8:19 pm
Location: Lost in the middle of the Pacific

Re: Refinance Mega Thread

Post by Pacific »

AlphaLess wrote: Sat Sep 12, 2020 3:54 pm
Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
That seems like a hug rate difference.

The one time, back in 2012 or so, when I was locked, and rates went down, the mortgage banker was arguing that the rate did not go down low enough for him to offer a re-lock. After I pushed him, by asking around, his final word was: "Well, only nice people get to re-lock, and you are not nice". I am not doing business with him to be nice. I am doing business with him to be practical.

My advice: if Loan Depot does not want to re-lock at lower rate, start another re-fi with another company.
Not meaning to be disrespectful, but after reading several of your posts on this thread, I have to agree with the mortgage banker.
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

fussy wrote: Sat Sep 12, 2020 7:08 pm
Goal33 wrote: Sat Sep 12, 2020 4:44 pm
fussy wrote: Sat Sep 12, 2020 4:36 pm I am wondering if the lenders commonly mentioned on this thread only do "cookie cutter" mortgages.

I have a property in which ~70% of the value is my primary residence, but i also have detached buildings on the property (small cottage and a duplex) that I rent out for very little income. When I got the property appraised last year for my initial purchase, the appraiser actually valued those rentals at less than 5% of the total value, but i think that was because he was playing games to make the buy price = appraisal.

If I try to plug in numbers for a multifamily, the rates are at least a half point higher than for a single family. Can I convince these guys that this is really just a single family with "extra buildings" or am I forced to take the higher multifamily rate? I talked to one guy at Loan Depot so far but he didn't seem to be able to go off script. Maybe this is too hard to package and resell for these guys, I don't know.
What’s the legal classification of your property?
That's a good point. It's actually on 2 parcels. The one my house is on is classified as Family Dwelling (1 acre) and the other is classified as General Farm (8.5 acres). I currently have one loan for the whole thing (3.5%, 15/30 ARM).
You have to get them to put the lien/loan against the one house. I assume you have enough equity on that one lot. It’s going to be slightly more annoying title work to do it different than it’s done now. I don’t know much about this but you should be able to pull it off.
postal007
Posts: 11
Joined: Thu Feb 27, 2020 2:29 am

Re: Refinance Mega Thread

Post by postal007 »

presto987 wrote: Sat Sep 12, 2020 5:25 pm
JohnSmith123 wrote: Sat Sep 12, 2020 4:38 pm In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go.

PM me if you need a contact there.

For people with smaller loan sizes, you can get up to $300k by making it a cash out refi. My understanding is that for cash out, IM will offer you the same rate but charge you a 0.5 point fee (which would be $1500 for a 300k loan).

These are the 7 states where they are licensed:
https://interactivemortgage.com/licensing
Whoa, thanks for the heads up! I used Interactive Mortgage to lock in a 2.5% no-cost refi on 8/31 and then got Owning to match (and they threw in $1000 at closing). Now I'm about to sign with Owning on Monday (they move fast) and having second thoughts if I can squeeze a bit more even if we're almost at the finish line....
fuzzball
Posts: 54
Joined: Tue Jul 19, 2016 5:52 pm

Re: Refinance Mega Thread

Post by fuzzball »

Refi Amt: 727k
Original loan - 30yr, 3.875%
State- NY
LTV ~79% (guesstimate)


Loan 1-
2.75%, no points
A+B+C= 4896
transfer tax = 14k
no CEMA
lender credit of 7270

Loan 2-
2.375%, 1.219 point
A+B+C=13758
transfer tax = 14k
No CEMA
lender credit of 7270

Loan 3-
2.69%, 0.5 point
A+B+C= 10000
transfer tax = 0*
Yes CEMA


I'm leaning towards option 2 for the lowest rate. #1 and #2 are from loan depot. They are offering lender credit of 1 point to be used to cover transfer tax (#1) or pay down to a lower rate (#2). I'm saving substantially with all these options. Breakeven for all is about 2 years + a few months. Loan 1 and 2 should process faster without having to do a CEMA.

What would you guys suggest?

Thanks!!!
Last edited by fuzzball on Sun Sep 13, 2020 6:30 am, edited 1 time in total.
christallee
Posts: 1
Joined: Sat Sep 12, 2020 10:58 pm

Re: Refinance Mega Thread

Post by christallee »

presto987 wrote: Sat Sep 12, 2020 5:25 pm
JohnSmith123 wrote: Sat Sep 12, 2020 4:38 pm In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go.

PM me if you need a contact there.

For people with smaller loan sizes, you can get up to $300k by making it a cash out refi. My understanding is that for cash out, IM will offer you the same rate but charge you a 0.5 point fee (which would be $1500 for a 300k loan).

These are the 7 states where they are licensed:
https://interactivemortgage.com/licensing
Hi presto987 - I am new here and can't PM you. Can you share your contact at Interactive Mortgage? Thanks!
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

fuzzball wrote: Sat Sep 12, 2020 10:53 pm Loan 1-
2.75%, no points
A+B+C= 4896
transfer tax = 14k
no CEMA
lender credit of 7270

Loan 2-
2.375%, 1.219 point
A+B+C=4896
transfer tax = 14k
No CEMA
lender credit of 7270

Loan 3-
2.69%, 0.5 point
A+B+C= 10000
transfer tax = 0*
Yes CEMA

#1 and #2 are from loan depot. They are offering lender credit of 1 point to be used to cover transfer tax (#1) or pay down to a lower rate (#2).
I'm confused. How would 1.219% in points (which goes in Section A) end up with the same A + B + C cost as the loan with no points? And then both have the same lender credit?
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

Pacific wrote: Sat Sep 12, 2020 8:08 pm
AlphaLess wrote: Sat Sep 12, 2020 3:54 pm
Xrayman69 wrote: Sat Sep 12, 2020 3:28 pm Currently in the underwriting stage with Loan Depot. 15 years at 2.25% with 2.5K lender credits. Started in early August. Looks like another 30-45 days.

I opened up one of the initial email communications they sent us where there was a link to “check our rates “. I pushed the link and now it states there is a 15 year fr 1.990% and 30 year for 2.500%. Are rates still going down and at this stage in our refinance process can they offer me the lower rate than the one I’m currently locked? Or do I have to reapply to get the Lower rate and start the process clock all over again?
That seems like a hug rate difference.

The one time, back in 2012 or so, when I was locked, and rates went down, the mortgage banker was arguing that the rate did not go down low enough for him to offer a re-lock. After I pushed him, by asking around, his final word was: "Well, only nice people get to re-lock, and you are not nice". I am not doing business with him to be nice. I am doing business with him to be practical.

My advice: if Loan Depot does not want to re-lock at lower rate, start another re-fi with another company.
Not meaning to be disrespectful, but after reading several of your posts on this thread, I have to agree with the mortgage banker.
Everybody is entitled to their opinion.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

JBTX wrote: Sat Sep 12, 2020 5:13 pm In general yes, but if it's between business friendly and consumer friendly business usually wins.

Property tax rates are higher than average, approx 2.5% of property value. Sales tax is 8.25%. But no income tax. On balance I'll take it to have no income tax.
Thank you for the clarification.

I always wonder how no-income-tax states manage.
It's not like they spend less.

There has to be some sources of money.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
redhat123
Posts: 9
Joined: Sat Apr 28, 2018 9:39 pm

Re: Refinance Mega Thread

Post by redhat123 »

manatee2005 wrote: Sat Sep 12, 2020 8:03 pm
gas_balloon wrote: Sat Sep 12, 2020 7:10 pm Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Was it resold from Owning to One American Mortgage and then to PNC Bank before you made first payment or you had to setup account with each while it got transferred and sort out the payment?
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

postal007 wrote: Sat Sep 12, 2020 9:41 pm
presto987 wrote: Sat Sep 12, 2020 5:25 pm
JohnSmith123 wrote: Sat Sep 12, 2020 4:38 pm In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go.

PM me if you need a contact there.

For people with smaller loan sizes, you can get up to $300k by making it a cash out refi. My understanding is that for cash out, IM will offer you the same rate but charge you a 0.5 point fee (which would be $1500 for a 300k loan).

These are the 7 states where they are licensed:
https://interactivemortgage.com/licensing
Whoa, thanks for the heads up! I used Interactive Mortgage to lock in a 2.5% no-cost refi on 8/31 and then got Owning to match (and they threw in $1000 at closing). Now I'm about to sign with Owning on Monday (they move fast) and having second thoughts if I can squeeze a bit more even if we're almost at the finish line....
Funny I thought interactive and owning were the same company.
b2bserver
Posts: 22
Joined: Mon Nov 24, 2014 8:51 pm

Re: Refinance Mega Thread

Post by b2bserver »

For people who locked with multiple lenders then withdraw, have you had any issues reapplying to the withdrawn lenders later on such as Better, LF, LC and LD? Will they still work with you again or just give you the worst rates and hope you go away? Saw some comments that said LF won't and people not wanting to burn bridges over a small credit differences.
Wings5
Posts: 169
Joined: Sun Nov 16, 2014 5:17 pm

Re: Refinance Mega Thread

Post by Wings5 »

LenderFI would not entertain a second application after we backed out in April.
fuzzball
Posts: 54
Joined: Tue Jul 19, 2016 5:52 pm

Re: Refinance Mega Thread

Post by fuzzball »

BrandonBogle wrote: Sat Sep 12, 2020 11:43 pm
fuzzball wrote: Sat Sep 12, 2020 10:53 pm Loan 1-
2.75%, no points
A+B+C= 4896
transfer tax = 14k
no CEMA
lender credit of 7270

Loan 2-
2.375%, 1.219 point
A+B+C=13758
transfer tax = 14k
No CEMA
lender credit of 7270

Loan 3-
2.69%, 0.5 point
A+B+C= 10000
transfer tax = 0*
Yes CEMA

#1 and #2 are from loan depot. They are offering lender credit of 1 point to be used to cover transfer tax (#1) or pay down to a lower rate (#2).
I'm confused. How would 1.219% in points (which goes in Section A) end up with the same A + B + C cost as the loan with no points? And then both have the same lender credit?

You are right.. I made the correction!
bgh11
Posts: 89
Joined: Wed Aug 05, 2020 4:58 am

Re: Refinance Mega Thread

Post by bgh11 »

fuzzball wrote: Sun Sep 13, 2020 6:31 am
BrandonBogle wrote: Sat Sep 12, 2020 11:43 pm
fuzzball wrote: Sat Sep 12, 2020 10:53 pm Loan 1-
2.75%, no points
A+B+C= 4896
transfer tax = 14k
no CEMA
lender credit of 7270

Loan 2-
2.375%, 1.219 point
A+B+C=13758
transfer tax = 14k
No CEMA
lender credit of 7270

Loan 3-
2.69%, 0.5 point
A+B+C= 10000
transfer tax = 0*
Yes CEMA

#1 and #2 are from loan depot. They are offering lender credit of 1 point to be used to cover transfer tax (#1) or pay down to a lower rate (#2).
I'm confused. How would 1.219% in points (which goes in Section A) end up with the same A + B + C cost as the loan with no points? And then both have the same lender credit?

You are right.. I made the correction!
Did u ask 2.5% from LD?
KeepinItPositive
Posts: 40
Joined: Sat Mar 18, 2017 9:46 am

Re: Refinance Mega Thread

Post by KeepinItPositive »

How important is the role of the title company in a refinance?

For my refi over the summer I used my local title company which gave me some piece of mind.

I’m looking at the possibility of doing another one if rates drop lower and was curios if this group thought there was any downside to just using the one that the lender (say lenderfi) is already used to working with.

Any horror stories of the title company somehow messing up the existing title?
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

manatee2005 wrote: Sat Sep 12, 2020 8:03 pm
gas_balloon wrote: Sat Sep 12, 2020 7:10 pm Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

Wings5 wrote: Sun Sep 13, 2020 6:20 am LenderFI would not entertain a second application after we backed out in April.
Why did you back out?
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
User avatar
changingtimes
Posts: 264
Joined: Mon Jul 24, 2017 9:28 am

Re: Refinance Mega Thread

Post by changingtimes »

As a data point, I applied with Better on 9/10 for a 2.875% 30-year fixed for $277k, we locked the same day, and I'm now in Conditional Approval, with their now having ordered the title report. They waived my apprisal (LTV of about 28%).

We'll see how it goes from here, but the staff I have worked with so far have been incredibly speedy. (as have I!)
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

b2bserver wrote: Sun Sep 13, 2020 6:13 am For people who locked with multiple lenders then withdraw, have you had any issues reapplying to the withdrawn lenders later on such as Better, LF, LC and LD? Will they still work with you again or just give you the worst rates and hope you go away? Saw some comments that said LF won't and people not wanting to burn bridges over a small credit differences.
Better will. LenderFi generally doesn’t. Loan Depot told me that if I try within 30 days, I would get worst-case pricing, but after I’d be fine. Loan Cabin doesn’t write for my state, so I have no experience with them.
presto987
Posts: 125
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

christallee wrote: Sat Sep 12, 2020 11:12 pm
presto987 wrote: Sat Sep 12, 2020 5:25 pm
JohnSmith123 wrote: Sat Sep 12, 2020 4:38 pm In CA, LTV 30%, $585K loan on $2M value. FICO 800+.
Best rate I see is from LenderFi at 2.375% no cost for 15 years.
2.625% no cost for 30 years.

Anyone see anything lower (I do see above a bunch of people getting 2.25, 2.125% no cost), so wonder what is up.

thanks!
Interactive Mortgage is advertising a no-cost 2.25% 15-year and 2.5% 30-year on their site. But they have a special rate of no-cost 2.375% for a 30-year available until tomorrow. Not sure if they have a 15-year special, but maybe. For these rates you need LTV < 60% and loan size between $300k-$766k. So assuming you have W2 income, you should be good to go.

PM me if you need a contact there.

For people with smaller loan sizes, you can get up to $300k by making it a cash out refi. My understanding is that for cash out, IM will offer you the same rate but charge you a 0.5 point fee (which would be $1500 for a 300k loan).

These are the 7 states where they are licensed:
https://interactivemortgage.com/licensing
Hi presto987 - I am new here and can't PM you. Can you share your contact at Interactive Mortgage? Thanks!
Tried to PM you but not sure if it’s going through. If not, you can search this thread for the name of a contact and use google to get his info. Or you might want to just call the general number on their website (or submit an application on the website) to get whoever is available. I know they are really busy.
manatee2005
Posts: 933
Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm
gas_balloon wrote: Sat Sep 12, 2020 7:10 pmwwi
Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm
gas_balloon wrote: Sat Sep 12, 2020 7:10 pmwwi
Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
I have a PNC mortgage account, and they have monthly statements.
I can grab them in pdf format from their online website.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
manatee2005
Posts: 933
Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

AlphaLess wrote: Sun Sep 13, 2020 11:55 am
manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm
gas_balloon wrote: Sat Sep 12, 2020 7:10 pmwwi
Owning.com sold my recent re-fi mortgage's servicing to "One American Mortgage".
I was hoping it would go to Chase, but oh well...! One more account to manage and set autopay on for now.
So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
I have a PNC mortgage account, and they have monthly statements.
I can grab them in pdf format from their online website.
Yeah you have to disable the coupon book to get online statements. Found that out later on. It wasn't on by default which is ridiculous in 2020.
redhat123
Posts: 9
Joined: Sat Apr 28, 2018 9:39 pm

Re: Refinance Mega Thread

Post by redhat123 »

manatee2005 wrote: Sun Sep 13, 2020 12:19 pm
AlphaLess wrote: Sun Sep 13, 2020 11:55 am
manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm

So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
I have a PNC mortgage account, and they have monthly statements.
I can grab them in pdf format from their online website.
Yeah you have to disable the coupon book to get online statements. Found that out later on. It wasn't on by default which is ridiculous in 2020.
Was the load resold to PNC before your first payment?
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.
For future reference, if you ever run into a scenario like this, my suggestion would be to simply order a payoff letter. While lenders ask for a statement, what they actually want is the lender saying the balance, if it is past due, the account number, etc. All of this is contained in the payoff quote letter as well.
manatee2005
Posts: 933
Joined: Wed Dec 18, 2019 9:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

redhat123 wrote: Sun Sep 13, 2020 12:24 pm
manatee2005 wrote: Sun Sep 13, 2020 12:19 pm
AlphaLess wrote: Sun Sep 13, 2020 11:55 am
manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am

Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
I have a PNC mortgage account, and they have monthly statements.
I can grab them in pdf format from their online website.
Yeah you have to disable the coupon book to get online statements. Found that out later on. It wasn't on by default which is ridiculous in 2020.
Was the load resold to PNC before your first payment?
Yup. That was in June/July when rates were dropping fast.
atx1202
Posts: 9
Joined: Fri Sep 11, 2020 11:09 am

Re: Refinance Mega Thread

Post by atx1202 »

Reporting: 2.5% 30 yr fixed $800 closing cost after $4k lender credit.

I have locked the rate over the weekend (no fee to lock - appraisal waived).

Would appreciate help with the questions I had in mind

1) I’m planning on price matching with better on Monday. Would it help if I get a title services quote prior to locking with better? Or is it advisable to get a quote later and have them match the title costs?

2) The lender I locked with insists on getting the supporting documents uploaded by Monday. Is it okay to upload documents with a lender you might not move forward with hurt in any way? Do we need to pay for underwriting fee or something if they start processing the loan?

3) Do we need to provide a CD or LE to the title services for a quote? Would appreciate if y’all have any direct contact at a title company I can reach out to.

Sry for the naive questions, this is my first refinancing
Last edited by atx1202 on Sun Sep 13, 2020 7:13 pm, edited 1 time in total.
hgsavita
Posts: 5
Joined: Fri Sep 11, 2020 8:11 am

Re: Refinance Mega Thread

Post by hgsavita »

drdh wrote: Thu Aug 13, 2020 11:01 pm
Soares1234 wrote: Thu Aug 13, 2020 5:56 pm
drdh wrote: Thu Aug 13, 2020 11:18 am Locked yesterday with Loan Depot at 2.625% 30 yr con LTV 74%. Appraisal waived. No escrow (apparently this does not make a difference in CA?).

A = $1,595
B = $112
C = $1,470
Lender credit = $2,035
(Edit: loan amount = $745k)

Any opinions? Should I move forward? LenderFi this morning said to go with it. Am new to refinancing but have benefited a lot from posts on this thread, so thank you all very much!!!
Loan amount?
$745k (that’s under the conforming limit in my county).

Update: a few LOs at other frequently-mentioned lenders advised (today) to move forward with it. Which I will. Especially given the news about Fannie and Freddie.
Were you able to close with Loan Depot on time ? I hear they are pretty unreliable on meeting the timeline
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

atx1202 wrote: Sun Sep 13, 2020 1:48 pm Reporting: 3.5% 30 yr fixed $800 closing cost after $4k lender credit.

I have locked the rate over the weekend (no fee to lock - appraisal waived).

Would appreciate help with the questions I had in mind

...

Sry for the naive questions, this is my first refinancing
1. Best to do title after, so Better beats/matches the other offer first, then get more off from title. Personally, I would recommend waiting about 5-7 days after Better’s portal says “we’ve ordered your title” before reaching out to your processor with other title quotes.

2. If an appraisal is ordered, that money is gone if you leave. Other than that, only anything you have to pay up front to proceed would be lost. Everything else they would eat if you walk. Generally there is no downside to you to walk away from an offer.

3. Generally, you will need to simply provide the loan amount, what kind of property (some areas charge different for condos vs. single family homes, etc.), if there are other loans on the property, and sometimes to tell them which lender you are working with. Some settlement agents will only work with certain lenders, so they will want to know you are working with one of those.
presto987
Posts: 125
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

BrandonBogle wrote: Sun Sep 13, 2020 2:28 pm
atx1202 wrote: Sun Sep 13, 2020 1:48 pm Reporting: 3.5% 30 yr fixed $800 closing cost after $4k lender credit.

I have locked the rate over the weekend (no fee to lock - appraisal waived).

Would appreciate help with the questions I had in mind

...

Sry for the naive questions, this is my first refinancing
1. Best to do title after, so Better beats/matches the other offer first, then get more off from title. Personally, I would recommend waiting about 5-7 days after Better’s portal says “we’ve ordered your title” before reaching out to your processor with other title quotes.

2. If an appraisal is ordered, that money is gone if you leave. Other than that, only anything you have to pay up front to proceed would be lost. Everything else they would eat if you walk. Generally there is no downside to you to walk away from an offer.

3. Generally, you will need to simply provide the loan amount, what kind of property (some areas charge different for condos vs. single family homes, etc.), if there are other loans on the property, and sometimes to tell them which lender you are working with. Some settlement agents will only work with certain lenders, so they will want to know you are working with one of those.
Agree with all of this. On #1, I agree that you want to bring the competing title quote after they’ve already price matched. In most cases, I agree that you should wait several days before sending them the quote. At that point they won’t want to switch title providers, so they will be inclined to price match. However, there is one exception. If you’re bumping up near the $5000 max lender credit, then they might not be able to price match fully (they price match by giving you additional lender credit). In that case, you might actually want to use your own title company to get their price, in which case you should let them know earlier in the process.

Radian gives good quotes for Better. Contact them at clientrelations@radian.com. Give them your address, loan amount, and lender name. Then they will send a quote.
kmanjir
Posts: 31
Joined: Fri Mar 27, 2020 8:45 pm

Re: Refinance Mega Thread

Post by kmanjir »

Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

kmanjir wrote: Sun Sep 13, 2020 5:13 pm Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
Generally, lenders report all the loans they have on their books on a specific day. It’s essentially a batch report built and transmitted at once. Also, these generally tend to be up to 60 days behind given the mechanics of how things are done.

Basically, these go out in the latter half of the month to report on the payment that was due on the 1st. So I wouldn’t be surprised that the paid off mortgage hasn’t dropped yet or if the new one has showed up already. Your payoff was after this “look back” period in evaluating your loan status and all they reported was that your 8/1 payment was on-time.

You have the proof to say one way or the other if ever questioned about it.

Also, keep in mind that the old lender may not drop reporting until they fully close out your loan, and that would mean any escrow refunds are complete, any overpayment returned, and a satisfaction of mortgage filed with the local municipality. This last one is a clincher. In NC, this can be electronically filed and then is available immediately. In PA, it has to be processed by hand, in an office with limited staff and availability due to the coronavirus. Thus, the PA mortgage can stick around for a longer time.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

manatee2005 wrote: Sun Sep 13, 2020 12:19 pm
AlphaLess wrote: Sun Sep 13, 2020 11:55 am
manatee2005 wrote: Sun Sep 13, 2020 11:44 am
AlphaLess wrote: Sun Sep 13, 2020 9:13 am
manatee2005 wrote: Sat Sep 12, 2020 8:03 pm

So did mine and One American Mortgage sold it to PNC Bank. Not impressed by PNC Bank btw.
Just curious: how so?
They send you these payment coupons instead of online statements. I was refinancing again with someone else and needed a statement and it was impossible to get. Had to call PNC and had to get something in writing mailed to me to send to the new lender I was refinancing with.

So far my favorites were in order
1. Chase
2. Mr Cooper
3. PNC
4. UWM

I once refinanced just to get out of UWM lol.
I have a PNC mortgage account, and they have monthly statements.
I can grab them in pdf format from their online website.
Yeah you have to disable the coupon book to get online statements. Found that out later on. It wasn't on by default which is ridiculous in 2020.
OK.

But PNC has a pretty crappy banking service for other reasons.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

kmanjir wrote: Sun Sep 13, 2020 5:13 pm Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
You can always dispute.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

AlphaLess wrote: Sun Sep 13, 2020 9:03 pm
kmanjir wrote: Sun Sep 13, 2020 5:13 pm Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
You can always dispute.
While that likely would mean the loan gets reported as close, it won’t happen until there a dispute investigation, bringing you right to the time when it would be marked closed anyway.

Since we are in early September, the last update to the credit bureau would have been if the loan was paid on-time between 8/1 and 8/15 and the outstanding balance. Anything after that would be covered by the update in late September/early October.
AlphaLess
Posts: 2679
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

BrandonBogle wrote: Sun Sep 13, 2020 9:19 pm
AlphaLess wrote: Sun Sep 13, 2020 9:03 pm
kmanjir wrote: Sun Sep 13, 2020 5:13 pm Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
You can always dispute.
While that likely would mean the loan gets reported as close, it won’t happen until there a dispute investigation, bringing you right to the time when it would be marked closed anyway.

Since we are in early September, the last update to the credit bureau would have been if the loan was paid on-time between 8/1 and 8/15 and the outstanding balance. Anything after that would be covered by the update in late September/early October.
Thank you for your answer.

Then you can always explain on your refi application that the mortgage is paid off, and present the paid-off mortgage info as evidence.

Wouldn't the dispute show on the credit report as well, even if it is not resolved.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
zrzhu111
Posts: 187
Joined: Sun Sep 01, 2013 6:03 pm

Re: Refinance Mega Thread

Post by zrzhu111 »

Puffy wrote: Fri Sep 11, 2020 4:14 pm
Janus887 wrote: Fri Sep 11, 2020 3:55 pm I'm so confused seeing all these posts by people getting no costs refis (A+B+C+E=0) at rates well under 3%. I haven't been able to find anything approaching a deal like that, and I'm getting quotes from all the recommended lenders in this thread (Better, LenderFi, LoanCabin, LoanDepot). I'm seeing anywhere from $5-$10k in closing costs! I'm also being told lender credits are completely off the table. What the heck am I doing wrong here? This is with an 800+ credit score, a very high income to loan ratio and solid employment and assets to back the loan.

Is it simply a consequence of the loan being smaller? (Looking at about 135k). Or the state I'm in? (Florida).

Anyone have any ideas what could be going on here?
Is the LTV high? Have you tried smaller lenders, like those on the findamortgagebroker site? Also, check Provident Funding/ PrimeChoice Funding. They are in CA but I think they work with FL too. Good luck.
what LTV % is too high? I'm trying to find the right % to get the best rate.
zrzhu111
Posts: 187
Joined: Sun Sep 01, 2013 6:03 pm

Re: Refinance Mega Thread

Post by zrzhu111 »

AlphaLess wrote: Sat Sep 12, 2020 10:48 am Here is a rapid review of various lenders that I worked with:

Data:
- condo around $1M in a center of a major metro area,
- LTV of 59.9% or less,
- no cash-out, nothing fancy, not rolling the costs or prepaids into the mortgage,
- mortgage dollar figure just below $500K,
- currently in a 5x1 ARM at 2.75%,
- mortgage is conforming for the area,
- 3-bureau mortgage credit score average pulled by ally/better/amerisave etc was 816 (transunion somewhat low, 786, but the rest of them were in the 820 range). I have like 3 credco inquires on the same day. Will be disputing the 2,
- I make multiples of the mortgage amount in a year, W2, income no issue,
- Fannie waived the $550 appraisal fee.

- ally.com (better.com tech but their own pricing) was THE most responsive. I was able to get a rate with just basics, and a soft credit pull. In fact, the guy e-mailed and called me on Labor day, and on the phone dropped the origination charge by $500 (said this deal will only last today). Yea, right,

- better.com. Just as fast as ally.com, and for the same interest rate with the same information, is SIGNIFICANTLY cheaper. Something like $1.5K cheaper. Agent is professional, and operates on e-mail. Very responsive,

- lenderfi.com. A bit slow, but got to a professional loan officer who took info, and issued a Federal Loan estimate within about a 10 minutes of chatting.

- owning.com. Super professional, with excellent response, after about 2 days, and great customer service. I filled out an app. After two or three days, got an e-mail, and a phone number. I was busy in the middle of things. Guy kindly said, I only need 5 minutes of my time. I quickly gave him some numbers, enough for him to type up, and he came up with an estimate. I asked him for rate, origination fee (A), (B), (C), (E). Unfortunately, their rate was too high. He kindly asked for what rates I am getting, and from whom. I shared with him my 3 best estimates, offered to send him by e-mail. He thanked me, and said, "I need to take this feedback up to our owners". Entire conversation took 8 minutes. That is how long it took me to explain the loan depo folks that I don't give out a birthday to a random person on the interwebs,

- amerisave.com A questionable company, with bad tech. I filled out an app, and half-way through, it was like: "we are notifying a rep so that he can call you right away". It was Sunday, so I never got a call for like 5-10 minutes. So I called their number. Someone answered! I explained to him that the application is stuck. He was like: "Did it pull your credit"? I told him: "I did not even get to that part". He was like, well, "until it pulls your credit, I can't help you.". Hmm. What should I do. He was like "I can take all that information now." I was like, "Well, I'd rather do it online". He was like, "Sorry, I can't help you".

I tried again another time the next day. This time, I got to credit pull part. Since it is a soft pull, I don't mind. Yeay! However, it was saying: "We could not access your Equifax or Experian reports". Mind ya: there is already an inquiry on my Transunion report from Amerisave (soft one). Very puzzling. I called them again: "Oh, we need to pull all three". OK. Unlocking the other two. Went back, filled out the application. Guess what? I don't get a rate again, and the application is stuck again.

I get a call again next day. Seems like he had all the information. But he did not give me a Federal Loan Estimate. I got frustrated, and said, I am not interested. Next day, I filled out ANOTHER application.

The following day, I get a call. This time I haver very professional, very responsible agent. He was like, "Sir, you have two applications, which one should I got by". I am like, whichever one is complete. He is like, "Looks like the second one is almost complete". I am like: "Can you please check if BOTH applications have my credit score". I only have TWO. Year, lucky me.

He was like, "Yes, there is a score in both of them, but the second one has all 3 bureau scores". BTW, I knew the second application has all my 3 credit scores, because I had saved the screenshot, and BTW, in addition to the screen shot there is a small link, and you can download the PDF. They don't want you to do this easily, because you get 3 free credit scores with details.

(Side detail about their BROKEN tech. The N-1 application which had successfully pulled my Transunion report, but got stuck on Equifax and Experian being LOCKED never recovered, even though I went back to try to pull them AFTER I unlocked the missing two.)

So, he asked a few questions, got the answers, fixed the online application, gave me the Federal Loan Estimate, and said, I will let you think a bit, but if you choose to proceed, please let me go.

For *JUST THAT* professional encounter, I am not downgrading amerisave to the klown world.
BTW: their rate is NOT competitive vs ally OR better, and better is NOT EVEN my best rate. Ally is my 4th best rate, better.original is my 3rd best rate, and better.concessions and another one are my best rate.

- loandepot.com. the most amateur, the most terrible, the most unskilled, the most crappy employees in the process. This is my 3rd time dealing with this company, and I have nothing but the most awful things to say. Long time ago I wrote a very long and scathing report about a company on a consumer website, and that company went under based on my review. I don't have as much energy in this case, but I am just saying. Long story short: I kept getting an agent, who would be unprofessional, and next day, I fill out another application, and yet another terrible agent would be on the phone.

Responses I got from this clowns: (1) we don't do condos in your area. Well, that is disappointed. Why did you pull my credit, then? "I can't answer that question". Technically, this may not be true, because I got a "rate" from them about 3 months ago. Maybe they don't do it now, or whatever, but that answer was technically not true.

(In case you are wondering about the encounters below, we also have a rental, so I made applications on multiple properties).

Second encounter: here is a rate, but I can't send you a Federal Loan Estimate. I kindly asked why. He was like: "Because you will take it, and shop around". I said: but you are not even in my top 3, he goes: "I don't believe you". I said: "I will send the 3rd best one to you in an e-mail". His response: "But you have top 3, why not send all 3". I said: "You send me yours, and I will send you all three". He was like: "You first". I don't like working with clowns like that, suffice it to say.

Third encounter: I get this guy who calls me, and spends 10 minutes doing small talk. Once we start getting into the details, his phone kept disconnecting. Then I find out that it is not his phone, but rather his headset. He kept saying that his phone is low on charge, but I was on the line, and the line was not getting disconnected. He had to hang up twice. And when he returned, he had to leave in 5 minutes because of an "Important meeting". It was around 6:30 PM CST, and if he was in EST, he probably had to go have dinner with his family. He was going to: "Call me as soon as his meeting was over". So, he does not call me that day, and again, next day, he contacts me at a late hour. I told him: "Are we going to get interrupted again with your non-working head set, and your family dinner time at 7:30"? He was like, "Why are you being rude to me." I will let the forum decide who was being rude here.

And fourth is the crown jewel. This woman calls. Mind you, when loan depot calls, you have the jump through the hoops twice. First is some call center rep. Then after they ask you like 5 questions, they transfer you to a "Licensed loan rep". So she calls and says, I am calling about your refinance request. OK. Can I get your birthday please. I am like, "I don't give out my birthday to random people". She was like, "I am not a random person, I am a loan rep from loan depot". I said, "I don't care if you are Jesus Christ, Alexander the Great, or Joan of Arc. I don't give out my phone number to random people". She goes, "Did you make a refinance request on loan depot". I asked, "In your sentence, who is "you". She goes, "My name is Brenda Smith (different name, using for example), I am from loan depot". I asked, "I don't think you understood what I asked for. When you said, someone made a refinance request, who is that"? She finally understood, and for the first time said a name. But because she botched it, and because I don't want to waste my time, I said: "No, I am afraid you have the wrong number". And I hung up.


Now, here is the most interesting part. I MUST HAVE FILLED OUT CLOSE TO 10 applications (not counting duplicates with the same firm). I have only heard from these 6.
Thanks for the details. It's really helpful to people like me who is doing research.
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

AlphaLess wrote: Sun Sep 13, 2020 9:26 pm Thank you for your answer.

Then you can always explain on your refi application that the mortgage is paid off, and present the paid-off mortgage info as evidence.

Wouldn't the dispute show on the credit report as well, even if it is not resolved.
On the former, yes. Your closing disclosure of the refi that paid it off and it’s recordation are the proof. So on a quick subsequent refi, when asked for a mortgage statement, you can just provide the closing disclosure.

I’m not sure on the latter. I imagine it would show a disputed status while the investigation is underway and when the creditor works on the investigation per the bureau’s request, they will update it to closed like they were already planning to do. But I suspect the timing will be so close that it will not result in a material time savings. Disputes generally take like 14 says or so (if I understand correctly, it’s been a decade since I needed to do one).
zrzhu111
Posts: 187
Joined: Sun Sep 01, 2013 6:03 pm

Re: Refinance Mega Thread

Post by zrzhu111 »

Hi Owning has 30 YR FIXED for 2.375%Rate and 2.474%APR. i know we want no cost with the lowest rates. some people got 2.625% with no cost from LF. In what scenario it would make sense to take Owning rate with some cost? Maybe the rate will never go down below 2.375%? Thanks.
presto987
Posts: 125
Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

zrzhu111 wrote: Sun Sep 13, 2020 11:25 pm Hi Owning has 30 YR FIXED for 2.375%Rate and 2.474%APR. i know we want no cost with the lowest rates. some people got 2.625% with no cost from LF. In what scenario it would make sense to take Owning rate with some cost? Maybe the rate will never go down below 2.375%? Thanks.
Around a month ago, LF offered me 2.5% at no cost. In CA, Interactive Mortgage and Rate Plus are advertising 2.5% no cost under certain parameters. In my view, that is better than paying points for 2.375%.
coconutpolito
Posts: 23
Joined: Wed Aug 05, 2020 2:44 am

Re: Refinance Mega Thread

Post by coconutpolito »

zrzhu111 wrote: Sun Sep 13, 2020 11:25 pm Hi Owning has 30 YR FIXED for 2.375%Rate and 2.474%APR. i know we want no cost with the lowest rates. some people got 2.625% with no cost from LF. In what scenario it would make sense to take Owning rate with some cost? Maybe the rate will never go down below 2.375%? Thanks.
Nobody knows what rates will do. All we can do is focus on what we have now, not what we may get in the future. I would go for the lowest cost and lowest rate possible. I'm at 2.5% with 0 costs from interactive mortgage. I've been in my home for almost 2 years and my rate was at 4.375% when I first bought my home. I'm doing another 30 because these rates are so incredibly cheap.
kmanjir
Posts: 31
Joined: Fri Mar 27, 2020 8:45 pm

Re: Refinance Mega Thread

Post by kmanjir »

AlphaLess wrote: Sun Sep 13, 2020 9:26 pm
BrandonBogle wrote: Sun Sep 13, 2020 9:19 pm
AlphaLess wrote: Sun Sep 13, 2020 9:03 pm
kmanjir wrote: Sun Sep 13, 2020 5:13 pm Question regarding updates to your credit report - my refinance closed middle of August and the new loan was funded on 8/20. The new loan just showed up on my credit report, however, the old loan is still showing as open, so effectively my open debt (due to mortgage) is showing as double.

Is this period of overlap common and/or only for a few days, or has this not happened to others?

Starting the refinance process again to take advantage of the low(er) rates, but wondering if this is going to mess up my application/credit scores, etc.
You can always dispute.
While that likely would mean the loan gets reported as close, it won’t happen until there a dispute investigation, bringing you right to the time when it would be marked closed anyway.

Since we are in early September, the last update to the credit bureau would have been if the loan was paid on-time between 8/1 and 8/15 and the outstanding balance. Anything after that would be covered by the update in late September/early October.
Thank you for your answer.

Then you can always explain on your refi application that the mortgage is paid off, and present the paid-off mortgage info as evidence.

Wouldn't the dispute show on the credit report as well, even if it is not resolved.
Thanks, Brandon and AlphaLess. Brandon, your explanation makes sense as I am yet to receive my escrow refund (old lender said it can take up to 45 days for me to receive the disbursement, so they are still within that time window).

Thanks also for explaining the 'look back' period for loan status reporting, I had not thought of that, but that makes sense.

I also have the documentary proof (including the final closure disclosure from my current lender, and I expect the new mortgage statement to show up this week), so I should be set, it seems.
Rocky77
Posts: 27
Joined: Thu Aug 27, 2020 6:40 pm

Re: Refinance Mega Thread

Post by Rocky77 »

Newbie here, anyone has any experience here with cashcall mortgage? Their rate for 15 yrs is 2.375% and 1k flat fee for closing costs seems too good to be true.
User avatar
BrandonBogle
Posts: 3288
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

Rocky77 wrote: Mon Sep 14, 2020 5:20 am Newbie here, anyone has any experience here with cashcall mortgage? Their rate for 15 yrs is 2.375% and 1k flat fee for closing costs seems too good to be true.
No experience, but make sure you took into account the loan assumptions for the advertised rates. You may not fit that cookie cutter mold.
Cash Call Mortgage Loan Assumptions wrote: https://www.cashcallmortgage.com/disclosures#assump

15 Year Fixed - First Mortgage
Disclosed rate assumes a $300,000 rate and term refinance loan with no point and a $995 loan origination fee on an owner-occupied single family residence in California, minimum 740 FICO credit score, 60% loan to value with no subordinate debt. If these factors are not met, you may still qualify. Subject to underwriting approval. Not all applicants will qualify.
So the first thing to note is that a $995 loan origination fee with their advertisement of a “$995 flat fee” may be them being crafty to say they have a $995 flat LENDER fee and that even if you qualify for that rate, you will still have to pay for Section C costs (title and settlement) and maybe appraisal since those are Third-Party costs. Then there is still Section E government costs.
Post Reply