My LenderFi refinance is going well

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
barksdale44
Posts: 17
Joined: Tue Dec 15, 2020 8:16 am

Re: My LenderFi refinance is going well

Post by barksdale44 »

Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
as9
Posts: 206
Joined: Mon Jan 27, 2020 9:26 am

Re: My LenderFi refinance is going well

Post by as9 »

The escrow numbers changed a few times at various stages in our refinance as ours took awhile. They also had escrow amounts wrong a couple times, so definitely pay attention to it.
vtjon
Posts: 236
Joined: Fri Jul 20, 2012 12:53 pm

Re: My LenderFi refinance is going well

Post by vtjon »

barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
barksdale44
Posts: 17
Joined: Tue Dec 15, 2020 8:16 am

Re: My LenderFi refinance is going well

Post by barksdale44 »

vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
vtjon
Posts: 236
Joined: Fri Jul 20, 2012 12:53 pm

Re: My LenderFi refinance is going well

Post by vtjon »

barksdale44 wrote: Tue Jan 05, 2021 3:48 pm So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
I don't know about Maryland but I'd ask your loan processor to explain why it changed. Here's an online calculator for Maryland:
http://www.anytimeestimate.com/TITLE_IN ... urance.htm

It seems like there is a transfer tax if the mortgage is higher than the payoff (i.e. cash-out refi) but I don't know much about Maryland.
leviathan
Posts: 51
Joined: Tue Jul 09, 2019 3:03 pm

Re: My LenderFi refinance is going well

Post by leviathan »

barksdale44 wrote: Tue Jan 05, 2021 3:48 pm
vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
Don't worry too much about it. Similar things happened to me in my refinances (I'm also from Maryland). Each time, It was corrected in the final closing disclosure.
apres_all_day
Posts: 7
Joined: Tue Jan 05, 2021 3:17 pm

Re: My LenderFi refinance is going well

Post by apres_all_day »

When is the best time to get on the phone with the LenderFi rep to try to get them to come down one or two rows on the rate table? Do I call after I hit "apply now" when I've selected a loan product and uploaded my info?

I'm in the process of getting multiple offers today. The others I have are not that competitive to LenderFi, TBH.

I outlined those offers in this post:
viewtopic.php?p=5714112#p5714112

Still waiting to get something from Loan Depot! It just says its processing my app, but they have not given me any rate or loan estimates.
barksdale44
Posts: 17
Joined: Tue Dec 15, 2020 8:16 am

Re: My LenderFi refinance is going well

Post by barksdale44 »

leviathan wrote: Tue Jan 05, 2021 4:04 pm
barksdale44 wrote: Tue Jan 05, 2021 3:48 pm
vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
Don't worry too much about it. Similar things happened to me in my refinances (I'm also from Maryland). Each time, It was corrected in the final closing disclosure.
Thanks! That makes me feel better. All my google searches come back with no transfer taxes, i started to doubt myself.
barksdale44
Posts: 17
Joined: Tue Dec 15, 2020 8:16 am

Re: My LenderFi refinance is going well

Post by barksdale44 »

apres_all_day wrote: Tue Jan 05, 2021 4:43 pm When is the best time to get on the phone with the LenderFi rep to try to get them to come down one or two rows on the rate table? Do I call after I hit "apply now" when I've selected a loan product and uploaded my info?

I'm in the process of getting multiple offers today. The others I have are not that competitive to LenderFi, TBH.

I outlined those offers in this post:
viewtopic.php?p=5714112#p5714112

Still waiting to get something from Loan Depot! It just says its processing my app, but they have not given me any rate or loan estimates.
For me, once i applied, they messaged me and told me I’m qualified for a lower rate than what was on their rate table. I think it was within an hour. I didn’t have to call.
lkar
Posts: 303
Joined: Sat May 04, 2019 4:02 pm

Re: My LenderFi refinance is going well

Post by lkar »

felipao wrote: Mon Jan 04, 2021 10:00 pm
lkar wrote: Sat Jan 02, 2021 5:38 pm
bluebolt wrote: Sat Jan 02, 2021 5:35 pm After you upload your docs, you'll get a call to lock. That's when you'll typically get presented with a better rate.
Ahh, many thanks. The document burden is reasonable. Will do today.
Did it work? What rate did you get?
I ended up getting a very slightly better deal when I spoke to the loan officer by about $100 but by that point interest rates on the website had crept up just a little. So I did one line better than on the website, which was the rate on the website two days earlier when I applied. It is basically a no cost (give or take $30) 2.5 on a 30 year fixed. Appraisal waived. No escrow. I decided not to shop it. The process has been simple and rapid and they are very responsive. It is the rate I was hoping for and I wanted no escrow and was hoping that I could avoid the appraisal so I am happy with it all.
jharkin
Posts: 2665
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: My LenderFi refinance is going well

Post by jharkin »

barksdale44 wrote: Tue Jan 05, 2021 3:48 pm
vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
Yes, it’s a tax on the transaction, assessed by your local municipality and typically regulated by state tax law. You should be able to lookup your state regs online fairly easily. AFAIK in most states it’s only assessed on a transfer of deed (ie sale) but some have reported here that certain states tax mortgage recording as well.

Example: My state (MA) asses transfer tax only on transfer of deed, and it’s assessed to the seller. It appears as a line item on the sellers closing cost column of the settlement statement.
User avatar
BrandonBogle
Posts: 3595
Joined: Mon Jan 28, 2013 11:19 pm

Re: My LenderFi refinance is going well

Post by BrandonBogle »

jharkin wrote: Fri Jan 08, 2021 6:57 am
barksdale44 wrote: Tue Jan 05, 2021 3:48 pm
vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
Yes, it’s a tax on the transaction, assessed by your local municipality and typically regulated by state tax law. You should be able to lookup your state regs online fairly easily. AFAIK in most states it’s only assessed on a transfer of deed (ie sale) but some have reported here that certain states tax mortgage recording as well.

Example: My state (MA) asses transfer tax only on transfer of deed, and it’s assessed to the seller. It appears as a line item on the sellers closing cost column of the settlement statement.
Exactly. For instance, FL and NY charge taxes on the mortgage even when there is no transfer of the deed.
User avatar
hornet96
Posts: 636
Joined: Sun Nov 25, 2012 6:45 pm

Re: My LenderFi refinance is going well

Post by hornet96 »

BrandonBogle wrote: Fri Jan 08, 2021 12:36 pm
jharkin wrote: Fri Jan 08, 2021 6:57 am
barksdale44 wrote: Tue Jan 05, 2021 3:48 pm
vtjon wrote: Tue Jan 05, 2021 3:27 pm
barksdale44 wrote: Tue Jan 05, 2021 2:00 pm Just received my pre-closing documents from LenderFi. Is it normal to be paying for transfer taxes on a refinance? Also i noticed they changed my insurance from 3 months to 9 months prepaid. Is that right?
I just closed with LenderFi on the 29th. My insurance escrow was 8 months. It's due in August so I'm not sure if that's the reason. It was 3 months for prop taxes. I think some states may have transfer taxes on a refi. We have county and state tax stamps in VA which I guess are basically the same thing.
So transfer taxes is a state requirement? We refinanced back in March with a different lender and wasn’t charged a transfer tax. I was just wondering if it’s lender specific or maybe a mistake on LenderFi’s part. I’m in Maryland.
Yes, it’s a tax on the transaction, assessed by your local municipality and typically regulated by state tax law. You should be able to lookup your state regs online fairly easily. AFAIK in most states it’s only assessed on a transfer of deed (ie sale) but some have reported here that certain states tax mortgage recording as well.

Example: My state (MA) asses transfer tax only on transfer of deed, and it’s assessed to the seller. It appears as a line item on the sellers closing cost column of the settlement statement.
Exactly. For instance, FL and NY charge taxes on the mortgage even when there is no transfer of the deed.
So does VA, if anyone is interested.
MAandMEMom
Posts: 40
Joined: Tue Dec 27, 2016 2:12 pm

Re: My LenderFi refinance is going well

Post by MAandMEMom »

So I received word that my LenderFi mortgage will transfer to Nationstar Mortgage aka Mr. Cooper. For those with experience, how long before you hear from them? My first payment will be due on 2/1.
User avatar
BrandonBogle
Posts: 3595
Joined: Mon Jan 28, 2013 11:19 pm

Re: My LenderFi refinance is going well

Post by BrandonBogle »

MAandMEMom wrote: Fri Jan 08, 2021 3:09 pm So I received word that my LenderFi mortgage will transfer to Nationstar Mortgage aka Mr. Cooper. For those with experience, how long before you hear from them? My first payment will be due on 2/1.
If my and a few friends’ experiences are any indication, you will hear from them on 2/5.
rene
Posts: 277
Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene »

2nd Refi with LF in 2020...

12/18 Contacted LF
12/20 Locked
12/24 Loan moved to processor
12/26 Title cleared
01/08 Closing completed

15 Year - 2.125% - California

Super smooth process, no complaints.
MAandMEMom
Posts: 40
Joined: Tue Dec 27, 2016 2:12 pm

Re: My LenderFi refinance is going well

Post by MAandMEMom »

BrandonBogle wrote: Fri Jan 08, 2021 3:56 pm
MAandMEMom wrote: Fri Jan 08, 2021 3:09 pm So I received word that my LenderFi mortgage will transfer to Nationstar Mortgage aka Mr. Cooper. For those with experience, how long before you hear from them? My first payment will be due on 2/1.
If my and a few friends’ experiences are any indication, you will hear from them on 2/5.
Do you try to proactively pay them?
User avatar
BrandonBogle
Posts: 3595
Joined: Mon Jan 28, 2013 11:19 pm

Re: My LenderFi refinance is going well

Post by BrandonBogle »

MAandMEMom wrote: Fri Jan 08, 2021 5:37 pm
BrandonBogle wrote: Fri Jan 08, 2021 3:56 pm
MAandMEMom wrote: Fri Jan 08, 2021 3:09 pm So I received word that my LenderFi mortgage will transfer to Nationstar Mortgage aka Mr. Cooper. For those with experience, how long before you hear from them? My first payment will be due on 2/1.
If my and a few friends’ experiences are any indication, you will hear from them on 2/5.
Do you try to proactively pay them?
No way to as I didn’t have to account number. For my 11/1 payment, I heard from them on 11/6 and made my payment immediately. I heard from the old servicer on 11/15. Both of them referenced my loan being transferred 11/1.
Z3roCool
Posts: 11
Joined: Wed Aug 26, 2020 4:30 pm

Re: My LenderFi refinance is going well

Post by Z3roCool »

How quickly does LenderFi sell a refi'd mortgage? Before the first payment is due on the new loan?
vasaver
Posts: 174
Joined: Fri Oct 19, 2012 2:15 pm
Location: Virginia

Re: My LenderFi refinance is going well

Post by vasaver »

Z3roCool wrote: Fri Jan 08, 2021 6:22 pm How quickly does LenderFi sell a refi'd mortgage? Before the first payment is due on the new loan?
I think they are holding onto them for 6 months.
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

Z3roCool wrote: Fri Jan 08, 2021 6:22 pm How quickly does LenderFi sell a refi'd mortgage? Before the first payment is due on the new loan?
I closed back in July. They sold my loan to Wells Fargo before the first payment.
Indi808
Posts: 8
Joined: Mon Jan 04, 2021 5:28 pm

Re: My LenderFi refinance is going well

Post by Indi808 »

If I've locked with LenderFi already (yesterday), does LF allow you to re-lock at a lower rate if rates drop? Sorry, I'm relatively new to refinancing and always assumed that once you lock your rate, that's it. I've seen a few people post that they can sometimes get a better rate even after locking.
User avatar
truenyer
Posts: 184
Joined: Thu Oct 26, 2017 1:39 pm

Re: My LenderFi refinance is going well

Post by truenyer »

Indi808 wrote: Sat Jan 09, 2021 1:07 am If I've locked with LenderFi already (yesterday), does LF allow you to re-lock at a lower rate if rates drop? Sorry, I'm relatively new to refinancing and always assumed that once you lock your rate, that's it. I've seen a few people post that they can sometimes get a better rate even after locking.
No. They very much discourage shopping around once you lock with them. This includes floating the rate down.
Z3roCool
Posts: 11
Joined: Wed Aug 26, 2020 4:30 pm

Re: My LenderFi refinance is going well

Post by Z3roCool »

Thanks @vasaver & @anon_investor. LenderFi sold ours to Fannie Mae (before 1st payment) w/ LenderFi servicing the loan. This was our first refi and wasn't sure how it all worked. Didn't know if they'd sell again to someone else after this.
orangeinvestor
Posts: 30
Joined: Mon Jun 08, 2020 2:38 pm

Re: My LenderFi refinance is going well

Post by orangeinvestor »

I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
Goal33
Posts: 1578
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
Yeah, unfortunately rates have gone up in just the past week. I would not be surprised of they are higher now than July/August rates. I closed at the end of July (2.75% 30yr) and I am doubt I can find a better rate now. The gravy train might be over now...
vasaver
Posts: 174
Joined: Fri Oct 19, 2012 2:15 pm
Location: Virginia

Re: My LenderFi refinance is going well

Post by vasaver »

Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
I refinanced in August as well - just called them after making the 4th payment. They said wait until after making the 5th to get the ball rolling. I asked about making the next payments early to lock in lower rates. Then he checked the current rates and as of last week, the rates on a 20 year were not .25% less than my current rate.
orangeinvestor
Posts: 30
Joined: Mon Jun 08, 2020 2:38 pm

Re: My LenderFi refinance is going well

Post by orangeinvestor »

anon_investor wrote: Mon Jan 11, 2021 7:35 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
Yeah, unfortunately rates have gone up in just the past week. I would not be surprised of they are higher now than July/August rates. I closed at the end of July (2.75% 30yr) and I am doubt I can find a better rate now. The gravy train might be over now...
Oh man. Thanks for the info. I'll keep my fingers crossed that they somehow go back down.
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

vasaver wrote: Mon Jan 11, 2021 7:39 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
I refinanced in August as well - just called them after making the 4th payment. They said wait until after making the 5th to get the ball rolling. I asked about making the next payments early to lock in lower rates. Then he checked the current rates and as of last week, the rates on a 20 year were not .25% less than my current rate.
When did you speak to them, today?

Looking at the following site, it looks like mortgage rates are trending up:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

orangeinvestor wrote: Mon Jan 11, 2021 7:46 pm
anon_investor wrote: Mon Jan 11, 2021 7:35 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
Yeah, unfortunately rates have gone up in just the past week. I would not be surprised of they are higher now than July/August rates. I closed at the end of July (2.75% 30yr) and I am doubt I can find a better rate now. The gravy train might be over now...
Oh man. Thanks for the info. I'll keep my fingers crossed that they somehow go back down.
The additional 0.5% fee that Fannie Mae and Freddie Mac charges to lenders to buy their loans that went into effect in December 2020, pushed up rates. Now the rising yield on the 10 year treasury has also pushed rates up...
vasaver
Posts: 174
Joined: Fri Oct 19, 2012 2:15 pm
Location: Virginia

Re: My LenderFi refinance is going well

Post by vasaver »

anon_investor wrote: Mon Jan 11, 2021 7:47 pm
vasaver wrote: Mon Jan 11, 2021 7:39 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
I refinanced in August as well - just called them after making the 4th payment. They said wait until after making the 5th to get the ball rolling. I asked about making the next payments early to lock in lower rates. Then he checked the current rates and as of last week, the rates on a 20 year were not .25% less than my current rate.
When did you speak to them, today?

Looking at the following site, it looks like mortgage rates are trending up:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx
Should have made it more clear - called last week maybe Wednesday.
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

vasaver wrote: Mon Jan 11, 2021 8:17 pm
anon_investor wrote: Mon Jan 11, 2021 7:47 pm
vasaver wrote: Mon Jan 11, 2021 7:39 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm
orangeinvestor wrote: Mon Jan 11, 2021 7:23 pm I know I have seen some responses to this question but I am not sucessful searching for it. I closed on my refi with lenderfi on 8/11/2020. When should I reach back out to lenderfi to start the paperwork on another refi?

Thank you
I think now would be fine... not sure the rates are going to be any better, though.
I refinanced in August as well - just called them after making the 4th payment. They said wait until after making the 5th to get the ball rolling. I asked about making the next payments early to lock in lower rates. Then he checked the current rates and as of last week, the rates on a 20 year were not .25% less than my current rate.
When did you speak to them, today?

Looking at the following site, it looks like mortgage rates are trending up:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx
Should have made it more clear - called last week maybe Wednesday.
Bummer... rates have only gone up since then. What rate do you have now?
oktax
Posts: 93
Joined: Thu Dec 29, 2016 4:59 pm

Re: My LenderFi refinance is going well

Post by oktax »

All: I refinanced with LF about a year ago. Got a 3.5% 30 year mortgage. Of course, I was just about ready to do it again and see rates have jumped. Is it worth it to go ahead and take what’s available? Or would you suggest waiting a few weeks to see if rates go back down? What are the odds rates keep rising? I don’t understand why they’re moving like this in the first place.
Goal33
Posts: 1578
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

oktax wrote: Mon Jan 11, 2021 9:26 pm All: I refinanced with LF about a year ago. Got a 3.5% 30 year mortgage. Of course, I was just about ready to do it again and see rates have jumped. Is it worth it to go ahead and take what’s available? Or would you suggest waiting a few weeks to see if rates go back down? What are the odds rates keep rising? I don’t understand why they’re moving like this in the first place.
I wouldn't wait... don't understand why you waited this long. I'd do it now, and if rates have a pull back, do it again (with another lender).
User avatar
anon_investor
Posts: 4308
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

Goal33 wrote: Mon Jan 11, 2021 10:17 pm
oktax wrote: Mon Jan 11, 2021 9:26 pm All: I refinanced with LF about a year ago. Got a 3.5% 30 year mortgage. Of course, I was just about ready to do it again and see rates have jumped. Is it worth it to go ahead and take what’s available? Or would you suggest waiting a few weeks to see if rates go back down? What are the odds rates keep rising? I don’t understand why they’re moving like this in the first place.
I wouldn't wait... don't understand why you waited this long. I'd do it now, and if rates have a pull back, do it again (with another lender).
oktax, definitely look into doing another refi now before rates go further up. While you might not be able to find the no cost 2.5% 30yr rate others may have received, you can definitely go much better than 3.5%, likely sub 3%.
vasaver
Posts: 174
Joined: Fri Oct 19, 2012 2:15 pm
Location: Virginia

Re: My LenderFi refinance is going well

Post by vasaver »

anon_investor wrote: Mon Jan 11, 2021 9:08 pm
vasaver wrote: Mon Jan 11, 2021 8:17 pm
anon_investor wrote: Mon Jan 11, 2021 7:47 pm
vasaver wrote: Mon Jan 11, 2021 7:39 pm
Goal33 wrote: Mon Jan 11, 2021 7:26 pm

I think now would be fine... not sure the rates are going to be any better, though.
I refinanced in August as well - just called them after making the 4th payment. They said wait until after making the 5th to get the ball rolling. I asked about making the next payments early to lock in lower rates. Then he checked the current rates and as of last week, the rates on a 20 year were not .25% less than my current rate.
When did you speak to them, today?

Looking at the following site, it looks like mortgage rates are trending up:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx
Should have made it more clear - called last week maybe Wednesday.
Bummer... rates have only gone up since then. What rate do you have now?
20 Year 2.5%. Was hoping to get a 15 year under 2...I think they said last week that 2.375 20 year was the best they could do.
lkar
Posts: 303
Joined: Sat May 04, 2019 4:02 pm

Re: My LenderFi refinance is going well

Post by lkar »

The speed of this refinance is incredible. I was supposed to close today but they had to move it because apparently you need to wait at least 7 days from signing initial disclosures and it had only been 6.
Goal33
Posts: 1578
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

lkar wrote: Tue Jan 12, 2021 8:41 am The speed of this refinance is incredible. I was supposed to close today but they had to move it because apparently you need to wait at least 7 days from signing initial disclosures and it had only been 6.
Amazing how a small uptick in rates has diminished their volume.
LuckBeALady
Posts: 74
Joined: Sun Mar 14, 2010 7:33 am

Re: My LenderFi refinance is going well

Post by LuckBeALady »

truenyer wrote: Sat Jan 09, 2021 1:25 am
Indi808 wrote: Sat Jan 09, 2021 1:07 am If I've locked with LenderFi already (yesterday), does LF allow you to re-lock at a lower rate if rates drop? Sorry, I'm relatively new to refinancing and always assumed that once you lock your rate, that's it. I've seen a few people post that they can sometimes get a better rate even after locking.
No. They very much discourage shopping around once you lock with them. This includes floating the rate down.
I was able to float my rate down after locking. Better.com matched a slightly better rate (2.85 to 2.625 30 year fixed on a condo) and cut my closing cost to zero after I got a better offer from Loan Depot.
User avatar
BrandonBogle
Posts: 3595
Joined: Mon Jan 28, 2013 11:19 pm

Re: My LenderFi refinance is going well

Post by BrandonBogle »

LuckBeALady wrote: Tue Jan 12, 2021 10:42 am
truenyer wrote: Sat Jan 09, 2021 1:25 am
Indi808 wrote: Sat Jan 09, 2021 1:07 am If I've locked with LenderFi already (yesterday), does LF allow you to re-lock at a lower rate if rates drop? Sorry, I'm relatively new to refinancing and always assumed that once you lock your rate, that's it. I've seen a few people post that they can sometimes get a better rate even after locking.
No. They very much discourage shopping around once you lock with them. This includes floating the rate down.
I was able to float my rate down after locking. Better.com matched a slightly better rate (2.85 to 2.625 30 year fixed on a condo) and cut my closing cost to zero after I got a better offer from Loan Depot.
Unless I am misreading this, the two of you are not talking about the same thing. LenderFi very much discourages shopping around once you lock with them. Better.com doesn’t (discourage it).

If Indi was asking if LenderFi would float down, then TrueNYer’s statement still applies.
lkar
Posts: 303
Joined: Sat May 04, 2019 4:02 pm

Re: My LenderFi refinance is going well

Post by lkar »

Goal33 wrote: Tue Jan 12, 2021 10:07 am
lkar wrote: Tue Jan 12, 2021 8:41 am The speed of this refinance is incredible. I was supposed to close today but they had to move it because apparently you need to wait at least 7 days from signing initial disclosures and it had only been 6.
Amazing how a small uptick in rates has diminished their volume.
I seem to have timed it just right. In the time it took to lock it looks as though I missed out on 2.375 on a 30 with a very small amount of cash from borrower but I was able to snag a 2.5 30-year with a small amount of cash to borrower which looks pretty good a few days later.
Erwin007
Posts: 418
Joined: Tue Aug 19, 2008 8:29 am
Location: Intermountain West

Re: My LenderFi refinance is going well

Post by Erwin007 »

Based on my n=1 I wouldn’t recommend LenderFi. I applied about a month ago and submitted all requested documents that same day. They returned the loan disclosures a couple of days later but had overestimated my property tax by a factor of 2, which meant that closing costs were significantly higher than they should have been due to escrowed property tax payments of 5 months. I brought this to their attention and another couple of days passed before the corrected loan disclosures were uploaded for me to sign.

I signed them the next day, and sent a message through the portal to my contact saying that I had signed everything and wanted to make sure there wasn’t anything else I needed to do. Never got a reply or even acknowledgement that I had signed the forms or sent the message. About 10 days later I sent another message through the portal asking for an update which wasn’t acknowledged or answered either. So yesterday (2.5 weeks after signing the disclosures) I sent another message and email to my loan officer and am still waiting to hear back. Meanwhile my rate wasn’t locked and I’ve seen that rates have gone higher since I applied.

Applied with Better today, locked my rate, and they called me already to let me know they’re working on underwriting after I submitted all the requested documents today (which was easy since I had them already). Rate was 2.375% for 15 year but allowed me to roll in my 2nd mortgage which had an adjustable rate of 3.727%, in addition to my prior 15 year mortgage at 2.875%. Lender credit of almost $2200. Total loan value around $350k with both mortgages.
LuckBeALady
Posts: 74
Joined: Sun Mar 14, 2010 7:33 am

Re: My LenderFi refinance is going well

Post by LuckBeALady »

BrandonBogle wrote: Tue Jan 12, 2021 10:47 am
LuckBeALady wrote: Tue Jan 12, 2021 10:42 am
truenyer wrote: Sat Jan 09, 2021 1:25 am
Indi808 wrote: Sat Jan 09, 2021 1:07 am If I've locked with LenderFi already (yesterday), does LF allow you to re-lock at a lower rate if rates drop? Sorry, I'm relatively new to refinancing and always assumed that once you lock your rate, that's it. I've seen a few people post that they can sometimes get a better rate even after locking.
No. They very much discourage shopping around once you lock with them. This includes floating the rate down.
I was able to float my rate down after locking. Better.com matched a slightly better rate (2.85 to 2.625 30 year fixed on a condo) and cut my closing cost to zero after I got a better offer from Loan Depot.
Unless I am misreading this, the two of you are not talking about the same thing. LenderFi very much discourages shopping around once you lock with them. Better.com doesn’t (discourage it).

If Indi was asking if LenderFi would float down, then TrueNYer’s statement still applies.
You’re right-oops. 🤓
xerxes101
Posts: 434
Joined: Sat Oct 14, 2017 11:25 am

Re: My LenderFi refinance is going well

Post by xerxes101 »

Better.com is telling me that they want to charge me extra for my locked rate, because a HELOC (2nd position) I had gotten previously on the property has not gotten recorded yet and it may take a while for it to get recorded because of COVID-19. Can they legally do that?...Perhaps they should have thought of this before they entered into a legal contract with me, because I obviously disclosed to them that I have a 2nd mortgage on the property.
Can't Wait
Posts: 17
Joined: Wed Oct 28, 2020 8:03 am

Re: My LenderFi refinance is going well

Post by Can't Wait »

I just wanted to share my experience with LenderFi. I applied with them towards the end of October and closed with them the beginning of December. The process was pretty straight forward and while the communication with the loan officer was sparse, things did move along swiftly. This has been mentioned many times in this thread and the mega refinance thread, but don’t expect LenderFi to give you updates and reply to questions in a prompt manner. I knew that wasn’t going to happen going into it, so I wasn’t shocked when it happened to me.

Having said that, the process with them completed without any major problems. The closing agent they sent to my house was professional and knew what he was doing. The title company they used, silk title, was good too. LenderFi offered the best rate at the time and I didn’t have to do an appraisal while other online lenders were requiring them for me.

LenderFi immediately sold my loan to Mr. Cooper and a week or so later, I received a welcome packet from Mr. Cooper. I’ve already created my account and set up auto pay.

If you’ve been through a refinance before and don’t have a complicated situation, then I’d totally recommend LenderFi. I understand that people need to be updated and informed of what’s going on, but do not expect that from LenderFi. At least not in this current environment with low rates. As rates increase, I suspect that may change as their workload decreases.
Sprucebark
Posts: 33
Joined: Thu Aug 27, 2020 9:22 pm

Re: My LenderFi refinance is going well

Post by Sprucebark »

How long after your refi did you see the title documents get recorded? When I bought my house it happened the same day (or day after). It’s been about a month since the refi and nothing has been recorded.
lkar
Posts: 303
Joined: Sat May 04, 2019 4:02 pm

Re: My LenderFi refinance is going well

Post by lkar »

1/2 apply
1/5 lock
1/6 upload docs
1/14 sign docs

This was surprisingly rapid and the paperwork burden was very modest and the communication was great. The notary they sent was fantastic. 30-year conforming AZ 2.5%. Lender credits minus costs other than prepaid was plus $2. No escrow.
Can't Wait
Posts: 17
Joined: Wed Oct 28, 2020 8:03 am

Re: My LenderFi refinance is going well

Post by Can't Wait »

Sprucebark wrote: Sat Jan 16, 2021 3:25 pm How long after your refi did you see the title documents get recorded? When I bought my house it happened the same day (or day after). It’s been about a month since the refi and nothing has been recorded.
I’m not even sure I know what you mean. I did the closing on December 11th and the loan was funded 5 days later on the 16th.
Erwin007
Posts: 418
Joined: Tue Aug 19, 2008 8:29 am
Location: Intermountain West

Re: My LenderFi refinance is going well

Post by Erwin007 »

Can't Wait wrote: Fri Jan 15, 2021 6:19 am I just wanted to share my experience with LenderFi. I applied with them towards the end of October and closed with them the beginning of December. The process was pretty straight forward and while the communication with the loan officer was sparse, things did move along swiftly. This has been mentioned many times in this thread and the mega refinance thread, but don’t expect LenderFi to give you updates and reply to questions in a prompt manner. I knew that wasn’t going to happen going into it, so I wasn’t shocked when it happened to me.

Having said that, the process with them completed without any major problems. The closing agent they sent to my house was professional and knew what he was doing. The title company they used, silk title, was good too. LenderFi offered the best rate at the time and I didn’t have to do an appraisal while other online lenders were requiring them for me.

LenderFi immediately sold my loan to Mr. Cooper and a week or so later, I received a welcome packet from Mr. Cooper. I’ve already created my account and set up auto pay.

If you’ve been through a refinance before and don’t have a complicated situation, then I’d totally recommend LenderFi. I understand that people need to be updated and informed of what’s going on, but do not expect that from LenderFi. At least not in this current environment with low rates. As rates increase, I suspect that may change as their workload decreases.
What’s an acceptable timeline for a response?

I didn’t expect my hand to held the whole way, but after submitting everything they requested and sending a message to the loan officer saying everything was done on my end, to not have an acknowledgement or change in status on the application page for 2.5 weeks, and then no response to an email asking what was going on doesn’t seem reasonable, right? It didn’t even say that my rate was locked, meanwhile rates kept going up.

Even just a “hey, we got your application and are working on it and will let you know when something comes up” would have sufficed. But after the already screwed up my loan estimate once they didn’t get the benefit of the doubt.
Post Reply