Refinance Mega Thread

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nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

RyanJud76 wrote: Mon Nov 02, 2020 9:39 pm I've got a general refinance question. I am looking to refinance my current mortgage with a cash-out refinance to help fund a home remodeling project. I live in Columbus, OH and our lender (Union Savings Bank) has local branches here in Columbus where my loan officer works out of and my closing was at one of the branches. I'm looking to contact a few of the lenders recommended in this thread (LenderFi, Loan Depot, and Better to name a few). Trying to get a general sense of how the closing process will ultimately work if we ultimately chose to refinance with one of these companies that is licensed to lend in Ohio, but don't have a local presence? I'm assuming they will use a local title company that will handle the closing and we'd meet somewhere (maybe our home) to complete the closing documents? Does this process seem accurate? Thanks in advance.

I'm also in Central OH - we've refi'd twice this year and both times the lender just sent a local notary to our house for 30-45 min to sign the paperwork. Quite painless and better than us having to drag our 3 kids to a closing.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

presto987 wrote: Mon Nov 02, 2020 7:56 pm If you send Better a competing LE to price match, they ask for it to be dated within 1 business day, since rates are constantly changing. But YMMV; they might still consider a price match even if you're not within 1 day, especially if rates have fallen during that timeframe :).

Once they price match, I'm not sure how long you have to lock your rate, but I think it is 2-3 days. Once you lock, you can still ask for more price matches if you get improved LEs later in the process. With Better, you can ask for a price match at any point in the process and any number of times. There is no guarantee they will grant the match, but this is one of the nice aspects of working with Better.
Their pricing engine will still auto-update at the next interval, so after midnight the pricing usually drops off. However, the pricing is good for a minimum of 24 business hours, so they can reapply it for you to lock.

I lucked out on this on my third refi with them. They didn’t beat the offer I sent them, but got close. The rep warned me the pricing may drop after midnight, but I had until Monday afternoon to lock (they matched on a Friday). As expected, it dropped at midnight. When I called on Saturday, a different rep reapplied the pricing, but now rather than being $500 greater than competitor, it was $500 cheaper than the competitor, a $1k swing.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

zrzhu111 wrote: Mon Nov 02, 2020 9:56 pm I remember it was mentioned it's better to sign the final disclosure on Monday/Tuesday. I just spoke to a processor from Network Capital and was told they would send the final disclosure to me on 11/4, Wednesday and we can sign the documents with a notary Saturday. Should we delay sign the documents with notary till Monday or Saturday is the same as Monday? Thanks.
For real estate transactions, Saturday is considered a “business day”, so Saturday isn’t the same as Monday. Signing on Sat means you recision period is Mon - Wed with funding on Thursday. So even if you have a day delay in the payoff being sent, it will still happen on Friday, a banking day for processing wires.

If you sign on Monday, you may not disburse on Friday (but many times will), but then you get pushed to the following Monday for a wire. Similarly, signing on Tuesday means a Tuesday payoff at minimum.

This only matters in overlap paying interest on two mortgages, so the “penalty” isn’t that bad if Monday or Tuesday are more convenient for you.
pnwlazy
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Re: Refinance Mega Thread

Post by pnwlazy »

Loandepot played the "we can't get you any pricing until we talk to you on the phone" game - and they have no interest in competing with better

American Financing is offering 2.65 / 2.729 - but too many junk fees. Asking them to beat better resulted in offering a shorter term loan instead

Better is offering 2.75 / 2.775 - removed all junk fees to compete with lenderfi

Lenderfi is offering 2.75 / 2.778 - removed even more of the junk fees

I am leaning towards better.. The agent at lenderfi feels a lot like a sleezy wallstreet type, but he also got right to business, matched pricing and was ready to go.. Lenderfi also claims to be "much faster" than better ..

My main hesitation right now is ending up with Wells Fargo - zero interest to bank with them..

Any last words of advise?
ZinCO
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Re: Refinance Mega Thread

Post by ZinCO »

Closed yesterday on $510,400 in CO, 10-year, 2.125%, no escrow, less than $1k cost. Coming from 15-year 3.5% with one of the big banks. 45 days from application to closing. This was with Sebonic, whom I rarely see mentioned here, but the process was really smooth.
prosperosdaughter
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Re: Refinance Mega Thread

Post by prosperosdaughter »

Question about funding and disbursement:

Closed with better on 10/28, loan funded (according to better) on 11/2. How long does the current note holder take to process the payoff? We're also supposed to get about $1500 back from lender credits. This was supposed to be sent as an ACH to our bank.

When should we expect to see the deposit from the lender credits, and for the old loan to be satisfied?

Data points from better:
9/16: initial application, soft pull
10/14: rate lock (for some reason they gave us a much better rate the longer we waited)
10/15 title ordered
10/21 title cleared, approved
10/28 closing
11/2 loan funded

2.5% 30 year fixed, $1481 cash back from lender credits.
RyanJud76
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Re: Refinance Mega Thread

Post by RyanJud76 »

nic3456 wrote: Tue Nov 03, 2020 7:28 am
RyanJud76 wrote: Mon Nov 02, 2020 9:39 pm I've got a general refinance question. I am looking to refinance my current mortgage with a cash-out refinance to help fund a home remodeling project. I live in Columbus, OH and our lender (Union Savings Bank) has local branches here in Columbus where my loan officer works out of and my closing was at one of the branches. I'm looking to contact a few of the lenders recommended in this thread (LenderFi, Loan Depot, and Better to name a few). Trying to get a general sense of how the closing process will ultimately work if we ultimately chose to refinance with one of these companies that is licensed to lend in Ohio, but don't have a local presence? I'm assuming they will use a local title company that will handle the closing and we'd meet somewhere (maybe our home) to complete the closing documents? Does this process seem accurate? Thanks in advance.

I'm also in Central OH - we've refi'd twice this year and both times the lender just sent a local notary to our house for 30-45 min to sign the paperwork. Quite painless and better than us having to drag our 3 kids to a closing.
Nic,

Thank you for the info. That certainly make the process much easier than having to go to a bank branch office! Out of curiousity, who did you end up refinancing with these has couple times?

Ryan
Trust_In_TylerDurden
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Re: Refinance Mega Thread

Post by Trust_In_TylerDurden »

Is the new FHFA fee, Adverse market fee [50 bps refinance fee] still happening? Is so, when?

https://www.housingwire.com/articles/th ... warranted/
https://www.housingwire.com/articles/fa ... -refi-fee/
van_sun_38
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Re: Refinance Mega Thread

Post by van_sun_38 »

Hi Bogleheads,

We refinanced back in May with Caliber Home loans at the rate of 3.25%. At that time it was considered a pretty good rate rate, plus they waived the appraisal fees so we just went with them. Since then rates have fallen further, and I recently got a rate of 2.5% from Better with $6320 points, and $2200 third party fees, including appraisal fees. I have heard people in this forum that got "credits" from lender, does that come with the higher rate? What are some of the tactics to lower the closing cost? Should we continue shopping with other lenders? If so, what are some of the good ones to shop with? We are tempted to refinance again since the rate is so low, but now sure if paying nearly $10k upfront is worth it?

Thank you for your knowledge!
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

RyanJud76 wrote: Tue Nov 03, 2020 12:29 pm
nic3456 wrote: Tue Nov 03, 2020 7:28 am
RyanJud76 wrote: Mon Nov 02, 2020 9:39 pm I've got a general refinance question. I am looking to refinance my current mortgage with a cash-out refinance to help fund a home remodeling project. I live in Columbus, OH and our lender (Union Savings Bank) has local branches here in Columbus where my loan officer works out of and my closing was at one of the branches. I'm looking to contact a few of the lenders recommended in this thread (LenderFi, Loan Depot, and Better to name a few). Trying to get a general sense of how the closing process will ultimately work if we ultimately chose to refinance with one of these companies that is licensed to lend in Ohio, but don't have a local presence? I'm assuming they will use a local title company that will handle the closing and we'd meet somewhere (maybe our home) to complete the closing documents? Does this process seem accurate? Thanks in advance.

I'm also in Central OH - we've refi'd twice this year and both times the lender just sent a local notary to our house for 30-45 min to sign the paperwork. Quite painless and better than us having to drag our 3 kids to a closing.
Nic,

Thank you for the info. That certainly make the process much easier than having to go to a bank branch office! Out of curiousity, who did you end up refinancing with these has couple times?

Ryan

I used Better the first time (rates weren't great, but they matched another lender and I got an AMEX credit at the time). The 2nd one was Dave Pressel at Bayshore Mortgage (based out of Maryland). I tried to use Loan Cabin, but they took too long and Dave P ended up being better than LC anyway.
confused1
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Re: Refinance Mega Thread

Post by confused1 »

Just locked on 1.99% fixed for 15yr - No cost ReFi
CA $577k - Value $2m+
All with Interactive Mortgage - https://www.interactivemortgage.com/
Super quick and efficient so far
Wyatt007
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Re: Refinance Mega Thread

Post by Wyatt007 »

Just locked in a 30-year @ 2.625% with $1800 lender credit (covers everything except prepaids) with LenderFi.
therealhunter
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Re: Refinance Mega Thread

Post by therealhunter »

Loan was funded on Friday(10/30) and was disbursed on 11/02. Loan was settled and closed by existing lender immediately on 11/02.

I get the logic behind my existing lender charging me interest till Nov 2nd since that's when they received the payoff funds. But new lender started charging interest from 10/30.

Are there any rules on when lenders should start charging interest - from date of funding Vs date of disbursement? In this case, I'm double paying interest for 4 days(10/30-11/2) which I don't think is right. Any advice on convincing new lender to charge interest from 11/02 would be appreciated.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

bgh11 wrote: Tue Nov 03, 2020 4:33 am
zrzhu111 wrote: Mon Nov 02, 2020 9:56 pm I remember it was mentioned it's better to sign the final disclosure on Monday/Tuesday. I just spoke to a processor from Network Capital and was told they would send the final disclosure to me on 11/4, Wednesday and we can sign the documents with a notary Saturday. Should we delay sign the documents with notary till Monday or Saturday is the same as Monday? Thanks.
When is the disbursement date if you signed on Sat? I prefer to not get disbursed on Thur or Fri, funds sit in escrow over the weekend getting charged by new and old lenders.
I don't think they will disburse the fund without documents signed with notary presents. so we'll receive the final disclosure on Wednesday 11/4, then we have 3 days to review and sign the documents with notary on 11/7, Saturday. I'll assume the fund will be disbursed after we have signed the documents, so most likely will be on Monday, 11/9. Let me know what i think is correct. Thanks.
therealhunter
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Re: Refinance Mega Thread

Post by therealhunter »

zrzhu111 wrote: Tue Nov 03, 2020 6:54 pm
bgh11 wrote: Tue Nov 03, 2020 4:33 am
zrzhu111 wrote: Mon Nov 02, 2020 9:56 pm I remember it was mentioned it's better to sign the final disclosure on Monday/Tuesday. I just spoke to a processor from Network Capital and was told they would send the final disclosure to me on 11/4, Wednesday and we can sign the documents with a notary Saturday. Should we delay sign the documents with notary till Monday or Saturday is the same as Monday? Thanks.
When is the disbursement date if you signed on Sat? I prefer to not get disbursed on Thur or Fri, funds sit in escrow over the weekend getting charged by new and old lenders.
I don't think they will disburse the fund without documents signed with notary presents. so we'll receive the final disclosure on Wednesday 11/4, then we have 3 days to review and sign the documents with notary on 11/7, Saturday. I'll assume the fund will be disbursed after we have signed the documents, so most likely will be on Monday, 11/9. Let me know what i think is correct. Thanks.
3 day rescission period starts after you sign the dcos with the notary. Check out below link to calculate your rescission period.

https://www.nationalnotary.org/file%20l ... r-2020.pdf

If you sign docs on 11/7, your rescission period should end on 11/11 and earliest funding can happen is 11/12. Disbursement can happen on the same or next day.

However, funding and disbursement dates are flexible. In my case, lender took 3 business days to fund after rescission period ended and 2 more days to disburse.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

therealhunter wrote: Tue Nov 03, 2020 7:21 pm
zrzhu111 wrote: Tue Nov 03, 2020 6:54 pm
bgh11 wrote: Tue Nov 03, 2020 4:33 am
zrzhu111 wrote: Mon Nov 02, 2020 9:56 pm I remember it was mentioned it's better to sign the final disclosure on Monday/Tuesday. I just spoke to a processor from Network Capital and was told they would send the final disclosure to me on 11/4, Wednesday and we can sign the documents with a notary Saturday. Should we delay sign the documents with notary till Monday or Saturday is the same as Monday? Thanks.
When is the disbursement date if you signed on Sat? I prefer to not get disbursed on Thur or Fri, funds sit in escrow over the weekend getting charged by new and old lenders.
I don't think they will disburse the fund without documents signed with notary presents. so we'll receive the final disclosure on Wednesday 11/4, then we have 3 days to review and sign the documents with notary on 11/7, Saturday. I'll assume the fund will be disbursed after we have signed the documents, so most likely will be on Monday, 11/9. Let me know what i think is correct. Thanks.
3 day rescission period starts after you sign the dcos with the notary. Check out below link to calculate your rescission period.

https://www.nationalnotary.org/file%20l ... r-2020.pdf

If you sign docs on 11/7, your rescission period should end on 11/11 and earliest funding can happen is 11/12. Disbursement can happen on the same or next day.

However, funding and disbursement dates are flexible. In my case, lender took 3 business days to fund after rescission period ended and 2 more days to disburse.
Got it. The rescission period is after I sign the docs with the notary, not when i received the final disclosure from the lender. I read some previous posts, it actually says Tuesday or Wednesday is the best time to sign the docs.
Astronaut4
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Re: Refinance Mega Thread

Post by Astronaut4 »

Any recent data points for rates & costs on a small ($190k) refi. 75 LTV? I’m reading of great rates on the larger mortgages - any hope of getting under 2.75 on a smaller one? Vacation home.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

zrzhu111 wrote: Tue Nov 03, 2020 9:32 pm Got it. The rescission period is after I sign the docs with the notary, not when i received the final disclosure from the lender. I read some previous posts, it actually says Tuesday or Wednesday is the best time to sign the docs.
For the recision period, yes, that is correct (assuming your refi isn’t with your existing lender). However, also keep in mind that there is a three day period after receiving disclosures before you can close too.
therealhunter
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Re: Refinance Mega Thread

Post by therealhunter »

BrandonBogle wrote: Tue Nov 03, 2020 9:52 pm
zrzhu111 wrote: Tue Nov 03, 2020 9:32 pm Got it. The rescission period is after I sign the docs with the notary, not when i received the final disclosure from the lender. I read some previous posts, it actually says Tuesday or Wednesday is the best time to sign the docs.
For the recision period, yes, that is correct (assuming your refi isn’t with your existing lender). However, also keep in mind that there is a three day period after receiving disclosures before you can close too.
That's interesting. I got an updated final CD few hrs before I sign the docs. I received one more CD after they disbursed the funds. Most of the updates in CD eere Related to pay off amount change as they kept delaying it.
zrzhu111
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Re: Refinance Mega Thread

Post by zrzhu111 »

BrandonBogle wrote: Tue Nov 03, 2020 9:52 pm
zrzhu111 wrote: Tue Nov 03, 2020 9:32 pm Got it. The rescission period is after I sign the docs with the notary, not when i received the final disclosure from the lender. I read some previous posts, it actually says Tuesday or Wednesday is the best time to sign the docs.
For the recision period, yes, that is correct (assuming your refi isn’t with your existing lender). However, also keep in mind that there is a three day period after receiving disclosures before you can close too.
i see. Thanks. I didn't know the difference. The approach could be delay signing the doc with notary to Tuesday or Wednesday, 3 days after i receive the final disclosure.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

therealhunter wrote: Tue Nov 03, 2020 9:56 pm
BrandonBogle wrote: Tue Nov 03, 2020 9:52 pm
zrzhu111 wrote: Tue Nov 03, 2020 9:32 pm Got it. The rescission period is after I sign the docs with the notary, not when i received the final disclosure from the lender. I read some previous posts, it actually says Tuesday or Wednesday is the best time to sign the docs.
For the recision period, yes, that is correct (assuming your refi isn’t with your existing lender). However, also keep in mind that there is a three day period after receiving disclosures before you can close too.
That's interesting. I got an updated final CD few hrs before I sign the docs. I received one more CD after they disbursed the funds. Most of the updates in CD eere Related to pay off amount change as they kept delaying it.
I should have worded that better. 3 days after the initial closing disclosures, absent a significant change (such as changing the rate or changing the term). Updates to figures and loan amount can come in right up to and, to a degree, even past closing.
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
ShowMeTheER
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Re: Refinance Mega Thread

Post by ShowMeTheER »

justsomeguy2018 wrote: Mon Nov 02, 2020 9:54 pm I completed my refi (closing is done) for 2.75%, no-cost ($800 credit actually), 30-yr fixed with LenderFi (started in mid-Sept). Is that good or should I have waited for lower rates?

Also does anyone know if LenderFi will be selling my loan soon and/or if they charge a fee to make additional principal payments? My old mortgagee charged a $5 convenience fee if you wanted to make additional principal payments online. :confused
You did very well! You improved your situation and did it for no cost. Doesn’t mean you can’t keep looking for the next refi.
brokenrecord
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Re: Refinance Mega Thread

Post by brokenrecord »

I refinanced with Better last July at 3.5%. My hope is to refinance again at <=2.5% 30yr fixed. Question: Is there any benefit to refinancing with my current mortgage firm (especially considering it's better)? They sold my mortgage to Fannie Mae - assuming it's beneficial to refinance with better again, does the fact that they don't hold my mortgage (but service it) throw any kinks in any hoses? Thanks for help to those with experience with this scenario.
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

ShowMeTheER wrote: Wed Nov 04, 2020 8:55 am
justsomeguy2018 wrote: Mon Nov 02, 2020 9:54 pm I completed my refi (closing is done) for 2.75%, no-cost ($800 credit actually), 30-yr fixed with LenderFi (started in mid-Sept). Is that good or should I have waited for lower rates?

Also does anyone know if LenderFi will be selling my loan soon and/or if they charge a fee to make additional principal payments? My old mortgagee charged a $5 convenience fee if you wanted to make additional principal payments online. :confused
You did very well! You improved your situation and did it for no cost. Doesn’t mean you can’t keep looking for the next refi.
Why wait to lower your rate for free? Rates can easily go the other way very quickly.

We Refi’d with LenderFi and they sold our loan but remained the servicer. Their portal is easy to use and does not require a fee to pay extra on the principal.
pnwlazy
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Re: Refinance Mega Thread

Post by pnwlazy »

brokenrecord wrote: Wed Nov 04, 2020 9:37 am I refinanced with Better last July at 3.5%. My hope is to refinance again at <=2.5% 30yr fixed. Question: Is there any benefit to refinancing with my current mortgage firm (especially considering it's better)? They sold my mortgage to Fannie Mae - assuming it's beneficial to refinance with better again, does the fact that they don't hold my mortgage (but service it) throw any kinks in any hoses? Thanks for help to those with experience with this scenario.


Your goal is likely just to save money. Why pay 3.5 when you can pay 2.5 or less, right?

So shop around, aimloan just gave me rates lower than loan cabin or lenderfi can touch - better is "looking into it" to see if they can match.

I am trying to avoid having my loan end up at wells fargo, but at the end of the day, if I am saving money - I am saving money - can't snap my fingers and make wells disappear.

That being said, it really does all boil down to which loan agent you end up working with. Some say lenderfi is amazing, but the loan officer assigned to me could care less about price matching or closing the loan now that they know I am shopping around. Loan depot has told me twice "I can't get near that rate", etc.. It's been a daily battle so far.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

The 10-year Treasury rate fell by about 0.1% since yesterday, which is a pretty big move for one day. The mortgage-backed securities market is rallying too. So today might be a good time to ask lenders for a re-quote and potentially lock a rate.
KB8KB24
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Re: Refinance Mega Thread

Post by KB8KB24 »

jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
Be careful with Loan Cabin. It takes more than 90 days to close and they have terrible communication. Use their rate and try to get other companies to match.
Outer Marker
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Re: Refinance Mega Thread

Post by Outer Marker »

I just locked with Loan Depot on a 15 year at 2.125% with a $9,000 credit on $700,000. Amazing.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Outer Marker wrote: Wed Nov 04, 2020 3:51 pm I just locked with Loan Depot on a 15 year at 2.125% with a $9,000 credit on $700,000. Amazing.
Great job Outer Maker!! Of that $9k, how much will be used up by A + B + C + E ?
Outer Marker
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Re: Refinance Mega Thread

Post by Outer Marker »

BrandonBogle wrote: Wed Nov 04, 2020 4:00 pm
Outer Marker wrote: Wed Nov 04, 2020 3:51 pm I just locked with Loan Depot on a 15 year at 2.125% with a $9,000 credit on $700,000. Amazing.
Great job Outer Maker!! Of that $9k, how much will be used up by A + B + C + E ?
About $2,200
presto987
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Re: Refinance Mega Thread

Post by presto987 »

Outer Marker wrote: Wed Nov 04, 2020 3:51 pm I just locked with Loan Depot on a 15 year at 2.125% with a $9,000 credit on $700,000. Amazing.
Phenomenal! Who did you use for price matching (assuming you did)?
Outer Marker
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Re: Refinance Mega Thread

Post by Outer Marker »

presto987 wrote: Wed Nov 04, 2020 4:48 pm
Outer Marker wrote: Wed Nov 04, 2020 3:51 pm I just locked with Loan Depot on a 15 year at 2.125% with a $9,000 credit on $700,000. Amazing.
Phenomenal! Who did you use for price matching (assuming you did)?
I'd been shopping rates for a while between Amerisave, Better, and Loan Depot. This wasn't the direct result of price matching. Loan Depot's "retention department" called me today off a dormant application inquary from several weeks ago and "made me an offer I couldn't refuse."
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
This is what I heard back from Loan Cabin:

This $250 HOA Certification Fee is not a charge from Loan Cabin. This is an estimated charge that your HOA might charge you for providing necessary documents to Loan Cabin if needed. If we do need documents from the HOA, your Association would request the amount be paid directly to them prior to releasing the documents to us.

Not sure why they wouldn't have put it on the original LE but I suspect there will ultimately be no fee as my HOA association management company didn't charge me when I requested docs earlier this year.
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

KB8KB24 wrote: Wed Nov 04, 2020 3:31 pm
jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
Be careful with Loan Cabin. It takes more than 90 days to close and they have terrible communication. Use their rate and try to get other companies to match.
I've been more pleased with Loan Cabin than any of the other companies I have contacted. They have been responsive (two emails to me today alone) and had the best deal from what I could find. I was also talking to Ally, Better, LenderFi, and Northpointe (never heard anything from them after applying).
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

Many people have commented in this thread about having a hard time finding good deals for small loan amounts. I just locked with Loan Cabin at 2.75% 15 year fixed for ~$140k balance. This is for Michigan, owner occupied and no escrow. Details are:
A: $0
B: $0 (they later put on a HOA fee, see above but I don't think it will be paid)
C: $1005 (but I will probably use my own as I think it will be cheaper)
E: $63
J: -$1015

The other lenders I heard back from were at least $1300 higher for same numbers. They sent me a Rate Lock Agreement document that identified the loan program I was on as "PennyMac - Fannie Mae 15 Yr Fixed > $125K <= $150K" so I guess that identifies the range.
tj
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Re: Refinance Mega Thread

Post by tj »

jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
I would imagine that is something that the HOA is charging. Do you expect them to eat the cost?
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

tj wrote: Wed Nov 04, 2020 7:59 pm
jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
I would imagine that is something that the HOA is charging. Do you expect them to eat the cost?
Well I only have my one data point to go off of but I simply requested the document or two from the management company previously, it wasn't a big deal. The email from Loan Cabin acknowledges that it is only an estimate (and probably on the high side). It is also stated to be "if needed". If others have had situations where they had to pay a HOA fee I'd love to hear more. In the worst case, I could bump the rate up 0.125% to bring it back to no cost. Still better than what others were offering.
tj
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Re: Refinance Mega Thread

Post by tj »

jaybee9 wrote: Wed Nov 04, 2020 8:06 pm
tj wrote: Wed Nov 04, 2020 7:59 pm
jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
I would imagine that is something that the HOA is charging. Do you expect them to eat the cost?
Well I only have my one data point to go off of but I simply requested the document or two from the management company previously, it wasn't a big deal. The email from Loan Cabin acknowledges that it is only an estimate (and probably on the high side). It is also stated to be "if needed". If others have had situations where they had to pay a HOA fee I'd love to hear more. In the worst case, I could bump the rate up 0.125% to bring it back to no cost. Still better than what others were offering.
You'd rather increase the rate by .125% then pay $250? I imagine if you have copies o the documents you can send them to the lender and no need for them to request from hoa.
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

tj wrote: Wed Nov 04, 2020 8:08 pm
jaybee9 wrote: Wed Nov 04, 2020 8:06 pm
tj wrote: Wed Nov 04, 2020 7:59 pm
jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
I would imagine that is something that the HOA is charging. Do you expect them to eat the cost?
Well I only have my one data point to go off of but I simply requested the document or two from the management company previously, it wasn't a big deal. The email from Loan Cabin acknowledges that it is only an estimate (and probably on the high side). It is also stated to be "if needed". If others have had situations where they had to pay a HOA fee I'd love to hear more. In the worst case, I could bump the rate up 0.125% to bring it back to no cost. Still better than what others were offering.
You'd rather increase the rate by .125% then pay $250? I imagine if you have copies o the documents you can send them to the lender and no need for them to request from hoa.
Correct, I told them I probably already had the documents they need so they are getting the list for me. I was just saying that in the worst case I could bump up the rate to keep it a no-cost refi. It would still be a nice reduction from my current rate.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

If you bumped up the rate it would be better than no cost with lender credit coming back to you. So it wouldn’t be to just save $250. :)
totallynotsure
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Re: Refinance Mega Thread

Post by totallynotsure »

anyone to cross shop a great Better rate with here in NY? seems most of the "preferred" vendors don't do business here.
Bmonaye
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Re: Relationship mortgage discounts for moving a million assets

Post by Bmonaye »

I’m looking to refi my nonconforming loan without moving assets or relationship refi. My LTV is 79%, we just purchased the house last year at $1,015,000 at a rate of 3.625. I put 20% down and I also have a $50k heloc loan at 6%. Who do you guys recommend I talk to for refinancing? I called a few places and they’ve quoted me 3.5% for refi. Any help or guidance would be greatly appreciated!
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Re: Refinance Mega Thread

Post by LadyGeek »

Bmonaye, Welcome! Although your house is valued over $1 million, I moved your post into the refi discussion that does not involve relationships or moving assets.
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tj
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Re: Relationship mortgage discounts for moving a million assets

Post by tj »

Bmonaye wrote: Thu Nov 05, 2020 2:40 am I’m looking to refi my nonconforming loan without moving assets or relationship refi. My LTV is 79%, we just purchased the house last year at $1,015,000 at a rate of 3.625. I put 20% down and I also have a $50k heloc loan at 6%. Who do you guys recommend I talk to for refinancing? I called a few places and they’ve quoted me 3.5% for refi. Any help or guidance would be greatly appreciated!
I'd get rid of the HELOC first. Get a new HELOC after refi if you wish.
Outer Marker
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Re: Relationship mortgage discounts for moving a million assets

Post by Outer Marker »

tj wrote: Thu Nov 05, 2020 9:24 am
Bmonaye wrote: Thu Nov 05, 2020 2:40 am I’m looking to refi my nonconforming loan without moving assets or relationship refi. My LTV is 79%, we just purchased the house last year at $1,015,000 at a rate of 3.625. I put 20% down and I also have a $50k heloc loan at 6%. Who do you guys recommend I talk to for refinancing? I called a few places and they’ve quoted me 3.5% for refi. Any help or guidance would be greatly appreciated!
I'd get rid of the HELOC first. Get a new HELOC after refi if you wish.
+1. Do you have other liquid assets you can tap to get the loan down to $765,000? I'm assuming you're in a high cost of living area - and that would avoid having to pay a premium for a jumbo loan. If you've got 20% down on $1M, you're awfully close at $800,000, and that last $35,000 is very expensive money.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

I closed with LD last week for 2.625 (on a 25 year) which funded this past Tuesday. Yesterday, I locked with better for 2.375 (on a 30). Is it worth going back to LD and offering them the chance to beat it, or will that just anger them as I am not keeping the loan for 6 months?

Edit- I figured I would ask them. Loan Depot said that they cannot work with a customer for 6 months after a refinance. He did not seem to be angry though.
Last edited by mets914 on Thu Nov 05, 2020 11:34 am, edited 1 time in total.
Farmboyslim83
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Re: Refinance Mega Thread

Post by Farmboyslim83 »

jaybee9 wrote: Wed Nov 04, 2020 8:17 am I am working with Loan Cabin and got an initial LE that had no section A and B fees. I locked with them and now working thru the initial paperwork, the I see the LE has been updated and section B has a HOA Certification Handling Fee of $250. I know the LE can change after the fact if there are any significant updates but this seems to be not the case. Further, since Loan Cabin refers to all section B fees as "junk fees" and that HOA fee looks like one, I'm kind of scratching my head and waiting for their response. Anyone seen this before?
Yes, and it is not appropriate for my situation. They told me they would drop the fee.
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

FYI - Loan Cabin's rates dropped almost .125% across the board today. Good day to re-quote and lock if you are considering using them.
mw1739
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Re: Refinance Mega Thread

Post by mw1739 »

mceagle555 wrote: Thu Nov 05, 2020 12:20 pm FYI - Loan Cabin's rates dropped almost .125% across the board today. Good day to re-quote and lock if you are considering using them.
Saw the same thing and emailed my contact. Still waiting to hear back.
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