Refinance Mega Thread

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3of10
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Re: Refinance Mega Thread

Post by 3of10 »

anon_investor wrote: Sat Apr 24, 2021 6:51 pm
3of10 wrote: Sun Apr 18, 2021 8:18 pm
skyno wrote: Sat Apr 17, 2021 9:01 pm Slight tangent, but I wanted to share this experience to get the group's take on this and also hopefully this can serve as a heads up for others. After going through this refinance process, in the past couple days I have received a couple of snail mail letters from 2 credit unions informing me about lines of credit applications that I did not apply for (not related to a refi) so they appear to be attempts at identity theft, and unfortunately more detrimental pulls on my credit. Of course, I have no way of knowing if this is in any way related to my refi applications or just a coincidence, but I am suspicious because I transmitted my personal information to several parties when shopping around, and now this is suddenly happening and has never happened before and I am normally extremely careful with my personal information. I am suspicious that maybe it was somehow intercepted or fell in to the hands of a bad actor in this whole refi process.

I will obviously have to deal with this and have calls in to the credit unions and will likely need to freeze my credit or at a minimum put a fraud alert. I wanted to bring this up because I may have been a bit too lax in protecting my information during all of this so a good reminder to be very strict about how you transmit your information, and to whom. I am also curious if others have had any similar experiences, and of course any tips on dealing with this unfortunate situation are welcomed.
In addition to placing a freeze for the 4 credit bureaus (Equifax, Experian, Transunion, Innovis?), you should definitely do a freeze for ChexSystems, which handles checking accounts (banks, credit unions,...).
I also recommend an IRS Identity Protection PIN.
I agree. I did this recently.
"You don't stop playing because you're old. You're old because you've stopped playing"
presto987
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Re: Refinance Mega Thread

Post by presto987 »

globalmax wrote: Mon Apr 26, 2021 4:07 pm Currently I am at 1.99% for a 15 year Fixed $400k mortgage. Getting an offer from Better.com for 1.875% Fixed 15 years with $2k lender credit. Loan Estimate has close to $2k for Loan costs just A+B+C . Lender credit for $2k which should take care of the loan costs (there are prepaids for property tax, insurance etc E F G H in loan estimates which I don't consider as deciding factor) .

While I can shop around to get some competing deals, I think this is good? More over I had done refinanced with Better.com earlier and love the
ease of use, response times in which things happen. What is everyone's opinion?
The best no-cost rate I've heard of is 1.75% for a 15-year. This would put you pretty close to that, plus I'm guessing you'll have some lender credit left over after sections B/C/E of the LE are paid for. So it's pretty much a no-brainer.

If you're going to spend the time to drop your rate by 0.125% though, the one thing you might consider is to ask another lender to beat this offer. LoanDepot or Interactive/Owning (if you're in CA) may be worth a try. Perhaps one of them would give you 1.75% at no cost, or LD may give you higher lender credit.

However, I agree that Better runs the best process among these lenders and is the most consistent in terms of service, so I wouldn't blame you if you didn't shop the offer. Of course, if someone does beat Better's offer, you could then shop that back to Better and still wind up doing your mortgage with Better if they're willing to beat it.
globalmax
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Re: Refinance Mega Thread

Post by globalmax »

presto987 wrote: Mon Apr 26, 2021 6:26 pm The best no-cost rate I've heard of is 1.75% for a 15-year. This would put you pretty close to that, plus I'm guessing you'll have some lender credit left over after sections B/C/E of the LE are paid for. So it's pretty much a no-brainer.

If you're going to spend the time to drop your rate by 0.125% though, the one thing you might consider is to ask another lender to beat this offer. LoanDepot or Interactive/Owning (if you're in CA) may be worth a try. Perhaps one of them would give you 1.75% at no cost, or LD may give you higher lender credit.

However, I agree that Better runs the best process among these lenders and is the most consistent in terms of service, so I wouldn't blame you if you didn't shop the offer. Of course, if someone does beat Better's offer, you could then shop that back to Better and still wind up doing your mortgage with Better if they're willing to beat it.
[ quote fixed by admin LadyGeek]

Thanks. My current mortgage of 1.99% is with Loandepot which I did 3 months back, so LD cant refinance the same loan for 6 months.
Don't want to spend whole lot of time shopping around, I might try LenderFi as they are also reasonably quick but I doubt if they have anything better.
I am in east coast so some California options will not work out
gpburdell
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Re: Refinance Mega Thread

Post by gpburdell »

roz77 wrote: Mon Apr 05, 2021 1:45 pm 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.
How did u get 2.5% with no points? Did u get that online upfront or have to talk to someone? I'm going through the application process now and I'm seeing 2.5% but $5600 in points. My loan would be $394k with property value of $575k and according to Better my credit score is 809. thx
globalmax
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Re: Refinance Mega Thread

Post by globalmax »

gpburdell wrote: Tue Apr 27, 2021 3:14 pm
roz77 wrote: Mon Apr 05, 2021 1:45 pm 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.
How did u get 2.5% with no points? Did u get that online upfront or have to talk to someone? I'm going through the application process now and I'm seeing 2.5% but $5600 in points. My loan would be $394k with property value of $575k and according to Better my credit score is 809. thx
Is it 15 or 30 years? When did you lock in the rates? I locked in yesterday with Better.com for 1.875% for 15 years with $2k in lender credit. Basically it will be a no cost refinance. See my email above. My credit score and LTV ratio etc are all similar to yours
CoastLawyer2030
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Re: Refinance Mega Thread

Post by CoastLawyer2030 »

So, I was able to get a refi with LenderFI. 2.88% for 30 years. Overall happy with the rate, but the customer service experience was absolutely terrible.

They constantly asked for more and more and more documents. It was never in one fell swoop. It was always, "Please send X." I would get X and send it to them. Then it was "Thanks, now please send Y." I would send Y. Then it was "Please send Z." This went on interminably.

I paid my loan down to 80% loan to value, and then when we were signing the mortgage, they included PMI, so we had to do the entire closing again.

Then the recording has been a complete mess.

And then we opened up a Chase card after we closed so we could get hotel points. And sure enough, we get an email from LenderFI about opening a new credit card, and that we needed to explain this to them ASAP. I just sent them my Ally Account statement with $90,000 in it and told them to leave me alone.

And now, the latest, which is why I am posting -- apparently the new loan servicer is "Nationstar Mortage LLC d/b/a Mr. Cooper." I am supposed to mail my checks to a "Mr. Cooper" at a PO Box in Dallas, TX.

Umm, what? They seem to have a legit website but this whole thing just smells to me. Perhaps I am stained from a bad experience.

Can someone talk me off the ledge?
jco
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Re: Refinance Mega Thread

Post by jco »

CoastLawyer2030 wrote: Wed Apr 28, 2021 8:31 am And then we opened up a Chase card after we closed so we could get hotel points. And sure enough, we get an email from LenderFI about opening a new credit card, and that we needed to explain this to them ASAP. I just sent them my Ally Account statement with $90,000 in it and told them to leave me alone.

And now, the latest, which is why I am posting -- apparently the new loan servicer is "Nationstar Mortage LLC d/b/a Mr. Cooper." I am supposed to mail my checks to a "Mr. Cooper" at a PO Box in Dallas, TX.

Umm, what? They seem to have a legit website but this whole thing just smells to me. Perhaps I am stained from a bad experience.

Can someone talk me off the ledge?
Why would they care about a new credit card after the loan had funded? Or maybe you didn't wait that long.

Mr. Cooper is a well-known mortgage servicer. From your story, it sounds like you'll probably have better service with Mr. Cooper than with LenderFi!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jco wrote: Wed Apr 28, 2021 8:47 am
CoastLawyer2030 wrote: Wed Apr 28, 2021 8:31 am And then we opened up a Chase card after we closed so we could get hotel points. And sure enough, we get an email from LenderFI about opening a new credit card, and that we needed to explain this to them ASAP. I just sent them my Ally Account statement with $90,000 in it and told them to leave me alone.

And now, the latest, which is why I am posting -- apparently the new loan servicer is "Nationstar Mortage LLC d/b/a Mr. Cooper." I am supposed to mail my checks to a "Mr. Cooper" at a PO Box in Dallas, TX.

Umm, what? They seem to have a legit website but this whole thing just smells to me. Perhaps I am stained from a bad experience.

Can someone talk me off the ledge?
Why would they care about a new credit card after the loan had funded? Or maybe you didn't wait that long.

Mr. Cooper is a well-known mortgage servicer. From your story, it sounds like you'll probably have better service with Mr. Cooper than with LenderFi!
Hopefully everyone has a better experience with Mr Cooper than I. My third refi ended up with them and I had plenty of issues. My fourth refi has sadly had its servicing sold to them, so I'm tempted to do a fifth refinancing to try and get away from them.
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Gamma Ray
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Re: Refinance Mega Thread

Post by Gamma Ray »

How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
ZinCO
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Re: Refinance Mega Thread

Post by ZinCO »

BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
For the OP specifically, make sure you are checking 20 and even 15 year terms, not just 30 year (given you only have 20 years left on your original term). That will also yield lower rates for you.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ZinCO wrote: Wed Apr 28, 2021 3:51 pm
BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
For the OP specifically, make sure you are checking 20 and even 15 year terms, not just 30 year (given you only have 20 years left on your original term). That will also yield lower rates for you.
Good point! Personally I only do 15-year refis, but again, at my loan balance (sub-$150k), 30-year typically don’t carry a great rate at low/no cost. Meanwhile, I’ve lived in the house 10 years, so a 15-year refi effectively means I had a 25 year mortgage, all things considered.
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
I agree with BrandonBogle.

In my case, I was already at 2.375%. I am currently refinancing to 2.125% with a $5k lender credit. After looking at A+B+C+E, I'll profit $2,500 and drop my rate by .25%. That makes it worth it for me, especially when you're dealing with one of the lenders with a good online portal.
globalmax
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Re: Refinance Mega Thread

Post by globalmax »

BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.
[ quote fixed by admin LadyGeek]

If A+B+C from Loan Estimate is covered by lender credits, is there any reason why one shouldn't go ahead with a lower rate.... even 0.125%?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

globalmax wrote: Wed Apr 28, 2021 6:41 pm
BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.
[ quote fixed by admin LadyGeek]

If A+B+C from Loan Estimate is covered by lender credits, is there any reason why one shouldn't go ahead with a lower rate.... even 0.125%?
No. Just the effort put into it. In my case, at my loan amount, a 0.125% reduction is only $1,500 saved on a 15-year refi. So for me, the $1,500 just isn’t worth it. However, in NC we require in person notaries and every refi I’ve ever done is 100+ pages, with one being 181 pages. If I could basically DocuSign things, I might be more willing to do it for just a 0.125% reduction. But without time, my time is better spent elsewhere.
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Gamma Ray
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Re: Refinance Mega Thread

Post by Gamma Ray »

BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
We had covid relief of 7 month waiver (that will be tacked to end of the loan) so if I were to refinance they will ask me to pay for about $25,500 which otherwise I would pay at the of the loan or if I sell the house. I am at Mr. Cooper, currently paying 2,656.84 for P+I and $950 to Escrow so total about $3600 with exactly 460k left with 2042 maturity at 3.875%
Based on what I have been reading, refinancing at this point will not make a big difference in terms of starting over at 30yr. Any suggestions?
ensign_lee
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Re: Refinance Mega Thread

Post by ensign_lee »

Gamma Ray wrote: Wed Apr 28, 2021 11:25 pm
BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
We had covid relief of 7 month waiver (that will be tacked to end of the loan) so if I were to refinance they will ask me to pay for about $25,500 which otherwise I would pay at the of the loan or if I sell the house. I am at Mr. Cooper, currently paying 2,656.84 for P+I and $950 to Escrow so total about $3600 with exactly 460k left with 2042 maturity at 3.875%
Based on what I have been reading, refinancing at this point will not make a big difference in terms of starting over at 30yr. Any suggestions?
Your situation gets much harder since you have 7 months of payments that have been tacked on to the end that you'd have to repay immediately if you refinanced.

Personally, if I were you and I had the cash, I'd probably go to a 15 year 2% and halve my interest, but I understand that may not be possible since you'd have to come up with $25k-ish immediately, money that you presumably don't have since you went into forbearance.

In which case yeah, I'd probably just leave things alone if I were you.
jason1122
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Re: Refinance Mega Thread

Post by jason1122 »

What's the general mood in here on better.com?

Locked into a 30 year 3.75% in November 2019. It seems to me like I'm paying too high compared to standard rates.

Better.com gave me the best estimate so far:
2.75 rate with 1k in lender credits.
Total loan costs: $1k
Other costs (taxes, prepaids, initial escrow): 4k

We'll be in this house for over ten years. This just seems too good to be true right now considering all the other estimates I've gotten have been far higher.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jason1122 wrote: Thu Apr 29, 2021 1:49 pm What's the general mood in here on better.com?
If you are a cookie cutter customer (W2 earner, bank or brokerage statements, etc.), they are top notch. Not the fastest (average 3 weeks), not the simplest (plenty of docs to upload), but generally responsive, easy to follow progress of refi, and low cost.

* If you are a business owner and wish to use that as your qualifying income, consider getting a refi elsewhere. Better itself is fine for a business owner, but many/most their processors are not familiar with what is needed for underwriters for business income and it can be a frustrating experience with docs they will need.
RK4Refi
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Re: Refinance Mega Thread

Post by RK4Refi »

mceagle555 wrote: Wed Apr 28, 2021 3:55 pm
BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
I agree with BrandonBogle.

In my case, I was already at 2.375%. I am currently refinancing to 2.125% with a $5k lender credit. After looking at A+B+C+E, I'll profit $2,500 and drop my rate by .25%. That makes it worth it for me, especially when you're dealing with one of the lenders with a good online portal.
McEagle555: Where did you get the 2.125% with a 5K lender credit. I could get 2.25% with ~4K credit with better, but no where close to what you got.
Astronaut4
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Re: Refinance Mega Thread

Post by Astronaut4 »

It seems there is still a measurable gap in rates between home purchase mortgage and refinancing mortgage. Why is that?

How common is it to close on purchase of house then immediately refinance at a lower rate? If planning to do this, I would choose the purchase rate at the lowest possible costs so that I’m not refinancing loan costs. (Duh) How long do you wait before refinancing? Are there any pitfalls to look out for?

I had contacted Better for this purchase loan but got cold feet with them as it is a spec house under construction and I wasn’t sure they could easily roll with what could be changing closing dates. (Weather or raw material delays). Went with a local lender that could get it done and was competitive on costs but slightly higher on rates. Definitely a forever home.

Closing tentatively in late May. If refinance rates stay low, might attempt this in July. Opinions?
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BrandonBogle
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Post by BrandonBogle »

Astronaut4 wrote: Thu Apr 29, 2021 2:37 pm It seems there is still a measurable gap in rates between home purchase mortgage and refinancing mortgage.
...
How common is it to close on purchase of house then immediately refinance at a lower rate? If planning to do this, I would choose the purchase rate at the lowest possible costs so that I’m not refinancing loan costs. (Duh) How long do you wait before refinancing? Are there any pitfalls to look out for?
How long/pitfalls really just come down to the lenders’ policies. The purchase lender may say there is some discount that must be repaid to them if a refi happens with X months. This is generally found with new construction and using the builder’s partner lender.

For the refi lender, some may not touch a mortgage that is less than 6-months old (LenderFi I think has come up saying that) b/c any profit from a mortgage a lender gets when reselling it must be repaid if the mortgage closes within 6 months. In such cases, the new lender may not trust you to keep the mortgage at least 6 months and refuse to work with you.

Even Better has, in some cases, come back and asked a borrower to wait 6 months to refi an existing Better mortgage. I don’t know how they determine that as I refinance with Better 4x in the past 12 months without being asked to wait, but others have been granted a lock extension until 6 months pass and close then.
presto987
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Post by presto987 »

BrandonBogle wrote: Thu Apr 29, 2021 3:09 pm For the refi lender, some may not touch a mortgage that is less than 6-months old (LenderFi I think has come up saying that) b/c any profit from a mortgage a lender gets when reselling it must be repaid if the mortgage closes within 6 months. In such cases, the new lender may not trust you to keep the mortgage at least 6 months and refuse to work with you.

Even Better has, in some cases, come back and asked a borrower to wait 6 months to refi an existing Better mortgage. I don’t know how they determine that as I refinance with Better 4x in the past 12 months without being asked to wait, but others have been granted a lock extension until 6 months pass and close then.
Does anyone know exactly how the 6 month period is measured? Is it based on the payoff date versus the funding date of the original loan? Or the payoff date versus the date the loan was sold to Fannie Mae?

I did a refi in December and made out like a bandit with a ton of lender credits, so I wanted to wait 6 months before refinancing again so that the lender could get compensated. Now trying to figure out exactly when I can close the next one. Would like to do it as soon as possible, but I don't want to inadvertently do it a few days or weeks early when I've already waited this long.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

presto987 wrote: Thu Apr 29, 2021 4:36 pm
BrandonBogle wrote: Thu Apr 29, 2021 3:09 pm For the refi lender, some may not touch a mortgage that is less than 6-months old (LenderFi I think has come up saying that) b/c any profit from a mortgage a lender gets when reselling it must be repaid if the mortgage closes within 6 months. In such cases, the new lender may not trust you to keep the mortgage at least 6 months and refuse to work with you.

Even Better has, in some cases, come back and asked a borrower to wait 6 months to refi an existing Better mortgage. I don’t know how they determine that as I refinance with Better 4x in the past 12 months without being asked to wait, but others have been granted a lock extension until 6 months pass and close then.
Does anyone know exactly how the 6 month period is measured? Is it based on the payoff date versus the funding date of the original loan? Or the payoff date versus the date the loan was sold to Fannie Mae?

I did a refi in December and made out like a bandit with a ton of lender credits, so I wanted to wait 6 months before refinancing again so that the lender could get compensated. Now trying to figure out exactly when I can close the next one. Would like to do it as soon as possible, but I don't want to inadvertently do it a few days or weeks early when I've already waited this long.
My understanding that it is technically the date the loan is sold to the investor. So the date Fannie Mae got it. This is because they got the profit from the investor and have to repay the investor that profit in the event of early closure. However, procedurally, when people reported encountering it, the “ok” date has been based on the funding date.

LenderFi is more conservative by saying 6 payments, giving more time as typically the loan will be sold before the first payment. However, there is no such guarantee it would be sold that quickly.
jima
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Re: Refinance Mega Thread

Post by jima »

Hello would appreciate a quick sanity check on this refi with Watermark.

Property: Townhome in Texas
Current rate: 3.125% with ~8 years left on 15 year note
New rate: 2% 10 year note
ABCE = $3150
Lender credit of $1113

Full details: https://1drv.ms/u/s!An1N1KS-fjwTgZFAjv2 ... Q?e=CwlXOu

Thanks!
presto987
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Re: Refinance Mega Thread

Post by presto987 »

BrandonBogle wrote: Thu Apr 29, 2021 4:53 pm
presto987 wrote: Thu Apr 29, 2021 4:36 pm
BrandonBogle wrote: Thu Apr 29, 2021 3:09 pm For the refi lender, some may not touch a mortgage that is less than 6-months old (LenderFi I think has come up saying that) b/c any profit from a mortgage a lender gets when reselling it must be repaid if the mortgage closes within 6 months. In such cases, the new lender may not trust you to keep the mortgage at least 6 months and refuse to work with you.

Even Better has, in some cases, come back and asked a borrower to wait 6 months to refi an existing Better mortgage. I don’t know how they determine that as I refinance with Better 4x in the past 12 months without being asked to wait, but others have been granted a lock extension until 6 months pass and close then.
Does anyone know exactly how the 6 month period is measured? Is it based on the payoff date versus the funding date of the original loan? Or the payoff date versus the date the loan was sold to Fannie Mae?

I did a refi in December and made out like a bandit with a ton of lender credits, so I wanted to wait 6 months before refinancing again so that the lender could get compensated. Now trying to figure out exactly when I can close the next one. Would like to do it as soon as possible, but I don't want to inadvertently do it a few days or weeks early when I've already waited this long.
My understanding that it is technically the date the loan is sold to the investor. So the date Fannie Mae got it. This is because they got the profit from the investor and have to repay the investor that profit in the event of early closure. However, procedurally, when people reported encountering it, the “ok” date has been based on the funding date.

LenderFi is more conservative by saying 6 payments, giving more time as typically the loan will be sold before the first payment. However, there is no such guarantee it would be sold that quickly.
Thanks, this would make sense. LD is where I did my last refi, and I asked an LO there when I could refi again with them. He said their policy is that I can't even start a new refi application until I hit 180 days from funding.
Bogle_Bro
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Location: Frisco Texas, Mortgage Banker & Attorney

Re: Refinance Mega Thread

Post by Bogle_Bro »

jason1122 wrote: Thu Apr 29, 2021 1:49 pm What's the general mood in here on better.com?

Locked into a 30 year 3.75% in November 2019. It seems to me like I'm paying too high compared to standard rates.

Better.com gave me the best estimate so far:
2.75 rate with 1k in lender credits.
Total loan costs: $1k
Other costs (taxes, prepaids, initial escrow): 4k

We'll be in this house for over ten years. This just seems too good to be true right now considering all the other estimates I've gotten have been far higher.
Better is often the best priced lender. They are legit
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jima wrote: Thu Apr 29, 2021 5:03 pm Hello would appreciate a quick sanity check on this refi with Watermark.

Property: Townhome in Texas
Current rate: 3.125% with ~8 years left on 15 year note
New rate: 2% 10 year note
ABCE = $3150
Lender credit of $1113

Full details: https://1drv.ms/u/s!An1N1KS-fjwTgZFAjv2 ... Q?e=CwlXOu

Thanks!
At your loan amount, I would see about a higher rate that provides $3k+ in lender credits.
dstac
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Re: Refinance Mega Thread

Post by dstac »

grogu wrote: Sun Apr 11, 2021 2:59 pm
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.
Can you (or anyone else) share their Loan Cabin rep? I submitted materials online, had one call 6 weeks ago, but nothing since despite weekly follow-up emails. (Or is this just what I should expect?) Feel free to DM if that makes more sense.
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jjg247
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Re: Refinance Mega Thread

Post by jjg247 »

Submitted apps on Better, LenderFi, and LoanDepot. Better was the first that came in with an estimate:

15yr fixed 2.375 and almost enough of a credit to cover closing costs, about $150 out of pocket.

Was hoping to be closer to 2-2.125. Credit score ~800, LTV 55%, remaining loan is ~250k. Perhaps this is just their first offer and not necessarily their best? Any tips on negotiating with them? What if LoanDepot and LenderFi don't beat it?
AnnabEllie
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Re: Refinance Mega Thread

Post by AnnabEllie »

dstac wrote: Fri Apr 30, 2021 4:54 pm
grogu wrote: Sun Apr 11, 2021 2:59 pm
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.
Can you (or anyone else) share their Loan Cabin rep? I submitted materials online, had one call 6 weeks ago, but nothing since despite weekly follow-up emails. (Or is this just what I should expect?) Feel free to DM if that makes more sense.
My rep was Sherri Bugiel (full disclosure - I ended up going with Better because they beat LC and could close in 3-4 weeks as opposed to 3-6+ months with LC) and I was satisfied with her service. She was responsive to any inquiries I had, including withdrawing my application, though I didn't need much hand-holding and didn't reach out much. I wasn't getting daily/weekly updates after submitting my info, but I knew it would be months before I went into underwriting and heard anything so I wasn't being proactive.
vbn
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Re: Refinance Mega Thread

Post by vbn »

I am benefitting from following this thread for my refinance. So just want to post what I'm doing just to add data points for people who are deciding on a refinance.

I'm doing a 15-yr at 1.99% and no cost with Interactive Mortgage. I first applied with LenderFi and Better, but then found Interactive Mortgage. I started the process on 4/20 and will sign tomorrow, 5/4. The process is painless so far, and the loan agent and processor are responsive and helpful.
ensign_lee
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Re: Refinance Mega Thread

Post by ensign_lee »

jason1122 wrote: Thu Apr 29, 2021 1:49 pm What's the general mood in here on better.com?

Locked into a 30 year 3.75% in November 2019. It seems to me like I'm paying too high compared to standard rates.

Better.com gave me the best estimate so far:
2.75 rate with 1k in lender credits.
Total loan costs: $1k
Other costs (taxes, prepaids, initial escrow): 4k

We'll be in this house for over ten years. This just seems too good to be true right now considering all the other estimates I've gotten have been far higher.
I love Better. Most professional company I used by far.

Their interactive rate table lets you ask "what if I changed $X" a bajillion times without nagging your loan officer, and they are on top of quick closes. Would highly recommend.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

For those who are interested, I have received the following statement from Better.com:

"Great news for VA, MN, and VT residents: Better Mortgage is now live in your state"
"You don't stop playing because you're old. You're old because you've stopped playing"
dstac
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Re: Refinance Mega Thread

Post by dstac »

I've been looking around at mortgages for investment properties and not finding anything remotely competitive to a year or even 3 mos ago. Turns out Fannie is severely limiting investment mortgages it is willing to take. They are limiting their portfolio to 7% of all loans as investment properties.

This officially took effect for loans delivered after 4/1. I did notice about that time that what might've priced at 3.25 last summer was now pricing at 4.75 in early April. These have come back down some, but not by much.

My guess is that we are back in the situation where jumbos were a year ago where banks with their own capital may be the best bet now as opposed to mortgage originator/resellers. If anyone is finding good rates >4/1 for investment properties, please share your data points.

https://www.housingwire.com/articles/fa ... roperties/
heatitup99
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Joined: Fri Feb 26, 2021 11:00 am

Re: Refinance Mega Thread

Post by heatitup99 »

heatitup99 wrote: Fri Feb 26, 2021 11:03 am
MindBogler wrote: Wed Feb 24, 2021 12:19 pm I'm just about to close a no cost 2.25% 30yr refi through BNC. I could have taken 2.125% but that would've required cash to close. LTV is roughly 40%.
Mind me asking how the process went? I am locked in with them for a jumbo refi @ 3.00% with lender credits covering all costs and $1800 of prepaids. I locked on 2/5, appraisal was 2/18 and all paperwork/docs/certs have been submitted.

Curious how long yours took from start to finish, and if there were any hiccups. I'm not using a lawyer, so curious how the closing process works during COVID.
Wanted to update this and hopefully save others ... apparently BNC didn't do their homework on who they were selling my loan to. So a few days before our expected closing, my LO tells me the investor (Truist f/k/a Suntrust) was rejecting the loan. Apparently (after discussing with a friend in the business), Truist doesn't do non-gut condo conversions within 36 months of that, so my loan was literally DOA, but unfortunately my LO had no knowledge of this so I was strung along for 2 months as rates skyrocketed.

Unfortunately for me, rates are now higher so I'm SOL to an extent.

My situation, just for reference:
$1.3m value
$960K remaining
Jumbo
4 unit condo building, primary residence
Currently in a 3.375% 30yr fixed, was refi'ing to a 3.00% 30yr fixed with $4800 in lender credits (vs $4k in costs).
3of10
Posts: 197
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Re: Refinance Mega Thread

Post by 3of10 »

presto987 wrote: Thu Apr 29, 2021 4:36 pm
BrandonBogle wrote: Thu Apr 29, 2021 3:09 pm For the refi lender, some may not touch a mortgage that is less than 6-months old (LenderFi I think has come up saying that) b/c any profit from a mortgage a lender gets when reselling it must be repaid if the mortgage closes within 6 months. In such cases, the new lender may not trust you to keep the mortgage at least 6 months and refuse to work with you.

Even Better has, in some cases, come back and asked a borrower to wait 6 months to refi an existing Better mortgage. I don’t know how they determine that as I refinance with Better 4x in the past 12 months without being asked to wait, but others have been granted a lock extension until 6 months pass and close then.
Does anyone know exactly how the 6 month period is measured? Is it based on the payoff date versus the funding date of the original loan? Or the payoff date versus the date the loan was sold to Fannie Mae?

I did a refi in December and made out like a bandit with a ton of lender credits, so I wanted to wait 6 months before refinancing again so that the lender could get compensated. Now trying to figure out exactly when I can close the next one. Would like to do it as soon as possible, but I don't want to inadvertently do it a few days or weeks early when I've already waited this long.
It's a tough call. I understand that you want the lender to be compensated, but with rates this low again, it's hard to pass up this opportunity. Also, it is the lender's decision as to whether to accept you doing a refi with them (as long as you tell them about the recent refi).

It's a matter of knowing which lenders to turn to with doing the refi before the 6 months are completed.
"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 »

jjg247 wrote: Sat May 01, 2021 8:35 pm Submitted apps on Better, LenderFi, and LoanDepot. Better was the first that came in with an estimate:

15yr fixed 2.375 and almost enough of a credit to cover closing costs, about $150 out of pocket.

Was hoping to be closer to 2-2.125. Credit score ~800, LTV 55%, remaining loan is ~250k. Perhaps this is just their first offer and not necessarily their best? Any tips on negotiating with them? What if LoanDepot and LenderFi don't beat it?
You might want to try bankrate.com's mortgage refi rates to compare with your 2.375% 15 yr. The rates that I saw for Better on bankrate.com was lower than what you've listed.
"You don't stop playing because you're old. You're old because you've stopped playing"
vbn
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Re: Refinance Mega Thread

Post by vbn »

3of10 wrote: Tue May 04, 2021 1:44 pm
jjg247 wrote: Sat May 01, 2021 8:35 pm Submitted apps on Better, LenderFi, and LoanDepot. Better was the first that came in with an estimate:

15yr fixed 2.375 and almost enough of a credit to cover closing costs, about $150 out of pocket.

Was hoping to be closer to 2-2.125. Credit score ~800, LTV 55%, remaining loan is ~250k. Perhaps this is just their first offer and not necessarily their best? Any tips on negotiating with them? What if LoanDepot and LenderFi don't beat it?
You might want to try bankrate.com's mortgage refi rates to compare with your 2.375% 15 yr. The rates that I saw for Better on bankrate.com was lower than what you've listed.
I got 15yr fixed 1.99 with Interactive Mortgage. Just signed this morning. I worked with Stacy Jean and Jay Lee. So far they are good.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

vbn wrote: Tue May 04, 2021 2:04 pm
3of10 wrote: Tue May 04, 2021 1:44 pm
jjg247 wrote: Sat May 01, 2021 8:35 pm Submitted apps on Better, LenderFi, and LoanDepot. Better was the first that came in with an estimate:

15yr fixed 2.375 and almost enough of a credit to cover closing costs, about $150 out of pocket.

Was hoping to be closer to 2-2.125. Credit score ~800, LTV 55%, remaining loan is ~250k. Perhaps this is just their first offer and not necessarily their best? Any tips on negotiating with them? What if LoanDepot and LenderFi don't beat it?
You might want to try bankrate.com's mortgage refi rates to compare with your 2.375% 15 yr. The rates that I saw for Better on bankrate.com was lower than what you've listed.
I got 15yr fixed 1.99 with Interactive Mortgage. Just signed this morning. I worked with Stacy Jean and Jay Lee. So far they are good.
Unfortunately, IM is licensed in only a limited # of states (CA, AZ, CO, TN,...).
"You don't stop playing because you're old. You're old because you've stopped playing"
fyre4ce
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Re: Refinance Mega Thread

Post by fyre4ce »

mceagle555 wrote: Wed Apr 28, 2021 3:55 pm
BrandonBogle wrote: Wed Apr 28, 2021 3:27 pm
Gamma Ray wrote: Wed Apr 28, 2021 2:56 pm How do you decide if it's better to refinance or keep paying instead of starting over with 30 year loan? What is the sweet spot
I keep looking at 30 year refinance rates and the finance costs/closing fees, they don't seem to make much sense to start over. At a property that's worth between 1.2 to 1.3M and owing about 475k with 20 years to go, I am not sure how to decide if it is worth looking into refinance?
For a rate that provides lender credits to cover all/most of Section A + B + C + E of the loan estimate, if that rate is 0.25% or more less than my current rate, then it is time to refinance.

If a rate 0.125% less than what I currently have comes along with enough lender credits to provide some profit ($2k+), I will pursue that as well.

However, I am talking about conforming limit loans. The higher the loan amount, the greater raw $$ difference even small rate changes will make. Also keep in mind that you should think of the monthly payment in terms of a credit card’s “minimum payment”. With that mentality, you aren’t starting over in most cases as you wouldn’t pay the new minimum payment.
I agree with BrandonBogle.

In my case, I was already at 2.375%. I am currently refinancing to 2.125% with a $5k lender credit. After looking at A+B+C+E, I'll profit $2,500 and drop my rate by .25%. That makes it worth it for me, especially when you're dealing with one of the lenders with a good online portal.
Whoa. If that was a 30yr, can you share your lender? I'm also at 2.375% but figured I can't go lower, at least without paying mega points. Would love to be wrong about that!
ZoomiesRUS
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Joined: Mon May 03, 2021 4:25 pm

Re: Refinance Mega Thread

Post by ZoomiesRUS »

Hey Folks,

I brought our current home in California Nov 2020 - got 2.875% on a Jumbo ~970k Loan, 30yr fixed.
Does it make sense to look around for a Refi this fast after the close?
If so what are some good options?
Lucky2Invest
Posts: 68
Joined: Wed Mar 23, 2016 6:07 pm

Re: Refinance Mega Thread

Post by Lucky2Invest »

CoastLawyer2030 wrote: Wed Apr 28, 2021 8:31 am So, I was able to get a refi with LenderFI. 2.88% for 30 years. Overall happy with the rate, but the customer service experience was absolutely terrible.

They constantly asked for more and more and more documents. It was never in one fell swoop. It was always, "Please send X." I would get X and send it to them. Then it was "Thanks, now please send Y." I would send Y. Then it was "Please send Z." This went on interminably.

I paid my loan down to 80% loan to value, and then when we were signing the mortgage, they included PMI, so we had to do the entire closing again.

Then the recording has been a complete mess.

And then we opened up a Chase card after we closed so we could get hotel points. And sure enough, we get an email from LenderFI about opening a new credit card, and that we needed to explain this to them ASAP. I just sent them my Ally Account statement with $90,000 in it and told them to leave me alone.

And now, the latest, which is why I am posting -- apparently the new loan servicer is "Nationstar Mortage LLC d/b/a Mr. Cooper." I am supposed to mail my checks to a "Mr. Cooper" at a PO Box in Dallas, TX.

Umm, what? They seem to have a legit website but this whole thing just smells to me. Perhaps I am stained from a bad experience.

Can someone talk me off the ledge?

I had a horrible experience with them as well. Would go weeks without hearing from them. I would call and ask what was going on and they would tell me they would get back to me...and nothing. Moved to Quicken/Schwab and very happy with the customer service
chet96
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Re: Refinance Mega Thread

Post by chet96 »

Servicing question - I refinanced with Loan Depot, who sold the loan to Freddie Mac. Anyone with experience know if servicing will also switch to someone other than Loan Depot? (I ask because all my lenders so far have retained servicing, so I don't have experience with a split).
Cubsfan24
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Re: Refinance Mega Thread

Post by Cubsfan24 »

Whats the most lender credit youve seen on here? If I can refinance my 3.25%/30 year down to 3% for a 3k profit ($5,000 in credits), is there really any reason not to?
presto987
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Re: Refinance Mega Thread

Post by presto987 »

chet96 wrote: Thu May 06, 2021 12:52 pm Servicing question - I refinanced with Loan Depot, who sold the loan to Freddie Mac. Anyone with experience know if servicing will also switch to someone other than Loan Depot? (I ask because all my lenders so far have retained servicing, so I don't have experience with a split).
I did a refi with LoanDepot that was sold to Fannie Mae. The servicing stayed with LoanDepot, but it was transferred to a different servicing center within LoanDepot. It sounds like they have a temporary servicing center after the mortgage funds, and if they decide to keep the servicing then they transfer it to their NJ center.
presto987
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Joined: Sun Aug 30, 2020 10:58 pm

Re: Refinance Mega Thread

Post by presto987 »

Cubsfan24 wrote: Thu May 06, 2021 5:50 pm Whats the most lender credit youve seen on here? If I can refinance my 3.25%/30 year down to 3% for a 3k profit ($5,000 in credits), is there really any reason not to?
That is exactly my strategy - maximize lender credits. When rates were at their lows last year, I was able to get 3.125% with $18k+ in credits, resulting in 16k profit. However, I was only able to consume that much lender credit because I had a full year's worth of property taxes being collected as closing costs (half as a prepaid and half in escrow). I even closed at the beginning of the month to maximize the amount of prepaid interest that would be included as a closing cost.

I am looking to do another refi now. I believe if I close in June, they would collect 6 months (or maybe 5) of property tax for escrow. So I am looking to get a profit of around $9k this time. It looks like I can get that at a rate of 3.125% or maybe 3%.

The easiest way to get up to $5k credit is through Better. If you're looking for more than that, then some options are LoanDepot, Amerisave (but they charge a $500 upfront application fee), and doing a search on Zillow Mortgage. I found a smaller lender through Zillow who offered good pricing and seems to have no issue with large credits.

One thing to be aware of is that a lender may not let you refi to a higher rate or the same rate because of "net tangible benefit" rules. A way to get around that is to adjust the term. So in my last refi, I was able to increase my rate to 3.125% by going from a 30-year to a 25-year. This time I am going to go back to a 30-year.
chet96
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Re: Refinance Mega Thread

Post by chet96 »

presto987 wrote: Thu May 06, 2021 5:51 pm
chet96 wrote: Thu May 06, 2021 12:52 pm Servicing question - I refinanced with Loan Depot, who sold the loan to Freddie Mac. Anyone with experience know if servicing will also switch to someone other than Loan Depot? (I ask because all my lenders so far have retained servicing, so I don't have experience with a split).
I did a refi with LoanDepot that was sold to Fannie Mae. The servicing stayed with LoanDepot, but it was transferred to a different servicing center within LoanDepot. It sounds like they have a temporary servicing center after the mortgage funds, and if they decide to keep the servicing then they transfer it to their NJ center.
Thanks - I am still with their Texas center. I figured that meant it was going to be sold, but we are going on close to 90 days. First go with a non-bank so this is new to me.

Really appreciate all the info in this thread.
dandinsac
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Re: Refinance Mega Thread

Post by dandinsac »

I have a 3% mortgage with Chase Bank of ~$711,000 in California on a house that we closed in January 2021. I will be closing on my former house soon and will have enough cash to lower the mortgage below $548,250, which is the limit for qualifying mortgages in my county. I plan to refinance, most likely to a 20-year or 15-year mortgage. (I did no-cost refinances on my former house two times last year, so I know the drill.)

1. Once I get the settlement funds, is there any advantage to pay down my existing mortgage right away to lower the principal below the qualifying limit? Or, should I hold on to the cash and just include it in the refi?

2. Chase will recast my mortgage at a minimal cost, but their 3% rate isn’t competitive now, where 2.625-2.75% is available for 30-year refi’s with no costs. Does anyone have experience with Chase matching the rates on LenderFi, Better, etc. without going through a new refinance/appraisal?

Thanks!
presto987
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Re: Refinance Mega Thread

Post by presto987 »

dandinsac wrote: Thu May 06, 2021 9:03 pm I have a 3% mortgage with Chase Bank of ~$711,000 in California on a house that we closed in January 2021. I will be closing on my former house soon and will have enough cash to lower the mortgage below $548,250, which is the limit for qualifying mortgages in my county. I plan to refinance, most likely to a 20-year or 15-year mortgage. (I did no-cost refinances on my former house two times last year, so I know the drill.)

1. Once I get the settlement funds, is there any advantage to pay down my existing mortgage right away to lower the principal below the qualifying limit? Or, should I hold on to the cash and just include it in the refi?

2. Chase will recast my mortgage at a minimal cost, but their 3% rate isn’t competitive now, where 2.625-2.75% is available for 30-year refi’s with no costs. Does anyone have experience with Chase matching the rates on LenderFi, Better, etc. without going through a new refinance/appraisal?

Thanks!
On #1, I don't think it matters much, but personally I would pay down the existing mortgage right away. This way you get a guaranteed 3% (pre tax deduction) return on that money, which you are not going to get by having the cash sitting in a savings account while you do your refi. You should come out a couple hundred dollars ahead this way.
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