Refinance Mega Thread

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presto987
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Re: Refinance Mega Thread

Post by presto987 »

samta09 wrote: Sat Jan 02, 2021 9:20 am I’m currently refinancing with Better.com. $340k loan, $580k property value, 15 years at 2.125%. A+B+C+E =$1304. I used Radian title services to reduce section C cost. Total lender credit is $4645, plus another $500 when the refinance is closed because I applied via Chime.com promotion link (similar to the $2500 AMX promotion awhile back). If everything works accordingly, I should net $3840 credit.

This is phenomenal IMHO but wondering if i can get the rate to be lower than 2.125 while maintaining similar lender credit. If not, I’ll finalize this refi and do it again if rates go down further in the future. To me, even a small rate reduction with net credit after deducting cost is worth it to refi. The process with Better has been painless as their system is really easy to follow.
I thought the way the Chime promo works is that you have an extra $500 in lender credit, which is already shown on your original LEs. If you get a price match then it effectively goes away.

I am not 100% sure about this, but Ally (which uses the same platform as Better) has a $500 promo with similar language, and that’s how it worked.
samta09
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Re: Refinance Mega Thread

Post by samta09 »

presto987 wrote: Sat Jan 02, 2021 11:24 am
samta09 wrote: Sat Jan 02, 2021 9:20 am I’m currently refinancing with Better.com. $340k loan, $580k property value, 15 years at 2.125%. A+B+C+E =$1304. I used Radian title services to reduce section C cost. Total lender credit is $4645, plus another $500 when the refinance is closed because I applied via Chime.com promotion link (similar to the $2500 AMX promotion awhile back). If everything works accordingly, I should net $3840 credit.

This is phenomenal IMHO but wondering if i can get the rate to be lower than 2.125 while maintaining similar lender credit. If not, I’ll finalize this refi and do it again if rates go down further in the future. To me, even a small rate reduction with net credit after deducting cost is worth it to refi. The process with Better has been painless as their system is really easy to follow.
I thought the way the Chime promo works is that you have an extra $500 in lender credit, which is already shown on your original LEs. If you get a price match then it effectively goes away.

I am not 100% sure about this, but Ally (which uses the same platform as Better) has a $500 promo with similar language, and that’s how it worked.
Here are the terms:

3) Upon qualifying for the $500 discount, Better Mortgage will include the discount in the final closing costs due at closing.

(4) Each eligible Chime affiliated Better Mortgage customer may receive no more than one discount in connection with this promotion.


Under requirement 4, I might/might not eligible for this if they consider the $100 match as a discount. We’ll see.
ehendu13
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Re: Refinance Mega Thread

Post by ehendu13 »

Hi all. This may have been covered before, but I didn’t want to sort through all 180 pages :)

Just started looking at a Refi. We bought our house last March. Price was $535k, we put 20% down so our loan was $428k. 30 year fixed at 3.5%.

I put in some info at lendingtree to get an idea of options and Amerisave gave me a call. They are saying we could get a rate of 2.25% on a 30 year fixed, but they are increasing the loan amount to $440k and rolling the points into the loan. The $440k is the biggest loan they can give with staying at 80% LTV (our property increased in value slightly per them since we bought). Under this scenario, we would bring about $2k to close.

My initial reaction is I am not crazy about increasing the loan amount, even if our payment is lower. I was hoping to keep the same loan amount and just save what we can monthly without paying much in closing costs.

Is that the prevailing thought or do folks typically increase their loan amount?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ehendu13 wrote: Sat Jan 02, 2021 1:50 pm Hi all. This may have been covered before, but I didn’t want to sort through all 180 pages :)

... Amerisave gave me a call. They are saying we could get a rate of 2.25% on a 30 year fixed, but they are increasing the loan amount to $440k and rolling the points into the loan.
...
Is that the prevailing thought or do folks typically increase their loan amount?
Generally speaking, increasing the loan amount increases total interest paid. At today’s low rates though, I’m not opposed to rolling in the escrow funding and any prepaids.

That all said, you should really read the last 5 pages at least of this thread and then judge how you feel about Amerisave’s offer. Unless that $14k is like $12-13k escrow, I personally wouldn’t take it.
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batpot
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Re: Refinance Mega Thread

Post by batpot »

ehendu13 wrote: Sat Jan 02, 2021 1:50 pm Hi all. This may have been covered before, but I didn’t want to sort through all 180 pages :)

Just started looking at a Refi. We bought our house last March. Price was $535k, we put 20% down so our loan was $428k. 30 year fixed at 3.5%.

I put in some info at lendingtree to get an idea of options and Amerisave gave me a call. They are saying we could get a rate of 2.25% on a 30 year fixed, but they are increasing the loan amount to $440k and rolling the points into the loan. The $440k is the biggest loan they can give with staying at 80% LTV (our property increased in value slightly per them since we bought). Under this scenario, we would bring about $2k to close.

My initial reaction is I am not crazy about increasing the loan amount, even if our payment is lower. I was hoping to keep the same loan amount and just save what we can monthly without paying much in closing costs.

Is that the prevailing thought or do folks typically increase their loan amount?
you are paying points to get the rate that low - a lot of points.
look at some online calculators to see how much the new balance and rate will reduce your monthly outlay.
Then use that number to see how much more quickly you can pay down your loan using an extra principal calculator.
It can make sense to pay points, but you're probably going to be better off with a loan at 2.5% loan with zero points. You might even still be able to find a loan with a lender credit.
kilkoyne
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Re: Refinance Mega Thread

Post by kilkoyne »

I owe $125K on a home valued at $280K with a credit score +800.

Will get a better rate increasing my loan to $150K (with $25K cash out) or a better rate for $125K refi?
BitDude
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Re: Refinance Mega Thread

Post by BitDude »

a 2.0% rate with 2.19% APR (from Intelliloan) is still a better deal than 2.375% no closing cost (from IM), correct? I haven't seen anything better than Intelliloan for a 30yr fixed.
TTS330
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Re: Refinance Mega Thread

Post by TTS330 »

How are closings working nowadays in light of Covid? It just dawned on me that it's logistically troublesome if my spouse and I both have to be physically present to sign documents, since kids do not have daycare and nobody to watch them since we exist in a tiny bubble. Are people doing these things virtually? I think I read one post here about using FaceTime?
Jbanks1280
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Re: Refinance Mega Thread

Post by Jbanks1280 »

It may depend on state. I used lenderfi and I could pick virtually any time for my closing 8am-9pm but he came to my house . Being from MA requires an attorney (who is an attorney) and not just a notary. Ymmv with what state you are from and it being via FaceTime or at your home or going out somewhere. My attorney had kids, and let my partner sign through a bunch of papers while I watched the baby and we switched.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

TTS330 wrote: Sun Jan 03, 2021 9:29 am How are closings working nowadays in light of Covid? It just dawned on me that it's logistically troublesome if my spouse and I both have to be physically present to sign documents, since kids do not have daycare and nobody to watch them since we exist in a tiny bubble. Are people doing these things virtually? I think I read one post here about using FaceTime?
I am from MI and closed two refinances in 2020. For the first one Notary came to our place and both my wife & I had to be present to sign the docs. It took around 10 mins.The second closing was via FaceTime. Both times we had the exact copy of the docs at least a day in advance so that we can read through them and if there was any question clarify them with the agent prior to closing.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

BitDude wrote: Sun Jan 03, 2021 4:19 am a 2.0% rate with 2.19% APR (from Intelliloan) is still a better deal than 2.375% no closing cost (from IM), correct? I haven't seen anything better than Intelliloan for a 30yr fixed.
It depends on your goal. If you are sure to stay in the house for many years and don't want to refinance again then paying points is better. But if the rates go further down and you are going to refinance again then 2.37% no closing cost is better IMO. Personally I prefer not to pay any points or any closing cost if possible.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

BitDude wrote: Sun Jan 03, 2021 4:19 am a 2.0% rate with 2.19% APR (from Intelliloan) is still a better deal than 2.375% no closing cost (from IM), correct? I haven't seen anything better than Intelliloan for a 30yr fixed.
I agree with mt2k. Using approximate math, the Intelliloan only comes out ahead if you keep the mortgage for at least 6 years. If not, you are better off avoiding the high upfront points even though you would be paying a higher ongoing interest rate.

Although it is a 30-year mortgage, the reality is that most people aren’t going to keep it that long. You might move, refi again, etc.
DVA79
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Re: Refinance Mega Thread

Post by DVA79 »

TTS330 wrote: Sun Jan 03, 2021 9:29 am How are closings working nowadays in light of Covid? It just dawned on me that it's logistically troublesome if my spouse and I both have to be physically present to sign documents, since kids do not have daycare and nobody to watch them since we exist in a tiny bubble. Are people doing these things virtually? I think I read one post here about using FaceTime?
We (in IL) had an option of a curbside closing but instead I went in and signed docs while spouse stayed in car with kids then we switched roles. Was easy. Whole thing took 20 minutes.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

TTS330 wrote: Sun Jan 03, 2021 9:29 am How are closings working nowadays in light of Covid? It just dawned on me that it's logistically troublesome if my spouse and I both have to be physically present to sign documents, since kids do not have daycare and nobody to watch them since we exist in a tiny bubble. Are people doing these things virtually? I think I read one post here about using FaceTime?
I did mine outside on my deck in July. The person that did the closing told me he does them a lot in open garages.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

TTS330 wrote: Sun Jan 03, 2021 9:29 am How are closings working nowadays in light of Covid? It just dawned on me that it's logistically troublesome if my spouse and I both have to be physically present to sign documents, since kids do not have daycare and nobody to watch them since we exist in a tiny bubble. Are people doing these things virtually? I think I read one post here about using FaceTime?
I did two refis this year, one with Better and one with LoanDepot. In both cases, we had a mobile notary come to our house. We set up some chairs on the patio to minimize exposure. The first signing took over 30 minutes and the second one was close to an hour. In both cases, our wife and I were there at the same time, and the kids were bouncing off the walls inside. I’m jealous of the 20 minute signings and virtual signings that people are reporting :) I suspect CA has more forms to sign than some other states.
DoveBogle
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Re: Refinance Mega Thread

Post by DoveBogle »

Jbanks1280 wrote: Sun Jan 03, 2021 9:38 am It may depend on state. I used lenderfi and I could pick virtually any time for my closing 8am-9pm but he came to my house . Being from MA requires an attorney (who is an attorney) and not just a notary. Ymmv with what state you are from and it being via FaceTime or at your home or going out somewhere. My attorney had kids, and let my partner sign through a bunch of papers while I watched the baby and we switched.
Interesting. I'm in MA, too. How is the attorney selected? Can you choose your own attorney?
TTS330
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Re: Refinance Mega Thread

Post by TTS330 »

Great information. Thanks, all! I suppose that I'll find out soon enough how my closing will work. It's nice to hear that there's some flexibility with juggling the kids, especially if things can be done right outside my home.
kilkoyne
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Re: Refinance Mega Thread

Post by kilkoyne »

Jbanks1280 wrote: Sun Jan 03, 2021 9:38 am It may depend on state. I used lenderfi and I could pick virtually any time for my closing 8am-9pm but he came to my house . Being from MA requires an attorney (who is an attorney) and not just a notary. Ymmv with what state you are from and it being via FaceTime or at your home or going out somewhere. My attorney had kids, and let my partner sign through a bunch of papers while I watched the baby and we switched.
Were you able to get a no cost refi? I'm in MA and looking at 15 year but since my balance is only 125K I'm not sure what they'll offer.
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BrandonBogle
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Post by BrandonBogle »

kilkoyne wrote: Mon Jan 04, 2021 12:52 pm
Jbanks1280 wrote: Sun Jan 03, 2021 9:38 am It may depend on state. I used lenderfi and I could pick virtually any time for my closing 8am-9pm but he came to my house . Being from MA requires an attorney (who is an attorney) and not just a notary. Ymmv with what state you are from and it being via FaceTime or at your home or going out somewhere. My attorney had kids, and let my partner sign through a bunch of papers while I watched the baby and we switched.
Were you able to get a no cost refi? I'm in MA and looking at 15 year but since my balance is only 125K I'm not sure what they'll offer.
Doing a quick cursory look at another lender, I see $125k on a $200k home with a Boston zip code, primary home, 760+ credit score getting 2.875% on a 30-year or 2.5% on a 15-year with lender credits covering the costs. Hopefully you can get such an offer if it’s a better rate than you have now.
soobaerodude
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Re: Refinance Mega Thread

Post by soobaerodude »

Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
srt7
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Re: Refinance Mega Thread

Post by srt7 »

ehendu13 wrote: Sat Jan 02, 2021 1:50 pm Hi all. This may have been covered before, but I didn’t want to sort through all 180 pages :)

Just started looking at a Refi. We bought our house last March. Price was $535k, we put 20% down so our loan was $428k. 30 year fixed at 3.5%.

I put in some info at lendingtree to get an idea of options and Amerisave gave me a call. They are saying we could get a rate of 2.25% on a 30 year fixed, but they are increasing the loan amount to $440k and rolling the points into the loan. The $440k is the biggest loan they can give with staying at 80% LTV (our property increased in value slightly per them since we bought). Under this scenario, we would bring about $2k to close.

My initial reaction is I am not crazy about increasing the loan amount, even if our payment is lower. I was hoping to keep the same loan amount and just save what we can monthly without paying much in closing costs.

Is that the prevailing thought or do folks typically increase their loan amount?
So they are basically asking you for $14K ($12K rolled in to the loan plus $2K) to buy down the rate. I would pass.

You are correct in not increasing the loan amount. Take it a step further and ask for their best rate with $0 (A+B+C) in closing costs.

Easiest way to price shop/compare across lenders is to ask for best rate with zero closing costs within the same loan type/term (ex: Fixed 30 year etc.)
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DoveBogle
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Re: Refinance Mega Thread

Post by DoveBogle »

soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I haven't been getting quotes this good from LD. Do you have an LO you can recommend? I don't know if LOs are state specific -- I am in MA
jfunk138
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Re: Refinance Mega Thread

Post by jfunk138 »

Got my GFE from Provident Funding, giving Loan Depot the chance to beat (their initial offer was very poor by comparison):

MA
Mortgage $232,000
Home Value: $440,000
15 year 2.375%
Lender Credit $2900 (1.25 point)
A+B+C+E = $2610

They pay $290 toward my principal... Think Loan Depot will beat?

Massachusetts A+B+C+E breakdown for those interested (I wish more posters would provide these):
Origination fee: $1350
Appraisal: $615 (waived) -> $0
Title Insurance: $425
Title Agent/Settlement: $625
Recording: $210
Last edited by jfunk138 on Mon Jan 04, 2021 1:40 pm, edited 1 time in total.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

DoveBogle wrote: Mon Jan 04, 2021 1:25 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I haven't been getting quotes this good from LD. Do you have an LO you can recommend? I don't know if LOs are state specific -- I am in MA
60% LTV and CA are key elements here.
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BrandonBogle
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Post by BrandonBogle »

soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
Good choice!
DoveBogle
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Re: Refinance Mega Thread

Post by DoveBogle »

Goal33 wrote: Mon Jan 04, 2021 1:37 pm
DoveBogle wrote: Mon Jan 04, 2021 1:25 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I haven't been getting quotes this good from LD. Do you have an LO you can recommend? I don't know if LOs are state specific -- I am in MA
60% LTV and CA are key elements here.
Ah, I see. I'm sitting at about 72% LTV or something. Do you think I would get a better rate if I paid it down to under 70%?
soobaerodude
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Re: Refinance Mega Thread

Post by soobaerodude »

DoveBogle wrote: Mon Jan 04, 2021 2:07 pm
Goal33 wrote: Mon Jan 04, 2021 1:37 pm
DoveBogle wrote: Mon Jan 04, 2021 1:25 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I haven't been getting quotes this good from LD. Do you have an LO you can recommend? I don't know if LOs are state specific -- I am in MA
60% LTV and CA are key elements here.
Ah, I see. I'm sitting at about 72% LTV or something. Do you think I would get a better rate if I paid it down to under 70%?
60% and below should get you better pricing. You'll have to calculate if paying down is worth it to you
rai
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Re: Refinance Mega Thread

Post by rai »

I’m curious about how low would I need to get to consider a refi.

I called my original loan officer, he told me not to bother unless I was cutting one percentage point. I’m not sure I agree because I want to get into a fixed rate so might be worth refi even if it’s not a full one percentage point.

My loan is less than half a year old but I’m anxious to not be in a variable loan when the fixed expires.

I kind of was in a corner when I got the loan because my debt to income was at the limit because I had another mortgage and two houses. Now I’m at one house and one mortgage.

Anyway my loan is 10/30 ARM that is fixed for 10 years at 2.5%.

Should I look to refi to a fixed loan and what rate would it be worth looking at?

Also how much do typically refi loans cost to originate?
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socoolme
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Re: Refinance Mega Thread

Post by socoolme »

anewboglehead wrote: Thu Dec 31, 2020 11:23 pm In the middle of a simultaneous triple refinance!


Third locked last week:
Investment Property (condo in TX)
195k at 2.99% 30 year fixed (was 4.625%)
No cost, ~3.5k fee rolled into loan (prev loan balance ~191k).
Monthly payment decreased by 203/m
45.6k interest saved over life of loan
Cash flow: Skipped 1 month of payments, estimated 2k in prepaids to close (1,024 - ~2k = -1k).

Once these close, will receive balance of impound accounts on 2 properties, 5.6k + .4k = 6k.

Number of times I plan to refinance these properties in the future: 0
Would you please share the contact details of the lender for investment propety in TX? Thanks much.
mt2k
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Post by mt2k »

rai wrote: Mon Jan 04, 2021 2:25 pm I’m curious about how low would I need to get to consider a refi.

I called my original loan officer, he told me not to bother unless I was cutting one percentage point. I’m not sure I agree because I want to get into a fixed rate so might be worth refi even if it’s not a full one percentage point.

My loan is less than half a year old but I’m anxious to not be in a variable loan when the fixed expires.

I kind of was in a corner when I got the loan because my debt to income was at the limit because I had another mortgage and two houses. Now I’m at one house and one mortgage.

Anyway my loan is 10/30 ARM that is fixed for 10 years at 2.5%.

Should I look to refi to a fixed loan and what rate would it be worth looking at?

Also how much do typically refi loans cost to originate?
Without knowing the state, loan amount and LTV it is difficult to estimate a good rate. Read the last few pages on this thread to get a generic idea.

In these low rate environment I 100% agree to go to a fixed rate loan.
drk
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Post by drk »

soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I got pretty much the same offer in WA with an LTV just under 75%.
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Indi808
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Re: Refinance Mega Thread

Post by Indi808 »

I am in the process of trying to refi and wanted to inquire how one can qualify for an appraisal waiver? I'm fairly new to all the ins and outs of refinancing and was looking to see how far into the loan process I can go before backing out without incurring any fees. I was once burned by Better after not qualifying for a loan with them (current employment was not long enough) and was stuck paying for the appraisal. Now I'm hesitant to move forward with a lender until I know I won't be losing any money with them if I opt not to move forward with them. I did a refi in May (3.3%, LTV ~40%) and looking to refi again since the rates are so good. I'm in CA if that makes a difference.
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fetch5482
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Post by fetch5482 »

I closed with IM during the last week of 2020, loan was funded on first of the year. Got in at 1.75% on 15 year fixed, no closing cost. 460k loan on a 1 million value property, waived appraisal, under 3 weeks start to finish. Very impressed with the experience and speed.

Now I need to figure out when my previous lender will apply the payoff since 1st was holiday and 2nd/3rd was Saturday & Sunday. They haven't yet processed the wired payoff, hopefully they'll retroactively apply it from 1st or 2nd.
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BrandonBogle
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Post by BrandonBogle »

gas_balloon wrote: Mon Jan 04, 2021 6:35 pm I closed with IM during the last week of 2020, loan was funded on first of the year. Got in at 1.75% on 15 year fixed, no closing cost. 460k loan on a 1 million value property, waived appraisal, under 3 weeks start to finish. Very impressed with the experience and speed.

Now I need to figure out when my previous lender will apply the payoff since 1st was holiday and 2nd/3rd was Saturday & Sunday. They haven't yet processed the wired payoff, hopefully they'll retroactively apply it from 1st or 2nd.
Great job!

Don’t hold your breath on a retroactive apply. The Fed Wire system wasn’t open on the 1st, 2nd, or 3rd. So unless by some fluke the payoff was sent on the 31st, today or tomorrow the payoff will be sent.
morfys
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Post by morfys »

Has anyone used raterabbit before? I'm deciding between them and LoanDepot. Thank you.
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fetch5482
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Post by fetch5482 »

BrandonBogle wrote: Mon Jan 04, 2021 6:40 pm
gas_balloon wrote: Mon Jan 04, 2021 6:35 pm I closed with IM during the last week of 2020, loan was funded on first of the year. Got in at 1.75% on 15 year fixed, no closing cost. 460k loan on a 1 million value property, waived appraisal, under 3 weeks start to finish. Very impressed with the experience and speed.

Now I need to figure out when my previous lender will apply the payoff since 1st was holiday and 2nd/3rd was Saturday & Sunday. They haven't yet processed the wired payoff, hopefully they'll retroactively apply it from 1st or 2nd.
Great job!

Don’t hold your breath on a retroactive apply. The Fed Wire system wasn’t open on the 1st, 2nd, or 3rd. So unless by some fluke the payoff was sent on the 31st, today or tomorrow the payoff will be sent.
Actually I just checked, the loan was funded on 30th and wired on 31st.
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2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

Not sure how people are having luck with Lenderfi. I have tried 3 times to refi with the. I am able to get them to send me 1 LE but when I ask about getting another one they don't respond and by the time they do they come back with really bad credits.

On another note I am going with a different lender because of what I mentioned above but I noticed that the escrow increase after you lock. My homeowners insurance went from 2 months to 9 months now. How is this determined? Is this normal?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

2quiker wrote: Mon Jan 04, 2021 10:07 pm Not sure how people are having luck with Lenderfi. I have tried 3 times to refi with the. I am able to get them to send me 1 LE but when I ask about getting another one they don't respond and by the time they do they come back with really bad credits.
LenderFi is a no-nonsense lender. If you ask for more than one LE, that means you are shopping around.

Their modus operandi is for you to come to them when you are done shopping around. Thus, they send you the LE out of a legal requirement, but they sour the terms because they don’t want to work with you on that app anymore.
ssel
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Re: Refinance Mega Thread

Post by ssel »

gas_balloon wrote: Mon Jan 04, 2021 9:39 pm
BrandonBogle wrote: Mon Jan 04, 2021 6:40 pm
gas_balloon wrote: Mon Jan 04, 2021 6:35 pm I closed with IM during the last week of 2020, loan was funded on first of the year. Got in at 1.75% on 15 year fixed, no closing cost. 460k loan on a 1 million value property, waived appraisal, under 3 weeks start to finish. Very impressed with the experience and speed.

Now I need to figure out when my previous lender will apply the payoff since 1st was holiday and 2nd/3rd was Saturday & Sunday. They haven't yet processed the wired payoff, hopefully they'll retroactively apply it from 1st or 2nd.
Great job!

Don’t hold your breath on a retroactive apply. The Fed Wire system wasn’t open on the 1st, 2nd, or 3rd. So unless by some fluke the payoff was sent on the 31st, today or tomorrow the payoff will be sent.
Actually I just checked, the loan was funded on 30th and wired on 31st.
If they funded on the 30th then you couldn't have signed during the last week of 2020. The week before that (the week of Christmas), maybe? I'm curious what day you actually signed, since I'm now waiting for my own IM refi to fund. I signed on 12/29, so that really was the last week of the year. Same great rate, by the way.
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fetch5482
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Re: Refinance Mega Thread

Post by fetch5482 »

ssel wrote: Tue Jan 05, 2021 12:04 am
If they funded on the 30th then you couldn't have signed during the last week of 2020. The week before that (the week of Christmas), maybe? I'm curious what day you actually signed, since I'm now waiting for my own IM refi to fund. I signed on 12/29, so that really was the last week of the year. Same great rate, by the way.
Closing was on 12/24.
3 day rescission ended on 12/29
Loan was funded on 12/30
Money was wired on 12/31 at approx 11am.

Called previous lender today but after 2 hours on the phone I couldn't reach a human. Will try again tomorrow. The account still shows full loan balance. I've not made this months payment hoping that the payoff will happen before 15th of the month (after which I'm subject to penalty); then I can mail the check to new lender instead. If the payoff wire is not processed by this Friday I'll probably make a payment to avoid the late fees and/or credit report ding.
Last edited by fetch5482 on Tue Jan 05, 2021 12:13 am, edited 1 time in total.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
quizzer25
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Re: Refinance Mega Thread

Post by quizzer25 »

gas_balloon wrote: Mon Jan 04, 2021 9:39 pm
BrandonBogle wrote: Mon Jan 04, 2021 6:40 pm
gas_balloon wrote: Mon Jan 04, 2021 6:35 pm I closed with IM during the last week of 2020, loan was funded on first of the year. Got in at 1.75% on 15 year fixed, no closing cost. 460k loan on a 1 million value property, waived appraisal, under 3 weeks start to finish. Very impressed with the experience and speed.

Now I need to figure out when my previous lender will apply the payoff since 1st was holiday and 2nd/3rd was Saturday & Sunday. They haven't yet processed the wired payoff, hopefully they'll retroactively apply it from 1st or 2nd.
Great job!

Don’t hold your breath on a retroactive apply. The Fed Wire system wasn’t open on the 1st, 2nd, or 3rd. So unless by some fluke the payoff was sent on the 31st, today or tomorrow the payoff will be sent.
Actually I just checked, the loan was funded on 30th and wired on 31st.
My IM funding also happened on 30th. How did you find out if it was wired on the 31st?
Hopefully we will get to know from the current lender about loan closure/payoff tomorrow or the day after.
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fetch5482
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Re: Refinance Mega Thread

Post by fetch5482 »

quizzer25 wrote: Tue Jan 05, 2021 12:12 am My IM funding also happened on 30th. How did you find out if it was wired on the 31st?
I checked with the loan processor who was assigned to me.
Hopefully we will get to know from the current lender about loan closure/payoff tomorrow or the day after.
I'm just worried about the overlapping interest payment to both old lender and IM. If they don't retroactively apply the payoff within 1-2 days of receiving the wire, that'll be a lot of overlapping interest incurred.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gas_balloon wrote: Tue Jan 05, 2021 12:09 am Closing was on 12/24.
3 day rescission ended on 12/29
Loan was funded on 12/30
Money was wired on 12/31 at approx 11am.

Called previous lender today but after 2 hours on the phone I couldn't reach a human. Will try again tomorrow. The account still shows full loan balance. I've not made this months payment hoping that the payoff will happen before 15th of the month (after which I'm subject to penalty); then I can mail the check to new lender instead. If the payoff wire is not processed by this Friday I'll probably make a payment to avoid the late fees and/or credit report ding.
Ouch. That sucks. You might feel anxious, but try not to worry about it. Today was the first business day after the wire transfer. It very well could be processed overnight and you see it tomorrow.
slbnoob
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Re: Refinance Mega Thread

Post by slbnoob »

drk wrote: Mon Jan 04, 2021 5:13 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I got pretty much the same offer in WA with an LTV just under 75%.
When did (either of) you get this offer from LD?

I'm in WA and on 12/31, I was quoted 2.5% 30 year on 700k+ loan LTV just under 75% with 51xx in lender credits, which is much less than 5700 back like you.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

slbnoob wrote: Tue Jan 05, 2021 12:37 am
drk wrote: Mon Jan 04, 2021 5:13 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I got pretty much the same offer in WA with an LTV just under 75%.
When did (either of) you get this offer from LD?

I'm in WA and on 12/31, I was quoted 2.5% 30 year on 700k+ loan LTV just under 75% with 51xx in lender credits, which is much less than 5700 back like you.
Is $700k+ in your zip code superconforming or is it jumbo? And that is just a 11-12% difference, which easily can be a difference from one day to the next.
soobaerodude
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Re: Refinance Mega Thread

Post by soobaerodude »

slbnoob wrote: Tue Jan 05, 2021 12:37 am
drk wrote: Mon Jan 04, 2021 5:13 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I got pretty much the same offer in WA with an LTV just under 75%.
When did (either of) you get this offer from LD?

I'm in WA and on 12/31, I was quoted 2.5% 30 year on 700k+ loan LTV just under 75% with 51xx in lender credits, which is much less than 5700 back like you.
I locked on 12/18
slbnoob
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Re: Refinance Mega Thread

Post by slbnoob »

BrandonBogle wrote: Tue Jan 05, 2021 12:45 am
slbnoob wrote: Tue Jan 05, 2021 12:37 am
drk wrote: Mon Jan 04, 2021 5:13 pm
soobaerodude wrote: Mon Jan 04, 2021 1:16 pm Wanted to add this data point
Loan Depot
2.5% 30 year
758K High Conforming in CA
60% LTV
A + B + C - lender credits = $5700 back to me

They also offered 2.375% with lender credits covering A B C, but it would take 9.5 years of the lower payment to cover the credits at 2.5%
I got pretty much the same offer in WA with an LTV just under 75%.
When did (either of) you get this offer from LD?

I'm in WA and on 12/31, I was quoted 2.5% 30 year on 700k+ loan LTV just under 75% with 51xx in lender credits, which is much less than 5700 back like you.
Is $700k+ in your zip code superconforming or is it jumbo? And that is just a 11-12% difference, which easily can be a difference from one day to the next.
No the difference is more. My lender credits are 51xx whereas for soobaerodude, it is 5700 back after lender credits which I assume must be in the 8k+ range. Looks like soobaerodude locked 2 weeks earlier than me. I thought rates have become more favorable since then, but I could be mistaken.
2quiker
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Re: Refinance Mega Thread

Post by 2quiker »

BrandonBogle wrote: Mon Jan 04, 2021 10:48 pm
2quiker wrote: Mon Jan 04, 2021 10:07 pm Not sure how people are having luck with Lenderfi. I have tried 3 times to refi with the. I am able to get them to send me 1 LE but when I ask about getting another one they don't respond and by the time they do they come back with really bad credits.
LenderFi is a no-nonsense lender. If you ask for more than one LE, that means you are shopping around.

Their modus operandi is for you to come to them when you are done shopping around. Thus, they send you the LE out of a legal requirement, but they sour the terms because they don’t want to work with you on that app anymore.
So one should go to LenderFi last after shopping around?
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

Quick update on owning.com

Honestly, the most painless refi.
I thought better.com was smooth. But man, owning was baby skin smooth.
12/14: reached out to owning to see what rates they offer. Sent over minimal documents.
12/22: sign with notary
12/31: loan funded

Ymmv
1st payment 2/1

Btw, I signed my initial docs with loan cabin on 8/24.
I’ve refi 2x with another company and my loan cabin file is still stuck in processing.
presto987
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Re: Refinance Mega Thread

Post by presto987 »

gas_balloon wrote: Tue Jan 05, 2021 12:09 am
ssel wrote: Tue Jan 05, 2021 12:04 am
If they funded on the 30th then you couldn't have signed during the last week of 2020. The week before that (the week of Christmas), maybe? I'm curious what day you actually signed, since I'm now waiting for my own IM refi to fund. I signed on 12/29, so that really was the last week of the year. Same great rate, by the way.
Closing was on 12/24.
3 day rescission ended on 12/29
Loan was funded on 12/30
Money was wired on 12/31 at approx 11am.

Called previous lender today but after 2 hours on the phone I couldn't reach a human. Will try again tomorrow. The account still shows full loan balance. I've not made this months payment hoping that the payoff will happen before 15th of the month (after which I'm subject to penalty); then I can mail the check to new lender instead. If the payoff wire is not processed by this Friday I'll probably make a payment to avoid the late fees and/or credit report ding.
Sometimes your old lender's website is just slow to reflect the payoff. In my two refis, the payoffs were applied on the dates that I expected, but it took 4-7 business days after the money was wired for the accounts to be shown as paid off. In fact, I believe in both cases (coincidentally), the payoff didn't reflect until the 15th of the month. I was ready to send an electronic payment on the 15th if needed but fortunately didn't need to.
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