Refinance Mega Thread

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jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

This has been helpful to me as well. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi. I have a couple questions:

1) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%
2) Does AimLoan do their own servicing or do they sell it after a period of time?
3) Trying to compare their offering versus Navy Federal offerings. NF quotes points but AimLoan does not. When you click on details for a specific loan it says "Guaranteed Lender Fee". If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

jaybee9 wrote: Fri Jan 17, 2020 7:22 pm This has been helpful to me as well. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi. I have a couple questions:

1) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%
2) Does AimLoan do their own servicing or do they sell it after a period of time?
3) Trying to compare their offering versus Navy Federal offerings. NF quotes points but AimLoan does not. When you click on details for a specific loan it says "Guaranteed Lender Fee". If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?
One more
4) Does it ever make sense to refinance with your current servicer? (Currently is Mr Cooper.) I'm suspicious that I would good a good deal as I figure they look at you as a captive client perhaps, but I honestly don't know.
Samaitch
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Re: Refinance Mega Thread

Post by Samaitch »

crystalbank, about 10 posts up. Can please you post some details on the 2.75% 7/1 no-cost. Have not seen anything close..
deskjockey
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Re: Refinance Mega Thread

Post by deskjockey »

jaybee9 wrote: Fri Jan 17, 2020 7:37 pm
One more
4) Does it ever make sense to refinance with your current servicer? (Currently is Mr Cooper.) I'm suspicious that I would good a good deal as I figure they look at you as a captive client perhaps, but I honestly don't know.
It could make sense, if they give you a better rate and lower fees than other lenders or brokers, but my personal experience is that they have never been competitive.
Golf maniac
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Re: Refinance Mega Thread

Post by Golf maniac »

jaybee9 wrote: Fri Jan 17, 2020 7:22 pm This has been helpful to me as well. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi. I have a couple questions:

1) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%
2) Does AimLoan do their own servicing or do they sell it after a period of time?
3) Trying to compare their offering versus Navy Federal offerings. NF quotes points but AimLoan does not. When you click on details for a specific loan it says "Guaranteed Lender Fee". If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?
1. In the process of a refi with Aim now. They are using an automated appraisal on my loan so the appraisal fee I paid upfront will go toward the closing costs. Talk to your loan officer to see if you qualify for an automated appraisal.
2. My understanding is they service the majority of the loans they originate and sell servicing on about 20%. Just remember in your loan documents you agree to allow them to sell your loan. So they can sell any loan at any time.
3. You can call it a lender fee or discount points, the main thing is to compare total closing costs across different lenders. For my loan Aim had the best rate and closing costs were in line with other lenders I got quotes from during the process.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

Another thing to keep in mind is what type of escrow your mortgage lender will require. I've seen some lenders want 8 months upfront (Northepointe...) and other lenders require as little as 1 month.
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

Golf maniac wrote: Fri Jan 17, 2020 9:18 pm
jaybee9 wrote: Fri Jan 17, 2020 7:22 pm This has been helpful to me as well. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi. I have a couple questions:

1) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%
2) Does AimLoan do their own servicing or do they sell it after a period of time?
3) Trying to compare their offering versus Navy Federal offerings. NF quotes points but AimLoan does not. When you click on details for a specific loan it says "Guaranteed Lender Fee". If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?
1. In the process of a refi with Aim now. They are using an automated appraisal on my loan so the appraisal fee I paid upfront will go toward the closing costs. Talk to your loan officer to see if you qualify for an automated appraisal.
2. My understanding is they service the majority of the loans they originate and sell servicing on about 20%. Just remember in your loan documents you agree to allow them to sell your loan. So they can sell any loan at any time.
3. You can call it a lender fee or discount points, the main thing is to compare total closing costs across different lenders. For my loan Aim had the best rate and closing costs were in line with other lenders I got quotes from during the process.
Thanks! I ended up briefly talking to Aim. As an additional note on #1, it sounds like if you give a home value that is in line with (less than or equal to) what they find from comps it won't trigger an appraisal.

So, do a lot of BH use AimLoan? I honestly had never heard of them before I saw them mentioned upthread.
mesaverde
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Post by mesaverde »

Early last year I refinanced with AimLoan and it was smooth. I gave a reasonable estimate for the value and they waived the appraisal, saving $$. But now I'm refinancing with Lenderfi. I compared Lenderfi to Aimloan and Lenderfi's closing costs were $1,500 less for a 30 year 3.5% fixed. So be sure to check around.
"Learn from the past, live in the present, plan for the future"
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

mesaverde wrote: Fri Jan 17, 2020 10:06 pm Early last year I refinanced with AimLoan and it was smooth. I gave a reasonable estimate for the value and they waived the appraisal, saving $$. But now I'm refinancing with Lenderfi. I compared Lenderfi to Aimloan and Lenderfi's closing costs were $1,500 less for a 30 year 3.5% fixed. So be sure to check around.
For my parameters, 15 year fixed, AimLoan is 3.263% for essentially no cost whereas LenderFi is 3.533% APR with ~$120 credit.
1130Super
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Re: Refinance Mega Thread

Post by 1130Super »

jaybee9 wrote: Fri Jan 17, 2020 7:22 pm This has been helpful to me as well. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi. I have a couple questions:

1) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%
2) Does AimLoan do their own servicing or do they sell it after a period of time?
3) Trying to compare their offering versus Navy Federal offerings. NF quotes points but AimLoan does not. When you click on details for a specific loan it says "Guaranteed Lender Fee". If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?
My loan was sold to Wells Fargo, it was perfect because that’s where my main account is at
jaybee9
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Post by jaybee9 »

So I went back thru the thread to date and compiled a list of all the suggestions for where to search for refinancing options. Here it is:

aimloan.com
lenderfi.com
loandepot.com
Provident Funding
Current loan servicer
Costco
Lending Tree
https://www.penfed.org/mortgage-center/mortgages
United Wholesale Mortgage
Veridian Credit Union
Zillow
Arbor Financial Credit Union
goodmortgage.com
keystonefunding.com
https://www.mtgprofessor.com/ext/partne ... gTool.aspx
Ally
Key Bank
Chase
Local banks/credit unions
sebonic.com
Accunet Mortgage
Amerisave
Owning Corporation
Discover
First Tech CU
https://www.firsttechfed.com/rates/rate ... home-loans
nerdwallet.com
bankrate.com
better.com, kind of
Quicken Loans
Navy Federal Credit Union
Wells Fargo

Of all of the specific lenders mentioned, it appears to me only aimloan.com and lenderfi.com are fully transparent on rates and total costs up front (better.com sort of does). All the others seem to just give rates and maybe some detail on fees but most want your contact info. Seems to me to be really hard to know who has the best rates without publishing their fees, kind of just a game. I don't want to waste my time randomly applying to different lenders.

So are there really no other lenders being fairly transparent and publish rates and fees like Aim and LenderFi? Hard to believe there aren't others.

As one other side note, Owning Corp is publishing fairly attractive rates and advertising as "no cost". That seems almost too good to be true. May have to bite to find out for sure.

(edit) I forgot but was mentioned earlier upthread that Owning is only for CA.
jaybee9
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Re: Refinance Mega Thread

Post by jaybee9 »

I have started the application process with AimLoan (AL) and LenderFi (LF). I also inquired with Navy Federal (NF) just because I have used them in the past. One thing the lady I spoke to offered up is that NF has an average time to close of 75 to 80 days right now. Given that they also appear to be a lot higher in terms of cash to close than AL for the same rate and the slowness I'm not going to pursue that option any further. (Although, in fairness NF says they are conservative with their 3rd party estimates.)

Just a couple observations about AL and LF. I applied to AL Wednesday and LF Thursday. The current estimate from AL is 3.25% at $538 closing cost and LF is 3.75% at $480 closing cost for a 15 year fixed conventional. So definitely leaning towards AL with the 0.5% lower rate for almost same out of pocket. AL still has not processed my application (lady said she would work on it today) whereas LF sent me a request documentation later Thursday night. Their process seems maybe more automated whereas AL spoke of having to download and process my application?

But here's my question for those who have dealt with AL and/or LF. How close are they on their 3rd part cost estimates? AL has "Guaranteed" next to most of their fees. How close were they at the end? I hear some lenders like to sneak stuff on at the end. Anyone experience any of that with either of these lenders?

Just a last tidbit FWIW, AL mentioned that rates usually go up in January (not sure why) but that rates have been fallen so they've gotten slammed.
TracyC
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Post by TracyC »

For those living in Arizona, California, Massachusetts or Idaho I also strongly suggest looking at raterabbit.com. We locked in a 15 year refi last November for a secondary home for only 3% with $500 cost. I know rates are up from then but I just looked and it seems they are still competitive if you live in states in which they are able to do business. Process was very smooth and easy.

Edit to add that website is transparent re costs and no email required.
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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

Rates dropped quite a bit in the last couple of trading days. For those on the fence about refinancing, you may be able to take advantage of the recent market volatility and capture a lower interest rate.
il0kin
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Post by il0kin »

AZAttorney11 wrote: Mon Jan 27, 2020 9:21 am Rates dropped quite a bit in the last couple of trading days. For those on the fence about refinancing, you may be able to take advantage of the recent market volatility and capture a lower interest rate.
I'm working with a local broker now to look into taking advantage of the rates. I'll update the thread when I get formal quotes.
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AerialWombat
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Post by AerialWombat »

AZAttorney11 wrote: Mon Jan 27, 2020 9:21 am Rates dropped quite a bit in the last couple of trading days. For those on the fence about refinancing, you may be able to take advantage of the recent market volatility and capture a lower interest rate.
Unfortunately, I'm locked on my current purchase in progress, but I'll be refinancing two VA loans ASAP in February.

Should this be called the "Mortgage rates in freefall" thread? 8-)
For entertainment purposes only.
il0kin
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Post by il0kin »

We are locked on a 20 year at 3.375 with a $500 lender credit and the remaining closing costs rolled into the loan. Shouldn’t have to do another appraisal, so I don’t anticipate closing costs being too much.

We could have gone down to a 3.25 but neither wife nor I wanted to pay out of pocket as we are cash flowing my Masters degree and this is still a major benefit for us, as we will go from a 3.875 30 year and take 6 years off the loan total.
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AerialWombat
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Post by AerialWombat »

Just a heads up for anybody considering a refi, rate sheets issued to loan originators nationwide early this morning reflect another significant rate drop.
For entertainment purposes only.
il0kin
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Post by il0kin »

AerialWombat wrote: Wed Jan 29, 2020 2:01 pm Just a heads up for anybody considering a refi, rate sheets issued to loan originators nationwide early this morning reflect another significant rate drop.
Can you expand on that? I see the 10 year yield slipped a bit today and thought that might put some downward pressure on the rates.
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AerialWombat
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Post by AerialWombat »

il0kin wrote: Wed Jan 29, 2020 4:51 pm
AerialWombat wrote: Wed Jan 29, 2020 2:01 pm Just a heads up for anybody considering a refi, rate sheets issued to loan originators nationwide early this morning reflect another significant rate drop.
Can you expand on that? I see the 10 year yield slipped a bit today and thought that might put some downward pressure on the rates.
Loan originators (mortgage brokers) receive a rate/pricing update early each morning from the companies that underwrite there loans. If there is much ado in the markets that day, there may also be a price adjustment around noon or so Eastern time.

It's a myth that mortgage rates are tied to the 10 year Treasury yield. It's a minor, gross indicator of where rates might go, but there is no direct linkage.
Last edited by AerialWombat on Thu Jan 30, 2020 3:38 pm, edited 1 time in total.
For entertainment purposes only.
il0kin
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Re: Refinance Mega Thread

Post by il0kin »

Local bank is offering 3.25% on a 20 year with $300 underwriting fee. I’m most of the way done with my application with my broker, so hopefully he can also grab 3.25% and match the underwriting fee.
il0kin
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Re: Refinance Mega Thread

Post by il0kin »

We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Johnny Thinwallet
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Re: Refinance Mega Thread

Post by Johnny Thinwallet »

Closing next week on a refinance through a local bank on a 30-year fixed at 3.5% with only around $300 in total closing costs.

We're moving from a 4.125% fixed down to 3.5% so it was an easy decision. That said, I have a history of poorly timed mortgage loan rate locks. Given my history I fully expect rates to continue dropping further below our level.
need403bhelp
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Post by need403bhelp »

il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Which lender, if you don’t mind me asking?

Thanks!
il0kin
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Post by il0kin »

need403bhelp wrote: Thu Jan 30, 2020 8:07 pm
il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Which lender, if you don’t mind me asking?

Thanks!
I will PM you, prefer not to post it publicly as it's my personal bank.
need403bhelp
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Post by need403bhelp »

il0kin wrote: Thu Jan 30, 2020 8:11 pm
need403bhelp wrote: Thu Jan 30, 2020 8:07 pm
il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Which lender, if you don’t mind me asking?

Thanks!
I will PM you, prefer not to post it publicly as it's my personal bank.
Thank you so much!
il0kin
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Re: Refinance Mega Thread

Post by il0kin »

Johnny Thinwallet wrote: Thu Jan 30, 2020 7:40 pm Closing next week on a refinance through a local bank on a 30-year fixed at 3.5% with only around $300 in total closing costs.

We're moving from a 4.125% fixed down to 3.5% so it was an easy decision. That said, I have a history of poorly timed mortgage loan rate locks. Given my history I fully expect rates to continue dropping further below our level.
Well, you're honestly within the margin of error. Here is useful aggregate data from the Fed: https://fred.stlouisfed.org/series/MORTGAGE30US

Lowest average 30 year fixed rate was 3.31 the week of 11/21/2012. It's an average, so it's not perfect and I think it's reasonable to knock down .25% for Boglehead types who are shopping diligently, but you're hardly getting soaked at 3.5%!
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simplesimon
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Post by simplesimon »

I'm six months into a 3.375% 10/1 ARM and am wondering if its worth refinancing. Looks like the best 10/1 ARM rates are about 3.00% no points.

Has anybody done a 10/1 recently?
il0kin
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Re: Refinance Mega Thread

Post by il0kin »

il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Update: the loan officer accidentally keyed in a 15 year, which is what brought us down to 3.125. The rate is actually 3.25 for our 20 year, which is either in line or .125 below the market rate as of Friday (3.375 per broker).

I’m still quite pleased with the 3.25.
il0kin
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Re: Refinance Mega Thread

Post by il0kin »

il0kin wrote: Mon Feb 03, 2020 11:13 am
il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Update: the loan officer accidentally keyed in a 15 year, which is what brought us down to 3.125. The rate is actually 3.25 for our 20 year, which is either in line or .125 below the market rate as of Friday (3.375 per broker).

I’m still quite pleased with the 3.25.
Broker came back and beat the local bank on interest rate and closing costs... so now the 20 year is actually at 3.125%!
tosagarb
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Post by tosagarb »

il0kin wrote: Fri Feb 07, 2020 10:02 pm
il0kin wrote: Mon Feb 03, 2020 11:13 am
il0kin wrote: Thu Jan 30, 2020 7:30 pm We are now at 3.125 with no points, a $300 underwriting fee and appraisal waiver through the local bank. I’m planning to go with this as it seems there will not be anything better in the market.
Update: the loan officer accidentally keyed in a 15 year, which is what brought us down to 3.125. The rate is actually 3.25 for our 20 year, which is either in line or .125 below the market rate as of Friday (3.375 per broker).

I’m still quite pleased with the 3.25.
Broker came back and beat the local bank on interest rate and closing costs... so now the 20 year is actually at 3.125%!
Hello il0kin , Appreciate you sharing all this info with us. Will you be able to share the lender info since I am in the market to refinance my primary residence. This would be a great help to me.
jaybee9
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Post by jaybee9 »

Closed today with AIM Loan on what was to be a no-cost 15 yr fixed loan at 3.375%. At the time when I applied I thought that their guaranteed loan costs were fixed. It turns out they can actually be less. The title fees were $90 less and the recording fees were $30 lower. So it turns out I got a little back. I applied online on Jan 27 so it was basically three weeks start to finish. Loan officer was super helpful and very responsive.
hbdad
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Post by hbdad »

I closed today on a 30yr 3.25 no cost refi. Lender is Optimum First.
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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

Treasury yields are plummeting at the moment. There's going to be a great opportunity to refinance early this week if you're on the fence about doing so.
e5116
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Post by e5116 »

AZAttorney11 wrote: Mon Feb 24, 2020 9:10 am Treasury yields are plummeting at the moment. There's going to be a great opportunity to refinance early this week if you're on the fence about doing so.
Yep, I should have waited as I'm currently in process. What do they say about market timing? Can't time refinancing either it appears!! Hahahaha.
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AerialWombat
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Post by AerialWombat »

e5116 wrote: Mon Feb 24, 2020 10:45 am
AZAttorney11 wrote: Mon Feb 24, 2020 9:10 am Treasury yields are plummeting at the moment. There's going to be a great opportunity to refinance early this week if you're on the fence about doing so.
Yep, I should have waited as I'm currently in process. What do they say about market timing? Can't time refinancing either it appears!! Hahahaha.
Sure, but you're still getting one of the lowest mortgage rates ever, in all of human history. That's still a win.
For entertainment purposes only.
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hornet96
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Post by hornet96 »

I inquired about rates on Friday, when rates were tanking then. I got a quote at 3.25% (no points) for a 30 yr fixed and had until last night at midnight to lock - glad I didn't. I saw the futures markets tanking last night and have been in talks with my lender. Just a few minutes ago, I sent him a note to lock at 3.125% on the 30 yr, no points, no origination fee, nominal closing costs (appraisal fee/stamp tax/title insurance). Lender is Keystone Funding (mortgage professor approved lender :happy ).

I have another thread going on this as well which went the way of discussing 30 vs. 15 year, which I'll update later since I decided to stick with the 30 year. In comparison to the post that il0kin shared earlier in this thread, this appears to be at the all-time low for the 30 yr fixed at par, as of today, from what I can tell, which is just too good to let pass by. I decided not to wait for the eventual negative US interest rates, but if that happens, maybe I'll refi at that time again. :)
Last edited by hornet96 on Mon Feb 24, 2020 5:09 pm, edited 1 time in total.
Count of Notre Dame
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Post by Count of Notre Dame »

I'm finding that my 7/1 30-year ARM @ 3% is about as good as I can get. I've been looking at refinancing to a 15-year but it appears the rates are not significantly better? I've seen rates as good as 2.75%, but as anyone seen better?
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Post by seawolf21 »

hornet96 wrote: Mon Feb 24, 2020 1:58 pm I inquired about rates on Friday, when rates were taking then. I got a quote at 3.25% (no points) for a 30 yr fixed and had until last night at midnight to lock - glad I didn't. I saw the futures markets tanking last night and have been in talks with my lender. Just a few minutes ago, I sent him a note to lock at 3.125% on the 30 yr, no points, no origination fee, nominal closing costs (appraisal fee/stamp tax/title insurance). Lender is Keystone Funding (mortgage professor approved lender :happy ).

I have another thread going on this as well which went the way of discussing 30 vs. 15 year, which I'll update later since I decided to stick with the 30 year. In comparison to the post that il0kin shared earlier in this thread, this appears to be at the all-time low for the 30 yr fixed at par, as of today, from what I can tell, which is just too good to let pass by. I decided not to wait for the eventual negative US interest rates, but if that happens, maybe I'll refi at that time again. :)
I'm working with keystone as well but started several weeks ago.

wow...15 year 2.75% or 30 year at 3.125 both with lender credit to borrower.
over45
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Post by over45 »

I used to be a loan officer and strongly recommend anyone with an adjustable rate loan move to a fixed. Anything can happen and lenders have a way of profiting off of rate adjustments -- remember they are in the business to make money. I've seen adjustable s jump 2% when actual rates only jump 1/2%... it's all in the way they tie the adjustment to certain financial benchmarks. Buyer beware with adjustable rate mortgages of any duration...
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hand
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Post by hand »

AZAttorney11 wrote: Sun Sep 01, 2019 8:05 pm
Lender credit $1,560
Total closing costs (I saved a bunch of money by shopping for title insurance rather than using the preferred vendor) $1,432.04
Due from lender at closing - $127.96
Would you be willing to share a list of title insurance providers you considered?
All_About_Benjis
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Post by All_About_Benjis »

I locked in with a lender about 10 days ago at 3.5% (was at 4.25%) with a lender credit that will essentially cover all closing costs (I might even make a couple hundred on the deal).

We have our appraisal tomorrow. I'm wondering if I can go back to the lender now and ask for a better rate....or if I am legally bound to stay with this lender, as I am sure there are better offers available now.

Thoughts?
apex84
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Post by apex84 »

We refinanced recently. Locking was stressful (as I remember when I originally bought). My understanding is that for that loan application with that lender, you've locked the rate. It doesn't hurt to ask if they can adjust it, but they may not. You don't have to move forward with the loan. Even after the loan is finalized, there is a 3 day rescission period (that shouldn't have begun yet in your case since you haven't even done the appraisal).

https://www.thetruthaboutmortgage.com/r ... escission/
All_About_Benjis wrote: Mon Feb 24, 2020 5:04 pm I locked in with a lender about 10 days ago at 3.5% (was at 4.25%) with a lender credit that will essentially cover all closing costs (I might even make a couple hundred on the deal).

We have our appraisal tomorrow. I'm wondering if I can go back to the lender now and ask for a better rate....or if I am legally bound to stay with this lender, as I am sure there are better offers available now.

Thoughts?
p_haze
Posts: 10
Joined: Mon Feb 24, 2020 8:22 pm

Re: Refinance Mega Thread

Post by p_haze »

Hi, new user here. I have been following this and other refinance threads for a few weeks now. It has been super helpful!

Started shopping today for rates (will share a screenshot of spreadsheet tomorrow once it is fully filled in) in case it helps other people.

I have locked with LoanDepot @ 3.125 (APR 3.164), closing cost of $400, no points, 20 year term. New monthly P&I is $300 more than earlier.
LTV = 66.5%
Original terms = 3.75% for 30 years, 27.5 years remaining

Any thoughts on this deal and has anyone had experience with LoanDepot that they can share? I am a bit wary of "catches". Never worked with online lenders before.

Thanks!!
garomee
Posts: 9
Joined: Tue Jun 03, 2014 8:18 pm

Re: Refinance Mega Thread

Post by garomee »

Thanks to this thread, I became aware of the mortgage rates falling significantly, and looked into refinancing.

Ran quotes at Aimloan and LenderFi; got better quote for the rate&fees at LenderFi. 30 year fixed, 3.25%, no points, and estimated closing cost cost of~ $500 (with some lender credit).

My original loan, which I had just closed on last month (purchase offer accepted and rate locked in Dec 2019) was 30 year fixed at 3.875%. I will break even immediately and will save over $3000 on interest for the first year alone.

Thanks Bogleheads! :sharebeer
seawolf21
Posts: 919
Joined: Tue Aug 05, 2014 7:33 am

Re: Refinance Mega Thread

Post by seawolf21 »

p_haze wrote: Mon Feb 24, 2020 8:28 pm Hi, new user here. I have been following this and other refinance threads for a few weeks now. It has been super helpful!

Started shopping today for rates (will share a screenshot of spreadsheet tomorrow once it is fully filled in) in case it helps other people.

I have locked with LoanDepot @ 3.125 (APR 3.164), closing cost of $400, no points, 20 year term. New monthly P&I is $300 more than earlier.
LTV = 66.5%
Original terms = 3.75% for 30 years, 27.5 years remaining

Any thoughts on this deal and has anyone had experience with LoanDepot that they can share? I am a bit wary of "catches". Never worked with online lenders before.

Thanks!!
IME Loan depot is not competitive and will nag you if you don’t go with them. I would check mortgage professor, lender fi to see if you can get a better offer and then take the best offer to better.com to see if they can match.
p_haze
Posts: 10
Joined: Mon Feb 24, 2020 8:22 pm

Re: Refinance Mega Thread

Post by p_haze »

Thanks!
I did ask ~10 lenders to see if they could beat the LoanDepot offer but so far none can. Better does not serve MA. LenderFi was coming in worse than LoanDepot.
I am including a screenshot of my rate shopping so far in case it helps someone.

Image
AD3
Posts: 84
Joined: Tue Apr 04, 2017 11:05 pm
Location: Bay Area

Re: Refinance Mega Thread

Post by AD3 »

In the process of a refinance I got a rate lock for 3.15% for 30 years and I'm wondering if I should ask for a rate reduction.
Last edited by AD3 on Tue Feb 25, 2020 2:03 pm, edited 1 time in total.
keystone
Posts: 655
Joined: Tue Aug 28, 2012 12:34 pm

Re: Refinance Mega Thread

Post by keystone »

I'm 7 years into a 30 year FRM at 3.25% and never thought I'd see the day where I'd consider refinancing, but now I'm seeing a 15 year FRM at Lenderfi at 2.625% with no points. This is getting kind of tempting.
over45
Posts: 131
Joined: Sat Nov 18, 2017 8:35 am

Re: Refinance Mega Thread

Post by over45 »

something to consider: inquire if your new loan is "assumable" if you ever decide to sell the house. if and when rates do go up - it will be easier to sell a house if you can offer a below-market rate on financing to the prospective borrower. at some point the housing market is going to turn from a sellers market to a buyer market.
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