Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
User avatar
SavageHunter
Posts: 9
Joined: Sat Nov 07, 2020 3:51 pm

Re: Refinance Mega Thread

Post by SavageHunter »

My goal will always be a no cost refi... even if i have to go up on the rate..
Antec121 wrote: Fri Sep 03, 2021 4:13 pm Just reached out to a new lender and asked for a 15 year quote. Here is what I got. It's tempting to go with the 15 versus the 30.

15 year fixed (smaller lender)

1.875%

Closing Costs: roughly $2,700 costs

Principal and Interest Payment: $1,186
Lets all retire early.. | Save and make that the $$ so we can spend it later
Antec121
Posts: 4
Joined: Fri Sep 03, 2021 12:04 pm

Re: Refinance Mega Thread

Post by Antec121 »

SavageHunter wrote: Fri Sep 03, 2021 4:30 pm My goal will always be a no cost refi... even if i have to go up on the rate..
Antec121 wrote: Fri Sep 03, 2021 4:13 pm Just reached out to a new lender and asked for a 15 year quote. Here is what I got. It's tempting to go with the 15 versus the 30.

15 year fixed (smaller lender)

1.875%

Closing Costs: roughly $2,700 costs

Principal and Interest Payment: $1,186
I saw that suggested earlier, how would I approach that?
adestefan
Posts: 581
Joined: Fri Jan 06, 2017 7:22 pm

Re: Refinance Mega Thread

Post by adestefan »

Antec121 wrote: Fri Sep 03, 2021 4:38 pm
SavageHunter wrote: Fri Sep 03, 2021 4:30 pm My goal will always be a no cost refi... even if i have to go up on the rate..
Antec121 wrote: Fri Sep 03, 2021 4:13 pm Just reached out to a new lender and asked for a 15 year quote. Here is what I got. It's tempting to go with the 15 versus the 30.

15 year fixed (smaller lender)

1.875%

Closing Costs: roughly $2,700 costs

Principal and Interest Payment: $1,186
I saw that suggested earlier, how would I approach that?
Check to see if there are lended credits at 2 or 2.125% if it’s a smaller bank don’t be surprised if the answer is no.
Dealz2012
Posts: 1
Joined: Fri Sep 03, 2021 8:15 pm

Re: Refinance Mega Thread

Post by Dealz2012 »

Lenderfi refinance. Had a page to sign at closing that said something along the lines of "You don't intend to refinance within a year and if you do you will contact lenderfi". Or something to that affect.

Not a big deal signing as we dont intend to refinance again at this point, rate is good. However... If rates on a 30 approach 2.5 again it will be hard not to.
mesaverde
Posts: 579
Joined: Wed May 02, 2007 4:14 pm

Re: Refinance Mega Thread

Post by mesaverde »

Goal33 wrote: Thu Sep 02, 2021 3:15 pm
tj wrote: Thu Sep 02, 2021 12:42 pm
sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
I also have a friend that’s not going forward with a .25% improvement in rate for a 5k profit because they don’t want to ask for a bankrate match and open an Amex.
Perhaps your friend would feel guilty for receiving thousands of dollars by doing practically nothing (~2 hours of their time applying/submitting documentation/signing docs at closing).
Last edited by mesaverde on Sat Sep 04, 2021 6:35 am, edited 1 time in total.
"Learn from the past, live in the present, plan for the future"
User avatar
LadyGeek
Site Admin
Posts: 95696
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Refinance Mega Thread

Post by LadyGeek »

I removed a post and reply offering a referral code (not permitted). As a reminder, see: No Solicitation
Please do not solicit business or website traffic on this forum. Forum officers will determine what constitutes solicitation on a case by case basis, but we offer the following guidelines about commonly encountered issues:

Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
anilj
Posts: 12
Joined: Mon Oct 14, 2019 1:24 pm

Re: Refinance Mega Thread

Post by anilj »

I am not sure if I want to refi. I am split on it. I bought my "forever" home in June, jumbo loan.
Current terms:
LTV is about 78%.
2.75% for 30Y fixed.

Better offer:
2.375% (20K total in fees - after AMEX credit)
2.49% (13K total in fees - after AMEX credit)
2.625% (5K total in fees - after AMEX credit)

If I refi now, I basically end up saving a little in monthly mortgage. I got a 30Y but I intend to pay it off in like 10-15 years (my goal). In 10-15 years, the total savings is really only about 35K to 55K in saved interest. That doesn't seem like much at all. I am not sure what I should do, go through the hassle of refi (mine is slightly more complicated than just applying and paying appraisal) or wait for rates to see if they will drop further later this year before I refi for lower rate?
Last edited by anilj on Sat Sep 04, 2021 9:46 am, edited 1 time in total.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Refinance Mega Thread

Post by tj »

anilj wrote: Sat Sep 04, 2021 9:32 am I am not sure if I want to refi. I am split on it. I bought my "forever" home in June, jumbo loan.
Current terms:
LTV is about 78%.
2.75% for 30Y fixed.

Better offer:
2.375% (20K total in fees - after AMEX credit)
2.49% (13K total in fees - after AMEX credit)
2.625% (5K total in fees - after AMEX credit)

If I refi now, I basically end up saving a little in monthly mortgage. I got a 30Y but I intend to pay it off in like 10-15 years (my goal). In 10-15 years, the total savings is really only about 25K to 50K in saved interest. That doesn't seem like much at all. I am not sure what I should do, go through the hassle of refi (mine is slightly more complicated than just applying and paying appraisal) or wait for rates to see if they will drop further later this year before I refi for lower rate?
If you itnend to pay it off in 10 - 15 years, why don't you get a 15 year loan?
anilj
Posts: 12
Joined: Mon Oct 14, 2019 1:24 pm

Re: Refinance Mega Thread

Post by anilj »

tj wrote: Sat Sep 04, 2021 9:36 am If you itnend to pay it off in 10 - 15 years, why don't you get a 15 year loan?
Current monthly would go from 8K/month to 13K/month to do a 15 year, DTI will be too high. I intend to pay off sooner with RSU/investment money that I have; goal is to pay off 100K every year to reach the goal of paying off in ~10 years. 30Y just provides flexibility, in the end 15Y vs 30Y (and paying off sooner) won't make much difference I believe.
Money_Badger
Posts: 465
Joined: Thu Jul 02, 2020 11:05 pm
Location: Raleigh NC

Re: Refinance Mega Thread

Post by Money_Badger »

Closed 8/18, Amex credit hit today and loan sold to PennyMac yesterday. Super smooth process, kudos to Better Mortgage!
saltyWaterfall87
Posts: 11
Joined: Sat Sep 04, 2021 9:39 am

Re: Refinance Mega Thread

Post by saltyWaterfall87 »

I've been a lurker for awhile. First thought about refinancing earlier this year and realized I finally needed to get going with it to hopefully not miss the boat. Mainly avoided it before out of laziness and uncertainty. 3 years into a 30 year fixed 4.375% and have started the process with Better to go to a 30 year fixed at 2.75%, for about 1k aside from escrow and prepaids (officially paying $600 in points, included above), so a pretty good deal. I didn't even comparison shop and the Shoppable fees seemed much lower than others had been quoted so I didn't shop for title company either. From what I could see, I didn't see a better deal on Bankrate than what I already had, perhaps because I came to Better through Bankrate instead of directly? My only regret is not getting the 2k Amex credit, which was even on my radar but I wasn't sure If I'd be going with Better at the time, and now I'm 3 days into a rate lock and signed the agreement I wouldn't do any major credit events before closing.
KNMLHD
Posts: 255
Joined: Sat Jul 09, 2016 7:57 am

Re: Refinance Mega Thread

Post by KNMLHD »

Another datapoint on AMEX rebate... ours came in two weeks to the day of our loan being funded.

A question on Servicing... we got an email from Better indicating our loan would be serviced by The Money Source which wasn't on the original list of servicers a few pages back. Unless The Money Source == Better, then that would explain it.

Any comments on The Money Source w/re to servicing the loan? Any "gotchas" to be aware of? I think it was Brandon who had mentioned Mr Cooper didn't quite handle payments correctly if made prior to the 1st of the month. Was wondering if there was anything along those lines to be aware of.
adestefan
Posts: 581
Joined: Fri Jan 06, 2017 7:22 pm

Re: Refinance Mega Thread

Post by adestefan »

Mine when from TMS to Mr Cooper before the first payment was due. Mr Cooper isn’t great, but they can’t screw up auto pay too bad. They have ads all over your statements and their website though. I’d recommend you opt-out of all their data sharing.
MrJedi
Posts: 3540
Joined: Wed May 06, 2020 11:42 am

Re: Refinance Mega Thread

Post by MrJedi »

saltyWaterfall87 wrote: Sat Sep 04, 2021 10:13 am I've been a lurker for awhile. First thought about refinancing earlier this year and realized I finally needed to get going with it to hopefully not miss the boat. Mainly avoided it before out of laziness and uncertainty. 3 years into a 30 year fixed 4.375% and have started the process with Better to go to a 30 year fixed at 2.75%, for about 1k aside from escrow and prepaids (officially paying $600 in points, included above), so a pretty good deal. I didn't even comparison shop and the Shoppable fees seemed much lower than others had been quoted so I didn't shop for title company either. From what I could see, I didn't see a better deal on Bankrate than what I already had, perhaps because I came to Better through Bankrate instead of directly? My only regret is not getting the 2k Amex credit, which was even on my radar but I wasn't sure If I'd be going with Better at the time, and now I'm 3 days into a rate lock and signed the agreement I wouldn't do any major credit events before closing.
I couldn't quite tell from your post, are you saying you don't already have an Amex? You can add the Amex credit anytime all the way up until closing.

Not sure about your bankrate question. I clicked through bankrate too but the rates did not match. Had to ask for the match later to improve it some more. Depending on your loan amount, it's feasible you can get your loan at a net credit to you instead of paying any points at all.
saltyWaterfall87
Posts: 11
Joined: Sat Sep 04, 2021 9:39 am

Re: Refinance Mega Thread

Post by saltyWaterfall87 »

MrJedi wrote: Sat Sep 04, 2021 12:43 pm
saltyWaterfall87 wrote: Sat Sep 04, 2021 10:13 am I've been a lurker for awhile. First thought about refinancing earlier this year and realized I finally needed to get going with it to hopefully not miss the boat. Mainly avoided it before out of laziness and uncertainty. 3 years into a 30 year fixed 4.375% and have started the process with Better to go to a 30 year fixed at 2.75%, for about 1k aside from escrow and prepaids (officially paying $600 in points, included above), so a pretty good deal. I didn't even comparison shop and the Shoppable fees seemed much lower than others had been quoted so I didn't shop for title company either. From what I could see, I didn't see a better deal on Bankrate than what I already had, perhaps because I came to Better through Bankrate instead of directly? My only regret is not getting the 2k Amex credit, which was even on my radar but I wasn't sure If I'd be going with Better at the time, and now I'm 3 days into a rate lock and signed the agreement I wouldn't do any major credit events before closing.
I couldn't quite tell from your post, are you saying you don't already have an Amex? You can add the Amex credit anytime all the way up until closing.

Not sure about your bankrate question. I clicked through bankrate too but the rates did not match. Had to ask for the match later to improve it some more. Depending on your loan amount, it's feasible you can get your loan at a net credit to you instead of paying any points at all.
Sorry for the confusion. It could have done with some more explanation, was done on my phone. Correct, I don't have an Amex. I'm aware the credit can be added from previous datapoints I've seen in the thread but I haven't seen anyone else mention they apply for an Amex after rate lock and signing the "I will try to avoid changing my credit" statements. I suppose since I have already locked and it won't expire for 2 months nearly, I could do it but I'd have to pretend I didn't actually sign or understand that doc. I wouldn't want to blow up the refinance entirely in the pursuit of it. Score wouldn't drop enough to negatively affect anything either as I am above 760. The $2k is tempting for sure. With that I'd basically be paid $1k to refinance.

I didn't really have a question about bankrate I was just saying I didn't have the experience of others where the bankrate rate was lower, but I did initially come to better through bankrate and was suggesting that might be why.
rookie_investor1
Posts: 93
Joined: Mon Aug 16, 2021 8:01 pm

Re: Refinance Mega Thread

Post by rookie_investor1 »

Has anyone tried to pay closing costs with Xoom / any one that allows credit card ? As title company receives the closing cost on same day, it should not matter to them if it was paid using credit card or bank right?
Money_Badger
Posts: 465
Joined: Thu Jul 02, 2020 11:05 pm
Location: Raleigh NC

Re: Refinance Mega Thread

Post by Money_Badger »

KNMLHD wrote: Sat Sep 04, 2021 12:01 pm Another datapoint on AMEX rebate... ours came in two weeks to the day of our loan being funded.

A question on Servicing... we got an email from Better indicating our loan would be serviced by The Money Source which wasn't on the original list of servicers a few pages back. Unless The Money Source == Better, then that would explain it.

Any comments on The Money Source w/re to servicing the loan? Any "gotchas" to be aware of? I think it was Brandon who had mentioned Mr Cooper didn't quite handle payments correctly if made prior to the 1st of the month. Was wondering if there was anything along those lines to be aware of.
I think they pretty much always move the loan. Betting you'll get an email in a couple of days advising of transfer.
chrischris
Posts: 152
Joined: Fri Apr 16, 2010 1:25 pm

Re: Refinance Mega Thread

Post by chrischris »

My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
saltyWaterfall87
Posts: 11
Joined: Sat Sep 04, 2021 9:39 am

Re: Refinance Mega Thread

Post by saltyWaterfall87 »

chrischris wrote: Mon Sep 06, 2021 10:11 am My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
Do you mean 8/18/21? I can't speak to registering with Mr Cooper as I'm in the middle of a Better refinance now but judging by all the Better people saying they've been transferred to Mr Cooper that is what I'm expecting. If you mean you closed 8/18 it sounds like based on other data points the Amex bonus would likely have already happened but not necessarily. Didn't have an Amex so post rate lock applied for one and hoping for smooth sailing when I mention that to Better and try to get it added.
toblerone
Posts: 270
Joined: Thu Mar 07, 2013 10:42 pm

Re: Refinance Mega Thread

Post by toblerone »

saltyWaterfall87 wrote: Sat Sep 04, 2021 12:56 pm ... I haven't seen anyone else mention they apply for an Amex after rate lock and signing the "I will try to avoid changing my credit" statements. I suppose since I have already locked and it won't expire for 2 months nearly, I could do it but I'd have to pretend I didn't actually sign or understand that doc. I wouldn't want to blow up the refinance entirely in the pursuit of it. Score wouldn't drop enough to negatively affect anything either as I am above 760. The $2k is tempting for sure.
If you go back in this thread, I'm pretty sure you'll find people who were also unaware of the bonus, and applied for an Amex card after their Better lock without disrupting the loan. If your credit score is solid you should be able to do the same thing.
I don't remember that document, but did it really say "try"? Tell them you tried really hard, but the $2k bonus was too tempting! :wink:
saltyWaterfall87
Posts: 11
Joined: Sat Sep 04, 2021 9:39 am

Re: Refinance Mega Thread

Post by saltyWaterfall87 »

toblerone wrote: Mon Sep 06, 2021 12:43 pm
saltyWaterfall87 wrote: Sat Sep 04, 2021 12:56 pm ... I haven't seen anyone else mention they apply for an Amex after rate lock and signing the "I will try to avoid changing my credit" statements. I suppose since I have already locked and it won't expire for 2 months nearly, I could do it but I'd have to pretend I didn't actually sign or understand that doc. I wouldn't want to blow up the refinance entirely in the pursuit of it. Score wouldn't drop enough to negatively affect anything either as I am above 760. The $2k is tempting for sure.
If you go back in this thread, I'm pretty sure you'll find people who were also unaware of the bonus, and applied for an Amex card after their Better lock without disrupting the loan. If your credit score is solid you should be able to do the same thing.
I don't remember that document, but did it really say "try"? Tell them you tried really hard, but the $2k bonus was too tempting! :wink:
I ended up going for it about an hour after I posted that reply. Well to be more honest, my co-borrower who has a few point advantage over me due to fewer new accounts did, leapt at the opportunity given I said it'd save us 2k, getting paid to refinance. And yes, it literally did say "try" (without even a signature, just checking a box) and I'll say something to that effect if asked.
User avatar
nps
Posts: 1633
Joined: Thu Dec 04, 2014 9:18 am

Re: Refinance Mega Thread

Post by nps »

chrischris wrote: Mon Sep 06, 2021 10:11 am My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
Call TMS and ask them for the Mr Cooper loan number.
dodgersummer
Posts: 109
Joined: Tue Jan 10, 2017 1:08 pm

Re: Refinance Mega Thread

Post by dodgersummer »

Any opinions on Better mortgage wanting $50 for electronic signature on closing? They are claiming it saves a lot of time. Thanks in advance.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Refinance Mega Thread

Post by tj »

dodgersummer wrote: Tue Sep 07, 2021 6:02 pm Any opinions on Better mortgage wanting $50 for electronic signature on closing? They are claiming it saves a lot of time. Thanks in advance.
This is in lieu of a paper signature? I'd pay it.
User avatar
cchrissyy
Posts: 2356
Joined: Fri May 05, 2017 10:35 pm
Location: SF bay area

Re: Refinance Mega Thread

Post by cchrissyy »

I asked Better and when you pay the $50 they do some things as e-sign but you still have to meet the notary.
60-20-20 us-intl-bond
dodgersummer
Posts: 109
Joined: Tue Jan 10, 2017 1:08 pm

Re: Refinance Mega Thread

Post by dodgersummer »

tj wrote: Tue Sep 07, 2021 6:08 pm
dodgersummer wrote: Tue Sep 07, 2021 6:02 pm Any opinions on Better mortgage wanting $50 for electronic signature on closing? They are claiming it saves a lot of time. Thanks in advance.
This is in lieu of a paper signature? I'd pay it.
Thanks, Better is also offering to shop for different homeowners insurance. Any recomendations on this?
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Refinance Mega Thread

Post by tj »

dodgersummer wrote: Tue Sep 07, 2021 6:22 pm
tj wrote: Tue Sep 07, 2021 6:08 pm
dodgersummer wrote: Tue Sep 07, 2021 6:02 pm Any opinions on Better mortgage wanting $50 for electronic signature on closing? They are claiming it saves a lot of time. Thanks in advance.
This is in lieu of a paper signature? I'd pay it.
Thanks, Better is also offering to shop for different homeowners insurance. Any recomendations on this?
Uhhh, I wouldn't bother using their insurance agent.
Mako
Posts: 499
Joined: Wed Feb 28, 2007 8:34 am

Re: Refinance Mega Thread

Post by Mako »

cchrissyy wrote: Tue Sep 07, 2021 6:20 pm I asked Better and when you pay the $50 they do some things as e-sign but you still have to meet the notary.
Yeah someone said earlier in this thread that it was kind of a waste because you’re still meeting the notary to sign things, just some can be done ahead. Big deal.
MrJedi
Posts: 3540
Joined: Wed May 06, 2020 11:42 am

Re: Refinance Mega Thread

Post by MrJedi »

The inconvenience is scheduling a time block to meet with the notary. It makes almost no difference to me even if I can e-sign 29 docs and sign 1 doc with notary vs sign all 30 docs with notary.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Refinance Mega Thread

Post by tj »

MrJedi wrote: Tue Sep 07, 2021 6:54 pm The inconvenience is scheduling a time block to meet with the notary. It makes almost no difference to me even if I can e-sign 29 docs and sign 1 doc with notary vs sign all 30 docs with notary.
On my purchase, I used Notarize.com to e-sign all docs with a notary via web cam. I'm surprised that isn't the option given. I paid more than $50, so $50 would be a bargain.
User avatar
SavageHunter
Posts: 9
Joined: Sat Nov 07, 2020 3:51 pm

Re: Refinance Mega Thread

Post by SavageHunter »

I was given that option too...
Don't do it.. it's a waste of $50...

You'll still have to sign paper work... even if u pay them 50
dodgersummer wrote: Tue Sep 07, 2021 6:02 pm Any opinions on Better mortgage wanting $50 for electronic signature on closing? They are claiming it saves a lot of time. Thanks in advance.
Lets all retire early.. | Save and make that the $$ so we can spend it later
adestefan
Posts: 581
Joined: Fri Jan 06, 2017 7:22 pm

Re: Refinance Mega Thread

Post by adestefan »

chrischris wrote: Mon Sep 06, 2021 10:11 am My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
You’ll get a letter in the mail from Mr Cooper with the new loan number and information on how to make a payment. It usually takes another 2 weeks for that to come. Don’t worry about the speed; there is a mandatory 60 day grace period any time your loan transfers so you won’t have a late payment.
jinnix
Posts: 80
Joined: Wed Jun 10, 2020 7:35 am

Re: Refinance Mega Thread

Post by jinnix »

Few questions on the AMEX credit with Better.

1. I have refis on multiple properties going with Better at the same time right now. The fine print said "Only one statement credit per property within a six-month period." Does that mean if I have 10 refis on 10 properties, i can get $2000 x 10 on the same card ?

2. Say #1 is not possible on 1 card, can I use multiple cards?

3. I saw a product on American Express website called "Serve" Prepaid Debit Account. Does that count as eligible card?

Appreciate if someone can share experience.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Refinance Mega Thread

Post by tj »

I can't imagine a Serve account would count as a credit card.
saltyWaterfall87
Posts: 11
Joined: Sat Sep 04, 2021 9:39 am

Re: Refinance Mega Thread

Post by saltyWaterfall87 »

Easily got the Amex credit applied to Better after applying for an Amex after rate lock. Called the specific number given on better.com/with/amex and after a quick call the task showed up in my tasks and I added the number. Got a voicemail from my Better consultant a couple of hours later to "talk about the Amex promo" so I worried a bit but it was in case I had questions about it. Said as long as you have an active card before closing it doesn't matter. Thanks to those in this thread for encouraging me.

Overall, super pleased with Better so far. Locked 9/1 and Title was ordered same day and cleared by 9/4. Didn't luck out on not having an appraisal which occurred today so as long as that isn't a complete negative surprise it should be smooth sailing. I think it'd be even faster if I hadn't goofed and gave not the direct number for my work's payroll department, task showed up this evening after having none aside from the Amex one since 9/2 or so.
gpburdell
Posts: 329
Joined: Sun Jun 17, 2012 9:01 pm

Re: Refinance Mega Thread

Post by gpburdell »

KNMLHD wrote: Sat Sep 04, 2021 12:01 pm A question on Servicing... we got an email from Better indicating our loan would be serviced by The Money Source which wasn't on the original list of servicers a few pages back. Unless The Money Source == Better, then that would explain it.

Any comments on The Money Source w/re to servicing the loan? Any "gotchas" to be aware of? I think it was Brandon who had mentioned Mr Cooper didn't quite handle payments correctly if made prior to the 1st of the month. Was wondering if there was anything along those lines to be aware of.
Mine went to TMS as well, but before the first payment was due it was transferred to SunTrust/Truist. This worked out well for me as I already had an account there.
jakester03
Posts: 18
Joined: Fri Jun 07, 2013 3:51 pm

Re: Refinance Mega Thread

Post by jakester03 »

I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
dave8228
Posts: 30
Joined: Thu May 28, 2020 8:09 am

Re: Refinance Mega Thread

Post by dave8228 »

jakester03 wrote: Wed Sep 08, 2021 1:46 pm I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
I applied for a new AMEX card 4 days after locking my rate, and 7 days before closing, and had no issues. If you are 2 days from from closing, I doubt they will pull your credit again...if they do, just explain the situation. You could also reach out to your Better closing team to get their feedback.
jakester03
Posts: 18
Joined: Fri Jun 07, 2013 3:51 pm

Re: Refinance Mega Thread

Post by jakester03 »

dave8228 wrote: Wed Sep 08, 2021 2:06 pm
jakester03 wrote: Wed Sep 08, 2021 1:46 pm I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
I applied for a new AMEX card 4 days after locking my rate, and 7 days before closing, and had no issues. If you are 2 days from from closing, I doubt they will pull your credit again...if they do, just explain the situation. You could also reach out to your Better closing team to get their feedback.
I did reach out to them and they said they cannot provide any guidance as to how it could affect my credit score or rate :?
User avatar
cchrissyy
Posts: 2356
Joined: Fri May 05, 2017 10:35 pm
Location: SF bay area

Re: Refinance Mega Thread

Post by cchrissyy »

if you're closing this friday you are out of time, unless you want to push the whole thing back.
your entire application packet and closing documents are already prepared and if you open new credit they have to be corrected otherwise you can't honestly sign the part about your current open credit lines and debts.

i wouldn't worry one bit bout the effect of opening a card on your actual credit score or rate

the only question is, how much do you want a prompt closing, how much do you want $2000, and how much will it cost if you have to extend your rate lock another week or two?
60-20-20 us-intl-bond
drk
Posts: 3944
Joined: Mon Jul 24, 2017 10:33 pm

Re: Refinance Mega Thread

Post by drk »

jakester03 wrote: Wed Sep 08, 2021 1:46 pm I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
Did you ask Amex if they would re-open the account? That's a thing they sometimes do.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
jakester03
Posts: 18
Joined: Fri Jun 07, 2013 3:51 pm

Re: Refinance Mega Thread

Post by jakester03 »

drk wrote: Wed Sep 08, 2021 2:22 pm
jakester03 wrote: Wed Sep 08, 2021 1:46 pm I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
Did you ask Amex if they would re-open the account? That's a thing they sometimes do.
I asked about this. They said that since it has been more than 30 days, they cannot reopen it. I have to apply for new.
User avatar
BrandonBogle
Posts: 4467
Joined: Mon Jan 28, 2013 10:19 pm

Re: Refinance Mega Thread

Post by BrandonBogle »

jakester03 wrote: Wed Sep 08, 2021 2:24 pm
drk wrote: Wed Sep 08, 2021 2:22 pm
jakester03 wrote: Wed Sep 08, 2021 1:46 pm I am scheduled to close on Friday. I didn't know about the AMEX rebate. I asked if I could add it and Better said yes. However, the AMEX was a card I had in a drawer that I don't use. Turns out AMEX closed the account back in January. I would have to re-apply for a new card. I'm worried that could trigger a credit score change and affect my rate negatively. Any guidance? Am I just SOL on the AMEX credit?
Did you ask Amex if they would re-open the account? That's a thing they sometimes do.
I asked about this. They said that since it has been more than 30 days, they cannot reopen it. I have to apply for new.
If you do decide to apply new, do so online so hopefully you get an instant card number.
mschurner
Posts: 122
Joined: Sun Sep 23, 2018 11:33 pm

Re: Refinance Mega Thread

Post by mschurner »

Refinancing Townhome in IL.

Got the Loan estimate with 15 year 1.99% from Interfirst mortgage.

Cost:
A- $0
B: $400 for Condo questionnaire
C: $745.
I don't need to worry about EFG as I need to pay them anyway.
Total cost is $1145.

Is this a good offer?

With bankrate.com, Better is offering pretty much similar rate 2.0% with no points.

For matching the rate with better, Can I just send the screenshot like this?  Is it correct?

Image

Is it better to match with Interfirst quote?

Could someone please give me the link to the post/thread which explains the better matching?
ig77
Posts: 63
Joined: Fri Dec 22, 2017 8:46 am

Re: Refinance Mega Thread

Post by ig77 »

Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
InvestorDave
Posts: 53
Joined: Tue Sep 23, 2014 11:23 am

Re: Refinance Mega Thread

Post by InvestorDave »

ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I called around locally and found a local title company. The process was very easy. I provided Better with the name of the title company and their contact information and they reached out to the title company. 30 minutes of my time to save ~$800 from what Better was going to charge for title services.
ericmc
Posts: 34
Joined: Sat Feb 20, 2016 12:24 pm

Re: Refinance Mega Thread

Post by ericmc »

chrischris wrote: Mon Sep 06, 2021 10:11 am My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
Just completed the same process, my refi also closed on 8/18. I was able to use the loan ID from Better to find my loan through Mr Cooper and setup my online account.

Regarding the AMEX bonus, it showed on my amex on 9/2. On 9/5, I submitted a request to refund the negative balance, which AMEX shows as processed. Hopefully I'll get that check in the next couple of days.
mbasherp
Posts: 735
Joined: Mon Jun 26, 2017 8:48 am

Re: Refinance Mega Thread

Post by mbasherp »

ig77 wrote: Wed Sep 08, 2021 6:51 pm Going though a refi with better and have locked in the rate. If I use their title service, it'll cost me close to $1300.. The loan officer said I could shop around and let them know within 5 days.

Anyone used a different title company? What's the process like and is it seamless with better?

FWIW, property is located in IL.
I was surprised by the title costs quoted with Better Settlement and instead I used Amrock, who I had used on a previous refi, and saved $1k by doing so. I had no problems in the process of doing so and I’m happy I did! If you reach out to them, you might get a same day quote.
ig77
Posts: 63
Joined: Fri Dec 22, 2017 8:46 am

Re: Refinance Mega Thread

Post by ig77 »

mbasherp wrote: Wed Sep 08, 2021 8:32 pm I was surprised by the title costs quoted with Better Settlement and instead I used Amrock, who I had used on a previous refi, and saved $1k by doing so. I had no problems in the process of doing so and I’m happy I did! If you reach out to them, you might get a same day quote.
How much did Amrock charge you? Haven't shopped around for title service before. What exactly should I be asking them?
MrJedi
Posts: 3540
Joined: Wed May 06, 2020 11:42 am

Re: Refinance Mega Thread

Post by MrJedi »

ericmc wrote: Wed Sep 08, 2021 8:03 pm
chrischris wrote: Mon Sep 06, 2021 10:11 am My refi with Better closed 09/18/21. I received an email last week saying my loan was transferring to Mr Cooper with my first payment due 10/01.

I'm trying to register with Mr Cooper but I haven't received my loan number. I tried using the number associated with Better, but it won't work.

Any ideas on how to register with Mr Cooper? Also, still waiting on my AMEX bonus.
Just completed the same process, my refi also closed on 8/18. I was able to use the loan ID from Better to find my loan through Mr Cooper and setup my online account.

Regarding the AMEX bonus, it showed on my amex on 9/2. On 9/5, I submitted a request to refund the negative balance, which AMEX shows as processed. Hopefully I'll get that check in the next couple of days.
Thanks for the tip about the loan ID. I've been waiting for the Mr Cooper letter to setup my account, but using the same loan ID from my Better paperwork ended up working.

For Amex, I requested my negative balance check on 8/31 and I had the check in hand on 9/7.
Post Reply