Refinance Mega Thread

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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

tuck3979 wrote: Tue Jul 21, 2020 10:01 pm
anon_investor wrote: Tue Jul 21, 2020 9:47 pm
tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
When will we get to 2.25% 30 yr fix no cost!
Too many people will say never, but I think the 2.5% 30year no-cost is gonna be the norm by fall (at least for the loans investors want - low LTV, 800+ credit, conforming and over $300k). Everyone thought that was impossible only months ago. Actually, even the experts were arguing that 2.75% no-cost 30year notes were just unrealistic back in the beginning of the year. So maybe the answer is never, but maybe the answer is in the next 6 months... exciting times.
Definitely crazy times, bet those experts were not predicting a pandemic and a 0% Fed funds rate and a sub 0.8% 10 yr treasury. I am closing on a 2.75% 30 yr fixed no cost refi with LenderFi soon. Very curious what the rates will be in 6+ months.
BarDownHockey
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Re: Refinance Mega Thread

Post by BarDownHockey »

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AndMan
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Re: Refinance Mega Thread

Post by AndMan »

Locked with better, received confirmation we are eligible for the Amex promotion even if we open a card now. Any recs on card? Assuming I will be asked why we took out a credit card during the loan approval process, any reason not to tell them it was to obtain the credit?
tuck3979
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Re: Refinance Mega Thread

Post by tuck3979 »

anon_investor wrote: Tue Jul 21, 2020 10:09 pm
tuck3979 wrote: Tue Jul 21, 2020 10:01 pm
anon_investor wrote: Tue Jul 21, 2020 9:47 pm
tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
When will we get to 2.25% 30 yr fix no cost!
Too many people will say never, but I think the 2.5% 30year no-cost is gonna be the norm by fall (at least for the loans investors want - low LTV, 800+ credit, conforming and over $300k). Everyone thought that was impossible only months ago. Actually, even the experts were arguing that 2.75% no-cost 30year notes were just unrealistic back in the beginning of the year. So maybe the answer is never, but maybe the answer is in the next 6 months... exciting times.
Definitely crazy times, bet those experts were not predicting a pandemic and a 0% Fed funds rate and a sub 0.8% 10 yr treasury. I am closing on a 2.75% 30 yr fixed no cost refi with LenderFi soon. Very curious what the rates will be in 6+ months.
I think rates continue a slide, but only because i'm pessimistic. This also means I believe the economy will slide and we are approaching a recession, but I won't go on a long winded rant about all the economic indicators foreshadowing that. Best advice I can give anyone right now is take the low hanging fruit in front of you. Congrats on getting that sweet no-cost 2.75% 30year. You're now in a great spot, you can benefit from a further rate drop this winter, or if that never happens you got some very cheap debt and low payments in case we have another recession coming.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
That will be perfect as I will be ready to refi round 3 (and then call it quits). I'm taking a higher rate on refi 2 to get a larger credit in anticipation for hitting an essential floor soon. 2.25% is my dream rate, but 2.5% at no-cost is where I'm cool with!
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

BrandonBogle wrote: Tue Jul 21, 2020 10:54 pm
tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
That will be perfect as I will be ready to refi round 3 (and then call it quits). I'm taking a higher rate on refi 2 to get a larger credit in anticipation for hitting an essential floor soon. 2.25% is my dream rate, but 2.5% at no-cost is where I'm cool with!
Don’t forget to share! Can you PM me the link where this discussion is taking place on SD?

Thank you!
kski74
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Re: Refinance Mega Thread

Post by kski74 »

Soares1234 wrote: Tue Jul 21, 2020 11:13 pm
Don’t forget to share! Can you PM me the link where this discussion is taking place on SD?

Thank you!
I've been following this thread myself over there: https://slickdeals.net/f/14173061-07-21 ... =1&page=32
ymmt
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Post by ymmt »

BarDownHockey wrote: Tue Jul 21, 2020 10:35 pm Anyone, outside of CA, having luck in the jumbo space (above the conforming limit)? I’ve been following this thread diligently for months and most of the talk has been with conforming loans and the race to the bottom with the interest rates on them (which makes more sense now with the recent discussions around coupons). Some people have had success in CA with jumbos, but wondering if others have had luck. I’m debating whether to get the best rate I can now (for about $3k in costs) or take a .125% increase in the rate and get a no cost refi.

It’s clear you can get paid to refi a conforming loan right now. But I don’t know how likely it is that jumbos will track the continued drops on the conforming loan market, or if there will even be a jumbo market at all. for example, I called 11 different banks / brokers (many of the common recommended ones here: Better, Lenderfi, loan depot, northepoint, BoA, PNC, Chase, etc.) and only 3 said they were offering jumbo refi’s. one was priced so high that it would be an increase in my current mortgage rate. So competition is sparse making it hard to try and even negotiate when you don’t have multiple offers. And lenders are saying there’s not much appetite for jumbos right now.
Same boat with the same results. I've decided to go into a 5/1 ARM at 2.625% for around $4k in closing costs with a regional bank. If they offer to cover some of the costs at a higher rate I would probably do that. It's hard to ask for competitive levels when there's no competition. If you can get into a no-cost refi, you at least have a free option to refi if/when the jumbo markets return.
boglengineer
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Re: Refinance Mega Thread

Post by boglengineer »

manatee2005 wrote: Tue Jul 21, 2020 2:40 pm I refinanced with Lenderfi. The loan was sold twice in about a 2 month period. I then found a lower rate with someone else and refinanced again, well before the 6 month limit. I will report back if Lenderfi tries to charge me. I am thinking it would be terrible for business if people were posting online about being charged. Probably 90% of people will be scared by the language and not refinance within 6 months, which is a good enough compliance percentage for them.
I refinanced with Lenderfi and closed about 4 months ago. I am also in the process of refinancing with someone else and will close about 5 months after the Lenderfi closing. My loan was sold to Fannie Mae in April, so I'm past 90 days from that so I'd be very surprised if Lenderfi tried to charge me. In fact, I agree with Manatee and would be very surprised if Lenderfi came back after anyone. My new lender told me it would be illegal for them to try and claw it back. I don't know of the legality of it, but I imagine the language does scare the majority of people (myself included initially), which is a cheap way of ensuring compliance.
tbone555
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Re: Refinance Mega Thread

Post by tbone555 »

Closed yesterday with Better. 3% 30-year with Amex deal. Closing was smooth. I never interacted directly with the title company. Better closing agent was excellent and everything went smoothly.

It appears I could have negotiated harder for a lower rate. No worry, I will refinance again soon if I can get a no-cost under 2.75%.
tbone555
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Re: Refinance Mega Thread

Post by tbone555 »

Loancabin.com is showing me 2.375% 30-year. I'm going to fill out the application and see if I can get a loan estimate.

Do I need to wait for my new loan is actually funded before I start a new refi application?
.
JimmyD
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Post by JimmyD »

boglengineer wrote: Wed Jul 22, 2020 7:37 am
manatee2005 wrote: Tue Jul 21, 2020 2:40 pm I refinanced with Lenderfi. The loan was sold twice in about a 2 month period. I then found a lower rate with someone else and refinanced again, well before the 6 month limit. I will report back if Lenderfi tries to charge me. I am thinking it would be terrible for business if people were posting online about being charged. Probably 90% of people will be scared by the language and not refinance within 6 months, which is a good enough compliance percentage for them.
I refinanced with Lenderfi and closed about 4 months ago. I am also in the process of refinancing with someone else and will close about 5 months after the Lenderfi closing. My loan was sold to Fannie Mae in April, so I'm past 90 days from that so I'd be very surprised if Lenderfi tried to charge me. In fact, I agree with Manatee and would be very surprised if Lenderfi came back after anyone. My new lender told me it would be illegal for them to try and claw it back. I don't know of the legality of it, but I imagine the language does scare the majority of people (myself included initially), which is a cheap way of ensuring compliance.
I'm in the same boat (refinanced with LenderFi back in March) and would be interested in hearing how you make out. Looking to do a second refi to go from a 15 year 2.875 to a 15 year 2.25 or thereabouts.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

My better refi is completely. Since my 1st payment is in September to The Money Source.

Do I need to make a payment so my lender is established before I start to refi again?
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BrandonBogle
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Post by BrandonBogle »

Familyman2012 wrote: Wed Jul 22, 2020 9:35 am My better refi is completely. Since my 1st payment is in September to The Money Source.

Do I need to make a payment so my lender is established before I start to refi again?
No, but the next lender is likely to ask for a mortgage statement since they won’t see the new mortgage on your credit report. So I wouldn’t expect to get into underwriting until it shows up in 2-3 weeks.
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McGilicutty
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Post by McGilicutty »

A win for the little guy! Just locked a 15-year refinance at 2.375% for a $105,000 loan with the appraisal waived due to low LTV and the rest of the closing costs covered due to a promotion (open a checking account with the bank and set up automatic mortgage payments). This was with a local bank.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

McGilicutty wrote: Wed Jul 22, 2020 10:01 am A win for the little guy! Just locked a 15-year refinance at 2.375% for a $105,000 loan with the appraisal waived due to low LTV and the rest of the closing costs covered due to a promotion (open a checking account with the bank and set up automatic mortgage payments). This was with a local bank.
Could you share the rough area or the bank please? Hopefully others can also get in on such a great deal. Don’t feel pressured though. Feel free to just say “Florida” or “Texas”, etc. and not get too specific if you don’t wish to.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Wed Jul 22, 2020 9:48 am
Familyman2012 wrote: Wed Jul 22, 2020 9:35 am My better refi is completely. Since my 1st payment is in September to The Money Source.

Do I need to make a payment so my lender is established before I start to refi again?
No, but the next lender is likely to ask for a mortgage statement since they won’t see the new mortgage on your credit report. So I wouldn’t expect to get into underwriting until it shows up in 2-3 weeks.
I completed a refi in late May. Just to make my life easier I did wait until I had 1 statement and for my credit reports to reflect the old mortgage as paid off before starting to shop around for another refi. I think at the time I applied at LenderFi for a refi in July, my new mortgage was only reflected on 1 or 2 out of 3 credit reports. No issues clearing underwriting with LenderFi, my refi is approved, just waiting for the closing date to be scheduled.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

BrandonBogle wrote: Wed Jul 22, 2020 9:48 am
Familyman2012 wrote: Wed Jul 22, 2020 9:35 am My better refi is completely. Since my 1st payment is in September to The Money Source.

Do I need to make a payment so my lender is established before I start to refi again?
No, but the next lender is likely to ask for a mortgage statement since they won’t see the new mortgage on your credit report. So I wouldn’t expect to get into underwriting until it shows up in 2-3 weeks.
I see. Should I just wait then so things do get to complicated? Or should I be getting LE and then just lock for 30-60 days until a new mortgage statement is provided?
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McGilicutty
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Post by McGilicutty »

BrandonBogle wrote: Wed Jul 22, 2020 10:06 am
McGilicutty wrote: Wed Jul 22, 2020 10:01 am A win for the little guy! Just locked a 15-year refinance at 2.375% for a $105,000 loan with the appraisal waived due to low LTV and the rest of the closing costs covered due to a promotion (open a checking account with the bank and set up automatic mortgage payments). This was with a local bank.
Could you share the rough area or the bank please? Hopefully others can also get in on such a great deal. Don’t feel pressured though. Feel free to just say “Florida” or “Texas”, etc. and not get too specific if you don’t wish to.
Sure. The bank is in Missouri (smallish town so I doubt they loan outside of the local area).

The main reason I posted was for people like me with low loan amounts to make sure you check out your local banks/credit unions. I don't think I could have gotten nearly this good of a deal with an online lender due to my small loan size.
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BrandonBogle
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Post by BrandonBogle »

McGilicutty wrote: Wed Jul 22, 2020 10:15 am
BrandonBogle wrote: Wed Jul 22, 2020 10:06 am
McGilicutty wrote: Wed Jul 22, 2020 10:01 am A win for the little guy! Just locked a 15-year refinance at 2.375% for a $105,000 loan with the appraisal waived due to low LTV and the rest of the closing costs covered due to a promotion (open a checking account with the bank and set up automatic mortgage payments). This was with a local bank.
Could you share the rough area or the bank please? Hopefully others can also get in on such a great deal. Don’t feel pressured though. Feel free to just say “Florida” or “Texas”, etc. and not get too specific if you don’t wish to.
Sure. The bank is in Missouri (smallish town so I doubt they loan outside of the local area).

The main reason I posted was for people like me with low loan amounts to make sure you check out your local banks/credit unions. I don't think I could have gotten nearly this good of a deal with an online lender due to my small loan size.
Absolutely! Especially for small loan balances, I find that credit unions and local lenders are the way to go - at least to get offers to have other lenders to compete with. For reference, my loan is only $150k, but my local lenders are decently priced and don't look negatively upon the low balance. With the offer in hand, I got other lenders to give me competitive offers.

Not on Bogleheads, but in general, I find it shocking how few people shop around for mortgages. There can truly be SIGNIFICANT savings by not limiting yourself to just the recommendation of a friend or who has your checking account.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Wed Jul 22, 2020 10:25 am Not on Bogleheads, but in general, I find it shocking how few people shop around for mortgages. There can truly be SIGNIFICANT savings by not limiting yourself to just the recommendation of a friend or who has your checking account.
This is so true! For my very first mortgage on my old condo I think I only checked with Chase (where I had my checking account at the time) and the Wells Fargo guy my real estate agent recommended. :oops:

The original mortgage on my current house, I basically had to use Wells Fargo in order to take advantage of my mega corp relocation package (which paid for points and all closing costs :greedy). But these refi rates now are insane! I can only imagine the crazy rate I could swing if someone esle was paying for all my points and closing costs!
Brain
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Re: Refinance Mega Thread

Post by Brain »

Interesting article about how low rates can go: http://www.mortgagenewsdaily.com/consum ... 50002.aspx

It's looking like 30y and 15y rates are converging. I just closed on a 2.5% 15y. Now people are getting 2.5% 30y loans? How much lower will 15y loans than 30y loans?

Despite closing on my loan on the 9th, I got a random call from a lender yesterday. Not sure if he was a late straggler on my previous aggregator site entries or what. I decided to go along and see what he could offer. When I told him I already had a 2.5% he gasped. He was quite blunt that he wouldn't be able to do anything for me, certainly not without spending a lot of points.
chaud
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Post by chaud »

manatee2005 wrote: Tue Jul 21, 2020 5:41 pm Has anyone used Loan Cabin? Any contact info there?
I applied online last week and nobody has called me.
Looks like they have really low rates.
Even after being in contact with someone there, I still have no phone number. I got quotes from lots of places, they came in the lowest at 2.625%. 30 year, $305k loan, excellent credit, $445k SFR, primary residence, AL. A+B+C is almost $0, maybe $0 if I use my closing agent from last refinance. The only downside is it took them two weeks to get back to me for the estimate. I asked to lock a week ago and have heard nothing since then.

I figure worst case they didn't lock and I'll just go with them or another lender, as rates are continuing to drop.
omega
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Re: Refinance Mega Thread

Post by omega »

Anyone has used Rocket mortgage (quicken) recently? Are there any issues I should be aware of?

I am getting this from them:

15 yr, 2.25% for 400K loan

A+B+C+E= 4184 minus (appraisal waiver 940 + credit 1500 + amex 2500)= Net of 756

Should I take it?

F+G cost = 6392 (this cannot modified, right??)

Thanks!
Minty
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Re: Refinance Mega Thread

Post by Minty »

barreg wrote: Tue Jul 21, 2020 1:38 pm
Minty wrote: Tue Jul 21, 2020 10:48 am Has anyone actually collected the Better Price Guarantee, either at the $1,000 or $100 level? Better.com did not come close to my loan estimate, and, oddly enough, they have not contacted me in the several weeks since I filed a claim.
Better has already beaten 2 competing LE's by $100 each for me.
Sorry, I meant when Better declines to beat the superior LE, and in that case have promised to give a sum of money in lieu of a superior LE. I'm wondering if anyone has collected cash from Better.com after closing with another lender.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15
RMO87
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Post by RMO87 »

FYI (and I don't believe it has been mentioned in this thread), for those using Better Mortgage, last month I presented to them a LE from my local credit union. The rep at Better said that they do not match credit unions.
jr.Investor
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Post by jr.Investor »

I have 3.375% 15 years fixed (12 years left)
Do you guys think it's worth to look into refinancing it?
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BrandonBogle
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Post by BrandonBogle »

jr.Investor wrote: Wed Jul 22, 2020 12:44 pm I have 3.375% 15 years fixed (12 years left)
Do you guys think it's worth to look into refinancing it?
If you keep your costs around $0, yes
3of10
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Post by 3of10 »

tuck3979 wrote: Tue Jun 30, 2020 3:33 pm
Jcwcable wrote: Tue Jun 30, 2020 3:14 pm Thanks to this forum I'm a bit more optimistic - the AMEX $2500 is going to cut my closing costs in half. Here's what I'm getting apples to apples on a 202k loan for 30 years at 2.75%. I have a few offers for lowers % by purchasing points but 2.75% is as low as better.com is offering and really the price point is about where I want to be anyway. I am disappointed that Better dropped the $1000 cash, I'm going to see what they can do to make up for that. I'm hopeful they can waive the appraisal and still throw down the $100 they offering, equaling $650 off - that's all assuming they will match the other two lenders. Still waiting on quotes from Quiken and NorthPointe.

Better: D+E= $6,298
Credible: = $5,132
LenderFI = $6,306

One question that might be not so intelligent... In comparing a 20 year vs a 30 year, if the interest rate is the same why would I not take the 30 year to add flexibility. From what I'm seeing a 30 year would only cost me about $300 more in fees. I understand the 20 year would pay it off sooner but if I felt inclined and had the discipline couldn't I just submit additional premium payments turning the 30 year loan into a 20 year. Basically paying an additional $300 for added flexibility?
The answer is - TAKE THE 30. Assuming the same rate, there is absolutely no reason to take a 20 (unless the cost was significantly different). The 30 gives more flexibility, you can easily pay on a 20 year schedule doing some simple math, and if you lose your job, etc. you have the ability to lower your payment. 20 year loans were briefly a good deal around April/May, you could get 2.75% easier/cheaper on a 20 vs. a 30. Now in June the 2.75% is very attainable for 30years, many are getting them no cost at this point. 20 year loans have stagnated in the same range, so no reason to chase them at this point.
When dealing with Better (after providing them with a good competitive bid), what I found was that the lender credits were different between the 20 yr and 30 yr terms for the same interest rate. If I remember correctly, the lender credits for the 20 yr rate was around $1K more than the credits for the comparable 30 yr rate.

So, that has to be taking into account in deciding which loan provides the most lender credits, especially if the goal is to obtain the most lender credits and later refi again.
"You don't stop playing because you're old. You're old because you've stopped playing"
JimmyD
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Post by JimmyD »

jr.Investor wrote: Wed Jul 22, 2020 12:44 pm I have 3.375% 15 years fixed (12 years left)
Do you guys think it's worth to look into refinancing it?
Definitely. I'm currently at 2.875% and looking to do better.
3of10
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Post by 3of10 »

BrandonBogle wrote: Tue Jul 21, 2020 10:54 pm
tuck3979 wrote: Tue Jul 21, 2020 9:40 pm For anyone looking for another lender - try Caliber. They are a wholesaler with a broker network. Slickdeals is quoting some good success stories, similar to some of the Better.com deals that people are scoring (crazy high credits, 2.75% 30year).

I also will share in the next day another wholesaler who is selling into the 2.0MBS Coupons. This means they can start breaking out of that 2.75% barrier. In my case, I've been phone quoted a 2.5% 30year, no-cost. Credit is small but enough to take out A+B+C. Waiting on LE tomorrow. Another data point: Loan Cabin is now quoting 2.375% 30year loans with no points and no origination fees! Think about that, you don't have to buy down your rate to 2.375%, that's literally where things are headed! However no credits at that level, but they may have some credit at 2.5%.

Final note: A friend of a friend in my old trading network still has some contacts at LenderFi, they may be starting to hit the 2.5% 30year no-cost in August if things hold up. Their volume is still just too dang good at the moment though.
That will be perfect as I will be ready to refi round 3 (and then call it quits). I'm taking a higher rate on refi 2 to get a larger credit in anticipation for hitting an essential floor soon. 2.25% is my dream rate, but 2.5% at no-cost is where I'm cool with!
+1. That's the plan for me, going after the lender credits for this refi, and hopefully refi again if rates go lower in the future. 2.5% with 0 pts or no cost is my goal for the next refi.
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dave8228
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Re: Refinance Mega Thread

Post by dave8228 »

I've seen people in this thread mention dates that their refis were disbursed. How can I find out when mine disburses? I closed on it last Friday and am just curious to see if it was funded/disbursed.
soxpatsbos
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Re: Refinance Mega Thread

Post by soxpatsbos »

Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
bws
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Re: Refinance Mega Thread

Post by bws »

soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Looks pretty good to me.
mets914
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Re: Refinance Mega Thread

Post by mets914 »

soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Looks pretty good, especially with no escrow.
new2bogle
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Re: Refinance Mega Thread

Post by new2bogle »

soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Lender's title insurance of $575 is insane. In TX, this always north of $2,000.
nickmaps
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Re: Refinance Mega Thread

Post by nickmaps »

I refi'd with Better ~2-3 months ago at 3.125 30yr no-cost and got the amex credit. Can I refi with Better.com and get the amex credit a second time on the same property??

Better previously confirmed for me I could get the credit for a different property (looking at a rental refi as well), but I couldn't find clarity here in the thread if Better will give it twice on the same property in <6 months.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Looks really good! I am jealous. Did you also snag an Amex $2.5k statetment credit too?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

new2bogle wrote: Wed Jul 22, 2020 3:01 pm
soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Lender's title insurance of $575 is insane. In TX, this always north of $2,000.
Then you will hate my NC lender's title insurance of $175!
soxpatsbos
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Re: Refinance Mega Thread

Post by soxpatsbos »

anon_investor wrote: Wed Jul 22, 2020 3:28 pm
soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Looks really good! I am jealous. Did you also snag an Amex $2.5k statetment credit too?
No this is with LenderFi.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

soxpatsbos wrote: Wed Jul 22, 2020 4:22 pm
anon_investor wrote: Wed Jul 22, 2020 3:28 pm
soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Looks really good! I am jealous. Did you also snag an Amex $2.5k statetment credit too?
No this is with LenderFi.
No escrow is nice.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

anon_investor wrote: Wed Jul 22, 2020 4:25 pm No escrow is nice.
Not when trying to maximize lender credits. I couldn't get the deal I am getting if it weren't for my escrow and prepaids! Timing was fortuitous.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Wed Jul 22, 2020 4:37 pm
anon_investor wrote: Wed Jul 22, 2020 4:25 pm No escrow is nice.
Not when trying to maximize lender credits. I couldn't get the deal I am getting if it weren't for my escrow and prepaids! Timing was fortuitous.
True, lenders credits were less without escrow.
newbinvestor
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Re: Refinance Mega Thread

Post by newbinvestor »

I am closing on a mortgage on Friday. It is a conventional mortgage at 3%, which was locked at the end of last month. I’ve spoken with friends using the same broker that I used and they are getting 2.5% on new applications. My question is this - Is there a time frame that you are generally not allowed to refinance within? I’ve contemplated exploring taking advantage of the Better Mortgage $2500 Amex offer and using their price match to meet the best price I can find. The issue is that in order to take advantage, I’ve got to apply by 7/25 (a day after closing on my loan). Is this a reasonable thought process? Any other potential holdups?
newbinvestor
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Re: Refinance Mega Thread

Post by newbinvestor »

Minty wrote: Tue Jul 21, 2020 10:48 am Has anyone actually collected the Better Price Guarantee, either at the $1,000 or $100 level? Better.com did not come close to my loan estimate, and, oddly enough, they have not contacted me in the several weeks since I filed a claim.
They did not beat mine back in June, but I was told I could only take advantage once per loan. I had used it, then got a better price from a local lender, which Better could not then beat. The fine print seems to say this, but it’s a little unclear.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

I have been offered a 2.625% 30Y FRM. Lender credit $2,500. Origination fee $1,500. No escrow account. No appraisal required. No other information on fees/costs have been received even after asking. Yet to apply. Michigan property. I am looking for some guidelines to figure out the breakdown of the closing costs and any relevant information. Thank you all for your collective wisdom on this very helpful thread.
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mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

BrandonBogle wrote: Wed Jul 22, 2020 3:38 pm
new2bogle wrote: Wed Jul 22, 2020 3:01 pm
soxpatsbos wrote: Wed Jul 22, 2020 1:46 pm Seeking feedback on these charges of the loan estimate, any pointers will be super helpful. Thanks in advance!
2.75% 30Y/Fixed

https://drive.google.com/file/d/1TuV37e ... sp=sharing
Lender's title insurance of $575 is insane. In TX, this always north of $2,000.
Then you will hate my NC lender's title insurance of $175!
Is it also a function of the size of the loan?
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

Shikoku wrote: Wed Jul 22, 2020 4:49 pm I have been offered a 2.625% 30Y FRM. Lender credit $2,500. Origination fee $1,500. No escrow account. No appraisal required. No other information on fees/costs have been received even after asking. Yet to apply. Michigan property. I am looking for some guidelines to figure out the breakdown of the closing costs and any relevant information. Thank you all for your collective wisdom on this very helpful thread.
Through what lender?
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

Just got Caliber to beat my LD rate from 2.75% down to 2.625%. LoanDepot matched the rate and gave me an extra $300 (30-year fixed conforming high balance in WA with escrow). Crazy times out there.
Investor1319
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Re: Refinance Mega Thread

Post by Investor1319 »

Just got an offer from Better that beat LenderFi by $100 plus the $2,500.00 AmEx credit.

2.625%
No closing costs
20 year fixed
$2,500.00 AmEx credit. Just opening a card now and they said we would still get the AmEx credit.
State - NJ

Does this sound good? Is Better reputable?

Thanks!
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