Refinance Mega Thread

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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

As a datapoint, my third Amex credit from Better showed up. Contemplating doing a fourth refi this year if I can find a good offer. My score had dropped a bit because I also opened new credit cards between each of the three refis, but I think it has come back a good bit now. It was still over 760 during the last refi, so I should still be top tier for lenders.

I see some nice offers being listed, but I have to keep in mind that my $150k mortgage doesn’t get quite the offers others get. Still, three refis at no cost sub-3% has been a good run!
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Sat Nov 21, 2020 7:45 pm As a datapoint, my third Amex credit from Better showed up. Contemplating doing a fourth refi this year if I can find a good offer. My score had dropped a bit because I also opened new credit cards between each of the three refis, but I think it has come back a good bit now. It was still over 760 during the last refi, so I should still be top tier for lenders.

I see some nice offers being listed, but I have to keep in mind that my $150k mortgage doesn’t get quite the offers others get. Still, three refis at no cost sub-3% has been a good run!
What did you end up with after your latest refi?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

anon_investor wrote: Sat Nov 21, 2020 9:29 pm
BrandonBogle wrote: Sat Nov 21, 2020 7:45 pm As a datapoint, my third Amex credit from Better showed up. Contemplating doing a fourth refi this year if I can find a good offer. My score had dropped a bit because I also opened new credit cards between each of the three refis, but I think it has come back a good bit now. It was still over 760 during the last refi, so I should still be top tier for lenders.

I see some nice offers being listed, but I have to keep in mind that my $150k mortgage doesn’t get quite the offers others get. Still, three refis at no cost sub-3% has been a good run!
What did you end up with after your latest refi?
Supposedly I’m closing on # 4 on Tuesday. However, the initial LE had me earning $500 and the closing disclosures has me earning $200. The reduced the lender credits $300 and I called & emailed the loan officer and processor, asking them to correct it and send me new disclosures. Now waiting for the new ones. If the don’t change it, I don’t know if I will go through with it. Yes, $200 in profit, but them reducing the lender credits leaves a bad taste in my mouth. This new mortgage is the same rate and amount as my third refi, but waives the escrow.
Lrt12
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Re: Refinance Mega Thread

Post by Lrt12 »

For a data point on a low balance mortgage.

Loan Cabin. Submitted application online and received offer via email within a week. Locked Friday, 11/20/20.

Home value: appraised for $258k 5/2020 with last refinance
Owe: 169k
Current rate is 2.75% for a 15 year (6 months in)
Credit score: >760

Locked rate:
30 year at 2.75%

A + B + C+ E= $1345
Lender credit= $1900

15 year offer was 2.5% with 900 credit.
Hoosier CPA
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Re: Refinance Mega Thread

Post by Hoosier CPA »

BrandonBogle wrote: Sat Nov 21, 2020 7:45 pm As a datapoint, my third Amex credit from Better showed up. Contemplating doing a fourth refi this year if I can find a good offer. My score had dropped a bit because I also opened new credit cards between each of the three refis, but I think it has come back a good bit now. It was still over 760 during the last refi, so I should still be top tier for lenders.

I see some nice offers being listed, but I have to keep in mind that my $150k mortgage doesn’t get quite the offers others get. Still, three refis at no cost sub-3% has been a good run!
That's great. How do you end up refi'ing again with Better? I am with them now and did get the $2,500 but assume that is expired now. Currently 2.875% with no escrow. Followed with LenderFi last week. Best they could do is a no cost 2.75% with escrow. Kind of like the idea of not escrowing. Did you have to call Better to try again? When I tried to start a new refi online, it says I already have a loan. I assume you'd have to bring another offer to table to have them beat it. I was kind of thinking 2.875% is about the best I could do but I keep watching this thread to see what others are getting.
smee44
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Re: Refinance Mega Thread

Post by smee44 »

I don't know if I am missing something, I didn't read the whole thread yet, but my offer from Loan depot came back with no lender credits and I calculate $3878.31 in the origination fee + 3rd party fees. I am going to dig back and see if I am doing it wrong, but after reading that last 5-6 pages I was disappointed. Maybe I need to wait for the phone call for the real quote.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Hoosier CPA wrote: Sun Nov 22, 2020 1:04 pm
BrandonBogle wrote: Sat Nov 21, 2020 7:45 pm As a datapoint, my third Amex credit from Better showed up. Contemplating doing a fourth refi this year if I can find a good offer. My score had dropped a bit because I also opened new credit cards between each of the three refis, but I think it has come back a good bit now. It was still over 760 during the last refi, so I should still be top tier for lenders.

I see some nice offers being listed, but I have to keep in mind that my $150k mortgage doesn’t get quite the offers others get. Still, three refis at no cost sub-3% has been a good run!
That's great. How do you end up refi'ing again with Better? I am with them now and did get the $2,500 but assume that is expired now. Currently 2.875% with no escrow. Followed with LenderFi last week. Best they could do is a no cost 2.75% with escrow. Kind of like the idea of not escrowing. Did you have to call Better to try again? When I tried to start a new refi online, it says I already have a loan. I assume you'd have to bring another offer to table to have them beat it. I was kind of thinking 2.875% is about the best I could do but I keep watching this thread to see what others are getting.
My three refis were all during the promo running, with the last one being submitted on the second-to-last day of the promo. I closed on that in Sept. I used a different email address for each of the three, so I didn’t have to deal with it trying to connect to the existing mortgage on the account. However, folks said if you call, they could “close out” the existing mortgage app so you could do a new one.
tbone555
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Re: Refinance Mega Thread

Post by tbone555 »

I would like to finance the purchase of a new car (2021 Toyota Sienna LE). That said, I am in the middle of refinancing my mortgage and will probably close mid December. I have a good deal on the Sienna in hand and would like to pull the trigger tomorrow. That said, would I really jeopardize my refinance if I take out a car loan before closing? My debt-to-income will not be pushed anywhere close to Fannie/Freddie limits.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

smee44 wrote: Sun Nov 22, 2020 1:49 pm I don't know if I am missing something, I didn't read the whole thread yet, but my offer from Loan depot came back with no lender credits and I calculate $3878.31 in the origination fee + 3rd party fees. I am going to dig back and see if I am doing it wrong, but after reading that last 5-6 pages I was disappointed. Maybe I need to wait for the phone call for the real quote.
LD’s initial quotes aren’t usually great. Where they shine is in beating your best other offer.

Secondly, you can always increase your lender credit by increasing your interest rate.
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
pmorgan2020
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Re: Refinance Mega Thread

Post by pmorgan2020 »

My 30yr refi on 550k costing me $1000 in fees and title upto $2700(looks like there is no way to avoid or reduce title costs in NJ),my previous rate was 3.5 and this refinance is getting me 2.5.Is this reasonable rate with all the associated costs as of today?also I attempted to waive escrow initially but the LO did not budge.Should I attempt again to waive before closing?
spbos
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Re: Refinance Mega Thread

Post by spbos »

Calirefi2020 wrote: Sun Nov 22, 2020 5:12 pm I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
No, go ahead! It may have a slight dent on your credit score. That is all.
mirror
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Re: Refinance Mega Thread

Post by mirror »

Looking for input on whether I am a good candidate for refinancing:

Current Mortgage
Balance: $134k
Rate: 3.125%
Term: 17 years left on 30 year original mortgage (paid ahead some to get rid of PMI back when we first got the loan)
Credit Score: >760
Est home value: ~$320k

Until recently I didn't think the juice was worth the proverbial squeeze, but now seeing some of the rates in this thread it has me wondering if now is the time to jump on a refinance.
Minty
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Re: Refinance Mega Thread

Post by Minty »

spbos wrote: Sun Nov 22, 2020 5:30 pm
Calirefi2020 wrote: Sun Nov 22, 2020 5:12 pm I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
No, go ahead! It may have a slight dent on your credit score. That is all.
LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
houseofcheap
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Re: Refinance Mega Thread

Post by houseofcheap »

Lrt12 wrote: Sun Nov 22, 2020 11:38 am For a data point on a low balance mortgage.

Loan Cabin. Submitted application online and received offer via email within a week. Locked Friday, 11/20/20.

Home value: appraised for $258k 5/2020 with last refinance
Owe: 169k
Current rate is 2.75% for a 15 year (6 months in)
Credit score: >760

Locked rate:
30 year at 2.75%

A + B + C+ E= $1345
Lender credit= $1900

15 year offer was 2.5% with 900 credit.
Lucky. Been over a week for me and still waiting on LE.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

houseofcheap wrote: Sun Nov 22, 2020 6:30 pm
Lrt12 wrote: Sun Nov 22, 2020 11:38 am For a data point on a low balance mortgage.

Loan Cabin. Submitted application online and received offer via email within a week. Locked Friday, 11/20/20.

Home value: appraised for $258k 5/2020 with last refinance
Owe: 169k
Current rate is 2.75% for a 15 year (6 months in)
Credit score: >760

Locked rate:
30 year at 2.75%

A + B + C+ E= $1345
Lender credit= $1900

15 year offer was 2.5% with 900 credit.
Lucky. Been over a week for me and still waiting on LE.
I've been waiting on LE from Loan Cabin from June, so don't hold your breath.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

tbone555 wrote: Sun Nov 22, 2020 2:03 pm I would like to finance the purchase of a new car (2021 Toyota Sienna LE). That said, I am in the middle of refinancing my mortgage and will probably close mid December. I have a good deal on the Sienna in hand and would like to pull the trigger tomorrow. That said, would I really jeopardize my refinance if I take out a car loan before closing? My debt-to-income will not be pushed anywhere close to Fannie/Freddie limits.
Yes, they will check your credit in the last 2-3 days before funding and will see your car loan. Then they'll have thousands questions. They might be fine with it, but they will know about it and it's definitely a risk.
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

Minty wrote: Sun Nov 22, 2020 6:21 pm
spbos wrote: Sun Nov 22, 2020 5:30 pm
Calirefi2020 wrote: Sun Nov 22, 2020 5:12 pm I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
No, go ahead! It may have a slight dent on your credit score. That is all.
LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm
Minty wrote: Sun Nov 22, 2020 6:21 pm
spbos wrote: Sun Nov 22, 2020 5:30 pm
Calirefi2020 wrote: Sun Nov 22, 2020 5:12 pm I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
No, go ahead! It may have a slight dent on your credit score. That is all.
LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Monsterflockster wrote: Sun Nov 22, 2020 7:18 pm
Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm
Minty wrote: Sun Nov 22, 2020 6:21 pm
spbos wrote: Sun Nov 22, 2020 5:30 pm
Calirefi2020 wrote: Sun Nov 22, 2020 5:12 pm I have a question for people who refinanced again with in 30 days.. so my last refi closed on 10/26 which is 2.875% 30 yr fixed with lenderfi, due to rates falling last week, I applied with IM and locked 2.5%. I’m wondering if there are any cons of refinancing back 2 back..both loans are 0 cost and fees. Thanks
No, go ahead! It may have a slight dent on your credit score. That is all.
LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
What rate do you have? I have 2.375 30 year and I'd do it again for 2.350 :-)
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

manatee2005 wrote: Sun Nov 22, 2020 7:33 pm
Monsterflockster wrote: Sun Nov 22, 2020 7:18 pm
Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm
Minty wrote: Sun Nov 22, 2020 6:21 pm
spbos wrote: Sun Nov 22, 2020 5:30 pm

No, go ahead! It may have a slight dent on your credit score. That is all.
LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
What rate do you have? I have 2.375 30 year and I'd do it again for 2.350 :-)
Can you share you numbers and where you hot that? We are 2.625%. But it was a pain.
Calirefi2020
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Re: Refinance Mega Thread

Post by Calirefi2020 »

Monsterflockster wrote: Sun Nov 22, 2020 7:37 pm
manatee2005 wrote: Sun Nov 22, 2020 7:33 pm
Monsterflockster wrote: Sun Nov 22, 2020 7:18 pm
Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm
Minty wrote: Sun Nov 22, 2020 6:21 pm

LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
What rate do you have? I have 2.375 30 year and I'd do it again for 2.350 :-)
Can you share you numbers and where you hot that? We are 2.625%. But it was a pain.
590k refi loan balance..SoCal..69% LTV..locked 2.5% 30 yr fixed with IM
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

Monsterflockster wrote: Sun Nov 22, 2020 7:37 pm
manatee2005 wrote: Sun Nov 22, 2020 7:33 pm
Monsterflockster wrote: Sun Nov 22, 2020 7:18 pm
Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm
Minty wrote: Sun Nov 22, 2020 6:21 pm

LenderFi makes you sign an agreement to repay your lender credits if you refi within six months--or so I am told on this thread. I don't recall anyone mentioning this actually being enforced. LenderFi also supposedly has a lifetime float down option, although this too is after 6 months.
Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
What rate do you have? I have 2.375 30 year and I'd do it again for 2.350 :-)
Can you share you numbers and where you hot that? We are 2.625%. But it was a pain.
Owning.com , over 300k mortgage FICO over 760. I don't think it's available now.
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

FWIW - As of this morning (11/23) Loan Cabin has changed to showing rates with points, opposed to showing all rates with $0 points.
sippyCUP
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Re: Refinance Mega Thread

Post by sippyCUP »

Scheduled for closing this morning @ 1000 EST with Loan Depot... mobile notary called me about an hour before and told me she hadn't received closing docs from them.

Not really a huge knock against Loan Depot as a whole, as I know all these lenders are extremely busy right now... but yeah, process/procedures fail as the closing disclosure type person I spoke to last week assured me she would send all the closing docs before she went on vacation... opps.

It would be sweet if they would apply another say $500 in lender credits to make it right... :beer
presto987
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Re: Refinance Mega Thread

Post by presto987 »

mceagle555 wrote: Mon Nov 23, 2020 11:39 am FWIW - As of this morning (11/23) Loan Cabin has changed to showing rates with points, opposed to showing all rates with $0 points.
Interesting - it's back to what it used to be like. It changed maybe around a month ago (?) and now it is back. I prefer this version, because it is more precise and easier to track the daily changes in pricing.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

I was scheduled to close with LD on Friday. Turned out that the notary was double-booked and couldn't make it. Got a couple of phone calls from the title company to reschedule, but didn't get any confirmation.

Finally a notary calls me around 6:30pm and says that he's planning to come at 8pm!

We signed the papers, but the notary said that because he got the papers at the last minute from LD and not from the title company, we may need to sign additional papers from the title company. Fingers crossed that this doesn't affect our disbursement date, which is Wednesday.

Will post the final details after it funds.
bholm83
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Re: Refinance Mega Thread

Post by bholm83 »

So I'm about to close on a home purchase and made the dumb mistake of not shopping around for a cheaper lender (looking like I will get 2.625% on a 30 year fixed). Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? I know rates could go up, I would have to pay closing fees with the new lender, but I think I could have gotten .25% off if I had used an internet lender :(
Minty
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Re: Refinance Mega Thread

Post by Minty »

bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
bholm83
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Re: Refinance Mega Thread

Post by bholm83 »

Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Minty
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Re: Refinance Mega Thread

Post by Minty »

bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.
bholm83 is unlikely to get anywhere with other lenders in 2020. S/he is not going to do a purchase mortgage (since the builder has him/her locked in at this point) and other lenders are not going to entertain processing a refi on a home s/he doesn’t own yet.

The best bet is to either suck it up and keep the mortgage, or raise the rate to get more credits out of Caliber to cover most/all closing costs. For the latter, then in 2021 refi to get a lower rate.
Minty
Posts: 379
Joined: Sun Mar 24, 2013 3:19 pm
Location: NorCal

Re: Refinance Mega Thread

Post by Minty »

BrandonBogle wrote: Mon Nov 23, 2020 3:09 pm
Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.
bholm83 is unlikely to get anywhere with other lenders in 2020. S/he is not going to do a purchase mortgage (since the builder has him/her locked in at this point) and other lenders are not going to entertain processing a refi on a home s/he doesn’t own yet.

The best bet is to either suck it up and keep the mortgage, or raise the rate to get more credits out of Caliber to cover most/all closing costs. For the latter, then in 2021 refi to get a lower rate.
FWIW, I just emailed someone at IM who was very helpful in my last refi and laid out this scenario. He said to start to shop on the day of closing.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
DVA79
Posts: 46
Joined: Sun Apr 06, 2014 1:06 pm

Re: Refinance Mega Thread

Post by DVA79 »

DVA79 wrote: Fri Nov 20, 2020 6:21 pm Sorry, I didnt know about this megathread and should have posted my inquiry here instead of a separate thread.

Looking for some advice from people much smarter on this than me:

Current financing: 3.62% on a 30 year loan, 306 months (25.5 years) left on current balance of 264,000. Current payment is $1,313 a month with total payments to be $401,909. Home located in Chicago Suburbs

Called my local broker who I originally got the loan through and this was his offer on current rates:

Proposed New Mortgage Amount $264,000.00
Proposed 30 Year Rate 3.000% --new payment would be $1,113; Total savings: $1,217
Proposed 25 Year Rate 3.000% --new payment would be $1,251 ; Total savings $26,334
Proposed 20 Year Rate 2.875% --new payment would be $1,447 ; Total savings $54,468
Proposed 15 Year Rate 2.625% --new payment would be $1,775 ; Total savings $82,247
Closing costs about $2,100. Ouch, seems high.

Are these rates good? I haven't shopped around yet and wondering if I should.

I am a teacher with about 15 years left before retirement so job is steady. Three kids ages 6,4,1. Spouse is stay at home mom. Currently have saved about 370K spread between Roths, 403b, and emergency fund.

**Update --
Based on this thread I did some shopping at Loan Depot and Better Mortgage. They were able to to a 15 year at 2.375% with closing cost ($2154) rolled into loan and and a credit to me of about $200 at close. I showed this to my local lender and he said he would match it (he was offering 15 year at 2.65%). I would rather stay local if I can.

This would take my current payment from $1313/Month to $1754/Month but save me about 90K compared to staying in my current 30 year loan.

How do these closing cost sound? Any reason not to pull the trigger on this?
Final update: Locked today.

Did some more reading and got some more quotes on 15 year and 20 year offers. My local lender ended up beating both Loan Depot and Better. Loan Cabin never got back to me. Lender Fi was higher than both LD and Better.

Decided to go with a 20 year instead of 15 years to keep cashflow and If I want to add more principal I can.

Locked a 20 year at 2.5% with me getting $1050 back at close. Payment goes from $1313/month to $1411/month, likely a bit less if I take less back at close. Appraisal will likely be waived as well.

My current mortgage was a 30 year with 25.5 years left. This refi saves 63K from the current mortgage and wiped 5.5 years off. At this low rate, I will probably not pay extra in principal but will just add that to my retirement accounts as I should be able to beat 2.5% over the next 20 years.

Great info in this thread so thanks to all who contributed--very helpful!
slbnoob
Posts: 462
Joined: Thu Jul 25, 2013 1:31 pm

Re: Refinance Mega Thread

Post by slbnoob »

bholm83 wrote: Mon Nov 23, 2020 2:20 pm So I'm about to close on a home purchase and made the dumb mistake of not shopping around for a cheaper lender (looking like I will get 2.625% on a 30 year fixed). Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? I know rates could go up, I would have to pay closing fees with the new lender, but I think I could have gotten .25% off if I had used an internet lender :(
I locked with a local lender right before rates fell down a bit more. My motivation to go with a local lender versus an online lender is high confidence to close on the agreed closing day for the home purchase. FWIW I have locked on 30 yr 2.75% with -0.45% points as credit to cover almost all closing costs (700k mortgage). This was the best rates I saw elsewhere (whoever was showing rates online without asking for my SSN). I intend to shop for refi soon after closing especially if rates go down more.
bholm83
Posts: 55
Joined: Sat Jun 01, 2019 12:48 pm

Re: Refinance Mega Thread

Post by bholm83 »

slbnoob wrote: Mon Nov 23, 2020 4:39 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm So I'm about to close on a home purchase and made the dumb mistake of not shopping around for a cheaper lender (looking like I will get 2.625% on a 30 year fixed). Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? I know rates could go up, I would have to pay closing fees with the new lender, but I think I could have gotten .25% off if I had used an internet lender :(
I locked with a local lender right before rates fell down a bit more. My motivation to go with a local lender versus an online lender is high confidence to close on the agreed closing day for the home purchase. FWIW I have locked on 30 yr 2.75% with -0.45% points as credit to cover almost all closing costs (700k mortgage). This was the best rates I saw elsewhere (whoever was showing rates online without asking for my SSN). I intend to shop for refi soon after closing especially if rates go down more.
Good to know thanks.
InvestDoc
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Joined: Sat Jan 13, 2018 12:54 am

Re: Refinance Mega Thread

Post by InvestDoc »

Calirefi2020 wrote: Sun Nov 22, 2020 7:43 pm
Monsterflockster wrote: Sun Nov 22, 2020 7:37 pm
manatee2005 wrote: Sun Nov 22, 2020 7:33 pm
Monsterflockster wrote: Sun Nov 22, 2020 7:18 pm
Calirefi2020 wrote: Sun Nov 22, 2020 6:57 pm

Thanks for this insight.. I just checked my rate lock and other disclosures, cant find anywhere where I had agreed to this 6 months clause..Any more information on which document this claw back clause would be part of?
We refi’d with LenderFi. We did not have the 6 month thing either.

Though we got a great rate... I think things need to drop to 2.25% for 30 year before it’s worth going through all this again.
What rate do you have? I have 2.375 30 year and I'd do it again for 2.350 :-)
Can you share you numbers and where you hot that? We are 2.625%. But it was a pain.
590k refi loan balance..SoCal..69% LTV..locked 2.5% 30 yr fixed with IM
If you just closed with Interactive, their website says you are ineligible for another refi at the rates listed on their website for 8 months. ("Interactive Mortgage customers with loans currently in process or have closed a loan within the last 8 months do not qualify."). I asked the loan officer about this when I did my refi because I had just refinanced with another company 5 months earlier--it seems this clause only applies to recent refi's with Interactive, but she did say she could ask her manager for a possible exception if that clause had been applicable to me. I don't recall signing anything stating I wouldn't refinance for another 8 months or anything about a claw back of the lender credits.
bholm83
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Re: Refinance Mega Thread

Post by bholm83 »

Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.

Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct?

"with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this entails is us asking RM if we can increase your purchase price buy the approximate closing costs and pre-paids and then having them give you a seller credit for that same amount which effectively allows you to do this. Builders will sometimes allow this AS LONG AS they are confident the home will appraise at the higher amount. "
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

bholm83 wrote: Mon Nov 23, 2020 6:07 pm
Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.

Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct?

"with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this entails is us asking RM if we can increase your purchase price buy the approximate closing costs and pre-paids and then having them give you a seller credit for that same amount which effectively allows you to do this. Builders will sometimes allow this AS LONG AS they are confident the home will appraise at the higher amount. "
Your lender doesn't understand your question... You should clarify that you're asking if you can get a higher lender credit if you go up .125% in rate, to use towards other costs.
pmorgan2020
Posts: 14
Joined: Sun Nov 22, 2020 3:26 pm

Re: Refinance Mega Thread

Post by pmorgan2020 »

Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm
bholm83 wrote: Mon Nov 23, 2020 2:20 pm Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender?
If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.
I really like the idea of zeroing out on A,B and C. My lender offered 2.5 on a 30 year but the third party fees and some additional lender fees (total over $4000) makes it feel like a raw deal based on today’s standards besides this lender does not allow escrow removal. I feel like shopping with few other lenders for slightly better terms but alas my experian score is 742 I just received a credit report from the lender who is currently processing my refinance , other bureau scores are slightly better around 750.Based on my current credit profile Would it still be a good idea to shop around with other lenders or just stick with the current one as it may further worsen my credit score?
bholm83
Posts: 55
Joined: Sat Jun 01, 2019 12:48 pm

Re: Refinance Mega Thread

Post by bholm83 »

Goal33 wrote: Mon Nov 23, 2020 6:22 pm
bholm83 wrote: Mon Nov 23, 2020 6:07 pm
Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm
Minty wrote: Mon Nov 23, 2020 2:31 pm

If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today.
I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.

Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct?

"with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this entails is us asking RM if we can increase your purchase price buy the approximate closing costs and pre-paids and then having them give you a seller credit for that same amount which effectively allows you to do this. Builders will sometimes allow this AS LONG AS they are confident the home will appraise at the higher amount. "
Your lender doesn't understand your question... You should clarify that you're asking if you can get a higher lender credit if you go up .125% in rate, to use towards other costs.
Yeah, I didn't word the question correctly. here is what my lender said:

"you have the option to move to 2.75% the credit moves from 1K to $4639. The payment difference is about $31 a month higher at 2.75%"

my closing costs at 2.625 were just over 5K so 2.75% gets me very close to paying no closing fees.

I do want to be certain though, but I can definitely refinance if I go the 2.75% route, after the loan totally closes? Is there a waiting period or will future lenders frown upon me trying to refinance right after I closed with another lender?
Calirefi2020
Posts: 34
Joined: Sat Sep 05, 2020 11:55 am

Re: Refinance Mega Thread

Post by Calirefi2020 »

Quick question on HOA certification handling fee.. my current lender-Lenderfi did not charge this fee but my new LE with IM shows this charge..IM tells me it’s a 0 cost loan minus prepaid s and any potential HOA cert fees.. How common is this fee? Should I my pushback on my LO to cover this fees too?
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

bholm83 wrote: Mon Nov 23, 2020 8:12 pm
Goal33 wrote: Mon Nov 23, 2020 6:22 pm
bholm83 wrote: Mon Nov 23, 2020 6:07 pm
Minty wrote: Mon Nov 23, 2020 2:56 pm
bholm83 wrote: Mon Nov 23, 2020 2:42 pm

I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender.
Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.

Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct?

"with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this entails is us asking RM if we can increase your purchase price buy the approximate closing costs and pre-paids and then having them give you a seller credit for that same amount which effectively allows you to do this. Builders will sometimes allow this AS LONG AS they are confident the home will appraise at the higher amount. "
Your lender doesn't understand your question... You should clarify that you're asking if you can get a higher lender credit if you go up .125% in rate, to use towards other costs.
Yeah, I didn't word the question correctly. here is what my lender said:

"you have the option to move to 2.75% the credit moves from 1K to $4639. The payment difference is about $31 a month higher at 2.75%"

my closing costs at 2.625 were just over 5K so 2.75% gets me very close to paying no closing fees.

I do want to be certain though, but I can definitely refinance if I go the 2.75% route, after the loan totally closes? Is there a waiting period or will future lenders frown upon me trying to refinance right after I closed with another lender?
Yes, you can definitely refinance immediately. Whether you get a better rate or not will depend on the specifics of your situation and the market, which can move quickly in either direction. I'd do the 2.75% personally, but I'm just somebody on the internet :)
bholm83
Posts: 55
Joined: Sat Jun 01, 2019 12:48 pm

Re: Refinance Mega Thread

Post by bholm83 »

Goal33 wrote: Mon Nov 23, 2020 8:38 pm
bholm83 wrote: Mon Nov 23, 2020 8:12 pm
Goal33 wrote: Mon Nov 23, 2020 6:22 pm
bholm83 wrote: Mon Nov 23, 2020 6:07 pm
Minty wrote: Mon Nov 23, 2020 2:56 pm

Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house.

Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct?

"with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this entails is us asking RM if we can increase your purchase price buy the approximate closing costs and pre-paids and then having them give you a seller credit for that same amount which effectively allows you to do this. Builders will sometimes allow this AS LONG AS they are confident the home will appraise at the higher amount. "
Your lender doesn't understand your question... You should clarify that you're asking if you can get a higher lender credit if you go up .125% in rate, to use towards other costs.
Yeah, I didn't word the question correctly. here is what my lender said:

"you have the option to move to 2.75% the credit moves from 1K to $4639. The payment difference is about $31 a month higher at 2.75%"

my closing costs at 2.625 were just over 5K so 2.75% gets me very close to paying no closing fees.

I do want to be certain though, but I can definitely refinance if I go the 2.75% route, after the loan totally closes? Is there a waiting period or will future lenders frown upon me trying to refinance right after I closed with another lender?
Yes, you can definitely refinance immediately. Whether you get a better rate or not will depend on the specifics of your situation and the market, which can move quickly in either direction. I'd do the 2.75% personally, but I'm just somebody on the internet :)
Yeah, I have some time to make a decision my lender said, but saving close to 4K on closing costs is enticing especially since I can refinance to rates below 2.5 it looks like. Obviously the market can change (and I imagine rates may go up at least a little especially with good news on the covid vaccine front) so I'm leaning towards going towards 2.75%. All I know about line lenders is they are slower to close (won't be an issue with refinance though) and their closing fees are all over the place.
'Ponine
Posts: 63
Joined: Wed Feb 20, 2008 11:56 pm

Re: Refinance Mega Thread

Post by 'Ponine »

Has anyone renegotiated to a lower rate or had a rate lock expires with Loan Cabin?
I locked a no cost (credit around 1k) with Loan cabin 60 days ago with a 60 day lock at 2.65, which expired today. Current loan rates are 2.375 with a 60 day lock or 2.25 with a 30 day lock, both no cost. The person I'm working with said still need to pay the renegotaiton fee even though my lock expires because LC chose to extend it since the delay wasn't my fault.

(1) I called out how ridiculous this is since they shouldn't extend without my agreement when it is not in my benefit. How hard should I push on this? Obviously if market conditions had driven rates higher I'd be cool with that but why should I suffer for their delay? I would be saving monthly already if they closed when they should I should get the benefit of the market move. My loan officer isn't budging but I'm wondering if I should try to escalate. Wondering more about others experiences since I already know my pretty strong feelings about this.

(2) Anyone deal with a renegotiation fee with them and have a sense of the $$ we are talking about?

(3) Any ideas on how long they require loans to age before another refi?

Also any other lenders that could be as competitive? They have blown other lenders I've worked with out of the water so I feel stuck with them. I'll also be away for a couple months in mid-december and am worried timing would be tough if I started over at this point. Thanks so much for your thoughts.
Last edited by 'Ponine on Mon Nov 23, 2020 10:20 pm, edited 1 time in total.
houseofcheap
Posts: 25
Joined: Mon Nov 16, 2020 11:11 pm

Re: Refinance Mega Thread

Post by houseofcheap »

'Ponine wrote: Mon Nov 23, 2020 9:53 pm Has anyone renegotiated to a lower rate or had a rate lock expires with Loan Cabin?
I locked a no cost (credit around 1k) with Loan cabin 60 days ago with a 60 day lock, which expired today. Current loan rates are 2.375 with a 60 day lock or 2.25 with a 30 day lock, both no cost. The person I'm working with said still need to pay the renegotaiton fee even though my lock expires because LC chose to extend it since the delay wasn't my fault.

(1) I called out how ridiculous this is since they shouldn't extend without my agreement when it is not in my benefit. How hard should I push on this? Obviously if market conditions had driven rates higher I'd be cool with that but why should I suffer for their delay? I would be saving monthly already if they closed when they should I should get the benefit of the market move. My loan officer isn't budging but I'm wondering if I should try to escalate. Wondering more about others experiences since I already know my pretty strong feelings about this.

(2) Anyone deal with a renegotiation fee with them and have a sense of the $$ we are talking about?

(3) Any ideas on how long they require loans to age before another refi?

Also any other lenders that could be as competitive? They have blown other lenders I've worked with out of the water so I feel stuck with them. I'll also be away for a couple months in mid-december and am worried timing would be tough if I started over at this point. Thanks so much for your thoughts.
They blew other lenders away with initial loan estimates or with service? Have you tried to get another loan company that can move a little faster to match or beat? Seems like you're close to the end so I doubt they'd want to lose you, but it does suck to have to pay fees even after a 60 day lock.
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Goal33 wrote: Mon Nov 23, 2020 8:38 pm
bholm83 wrote: Mon Nov 23, 2020 8:12 pm Yeah, I didn't word the question correctly. here is what my lender said:

"you have the option to move to 2.75% the credit moves from 1K to $4639. The payment difference is about $31 a month higher at 2.75%"

my closing costs at 2.625 were just over 5K so 2.75% gets me very close to paying no closing fees.

I do want to be certain though, but I can definitely refinance if I go the 2.75% route, after the loan totally closes? Is there a waiting period or will future lenders frown upon me trying to refinance right after I closed with another lender?
Yes, you can definitely refinance immediately. Whether you get a better rate or not will depend on the specifics of your situation and the market, which can move quickly in either direction. I'd do the 2.75% personally, but I'm just somebody on the internet :)
I would also take the 2.75% for the extra $3,639. It will take years (in all likelihood) until 2.625% would have been a better choice, and you could refi before then.
'Ponine
Posts: 63
Joined: Wed Feb 20, 2008 11:56 pm

Re: Refinance Mega Thread

Post by 'Ponine »

houseofcheap wrote: Mon Nov 23, 2020 9:57 pm
'Ponine wrote: Mon Nov 23, 2020 9:53 pm Has anyone renegotiated to a lower rate or had a rate lock expires with Loan Cabin?
I locked a no cost (credit around 1k) with Loan cabin 60 days ago with a 60 day lock, which expired today. Current loan rates are 2.375 with a 60 day lock or 2.25 with a 30 day lock, both no cost. The person I'm working with said still need to pay the renegotaiton fee even though my lock expires because LC chose to extend it since the delay wasn't my fault.

(1) I called out how ridiculous this is since they shouldn't extend without my agreement when it is not in my benefit. How hard should I push on this? Obviously if market conditions had driven rates higher I'd be cool with that but why should I suffer for their delay? I would be saving monthly already if they closed when they should I should get the benefit of the market move. My loan officer isn't budging but I'm wondering if I should try to escalate. Wondering more about others experiences since I already know my pretty strong feelings about this.

(2) Anyone deal with a renegotiation fee with them and have a sense of the $$ we are talking about?

(3) Any ideas on how long they require loans to age before another refi?

Also any other lenders that could be as competitive? They have blown other lenders I've worked with out of the water so I feel stuck with them. I'll also be away for a couple months in mid-december and am worried timing would be tough if I started over at this point. Thanks so much for your thoughts.
They blew other lenders away with initial loan estimates or with service? Have you tried to get another loan company that can move a little faster to match or beat? Seems like you're close to the end so I doubt they'd want to lose you, but it does suck to have to pay fees even after a 60 day lock.
Sorry! My post wasn't clear. They blew others away in terms of rate - not service. My original lock was 2.65% no lender fees and credit toward closing (totally no cost with 3rd party fees covered would be 2.75 - I'm not sure which I will go with at this point may depend on how quickly they will let me refi again).

I don't have to pay to get the rate structure I locked but technically that lock expired. They are extending "as a courtesy" because the delay is not my fault but rates have dropped! I don't want to extend the current rate lock. I want today (or tomorrow's) rate structure which has improved to 2.375 (or 2.25 since I really only need a shorter lock period at this point)!

Thoughts?

Thanks.
FAO89
Posts: 2
Joined: Tue Sep 29, 2020 5:34 pm

Re: Refinance Mega Thread

Post by FAO89 »

Tale of Two Loan Estimates: Which is Better?

Seeking 15 Year Fixed
Refinancing just under 200k

LE#1
Rate 2.25
P/I: 1305 (and No PMI)
A+B+C (0, 215+840) [no points, no origination fee]
No lender credit
APR:2.229
Closing estimate 4400 (no closing costs financed, my request)
No Appraisal

LE#2
Rate 2.25
P/I:1305 (and No PMI)
A+B+C (1600+115+825) [A has the 1600 as an origination fee]
Lender credit of 1680
APR: 2.405
Closing Estimate~4000 (no closing costs financed, my request)
No Appraisal

Charges in E, F, G vary slightly but are similar

LO for LE#2 stated that his lender credit doesn't show in APR (make sense?) but if it did would reduce LE2 APR.

[BTW Am I right in assuming that costs in E, F and G are essentially figured similarly at closing regardless of lender? Meaning that they are government costs that are a wash for either scenario and I should ignore E, F and G for purposes of loan comparisons?]

By my math, the lender credit in LE #2, offsets the origination fee and makes it slightly more attractive for closing. *Noting that P/I are same for both loans.*

Seems like both loans are pretty attractive at this time, compared to current national rates and this board's contributor tales. Am I missing something? Good Offers? Which is better?

Thanks Bogleheads!
Pessimist55
Posts: 100
Joined: Thu May 14, 2015 12:16 am

Re: Refinance Mega Thread

Post by Pessimist55 »

Calirefi2020 wrote: Mon Nov 23, 2020 8:22 pm Quick question on HOA certification handling fee.. my current lender-Lenderfi did not charge this fee but my new LE with IM shows this charge..IM tells me it’s a 0 cost loan minus prepaid s and any potential HOA cert fees.. How common is this fee? Should I my pushback on my LO to cover this fees too?
This is part of closing costs. I told LF this and made them cover it for my no cost refi
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