Refinance Mega Thread

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keystone
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Re: Refinance Mega Thread

Post by keystone »

anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
Yes it is.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
To answer my own question, I decided to select radiantitledirect.com.
DrGrnTum
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Re: Refinance Mega Thread

Post by DrGrnTum »

wootwoot wrote: Mon Jul 27, 2020 10:13 pm Does anyone know who better.com usually sells their loans to and how long it takes them to sell the mortgage after funding it?
If you read back on this thread, I believe you will find a list that someone published about who Better sells their loans to.
When we signed our closing docs there was a page that showed our loan would be handled by The Money Source.
If I remember right, on older posts I saw other reports of loans going to Wells Fargo.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
That is the site I used when I speak about Watermark. It is where I got the best offer in June. Had it not been for Better’s promo, I would have closed with Watermark and they are near the top of my lost for the next refi.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Tue Jul 28, 2020 9:57 am
anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
That is the site I used when I speak about Watermark. It is where I got the best offer in June. Had it not been for Better’s promo, I would have closed with Watermark and they are near the top of my lost for the next refi.
Excellent data point. Did they issue a LE easily or was it like pulling teeth?
keystone
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Re: Refinance Mega Thread

Post by keystone »

anon_investor wrote: Tue Jul 28, 2020 10:09 am
BrandonBogle wrote: Tue Jul 28, 2020 9:57 am
anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
That is the site I used when I speak about Watermark. It is where I got the best offer in June. Had it not been for Better’s promo, I would have closed with Watermark and they are near the top of my lost for the next refi.
Excellent data point. Did they issue a LE easily or was it like pulling teeth?
I read about it being like pulling teeth on this forum as well as Slickdeals. However, I followed a technique that I saw on the Slickdeals forum about contacting a loan officer directly (the instructions are on page 38 of the Slickdeals thread). I picked someone at random who was licensed in my state and she was extremely responsive. Others had some success following this method as well.
diasurfer
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Re: Refinance Mega Thread

Post by diasurfer »

I have had responsive loan officers from Northpointe and Loan Depot offering better deals than better.com but neither of them have put it in the form of a Loan Estimate. Amazing the run arounds for consumer protections.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

keystone wrote: Tue Jul 28, 2020 10:19 am
anon_investor wrote: Tue Jul 28, 2020 10:09 am
BrandonBogle wrote: Tue Jul 28, 2020 9:57 am
anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
That is the site I used when I speak about Watermark. It is where I got the best offer in June. Had it not been for Better’s promo, I would have closed with Watermark and they are near the top of my lost for the next refi.
Excellent data point. Did they issue a LE easily or was it like pulling teeth?
I read about it being like pulling teeth on this forum as well as Slickdeals. However, I followed a technique that I saw on the Slickdeals forum about contacting a loan officer directly (the instructions are on page 38 of the Slickdeals thread). I picked someone at random who was licensed in my state and she was extremely responsive. Others had some success following this method as well.
Interesting, something to think about. Although, I think I am going to wait 6 months before my next refi, I don't want to burn any bridges with LenderFi. Hopefully LenderFi proactively contacts me in 6 months if rates are 0.5% lower than what I just closed on with LenderFi (2.75% 30yr fixed), it sounds like that happened recently for people that did their refis with LenderFi in January.

Edit: from my experience Ally, Better, LenderFi all provide LE without any hassle.
FootballFan5548
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Re: Refinance Mega Thread

Post by FootballFan5548 »

mervinj7 wrote: Fri Jul 24, 2020 12:02 pm
FootballFan5548 wrote: Fri Jul 24, 2020 11:55 am Just to add to the list of refi stories, I just closed yesterday on my refi.

Original Loan:
April 2016, 3.375% 30 yr fixed, 780k principal, Chase was processor,$ 3,448 P&I

New Refi Loan:
7/23/20, 2.99% 30 yr fixed, 675k principal, United Wholesale Mortgage, through a broker NO FEES, 2,848 P&I ($600 savings per month)


I was working with a different broker, they were incredibly slow to get me to underwriting and move my application along. They mentioned 3.125% no fees and 3% with some closing fees.

I saw another add from JFQ Lending, a broker who was utilizing United Wholesale Mortgage. The process moved unbelievably quickly. With in 3 weeks I was submitted, approved, and closed.

Overall, it was an easy, painless process for a jumbo 675k mortgage with no fees. I'm happy with the $600/month savings and I'm happy with the no fees. I pushed hard to try and get 2.875% with no fees, but it wasn't there for me in NJ.
Do they only do VA loans?
No, mine was not a VA loan, mine was a traditional conventional 30 year.
Brain
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Re: Refinance Mega Thread

Post by Brain »

leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

Brain wrote: Tue Jul 28, 2020 11:05 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Yes. I decided to select Radian. Radian is no longer the default title company for Better. Their (Radian's) pricing is by far the best, almost half of the pricing of local title companies. They seem to have special pricing with each lender.
Shikoku
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Re: Refinance Mega Thread

Post by Shikoku »

Brain wrote: Tue Jul 28, 2020 11:05 am I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Brain, Could you please elaborate a little bit what was covered by Radian Settlement Services for total payment of $795? I have seen line items like the following in my previous no-cost loan CDs. Which ones were covered by $795?
  • Title - Lender's Title Insurance
  • Title - Settlement Fee
  • Title - Closing Fee
  • Title - Mobile Notary Fee
  • Title - Recording Service Fee
  • Title - Tax Status Research Fee
  • Title - Endorsements
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett
Brain
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Re: Refinance Mega Thread

Post by Brain »

Shikoku wrote: Tue Jul 28, 2020 11:37 am
Brain wrote: Tue Jul 28, 2020 11:05 am I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Brain, Could you please elaborate a little bit what was covered by Radian Settlement Services for total payment of $795? I have seen line items like the following in my previous no-cost loan CDs. Which ones were covered by $795?
  • Title - Lender's Title Insurance
  • Title - Settlement Fee
  • Title - Closing Fee
  • Title - Mobile Notary Fee
  • Title - Recording Service Fee
  • Title - Tax Status Research Fee
  • Title - Endorsements
From the Closing Disclosure:

03 Title - Lender's Title Insurance to Radian Settlement Services Inc. $345.00
04 Title - Settlement Fee to Radian Settlement Services Inc. $450.00

It wasn't broken down any further.
Brain
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Re: Refinance Mega Thread

Post by Brain »

leviathan wrote: Tue Jul 28, 2020 11:22 am
Brain wrote: Tue Jul 28, 2020 11:05 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Yes. I decided to select Radian. Radian is no longer the default title company for Better. Their (Radian's) pricing is by far the best, almost half of the pricing of local title companies. They seem to have special pricing with each lender.
I don't know about "no longer". I see folks mention Title365 in relation to Better a lot, both before and after I did my loan with them. It could just be that Better has a set number of title companies that they work with. How it's decided which one to use for any given loan could depend on any number of issues.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

Brain wrote: Tue Jul 28, 2020 12:29 pm
leviathan wrote: Tue Jul 28, 2020 11:22 am
Brain wrote: Tue Jul 28, 2020 11:05 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Yes. I decided to select Radian. Radian is no longer the default title company for Better. Their (Radian's) pricing is by far the best, almost half of the pricing of local title companies. They seem to have special pricing with each lender.
I don't know about "no longer". I see folks mention Title365 in relation to Better a lot, both before and after I did my loan with them. It could just be that Better has a set number of title companies that they work with. How it's decided which one to use for any given loan could depend on any number of issues.
You may be right. I shouldn't generalize things too much. It is mainly based on my own experiences.
I am in the middle of 3rd refinancing with Better. Title companies in the loan estimates were 1) Radian, 2) Title365, 3) Title365.
BTW, my quote from Radian has exactly the same cost ($795) and the same cost breakdown as yours.
totallynotsure
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Re: Refinance Mega Thread

Post by totallynotsure »

hi all, not sure this is the place to post this or not.

wife and i are looking to secure a mortgage (first time home buyers). excellent credit (both >790)

the amount will be $500-$600K (jumbo) on a 30-year fixed with a 80/20 LTV.

local credit union quote is 3.125% with $12K in closing costs.

Alliant CU has it at 3.375% with $12K closing costs.

do these sound like decent rates? can we do better? again, total noob here so any advice appreciated.

thanks!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

keystone wrote: Tue Jul 28, 2020 10:19 am
anon_investor wrote: Tue Jul 28, 2020 10:09 am
BrandonBogle wrote: Tue Jul 28, 2020 9:57 am
anon_investor wrote: Tue Jul 28, 2020 9:21 am
keystone wrote: Tue Jul 28, 2020 8:08 am I have decided to go with Watermark for a 15 year FRM @ 2.25%. My A+B+C+E less lender credits amounts to -$279. This was considerably better than anything I received at Better or Lenderfi and Lenderfi did not even respond to my suggestion to counter Watermark.

This is a good deal for me, shaving off 1% from my interest rate at no cost, actually slightly less than no cost.
Curious is the Watermark you are referring to this one: watermarkhomeloans.com?
That is the site I used when I speak about Watermark. It is where I got the best offer in June. Had it not been for Better’s promo, I would have closed with Watermark and they are near the top of my lost for the next refi.
Excellent data point. Did they issue a LE easily or was it like pulling teeth?
I read about it being like pulling teeth on this forum as well as Slickdeals. However, I followed a technique that I saw on the Slickdeals forum about contacting a loan officer directly (the instructions are on page 38 of the Slickdeals thread). I picked someone at random who was licensed in my state and she was extremely responsive. Others had some success following this method as well.
For me it was easy. However, lot of people are having trouble IMO because of how they are going about it.

Two things to remember about them - the loan officer is not the one completing a Loan Estimate for you and instead some compliance team does it. Thus, it is not immediate. If you push, the loan officer may do it, but remember that they work on commission and the compliance team works on salary, so you will get lots of pushback to get an official LE from the loan officer. The compliance team will get you one within 3 business days. I applied on a Friday and I had the LE on Tuesday.

The second thing is that they will not include lender credits until you lock the rate. Their justification is that pricing changes from day to day or even hour to hour. So any unlocked estimate is already out of date. The rate you can get, but you may have to get more/less credits or pay more/less in points. So they just don't bother. However, there is no penalty to locking the rate with them. You aren't even giving them an intent to proceed, just locking.

The lack of immediacy and the unfounded fear of locking a rate with a lender is what caused 90%+ of the grief IMO.
diasurfer
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Re: Refinance Mega Thread

Post by diasurfer »

BrandonBogle wrote: Tue Jul 28, 2020 1:32 pm
For me it was easy. However, lot of people are having trouble IMO because of how they are going about it.

Two things to remember about them - the loan officer is not the one completing a Loan Estimate for you and instead some compliance team does it. Thus, it is not immediate. If you push, the loan officer may do it, but remember that they work on commission and the compliance team works on salary, so you will get lots of pushback to get an official LE from the loan officer. The compliance team will get you one within 3 business days. I applied on a Friday and I had the LE on Tuesday.

The second thing is that they will not include lender credits until you lock the rate. Their justification is that pricing changes from day to day or even hour to hour. So any unlocked estimate is already out of date. The rate you can get, but you may have to get more/less credits or pay more/less in points. So they just don't bother. However, there is no penalty to locking the rate with them. You aren't even giving them an intent to proceed, just locking.

The lack of immediacy and the unfounded fear of locking a rate with a lender is what caused 90%+ of the grief IMO.
Yes this is exactly what I am experiencing so it's starting to make sense now. Watermark has now given me the best offer. I could see the Lender's credit on a quote document and got a Loan Estimate but without the lender's credit in it.

Their estimate of 3rd party fees is about $1200 less than others, which gives me some concern. There government fees are the same (its expensive to close in Florida!) - it's the title fees where they are showing a lot less. But I thought the other estimates were high compared to when I financed a few years ago, so hopefully it's legit.

Looking at Loan Estimates (the incomplete one with Watermark, and the complete one with better.com) I can see the LE for closing costs expires on 8/8 or so, ie a couple of weeks, and so a lot less than the rate lock. Cause for concern with anyone?

Looks like Watermark it is for a 2.25% 15 year fixed. $2200 lender credit, no escrow.
bws
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Re: Refinance Mega Thread

Post by bws »

totallynotsure wrote: Tue Jul 28, 2020 1:17 pm hi all, not sure this is the place to post this or not.

wife and i are looking to secure a mortgage (first time home buyers). excellent credit (both >790)

the amount will be $500-$600K (jumbo) on a 30-year fixed with a 80/20 LTV.

local credit union quote is 3.125% with $12K in closing costs.

Alliant CU has it at 3.375% with $12K closing costs.

do these sound like decent rates? can we do better? again, total noob here so any advice appreciated.

thanks!
You can do much better most likely. Try WaterMark Home Loans. Unless majority of that 12k is taxes and insurance its not a good rate most likely.
What state are you in?
totallynotsure
Posts: 231
Joined: Wed Feb 26, 2020 10:35 am

Re: Refinance Mega Thread

Post by totallynotsure »

bws wrote: Tue Jul 28, 2020 1:43 pm
totallynotsure wrote: Tue Jul 28, 2020 1:17 pm hi all, not sure this is the place to post this or not.

wife and i are looking to secure a mortgage (first time home buyers). excellent credit (both >790)

the amount will be $500-$600K (jumbo) on a 30-year fixed with a 80/20 LTV.

local credit union quote is 3.125% with $12K in closing costs.

Alliant CU has it at 3.375% with $12K closing costs.

do these sound like decent rates? can we do better? again, total noob here so any advice appreciated.

thanks!
You can do much better most likely. Try WaterMark Home Loans. Unless majority of that 12k is taxes and insurance its not a good rate most likely.
What state are you in?
new york
TallBoy29er
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Joined: Thu Jul 18, 2013 9:06 pm

Re: Refinance Mega Thread

Post by TallBoy29er »

totallynotsure wrote: Tue Jul 28, 2020 1:17 pm hi all, not sure this is the place to post this or not.

wife and i are looking to secure a mortgage (first time home buyers). excellent credit (both >790)

the amount will be $500-$600K (jumbo) on a 30-year fixed with a 80/20 LTV.

local credit union quote is 3.125% with $12K in closing costs.

Alliant CU has it at 3.375% with $12K closing costs.

do these sound like decent rates? can we do better? again, total noob here so any advice appreciated.

thanks!
Can you clarify if you are quoting the interest rate, or the APR?

For Jumbo's, on a 30 yr, around the points offered that you are looking at, here is what Ally Bank is offering:

(Rate/APR)
3.250% / 3.283% with +$796 in points
3.125% / 3.217% with +$7546 in points
2.990% / 3.141% with +14,296 in points

When looking at Schwab's website, these seem pretty comparable after a very anecdotal glance. With Schwab you can get 1/4,1/2, or 3/4% rate reductions if you meet certain minimum account balances.
totallynotsure
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Re: Refinance Mega Thread

Post by totallynotsure »

TallBoy29er wrote: Tue Jul 28, 2020 4:00 pm
totallynotsure wrote: Tue Jul 28, 2020 1:17 pm hi all, not sure this is the place to post this or not.

wife and i are looking to secure a mortgage (first time home buyers). excellent credit (both >790)

the amount will be $500-$600K (jumbo) on a 30-year fixed with a 80/20 LTV.

local credit union quote is 3.125% with $12K in closing costs.

Alliant CU has it at 3.375% with $12K closing costs.

do these sound like decent rates? can we do better? again, total noob here so any advice appreciated.

thanks!
Can you clarify if you are quoting the interest rate, or the APR?

For Jumbo's, on a 30 yr, around the points offered that you are looking at, here is what Ally Bank is offering:

(Rate/APR)
3.250% / 3.283% with +$796 in points
3.125% / 3.217% with +$7546 in points
2.990% / 3.141% with +14,296 in points

When looking at Schwab's website, these seem pretty comparable after a very anecdotal glance. With Schwab you can get 1/4,1/2, or 3/4% rate reductions if you meet certain minimum account balances.
i am quoting the interest rates.

the rate and APR is as such.

Teacher's Federal Credit Union:
Rate APR Points Closing Fees Payment
2.875% 3.060% 2.000% $23,105.58 $2,273.61
3.000% 3.106% 1.000% $17,625.58 $2,310.39
3.125% 3.152% 0.000% $12,145.58 $2,347.50

Alliant:
Rate APR Points Closing Fees Payment
3.250% 3.299% 0.420% $15,737.94 $2,384.93
3.375% 3.391% 0.000% $12,312.94 $2,422.69
3.500% 3.516% 0.000% $10,942.94 $2,460.76
3.750% 3.766% 0.000% $12,312.94 $2,537.87
m@ver1ck
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Joined: Fri Sep 14, 2018 2:18 pm

Re: Refinance Mega Thread

Post by m@ver1ck »

Called up LoanDepot.
I'm in a 15yr/2.75% loan, maturing in 2028. Looking at refinancing to a 30yr - just gets me more options in case I want to do an investment property down the road (Debt to Income ratio - not so great with a 15yr loan).

Surprisingly, rates not that great:
LoanDepot quoted me 3.5% as the par rate, with 2 points to get me down to (2%) to 2.75%. No other fees, apart from Title and some smaller misc. fees.

Apparently the rate would be better if I did a cash out refinance - taking out a 100K would lead to a 3.375% interest rate. Don't need the money.
ddash
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Re: Refinance Mega Thread

Post by ddash »

I got a Loan offer with LenderFi for 30 Yr Fixed at 2.75 with no fees. Loan amount 642K; Is this a good offer or should I continue to shop to find better offer than this? My Credit is >770 Thanks in advance for your help.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Brain wrote: Tue Jul 28, 2020 11:05 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Brain, what was the website url for Radian? I went to what I thought was Radian "https://www.radiantitledirect.com/", and it stated that it was offline, and to contact them by phone.

I called and did get a quote, but it was $100 higher than your $795. So, I want to make sure I went to the right place to get the quote. Also, the title company being used by Better for my refi is Title365, as others have noted.
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Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

ddash wrote: Tue Jul 28, 2020 8:44 pm I got a Loan offer with LenderFi for 30 Yr Fixed at 2.75 with no fees. Loan amount 642K; Is this a good offer or should I continue to shop to find better offer than this? My Credit is >770 Thanks in advance for your help.
That is good. 👍🏻
WannabeEarlyRetiree
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Re: Refinance Mega Thread

Post by WannabeEarlyRetiree »

I was looking to for a no cost 30 years refi so applied to several places the past few days.

Loan Depot offered 3.25% and refused to beat the other better LE.

Loan Cabin must be slammed. Still have not heard from them.

Both Owning and Watermark offered 2.75%, with lender credits cover all the cost.
Getting a LE from watermark was painful. Watermark originally offered 2.625% but after I provided all documents, it took them a few days to get back to me but then the rate jump. Finally got a LE after they offered to rate lock at 2.75%
Owning was very responsive.

Two questions:
1) Since both Owning and Watermark offer the same, anything I can do to get better rate or more lender discount?

2) When I am ready to proceed with one lender, how do I let the other lender know that I don't want to proceed?
ipiscean
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Re: Refinance Mega Thread

Post by ipiscean »

This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

ddash wrote: Tue Jul 28, 2020 8:44 pm I got a Loan offer with LenderFi for 30 Yr Fixed at 2.75 with no fees. Loan amount 642K; Is this a good offer or should I continue to shop to find better offer than this? My Credit is >770 Thanks in advance for your help.
Wow, that sounds like a great offer. I'm refinancing about the same amount in CA (jumbo conforming) with Quicken Loans through a local broker, and I went with 15 yr fixed to get 2.75%. It comes with like 0.8% lender credit, so the lender credit exceeds closing costs. I make about $2200. But if I could do 30 year fixed @2.75% with no cost/gain, I would have done that to give myself more flexibility.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

ddash wrote: Tue Jul 28, 2020 8:44 pm I got a Loan offer with LenderFi for 30 Yr Fixed at 2.75 with no fees. Loan amount 642K; Is this a good offer or should I continue to shop to find better offer than this? My Credit is >770 Thanks in advance for your help.
That looks good for a larger loan amount.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

ipiscean wrote: Tue Jul 28, 2020 9:11 pm This forum is very helpful. Thanks to all for posting your experiences and inputs. I currently have a loan with TDBank with following details -
Principal - $540K
Current Rate: 3.75% - 30YR fixed start 2015

I have only spoken to TD Bank and they are offering me the following -
Option 1
Loan - $510K
2.87% with $1,900 in closing costs credit and $4000+ for closing costs - 30YR fixed

Option 2
Loan - $540K
3.25% with no credit and $4000+ in closing costs

I have a few questions, would appreciate your inputs:
- what is A+B+C+E as mentioned by many people in the posts?
- Could better.com give me better terms? I do have AmeEx Platinum but the website says the offer has expired, can I still get it?
- LenderFi website is not taking any new applications. Is there any other lender should I shop like Northpointe, Loan Depot or others mentioned in different threads?

Thanks again.
1) A+B+C+E represent loan cost categories that appear on an official loan estimate. Lenders are required to send you one within 3 days of you completing an application. In your case, it could be the $4,000+ you were quoted, but lenders sometimes differ on their nomenclature so without an official loan estimate it is hard to tell.
A: Origination Charges. Sometimes referred to as "Points". You want this to be $0
B: Services You Cannot Shop For. Includes things like appraisal, credit report, flood certification, tax service, verification fees. The big one in this category is the appraisal, which could be $400-$600. Ideally you want this to be waived which can happen if your LTV is low enough and/or you had an appraisal done recently
C: Services You Can Shop For. This covers all your title fees, like lender's title insurance, settlement fee, deed preparation. These vary by market. In SoCal they are about $1,000-$1,500.
E: Taxes and Other Government Fees. This covers recording fees and state transfer taxes

2) I think Better could do better. That is their motto afterall. I don't think you would get the Amex promo since it is expired. But no harm in checking with them to see what they can offer. You'll need to send them your official loan estimate from TD Bank within 24 hours of receiving for them to match/beat.

3) People have posted back door links to get into Lenderfi's application which avoids the home page. Might be worth exploring as they do appear to be offering the best terms currently, at least in my case and others. No harm in checking with others like Northpointe, Loan Depot, Loan Cabin, Watermark, UWM. Once you've had one hard credit pull you can apply to others within a certain timeframe (15 days +/-) without it incrementally impacting your credit score.

Good luck!
techieguy
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Re: Refinance Mega Thread

Post by techieguy »

I’m in Missouri and some of the popular options mentioned are not licensed here. I searched the thread but didn’t see much. Any good suggestions for refinancing in the show-me-state?

I’m looking for a competitive rate on a 15 year fixed.

Thanks
bluebolt
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Re: Refinance Mega Thread

Post by bluebolt »

anon_investor wrote: Tue Jul 28, 2020 10:44 am Interesting, something to think about. Although, I think I am going to wait 6 months before my next refi, I don't want to burn any bridges with LenderFi. Hopefully LenderFi proactively contacts me in 6 months if rates are 0.5% lower than what I just closed on with LenderFi (2.75% 30yr fixed), it sounds like that happened recently for people that did their refis with LenderFi in January.
My rate insurance stated that the no-cost rate had to be less than 0.25% less. Did they change it to 0.5%?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

bluebolt wrote: Tue Jul 28, 2020 10:20 pm
anon_investor wrote: Tue Jul 28, 2020 10:44 am Interesting, something to think about. Although, I think I am going to wait 6 months before my next refi, I don't want to burn any bridges with LenderFi. Hopefully LenderFi proactively contacts me in 6 months if rates are 0.5% lower than what I just closed on with LenderFi (2.75% 30yr fixed), it sounds like that happened recently for people that did their refis with LenderFi in January.
My rate insurance stated that the no-cost rate had to be less than 0.25% less. Did they change it to 0.5%?
Haha no, but I think in 6 months rates realistically might be 0.5% lower.
Brain
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Re: Refinance Mega Thread

Post by Brain »

3of10 wrote: Tue Jul 28, 2020 8:54 pm
Brain wrote: Tue Jul 28, 2020 11:05 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
I'm in Maryland and got my mortgage with Better earlier this month. I ended up just going with Better's default title company. Radian Settlement Services. The total paid to them was $795. That was certainly the highest percentage of my closing costs, so I looked into lowering it, but all of the local settlement companies I talked to wanted hundreds more, so I just left well enough alone.

I don't think I ever even dealt with Radian directly. They sent out a notary to handle the signing.
Brain, what was the website url for Radian? I went to what I thought was Radian "https://www.radiantitledirect.com/", and it stated that it was offline, and to contact them by phone.

I called and did get a quote, but it was $100 higher than your $795. So, I want to make sure I went to the right place to get the quote. Also, the title company being used by Better for my refi is Title365, as others have noted.
I haven't the foggiest idea what their website is. I didn't select them. Better did. I had no contact with them at all. Better handled it all.
bbqguru
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Re: Refinance Mega Thread

Post by bbqguru »

techieguy wrote: Tue Jul 28, 2020 10:14 pm I’m in Missouri and some of the popular options mentioned are not licensed here. I searched the thread but didn’t see much. Any good suggestions for refinancing in the show-me-state?

I’m looking for a competitive rate on a 15 year fixed.

Thanks
Send me a PM. I'm in MO and have a couple of contacts that might be able to help. I spoke with one earlier this week and a 15yr was 2.25 with closing costs of around $1500, and waived escrows.
desertdoc
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Re: Refinance Mega Thread

Post by desertdoc »

Noob here but wanted to put this info out there since I found this thread VERY helpful in starting my mortgage refinance search.

On 7-28-20 got a LE from LoanDepot for $640k at 2.875% with $2200 in closing costs. Property is in MD.

FWIW the first rep from Loan Depot was rude and I hung up on her. The next one was VERY helpful. Not pushy and ran a number of calculations with LTV, etc to get at the lowest closing costs. I am currently 2 years in on a 10-year ARM at 3.75% so this is a huge win to get this refinance. I will recoup the closing costs in less than a year! Thanks for all who posted to this thread.
Eric76
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Re: Refinance Mega Thread

Post by Eric76 »

Just locked my refi through lenderfi at 2.75 by using the backdoor method that someone here linked to. This thread is incredible! Thanks to all who contribute.
charis23
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Re: Refinance Mega Thread

Post by charis23 »

Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

charis23 wrote: Wed Jul 29, 2020 11:14 am Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
Are you receiving enough lender credits to cover all costs (excluding prepaids/escrow)?
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

leviathan wrote: Tue Jul 28, 2020 9:52 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
To answer my own question, I decided to select radiantitledirect.com.
Thanks for the update. Did you have to call in to have the quote sent? Their website is useless. What type of pricing did you receive? My quote from Radian was for $870 (with a high $525 settlement fee). Is this similar to what you received?
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charis23
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Re: Refinance Mega Thread

Post by charis23 »

anon_investor wrote: Wed Jul 29, 2020 11:19 am
charis23 wrote: Wed Jul 29, 2020 11:14 am Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
Are you receiving enough lender credits to cover all costs (excluding prepaids/escrow)?
Yes I am. Also going from 3.25% to 2.75%.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

charis23 wrote: Wed Jul 29, 2020 11:48 am
anon_investor wrote: Wed Jul 29, 2020 11:19 am
charis23 wrote: Wed Jul 29, 2020 11:14 am Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
Are you receiving enough lender credits to cover all costs (excluding prepaids/escrow)?
Yes I am. Also going from 3.25% to 2.75%.
Do you have a 3-fund portfolio? If so, perhaps consider dipping into the bond portion of that before the emergency fund. Would need to assess the tax impact of doing this. If not, you probably need to assess your emergency fund risk profile. How many months expenses does it cover? Is your current income secure? If it's not and you can't rebuild the fund, how likely is it to last in the case of a layoff? Lots of variables here.
leviathan
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Re: Refinance Mega Thread

Post by leviathan »

3of10 wrote: Wed Jul 29, 2020 11:30 am
leviathan wrote: Tue Jul 28, 2020 9:52 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
To answer my own question, I decided to select radiantitledirect.com.
Thanks for the update. Did you have to call in to have the quote sent? Their website is useless. What type of pricing did you receive? My quote from Radian was for $870 (with a high $525 settlement fee). Is this similar to what you received?
As I mentioned earlier, they seem to have a special pricing agreement with each lender. I called to get the quote by email. One of the first questions was which lender I am with. Then he look up something online and gave me the quote. Are you refinancing with Better or someone else? If may also depends on the specifics of your loan (e.g. loan size etc...).
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

charis23 wrote: Wed Jul 29, 2020 11:48 am
anon_investor wrote: Wed Jul 29, 2020 11:19 am
charis23 wrote: Wed Jul 29, 2020 11:14 am Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
Are you receiving enough lender credits to cover all costs (excluding prepaids/escrow)?
Yes I am. Also going from 3.25% to 2.75%.
How big would you remaining emergency fund be (e.g. 3 months?). Have you estimated how long it will take to rebuild your emergency fund? Do you have other funds in your taxable account you could draw upon in an emergency? As ChiKid24 mentioned, how secure is your job etc.

To be honest, rates seem to be trending down. If you think using half of your emergency fund would stretch you out too thin, waiting a little bit until you builds up a little more cash would probably not hurt your chances of getting a similar or better offer.
BooneDocks11
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Re: Refinance Mega Thread

Post by BooneDocks11 »

I am in the process of trying to refinance our current 30 year FRM at 4.125% to a 15 year FRM both to lower my interest rate and pay my house off faster as I am financially more stable now compared to when the mortgage was acquired in 2018.

My current lender (local bank who we enjoy working with and provide great service) offered:

2.25% with closing fees as follows
Appraisal fee: 500
Tax service fee: 75
employment verification fee: 27.95
Settlement fee: 900
Lenders Title insurance:1200
Recording fees: 120

Total Closing costs: 3,487.95

I am very pleased with the rate they offered. Is there any point in shopping around? Should I/can I negotiate on any of the fees listed?
VCC
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Re: Refinance Mega Thread

Post by VCC »

charis23 wrote: Wed Jul 29, 2020 11:14 am Recently got a 2.75% for a 30year fixed. But need to pay down the balance to get that rate. Would you dip into your emergency fund (e.g. half of it) to get this lower rate? I'm thinking of dipping into it and then slowly building up my emergency fund savings agian.
Lenderfi last week was offering 30 yr 2.75% no closing costs at super conforming levels 510 -765k. Are you above that, in jumbo territory? Owning offered a coworker of mine 2.875 no closing costs at the 510-765k level.
Mako
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Re: Refinance Mega Thread

Post by Mako »

BooneDocks11 wrote: Wed Jul 29, 2020 12:16 pm I am in the process of trying to refinance our current 30 year FRM at 4.125% to a 15 year FRM both to lower my interest rate and pay my house off faster as I am financially more stable now compared to when the mortgage was acquired in 2018.

My current lender (local bank who we enjoy working with and provide great service) offered:

2.25% with closing fees as follows
Appraisal fee: 500
Tax service fee: 75
employment verification fee: 27.95
Settlement fee: 900
Lenders Title insurance:1200
Recording fees: 120

Total Closing costs: 3,487.95

I am very pleased with the rate they offered. Is there any point in shopping around? Should I/can I negotiate on any of the fees listed?
That is a good rate with no points or origination or anything like that. When I refi'd last year with aimloan:
Appraisal: 478 (though it was waived)
Tax service: 64
No employment verification, but credit report: 40
Settlement fee: 315
Lender's Title ins: 450
Recording fee: 165

Some of those may be non-negotiable. Your outliers aren't terrible, but of the two outliers settlement fee certainly is negotiable, and title insurance may be depending on your state, in some places it's highly regulated. Also a lot of people like no cost, so you might ask what rate you'd get if lender credits covered the costs.

For my house and mortgage, an aimloan quote currently has similar low fees as I just mentioned, but I'd have to pay points to get to 2.25% and closing costs would be $4k+. So your rate looks pretty good overall.
VCC
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Re: Refinance Mega Thread

Post by VCC »

BooneDocks11 wrote: Wed Jul 29, 2020 12:16 pm I am in the process of trying to refinance our current 30 year FRM at 4.125% to a 15 year FRM both to lower my interest rate and pay my house off faster as I am financially more stable now compared to when the mortgage was acquired in 2018.

My current lender (local bank who we enjoy working with and provide great service) offered:

2.25% with closing fees as follows
Appraisal fee: 500
Tax service fee: 75
employment verification fee: 27.95
Settlement fee: 900
Lenders Title insurance:1200
Recording fees: 120

Total Closing costs: 3,487.95

I am very pleased with the rate they offered. Is there any point in shopping around? Should I/can I negotiate on any of the fees listed?
Depending on your loan balance, there are lenders offering 15yr 2.25% w/ no closing costs.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

leviathan wrote: Wed Jul 29, 2020 12:09 pm
3of10 wrote: Wed Jul 29, 2020 11:30 am
leviathan wrote: Tue Jul 28, 2020 9:52 am
leviathan wrote: Tue Jul 28, 2020 9:03 am I need to decide on Title company for my recent refinancing with Better.
My property is in Maryland. I have been using a local title company. But I'm thinking about trying someone else.
1) Title365 Company is listed in the loan estimate. Do they provide a good service?
2) I saw a company named "Title Forward" mentioned somewhere. Are they good?
Any thoughts?
To answer my own question, I decided to select radiantitledirect.com.
Thanks for the update. Did you have to call in to have the quote sent? Their website is useless. What type of pricing did you receive? My quote from Radian was for $870 (with a high $525 settlement fee). Is this similar to what you received?
As I mentioned earlier, they seem to have a special pricing agreement with each lender. I called to get the quote by email. One of the first questions was which lender I am with. Then he look up something online and gave me the quote. Are you refinancing with Better or someone else? If may also depends on the specifics of your loan (e.g. loan size etc...).
Interesting. This is good info. I'm working with Better and don't recall the Radian rep asking about the lender. I'll look into it. Thanks.
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