I'll share an update when I hear back on my double refi requestInvestorDave wrote: ↑Sun Jul 25, 2021 12:00 pmThat could definitely be an issue if you don't have an existing mortgage. When I did a refi last year on my property with no mortgage I wasn't able to get as good of a rate because I didn't have an existing mortgage.gcc wrote: ↑Sun Jul 25, 2021 11:54 am I'm having a problem getting Better to price match their offer on Bankrate
I see 2.5% 30-year 0 pt on bankrate, but my rates on better require $5,918 in points for the same 2.5%
When I asked Better to match they said they are unable to because the offers on Bankrate require that there be an existing loan of at least $10k. I have a paid off home.
So I've asked them to refinance for me twice - once at 3.x% where they give me ~$4.5k in credits, and then immediately at 2.5% 0 points
Still waiting on a reply
Refinance Mega Thread
Re: Refinance Mega Thread
Re: Refinance Mega Thread
Confirm via the appropriate government web site (or whatever mechanism they provide), that the paperwork is filed correctly. Can take a few weeks to show up.pindevil wrote: ↑Sun Jul 25, 2021 12:58 pm Better had to switch title companies on me because our house is in a trust. The new title company will take the house out of the trust temporarily for the loan to complete. Once better completes the loan the title company will put the house back in the trust.
This is my first time dealing with this but I guess it's a normal part of the process. Anything I need to watch out for?
I've had two different title companies mess this up. They eventually fixed it after I noticed, but it took a bit of time to get it done.
Re: Refinance Mega Thread
You may try to do a no cost somewhere else like loandepot or lenderfi and then do Better.gcc wrote: ↑Sun Jul 25, 2021 1:30 pmI'll share an update when I hear back on my double refi requestInvestorDave wrote: ↑Sun Jul 25, 2021 12:00 pmThat could definitely be an issue if you don't have an existing mortgage. When I did a refi last year on my property with no mortgage I wasn't able to get as good of a rate because I didn't have an existing mortgage.gcc wrote: ↑Sun Jul 25, 2021 11:54 am I'm having a problem getting Better to price match their offer on Bankrate
I see 2.5% 30-year 0 pt on bankrate, but my rates on better require $5,918 in points for the same 2.5%
When I asked Better to match they said they are unable to because the offers on Bankrate require that there be an existing loan of at least $10k. I have a paid off home.
So I've asked them to refinance for me twice - once at 3.x% where they give me ~$4.5k in credits, and then immediately at 2.5% 0 points
Still waiting on a reply
Re: Refinance Mega Thread
Better Settlements refused to put mine back in the trust. I decided no biggie, I’ll replicate the original deed prepared by my estate planning attorney and walk it down to the courthouse myself.bluebolt wrote: ↑Sun Jul 25, 2021 1:42 pmConfirm via the appropriate government web site (or whatever mechanism they provide), that the paperwork is filed correctly. Can take a few weeks to show up.pindevil wrote: ↑Sun Jul 25, 2021 12:58 pm Better had to switch title companies on me because our house is in a trust. The new title company will take the house out of the trust temporarily for the loan to complete. Once better completes the loan the title company will put the house back in the trust.
This is my first time dealing with this but I guess it's a normal part of the process. Anything I need to watch out for?
I've had two different title companies mess this up. They eventually fixed it after I noticed, but it took a bit of time to get it done.
Re: Refinance Mega Thread
Yes, that seems like the strategy that has been working the best for people. Find the rate and term combination where Bankrate shows the biggest improvement compared to your rate table, and use that one to request the price match.newbie20 wrote: ↑Sun Jul 25, 2021 1:00 pmWhat do you think about the first part of the question? Should I submit a screenshot showing the greatest difference between Bankrate and their rate table?BrandonBogle wrote: ↑Sun Jul 25, 2021 12:49 pmProbably my last chime in for a bit as I’m a plane off the continent at the moment! Lol.tj wrote: ↑Sun Jul 25, 2021 12:34 pmon the bolded, that's correct. Perhaps BrandonBogle will chime in on the rest.newbie20 wrote: ↑Sun Jul 25, 2021 12:26 pmOne more question - should I screenshot the rate that shows the highest difference in point values between Bankrate and my rate table on Better? For example, the difference between two sites for 1.75% is about $3,600 (15 yr term) whereas for 2.375%, it is about $4,800 (30 yr term). Should I send the screenshot of 2.375% hoping that it'd result in more rewarding adjustment on the whole rate table?
Also, I remember reading earlier that you are free to select whichever term/rate that they show in their portal, not just what you negotiate on. Am I correct?
Yes, you can change the rate and term up to closing. You can also submit a competing LE for any rate and term (available to you) up to closing.
Safe travels, and thanks for your help!
Re: Refinance Mega Thread
Did they at any point tell you they would take care of it but then backed out later? Right now they are telling me it will be taken care of by the new title company they found.chazas wrote: ↑Sun Jul 25, 2021 2:36 pmBetter Settlements refused to put mine back in the trust. I decided no biggie, I’ll replicate the original deed prepared by my estate planning attorney and walk it down to the courthouse myself.bluebolt wrote: ↑Sun Jul 25, 2021 1:42 pmConfirm via the appropriate government web site (or whatever mechanism they provide), that the paperwork is filed correctly. Can take a few weeks to show up.pindevil wrote: ↑Sun Jul 25, 2021 12:58 pm Better had to switch title companies on me because our house is in a trust. The new title company will take the house out of the trust temporarily for the loan to complete. Once better completes the loan the title company will put the house back in the trust.
This is my first time dealing with this but I guess it's a normal part of the process. Anything I need to watch out for?
I've had two different title companies mess this up. They eventually fixed it after I noticed, but it took a bit of time to get it done.
Re: Refinance Mega Thread
Nope, they just told me no.pindevil wrote: ↑Sun Jul 25, 2021 4:37 pmDid they at any point tell you they would take care of it but then backed out later? Right now they are telling me it will be taken care of by the new title company they found.chazas wrote: ↑Sun Jul 25, 2021 2:36 pmBetter Settlements refused to put mine back in the trust. I decided no biggie, I’ll replicate the original deed prepared by my estate planning attorney and walk it down to the courthouse myself.bluebolt wrote: ↑Sun Jul 25, 2021 1:42 pmConfirm via the appropriate government web site (or whatever mechanism they provide), that the paperwork is filed correctly. Can take a few weeks to show up.pindevil wrote: ↑Sun Jul 25, 2021 12:58 pm Better had to switch title companies on me because our house is in a trust. The new title company will take the house out of the trust temporarily for the loan to complete. Once better completes the loan the title company will put the house back in the trust.
This is my first time dealing with this but I guess it's a normal part of the process. Anything I need to watch out for?
I've had two different title companies mess this up. They eventually fixed it after I noticed, but it took a bit of time to get it done.
Re: Refinance Mega Thread
Thanks, just sent in a screenshot showing the largest difference of about $4,900. Hoping for the best!
Re: Refinance Mega Thread
I just created a new Better account, then compared the Better rates with Bankrate:
In the end I want a 15-year at 1.75%, but want to get lender credit. Should I have them match the 30-year 2.25%, to "reset" the rate table to get credit on the 1.75% 15-year?
Code: Select all
Term Rate Better Bankrate Difference
30 2.250% $10,180 $3,195 ($6,985)
30 2.375% $5,320 $0 ($5,320)
30 2.500% $1,566 N/A
30 2.625% $2,376 N/A
15 1.750% $2,765 $0 ($2,765)
15 1.875% ($816) N/A
Re: Refinance Mega Thread
Is there a way to see more rates on Better? My rate table for 30 yr begins at 2.375%, not 2.25%. I suspect if I could see 2.25% on Better then that might be the point of highest difference between Better and Bankrate. I have already sent a screenshot but if I could see that then perhaps I could send them one more before they get into office.truenyer wrote: ↑Sun Jul 25, 2021 7:07 pm I just created a new Better account, then compared the Better rates with Bankrate:In the end I want a 15-year at 1.75%, but want to get lender credit. Should I have them match the 30-year 2.25%, to "reset" the rate table to get credit on the 1.75% 15-year?Code: Select all
Term Rate Better Bankrate Difference 30 2.250% $10,180 $3,195 ($6,985) 30 2.375% $5,320 $0 ($5,320) 30 2.500% $1,566 N/A 30 2.625% $2,376 N/A 15 1.750% $2,765 $0 ($2,765) 15 1.875% ($816) N/A
Re: Refinance Mega Thread
Better shows way more rates on their own site than they do on Bankrate.newbie20 wrote: ↑Sun Jul 25, 2021 8:28 pmIs there a way to see more rates on Better? My rate table for 30 yr begins at 2.375%, not 2.25%. I suspect if I could see 2.25% on Better then that might be the point of highest difference between Better and Bankrate. I have already sent a screenshot but if I could see that then perhaps I could send them one more before they get into office.truenyer wrote: ↑Sun Jul 25, 2021 7:07 pm I just created a new Better account, then compared the Better rates with Bankrate:In the end I want a 15-year at 1.75%, but want to get lender credit. Should I have them match the 30-year 2.25%, to "reset" the rate table to get credit on the 1.75% 15-year?Code: Select all
Term Rate Better Bankrate Difference 30 2.250% $10,180 $3,195 ($6,985) 30 2.375% $5,320 $0 ($5,320) 30 2.500% $1,566 N/A 30 2.625% $2,376 N/A 15 1.750% $2,765 $0 ($2,765) 15 1.875% ($816) N/A
Re: Refinance Mega Thread
Yes, I do see that. However, the rate table on Better portal seems to begin at 2.375% in my case. Is there any way to make it show 2.25% or lower?tj wrote: ↑Sun Jul 25, 2021 8:36 pmBetter shows way more rates on their own site than they do on Bankrate.newbie20 wrote: ↑Sun Jul 25, 2021 8:28 pmIs there a way to see more rates on Better? My rate table for 30 yr begins at 2.375%, not 2.25%. I suspect if I could see 2.25% on Better then that might be the point of highest difference between Better and Bankrate. I have already sent a screenshot but if I could see that then perhaps I could send them one more before they get into office.truenyer wrote: ↑Sun Jul 25, 2021 7:07 pm I just created a new Better account, then compared the Better rates with Bankrate:In the end I want a 15-year at 1.75%, but want to get lender credit. Should I have them match the 30-year 2.25%, to "reset" the rate table to get credit on the 1.75% 15-year?Code: Select all
Term Rate Better Bankrate Difference 30 2.250% $10,180 $3,195 ($6,985) 30 2.375% $5,320 $0 ($5,320) 30 2.500% $1,566 N/A 30 2.625% $2,376 N/A 15 1.750% $2,765 $0 ($2,765) 15 1.875% ($816) N/A
Re: Refinance Mega Thread
If it doesn't show, I doubt it. I don't see why you wouldn't be able to have them match a 2.25% from Bankrate though, if Bankrate shows that rate for that term.newbie20 wrote: ↑Sun Jul 25, 2021 9:06 pmYes, I do see that. However, the rate table on Better portal seems to begin at 2.375% in my case. Is there any way to make it show 2.25% or lower?tj wrote: ↑Sun Jul 25, 2021 8:36 pmBetter shows way more rates on their own site than they do on Bankrate.newbie20 wrote: ↑Sun Jul 25, 2021 8:28 pmIs there a way to see more rates on Better? My rate table for 30 yr begins at 2.375%, not 2.25%. I suspect if I could see 2.25% on Better then that might be the point of highest difference between Better and Bankrate. I have already sent a screenshot but if I could see that then perhaps I could send them one more before they get into office.truenyer wrote: ↑Sun Jul 25, 2021 7:07 pm I just created a new Better account, then compared the Better rates with Bankrate:In the end I want a 15-year at 1.75%, but want to get lender credit. Should I have them match the 30-year 2.25%, to "reset" the rate table to get credit on the 1.75% 15-year?Code: Select all
Term Rate Better Bankrate Difference 30 2.250% $10,180 $3,195 ($6,985) 30 2.375% $5,320 $0 ($5,320) 30 2.500% $1,566 N/A 30 2.625% $2,376 N/A 15 1.750% $2,765 $0 ($2,765) 15 1.875% ($816) N/A
Re: Refinance Mega Thread
Just wanted to update since I had an interesting experience that contradicts what many people are getting/seeing with better.
I got a LE from loandepot @ 20yr/2.5% 750k.
Better just got back to me and said they couldn't match or beat, recommending that I go with loandepot. That said, they were able to match Bankrate quickly and easily (within a couple hours). My first inquiry with Better for a refi, resulted in almost NO communication and days worth of wait on whether they could match/beat loandepot. I just got fed up and created a new account. This LO was WAAAAY better - super happy with the communication but sad they couldn't match.
Going with loandepot for this one because you just can't beat the rate!
I got a LE from loandepot @ 20yr/2.5% 750k.
Better just got back to me and said they couldn't match or beat, recommending that I go with loandepot. That said, they were able to match Bankrate quickly and easily (within a couple hours). My first inquiry with Better for a refi, resulted in almost NO communication and days worth of wait on whether they could match/beat loandepot. I just got fed up and created a new account. This LO was WAAAAY better - super happy with the communication but sad they couldn't match.
Going with loandepot for this one because you just can't beat the rate!
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- Joined: Fri Jul 23, 2021 8:44 am
Re: Refinance Mega Thread
IF LD is offering a better rate you should go with it.elle wrote: ↑Sun Jul 25, 2021 9:14 pm Just wanted to update since I had an interesting experience that contradicts what many people are getting/seeing with better.
I got a LE from loandepot @ 20yr/2.5% 750k.
Better just got back to me and said they couldn't match or beat, recommending that I go with loandepot. That said, they were able to match Bankrate quickly and easily (within a couple hours). My first inquiry with Better for a refi, resulted in almost NO communication and days worth of wait on whether they could match/beat loandepot. I just got fed up and created a new account. This LO was WAAAAY better - super happy with the communication but sad they couldn't match.
Going with loandepot for this one because you just can't beat the rate!
Does LoanDepot pull the CR's before giving you the rate?
Re: Refinance Mega Thread
You're saying that loandepot's initial rate quote was already better than Better's on bankrate?elle wrote: ↑Sun Jul 25, 2021 9:14 pm Just wanted to update since I had an interesting experience that contradicts what many people are getting/seeing with better.
I got a LE from loandepot @ 20yr/2.5% 750k.
Better just got back to me and said they couldn't match or beat, recommending that I go with loandepot. That said, they were able to match Bankrate quickly and easily (within a couple hours). My first inquiry with Better for a refi, resulted in almost NO communication and days worth of wait on whether they could match/beat loandepot. I just got fed up and created a new account. This LO was WAAAAY better - super happy with the communication but sad they couldn't match.
Going with loandepot for this one because you just can't beat the rate!
Re: Refinance Mega Thread
Just checked Ally. Apparently they don’t do home loan in NY. So far Better, LD, Lenderfi and Ally all are NO for one reason or another. Any other lender I can try? Thanks all.av111 wrote: ↑Sun Jul 25, 2021 9:42 amCheck Ally. Recently locked in with them at 2.625 7/6m for a 1.8m loan with 16k lender creditanon_investor wrote: ↑Sat Jul 24, 2021 12:16 pmIs this a jumbo? If not, does LenderFi operate where you are?frugalNY wrote: ↑Sat Jul 24, 2021 11:55 amI've had zero luck so far My current rate is 30 yr fixed at 2.99 and currently shorpping. Here is my experience.Goal33 wrote: ↑Sat Jul 24, 2021 10:14 amThat should be easy to accomplish for a 30 year or 15. Assuming you’re in the high balance conforming range, and not jumbo for your area.rage_phish wrote: ↑Sat Jul 24, 2021 9:14 am Wow that’s great
Anyone refinancing loans around $622k
We’re trying to get under 3% without paying anything
I've 653K loan for a 1.2m house with both over 800 credit score but neither Better or Loan Depot were able to get me measly 2.75 at no cost. Not sure what to do from here. Which other lender to reach out
Re: Refinance Mega Thread
Yes working that angle too!tj wrote: ↑Sun Jul 25, 2021 2:26 pmYou may try to do a no cost somewhere else like loandepot or lenderfi and then do Better.gcc wrote: ↑Sun Jul 25, 2021 1:30 pmI'll share an update when I hear back on my double refi requestInvestorDave wrote: ↑Sun Jul 25, 2021 12:00 pmThat could definitely be an issue if you don't have an existing mortgage. When I did a refi last year on my property with no mortgage I wasn't able to get as good of a rate because I didn't have an existing mortgage.gcc wrote: ↑Sun Jul 25, 2021 11:54 am I'm having a problem getting Better to price match their offer on Bankrate
I see 2.5% 30-year 0 pt on bankrate, but my rates on better require $5,918 in points for the same 2.5%
When I asked Better to match they said they are unable to because the offers on Bankrate require that there be an existing loan of at least $10k. I have a paid off home.
So I've asked them to refinance for me twice - once at 3.x% where they give me ~$4.5k in credits, and then immediately at 2.5% 0 points
Still waiting on a reply
Re: Refinance Mega Thread
How about Watermark Home Loans.frugalNY wrote: ↑Sun Jul 25, 2021 9:52 pmJust checked Ally. Apparently they don’t do home loan in NY. So far Better, LD, Lenderfi and Ally all are NO for one reason or another. Any other lender I can try? Thanks all.av111 wrote: ↑Sun Jul 25, 2021 9:42 amCheck Ally. Recently locked in with them at 2.625 7/6m for a 1.8m loan with 16k lender creditanon_investor wrote: ↑Sat Jul 24, 2021 12:16 pmIs this a jumbo? If not, does LenderFi operate where you are?frugalNY wrote: ↑Sat Jul 24, 2021 11:55 amI've had zero luck so far My current rate is 30 yr fixed at 2.99 and currently shorpping. Here is my experience.
I've 653K loan for a 1.2m house with both over 800 credit score but neither Better or Loan Depot were able to get me measly 2.75 at no cost. Not sure what to do from here. Which other lender to reach out
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Re: Refinance Mega Thread
I am comparing two quotes: Better and Interfirst. For some reason Interfirst kept arguing their quote is better. I fail to see Interfirst's argument being valid. Am I missing something?
Interfirst argues that their quote is better because of 0.01% improvement in rate, and a lower "closing costs." I put "closing costs" in bracket because their quote is lower mainly because of estimated prepaids and initial escrows even though they don't offer any lender's credit. Also they don't have the AmEx $2k credit.
I thought F and G are just estimates and they all will come to the roughly the same numbers anyways, depending when the estimated closing date is in the month, etc. loan amount is $214k
Better Mortgage
Rate = 2.00% 15 years
A = 0
B = 64
C = 880
D = A+B+C = 944
E = 110
F = 3992
G = 4303
H = 0 ($2000 paid out of closing, AmEx credit)
I = E+F+G+H = 8405
J = D + I = 9349 - lender's credit 1928 = 7241
Interfirst
Rate = 1.99% 15 years
A = 0
B = 0
C = 988
D = A+B+C = 988
E = 115
F = 186
G = 5198
H = 0
I = E+F+G+H = 5487
J = D + I = 6475 (no lender's credit)
Interfirst argues that their quote is better because of 0.01% improvement in rate, and a lower "closing costs." I put "closing costs" in bracket because their quote is lower mainly because of estimated prepaids and initial escrows even though they don't offer any lender's credit. Also they don't have the AmEx $2k credit.
I thought F and G are just estimates and they all will come to the roughly the same numbers anyways, depending when the estimated closing date is in the month, etc. loan amount is $214k
Better Mortgage
Rate = 2.00% 15 years
A = 0
B = 64
C = 880
D = A+B+C = 944
E = 110
F = 3992
G = 4303
H = 0 ($2000 paid out of closing, AmEx credit)
I = E+F+G+H = 8405
J = D + I = 9349 - lender's credit 1928 = 7241
Interfirst
Rate = 1.99% 15 years
A = 0
B = 0
C = 988
D = A+B+C = 988
E = 115
F = 186
G = 5198
H = 0
I = E+F+G+H = 5487
J = D + I = 6475 (no lender's credit)
Re: Refinance Mega Thread
I agree with you. Better is the better deal even without the Amex credit. You're right sections F and G should not factor into the analysis since you will be paying that money regardless, even without a refi; it's just a matter of timing.bestisfree wrote: ↑Mon Jul 26, 2021 8:20 am I am comparing two quotes: Better and Interfirst. For some reason Interfirst kept arguing their quote is better. I fail to see Interfirst's argument being valid. Am I missing something?
Interfirst argues that their quote is better because of 0.01% improvement in rate, and a lower "closing costs." I put "closing costs" in bracket because their quote is lower mainly because of estimated prepaids and initial escrows even though they don't offer any lender's credit. Also they don't have the AmEx $2k credit.
I thought F and G are just estimates and they all will come to the roughly the same numbers anyways, depending when the estimated closing date is in the month, etc. loan amount is $214k
Better Mortgage
Rate = 2.00% 15 years
A = 0
B = 64
C = 880
D = A+B+C = 944
E = 110
F = 3992
G = 4303
H = 0 ($2000 paid out of closing, AmEx credit)
I = E+F+G+H = 8405
J = D + I = 9349 - lender's credit 1928 = 7241
Interfirst
Rate = 1.99% 15 years
A = 0
B = 0
C = 988
D = A+B+C = 988
E = 115
F = 186
G = 5198
H = 0
I = E+F+G+H = 5487
J = D + I = 6475 (no lender's credit)
Re: Refinance Mega Thread
Why are bankrate rates in Colorado springs lower than Minnesota with Better?
I search various zips around the state of Mn, and they all are 1.875% rates, but elsewhere in the country, like Colorado Springs, Better offers 1.750%. 1.750 is my target, as I'm currently at 2.125
I search various zips around the state of Mn, and they all are 1.875% rates, but elsewhere in the country, like Colorado Springs, Better offers 1.750%. 1.750 is my target, as I'm currently at 2.125
Never look back unless you are planning to go that way
Re: Refinance Mega Thread
Weird i entered my zip and now it's showing 1.750 for Minnesota via better. That's good.Cycle wrote: ↑Mon Jul 26, 2021 8:46 am Why are bankrate rates in Colorado springs lower than Minnesota with Better?
I search various zips around the state of Mn, and they all are 1.875% rates, but elsewhere in the country, like Colorado Springs, Better offers 1.750%. 1.750 is my target, as I'm currently at 2.125
Never look back unless you are planning to go that way
Re: Refinance Mega Thread
I don't see Better advertising their rates on Bankrate anymore. Anyone else notice this?
Never mind! Must've been a temporary glitch.
Never mind! Must've been a temporary glitch.
Last edited by ymmt on Mon Jul 26, 2021 11:41 am, edited 1 time in total.
Re: Refinance Mega Thread
Looks like my pricing improved slightly on bankrate today for Better.com
I locked on Friday.
Do I ask the Loan Officer to send me my rate tables? Compare, and ask for another price match for a different rate, ask for an updated rate table, and then pick my desired different rate again? Do they still compete against themselves after locking rate?
I locked on Friday.
Do I ask the Loan Officer to send me my rate tables? Compare, and ask for another price match for a different rate, ask for an updated rate table, and then pick my desired different rate again? Do they still compete against themselves after locking rate?
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- Joined: Tue Aug 15, 2017 10:28 am
Re: Refinance Mega Thread
We are currently about 1 year into a 30-yr mortgage at 2.875%. We are looking to refi to a 30-year at 2.625%.
I used an offer from LenderFi to get a more favorable offer from better. This is where I currently am with Better, and I wanted to know if this raises flags for anyone:
A: $0
B: $64
C: $2846
D (A+B+C): $2910
E:$188
Lender Credit: $4328
We'd also be able to get the $2,000 statement credit from Amex. My understanding is this should net us ~$3000.
Any reason I shouldn't pull the trigger?
I used an offer from LenderFi to get a more favorable offer from better. This is where I currently am with Better, and I wanted to know if this raises flags for anyone:
A: $0
B: $64
C: $2846
D (A+B+C): $2910
E:$188
Lender Credit: $4328
We'd also be able to get the $2,000 statement credit from Amex. My understanding is this should net us ~$3000.
Any reason I shouldn't pull the trigger?
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- Posts: 137
- Joined: Thu Jan 07, 2016 12:30 pm
Re: Refinance Mega Thread
I would like to know as well. From reading the thread in the last few pages it looks like you have a chance of adjustment ifGoal33 wrote: ↑Mon Jul 26, 2021 11:40 am Looks like my pricing improved slightly on bankrate today for Better.com
I locked on Friday.
Do I ask the Loan Officer to send me my rate tables? Compare, and ask for another price match for a different rate, ask for an updated rate table, and then pick my desired different rate again? Do they still compete against themselves after locking rate?
1. You show a competitor's loan estimate
2. Better's own rate table improves by a certain amount (not sure how you would know, unless you ask for it) - float down
If the answer to Goal33's question is affirmative, then that would be a third, and considerably easier way than either 1 or 2 i think.
Re: Refinance Mega Thread
In my experience they will not match anything or otherwise lower your rate once you lock. They will only float down under terms that are very unlikely to happen.bestisfree wrote: ↑Mon Jul 26, 2021 12:23 pmI would like to know as well. From reading the thread in the last few pages it looks like you have a chance of adjustment ifGoal33 wrote: ↑Mon Jul 26, 2021 11:40 am Looks like my pricing improved slightly on bankrate today for Better.com
I locked on Friday.
Do I ask the Loan Officer to send me my rate tables? Compare, and ask for another price match for a different rate, ask for an updated rate table, and then pick my desired different rate again? Do they still compete against themselves after locking rate?
1. You show a competitor's loan estimate
2. Better's own rate table improves by a certain amount (not sure how you would know, unless you ask for it) - float down
If the answer to Goal33's question is affirmative, then that would be a third, and considerably easier way than either 1 or 2 i think.
Re: Refinance Mega Thread
Just spoke to my LO about this... Currently those are the only two options. Their pricing team won't change your rate table with their own new rates. Kind of dumb, because I still want to do business with them. But whatever.bestisfree wrote: ↑Mon Jul 26, 2021 12:23 pmI would like to know as well. From reading the thread in the last few pages it looks like you have a chance of adjustment ifGoal33 wrote: ↑Mon Jul 26, 2021 11:40 am Looks like my pricing improved slightly on bankrate today for Better.com
I locked on Friday.
Do I ask the Loan Officer to send me my rate tables? Compare, and ask for another price match for a different rate, ask for an updated rate table, and then pick my desired different rate again? Do they still compete against themselves after locking rate?
1. You show a competitor's loan estimate
2. Better's own rate table improves by a certain amount (not sure how you would know, unless you ask for it) - float down
If the answer to Goal33's question is affirmative, then that would be a third, and considerably easier way than either 1 or 2 i think.
Re: Refinance Mega Thread
Personally am fine with what I locked in earlier; don't want to get too greedy.
Printing 1.75% for 15yrs, and they're paying me to do it... unbelievable times we live in.
I normally pay down extra principal every month towards my mortgage to work down the balance. I don't think I can justify it with such a low cost of financing.
Printing 1.75% for 15yrs, and they're paying me to do it... unbelievable times we live in.
I normally pay down extra principal every month towards my mortgage to work down the balance. I don't think I can justify it with such a low cost of financing.
Re: Refinance Mega Thread
This is what I've struggled with. A financial advisor once told me to never pay down debt that has a lower interest rate than inflation; a boat we are all in currently. But the thought of not having a mortgage? Priceless.ymmt wrote: ↑Mon Jul 26, 2021 12:32 pm Personally am fine with what I locked in earlier; don't want to get too greedy.
Printing 1.75% for 15yrs, and they're paying me to do it... unbelievable times we live in.
I normally pay down extra principal every month towards my mortgage to work down the balance. I don't think I can justify it with such a low cost of financing.
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Re: Refinance Mega Thread
We aren't paying down early, but instead investing the money in our taxable account at our asset allocation. Once our taxable account reaches the level where we can pay off the rest of our principal, we'll have the discussion about whether or not to do it. I figure we are about 3-5 years from that point (assuming no market crash).truenyer wrote: ↑Mon Jul 26, 2021 12:34 pmThis is what I've struggled with. A financial advisor once told me to never pay down debt that has a lower interest rate than inflation; a boat we are all in currently. But the thought of not having a mortgage? Priceless.ymmt wrote: ↑Mon Jul 26, 2021 12:32 pm Personally am fine with what I locked in earlier; don't want to get too greedy.
Printing 1.75% for 15yrs, and they're paying me to do it... unbelievable times we live in.
I normally pay down extra principal every month towards my mortgage to work down the balance. I don't think I can justify it with such a low cost of financing.
Re: Refinance Mega Thread
Better offered me 15yr 1.75% if I pay $227 in origination charg (points).. This will give me $61 in monthly savings.
Or I could take a $2k credit and be at 1.875%. $41 in monthly savings.
I've also shared the 1.75 quote with loan depot. Plus I can do the amex deal at better, which would cover loan fees / taxes of either.
I'm currently at 2.125%. We plan to be here for 3yrs, but I could see us moving in 5 yrs due to be aging parents and FIRE
Should I take the lower rate (1.75) or $2k credit (1.875)?
Or I could take a $2k credit and be at 1.875%. $41 in monthly savings.
I've also shared the 1.75 quote with loan depot. Plus I can do the amex deal at better, which would cover loan fees / taxes of either.
I'm currently at 2.125%. We plan to be here for 3yrs, but I could see us moving in 5 yrs due to be aging parents and FIRE
Should I take the lower rate (1.75) or $2k credit (1.875)?
Never look back unless you are planning to go that way
Re: Refinance Mega Thread
You should take the 1.875%, but in case you need math to justify it... $20*36 = $720 ... $720 < $2000Cycle wrote: ↑Mon Jul 26, 2021 12:47 pm Better offered me 15yr 1.75% if I pay $227 in origination charg (points).. This will give me $61 in monthly savings.
Or I could take a $2k credit and be at 1.875%. $41 in monthly savings.
I've also shared the 1.75 quote with loan depot. Plus I can do the amex deal at better, which would cover loan fees / taxes of either.
I'm currently at 2.125%. We plan to be here for 3yrs, but I could see us moving in 5 yrs due to be aging parents and FIRE
Should I take the lower rate (1.75) or $2k credit (1.875)?
- BrandonBogle
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Re: Refinance Mega Thread
I would take 2% instead of either 1.75% or 1.875%.Goal33 wrote: ↑Mon Jul 26, 2021 12:52 pmYou should take the 1.875%, but in case you need math to justify it... $20*36 = $720 ... $720 < $2000Cycle wrote: ↑Mon Jul 26, 2021 12:47 pm Better offered me 15yr 1.75% if I pay $227 in origination charg (points).. This will give me $61 in monthly savings.
Or I could take a $2k credit and be at 1.875%. $41 in monthly savings.
I've also shared the 1.75 quote with loan depot. Plus I can do the amex deal at better, which would cover loan fees / taxes of either.
I'm currently at 2.125%. We plan to be here for 3yrs, but I could see us moving in 5 yrs due to be aging parents and FIRE
Should I take the lower rate (1.75) or $2k credit (1.875)?
Re: Refinance Mega Thread
Re: Refinance Mega Thread
Thanks, I did need the math.BrandonBogle wrote: ↑Mon Jul 26, 2021 12:53 pmI would take 2% instead of either 1.75% or 1.875%.Goal33 wrote: ↑Mon Jul 26, 2021 12:52 pmYou should take the 1.875%, but in case you need math to justify it... $20*36 = $720 ... $720 < $2000Cycle wrote: ↑Mon Jul 26, 2021 12:47 pm Better offered me 15yr 1.75% if I pay $227 in origination charg (points).. This will give me $61 in monthly savings.
Or I could take a $2k credit and be at 1.875%. $41 in monthly savings.
I've also shared the 1.75 quote with loan depot. Plus I can do the amex deal at better, which would cover loan fees / taxes of either.
I'm currently at 2.125%. We plan to be here for 3yrs, but I could see us moving in 5 yrs due to be aging parents and FIRE
Should I take the lower rate (1.75) or $2k credit (1.875)?
1.875 credit is $2160
2.0 credit is $4475
Plus I get the amex credit. Probably do max credit, still waiting to see how home depot responds in case I can leverage anything there
Never look back unless you are planning to go that way
Re: Refinance Mega Thread
I've viewed paydowns as basically a part of my allocation to fixed income (but a little better given higher mortgage rates vs bond yields). Going forward we will probably do the same thing as you whereby the extra paydowns will actually be made to my taxable account and grown.All_About_Benjis wrote: ↑Mon Jul 26, 2021 12:44 pmWe aren't paying down early, but instead investing the money in our taxable account at our asset allocation. Once our taxable account reaches the level where we can pay off the rest of our principal, we'll have the discussion about whether or not to do it. I figure we are about 3-5 years from that point (assuming no market crash).truenyer wrote: ↑Mon Jul 26, 2021 12:34 pmThis is what I've struggled with. A financial advisor once told me to never pay down debt that has a lower interest rate than inflation; a boat we are all in currently. But the thought of not having a mortgage? Priceless.ymmt wrote: ↑Mon Jul 26, 2021 12:32 pm Personally am fine with what I locked in earlier; don't want to get too greedy.
Printing 1.75% for 15yrs, and they're paying me to do it... unbelievable times we live in.
I normally pay down extra principal every month towards my mortgage to work down the balance. I don't think I can justify it with such a low cost of financing.
It's similar to the dilemma people are facing doing a normal 60/40 portfolio where the 40% bond allocation is running up against the yield floor with little upside.
Re: Refinance Mega Thread
My loan funds today, does this mean it wouldn’t be sold for a few days or once its funded I’m done?presto987 wrote: ↑Thu Jul 22, 2021 1:47 pm There is hope that you might get a refund. Most likely they will sell the loan to Fannie after August 1, which means that they will not incur the fee, even though they priced the fee into your loan. If they decide to be as customer-friendly as they were last year, they will send you a check.
Other lenders haven't done this, but there is precedent for Better doing it, so fingers crossed.
Re: Refinance Mega Thread
It takes some time -- probably at least a week or two -- for the lender to sell the loan to Fannie.Jags4186 wrote: ↑Mon Jul 26, 2021 1:09 pmMy loan funds today, does this mean it wouldn’t be sold for a few days or once its funded I’m done?presto987 wrote: ↑Thu Jul 22, 2021 1:47 pm There is hope that you might get a refund. Most likely they will sell the loan to Fannie after August 1, which means that they will not incur the fee, even though they priced the fee into your loan. If they decide to be as customer-friendly as they were last year, they will send you a check.
Other lenders haven't done this, but there is precedent for Better doing it, so fingers crossed.
My LD loan that closed at the beginning of the month still hasn't been sold. And I recall that they were pretty prompt about selling back in December. I bet once the news came out about the fee being removed, they paused selling anything until August 1.
Re: Refinance Mega Thread
I guess I've hit an unexpected snag. They got back just now saying, "It appears that we have a HELOC subordination on file so we cannot honor the BankRate pricing. Do you have time today to review your application with my team?". The HELOC in question has a zero balance. I don't know if this is just a ploy for them to talk to me on the phone or if it is something one of you have experienced before.
I have replied to him pointing out the $0 balance and saying that I plan to close the HELOC if everything works out. Let's see if they will accept that.
Your suggestions/ideas are always appreciated!
Re: Refinance Mega Thread
Doesn't matter if it's zero balance. To be conservative they have it view it as fully drawn. Your promise means nothing to them.newbie20 wrote: ↑Mon Jul 26, 2021 1:53 pm
I guess I've hit an unexpected snag. They got back just now saying, "It appears that we have a HELOC subordination on file so we cannot honor the BankRate pricing. Do you have time today to review your application with my team?". The HELOC in question has a zero balance. I don't know if this is just a ploy for them to talk to me on the phone or if it is something one of you have experienced before.
I have replied to him pointing out the $0 balance and saying that I plan to close the HELOC if everything works out. Let's see if they will accept that.
Your suggestions/ideas are always appreciated!
Re: Refinance Mega Thread
I see. I guess it makes sense to make that assumption from their perspective. On the other hand, I have had HELOCs with zero balance previously when I refinanced and told the new lender that I'd close it before our closing. They didn't seem to mind that.ymmt wrote: ↑Mon Jul 26, 2021 2:03 pmDoesn't matter if it's zero balance. To be conservative they have it view it as fully drawn. Your promise means nothing to them.newbie20 wrote: ↑Mon Jul 26, 2021 1:53 pm
I guess I've hit an unexpected snag. They got back just now saying, "It appears that we have a HELOC subordination on file so we cannot honor the BankRate pricing. Do you have time today to review your application with my team?". The HELOC in question has a zero balance. I don't know if this is just a ploy for them to talk to me on the phone or if it is something one of you have experienced before.
I have replied to him pointing out the $0 balance and saying that I plan to close the HELOC if everything works out. Let's see if they will accept that.
Your suggestions/ideas are always appreciated!
So, is this something new (that they won't match the Bankrate offers if there is a HELOC)? Or, have others experienced the same response from them?
Re: Refinance Mega Thread
Until the HELOC is closed, the HELOC lender remains on the title (which necessitates the need for a subordination). The only way to remove them is to fully close the HELOC, which will then kick off a letter to the title company indicating removal of the lender from your title. Without this, the lender, regardless of the balance, remains on the title, forcing a subordination.newbie20 wrote: ↑Mon Jul 26, 2021 2:10 pmI see. I guess it makes sense to make that assumption from their perspective. On the other hand, I have had HELOCs with zero balance previously when I refinanced and told the new lender that I'd close it before our closing. They didn't seem to mind that.ymmt wrote: ↑Mon Jul 26, 2021 2:03 pmDoesn't matter if it's zero balance. To be conservative they have it view it as fully drawn. Your promise means nothing to them.newbie20 wrote: ↑Mon Jul 26, 2021 1:53 pm
I guess I've hit an unexpected snag. They got back just now saying, "It appears that we have a HELOC subordination on file so we cannot honor the BankRate pricing. Do you have time today to review your application with my team?". The HELOC in question has a zero balance. I don't know if this is just a ploy for them to talk to me on the phone or if it is something one of you have experienced before.
I have replied to him pointing out the $0 balance and saying that I plan to close the HELOC if everything works out. Let's see if they will accept that.
Your suggestions/ideas are always appreciated!
So, is this something new (that they won't match the Bankrate offers if there is a HELOC)? Or, have others experienced the same response from them?
If you do close it out, have the lender issue you a letter indicating that it is closed, balance is 0, etc. That letter "should" be good enough to get things "unstuck" from a subordination process. It may take a few days to a couple weeks to get the HELOC lender off the title itself.
Re: Refinance Mega Thread
Your explanation makes sense for the title process but what I don't understand is why does/should it prevent Better from offering price matching on their Bankrate offers? I am also curious to see if others in forum have experienced this situation.KNMLHD wrote: ↑Mon Jul 26, 2021 2:47 pm
Until the HELOC is closed, the HELOC lender remains on the title (which necessitates the need for a subordination). The only way to remove them is to fully close the HELOC, which will then kick off a letter to the title company indicating removal of the lender from your title. Without this, the lender, regardless of the balance, remains on the title, forcing a subordination.
If you do close it out, have the lender issue you a letter indicating that it is closed, balance is 0, etc. That letter "should" be good enough to get things "unstuck" from a subordination process. It may take a few days to a couple weeks to get the HELOC lender off the title itself.
Re: Refinance Mega Thread
Change your Bankrate inputs to match your current LTV, including the line of credit available. That might push your LTV over a limit of theirs. If adding the HELOC to your existing loan balance on bankrate doesn't change their rates, then I would push back on Better.newbie20 wrote: ↑Mon Jul 26, 2021 2:53 pmYour explanation makes sense for the title process but what I don't understand is why does/should it prevent Better from offering price matching on their Bankrate offers? I am also curious to see if others in forum have experienced this situation.KNMLHD wrote: ↑Mon Jul 26, 2021 2:47 pm
Until the HELOC is closed, the HELOC lender remains on the title (which necessitates the need for a subordination). The only way to remove them is to fully close the HELOC, which will then kick off a letter to the title company indicating removal of the lender from your title. Without this, the lender, regardless of the balance, remains on the title, forcing a subordination.
If you do close it out, have the lender issue you a letter indicating that it is closed, balance is 0, etc. That letter "should" be good enough to get things "unstuck" from a subordination process. It may take a few days to a couple weeks to get the HELOC lender off the title itself.
Re: Refinance Mega Thread
My previous lender just sent out a lengthly email explaining when one can refinance. This lender also refused to lower my rate after locking when a lower rate was available. They will unfortunately be getting a clawback on their commish
How Soon Can I Refinance?
I hope that you and your family are doing well and having a safe summer.
As rates have dropped over the past few months, I have received many questions regarding how soon a mortgage customer can refinance after recently closing on a mortgage. The purpose of my email is to help you understand the answer to that question.
While most loans do not have a pre-payment penalty, you need to keep your loan for at least 6 months depending on your lender. Most lenders make their money by selling their loans to Fannie Mae and Freddie Mac for a premium. This is how lenders make money on loans without charging you origination charges and fees. This is how Local Mortgage makes its money. When you pay off your loan in a short time frame (under 6 months), then the lender has to repay its profits back to Fannie Mae and Freddie Mac. And if your lender happens to pay some or all of your closing costs, they lose that money too.
So why should you care if your lender has to repay their profits on your loan? Because this raises the cost of mortgage loans. Lenders will start to increase their rates to offset potential penalties or refuse to front the money to pay your closing costs. As you may already know, there are only so many good lenders that are competitive and trustworthy. Make sure you are fair to those lenders that provide a quality service so that they can continue to serve you and your communities with great rates and low fees.
Local Mortgage tries to not pay off loans that were recently closed because we do not want to cause other lenders to repay their premiums. Unfortunately, not all lenders have this policy as they will refinance anyone without regard to the overall impact on the mortgage industry. Early payoff penalties have started to become a larger problem for all lenders, including Local Mortgage.
Some lenders have different agreements with Fannie Mae and Freddie Mac as well as other secondary market investors, so if you are going to pay off a loan within a short time frame, be sure to check with your lender. It's always better to ask and understand their policy so you can avoid unintentionally causing your lender a financial loss.
As always, thank you for your business and referrals.
Never look back unless you are planning to go that way
Re: Refinance Mega Thread
How long are you waiting to pull the trigger in between when you closed the loan from them and your re-fi?Cycle wrote: ↑Mon Jul 26, 2021 3:24 pm My previous lender just sent out a lengthly email explaining when one can refinance. This lender also refused to lower my rate after locking when a lower rate was available. They will unfortunately be getting a clawback on their commish
How Soon Can I Refinance?
I hope that you and your family are doing well and having a safe summer.
As rates have dropped over the past few months, I have received many questions regarding how soon a mortgage customer can refinance after recently closing on a mortgage. The purpose of my email is to help you understand the answer to that question.
While most loans do not have a pre-payment penalty, you need to keep your loan for at least 6 months depending on your lender. Most lenders make their money by selling their loans to Fannie Mae and Freddie Mac for a premium. This is how lenders make money on loans without charging you origination charges and fees. This is how Local Mortgage makes its money. When you pay off your loan in a short time frame (under 6 months), then the lender has to repay its profits back to Fannie Mae and Freddie Mac. And if your lender happens to pay some or all of your closing costs, they lose that money too.
So why should you care if your lender has to repay their profits on your loan? Because this raises the cost of mortgage loans. Lenders will start to increase their rates to offset potential penalties or refuse to front the money to pay your closing costs. As you may already know, there are only so many good lenders that are competitive and trustworthy. Make sure you are fair to those lenders that provide a quality service so that they can continue to serve you and your communities with great rates and low fees.
Local Mortgage tries to not pay off loans that were recently closed because we do not want to cause other lenders to repay their premiums. Unfortunately, not all lenders have this policy as they will refinance anyone without regard to the overall impact on the mortgage industry. Early payoff penalties have started to become a larger problem for all lenders, including Local Mortgage.
Some lenders have different agreements with Fannie Mae and Freddie Mac as well as other secondary market investors, so if you are going to pay off a loan within a short time frame, be sure to check with your lender. It's always better to ask and understand their policy so you can avoid unintentionally causing your lender a financial loss.
As always, thank you for your business and referrals.
Re: Refinance Mega Thread
I already have the loan. Ive only made one payment. I just don't know if this amex deal plus low rates will be around in the future. I doubt the refi with better will take 5 months, but if it does I guess a clawback won't happen.tj wrote: ↑Mon Jul 26, 2021 3:27 pmHow long are you waiting to pull the trigger in between when you closed the loan from them and your re-fi?Cycle wrote: ↑Mon Jul 26, 2021 3:24 pm My previous lender just sent out a lengthly email explaining when one can refinance. This lender also refused to lower my rate after locking when a lower rate was available. They will unfortunately be getting a clawback on their commish
How Soon Can I Refinance?
I hope that you and your family are doing well and having a safe summer.
As rates have dropped over the past few months, I have received many questions regarding how soon a mortgage customer can refinance after recently closing on a mortgage. The purpose of my email is to help you understand the answer to that question.
While most loans do not have a pre-payment penalty, you need to keep your loan for at least 6 months depending on your lender. Most lenders make their money by selling their loans to Fannie Mae and Freddie Mac for a premium. This is how lenders make money on loans without charging you origination charges and fees. This is how Local Mortgage makes its money. When you pay off your loan in a short time frame (under 6 months), then the lender has to repay its profits back to Fannie Mae and Freddie Mac. And if your lender happens to pay some or all of your closing costs, they lose that money too.
So why should you care if your lender has to repay their profits on your loan? Because this raises the cost of mortgage loans. Lenders will start to increase their rates to offset potential penalties or refuse to front the money to pay your closing costs. As you may already know, there are only so many good lenders that are competitive and trustworthy. Make sure you are fair to those lenders that provide a quality service so that they can continue to serve you and your communities with great rates and low fees.
Local Mortgage tries to not pay off loans that were recently closed because we do not want to cause other lenders to repay their premiums. Unfortunately, not all lenders have this policy as they will refinance anyone without regard to the overall impact on the mortgage industry. Early payoff penalties have started to become a larger problem for all lenders, including Local Mortgage.
Some lenders have different agreements with Fannie Mae and Freddie Mac as well as other secondary market investors, so if you are going to pay off a loan within a short time frame, be sure to check with your lender. It's always better to ask and understand their policy so you can avoid unintentionally causing your lender a financial loss.
As always, thank you for your business and referrals.
Never look back unless you are planning to go that way