Refinance Mega Thread

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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

happyyoda wrote: Thu Jul 16, 2020 4:11 pm Better just declined my match request stating that they don't match competitors for loan amounts over $500,000!

Did anyone have success in getting Better match a competitor for a $500K+ loan?
You know I did see that in their disclosures. But when I sent it over my 20-year LE to Better, they declined to match because of the term, not because of the amount. I just sent a 30-year offer over to them for matching so I'll see what they say!
KeepinItPositive
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Re: Refinance Mega Thread

Post by KeepinItPositive »

For those that have gotten no cost refis at these great rates.....

Have you used the original purchase title company to get those fees down through a renewal or just gone with the company??
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

jimmy2040 wrote: Thu Jul 16, 2020 1:15 pm
ChiKid24 wrote: Thu Jul 16, 2020 12:10 am
Soares1234 wrote: Wed Jul 15, 2020 10:53 pm
ChiKid24 wrote: Wed Jul 15, 2020 10:01 pm
Nebelsieck wrote: Wed Jul 15, 2020 9:45 pm I'm closing with LD in the next couple of days. Thanks to everyone for your thoughts, info, and advice.

I would like to try to refi again if possible. Will the lenders permit me to refi to make my loan .125 lower? Or does it need to be . 25 lower or more? It is helpful to delete my current Better application and start over in hope of getting a loan officer that's more eager to match than my previous guy was? Thanks!
The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!
You don’t have to wait til your credit report updates? Did you just let the lender know?
Yes, I told the guy at Lenderfi that I just signed closing docs and my Better loan would fund next week. I kind of had to because their system was pulling my original Wells Fargo loan when I applied since the Better refi wasn't complete. He had no issue at all with it, but did stress to me their 6-month policy.
Does this mean LenderFi will ask you to pay them back if you refinanced with another company after 2 months of closing with LenderFi?
We would owe them back the lender credit, which in my case is $1,385. They actually have an "Intent to Retain Mortgage" document that we signed in the initial disclosures. It reads as follows:

I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program
pindevil
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Re: Refinance Mega Thread

Post by pindevil »

I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

Thank you everyone who has shared their experiences. I learned a lot, and I made a solid decision that I wouldn't have made without some very helpful bogleheads.

Loan: $230,000
LTV: easily under 75%
DTI: super low
Credit: 800+

Changing from a 30 year to a 15 year. Purchased house 5 years ago.

Story:
1) Applied to LD. They provided an awful quote. And loan officer applied some pressure to pay for my credit report. I declined. I also felt like i'd wasted a lot of time. It wasn't a great first-round experience.
[Detail: 2.5% but cost was around $4,500 (for boxes A,B,C & E and lender credit)]

2) Next, Applied to LF. They provided a solid quote. I almost took it.
[Detail: 2.6%, cost cost was around $300 (for boxes A,B,C & E and lender credit)]

3) Called back LD and asked if they could match. And now it appears I'm getting paid $500 to refinance.
[Detail: 2.6%, cost was around -$500 (for boxes A,B,C & E and lender credit)]

4) I called LF. LF couldn't match it, and I locked with LD.

I don't fault either company. I think both were very professional. Some loan officer pressure is to be expected. I would and I have recommended both companies. I have locked with LD. It should be a very fast process, as appraisal is waived. If it ends up sucking, I'll update (of course).
Last edited by ThreeBears on Thu Jul 16, 2020 5:51 pm, edited 1 time in total.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

Familyman2012 wrote: Thu Jul 16, 2020 7:19 am
ChiKid24 wrote: Thu Jul 16, 2020 12:16 am
Familyman2012 wrote: Wed Jul 15, 2020 11:28 pm
ChiKid24 wrote: Wed Jul 15, 2020 10:01 pm
Nebelsieck wrote: Wed Jul 15, 2020 9:45 pm I'm closing with LD in the next couple of days. Thanks to everyone for your thoughts, info, and advice.

I would like to try to refi again if possible. Will the lenders permit me to refi to make my loan .125 lower? Or does it need to be . 25 lower or more? It is helpful to delete my current Better application and start over in hope of getting a loan officer that's more eager to match than my previous guy was? Thanks!
The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!
That’s crazy. If you refi again that soon, Do you think your Amex $2500 will still post to your account?

I read all the fine prints and don’t see anything.
I just signed my paperwork today but if I can get a lower rate then I’ll do this all over again. I just don’t want to lose my Amex promo.
Good question, but doesn't apply for me. Sadly I didn't know about the Amex offer when I applied. I actually don't have an Amex. I tried to push with them and say I would open an account if they would apply the offer, but no dice. My lender credit was just under $5k without the Amex offer and my Section B,C and E costs were around $1,600. Still a nice deal in my mind, even better now that I'm going to get 2.75% once this second one closes.

To your question, I think the only thing I saw was the Amex had to stay open for a period of time. But agree nothing related to the loan needing to stay with Better.
I apologize, I read your post wrong. You netted $2500 in lenders credit. When I read your post. I saw $2500. So I assume it was the Amex promo.
OK so this is strange. As I said above, I was unable to get Better to allow me to apply with the Amex offer. But closed with them anyway since they gave me a nice lender credit. Well just now I got an email from them saying the below. Any suggestions on what to do? I don't have an Amex, but would definitely apply if I can now get the $2,500. Since I've never given them an account number though, I'm not sure how that would work. What say you Bogle brains?

Congratulations on funding your loan, XXX! You can expect your American Express® statement credit to be applied to your account within 8-12 weeks. To check eligibility requirements, you can review the terms at the bottom of the offer landing page or call the number on the back of your credit card. Thanks again for working with Better.com!
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

pindevil wrote: Thu Jul 16, 2020 5:13 pm I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
In theory you were given a Regulation P disclosure at closing. It looks like this: https://www.federalreserve.gov/bankinfo ... OptOut.pdf

You likely failed to complete it. It's not too late. But, may be less effective now.

Also this: https://better.com/about-us/privacy-policy

Access to and Control Over Information
You may opt-out of any future marketing contacts from us at any time. You can do the following by contacting us via the email address or phone number given on our website:
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

pindevil wrote: Thu Jul 16, 2020 5:13 pm I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
They didn’t sell your information as much as these companies buy the county records for mortgage recording. Thus, you will get that regardless of lender.
Last edited by BrandonBogle on Thu Jul 16, 2020 6:27 pm, edited 1 time in total.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

ThreeBears wrote: Thu Jul 16, 2020 5:14 pm Thank you everyone who has shared their experiences. I learned a lot, and I made a solid decision that I wouldn't have made without some very helpful bogleheads.

Loan: $230,000
LTV: easily under 75%
DTI: super low
Credit: 800+

Changing from a 30 year to a 15 year. Purchased house 5 years ago.

Story:
1) Applied to LD. They provided an awful quote. And loan officer applied some pressure to pay for my credit report. I declined. I also felt like i'd wasted a lot of time. It wasn't a great first-round experience.
[Detail: 3.5% but cost was around $4,500 (for boxes A,B,C & E and lender credit)]

2) Next, Applied to LF. They provided a solid quote. I almost took it.
[Detail: 3.6%, cost cost was around $300 (for boxes A,B,C & E and lender credit)]

3) Called back LD and asked if they could match. And now it appears I'm getting paid $500 to refinance.
[Detail: 3.6%, cost was around -$500 (for boxes A,B,C & E and lender credit)]

4) I called LF. LF couldn't match it, and I locked with LD.

I don't fault either company. I think both were very professional. Some loan officer pressure is to be expected. I would and I have recommended both companies. I have locked with LD. It should be a very fast process, as appraisal is waived. If it ends up sucking, I'll update (of course).
Did you get 2.6% or 3.6%? 3.6% seems too high.
ThreeBears
Posts: 163
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Re: Refinance Mega Thread

Post by ThreeBears »

You are correct. I fixed my original post. Thank you.
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

BrandonBogle wrote: Thu Jul 16, 2020 5:49 pm
pindevil wrote: Thu Jul 16, 2020 5:13 pm I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
They didn’t sell your information as much as these companies buy the counter records for mortgage recording. Thus, you will get that regardless of lender.
You mean county records? You realize there are over 3,000 counties in the US. I find the explanation much less likely than the explanation that banks are selling the information, which they are allowed to do, when consumers do not opt-out.

Any reason for why you think this?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ThreeBears wrote: Thu Jul 16, 2020 6:02 pm
BrandonBogle wrote: Thu Jul 16, 2020 5:49 pm
pindevil wrote: Thu Jul 16, 2020 5:13 pm I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
They didn’t sell your information as much as these companies buy the counter records for mortgage recording. Thus, you will get that regardless of lender.
You mean county records? You realize there are over 3,000 counties in the US. I find the explanation much less likely than the explanation that banks are selling the information, which they are allowed to do, when consumers do not opt-out.

Any reason for why you think this?
Whoops. Fixed that typo. Yes, county records.

Every mortgage I've had, including with PenFed that portfolio's 100% of their loans and doesn't sell servicing or investment of their loans, resulted in this behavior. And this is across multiple states. It would be interesting too as my last refi was recorded on Monday and that same Friday I already had one of those in the mail.
ThreeBears
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Re: Refinance Mega Thread

Post by ThreeBears »

BrandonBogle wrote: Thu Jul 16, 2020 6:26 pm
ThreeBears wrote: Thu Jul 16, 2020 6:02 pm
BrandonBogle wrote: Thu Jul 16, 2020 5:49 pm
pindevil wrote: Thu Jul 16, 2020 5:13 pm I have been getting 3-4 letters in the mail each day for "mortgage protection insurance" for about a week now. They all reference better mortgage which is who I recently refinanced with. I assume they sold my information. Do all the lending companies do this?
They didn’t sell your information as much as these companies buy the counter records for mortgage recording. Thus, you will get that regardless of lender.
You mean county records? You realize there are over 3,000 counties in the US. I find the explanation much less likely than the explanation that banks are selling the information, which they are allowed to do, when consumers do not opt-out.

Any reason for why you think this?
Whoops. Fixed that typo. Yes, county records.

Every mortgage I've had, including with PenFed that portfolio's 100% of their loans and doesn't sell servicing or investment of their loans, resulted in this behavior. And this is across multiple states. It would be interesting too as my last refi was recorded on Monday and that same Friday I already had one of those in the mail.
Despite your experience, I still think it's bank's selling information (and not counties)

With PenFed, they explicitly state in their Regulation P disclosure that they share your information with non-affiliates for marketing purposes. See here: https://www.penfed.org/content/dam/penf ... y_2019.pdf

Consumers can opt-out. But, most never do.
happyyoda
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Re: Refinance Mega Thread

Post by happyyoda »

ChiKid24 wrote: Thu Jul 16, 2020 4:59 pm
jimmy2040 wrote: Thu Jul 16, 2020 1:15 pm
ChiKid24 wrote: Thu Jul 16, 2020 12:10 am
Soares1234 wrote: Wed Jul 15, 2020 10:53 pm
ChiKid24 wrote: Wed Jul 15, 2020 10:01 pm

The beauty of a no cost refi is you can continue to do it for even small changes like .125% since it's nothing out of pocket. You have the paperwork largely done already and it's not like you will be resetting the clock on the loan since you just did one. Lenders don't care, they just want the deal. I did just this last week. Signed my closing docs with Better on Thursday going from 3.5% to 3% and netting $2,500 lender credit over closing costs. Same day as signing I locked with Lenderfi at 2.75% with credit to cover costs and my new loan is now in processing.

My Better loan funded today, so I decided to reapply to see if they would beat Lenderfi on the new refinance. I used a different email address to start over also in hopes of getting a different loan officer. I did, but message from the new guy when I sent the Lenderfi loan estimate was: "that does seem like a great option and if I were you, I would take that and run"

Good luck!
You don’t have to wait til your credit report updates? Did you just let the lender know?
Yes, I told the guy at Lenderfi that I just signed closing docs and my Better loan would fund next week. I kind of had to because their system was pulling my original Wells Fargo loan when I applied since the Better refi wasn't complete. He had no issue at all with it, but did stress to me their 6-month policy.
Does this mean LenderFi will ask you to pay them back if you refinanced with another company after 2 months of closing with LenderFi?
We would owe them back the lender credit, which in my case is $1,385. They actually have an "Intent to Retain Mortgage" document that we signed in the initial disclosures. It reads as follows:

I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program
I was considering LenderFi (lowest LE so far) until I read about the 6 month no refinace requirement! :confused

Which other lenders have this clause?

Other lenders who came closer to LenderFi for me are: Loan Cabin & Water Mark.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ThreeBears wrote: Thu Jul 16, 2020 6:45 pm Despite your experience, I still think it's bank's selling information (and not counties)

With PenFed, they explicitly state in their Regulation P disclosure that they share your information with non-affiliates for marketing purposes. See here: https://www.penfed.org/content/dam/penf ... y_2019.pdf

Consumers can opt-out. But, most never do.
Meanwhile, I did explicitly opt out, as I do with nearly every company I interact with.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Thu Jul 16, 2020 7:09 pm
ThreeBears wrote: Thu Jul 16, 2020 6:45 pm Despite your experience, I still think it's bank's selling information (and not counties)

With PenFed, they explicitly state in their Regulation P disclosure that they share your information with non-affiliates for marketing purposes. See here: https://www.penfed.org/content/dam/penf ... y_2019.pdf

Consumers can opt-out. But, most never do.
Meanwhile, I did explicitly opt out, as I do with nearly every company I interact with.
Same experience. Most counties sell this data to companies that collect it and reselling it to companies that will then send you solicitations.

Since I receive all my monthly bills and statements electronically, 90% of all mail I receive is junk. I have a confetti shredder for anything that contains personal information.
homerjsimpson
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Re: Refinance Mega Thread

Post by homerjsimpson »

Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr loans that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr rates that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
Where else have you tried? I locked with LenderFi @ 2.75% 30 yr fixed no cost. Better had the same rate but the points + costs were $8k+ (they would not match LenderFi, too bad I wanted the $2.5k Amex credit!), Loan Depot was similarly as bad. I did not bother looking else where since I was happy with the LenderFi offer. Those may be go away quote, as LenderFi's website stopped accepting applications because they are swamped.
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

anon_investor wrote: Thu Jul 16, 2020 9:46 pm
homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr rates that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
Where else have you tried? I locked with LenderFi @ 2.75% 30 yr fixed no cost. Better had the same rate but the points + costs were $8k+ (they would not match LenderFi, too bad I wanted the $2.5k Amex credit!), Loan Depot was similarly as bad. I did not bother looking else where since I was happy with the LenderFi offer. Those may be go away quote, as LenderFi's website stopped accepting applications because they are swamped.
You took that LenderFi offer to better and they wouldn't beat it huh?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

fanmail wrote: Thu Jul 16, 2020 9:51 pm
anon_investor wrote: Thu Jul 16, 2020 9:46 pm
homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr rates that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
Where else have you tried? I locked with LenderFi @ 2.75% 30 yr fixed no cost. Better had the same rate but the points + costs were $8k+ (they would not match LenderFi, too bad I wanted the $2.5k Amex credit!), Loan Depot was similarly as bad. I did not bother looking else where since I was happy with the LenderFi offer. Those may be go away quote, as LenderFi's website stopped accepting applications because they are swamped.
You took that LenderFi offer to better and they wouldn't beat it huh?
:( Yea... they basically told me it was a great offer and they can't match it. I am okay with the 6 month clawback. This will be my 2nd refi this year, (I got paid $2k last time) so I am okay sitting tight until early next year... maybe 30 year fixed rates will be sub 2% :greedy !
mets914
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Re: Refinance Mega Thread

Post by mets914 »

BrandonBogle wrote: Thu Jul 16, 2020 2:55 pm
mets914 wrote: Thu Jul 16, 2020 2:53 pm I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?
Any reason not to?
So, I just locked in 2.625 from LenderFi and I would have 200 out of pocket which I may be able to get down by shopping for title insurance. I feel somewhat sketchy to have two locked in rates. It would take about 44 months to make up for the lender credit from LD with the lower rate from LenderFi. I guess I'll see if Loan Depot will lower their tomorrow. Then I have to tell one of them (likely Loan Depot) that i'm out. How does one get out of an intent to proceed?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

mets914 wrote: Thu Jul 16, 2020 10:32 pm
BrandonBogle wrote: Thu Jul 16, 2020 2:55 pm
mets914 wrote: Thu Jul 16, 2020 2:53 pm I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?
Any reason not to?
So, I just locked in 2.625 from LenderFi and I would have 200 out of pocket which I may be able to get down by shopping for title insurance. I feel somewhat sketchy to have two locked in rates. It would take about 44 months to make up for the lender credit from LD with the lower rate from LenderFi. I guess I'll see if Loan Depot will lower their tomorrow. Then I have to tell one of them (likely Loan Depot) that i'm out. How does one get out of an intent to proceed?
That's a good plan. If Loan Depot doesn't sweeten the pot on your existing application with them, you simply tell them "please withdraw my application". An email is sufficient. Technically, you could just tell them nothing, but I personally wouldn't. No sense in burning the bridge by making them do unpaid work when you know you won't use them.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

BrandonBogle wrote: Thu Jul 16, 2020 10:37 pm
mets914 wrote: Thu Jul 16, 2020 10:32 pm
BrandonBogle wrote: Thu Jul 16, 2020 2:55 pm
mets914 wrote: Thu Jul 16, 2020 2:53 pm I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?
Any reason not to?
So, I just locked in 2.625 from LenderFi and I would have 200 out of pocket which I may be able to get down by shopping for title insurance. I feel somewhat sketchy to have two locked in rates. It would take about 44 months to make up for the lender credit from LD with the lower rate from LenderFi. I guess I'll see if Loan Depot will lower their tomorrow. Then I have to tell one of them (likely Loan Depot) that i'm out. How does one get out of an intent to proceed?
That's a good plan. If Loan Depot doesn't sweeten the pot on your existing application with them, you simply tell them "please withdraw my application". An email is sufficient. Technically, you could just tell them nothing, but I personally wouldn't. No sense in burning the bridge by making them do unpaid work when you know you won't use them.
Thanks!
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

mets914 wrote: Thu Jul 16, 2020 10:43 pm
BrandonBogle wrote: Thu Jul 16, 2020 10:37 pm
mets914 wrote: Thu Jul 16, 2020 10:32 pm
BrandonBogle wrote: Thu Jul 16, 2020 2:55 pm
mets914 wrote: Thu Jul 16, 2020 2:53 pm I was able to lock in a rate of 2.75 for a 25 year loan with Loan Depot with a $3800 lender credit that covered A+B+C+E. I did have to agree to escrow. Any reason to keep looking for a better rate right now?
Any reason not to?
So, I just locked in 2.625 from LenderFi and I would have 200 out of pocket which I may be able to get down by shopping for title insurance. I feel somewhat sketchy to have two locked in rates. It would take about 44 months to make up for the lender credit from LD with the lower rate from LenderFi. I guess I'll see if Loan Depot will lower their tomorrow. Then I have to tell one of them (likely Loan Depot) that i'm out. How does one get out of an intent to proceed?
That's a good plan. If Loan Depot doesn't sweeten the pot on your existing application with them, you simply tell them "please withdraw my application". An email is sufficient. Technically, you could just tell them nothing, but I personally wouldn't. No sense in burning the bridge by making them do unpaid work when you know you won't use them.
Thanks!
Let us know what LD says. I got LD to match my LenderFi offer (20 year, 2.75%, net zero cost) but they added an extra $1800 lender credit so now I am going with them until something better comes along.
winelvr
Posts: 15
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Re: Refinance Mega Thread

Post by winelvr »

This thread helped me a lot and I wanted to throw in what I found to hopeful help others:

Current Loan: $552k, 4.375%, 28.5 years left
LTV: ~75%
credit: 800+
primary residence in wine country CA

All 30 year fixed:
Northpointe: 3.125% with very small lender credit
Loan Depot: 3.625% (no cost); 2.99% (with 0.337% points); 2.75% (with 1.407% points)
CFBank: 3.125% (couple of hundred dollars closing cost)
Better: 3.625% (with 0.3% points)
Local Credit Union: 3.125% (couple of hundred dollars closing cost)
LenderFi: 2.75% (no cost - covers A+B+C+E). They also offer a 2.65% with I believe something like $2.5k closing cost.

I'm planning to go with LenderFi at 2.75%. Couple of notes about the LenderFi loan - 1) requires escrow 2) can't refinance for 6 months. I'm fine with both. Thanks to whoever posted the link to get an application into them - I had given up on LenderFi when I read their website statement.
happyyoda
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Re: Refinance Mega Thread

Post by happyyoda »

ThreeBears wrote: Thu Jul 16, 2020 5:14 pm Thank you everyone who has shared their experiences. I learned a lot, and I made a solid decision that I wouldn't have made without some very helpful bogleheads.

Loan: $230,000
LTV: easily under 75%
DTI: super low
Credit: 800+

Changing from a 30 year to a 15 year. Purchased house 5 years ago.

Story:
1) Applied to LD. They provided an awful quote. And loan officer applied some pressure to pay for my credit report. I declined. I also felt like i'd wasted a lot of time. It wasn't a great first-round experience.
[Detail: 2.5% but cost was around $4,500 (for boxes A,B,C & E and lender credit)]

2) Next, Applied to LF. They provided a solid quote. I almost took it.
[Detail: 2.6%, cost cost was around $300 (for boxes A,B,C & E and lender credit)]

3) Called back LD and asked if they could match. And now it appears I'm getting paid $500 to refinance.
[Detail: 2.6%, cost was around -$500 (for boxes A,B,C & E and lender credit)]

4) I called LF. LF couldn't match it, and I locked with LD.

I don't fault either company. I think both were very professional. Some loan officer pressure is to be expected. I would and I have recommended both companies. I have locked with LD. It should be a very fast process, as appraisal is waived. If it ends up sucking, I'll update (of course).
Do you know if Loan Depot has the clause where one can't refinance for 6 months? (LenderFi does)

Also, did they indicate their current processing time to close your refinance?
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

happyyoda wrote: Fri Jul 17, 2020 12:44 am
ThreeBears wrote: Thu Jul 16, 2020 5:14 pm Thank you everyone who has shared their experiences. I learned a lot, and I made a solid decision that I wouldn't have made without some very helpful bogleheads.

Loan: $230,000
LTV: easily under 75%
DTI: super low
Credit: 800+

Changing from a 30 year to a 15 year. Purchased house 5 years ago.

Story:
1) Applied to LD. They provided an awful quote. And loan officer applied some pressure to pay for my credit report. I declined. I also felt like i'd wasted a lot of time. It wasn't a great first-round experience.
[Detail: 2.5% but cost was around $4,500 (for boxes A,B,C & E and lender credit)]

2) Next, Applied to LF. They provided a solid quote. I almost took it.
[Detail: 2.6%, cost cost was around $300 (for boxes A,B,C & E and lender credit)]

3) Called back LD and asked if they could match. And now it appears I'm getting paid $500 to refinance.
[Detail: 2.6%, cost was around -$500 (for boxes A,B,C & E and lender credit)]

4) I called LF. LF couldn't match it, and I locked with LD.

I don't fault either company. I think both were very professional. Some loan officer pressure is to be expected. I would and I have recommended both companies. I have locked with LD. It should be a very fast process, as appraisal is waived. If it ends up sucking, I'll update (of course).
Do you know if Loan Depot has the clause where one can't refinance for 6 months? (LenderFi does)

Also, did they indicate their current processing time to close your refinance?
LD has no clawback. And their current closings are about 45 days I was told today when I locked with them.
mtwhmemn
Posts: 309
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr loans that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
snailderby
Posts: 1368
Joined: Thu Jul 26, 2018 11:30 am

Re: Refinance Mega Thread

Post by snailderby »

homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr loans that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
Not necessarily. As others have said, your geography and loan amount could affect your rates, as well as the date and time of your quote. All you can do is call around.

Better, Figure, Owning, and Reali are not available in my state, but I checked LenderFi, Guaranteed, Box Home Loans, CFBank, Northpointe, First Internet Bank, AimLoan, Axos Bank, Homefinity, Interfirst, Caliber Home Loans, Loan Depot, and several other places. My best quotes were from First Internet Bank, Interfirst, and Northpointe. But I wouldn't assume that you'll necessarily find the best rates for your situation from these three places.

Despite my best efforts, I never found rates as good as most of the offers posted here. I don't know if it's because I had a lower loan amount but I gave up trying to match the numbers posted here and just used this thread as a way to find potential lenders to call.
snailderby
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Joined: Thu Jul 26, 2018 11:30 am

Re: Refinance Mega Thread

Post by snailderby »

mtwhmemn wrote: Fri Jul 17, 2020 5:09 am You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
What's the cost in Box E? If the credit covers D + E, you're paying nothing to refinance.
SirBotsALots
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Joined: Mon Mar 02, 2020 3:53 pm

Re: Refinance Mega Thread

Post by SirBotsALots »

Adding another data point. Super-conforming loan in DC, LTV 70+%. Locked with Lenderfi last week at 2.75% for 30 year no cost. Expect to close by the end of the month.

The 3-4 other lenders I reached out to were all 3.00% or higher with some closing costs.

Thanks to the people in this thread for pointing out Lenderfi :D
mtwhmemn
Posts: 309
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

snailderby wrote: Fri Jul 17, 2020 7:48 am
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
What's the cost in Box E? If the credit covers D + E, you're paying nothing to refinance.
Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
ChiKid24
Posts: 389
Joined: Fri Aug 09, 2019 3:43 pm

Re: Refinance Mega Thread

Post by ChiKid24 »

mtwhmemn wrote: Fri Jul 17, 2020 8:01 am
snailderby wrote: Fri Jul 17, 2020 7:48 am
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
What's the cost in Box E? If the credit covers D + E, you're paying nothing to refinance.
Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Looks like a good deal to me. Agree it's a little higher rate, but likely due to your loan balance.
snailderby
Posts: 1368
Joined: Thu Jul 26, 2018 11:30 am

Re: Refinance Mega Thread

Post by snailderby »

mtwhmemn wrote: Fri Jul 17, 2020 8:01 am Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Only $100 in NC? That's great. My Box E costs (taxes and government fees) are almost $570 in my state!
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386
You don't need to do this now, but after you lock, you can shop around for cheaper title insurance and closing. A company like Title Forward or Solidifi might be able to knock down your Box C costs by a couple hundred dollars.
mtwhmemn
Posts: 309
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

snailderby wrote: Fri Jul 17, 2020 8:53 am
mtwhmemn wrote: Fri Jul 17, 2020 8:01 am Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Only $100 in NC? That's great. My Box E costs (taxes and government fees) are almost $570 in my state!
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386
You don't need to do this now, but after you lock, you can shop around for cheaper title insurance and closing. A company like Title Forward or Solidifi might be able to knock down your Box C costs by a couple hundred dollars.
Damn good idea, thanks for that idea.
mtwhmemn
Posts: 309
Joined: Tue Jul 03, 2018 12:07 pm

Re: Refinance Mega Thread

Post by mtwhmemn »

snailderby wrote: Fri Jul 17, 2020 8:53 am
mtwhmemn wrote: Fri Jul 17, 2020 8:01 am Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Only $100 in NC? That's great. My Box E costs (taxes and government fees) are almost $570 in my state!
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386
You don't need to do this now, but after you lock, you can shop around for cheaper title insurance and closing. A company like Title Forward or Solidifi might be able to knock down your Box C costs by a couple hundred dollars.
How do I go about using Solidifi after I lock? Call Solidifi or just request Better.com use Solidifi if they have better rates. (I see they were several hundred dollars cheaper for me last year when I refied.)
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

snailderby wrote: Fri Jul 17, 2020 8:53 am
mtwhmemn wrote: Fri Jul 17, 2020 8:01 am Ah, forgot about Box E $100 recording fee so I net $295 gain to do this deal. Thanks. I guess if it doesn't cost me anything what is the harm?
Only $100 in NC? That's great. My Box E costs (taxes and government fees) are almost $570 in my state!
Actually, that is just a preliminary estimate. Once the title work comes in, it will be adjusted to $64. Also, the title policy line in Section C is likely to be cut in half, as NC's reissue rate is 50% up to the face amount of prior policies.
itsallaboutme
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Re: Refinance Mega Thread

Post by itsallaboutme »

anon_investor wrote: Wed Jul 15, 2020 5:55 pm
itsallaboutme wrote: Wed Jul 15, 2020 5:49 pm
modest_man wrote: Wed Jul 15, 2020 1:59 pm So I feel like I'm a bit of a pickle here. I uploaded all my documents to Loan Depot last night because they offered me 2.75% 30 year no-cost mortgage. Once he made the offer I called Better who said they didn't think they could match it.

Better called today and said they could match 2.75% no-cost with the $2500 credit.

I'd feel like a major jerk if I pulled away from Loan Depot at this stage of the game. But $2500 is $2500.

Any thoughts on how to proceed?
I was going to go with LoanDepot after they offered a better deal than Better.com Then Better.com came back and offered me 2.75% 30 year with $0 out of pocket nothing rolled in. Called LoanDepot loan officer he was so upset but this is business. And as I was speaking to ask about getting refund for credit check he hung up on me lol. I called and complained they refunded me 1 hour later. He actually told me I can get a refund but I guess that was his way of getting me in.
LenderFi loan officer is also upset he is talking bad about Better saying they can't beat his rate and if they can they can't close faster lol so it's all business don't feel bad. Glad I went with Better because the two others were rude at the end of the day.
Kudos on getting Better to match! I could not get Better to match the offer I got from LenderFi, and Loan Depot's offer was a joke!
Thanks. I was surprised when they said I can get 2.75% 30 year. All I had to do was shop for my own title lender insurance. Which I got from LenderFi's loan estimate lol LenderFi could not match but thankfully they had the better title insurance numbers which I used for the Better.com loan.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

ChiKid24 wrote: Thu Jul 16, 2020 5:25 pm
Familyman2012 wrote: Thu Jul 16, 2020 7:19 am
ChiKid24 wrote: Thu Jul 16, 2020 12:16 am
Good question, but doesn't apply for me. Sadly I didn't know about the Amex offer when I applied. I actually don't have an Amex. I tried to push with them and say I would open an account if they would apply the offer, but no dice. My lender credit was just under $5k without the Amex offer and my Section B,C and E costs were around $1,600. Still a nice deal in my mind, even better now that I'm going to get 2.75% once this second one closes.

To your question, I think the only thing I saw was the Amex had to stay open for a period of time. But agree nothing related to the loan needing to stay with Better.
I apologize, I read your post wrong. You netted $2500 in lenders credit. When I read your post. I saw $2500. So I assume it was the Amex promo.
OK so this is strange. As I said above, I was unable to get Better to allow me to apply with the Amex offer. But closed with them anyway since they gave me a nice lender credit. Well just now I got an email from them saying the below. Any suggestions on what to do? I don't have an Amex, but would definitely apply if I can now get the $2,500. Since I've never given them an account number though, I'm not sure how that would work. What say you Bogle brains?

Congratulations on funding your loan, XXX! You can expect your American Express® statement credit to be applied to your account within 8-12 weeks. To check eligibility requirements, you can review the terms at the bottom of the offer landing page or call the number on the back of your credit card. Thanks again for working with Better.com!
Anyone have any opinions on this one? Should I apply for the Amex after the fact since I got this email? What do you think are the chances I'd actually get the $2,500 credit. I'm tempted, but since I'm in a new refi with Lenderfi now I do worry about opening up a credit card and impacting my score. I'm on the 760 cusp.
leviathan
Posts: 64
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Re: Refinance Mega Thread

Post by leviathan »

ChiKid24 wrote: Fri Jul 17, 2020 12:13 pm
ChiKid24 wrote: Thu Jul 16, 2020 5:25 pm
Familyman2012 wrote: Thu Jul 16, 2020 7:19 am
ChiKid24 wrote: Thu Jul 16, 2020 12:16 am
Good question, but doesn't apply for me. Sadly I didn't know about the Amex offer when I applied. I actually don't have an Amex. I tried to push with them and say I would open an account if they would apply the offer, but no dice. My lender credit was just under $5k without the Amex offer and my Section B,C and E costs were around $1,600. Still a nice deal in my mind, even better now that I'm going to get 2.75% once this second one closes.

To your question, I think the only thing I saw was the Amex had to stay open for a period of time. But agree nothing related to the loan needing to stay with Better.
I apologize, I read your post wrong. You netted $2500 in lenders credit. When I read your post. I saw $2500. So I assume it was the Amex promo.
OK so this is strange. As I said above, I was unable to get Better to allow me to apply with the Amex offer. But closed with them anyway since they gave me a nice lender credit. Well just now I got an email from them saying the below. Any suggestions on what to do? I don't have an Amex, but would definitely apply if I can now get the $2,500. Since I've never given them an account number though, I'm not sure how that would work. What say you Bogle brains?

Congratulations on funding your loan, XXX! You can expect your American Express® statement credit to be applied to your account within 8-12 weeks. To check eligibility requirements, you can review the terms at the bottom of the offer landing page or call the number on the back of your credit card. Thanks again for working with Better.com!
Anyone have any opinions on this one? Should I apply for the Amex after the fact since I got this email? What do you think are the chances I'd actually get the $2,500 credit. I'm tempted, but since I'm in a new refi with Lenderfi now I do worry about opening up a credit card and impacting my score. I'm on the 760 cusp.
I think that it may not impact the credit score (multiple inquiries during a short period time). However, you may need to explain why you obtained new credit with lenderfi or Better. At the last stage of my refinancing with Better, I was asked whether I got a new credit with a new credit check.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

leviathan wrote: Fri Jul 17, 2020 12:26 pm I think that it may not impact the credit score (multiple inquiries during a short period time).
That is more nuanced. Multiple real estate/mortgage inquiries in a short period of time are treated as one for scoring purposes. However, a credit card application would be a different inquiry type and still counted in scoring. However, assuming you have great credit to begin with, I wouldn't be concerned about the new credit card.

As you said though, a lender will want an explanation of it as one of the questions they will explicitly ask if you have had any change in credit circumstances, such as new credit lines.
exarkun
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Re: Refinance Mega Thread

Post by exarkun »

Anyone else refinance with a VA loan streamline (irrrl)?
How much credit did the lender's give you to offset the VA funding fee and other A+B+C+E costs and how much closing did you pay out of pocket vs rolling into the principle? Are they generally less flexible on offsetting the VA fee?
homerjsimpson
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Re: Refinance Mega Thread

Post by homerjsimpson »

mtwhmemn wrote: Fri Jul 17, 2020 5:09 am
homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr loans that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
I'm also in NC, though I can't imagine why that would be a problem. However, you're probably right on the low refi balance. Though I was initially against it, I might get a quote with the closing costs added to the loan balance, just to push me over 200k.

What's also interesting is that I'm seeing little, if any difference between terms. Just got the following quotes from Lenderfi:

15 year no-cost: 3.125%
20 year no-cost: 3.5%
30 year no-cost: 3.25%
mtwhmemn
Posts: 309
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Re: Refinance Mega Thread

Post by mtwhmemn »

homerjsimpson wrote: Fri Jul 17, 2020 1:17 pm
mtwhmemn wrote: Fri Jul 17, 2020 5:09 am
homerjsimpson wrote: Thu Jul 16, 2020 9:39 pm Current Loan: 197k, 3.875%, 25 years left
LTV: 45%
credit: 800
primary residence

Better:
15 yr, A+B+C - credit = $200, 3.5% (not a typo)
15 yr, A+B+C = $3,428, 2.625%

Am I doing something wrong? I see people getting rates on 30yr loans that are 0.75% better! Maybe the lenders are so swamped that they’re offering “go away” quotes.
You and I are in kind of a similar situation. I posted this earlier and received no feedback. "Is this a fair deal to refi my 188K loan on my 270K North Carolina home currently on a 30 at 3.875?

Better.com is offering me the following today:

A: $655
B: $614 ($550 of this is Appraisal fee which will be refunded)
C: $1386

A+B+C=2655 minus $550 for appraisal minus $2500 AMEX credit = $395 goes in my pocket

New loan is 20 year @ 3% (I gather from this thread my rate is a bit higher because my loan is well under $200K???)

Thanks."

So, we both are looking to refi a balance of less than $200K which I've gathered from this thread doesn't get you the lowest rate. I'm in North Carolina, don't know where you are but your ZIP code has something to do with it. I'm going to go with my deal because it isn't going to cost me anything and I'll get a better rate & a shorter term. I guess you look at the AMEX credit as a "Lender Credit" - I mean what else can it be called? In my case they say they are going to credit me for the appraisal, but I doubt they are even going to do one, whatever.

For those of you looking to get the AMEX credit my rep told me you had to lock by end of next week. I didn't have an AMEX but applied and was approved instantly and even got the card number and even got it to work on my iPhone wallet all within minutes.

If anyone can tell me why I SHOULDN'T do my deal please do I would really like some feedback.
I'm also in NC, though I can't imagine why that would be a problem. However, you're probably right on the low refi balance. Though I was initially against it, I might get a quote with the closing costs added to the loan balance, just to push me over 200k.

What's also interesting is that I'm seeing little, if any difference between terms. Just got the following quotes from Lenderfi:

15 year no-cost: 3.125%
20 year no-cost: 3.5%
30 year no-cost: 3.25%
I just locked with Better.com with the deal outlined above. Fingers crossed. Best of luck to you.
topcatin
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Re: Refinance Mega Thread

Post by topcatin »

Hi,
What are the consequences if the appraisal comes lower than the value you entered when applying?
Based on 2 banks, they came up with a value way above what I thought, so I used that number for my current refinance.
My loan amt is 200k and I think my house can sell for $320k - $330k just based on recent comps.
What if the appraiser comes up with a number like $305k - $315k?
gazelle1991
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Re: Refinance Mega Thread

Post by gazelle1991 »

I am doing a cashout refinance and my loan officer tells me if I plan on refinancing again right after the cashout refinance closes, then we can't move forward. She said I have to wait 6 months. Is that true? I suppose that's because of the "cash-out" clause? I plan on refinancing shortly after the cashout to lower the 3.625% 30 year rate to something more reasonable
rightdecisions
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Re: Refinance Mega Thread

Post by rightdecisions »

Seems like most of these responses are for non-jumbo loans.

What is a good place to look for refinance of jumbo loans with competitive interest rates and closing cost for a 2nd home?
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

topcatin wrote: Fri Jul 17, 2020 3:53 pm Hi,
What are the consequences if the appraisal comes lower than the value you entered when applying?
Based on 2 banks, they came up with a value way above what I thought, so I used that number for my current refinance.
My loan amt is 200k and I think my house can sell for $320k - $330k just based on recent comps.
What if the appraiser comes up with a number like $305k - $315k?
Rates are based on specific LTVs (Loan to Value). Good pricing starts at 75% LTV, some may offer better pricing at lower LTVs (65%, 50%, etc.) But I'm not sure how that secret sauce works. With a $200k loan amount, you are well below 75%. Even if the appriasal comes out at $300k you are at 66.7% If you trigger one of the thresholds and they increase your rate, you can probably ask your loan officer if you can pay down the loan a bit to bring the LTV back in line.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gazelle1991 wrote: Fri Jul 17, 2020 4:14 pm I am doing a cashout refinance and my loan officer tells me if I plan on refinancing again right after the cashout refinance closes, then we can't move forward. She said I have to wait 6 months. Is that true? I suppose that's because of the "cash-out" clause? I plan on refinancing shortly after the cashout to lower the 3.625% 30 year rate to something more reasonable
Kind of. If you take a cash-out refi and then refinance again less than 6 months later, the new refi is also considered a cash-out refi, even if you refi for just the outstanding principal balance.

However, some lenders will not work with you and do a loan closing if you intend on immediately refinancing. This is because nowadays, these "direct lenders" and "mortgage brokers" make money originating the loan and selling it off, vs. holding it on their books to term. When they sell it, it carries a guarantee to the new investor that if it is closed out in less than 6 months, they buy back the loan from the investor. Thus, in the end, they haven't made any money (outside of up front Section A fees at closing).

So while the first point above is what applies to cash-out finances, your loan officer is likely referring to the second point.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ChiKid24 wrote: Fri Jul 17, 2020 4:30 pm
topcatin wrote: Fri Jul 17, 2020 3:53 pm Hi,
What are the consequences if the appraisal comes lower than the value you entered when applying?
Based on 2 banks, they came up with a value way above what I thought, so I used that number for my current refinance.
My loan amt is 200k and I think my house can sell for $320k - $330k just based on recent comps.
What if the appraiser comes up with a number like $305k - $315k?
Rates are based on specific LTVs (Loan to Value). Good pricing starts at 75% LTV, some may offer better pricing at lower LTVs (65%, 50%, etc.) But I'm not sure how that secret sauce works. With a $200k loan amount, you are well below 75%. Even if the appriasal comes out at $300k you are at 66.7% If you trigger one of the thresholds and they increase your rate, you can probably ask your loan officer if you can pay down the loan a bit to bring the LTV back in line.
Stealing VCC's post from another thread to highlight the above conversation/questions. It makes sense that sub-60% LTV is getting the best pricing, in addition to above $300k loan balances.
VCC wrote: Fri Jul 17, 2020 4:08 pm Fannie Mae charges a 0.5% fee for 30 yr loans at 75.01-80% LTV, which on a 300k loan is $1500. 60.01-75% LTV is 0.25%, or $750 on a 300k loan. 60% LTV & below have no fee. All of these fees can be found on the Fannie Mae LLPA table.
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