Refinance Mega Thread

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Money_Badger
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Re: Refinance Mega Thread

Post by Money_Badger »

According to bankrate, I'd be looking at an extra 3K in closing costs right now versus when I refinanced in mid/late August. I think I got in at the bottom :)
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

About to close with Better Mortgage on a refi, but they use The Money Source to service the loan and of course the loan might get sold. The Money Source has some bad reviews and it makes me uncomfortable. Has anyone here had problems with them? I just want to set up auto pay and be done.
locke1141
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Re: Refinance Mega Thread

Post by locke1141 »

I did a mortgage and later refinance with Better.com and the Money Source two-three years ago. I had zero issues with the Money Source. If Better operates like they did then, you’ll make one payment, maybe, before the loan gets sold. I had no problems with the transition to the new servicer.
karwosts
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Re: Refinance Mega Thread

Post by karwosts »

GoldenFinch wrote: Tue Sep 28, 2021 12:32 pm About to close with Better Mortgage on a refi, but they use The Money Source to service the loan and of course the loan might get sold. The Money Source has some bad reviews and it makes me uncomfortable. Has anyone here had problems with them? I just want to set up auto pay and be done.
I'm fairly certain that no person in history has ever written a positive review for their mortgage servicer. If there are no problems, then they are invisible, and nobody gives it a thought. I wouldn't worry about it personally.
GoldenFinch
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Post by GoldenFinch »

^^^Thank you lock1141 and karwosts.
Money_Badger
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Re: Refinance Mega Thread

Post by Money_Badger »

locke1141 wrote: Tue Sep 28, 2021 12:47 pm I did a mortgage and later refinance with Better.com and the Money Source two-three years ago. I had zero issues with the Money Source. If Better operates like they did then, you’ll make one payment, maybe, before the loan gets sold. I had no problems with the transition to the new servicer.
Refi mid/late August. TMS sold the loan within weeks to PennyMac. I made 0 payments to TMS.
Mako
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Re: Refinance Mega Thread

Post by Mako »

Another data point, my Better refi was funded 9/14, got an email 9/27 that it was transferred from TMS to Truist (formerly Suntrust).
eltron
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Re: Refinance Mega Thread

Post by eltron »

Third try in 1 week to get a notary to sign the final disclosures and looks like the third time they'll botch this.

Better - pretty solid on the front end regarding rates/AMEX deal, pretty terrible on the back end finishing this.

Did anyone else have this experience? I've seen them botching the first appt, but three times?! This is getting a bit ridiculous. My rate is good until Oct. 15th but I'm wondering if I need to start worrying about even making that.

Further, my mortgage is due in 2 days. Should I just pay that or should I turn off auto-pay in the assumption this will get funded in time and I wont be assessed a late fee/credit ding for the non-payment?

I've asked the Better agent working with me but she's gone silent for the past hour.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

eltron wrote: Wed Sep 29, 2021 10:11 am Third try in 1 week to get a notary to sign the final disclosures and looks like the third time they'll botch this.

Better - pretty solid on the front end regarding rates/AMEX deal, pretty terrible on the back end finishing this.

Did anyone else have this experience? I've seen them botching the first appt, but three times?! This is getting a bit ridiculous. My rate is good until Oct. 15th but I'm wondering if I need to start worrying about even making that.

Further, my mortgage is due in 2 days. Should I just pay that or should I turn off auto-pay in the assumption this will get funded in time and I wont be assessed a late fee/credit ding for the non-payment?

I've asked the Better agent working with me but she's gone silent for the past hour.
Have you tried cutting out the middle man? The notary is hired by the settlement/title agent. The settlement agent’s contact info should be on your loan disclosures. I would try calling them directly and asking about the notary rather than waiting on the telephone game to ask your Better rep, who asks Better’s closing team, who then asks the settlement agent.

Don’t get me wrong. Better is dropping the ball here by not keeping on the agent’s toes, but at this point I’m sure you just want this done.
Last edited by BrandonBogle on Wed Sep 29, 2021 10:15 am, edited 1 time in total.
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

eltron wrote: Wed Sep 29, 2021 10:11 am Third try in 1 week to get a notary to sign the final disclosures and looks like the third time they'll botch this.

Better - pretty solid on the front end regarding rates/AMEX deal, pretty terrible on the back end finishing this.

Did anyone else have this experience? I've seen them botching the first appt, but three times?! This is getting a bit ridiculous. My rate is good until Oct. 15th but I'm wondering if I need to start worrying about even making that.

Further, my mortgage is due in 2 days. Should I just pay that or should I turn off auto-pay in the assumption this will get funded in time and I wont be assessed a late fee/credit ding for the non-payment?

I've asked the Better agent working with me but she's gone silent for the past hour.

Better cancelled our signing because I asked a question about the final disclosure. Silent now for a day. All went well up to that point.
welldone
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Re: Refinance Mega Thread

Post by welldone »

When we refi'd with Better, the experience was exceptionally smooth right up until closing, which got postponed almost two weeks due to them being super busy. So saying, even with that two week delay - the entire process was still less than 5 weeks from literal start to finish.

We found the Better team assigned to us was very responsive to direct questions, and if we escalated up the team ladder - things got done quickly and correctly. They were also very responsive even after closing with a question we had about 10 days later.
Mako
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Re: Refinance Mega Thread

Post by Mako »

eltron wrote: Wed Sep 29, 2021 10:11 am Third try in 1 week to get a notary to sign the final disclosures and looks like the third time they'll botch this.

Better - pretty solid on the front end regarding rates/AMEX deal, pretty terrible on the back end finishing this.

Did anyone else have this experience? I've seen them botching the first appt, but three times?! This is getting a bit ridiculous. My rate is good until Oct. 15th but I'm wondering if I need to start worrying about even making that.

Further, my mortgage is due in 2 days. Should I just pay that or should I turn off auto-pay in the assumption this will get funded in time and I wont be assessed a late fee/credit ding for the non-payment?

I've asked the Better agent working with me but she's gone silent for the past hour.
I mentioned somewhere in this thread, mine was botched twice. On a Friday no one showed up, rescheduled for Tuesday and on that day they at least emailed me a few hours ahead of time that they wouldn't be ready, then on Thursday it went fine. This was apparently Better's fault not the notary, both times they said they weren't done with all the paperwork to get it to the settlement agent.

The lock date shouldn't matter, even if this somehow gets drawn out to the 15th I've never heard of a lender call off a lock when the delays are purely their fault. I guess it could happen but would be surprising.

Unless your mortgage is weird it should have a 15 day grace period with no fee/credit ding as long as payment is received by the 15th. You should check your paperwork though to be sure. Of course interest is being charged every day that it is not paid off. If you pay it that may change the payoff amounts that they already figured out assuming that it wouldn't be paid. I wouldn't pay it to be honest, but that's just me, see if your Better agent responds. On the plus side for Better my guy was incredibly responsive once they dropped the ball.
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
drk
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Re: Refinance Mega Thread

Post by drk »

drk wrote: Tue Mar 30, 2021 4:41 pm TMS is Better's default servicer while they work on selling your loan, and your loan will almost certainly be transferred once that happens. My loan was "serviced" by TMS for about two weeks before I received a notice that it was transferred to LoanCare (sub-servicing for LakeView), so I never ended up making a payment to them. I didn't see any issues with TMS while I was there: the website was fine, and they were set up for electronic bill payments from Fidelity.
I got a PM about LoanCare, and I figured I'd share here. Eight months in, I haven't had any issues with the servicing. Fidelity's bill-pay service makes electronic payments, and these have always been credited on the next business day. They made payments for property taxes twice and insurance once, all on time. The web portal appears to be a collection of SaaS platforms (e.g., the payment portal is on a separate site run by Black Knight), but it's reasonably smooth navigating between them. It's easy to find payment information, escrow details, and a payment history that includes all incoming/outgoing activities.

When I refinanced, I didn't opt out of escrow because Fannie's 0.25% fee would have cut into my profits. Two months ago, I called and got the low-down on closing the account:
  • LTV < 80%
  • Escrow balance > $0
  • Payment history: good for last 24 months
  • No fee
I had to send a message on the website using the Escrow Inquiry category and the specific phrase "Please close my escrow account and refund the balance." An earlier message asking what it would take to do that never received a response, but this one got a short reply confirming that it was forwarded to their specialists. Last week, I received a snail-mail letter letting me know that my escrow account would be closed (with no fee) unless I called to cancel the request, and the website now reflects my PI-without-TI payment. Not an amazing customer service experience, but I'm happy with the result.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
I would ask your settlement agent instead of Better. That is a very state-specific question and I wouldn’t want someone who isn’t versed in my state’s law guessing at an answer vs. the agent I’m paying for in my closing costs (and presumably knowledgeable) answering that.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

TMS ended up sending me a mortgage statement and bill even after getting sold to Mr. Cooper. The statement date is even about weeks after the sale and transfer. Safe to just ignore?
saltyWaterfall87
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Re: Refinance Mega Thread

Post by saltyWaterfall87 »

eltron wrote: Wed Sep 29, 2021 10:11 am Third try in 1 week to get a notary to sign the final disclosures and looks like the third time they'll botch this.

Better - pretty solid on the front end regarding rates/AMEX deal, pretty terrible on the back end finishing this.

Did anyone else have this experience? I've seen them botching the first appt, but three times?! This is getting a bit ridiculous. My rate is good until Oct. 15th but I'm wondering if I need to start worrying about even making that.

Further, my mortgage is due in 2 days. Should I just pay that or should I turn off auto-pay in the assumption this will get funded in time and I wont be assessed a late fee/credit ding for the non-payment?

I've asked the Better agent working with me but she's gone silent for the past hour.
You should definitely be fine. I am due to close on the 1st and I was uneasy about not paying the current mortgage because typically I do it a day or 2 before the 1st, had no idea in most cases you can pay as late as the 15th without a late fee or anything. Holdover from rent being due on the 1st I guess.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

MrJedi wrote: Wed Sep 29, 2021 3:02 pm TMS ended up sending me a mortgage statement and bill even after getting sold to Mr. Cooper. The statement date is even about weeks after the sale and transfer. Safe to just ignore?
Same here. I used the tms account number from the statement to login and see that the account was zero’d out so that’s good. Kept paper statements on because they will have a small 1098 with interest and didn’t want to have to figure out logging in next year again.
Bryan995
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Re: Refinance Mega Thread

Post by Bryan995 »

Closed a 2.99% 30-yr cash out refi today (locked a few weeks back) via loandepot. Total cost was $1200.

Brought the new mortgage up to the county conventional limit of $753,250 (from $617k). Socal home appraised for $1.24M and cashed out in total, $127k. Hoping to buy our first rental with the proceeds. Very much eye-ing short-term or medium-term furnished rentals.

Would love to do 1 more refinance before we buckle up for the long haul with a goal of lowering our rate due to not having a cash-out portion.
Assuming of course that nothing wild happens in the global economy over the next few months ...
slickracer
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Re: Refinance Mega Thread

Post by slickracer »

GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

slickracer wrote: Thu Sep 30, 2021 5:31 am
GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
Since I asked a question about it they stopped the closing. I just wasn’t familiar with it. Now I’ve googled it extensively, but I think they are changing it to joint survivorship. I guess it doesn’t matter all that much either way.
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grogu
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Re: Refinance Mega Thread

Post by grogu »

Goal33 wrote: Wed Sep 29, 2021 11:17 pm
MrJedi wrote: Wed Sep 29, 2021 3:02 pm TMS ended up sending me a mortgage statement and bill even after getting sold to Mr. Cooper. The statement date is even about weeks after the sale and transfer. Safe to just ignore?
Same here. I used the tms account number from the statement to login and see that the account was zero’d out so that’s good. Kept paper statements on because they will have a small 1098 with interest and didn’t want to have to figure out logging in next year again.
Funny, I had the opposite experience. I made a payment to TMS just before the transfer to Mr. Cooper happened. TMS told me my payment had been processed. Weeks later (after the transfer) I found out that it had not been.
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

MrJedi wrote: Wed Sep 29, 2021 3:02 pm TMS ended up sending me a mortgage statement and bill even after getting sold to Mr. Cooper. The statement date is even about weeks after the sale and transfer. Safe to just ignore?
I got the same letter (after TMS sold to Mr Cooper) but went and set up a login with TMS, logged in to find the balance 0. Probably OK, but why not login and make sure?
magicman
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Re: Refinance Mega Thread

Post by magicman »

Heres another data point with Better Mortgage:

Current mortgage: 1 year into a 30 year at 2.99% with escrow and approximately 81% LTV.

-09/04/21, Locked interest rate at 2.625% on a 20 year refi. Lender credits $2115. I had to goto bankrate and screenshot the better rates and email it to them so they could update their rates.
-Approximately one week later, opened an American Express credit card and provided the card number to Better to receive the $2000 statement credit
-09/07/21, appraisal was completed. LTV now at 77%. The lender credits dropped by $1000 because my LTV changed and I was in a different pricing tier. Spoke to Better and they adjusted the lender credits to $1965 and agreed to waive escrow.
-09/23/21, Was originally supposed to close on this day but they pushed it back two days.
-09/25/21, Mobile notary did not appear for the closing. I called the notary who said he never received the documents.
-09/27/21 Better Mortgage said everything was good to go and the title company sent everything to the notary. Better Mortgage advised that notary would not be used again by the title company. They extended the lock by one day at their cost.
-09/30/21, Closed today with no issues.

Overall the refi went good but I think my refi with Aimloan a couple years ago went a little smoother. However, Better offered good rates especially with bankrate screenshot and AMEX statement credit. I'd use Better again.
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

Opened a letter from Mr Cooper today telling me that my homeowner's insurance deductible is too high. Hmmm. I'd love to know where I signed anything allowing them to dictate my deductible. Especially since my insurance is with a major carrier and I've had this deductible for years.
Mako
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Re: Refinance Mega Thread

Post by Mako »

Inframan4712 wrote: Thu Sep 30, 2021 12:50 pm Opened a letter from Mr Cooper today telling me that my homeowner's insurance deductible is too high. Hmmm. I'd love to know where I signed anything allowing them to dictate my deductible. Especially since my insurance is with a major carrier and I've had this deductible for years.
My deed allows the lender to specify deductible levels. Another form I signed said the deductible may not exceed 5% of the face amount. So check your forms.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

Goal33 wrote: Wed Sep 29, 2021 11:17 pm
MrJedi wrote: Wed Sep 29, 2021 3:02 pm TMS ended up sending me a mortgage statement and bill even after getting sold to Mr. Cooper. The statement date is even about weeks after the sale and transfer. Safe to just ignore?
Same here. I used the tms account number from the statement to login and see that the account was zero’d out so that’s good. Kept paper statements on because they will have a small 1098 with interest and didn’t want to have to figure out logging in next year again.
Inframan4712 wrote: Thu Sep 30, 2021 9:57 am I got the same letter (after TMS sold to Mr Cooper) but went and set up a login with TMS, logged in to find the balance 0. Probably OK, but why not login and make sure?
Thanks for the tips. I didn't even think to just create an account on TMS and check myself. I took 5 minutes to register and sure enough, it is zero there. Weird how their system still generated a statement with a balance though.
slickracer
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Re: Refinance Mega Thread

Post by slickracer »

GoldenFinch wrote: Thu Sep 30, 2021 8:31 am
slickracer wrote: Thu Sep 30, 2021 5:31 am
GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
Since I asked a question about it they stopped the closing. I just wasn’t familiar with it. Now I’ve googled it extensively, but I think they are changing it to joint survivorship. I guess it doesn’t matter all that much either way.
I don't understand how Better can change how the real estate is titled.
slickracer
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Re: Refinance Mega Thread

Post by slickracer »

slickracer wrote: Thu Sep 30, 2021 9:23 pm
GoldenFinch wrote: Thu Sep 30, 2021 8:31 am
slickracer wrote: Thu Sep 30, 2021 5:31 am
GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
Since I asked a question about it they stopped the closing. I just wasn’t familiar with it. Now I’ve googled it extensively, but I think they are changing it to joint survivorship. I guess it doesn’t matter all that much either way.
I don't understand how Better can change how the real estate is titled. A new deed is not typically part of a refinance transaction.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

slickracer wrote: Thu Sep 30, 2021 9:23 pm
GoldenFinch wrote: Thu Sep 30, 2021 8:31 am
slickracer wrote: Thu Sep 30, 2021 5:31 am
GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
Since I asked a question about it they stopped the closing. I just wasn’t familiar with it. Now I’ve googled it extensively, but I think they are changing it to joint survivorship. I guess it doesn’t matter all that much either way.
I don't understand how Better can change how the real estate is titled.
In California, for instance, if the property is in a trust, it has to be brought out of the trust for the refi, and then out back into the trust.

In North Carolina, homes don’t have titles and instead have deeds. A mortgage simply has a security interest onto the deed. In this scenario, the deed never changes with any refis.

Other states may operate differently.
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

BrandonBogle wrote: Thu Sep 30, 2021 9:41 pm
In California, for instance, if the property is in a trust, it has to be brought out of the trust for the refi, and then out back into the trust.

In North Carolina, homes don’t have titles and instead have deeds. A mortgage simply has a security interest onto the deed. In this scenario, the deed never changes with any refis.

Other states may operate differently.
That may be true for better.com but you can certainly refinance in CA without taking your property out of the trust. My local union, BofA, and PNC all kept it in. It did require more signatures during closing, though.
rage_phish
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Post by rage_phish »

So we are looking at 2.75% with about $3k in closing costs

Is that the best around these days?
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

mervinj7 wrote: Thu Sep 30, 2021 10:10 pm
BrandonBogle wrote: Thu Sep 30, 2021 9:41 pm
In California, for instance, if the property is in a trust, it has to be brought out of the trust for the refi, and then out back into the trust.

In North Carolina, homes don’t have titles and instead have deeds. A mortgage simply has a security interest onto the deed. In this scenario, the deed never changes with any refis.

Other states may operate differently.
That may be true for better.com but you can certainly refinance in CA without taking your property out of the trust. My local union, BofA, and PNC all kept it in. It did require more signatures during closing, though.
I believe that to be false. It must come out of the trust and then be placed back in. That’s the extra signatures. Would be curious to learn more if that’s not the case.
mervinj7
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Post by mervinj7 »

Goal33 wrote: Fri Oct 01, 2021 12:32 am
mervinj7 wrote: Thu Sep 30, 2021 10:10 pm
BrandonBogle wrote: Thu Sep 30, 2021 9:41 pm
In California, for instance, if the property is in a trust, it has to be brought out of the trust for the refi, and then out back into the trust.

In North Carolina, homes don’t have titles and instead have deeds. A mortgage simply has a security interest onto the deed. In this scenario, the deed never changes with any refis.

Other states may operate differently.
That may be true for better.com but you can certainly refinance in CA without taking your property out of the trust. My local union, BofA, and PNC all kept it in. It did require more signatures during closing, though.
I believe that to be false. It must come out of the trust and then be placed back in. That’s the extra signatures. Would be curious to learn more if that’s not the case.
You can look at the response from Mr. Bergman. That's been the closest to my own experiences with multiple refinances in CA. Again, it's highly dependent on the lender.

https://www.avvo.com/legal-answers/livi ... 22619.html

One reference explaining the conditions necessary to keep the house in the trust while refinancing.
https://www.vaksman-khalfin.com/how-doe ... ing-trust/
But it is still possible. The Federal National Mortgage Association has recently made changes in their guidelines. As a result, there are occasions in which the title transferring does not have to occur in order to refinance. For this to occur, there is criteria that must be met:
  • You must create the trust during your lifetime.
  • The trust you create must be revocable.
  • You must remain a primary beneficiary of your revocable living trust throughout the entirety of your lifetime.
  • You must hold the position of trustee in your revocable living trust (though you may also name additional trustees).
  • The property in question, or at least a portion of the property in question, must constitute your primary residence or a second home.
  • The trust documents must provide the trustees with the authority to take out a mortgage on the property in the trust.
  • You must sign the promissory note for the mortgage or refinancing and must also sign the deed of trust and any riders of the promissory note or deed of trust which must indicate that the trust is liable for the debt and that the promissory note and deed of trust are given by the trust to secure the mortgage or refinancing in question
The last part is the extra docs we had to sign.

https://selling-guide.fanniemae.com/Sel ... 1-2017.htm
https://guide.freddiemac.com/app/guide/section/5103.5
Last edited by mervinj7 on Fri Oct 01, 2021 9:30 am, edited 2 times in total.
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

Mako wrote: Thu Sep 30, 2021 1:01 pm
Inframan4712 wrote: Thu Sep 30, 2021 12:50 pm Opened a letter from Mr Cooper today telling me that my homeowner's insurance deductible is too high. Hmmm. I'd love to know where I signed anything allowing them to dictate my deductible. Especially since my insurance is with a major carrier and I've had this deductible for years.
My deed allows the lender to specify deductible levels. Another form I signed said the deductible may not exceed 5% of the face amount. So check your forms.
Thanks. I just think that’s crazy. My debt to income ratio is absurdly low. I only have this loan because rates are so favorable. The lender has incredibly low risk here.

I’m also pretty good about reading things I sign. But perhaps I missed it.
Mako
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Post by Mako »

Inframan4712 wrote: Fri Oct 01, 2021 3:05 am
Mako wrote: Thu Sep 30, 2021 1:01 pm
Inframan4712 wrote: Thu Sep 30, 2021 12:50 pm Opened a letter from Mr Cooper today telling me that my homeowner's insurance deductible is too high. Hmmm. I'd love to know where I signed anything allowing them to dictate my deductible. Especially since my insurance is with a major carrier and I've had this deductible for years.
My deed allows the lender to specify deductible levels. Another form I signed said the deductible may not exceed 5% of the face amount. So check your forms.
Thanks. I just think that’s crazy. My debt to income ratio is absurdly low. I only have this loan because rates are so favorable. The lender has incredibly low risk here.

I’m also pretty good about reading things I sign. But perhaps I missed it.
From a couple minutes of googling this seems like a Fannie Mae requirement, if so they're simply going to have a blanket rule and not try to individually weigh every borrower's particular risk. Perhaps in the past you had a mortgage that was kept in house and not sold so you weren't subject to such things? Or maybe this is a newish thing, I don't know.

They are permitting a $20k deductible on a $400k policy. What kind of deductible do you have and what's the cost difference from 5%?
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

Mako wrote: Fri Oct 01, 2021 6:55 am
Inframan4712 wrote: Fri Oct 01, 2021 3:05 am
Mako wrote: Thu Sep 30, 2021 1:01 pm
Inframan4712 wrote: Thu Sep 30, 2021 12:50 pm Opened a letter from Mr Cooper today telling me that my homeowner's insurance deductible is too high. Hmmm. I'd love to know where I signed anything allowing them to dictate my deductible. Especially since my insurance is with a major carrier and I've had this deductible for years.
My deed allows the lender to specify deductible levels. Another form I signed said the deductible may not exceed 5% of the face amount. So check your forms.
Thanks. I just think that’s crazy. My debt to income ratio is absurdly low. I only have this loan because rates are so favorable. The lender has incredibly low risk here.

I’m also pretty good about reading things I sign. But perhaps I missed it.
From a couple minutes of googling this seems like a Fannie Mae requirement, if so they're simply going to have a blanket rule and not try to individually weigh every borrower's particular risk. Perhaps in the past you had a mortgage that was kept in house and not sold so you weren't subject to such things? Or maybe this is a newish thing, I don't know.

They are permitting a $20k deductible on a $400k policy. What kind of deductible do you have and what's the cost difference from 5%?
Thank you for that. I’ve had a lot of mortgages over the decades and never encountered this. My deductible is just over the line so not a big deal either way. I just brought it up because it’s yet another “one size fits all” hoop that all borrowers have to jump through.

But it would be nice if I had the choice to have an even higher deductible if it made my premiums appropriately attractive, even all the way to full self-insurance with some other assets as collateral.
juice421
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Re: Refinance Mega Thread

Post by juice421 »

Question for ya'll!

I should be closing by 10/6 on a back-to-back refi. Current loan was just sold from TMS to Mr. Cooper, and 1st payment of this loan is due today 10/1. Since I anticipate closing on this 2nd refi hopefully next week, I am planning to hold off on 1st payment as it should fund by hopefully before 10/15, which is the usual 15 day grace period.

But, my question is since the loan just sold to Mr. Cooper, would I get an additional safety net of 60 days grace period since it transferred to another servicer? This is just in case my current refi is delayed. Thanks!
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

I just got my AMEX credit yesterday for a late July close. This one took a few weeks longer than last year's, but it fit in the better estimated timeline of 8-12 weeks.
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

slickracer wrote: Thu Sep 30, 2021 9:23 pm
GoldenFinch wrote: Thu Sep 30, 2021 8:31 am
slickracer wrote: Thu Sep 30, 2021 5:31 am
GoldenFinch wrote: Wed Sep 29, 2021 12:26 pm I asked Better about what Fee Simple title meant and they halted the closing. Does anyone here know what the title should be for a married couple? Is fee simple what we should want? Or joint right to survivorship?
Fee Simple has nothing to do with Better (or any lender). It's simply the method of holding real estate and is the most common.
Since I asked a question about it they stopped the closing. I just wasn’t familiar with it. Now I’ve googled it extensively, but I think they are changing it to joint survivorship. I guess it doesn’t matter all that much either way.
I don't understand how Better can change how the real estate is titled.
They added a line saying “to the survivor of them.” I don’t know if that does anything. I’m not worried about any of this stuff. I just want to understand what things mean and I’m not a lawyer so the legal terminology gets confusing.
Mako
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Re: Refinance Mega Thread

Post by Mako »

Inframan4712 wrote: Fri Oct 01, 2021 3:05 am
Mako wrote: Thu Sep 30, 2021 1:01 pm From a couple minutes of googling this seems like a Fannie Mae requirement, if so they're simply going to have a blanket rule and not try to individually weigh every borrower's particular risk. Perhaps in the past you had a mortgage that was kept in house and not sold so you weren't subject to such things? Or maybe this is a newish thing, I don't know.

They are permitting a $20k deductible on a $400k policy. What kind of deductible do you have and what's the cost difference from 5%?
Thank you for that. I’ve had a lot of mortgages over the decades and never encountered this. My deductible is just over the line so not a big deal either way. I just brought it up because it’s yet another “one size fits all” hoop that all borrowers have to jump through.

But it would be nice if I had the choice to have an even higher deductible if it made my premiums appropriately attractive, even all the way to full self-insurance with some other assets as collateral.
I can see what you're saying, it would be nice to have the option. I can also see the bank's point of view that they probably think this limit protects their investment better. And I'd be curious what % of people this affects, probably not many.
newbie20
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Re: Refinance Mega Thread

Post by newbie20 »

Another data point for Better.

8/3: Locked rate with Better after doing the screenshot match a couple of times. Appraisal was waived.
9/17: Closing with a mobile Notary
9/22: Loan disbursed
9/30: AmEx credit posted

A couple of things to note:
(1) I had a HELOC which I wanted to be subordinated. I asked Better to pay for the subordination fee and they must have, because I was not charged anything by the HELOC lender nor did it show anywhere in costs on Closing document. However, the subordination process did slow down the closing. I had to push both HELOC and Better a little bit.
(2) I had waived escrow but Better started showing cost of HO insurance premium on updated LEs after locking. I asked them to remove it but they didn't. It ended up on Initial Closing Disclosure, too, so I took a firm stand with them and finally they removed it after having me a sign a Hold Harmless agreement.

Other than the above, it was pretty smooth. Now, I am waiting to hear who is going to do the loan servicing. It says TMS on the closing documents but based on the comments here, I am pretty sure that will change soon.

Thanks for the helpful tips and knowledge that everybody so willingly shares here :happy
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.
Zcatlove
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Re: Refinance Mega Thread

Post by Zcatlove »

juice421 wrote: Fri Oct 01, 2021 7:52 am Question for ya'll!

I should be closing by 10/6 on a back-to-back refi. Current loan was just sold from TMS to Mr. Cooper, and 1st payment of this loan is due today 10/1. Since I anticipate closing on this 2nd refi hopefully next week, I am planning to hold off on 1st payment as it should fund by hopefully before 10/15, which is the usual 15 day grace period.

But, my question is since the loan just sold to Mr. Cooper, would I get an additional safety net of 60 days grace period since it transferred to another servicer? This is just in case my current refi is delayed. Thanks!
Can someone help who has been through this with TMS to Mr. Cooper? I made my first payment to TMS in September and my loan was sold to mr. cooper effective 10/1. But Ive talked to multiple reps at mr. cooper who can’t find anything about my loan in their records. Also on the TMS website they said it would zero out when it transfers but it’s still reflecting a payment due as of 10/1. I’ve never had a loan that was sold before so I’m not sure where to make my October mortgage payment that supposed to go to Mr Cooper if they don’t have it in their system.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Zcatlove wrote: Fri Oct 01, 2021 7:07 pm
juice421 wrote: Fri Oct 01, 2021 7:52 am Question for ya'll!

I should be closing by 10/6 on a back-to-back refi. Current loan was just sold from TMS to Mr. Cooper, and 1st payment of this loan is due today 10/1. Since I anticipate closing on this 2nd refi hopefully next week, I am planning to hold off on 1st payment as it should fund by hopefully before 10/15, which is the usual 15 day grace period.

But, my question is since the loan just sold to Mr. Cooper, would I get an additional safety net of 60 days grace period since it transferred to another servicer? This is just in case my current refi is delayed. Thanks!
Can someone help who has been through this with TMS to Mr. Cooper? I made my first payment to TMS in September and my loan was sold to mr. cooper effective 10/1. But Ive talked to multiple reps at mr. cooper who can’t find anything about my loan in their records. Also on the TMS website they said it would zero out when it transfers but it’s still reflecting a payment due as of 10/1. I’ve never had a loan that was sold before so I’m not sure where to make my October mortgage payment that supposed to go to Mr Cooper if they don’t have it in their system.
Mr. Cooper is notoriously slow. Try again on 10/5 and you’ll Rob about be able to register just fine.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Another data point for folks on Better Mortgage…

Applied: 9/16
Moved to closing stage: 9/24
Closing: 10/6

So everything went blazingly fast until I got to the closing expert. I got a “B Team” person who has been slow as molasses and only summarizes stuff vs. giving real details. So I finally got ahold of them last week to tell me specifics and I’m told “everything is ready, we are just waiting on your updated fee sheet from BSS”. They were surprised when I replied “But we are using Radian, BSS won’t have anything for me.” A day later, that got corrected and I got my closing disclosures. So if it wasn’t for that hiccup, I probably would have closed around two weeks after my submitting my app.

Rate options for a $285k rate-and-term refi at no/near-no cost:
- 15 year 1.875% at $800 total cost after lender credits, or
- 15 year 2% at $1,125 in credits after costs

- 20 year 2.25% at no cost

- 30 year 2.625% at $400 in credits after costs
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LongTermHorizon
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Location: Boston,MA

Re: Refinance Mega Thread

Post by LongTermHorizon »

Is there an easy way to compare refinancing to make sure it makes sense?

I'm trying to find out if the option Rocket Mortgage is offering is a "good" deal.

Better isn't available in Massachusetts.

Current Mortgage
  • Loan Amount Outstanding : $272,008.56
  • Time : 12.7 years remaining
  • Rate: 2.875%

Refinance Offer from Rocket Mortgage
  • Loan Amount: $281,100.00
  • Payoff: $271,270.69
  • Origination Fees : $2,514.95
  • --Discount Points (0.450) - $1,264.95
  • --Processing Fee - $900.00
  • --Underwriting Fee -$350.00
  • Services : $1,619.50
  • --Credit Monitoring Service -$9.00
  • --Credit Report -$76.00
  • --Flood Determination Fee -$9.00
  • --Flood Life of Loan Coverage -$5.50
  • --Life of Loan Tax Service -$50.00
  • --Tax Certification Fee -$25.00
  • --Title-Abstract or Title Search -$150.00
  • --Title-Express Mail/Courier Fee -$45.00
  • --Title-Lenders Title Policy -$460.00
  • --Title-Settlement or Closing Fee -$505.00
  • --Taxes & Government Fees -$285.00
  • Initial Escrow Payment : $2,560.65
  • Prepaids (Property Taxes) : $1,531.71
  • Time: 15 years
  • Rate: 1.75%
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

LongTermHorizon wrote: Mon Oct 04, 2021 11:45 am Is there an easy way to compare refinancing to make sure it makes sense?

I'm trying to find out if the option Rocket Mortgage is offering is a "good" deal.

Better isn't available in Massachusetts.
Am I reading this correctly that a Loan Estimate would have the following breakdown?

Section A - $2,515
B - $175
C - $1,160
E - $285

If so, it’s not a bad offer, but I would consider doing 1.875% or 2% to get this down to a no/near-no cost loan.
vtg
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Re: Refinance Mega Thread

Post by vtg »

Random Q -

Better collected 7 months of escrow at closing (not prepaid but escrow reserves); I was under the impression my payment would be lower for the first few months while they drew that collected money down, but my first bill from TMS includes full escrow.. Did I misunderstand how this works ? :)
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

vtg wrote: Mon Oct 04, 2021 5:14 pm Random Q -

Better collected 7 months of escrow at closing (not prepaid but escrow reserves); I was under the impression my payment would be lower for the first few months while they drew that collected money down, but my first bill from TMS includes full escrow.. Did I misunderstand how this works ? :)
You did. In each subsequent year, what's in your escrow reserves will play a role in the calculations for your monthly escrow payment. But for the initial year, what was on your closing disclosures is what you would be paying.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

vtg wrote: Mon Oct 04, 2021 5:14 pm Random Q -

Better collected 7 months of escrow at closing (not prepaid but escrow reserves); I was under the impression my payment would be lower for the first few months while they drew that collected money down, but my first bill from TMS includes full escrow.. Did I misunderstand how this works ? :)
They collected so much cuz taxes are due soon :)
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