Refinance Mega Thread

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davibi02
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Re: Refinance Mega Thread

Post by davibi02 »

Applied with Provident on 3/10 and just signed the closing documents on 3/26. It was all completely painless and felt lightning fast. I assumed they wouldn't be able to meet their advertised rate or would bog down the process because it was quite a bit lower than anyone else could offer me.

Loan: 110,000
Property Value: 230,000
Rate: 2.375
Term: 15 years

I shaved about 5 years off for $30 more a month. Not too shabby!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

davibi02 wrote: Fri Mar 26, 2021 4:34 pm Applied with Provident on 3/10 and just signed the closing documents on 3/26. It was all completely painless and felt lightning fast. I assumed they wouldn't be able to meet their advertised rate or would bog down the process because it was quite a bit lower than anyone else could offer me.

Loan: 110,000
Property Value: 230,000
Rate: 2.375
Term: 15 years

I shaved about 5 years off for $30 more a month. Not too shabby!
Provident tends to focus on loans up to $200k, often giving better pricing in such amounts that many other lenders. I used Provident as a competitive beat for Better on my last refi.
lemonPepper
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Re: Refinance Mega Thread

Post by lemonPepper »

I'm just starting my refinance process on a loan of around $540k with valuation of around 1.05 MM. I'd like to do my due diligence but this thread is daunting. Can someone point me to a few resources I can read so I can get familiar with the terminology and idea of how to get the best rate?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

lemonPepper wrote: Sun Mar 28, 2021 5:12 pm I'm just starting my refinance process on a loan of around $540k with valuation of around 1.05 MM. I'd like to do my due diligence but this thread is daunting. Can someone point me to a few resources I can read so I can get familiar with the terminology and idea of how to get the best rate?
The last few (5-10) pages should be quite helpful. Just a reminder to state a valuation of $999,990 to avoid a mandatory appraisal. You may still end up having to get an appraisal, but Fannie Mae won’t grant any appraisal waivers at $1 MM and above.
Independent George
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Re: Refinance Mega Thread

Post by Independent George »

My current bank offered me a new (re-cast) 15y mortgage at 2.805%, no lender fees. I still have to pay for title insurance, which seems ridiculous given that I've lived here since 2007 and I'm refinancing through the same bank, but it is what it is; I should break even in 15 months. The loan is being recast, but I plan on making the same monthly payments this year, and keep adding an extra $50 to principal every year - yes, I know that's not mathematically optimal, but it sure makes me feel better.

Original loan (June 2007): 30 years @ 5.625%
1st Refi (2011): 30 years @ 4.5%
2nd Refi (2019): 15 years at 3.25%
3rd Refi (2021): 15 years at 2.805%
ensign_lee
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Re: Refinance Mega Thread

Post by ensign_lee »

Independent George wrote: Sun Mar 28, 2021 10:11 pm My current bank offered me a new (re-cast) 15y mortgage at 2.805%, no lender fees. I still have to pay for title insurance, which seems ridiculous given that I've lived here since 2007 and I'm refinancing through the same bank, but it is what it is; I should break even in 15 months. The loan is being recast, but I plan on making the same monthly payments this year, and keep adding an extra $50 to principal every year - yes, I know that's not mathematically optimal, but it sure makes me feel better.

Original loan (June 2007): 30 years @ 5.625%
1st Refi (2011): 30 years @ 4.5%
2nd Refi (2019): 15 years at 3.25%
3rd Refi (2021): 15 years at 2.805%
Honestly, that sounds like an awful deal. You should be able to refinance into a 15 year at around 2.375% or at the very worst 2.5% with it costing you nothing, so you break even immediately.

You're not going to get the 1.875% and 2% deals, netting you $2500 at closing like some of us did a couple months ago - but current rates are still waaaaay better than you *paying* to get to 2.805% on a 15 year. At that rate, they should be paying *you* something obscene like $3000 to $5000.
Independent George
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Re: Refinance Mega Thread

Post by Independent George »

ensign_lee wrote: Sun Mar 28, 2021 10:17 pm Honestly, that sounds like an awful deal. You should be able to refinance into a 15 year at around 2.375% or at the very worst 2.5% with it costing you nothing, so you break even immediately.

You're not going to get the 1.875% and 2% deals, netting you $2500 at closing like some of us did a couple months ago - but current rates are still waaaaay better than you *paying* to get to 2.805% on a 15 year. At that rate, they should be paying *you* something obscene like $3000 to $5000.
Not for a high-rise condo, and not in Chicago. The advertised rates bottomed out at 2.7% last year; the actual rates were higher after applying my residential info.
compoundcompound
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Re: Refinance Mega Thread

Post by compoundcompound »

I applied for a refinance with better on Feb 20th. The rate lock is about to expire April 6th and waiting for the underwriters to approve a wvoe. My loan officer has ghosted me and will not reply to emails. The underwriter on my team is the only one that has stayed in contact.

We were supposed to get the closing disclosure on March 26th and now I am just waiting hoping that the underwriters finish their part. Any advice as to what I should do to make sure they close?
titanuim10k
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Re: Refinance Mega Thread

Post by titanuim10k »

New member here. Have been reading the forums for a long time. Really appreciate this website and all the advice that is offered.

I have a question about refinancing. Looking to possibly go through Better. Is there any concern with their lenders they will be selling the mortgage to? I guess I have been used to the larger named banks for so long, current mortgage is 9 years in on a 30 at 3.75%. Now looking to refi, asked the question to them and they provided me a list. Some of which are known banks, others I have never heard of. I guess the question is there a concern or what happens if said lender doesn't process your payments every month correctly? Not planning to escrow so those bills I will handle.

Called current lender (credit union) and they offered a rate that is ok. Doesn't appear as good as better.com but close. They are willing to wave appraisal and some other cost since I already have loan through them.

Any thoughts on concern about lender through Better.com or should I just stick with CU?

Thanks
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

titanuim10k wrote: Mon Mar 29, 2021 5:12 pm New member here. Have been reading the forums for a long time. Really appreciate this website and all the advice that is offered.

I have a question about refinancing. Looking to possibly go through Better. Is there any concern with their lenders they will be selling the mortgage to? I guess I have been used to the larger named banks for so long, current mortgage is 9 years in on a 30 at 3.75%. Now looking to refi, asked the question to them and they provided me a list. Some of which are known banks, others I have never heard of. I guess the question is there a concern or what happens if said lender doesn't process your payments every month correctly? Not planning to escrow so those bills I will handle.

Called current lender (credit union) and they offered a rate that is ok. Doesn't appear as good as better.com but close. They are willing to wave appraisal and some other cost since I already have loan through them.

Any thoughts on concern about lender through Better.com or should I just stick with CU?

Thanks
I can only add that the lender I ended up from Better was - "Mr.Cooper". So far, they've been first rate with no issues. Nice website.
"You don't stop playing because you're old. You're old because you've stopped playing"
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

compoundcompound wrote: Mon Mar 29, 2021 4:42 pm I applied for a refinance with better on Feb 20th. The rate lock is about to expire April 6th and waiting for the underwriters to approve a wvoe. My loan officer has ghosted me and will not reply to emails. The underwriter on my team is the only one that has stayed in contact.

We were supposed to get the closing disclosure on March 26th and now I am just waiting hoping that the underwriters finish their part. Any advice as to what I should do to make sure they close?
If the refi is not completed by the lock expiration date (4/6), then Better should extend it at no cost to you. If have any concerns, then you can use the portal to schedule a call with them. If you're not satisfied after the call, you can always request to speak with a supervisor.
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SeekingWisdom_1
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Re: Refinance Mega Thread

Post by SeekingWisdom_1 »

3of10 wrote: Tue Mar 30, 2021 12:39 pm
titanuim10k wrote: Mon Mar 29, 2021 5:12 pm New member here. Have been reading the forums for a long time. Really appreciate this website and all the advice that is offered.

I have a question about refinancing. Looking to possibly go through Better. Is there any concern with their lenders they will be selling the mortgage to? I guess I have been used to the larger named banks for so long, current mortgage is 9 years in on a 30 at 3.75%. Now looking to refi, asked the question to them and they provided me a list. Some of which are known banks, others I have never heard of. I guess the question is there a concern or what happens if said lender doesn't process your payments every month correctly? Not planning to escrow so those bills I will handle.

Called current lender (credit union) and they offered a rate that is ok. Doesn't appear as good as better.com but close. They are willing to wave appraisal and some other cost since I already have loan through them.

Any thoughts on concern about lender through Better.com or should I just stick with CU?

Thanks
I can only add that the lender I ended up from Better was - "Mr.Cooper". So far, they've been first rate with no issues. Nice website.
I second titanium's question. I'm slated to close with Better.com this week and suddenly am getting cold feet. The paperwork says they will service the loan through their own company The Money Source. Their Yelp reviews are terrible...but will the loan stay with them? Has anyone dealt with The Money Source, or was your loan promptly sold? To whom?
drk
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Re: Refinance Mega Thread

Post by drk »

SeekingWisdom_1 wrote: Tue Mar 30, 2021 4:30 pm I second titanium's question. I'm slated to close with Better.com this week and suddenly am getting cold feet. The paperwork says they will service the loan through their own company The Money Source. Their Yelp reviews are terrible...but will the loan stay with them? Has anyone dealt with The Money Source, or was your loan promptly sold? To whom?
TMS is Better's default servicer while they work on selling your loan, and your loan will almost certainly be transferred once that happens. My loan was "serviced" by TMS for about two weeks before I received a notice that it was transferred to LoanCare (sub-servicing for LakeView), so I never ended up making a payment to them. I didn't see any issues with TMS while I was there: the website was fine, and they were set up for electronic bill payments from Fidelity.
Ellie
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Re: Refinance Mega Thread

Post by Ellie »

SeekingWisdom_1 wrote: Tue Mar 30, 2021 4:30 pm I second titanium's question. I'm slated to close with Better.com this week and suddenly am getting cold feet. The paperwork says they will service the loan through their own company The Money Source. Their Yelp reviews are terrible...but will the loan stay with them? Has anyone dealt with The Money Source, or was your loan promptly sold? To whom?
Better never sold my loan, and I was with TMS for 6 months until I refinanced again. I had no issues with TMS. They have a very good website that provided more functionality than the website of the credit union that previously had held my loan (e.g., digital payment, ability to pay extra principal online, on demand payoff letters). And, the one time I called for customer service I got to an actual person in a reasonable period of time. If Better had been competitive on rates for my second refi, I gladly would have stayed with Better/TMS.

I am now with Loan Depot's loan servicing (Loan Depot also decided not to sell my loan), and the functionality and customer service has not been as good. Still fine though. Being a servicer is not rocket science.
Best thing that ever happened to me was being too busy in 2008 to pay attention to my portfolio.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

For anyone who is ever worried about servicing transfer, the best option is to then opt out of an escrow account (if available) when refinancing. That’s not the only area that something can go wrong, but maybe 85%+ of problems people complain about servicing involves the handling of the escrow account.

I’ve personally experienced in the past where a servicer didn’t pay a bill on time and I had to step in to avoid an issue. Back in Dec/Jan when I did that, I still couldn’t get reimbursed. Mr. Cooper required they still send the check (for the incorrect amount) to the insurance company. Thankfully they were happy to cut me a check the same day they received payment.
SeekingWisdom_1
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Re: Refinance Mega Thread

Post by SeekingWisdom_1 »

SpiritualAlp wrote: Thu Mar 25, 2021 4:16 pm Any GA residence , tried to refinance with Farmers Bank of Kansas city ?

The bank was recommended by a friend, who offered good rates. I contacted them in Dec but after going back and forth finally I was able to get a cash out refinance loan for 15 year 2.125 with reasonable fees.
So the process started in feb and my loan officer was excellent and everything moved smoothly and we were to close on 03/19/2021. All was ready by 03/16/2021. I was waiting for the closing with the confirmed appt but no one showed up and no call about that.
I reached out to the bank and they say ga needs attorney . So they said we will close it by 03/25/2021 still no word yet . Now I am losing my patience dealing with this for almost 4 months.
I am not sure how the bank didnt know the GA has this process and not prepared .
My existing bank offered the same rate with just 500 more on fees . I should have just gone with them .

I am really getting frustrated ..

Anyone had similar experience?

Thanks
Hi, it's been over a month since you posted, but I can say I can relate. I'm closing this week in GA. I've been told throughout the lending process that a notary public will be sent out to my home with all the paperwork. Two days before closing, I'm told they're sending an attorney and I need to provide my own witness...in less than 48 hours, on a weekday, during Covid. Argh. I called them and they said the attorney can video chat with "someone she interacts a lot with like a neighbor," show video that she is at my house, and then later that day have the person on the other end sign an affidavit. What? Suddenly I wanted my own witness there! I pushed off the closing by a day but...yes, it seems an attorney is required in GA and no one seemed to know this until the very last minute. Better.com is using a law firm in another state and the local attorney has some kind of partnership with them. Complicated.

I hope your loan ended up closing and everything, ultimately, worked out for you. Post-Covid I'm not sure, personally, if I'd work with an online lender again.
SeekingWisdom_1
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Re: Refinance Mega Thread

Post by SeekingWisdom_1 »

SeekingWisdom_1 wrote: Tue Mar 30, 2021 10:05 pm
SpiritualAlp wrote: Thu Mar 25, 2021 4:16 pm Any GA residence , tried to refinance with Farmers Bank of Kansas city ?

The bank was recommended by a friend, who offered good rates. I contacted them in Dec but after going back and forth finally I was able to get a cash out refinance loan for 15 year 2.125 with reasonable fees.
So the process started in feb and my loan officer was excellent and everything moved smoothly and we were to close on 03/19/2021. All was ready by 03/16/2021. I was waiting for the closing with the confirmed appt but no one showed up and no call about that.
I reached out to the bank and they say ga needs attorney . So they said we will close it by 03/25/2021 still no word yet . Now I am losing my patience dealing with this for almost 4 months.
I am not sure how the bank didnt know the GA has this process and not prepared .
My existing bank offered the same rate with just 500 more on fees . I should have just gone with them .

I am really getting frustrated ..

Anyone had similar experience?

Thanks
Never mind - I see you posted last week. Yes...this seems to be a Georgia thing.


Hi, it's been over a month since you posted, but I can say I can relate. I'm closing this week in GA. I've been told throughout the lending process that a notary public will be sent out to my home with all the paperwork. Two days before closing, I'm told they're sending an attorney and I need to provide my own witness...in less than 48 hours, on a weekday, during Covid. Argh. I called them and they said the attorney can video chat with "someone she interacts a lot with like a neighbor," show video that she is at my house, and then later that day have the person on the other end sign an affidavit. What? Suddenly I wanted my own witness there! I pushed off the closing by a day but...yes, it seems an attorney is required in GA and no one seemed to know this until the very last minute. Better.com is using a law firm in another state and the local attorney has some kind of partnership with them. Complicated.

I hope your loan ended up closing and everything, ultimately, worked out for you. Post-Covid I'm not sure, personally, if I'd work with an online lender again.
SpiritualAlp
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Post by SpiritualAlp »

Hi,

Yes .. we closed on friday 03/25/2021 around 11 :30 pm :-) .
The loan officer really worked hard to close it on 03/25/2021 . They gave an appt at 8 pm but no one showed up till 10.30pm.. we are about to go to bed and the attorney showed up on our door . There was a confusion with the phone number , they picked up the home phone which we never use.
So the attorney tried to call us , he couldnt reach us.But he just decided to show up on our door and he asks do you have a witness :-) so we called a friend and was able to close finally .

So if you are in GA expect the closing little bit chaotic as it seems they are not able to get a attorney !
SpiritualAlp
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Re: Refinance Mega Thread

Post by SpiritualAlp »

Regarding the online refinance , it was pretty seamless nowadays. Other than the closing with the attorney(Only in GA I guess) .
In the future everything is prob going to be online. With the covid thing we have gone from lazy to laziest .. and becoming more comfortable doing eveyrthing online!
skyno
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Re: Refinance Mega Thread

Post by skyno »

I'll share my experience so hopefully others can learn from my debacle:

Goal was to 30 year refi jumbo for duplex (1 unit owner occupied & 1 unit rental) in CA for lowest possible cost w/ current rate 3.5%, and only approx. 20% of our income is W2, the rest is schedule C, K1, 1099, etc. - Of course there are far fewer options for folks in our situations b/c most lenders just want to work with SFH, conforming, solely W2 income.

I did a ton of research last Nov. and could have got 2.5% w/ LC (120 day+ closing) or 2.625% w/ LF if we would have been willing to pay down about $30K to conforming balance (high value area, 2 unit). For jumbo options I found a no points, fairly low cost 2.75% w/ CIT (would have had to bring in $100K+ in assets) or a no points even lower cost 2.75% through a broker - lender turned out to be PenFed. I decided to go through the broker / PenFed - big mistake.

Despite the fact that my wife and I are super organized and got all requested docs to them w/in hours of them being requested and me being a total pain constantly pushing things forward when I wouldn't hear anything back, it took them 3 months to close and we had to pay for rate lock extensions so it went from no points to having to pay a lot (not to mention the lost savings for paying the old mortgage) - I fought and fought that we shouldn't have to pay for these extensions but the broker would just say they he tried to argue on our behalf & that they did absorb some of the cost (he could not provide documentation for this I think we paid for all of it) & it was out of his hands - I am skeptical. I asked if I could talk to the LO directly and he said no - I thought about just trying to reach out directly to PenFed, but ultimately did not and while I don't know if there are rules or laws against this wen working through a broker I wish I would have. Ultimately they had us by the short hairs b/c rates had gone up a lot since we locked so we had no options.

I attribute this slow progress partially to working through a slow 3rd party who was very nice, but obviously completely overwhelmed and unorganized, slow, terrible at communicating and often unresponsive, and partially due to PenFed's absolutely ridiculous and unreasonable underwriting. They kept asking for the same things over and over and could not seem to wrap their heads around the fact that 80% of our income does not come from W2 - they made me write several custom letters explaining why this is the case - have they never looked at a tax return before? or worked with business owners or investment income before? I also caught a lot of mistakes and incomplete information / possible options because I do a lot of real estate investing so although this was the 1st Refi I've done on my own home, I have experience as a partner in investment properties.

My lessons:
1. Do not Refi w/ PenFed if you are not solely W2 income - only work w/ sophisticated lenders who understand that other types of income exist
2. Never use a broker if you know what you are doing and can handle things yourself - I will give the broker credit for finding that rate initially although I probably would have found it on my own soon enough, but after that the broker brought no value, and only slowed down and mucked up the process
3. If you are close to conforming balance and can swing it, it may be worth it to pay down to conforming balance so you are not so limited in your options - this is probably what I should have done w/ LF and been done in 15 days

I still feel I got a good rate for my situation but my break went from about 2 months to 8 months, so not the end of the world but a very frustrating, stressful, and unpleasant experience.
VirginiaS
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Re: Refinance Mega Thread

Post by VirginiaS »

Has anyone worked with BNC? (I saw one post in the thread above, but I'm wondering if anyone has experience?) I'm looking to refi a 30 year fixed rate jumbo, $570k at 3.75. BNC is offering 2.875.

A 2500 (lender fee + .25 points)
B+C+E 3775
Closing costs: $6275

Thoughts?
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BrandonBogle
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Post by BrandonBogle »

skyno wrote: Thu Apr 01, 2021 12:38 pm My lessons:
1. Do not Refi w/ PenFed if you are not solely W2 income - only work w/ sophisticated lenders who understand that other types of income exist
I have to second this. PenFed is a very conservative lender with a very “rigid” underwriting team. I’ve done three mortgages with them and while I would still recommend them for the right person, I would in understanding this would be a nerve-wracking experience.

Again, not a problem overall, but if you aren’t a cookie-cutter borrower with great credit, your efforts are best spent elsewhere.

* Full Disclosure: I refi’d last year away from PenFed, but would have been fine to go with them again if the terms weren’t so advantageous elsewhere. The last time I got a mortgage with them was in early 2017, so their process may have changed since then.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

BrandonBogle wrote: Tue Mar 30, 2021 5:55 pm For anyone who is ever worried about servicing transfer, the best option is to then opt out of an escrow account (if available) when refinancing. That’s not the only area that something can go wrong, but maybe 85%+ of problems people complain about servicing involves the handling of the escrow account.

I’ve personally experienced in the past where a servicer didn’t pay a bill on time and I had to step in to avoid an issue. Back in Dec/Jan when I did that, I still couldn’t get reimbursed. Mr. Cooper required they still send the check (for the incorrect amount) to the insurance company. Thankfully they were happy to cut me a check the same day they received payment.
+1. I agree with BrandonBogle. With there being no escrow, all I have to do is put the mortgage payment on "auto payment" with my CU, and that's it. If someone is cautious about it, they can set up the online mortgage account and check a few days after payment to confirm it was done.

With that said, there are some lenders who will charge a higher rate (extra 1/8 pt) to waive escrow. To me, it was worthwhile to remove escrow because if there becomes a problem in regards to the property taxes, the state will go after the homeowner and not the lender. So, if I'm going to be held responsible, then I want control over my property taxes and home insurance.
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SpicyUnagi
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Re: Refinance Mega Thread

Post by SpicyUnagi »

Finalized and closed out last month: $194K outstanding on $350K appraisal. No escrow required. Stays with lender for life of loan (CU in WI).

10 Year @ 2%, ABCDE = $2300 flat including AMF .5%, waived appraisal and flat title fee state mandate.

For it to be worth refi again, rates would have to fall to 1%, which is margin loan territory in the USA, and I don't see that happening.

Previously:

Refi'd to 2.5% 15 year last year which was $1400 ABCDE w/ waived appraisal and flat title fee state mandate, which was originally a 30 year @ 3.875 from 2017 on original purchase (sellers pay majority of closing in WI).
roz77
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Re: Refinance Mega Thread

Post by roz77 »

Just closed and funded with Better. Whole experience was very positive. Got a 2.5% interest rate with no points, loan amount was about $477k with a property value of about $614k. Total closing cost was about $2,800, and most of that was the initial escrow payment. My escrow account at my old mortgage provider was underfunded due to my property taxes being a bit in flux last year and the next two years (new construction and property taxes are based on a rolling 3-year average of the property value). Honestly, the biggest issue with the whole process was getting the letter from TCF confirming that the HELOC I paid off in January was fully paid off and closed. Took about 4 weeks and phone calls with 4 different people for them to understand what I actually needed.
davehica
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Re: Refinance Mega Thread

Post by davehica »

VirginiaS wrote: Thu Apr 01, 2021 2:28 pm Has anyone worked with BNC? (I saw one post in the thread above, but I'm wondering if anyone has experience?) I'm looking to refi a 30 year fixed rate jumbo, $570k at 3.75. BNC is offering 2.875.

A 2500 (lender fee + .25 points)
B+C+E 3775
Closing costs: $6275

Thoughts?
I just closed with BNC last week. Started the process on 1/3/21, 890k loan amount 2.625. I had sort of a unique situation that required a little more work on my end, but overall it was pretty smooth. I’d suggest keeping in fairly frequent contact with your loan officer to keep things moving. Happy to answer any other questions you have.
schildi
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Post by schildi »

Any pointers for a good HELOC, maybe with a fixed rate option for a few years?
Firemenot
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Post by Firemenot »

schildi wrote: Mon Apr 05, 2021 3:34 pm Any pointers for a good HELOC, maybe with a fixed rate option for a few years?
Third Federal. Current HELOC rate (floating) is 2.24% up to $200K. Fixed I think in low 3’s.
capsaicinguy
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Post by capsaicinguy »

Just completed closing on my refi with Lenderfi. Took a little longer than I thought only due to delays from the appraiser. I'm sure they are swamped right now. Otherwise an uneventful closing with great communication from them (I worked with "Ali") at nearly any hour of the day. Seemed like emails were all returned in a matter of minutes. Now to wait for paperwork from Lenderfi about first payment in June. So far very easy process! Parents also did a refi with them and were able to close faster as the appraisal got waived (very low LTV). :sharebeer
007Investor
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Post by 007Investor »

Firemenot wrote: Mon Apr 05, 2021 3:47 pm
schildi wrote: Mon Apr 05, 2021 3:34 pm Any pointers for a good HELOC, maybe with a fixed rate option for a few years?
Third Federal. Current HELOC rate (floating) is 2.24% up to $200K. Fixed I think in low 3’s.
Any other banks with fixed rates in the low 3's? Third Federal does not offer any fixed HELO's or HELOC's in my area, trying to help a relative switch from a variable HELOC (currently prime rate) to a fixed rate, best offer I can find is 10 year at 4 percent, 20 year at 4.25 percent, thinking about going with the 20 year at 4.25 percent.
Firemenot
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Joined: Wed Apr 01, 2020 8:48 pm

Re: Refinance Mega Thread

Post by Firemenot »

007Investor wrote: Mon Apr 05, 2021 10:52 pm
Firemenot wrote: Mon Apr 05, 2021 3:47 pm
schildi wrote: Mon Apr 05, 2021 3:34 pm Any pointers for a good HELOC, maybe with a fixed rate option for a few years?
Third Federal. Current HELOC rate (floating) is 2.24% up to $200K. Fixed I think in low 3’s.
Any other banks with fixed rates in the low 3's? Third Federal does not offer any fixed HELO's or HELOC's in my area, trying to help a relative switch from a variable HELOC (currently prime rate) to a fixed rate, best offer I can find is 10 year at 4 percent, 20 year at 4.25 percent, thinking about going with the 20 year at 4.25 percent.
Sorry I’m not aware of any. 4.25 on the 20 doesn’t sound too bad. Third Federal floating HELOCs (typically PRIME minus 1.01%) were at that level a couple of years ago, so historically at least that’s a great rate. Who knows what the futures holds for HELOC rates.
bg5
Posts: 265
Joined: Mon Jan 15, 2018 11:07 am

Re: Refinance Mega Thread

Post by bg5 »

Just did a refi on 15 year mortage at 1.99%.....cost me 1800 in closing costs but the rate was so low I could not pass up. I used my local credit union to make it happen and I went from a 30 year mortage to a 15 and saved well over a percent.

I am sure I will look back someday and be shocked at this rate....i doubt I will pay it off early because its so low
exarkun
Posts: 38
Joined: Fri May 19, 2017 12:19 pm

Re: Refinance Mega Thread

Post by exarkun »

We refinanced in late 2020, now looking at possibly selling and purchasing a new home.
Anyone have success with any of these lenders competing with regards to new mortgages rates and closings? The closing may be difficult due to the number of parties involved as opposed to a refi, but what about rates?
RoundingAgain
Posts: 2
Joined: Mon Apr 05, 2021 2:10 pm

Re: Refinance Mega Thread

Post by RoundingAgain »

Could use some help/guidance...

Really wish there was a FAQ pinned in this thread.

I’m looking to refinance into a 15y (pay off home sooner with a modest increase to my monthly payment). I got preliminary quotes from LenderFi, AimLoan, Provident, and a few others. Provident had the best rates (I think).

Home value $235k per recent tax assessment, bought for $220k in 2016.

I owe $187k with a 30y 3.875% rate through WF.

Credit score is 814, liquid assets $300K+, one 0% car loan, minimal revolving cc debt (< $400).

The “mortgage consultant” who I’ve been corresponding with over email said their fees were $2765, +/- points/credits depending which rate I chose.

I filled out the full application with Provident and locked in a rate of 2.250% (I think the true apy was 2.413) which offered a credit of $233.

When I went to sign my “preliminary disclosure”, they left off all my liquid assets expect my checking account (which I don’t keep much in). They also put the value of my home at $240k, which is more in line with a Zillow/Redfin estimate.

More importantly, when I got down to the closing costs due at signing I’m looking at $7k. There’s a breakdown I can provide if necessary. I’m just confused (and why I wish there was a FAQ) bc from what I’ve deduced reading through this thread most refinance with minimal fees/closing costs? Is this normal?

Closing cost breakdown...
https://i.imgur.com/JRmPSDq.png
Familyman2012
Posts: 148
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

RoundingAgain wrote: Tue Apr 06, 2021 6:22 pm Could use some help/guidance...

Really wish there was a FAQ pinned in this thread.

I’m looking to refinance into a 15y (pay off home sooner with a modest increase to my monthly payment). I got preliminary quotes from LenderFi, AimLoan, Provident, and a few others. Provident had the best rates (I think).

Home value $235k per recent tax assessment, bought for $220k in 2016.

I owe $187k with a 30y 3.875% rate through WF.

Credit score is 814, liquid assets $300K+, one 0% car loan, minimal revolving cc debt (< $400).

The “mortgage consultant” who I’ve been corresponding with over email said their fees were $2765, +/- points/credits depending which rate I chose.

I filled out the full application with Provident and locked in a rate of 2.250% (I think the true apy was 2.413) which offered a credit of $233.

When I went to sign my “preliminary disclosure”, they left off all my liquid assets expect my checking account (which I don’t keep much in). They also put the value of my home at $240k, which is more in line with a Zillow/Redfin estimate.

More importantly, when I got down to the closing costs due at signing I’m looking at $7k. There’s a breakdown I can provide if necessary. I’m just confused (and why I wish there was a FAQ) bc from what I’ve deduced reading through this thread most refinance with minimal fees/closing costs? Is this normal?

Closing cost breakdown...
https://i.imgur.com/JRmPSDq.png
Base on the loan estimate you provided.
Section F is prepaids and property tax. Is your property tax due soon?
When you refi within 30-60ish days when property tax is due. They request you to pay upfront. If you already paid your property tax. Than i believe you can show proof and it will be removed from section F. Someone can chime in for the exact rules.

Section G is your escrow. Which you have to pay upfront for your new loan. But your old escrow will refund the amount you have in your current escrow account. It will come in a check form in the mail.


So your true fees would be section D+E plus the payoff amount.


Also, in section F. It says prepaid at 2.375
You mention that you locked at 2.25. You might want to confirm with your loan officer as to why it’s different. It should say 2.25 NOT 2.375
Hope that makes sense.
Someone can chime in and might be able to explain better. English isn’t my 1st language.
HTFreak
Posts: 4
Joined: Tue Mar 23, 2021 3:52 pm

Re: Refinance Mega Thread

Post by HTFreak »

Just a general question about refinancing because I am in the middle of refinancing with LenderFi.
I have locked in my rate and sent in the required documentation to their website
and loan has been cleared in underwriting and I am being asked to sign "Pre-disclosure" documents
regarding the loan.

The question is, what % of the time does anyone notice if the lender "sneaks" extra costs or inflated costs into the
final numbers?

I am comparing the "pre-disclosure" documents with the original Loan Estimate agreed on and I am finding
it confusing, which makes me think I am more susceptible to getting screwed by costs and calculations
I may fail to catch...
bluebolt
Posts: 1384
Joined: Sat Jan 14, 2017 9:01 am

Re: Refinance Mega Thread

Post by bluebolt »

HTFreak wrote: Wed Apr 07, 2021 3:31 pm Just a general question about refinancing because I am in the middle of refinancing with LenderFi.
I have locked in my rate and sent in the required documentation to their website
and loan has been cleared in underwriting and I am being asked to sign "Pre-disclosure" documents
regarding the loan.

The question is, what % of the time does anyone notice if the lender "sneaks" extra costs or inflated costs into the
final numbers?

I am comparing the "pre-disclosure" documents with the original Loan Estimate agreed on and I am finding
it confusing, which makes me think I am more susceptible to getting screwed by costs and calculations
I may fail to catch...
I don't think they intentionally would screw you, but due to the volume, you should always check and verify the numbers. The prepaids can/will change based on the closing date. Some of the fees are estimates and could change (like recording fees). If you give specifics about what you are seeing, folks here can help you out.
Firemenot
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Joined: Wed Apr 01, 2020 8:48 pm

Re: Refinance Mega Thread

Post by Firemenot »

Anyone been actively looking at rates for conforming no-cost 30 year mortgages? Interactive Mortgage has a rate of 2.75% posted on their website (listed as 2.75% rate and APR). A few days ago it was 3.125%. Two questions:

1. Are the mortgages from Interactive Mortgage really no-cost (other than higher built-in rate)?

2. Has anyone seen a better rate for a no-cost 30?
3of10
Posts: 187
Joined: Tue Jun 30, 2020 7:37 am

Re: Refinance Mega Thread

Post by 3of10 »

bg5 wrote: Tue Apr 06, 2021 7:59 am Just did a refi on 15 year mortage at 1.99%.....cost me 1800 in closing costs but the rate was so low I could not pass up. I used my local credit union to make it happen and I went from a 30 year mortage to a 15 and saved well over a percent.

I am sure I will look back someday and be shocked at this rate....i doubt I will pay it off early because its so low
That is a great rate bg5. Which CU offered it?
"You don't stop playing because you're old. You're old because you've stopped playing"
Goal33
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Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

Firemenot wrote: Thu Apr 08, 2021 10:10 am Anyone been actively looking at rates for conforming no-cost 30 year mortgages? Interactive Mortgage has a rate of 2.75% posted on their website (listed as 2.75% rate and APR). A few days ago it was 3.125%. Two questions:

1. Are the mortgages from Interactive Mortgage really no-cost (other than higher built-in rate)?

2. Has anyone seen a better rate for a no-cost 30?
That seems like a big drop not based in market reality. Maybe I’m wrong, wouldn’t be surprised if that’s a website issue.
skyno
Posts: 16
Joined: Wed Dec 30, 2020 5:05 pm

Re: Refinance Mega Thread

Post by skyno »

Firemenot wrote: Thu Apr 08, 2021 10:10 am Anyone been actively looking at rates for conforming no-cost 30 year mortgages? Interactive Mortgage has a rate of 2.75% posted on their website (listed as 2.75% rate and APR). A few days ago it was 3.125%. Two questions:

1. Are the mortgages from Interactive Mortgage really no-cost (other than higher built-in rate)?

2. Has anyone seen a better rate for a no-cost 30?
In my experience, those teaser terms that companies put on the home page of their websites, on billboards, on search engine ads, etc. are close to meaningless and don't really tell you much. They are just there to entice you to get your attention and engage with them; similar to teaser rates for auto leases - sure there are probably a few select people who will qualify for them and maybe some do even a bit better, but there are so many variables so it really depends on your specific situation, and often you get very different terms from different lenders so the only way to really know is to get a bunch of different estimates. Also, this makes it hard to compare terms with others unless all of the variables are very similar and even then it can be hard.

Having said all of that - while I'm not sure if you are looking for a purchase or refi, 2.75 for a 30 year no cost refi sounds like really good terms right now but would have been below average a few months ago - in my research for refis from a few months ago IM was one of the more competitive for my situation and claimed to close pretty quickly, but LF was slightly better and closed even quicker, and LC beat them all in rates, but closings were taking forever - based on some recent posts sounds like things may have changed though?
AnnabEllie
Posts: 12
Joined: Tue Jun 30, 2020 6:37 pm

Re: Refinance Mega Thread

Post by AnnabEllie »

Firemenot wrote: Thu Apr 08, 2021 10:10 am Anyone been actively looking at rates for conforming no-cost 30 year mortgages? Interactive Mortgage has a rate of 2.75% posted on their website (listed as 2.75% rate and APR). A few days ago it was 3.125%. Two questions:

1. Are the mortgages from Interactive Mortgage really no-cost (other than higher built-in rate)?

2. Has anyone seen a better rate for a no-cost 30?
IM is really no-cost, I almost went with them back in January but ended up getting a better offer from Loan Cabin that Better was able to beat.

You need to meet their disclosure terms to get that rate (<60% LTV, $300k+ loan, located in CA, 740+ credit score). If you don't meet those terms, your rate will be .125-.25% higher or more, depending on how far off from them you are.

That is a GREAT rate right now.

The only thing I would caution you on, which you'll see if you go several pages back on this thread, is that IM has a history of not honoring their rates if closing extends beyond the rate lock (even due to their own volume delays) if they can no longer secure an investor for their loans due to the low rates compared to market at that time.
Firemenot
Posts: 508
Joined: Wed Apr 01, 2020 8:48 pm

Re: Refinance Mega Thread

Post by Firemenot »

skyno wrote: Thu Apr 08, 2021 10:54 am
Firemenot wrote: Thu Apr 08, 2021 10:10 am Anyone been actively looking at rates for conforming no-cost 30 year mortgages? Interactive Mortgage has a rate of 2.75% posted on their website (listed as 2.75% rate and APR). A few days ago it was 3.125%. Two questions:

1. Are the mortgages from Interactive Mortgage really no-cost (other than higher built-in rate)?

2. Has anyone seen a better rate for a no-cost 30?
In my experience, those teaser terms that companies put on the home page of their websites, on billboards, on search engine ads, etc. are close to meaningless and don't really tell you much. They are just there to entice you to get your attention and engage with them; similar to teaser rates for auto leases - sure there are probably a few select people who will qualify for them and maybe some do even a bit better, but there are so many variables so it really depends on your specific situation, and often you get very different terms from different lenders so the only way to really know is to get a bunch of different estimates. Also, this makes it hard to compare terms with others unless all of the variables are very similar and even then it can be hard.

Having said all of that - while I'm not sure if you are looking for a purchase or refi, 2.75 for a 30 year no cost refi sounds like really good terms right now but would have been below average a few months ago - in my research for refis from a few months ago IM was one of the more competitive for my situation and claimed to close pretty quickly, but LF was slightly better and closed even quicker, and LC beat them all in rates, but closings were taking forever - based on some recent posts sounds like things may have changed though?
I unfortunately missed the really low rates in my October refi. I could have done for 2.5% no-cost at that time on a 30, but my refi was viewed as a cash-out refi as my mortgage balance went up a little bit to pay off a portion of a HELOC. I ended up in a no-cost cash-out 30 at 2.875. I tried refinancing right away but no one would touch me until 6 months passed. Loan through Loan Depot.
RoundingAgain
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Joined: Mon Apr 05, 2021 2:10 pm

Re: Refinance Mega Thread

Post by RoundingAgain »

Familyman2012 wrote: Tue Apr 06, 2021 9:58 pm
RoundingAgain wrote: Tue Apr 06, 2021 6:22 pm Could use some help/guidance...

Really wish there was a FAQ pinned in this thread.

I’m looking to refinance into a 15y (pay off home sooner with a modest increase to my monthly payment). I got preliminary quotes from LenderFi, AimLoan, Provident, and a few others. Provident had the best rates (I think).

Home value $235k per recent tax assessment, bought for $220k in 2016.

I owe $187k with a 30y 3.875% rate through WF.

Credit score is 814, liquid assets $300K+, one 0% car loan, minimal revolving cc debt (< $400).

The “mortgage consultant” who I’ve been corresponding with over email said their fees were $2765, +/- points/credits depending which rate I chose.

I filled out the full application with Provident and locked in a rate of 2.250% (I think the true apy was 2.413) which offered a credit of $233.

When I went to sign my “preliminary disclosure”, they left off all my liquid assets expect my checking account (which I don’t keep much in). They also put the value of my home at $240k, which is more in line with a Zillow/Redfin estimate.

More importantly, when I got down to the closing costs due at signing I’m looking at $7k. There’s a breakdown I can provide if necessary. I’m just confused (and why I wish there was a FAQ) bc from what I’ve deduced reading through this thread most refinance with minimal fees/closing costs? Is this normal?

Closing cost breakdown...
https://i.imgur.com/JRmPSDq.png
Base on the loan estimate you provided.
Section F is prepaids and property tax. Is your property tax due soon?
When you refi within 30-60ish days when property tax is due. They request you to pay upfront. If you already paid your property tax. Than i believe you can show proof and it will be removed from section F. Someone can chime in for the exact rules.

Section G is your escrow. Which you have to pay upfront for your new loan. But your old escrow will refund the amount you have in your current escrow account. It will come in a check form in the mail.


So your true fees would be section D+E plus the payoff amount.


Also, in section F. It says prepaid at 2.375
You mention that you locked at 2.25. You might want to confirm with your loan officer as to why it’s different. It should say 2.25 NOT 2.375
Hope that makes sense.
Someone can chime in and might be able to explain better. English isn’t my 1st language.
Thank you for the help in clarifying everything... and yes you were right, my property taxes are due on 5/5... they also sent me an updated LE with correct rate.
Familyman2012
Posts: 148
Joined: Wed Jun 03, 2020 3:36 pm

Re: Refinance Mega Thread

Post by Familyman2012 »

RoundingAgain wrote: Thu Apr 08, 2021 4:06 pm
Familyman2012 wrote: Tue Apr 06, 2021 9:58 pm
RoundingAgain wrote: Tue Apr 06, 2021 6:22 pm Could use some help/guidance...

Really wish there was a FAQ pinned in this thread.

I’m looking to refinance into a 15y (pay off home sooner with a modest increase to my monthly payment). I got preliminary quotes from LenderFi, AimLoan, Provident, and a few others. Provident had the best rates (I think).

Home value $235k per recent tax assessment, bought for $220k in 2016.

I owe $187k with a 30y 3.875% rate through WF.

Credit score is 814, liquid assets $300K+, one 0% car loan, minimal revolving cc debt (< $400).

The “mortgage consultant” who I’ve been corresponding with over email said their fees were $2765, +/- points/credits depending which rate I chose.

I filled out the full application with Provident and locked in a rate of 2.250% (I think the true apy was 2.413) which offered a credit of $233.

When I went to sign my “preliminary disclosure”, they left off all my liquid assets expect my checking account (which I don’t keep much in). They also put the value of my home at $240k, which is more in line with a Zillow/Redfin estimate.

More importantly, when I got down to the closing costs due at signing I’m looking at $7k. There’s a breakdown I can provide if necessary. I’m just confused (and why I wish there was a FAQ) bc from what I’ve deduced reading through this thread most refinance with minimal fees/closing costs? Is this normal?

Closing cost breakdown...
https://i.imgur.com/JRmPSDq.png
Base on the loan estimate you provided.
Section F is prepaids and property tax. Is your property tax due soon?
When you refi within 30-60ish days when property tax is due. They request you to pay upfront. If you already paid your property tax. Than i believe you can show proof and it will be removed from section F. Someone can chime in for the exact rules.

Section G is your escrow. Which you have to pay upfront for your new loan. But your old escrow will refund the amount you have in your current escrow account. It will come in a check form in the mail.


So your true fees would be section D+E plus the payoff amount.


Also, in section F. It says prepaid at 2.375
You mention that you locked at 2.25. You might want to confirm with your loan officer as to why it’s different. It should say 2.25 NOT 2.375
Hope that makes sense.
Someone can chime in and might be able to explain better. English isn’t my 1st language.
Thank you for the help in clarifying everything... and yes you were right, my property taxes are due on 5/5... they also sent me an updated LE with correct rate.
Awesome. Glad it worked out.
Wizzroom
Posts: 1
Joined: Thu Apr 08, 2021 2:43 am

Re: Refinance Mega Thread

Post by Wizzroom »

Quick question: for all those who refinanced through Loan Cabin and endured their absurdly long process (5-6 months+), did they ultimately honor the original locked rate?

I'm 'stuck' with them. Applied in September '20, finally getting to CTC now, but they seem to be avoiding my question on the rate lock (or just being unresponsive to emails per usual). Per their website, they say they'll extend the rate lock and waive any extension fees if the delay was on their end, but they haven't communicated anything to me about the rate other than mentioning they could try to float the rate down. My presumption is that the extension just occurs automatically? I'm a bit worried about it and their lack of communication doesn't help.
HTFreak
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Joined: Tue Mar 23, 2021 3:52 pm

Re: Refinance Mega Thread

Post by HTFreak »

Can anyone care to take a look at my original LE and compare it to my most recent LE (Pre Disclosure LE 4/7/21) to see if you notice
anything they sneaked in or made mistakes regarding extra costs?


Also, I just noticed that the section regarding "Rate Locked" is checked "NO". Should that be a concern?

My Loan representative said that "Everything is fine...calm down...there should be no changes to your fees and the rate is locked.."

Thanks in advance if anyone can compare and see if there are any increases in costs in the most recent LE.

ORIGINAL LOAN ESTIMATE 3/24/21
https://imgur.com/O4C7o12

MOST RECENT LOAN ESTIMATE 4/7/21 ("Pre-Disclosure Estimate")
https://imgur.com/n05H7Lq
Last edited by HTFreak on Sun Apr 11, 2021 7:00 pm, edited 4 times in total.
User avatar
BrandonBogle
Posts: 3836
Joined: Mon Jan 28, 2013 11:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

HTFreak wrote: Sun Apr 11, 2021 2:24 pm Can anyone care to take a look at my original LE and compare it to my most recent LE (Pre Disclosure LE 4/7/21)?

I just noticed that the section regarding "Rate Locked" is checked "NO". Should that be a concern?

My Loan representative said that "Everything is fine...calm down...there should be no changes to your fees and the rate is locked.."

Thanks in advance if anyone can compare and see if there are any increases in costs in the most recent LE.

ORIGINAL LOAN ESTIMATE 3/24/21
https://imgur.com/O4C7o12

MOST RECENT LOAN ESTIMATE 4/7/21
https://imgur.com/n05H7Lq
I am assuming by the latter says “Closing Disclosure” at the top and not “Loan Estimate”. It all looks good to me. Yes, your original loan estimate wasn’t locked, but that doesn’t mean it wasn’t locked when you decided to proceed with the loan. Most lenders will force a lock when it is time to generate closing disclosures (if not already locked) to avoid any issues with legal lead times prior to closing for the borrower to review the terms.

This is a good offer as your lender credits exceeded your true refi costs and you got a good rate. Great job!
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sapphire96
Posts: 132
Joined: Fri Jun 16, 2017 8:08 pm

Re: Refinance Mega Thread

Post by sapphire96 »

HTFreak wrote: Sun Apr 11, 2021 2:24 pm Can anyone care to take a look at my original LE and compare it to my most recent LE (Pre Disclosure LE 4/7/21)?

I just noticed that the section regarding "Rate Locked" is checked "NO". Should that be a concern?

My Loan representative said that "Everything is fine...calm down...there should be no changes to your fees and the rate is locked.."

Thanks in advance if anyone can compare and see if there are any increases in costs in the most recent LE.

ORIGINAL LOAN ESTIMATE 3/24/21
https://imgur.com/O4C7o12

MOST RECENT LOAN ESTIMATE 4/7/21
https://imgur.com/n05H7Lq
For what it is worth, I checked my loan estimate from last August (went through Loan Depot) and it had the Rate Lock box checked Yes.
Keep interest as your friend, not your foe. | Use money as a tool for bettering your life, not squandering it. | Stay the course, don’t deviate from it.
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grogu
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Re: Refinance Mega Thread

Post by grogu »

Wizzroom wrote: Fri Apr 09, 2021 3:05 pm Quick question: for all those who refinanced through Loan Cabin and endured their absurdly long process (5-6 months+), did they ultimately honor the original locked rate?
They were very good about that with me. Every time I spoke with my representative (which was frustratingly infrequent), he assured me that they would honor their rate. At some point he sent me an email confirming that as well. And after closing after about 150 days, they did in fact honor the rate, despite the 60-day lock.
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