Refinance Mega Thread

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AndThen
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Re: AMEX Authorized USER

Post by AndThen »

Thank You!

Will have to see what the process is to be added as a co-borrower. :(

I appreciate your help!


MrJedi wrote: Mon Sep 20, 2021 11:00 am
AndThen wrote: Mon Sep 20, 2021 10:48 am My spouse doesn't have an AMEX card, but she is an authorized user on an AMEX card of mine.

The refinance with better would be in her name/income/fico etc., can we use my AMEX account number for the $2000 credit even though she is just an authorized user?

Thanks in advance.
You can read the terms here:
https://www.americanexpress.com/en-us/l ... -mortgage/

Additional card members (Amex terminology for authorized user) are not eligible.
This offer is not available to: Additional Card Members

Are you going to be a co borrower on the loan? Or only spouse? Co borrow is eligible for the credit too:
To receive the statement credit, the eligible Card Member must be a borrower or co-borrower(s) on the loan application and enter their own 15-digit card number when prompted by Better Mortgage.
If it's only spouse on the loan and spouse is not a primary card holder, then I don't think there's a way to get it without getting a new card for spouse or adding you to the loan.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

karwosts wrote: Mon Sep 20, 2021 10:38 am Can someone confirm if the Better.com Amex Credit, which is listed on a loan estimate in section H (Other), is this expected to still be listed on the final closing disclosure, or is it not present there? I'm sure this has been asked a dozen times, but my closing is bearing down on me and I couldn't find this quickly.

I asked my LO if it's supposed to be there but he'll get back to me.
It should be on the FCD. While some things are automatic, there are also some manual things on Better's end for this, so it is something that can easily be missed, especially if the application wasn't stated with the Amex promo (called/emailed and had it after the fact). For me it went flawlessly, but others reporting having to reach out to their closing expert to get it added to the closing disclosures. If it isn't on your ICD or FCD, a simple email calling out its omission should be sufficient to get that corrected.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

karwosts wrote: Mon Sep 20, 2021 10:38 am Can someone confirm if the Better.com Amex Credit, which is listed on a loan estimate in section H (Other), is this expected to still be listed on the final closing disclosure, or is it not present there? I'm sure this has been asked a dozen times, but my closing is bearing down on me and I couldn't find this quickly.

I asked my LO if it's supposed to be there but he'll get back to me.
YES it should be on the closing disclosure. Mine was.
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black jack
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Re: Refinance Mega Thread

Post by black jack »

karwosts wrote: Mon Sep 20, 2021 10:38 am Can someone confirm if the Better.com Amex Credit, which is listed on a loan estimate in section H (Other), is this expected to still be listed on the final closing disclosure, or is it not present there? I'm sure this has been asked a dozen times, but my closing is bearing down on me and I couldn't find this quickly.

I asked my LO if it's supposed to be there but he'll get back to me.
In my case, the AMEX credit never appeared on my loan estimates, but was on the closing disclosure.

And today (the final day of my three-day cancellation period post-closing) I got an email from Better telling me the AMEX credit would appear on my statement in 8-12 weeks.
We cannot absolutely prove [that they are wrong who say] that we have seen our best days. But so said all who came before us, and with just as much apparent reason. | -T. B. Macaulay (1800-1859)
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jupiter_man
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Re: Refinance Mega Thread

Post by jupiter_man »

Better : 2.25% Fixed 15 Y. No lender credit. Cash out Refinance. Total Loan below 0.5m

How are people getting the $6k credits or AMEX deals? Is this a good deal?
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cchrissyy
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Re: Refinance Mega Thread

Post by cchrissyy »

jupiter_man wrote: Mon Sep 20, 2021 2:07 pm Better : 2.25% Fixed 15 Y. No lender credit. Cash out Refinance. Total Loan below 0.5m

How are people getting the $6k credits or AMEX deals? Is this a good deal?
just guessing here but is that pricing coming from Bankrate? their system won't show options with credits.
whereas, if you begin the quote process on Better, you would see a variety of rates for the 15y fixed and each of them has a different amount of credit. you can pick among them.

if you are doing the above and you notice the rate on Better's site for 0 points is not the same as what Bankrate shows for that same thing, that's when you need a screenshot of Bankrate and your Better account service person will adjust the rate for you to match that. This makes the entire rate table shift so once it's showing the same rate for 0, you can still pick one of the options with large credits.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jupiter_man wrote: Mon Sep 20, 2021 2:07 pm Better : 2.25% Fixed 15 Y. No lender credit. Cash out Refinance. Total Loan below 0.5m

How are people getting the $6k credits or AMEX deals? Is this a good deal?
It is unclear what exactly you are asking for. There are two tiers in the Better Amex promo, $2k for conforming loans and $6k for jumbo loans. Are you asking that when you say “$6k credits”, or something else?

If you are simply referring to the lender credits regardless of Amex, cchrissyy’s reponse is good; just keep in mind that Better has a cap of $4,999 in lender credits on a conforming loan.
bbb0777
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Re: Refinance Mega Thread

Post by bbb0777 »

Has anyone gotten the Better.com Amex credit, then - less than 6 months later, gotten the same Amex credit via Rocket?
  • The terms on the Better.com page say it needs to be 6 months since the last credit
  • The terms on the Rocket page don't mention any timeframe.
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

At closing, i have the choice of check or wire to receive closing cost refund. I chose wire. Anyone knows if there is any fee to receive this wire? Was concerned about lost checks so opted for wire. But i recall banks might charge $35 to just receive incoming wire. I don't think it's ACH.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

jinnix wrote: Wed Sep 22, 2021 7:28 am At closing, i have the choice of check or wire to receive closing cost refund. I chose wire. Anyone knows if there is any fee to receive this wire? Was concerned about lost checks so opted for wire. But i recall banks might charge $35 to just receive incoming wire. I don't think it's ACH.
Entirely dependent on your financial institution. Many do charge fees for incoming wire. Usually in the $10-40 range from what I've seen.

I generally opt for the check since I don't typically need the money immediately. Checks from title/settlement like this usually is sent via next day service with tracking etc.
Mako
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Re: Refinance Mega Thread

Post by Mako »

MrJedi wrote: Wed Sep 22, 2021 7:50 am
jinnix wrote: Wed Sep 22, 2021 7:28 am At closing, i have the choice of check or wire to receive closing cost refund. I chose wire. Anyone knows if there is any fee to receive this wire? Was concerned about lost checks so opted for wire. But i recall banks might charge $35 to just receive incoming wire. I don't think it's ACH.
Entirely dependent on your financial institution. Many do charge fees for incoming wire. Usually in the $10-40 range from what I've seen.

I generally opt for the check since I don't typically need the money immediately. Checks from title/settlement like this usually is sent via next day service with tracking etc.
Agree. FWIW I chose check and got a check by Fed Ex like a day or two later.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

bbb0777 wrote: Wed Sep 22, 2021 12:57 am Has anyone gotten the Better.com Amex credit, then - less than 6 months later, gotten the same Amex credit via Rocket?
  • The terms on the Better.com page say it needs to be 6 months since the last credit
  • The terms on the Rocket page don't mention any timeframe.
If you look at your Better Loan Estimate or Closing Disclosures, you will see it says on the credit “Paid by Better”. So while the promo is for Amex customers, it is a Better promo. Meanwhile, the same is true for Rocket (though I don’t know how they show the credit info). There is no connection between the two promos, so there would be no impact of one to the other.
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jandres12
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Re: Refinance Mega Thread

Post by jandres12 »

I just submitted applications with both Better and Lenderfi, Better's pricing was terrible upfront and I hate haggling. I appreciate Lenderfi providing their lowest rates upfront, and they waived appraisal on a cash out refinance (as a tip they they could waive appraisal with a 70% loan to value ratio or less).
15-year, 2.25, 2.267 APR, $1,261 credit. They indicated they can close in 15 days, we shall see.
masrepus
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Re: Refinance Mega Thread

Post by masrepus »

Has anyone used a Delta Amex card to get the Better 2000.00 credit? I did receive an email offer for my Delta Amex but I wanted to make sure there wouldn't be any issues.

My offer also says it has to be locked by 9/13/21 which has passed. The LE's keep showing the Amex credit, but I have not locked yet.
mschurner
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Re: Refinance Mega Thread

Post by mschurner »

masrepus wrote: Wed Sep 22, 2021 3:36 pm Has anyone used a Delta Amex card to get the Better 2000.00 credit? I did receive an email offer for my Delta Amex but I wanted to make sure there wouldn't be any issues.

My offer also says it has to be locked by 9/13/21 which has passed. The LE's keep showing the Amex credit, but I have not locked yet.

Lock date is 09/13/22, not 2021.
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Cash is King
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Re: Refinance Mega Thread

Post by Cash is King »

Locked in with Aim today. I refinanced with them in March 2020 at 3%/20yr no cost, no escrow, and appraisal waived. Better is not available in my state. Happy with Aim the first time ,so going back for round 2.

20Yr 2.375% No escrow, appraisal waived, and $190.00 closing cost. By waiting a day, it cost me an additional $130 in closing due to decrease lender credits.
Last edited by Cash is King on Thu Sep 23, 2021 8:30 am, edited 1 time in total.
TCG236
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Re: Refinance Mega Thread

Post by TCG236 »

Is the lender supposed to send the final CD by midnight the day before closing? Closing is tomorrow and there's still no final CD from Better. Can we legally close if we get the final CD say 4 hours before closing?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

TCG236 wrote: Wed Sep 22, 2021 8:14 pm Is the lender supposed to send the final CD by midnight the day before closing? Closing is tomorrow and there's still no final CD from Better. Can we legally close if we get the final CD say 4 hours before closing?
To the latter question, yes. But you would also be within your rights to delay so you can thoroughly look over it, either at the closing table or before. Do note that delaying your another day means a new disclosure has to be created because of the new interest prepaids and potentially other items.
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?
newbie20 wrote: Thu Aug 26, 2021 8:04 am
jinnix wrote: Wed Aug 25, 2021 1:49 pm Has anyone done subordination with Better? How does the process work? do I initiate with my bank that owns the HELOC or Better will take care of it for me? How much will that add to the Refi cost? Thank you
I am currently in the process of refinancing with Better along with subordination of HELOC. My HELOC lender charges a subordination fee, but I asked Better to take care of it, and it seems like they will do that. I think that fee depends on each lender.

The subordination process was initiated by Better, but it has definitely slowed the process down (locked 8/3 and still waiting for closing date) so it is nowhere near as fast as what some of the other members have reported. I had to call my HELOC lender this week to push things along a bit. My lock expires next week so we will see if they can still close before then or if they will extend the rate lock or if the deal collapses.
RVAhighway
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Re: Refinance Mega Thread

Post by RVAhighway »

masrepus wrote: Wed Sep 22, 2021 3:36 pm Has anyone used a Delta Amex card to get the Better 2000.00 credit? I did receive an email offer for my Delta Amex but I wanted to make sure there wouldn't be any issues.

My offer also says it has to be locked by 9/13/21 which has passed. The LE's keep showing the Amex credit, but I have not locked yet.

Yes, my statement credit came through about 10 days after closing on Delta Skymiles Amex
tj
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Re: Refinance Mega Thread

Post by tj »

jinnix wrote: Thu Sep 23, 2021 11:02 am Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?
newbie20 wrote: Thu Aug 26, 2021 8:04 am
jinnix wrote: Wed Aug 25, 2021 1:49 pm Has anyone done subordination with Better? How does the process work? do I initiate with my bank that owns the HELOC or Better will take care of it for me? How much will that add to the Refi cost? Thank you
I am currently in the process of refinancing with Better along with subordination of HELOC. My HELOC lender charges a subordination fee, but I asked Better to take care of it, and it seems like they will do that. I think that fee depends on each lender.

The subordination process was initiated by Better, but it has definitely slowed the process down (locked 8/3 and still waiting for closing date) so it is nowhere near as fast as what some of the other members have reported. I had to call my HELOC lender this week to push things along a bit. My lock expires next week so we will see if they can still close before then or if they will extend the rate lock or if the deal collapses.
Why don't you just get rid of the HELOC?
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

It's an investment property. So I want to keep the HELOC for any future funding needs.
tj wrote: Thu Sep 23, 2021 11:44 am
jinnix wrote: Thu Sep 23, 2021 11:02 am Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?
newbie20 wrote: Thu Aug 26, 2021 8:04 am
jinnix wrote: Wed Aug 25, 2021 1:49 pm Has anyone done subordination with Better? How does the process work? do I initiate with my bank that owns the HELOC or Better will take care of it for me? How much will that add to the Refi cost? Thank you
I am currently in the process of refinancing with Better along with subordination of HELOC. My HELOC lender charges a subordination fee, but I asked Better to take care of it, and it seems like they will do that. I think that fee depends on each lender.

The subordination process was initiated by Better, but it has definitely slowed the process down (locked 8/3 and still waiting for closing date) so it is nowhere near as fast as what some of the other members have reported. I had to call my HELOC lender this week to push things along a bit. My lock expires next week so we will see if they can still close before then or if they will extend the rate lock or if the deal collapses.
Why don't you just get rid of the HELOC?
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cchrissyy
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Re: Refinance Mega Thread

Post by cchrissyy »

Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?
i would be annoyed at the HELOC lender enough to consider closing it out during the refinance and opening a new one elsewhere afterward
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MortgageOnBlack
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Re: Refinance Mega Thread

Post by MortgageOnBlack »

Did another refinance... moving to a better rate from our 2.625% 15 year re-fi last May to shave off a little interest.
New loan: 15-year, 2.125%, loan amount 175,000 with Better. After lender credit, actual cost to refinance is $1434 in fees (I always ignore Escrow/Pre-paid money). Break even point is 10 months, but this will save us $8k in total interest and will allow us to pay off the house about 6 months faster.
Raycpact
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Re: Refinance Mega Thread

Post by Raycpact »

jinnix wrote: Thu Sep 23, 2021 11:02 am Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?

Is your new loan $8,000 higher by rolling the financing closing and escrow costs into new mortgage? Or does the new loan amortize slower? If so, they may see that they are giving up something by letting the first mortgage increase.
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

30 year refi to 30 year so correct the amortization will be extended. Loan amount stays the same, but now being forced to lower by $8K... I wonder what would happen if I say no to the counter offer. Does that mean the refi will get stuck?
Raycpact wrote: Thu Sep 23, 2021 4:38 pm
jinnix wrote: Thu Sep 23, 2021 11:02 am Running into a weird situation Refi-ing with HELOC subordination. Better requested for subordination, the HELOC lender "counter-offered" that the loan amount need to lowered by $8000 for them to approve the subordination request. This is on a loan with LTV less than 34%. Now I need to bring $8K to closing to complete the refi. I am dumbfounded and no idea what difference does $8K make on a $500K loan? I have the funds if needed and I can also dial up the rate to get another $2500 credit to lower the cash to close to about $5500. But I am not happy this ruins the no cost refi. Has anyone run into this? What would you recommend?

Is your new loan $8,000 higher by rolling the financing closing and escrow costs into new mortgage? Or does the new loan amortize slower? If so, they may see that they are giving up something by letting the first mortgage increase.
AK_Kiter
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Re: Refinance Mega Thread

Post by AK_Kiter »

Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?
You need to negotiate with Better. They do not give good rates upfront. Most effective methods involve screenshotting the Better quotes on bankrate.com or sending them a competing Loan Estimate.
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cchrissyy
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Re: Refinance Mega Thread

Post by cchrissyy »

AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?

no that sounds very high even for an investment property

It will surely depend on your zip code and actual property value but here, to help you figure out what's going on, as a placeholder here is a 30 year fixed mortgage for $400,000 on a rental house valued $1,000,000 with good credit

3.125% miami

3.3375% san francisco


edit - as soon as i posted i see you said 60% loan to value not 60% equity. sorry! the pricing tool seems very sensitive to that. you might find that paying down even a little, or appraising higher, provides much better rates.
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nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

Well this is fun -I paid off a refi back 8/16 with The Money Source. While I was refi'ing I got a letter from them that the servicing was moving to Wells Fargo on 9/1. Apparently they transferred early and TMS never sent the payoff $ to Wells and I just got an overdue mortgage bill from Wells. Not sure why TMS would just sit on a $300K payoff for almost 6 weeks now?!? They are currently closed, but I guess that's who I should start with? Called Wells and they have no clue.

The payment is going to be 30 days late and most likely reported to credit bureaus the middle of next week - should I make a payment to avoid a credit ding (and have to deal with getting it reversed) or never acknowledge the loan?
jinnix
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Post by jinnix »

if you have the money and dont want credit dinged, i will do that ...
nic3456 wrote: Fri Sep 24, 2021 7:03 pm Well this is fun -I paid off a refi back 8/16 with The Money Source. While I was refi'ing I got a letter from them that the servicing was moving to Wells Fargo on 9/1. Apparently they transferred early and TMS never sent the payoff $ to Wells and I just got an overdue mortgage bill from Wells. Not sure why TMS would just sit on a $300K payoff for almost 6 weeks now?!? They are currently closed, but I guess that's who I should start with? Called Wells and they have no clue.

The payment is going to be 30 days late and most likely reported to credit bureaus the middle of next week - should I make a payment to avoid a credit ding (and have to deal with getting it reversed) or never acknowledge the loan?
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

Where is the property located? Rates are also market dependent.
AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?
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alexp
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Post by alexp »

MrJedi wrote: Fri Sep 24, 2021 2:40 pm
AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?
You need to negotiate with Better. They do not give good rates upfront. Most effective methods involve screenshotting the Better quotes on bankrate.com or sending them a competing Loan Estimate.
+1. I am currently doing cash out refinance with better for an investment property- 3.125%|15yr|$3K closing cost. Will be getting $2K in Amex credit. I didn’t get a good offer for them upfront but they were able to match an offer from another lender.

Better.com rep told me to shop rates on bankrate for any refinances and share screenshot. I don’t understand why they go through this convoluted way and not provide competitive rates upfront.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

nic3456 wrote: Fri Sep 24, 2021 7:03 pm Well this is fun -I paid off a refi back 8/16 with The Money Source. While I was refi'ing I got a letter from them that the servicing was moving to Wells Fargo on 9/1. Apparently they transferred early and TMS never sent the payoff $ to Wells and I just got an overdue mortgage bill from Wells. Not sure why TMS would just sit on a $300K payoff for almost 6 weeks now?!? They are currently closed, but I guess that's who I should start with? Called Wells and they have no clue.

The payment is going to be 30 days late and most likely reported to credit bureaus the middle of next week - should I make a payment to avoid a credit ding (and have to deal with getting it reversed) or never acknowledge the loan?
Law says that payments can be made to the OLD serviced for 60 days after the official transfer date without any late fees or credit hit from the new services. Looks like you are within that window, so nothing should be reported to the credit bureaus.
MichaelAZ
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Re: Refinance Mega Thread

Post by MichaelAZ »

truenyer wrote: Fri Sep 24, 2021 11:50 pm
nic3456 wrote: Fri Sep 24, 2021 7:03 pm Well this is fun -I paid off a refi back 8/16 with The Money Source. While I was refi'ing I got a letter from them that the servicing was moving to Wells Fargo on 9/1. Apparently they transferred early and TMS never sent the payoff $ to Wells and I just got an overdue mortgage bill from Wells. Not sure why TMS would just sit on a $300K payoff for almost 6 weeks now?!? They are currently closed, but I guess that's who I should start with? Called Wells and they have no clue.

The payment is going to be 30 days late and most likely reported to credit bureaus the middle of next week - should I make a payment to avoid a credit ding (and have to deal with getting it reversed) or never acknowledge the loan?
Law says that payments can be made to the OLD serviced for 60 days after the official transfer date without any late fees or credit hit from the new services. Looks like you are within that window, so nothing should be reported to the credit bureaus.
I had the same thing happen to me. TMS sold servicing to Mr Cooper right around the time the refi loan funded. TMS website showed loan paid in full. Mr Cooper website said I owed my next payment. I called Mr Cooper twice to get it resolved. First call: "Just wait for paperwork to catch up. Takes 30-60 days." Second call: "Send us proof from TMS that it was paid off. Email it to researchincoming@mrcooper.com." I emailed transaction history PDF from TMS website and that very day the Mr Cooper website showed the loan paid in full.

TMS sent me the escrow refund check of the ~7 days of excess interest sent to them in the payoff to cover funding timing issues. Mr Cooper didn't ever handle the cash.
eltron
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Re: Refinance Mega Thread

Post by eltron »

I'm trying to finish this refi with Better and they're stumbling mightily at the finish line. I've read similar stories on here, but the notary that was supposed to show up initially on Wednesday 09/22 called and said he wasn't given the closing disclosures. I somewhat expected this from the feedback on this forum.

The agent I've worked with at Better called and apologized and said their team didn't finalize everything and they then rescheduled to today (09/25) at 11am. It is now 1pm and they have no-called/no-showed again. I called the initial notary and he said he's in the dark, Better never contacted him.

I called Better and left a message that this is getting a bit frustrating. We have family in town along with small kids and we've now blocked out time twice to get this done and it's been for not.

At this point is there any recourse for me or just continue being patient? I think at the very least they should offer for me to do the online signing that's listed at $50 and they should waive the cost because they've now dropped the ball twice. My mortgage comes out the 1st and this was supposed to be funded and paid to avoid next months mortgage but that's looking unlikely to happen now.

And does anyone know if they're open on the weekends? Trying to decide if I should keep calling or if that is a waste of time if no ones going to answer until Monday.

Any advice?
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Cash is King
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Re: Refinance Mega Thread

Post by Cash is King »

eltron wrote: Sat Sep 25, 2021 12:00 pm I'm trying to finish this refi with Better and they're stumbling mightily at the finish line. I've read similar stories on here, but the notary that was supposed to show up initially on Wednesday 09/22 called and said he wasn't given the closing disclosures. I somewhat expected this from the feedback on this forum.

The agent I've worked with at Better called and apologized and said their team didn't finalize everything and they then rescheduled to today (09/25) at 11am. It is now 1pm and they have no-called/no-showed again. I called the initial notary and he said he's in the dark, Better never contacted him.

I called Better and left a message that this is getting a bit frustrating. We have family in town along with small kids and we've now blocked out time twice to get this done and it's been for not.

At this point is there any recourse for me or just continue being patient? I think at the very least they should offer for me to do the online signing that's listed at $50 and they should waive the cost because they've now dropped the ball twice. My mortgage comes out the 1st and this was supposed to be funded and paid to avoid next months mortgage but that's looking unlikely to happen now.

And does anyone know if they're open on the weekends? Trying to decide if I should keep calling or if that is a waste of time if no ones going to answer until Monday.

Any advice?
Definitely not good customer service but I would let it marinate until Monday.
If you sign on Monday the 27th, your existing loan should get paid off by October 1st. I would stop the bill pay for October's mortgage payment because the payment is not considered late until after the 15th of month in most cases. I think it's a waste of my time to pursue any recourse. YMMV.
eltron
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Re: Refinance Mega Thread

Post by eltron »

Cash is King wrote: Sat Sep 25, 2021 12:26 pm
eltron wrote: Sat Sep 25, 2021 12:00 pm I'm trying to finish this refi with Better and they're stumbling mightily at the finish line. I've read similar stories on here, but the notary that was supposed to show up initially on Wednesday 09/22 called and said he wasn't given the closing disclosures. I somewhat expected this from the feedback on this forum.

The agent I've worked with at Better called and apologized and said their team didn't finalize everything and they then rescheduled to today (09/25) at 11am. It is now 1pm and they have no-called/no-showed again. I called the initial notary and he said he's in the dark, Better never contacted him.

I called Better and left a message that this is getting a bit frustrating. We have family in town along with small kids and we've now blocked out time twice to get this done and it's been for not.

At this point is there any recourse for me or just continue being patient? I think at the very least they should offer for me to do the online signing that's listed at $50 and they should waive the cost because they've now dropped the ball twice. My mortgage comes out the 1st and this was supposed to be funded and paid to avoid next months mortgage but that's looking unlikely to happen now.

And does anyone know if they're open on the weekends? Trying to decide if I should keep calling or if that is a waste of time if no ones going to answer until Monday.

Any advice?
Definitely not good customer service but I would let it marinate until Monday.
If you sign on Monday the 27th, your existing loan should get paid off by October 1st. I would stop the bill pay for October's mortgage payment because the payment is not considered late until after the 15th of month in most cases. I think it's a waste of my time to pursue any recourse. YMMV.
Issue with that is I work Monday and Tuesday 9-5. Unless they can make evenings work - which I’m sure is possible, I won’t be able to be free to sign again until next Wednesday.

The mobile notary, with the fee waived, would be a nice consolation since they’ve botched this twice and created extra steps for me, I.e. stopping auto pay, hoping this ‘missed’ payment doesn’t negatively impact my credit, etc.

I’ll give it until Monday and hope I’m not as frustrated over this.
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Cash is King
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Re: Refinance Mega Thread

Post by Cash is King »

eltron wrote: Sat Sep 25, 2021 12:34 pm
Cash is King wrote: Sat Sep 25, 2021 12:26 pm
eltron wrote: Sat Sep 25, 2021 12:00 pm I'm trying to finish this refi with Better and they're stumbling mightily at the finish line. I've read similar stories on here, but the notary that was supposed to show up initially on Wednesday 09/22 called and said he wasn't given the closing disclosures. I somewhat expected this from the feedback on this forum.

The agent I've worked with at Better called and apologized and said their team didn't finalize everything and they then rescheduled to today (09/25) at 11am. It is now 1pm and they have no-called/no-showed again. I called the initial notary and he said he's in the dark, Better never contacted him.

I called Better and left a message that this is getting a bit frustrating. We have family in town along with small kids and we've now blocked out time twice to get this done and it's been for not.

At this point is there any recourse for me or just continue being patient? I think at the very least they should offer for me to do the online signing that's listed at $50 and they should waive the cost because they've now dropped the ball twice. My mortgage comes out the 1st and this was supposed to be funded and paid to avoid next months mortgage but that's looking unlikely to happen now.

And does anyone know if they're open on the weekends? Trying to decide if I should keep calling or if that is a waste of time if no ones going to answer until Monday.

Any advice?
Definitely not good customer service but I would let it marinate until Monday.
If you sign on Monday the 27th, your existing loan should get paid off by October 1st. I would stop the bill pay for October's mortgage payment because the payment is not considered late until after the 15th of month in most cases. I think it's a waste of my time to pursue any recourse. YMMV.
Issue with that is I work Monday and Tuesday 9-5. Unless they can make evenings work - which I’m sure is possible, I won’t be able to be free to sign again until next Wednesday.

The mobile notary, with the fee waived, would be a nice consolation since they’ve botched this twice and created extra steps for me, I.e. stopping auto pay, hoping this ‘missed’ payment doesn’t negatively impact my credit, etc.

I’ll give it until Monday and hope I’m not as frustrated over this.
Yup, it's a PITA. Better paying the notary fee opposed to you is a nice compromise. Hopefully it all works out.
KrisNC
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Re: Refinance Mega Thread

Post by KrisNC »

We had similar experience with Better.
Closing was supposed to be Thurs, then Fri, and still waiting for them to correct the numbers, loan amount, credit etc.
In our area, notary is available evening hours too.
Not sure if we should go with a diff lender abs restart.
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g$$
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Re: Refinance Mega Thread

Post by g$$ »

Contacted my mortgage loan officer to inquire about a refinance. She offered a "loan modification" to change the rate from 3.625% to 2.75% prospectively. We have to pay a flat $1,500 fee for the adjustment, but there is no need to provide income or asset verification since it is not a full refinance. We could also refinance to 2.85% (no fee) if we're willing to provide assets/income and reset to 30 years. The loan adjustment should pay itself off after about 3 months. We're proceeding the the loan adjustment since it's easier.
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

Which bank or servicer is this? Sounds quite slick.
g$$ wrote: Sat Sep 25, 2021 5:05 pm Contacted my mortgage loan officer to inquire about a refinance. She offered a "loan modification" to change the rate from 3.625% to 2.75% prospectively. We have to pay a flat $1,500 fee for the adjustment, but there is no need to provide income or asset verification since it is not a full refinance. We could also refinance to 2.85% (no fee) if we're willing to provide assets/income and reset to 30 years. The loan adjustment should pay itself off after about 3 months. We're proceeding the the loan adjustment since it's easier.
Minty
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Re: Refinance Mega Thread

Post by Minty »

jinnix wrote: Sat Sep 25, 2021 8:16 pm Which bank or servicer is this? Sounds quite slick.
g$$ wrote: Sat Sep 25, 2021 5:05 pm Contacted my mortgage loan officer to inquire about a refinance. She offered a "loan modification" to change the rate from 3.625% to 2.75% prospectively. We have to pay a flat $1,500 fee for the adjustment, but there is no need to provide income or asset verification since it is not a full refinance. We could also refinance to 2.85% (no fee) if we're willing to provide assets/income and reset to 30 years. The loan adjustment should pay itself off after about 3 months. We're proceeding the the loan adjustment since it's easier.
I hope you shopped around; you may be able to do better.
Core Four w/ nominal bonds & TIPS. Refi Rampage: Purchase: 3.875% 30 -> R1 3% 20 -> R2 2.375% 15 -> R3 1.99% 15 -> R4 1.875% 15
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g$$
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Re: Refinance Mega Thread

Post by g$$ »

jinnix wrote: Sat Sep 25, 2021 8:16 pm Which bank or servicer is this? Sounds quite slick.
g$$ wrote: Sat Sep 25, 2021 5:05 pm Contacted my mortgage loan officer to inquire about a refinance. She offered a "loan modification" to change the rate from 3.625% to 2.75% prospectively. We have to pay a flat $1,500 fee for the adjustment, but there is no need to provide income or asset verification since it is not a full refinance. We could also refinance to 2.85% (no fee) if we're willing to provide assets/income and reset to 30 years. The loan adjustment should pay itself off after about 3 months. We're proceeding the the loan adjustment since it's easier.
This was with PNC Bank.
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g$$
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Re: Refinance Mega Thread

Post by g$$ »

Minty wrote: Sat Sep 25, 2021 10:22 pm
jinnix wrote: Sat Sep 25, 2021 8:16 pm Which bank or servicer is this? Sounds quite slick.
g$$ wrote: Sat Sep 25, 2021 5:05 pm Contacted my mortgage loan officer to inquire about a refinance. She offered a "loan modification" to change the rate from 3.625% to 2.75% prospectively. We have to pay a flat $1,500 fee for the adjustment, but there is no need to provide income or asset verification since it is not a full refinance. We could also refinance to 2.85% (no fee) if we're willing to provide assets/income and reset to 30 years. The loan adjustment should pay itself off after about 3 months. We're proceeding the the loan adjustment since it's easier.
I hope you shopped around; you may be able to do better.
Oh I'm sure there are better deals out there. This almost certainly isn't the "best", but it's much better than where we were at and it was simple/easy. I'm happy with where we're ending up.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

nic3456 wrote: Fri Sep 24, 2021 7:03 pm Well this is fun -I paid off a refi back 8/16 with The Money Source. While I was refi'ing I got a letter from them that the servicing was moving to Wells Fargo on 9/1. Apparently they transferred early and TMS never sent the payoff $ to Wells and I just got an overdue mortgage bill from Wells. Not sure why TMS would just sit on a $300K payoff for almost 6 weeks now?!? They are currently closed, but I guess that's who I should start with? Called Wells and they have no clue.

The payment is going to be 30 days late and most likely reported to credit bureaus the middle of next week - should I make a payment to avoid a credit ding (and have to deal with getting it reversed) or never acknowledge the loan?

So after calling Wells Fargo and them saying I owe the money, there's nothing they can do and I need to call prior servicer, title company, etc, etc my loan magically shows paid in full over night - even though I hadn't been able to talk to anyone other than Wells Fargo...so I chalk this up to Wells mistake and my funds sitting there for weeks without them applying it and then acting like they did nothing wrong....
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

I think last Friday the 10 year bond went up quite a bit. This may be a factor as well. I tried to price a condo investment property refi and pricing had gone up quite a bit from a month ago.
cchrissyy wrote: Fri Sep 24, 2021 3:36 pm
AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?

no that sounds very high even for an investment property

It will surely depend on your zip code and actual property value but here, to help you figure out what's going on, as a placeholder here is a 30 year fixed mortgage for $400,000 on a rental house valued $1,000,000 with good credit

3.125% miami

3.3375% san francisco


edit - as soon as i posted i see you said 60% loan to value not 60% equity. sorry! the pricing tool seems very sensitive to that. you might find that paying down even a little, or appraising higher, provides much better rates.
juice421
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Re: Refinance Mega Thread

Post by juice421 »

For serial refinancers, I am on the backend of a back to back refi with Better.com and in UW currently, and was just asked to provide a copy of the deed of trust "for the mortgage being paid at closing". Anyone know who specifically should I be requesting this from? My first thought was go to my county, but I searched my county recorder for the docs for the refinance that funded last month but I got no results. I'm assuming they haven't updated their records yet. Who should I be going to next? The title company or my previous closing expert at Better.com? Just for reference that loan got sold to Mr. Cooper this week from TMS. A lot of parties involved and just not sure who I should be going to get this task completed to move this current refi forward.

Thanks for any help anyone can provide.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

jinnix wrote: Sun Sep 26, 2021 8:51 am I think last Friday the 10 year bond went up quite a bit. This may be a factor as well. I tried to price a condo investment property refi and pricing had gone up quite a bit from a month ago.
cchrissyy wrote: Fri Sep 24, 2021 3:36 pm
AK_Kiter wrote: Fri Sep 24, 2021 2:31 pm Has anyone recently refinanced an investment property? I received a quote from Better Mortgage of 4.75% on a 30-year loan on a SFH (with a 60% LTV) which is significantly higher than I am currently paying. Am i missing something or is that just the going rate for investment properties?

no that sounds very high even for an investment property

It will surely depend on your zip code and actual property value but here, to help you figure out what's going on, as a placeholder here is a 30 year fixed mortgage for $400,000 on a rental house valued $1,000,000 with good credit

3.125% miami

3.3375% san francisco


edit - as soon as i posted i see you said 60% loan to value not 60% equity. sorry! the pricing tool seems very sensitive to that. you might find that paying down even a little, or appraising higher, provides much better rates.
Yes rates jumped up significantly in the past 1-2 months and a large chunk last Thurs/Fri. Looks like about 0.375% higher vs late July / early August.

http://www.mortgagenewsdaily.com/mortga ... daily.aspx
Mako
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Re: Refinance Mega Thread

Post by Mako »

MrJedi wrote: Mon Sep 27, 2021 9:04 am
Yes rates jumped up significantly in the past 1-2 months and a large chunk last Thurs/Fri. Looks like about 0.375% higher vs late July / early August.

http://www.mortgagenewsdaily.com/mortga ... daily.aspx
Yep, FWIW I locked my refinance on 8/23 and my Better on Bankrate screen shot shows 0.6 points for 2.5%. Today using the same info Better on Bankrate shows 1.6 points for 2.5%, or 0.75 points for 2.625%. So in a month we've gone up over .125% or 1 point. I was also mildly disappointed at the time that I had waited because from everyone in this thread I knew rates had gone up in the month before that.
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