Refinance Mega Thread

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capsaicinguy
Posts: 175
Joined: Thu Sep 29, 2016 9:00 am

Re: Refinance Mega Thread

Post by capsaicinguy »

In the middle of our refi with Lenderfi. Talked with Jeff today. So far has been a very straight forward and pleasant experience. Very efficient. Locked our 30y at 3.00% with no OOP costs. Good enough for me!

Just waiting on the details from the appraisal since our LTV is on the high end.
bobsmithbogle
Posts: 1
Joined: Thu Mar 04, 2021 11:35 am

Re: Refinance Mega Thread

Post by bobsmithbogle »

I benefited from this thread so wanted to add my experience
My details:
Virginia, Loan amount: $725,000
LTV: 60%,
Rate: 30-year fixed 2.375% locked (60-day) on 11/30/20
Loan costs (D+E) = $7,800
Credits given: $750 for appraisal
Date funded: 2/08/21 (United Mutual Funding Corp)

Highly recommend reaching out to United Mutual Funding Corp. for great rates and service. They made sure on everything was taken care by 60th day (rate lock) as my loan was a bit complicated .
LiarsDice
Posts: 22
Joined: Fri Apr 20, 2018 3:13 pm

Re: Refinance Mega Thread

Post by LiarsDice »

revsk wrote: Thu Feb 25, 2021 12:39 pm Posting my experience with Interactive Mortgage after following this thread.
I couldn't get through to LenderFi when rates were at 2.375 and I wish I would have been even more persistent.

I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
Also had a bad experience with IM. After Owning switched lenders and required an in home appraisal we had to back out (covid, immunocompromised, Q3 2020). Went over to IM and explained the situation in great detail, emphasizing we would not be ok with an in home Appraisal and that it's a hard line we will not budge on. Wanted to be completely up front about it. He looked into it and told me Owning bait and switched me and IM won't do that because it's within their control from the onset. I agreed.

Few weeks into the process we are told we have to have an in home appraisal. LO tells me it was an "act of God." Yeah, ok. Wasn't going to argue with him. He did concede after I was "being polite and professional" that they stopped doing business with Freddie Mac due to changes that "just happened."

We moved on to loan depot who was able to give us a competitive rate that was similar to what we had previously (few hundred more than IM) but because rates went up we had to eat a quarter percent. They were true to their word and were able to bypass the appraisal with Freddie. We signed closing docs and should have the cashout funds in about a week.

Lesson learned is don't nickel and dime your offers and go with the lowest one at all costs. In hindsight should have gone with LD from the beginning as the LO was more receptive and helpful throughout the process. In the future we will not entertain IM even if they are the lowest rate. Then again, who knows if we will ever refinance this loan with the way rates are trending.
Makjl29
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Joined: Fri Jun 19, 2020 11:39 pm

Re: Refinance Mega Thread

Post by Makjl29 »

I want to thank everyone who answered my questions and shared their experience in this post. I just closed today and will be funding next week. I want to share my experience.

Close-out with Better in CA
Cash-out 30,000
Loan Amount 381,431 2.375% 15 years
Home Value 660,000
A+B+C+E 2,010
Lender credits 4,846
Net gain 2,836


Jan 14 - Applied with Better, LenderFI and LoanDepot. Better and LoanDepot gave me 2.625% with credits,
Jan 15 - Interactive Mortgage gave me 2.25%, Better matched it and they gave be 2.25% with better lender credit
- Quicken loans being my current lender noticed that I am shopping and called me to see how they can help me. They offered me a 12,000 closing cost at 2.75%. No way highway.
-Locked my rate with Better and continue to check with LenderFI, Owning and Loan Cabin
- Decided to go for a higher rate and higher credit to 2.375%
LenderFI - no cash out refinance
Owning - no response
January 16 - LoanDepot matched to 2.25% no cost but do not want to give me more credit at 2.375% so the LO closed my application in LoanDepot
January 17 - one LO in LoanDepot picked-up my application again it again. Gave me 2.375% with 3,093 closing cost and 6,037 credit with no appraisal.
January 22- Better matched the offer of LoanDepot but still have appraisal.
- Got my conditional approval with Better. Was trying to hold the appraisal for Better until I was conditionally approved by Loandepot.
Feb 4 - followed-up with LoanCabin. Got a response. Better and Loandepot offer is still better.
Feb 10 - Ichecked with LoanDepot and my loan has not been conditionally approved. Moved ahead with the appraisal with Better. Told LoanDepot that I will not move forward.
- Quicken Loans reached out again. Ask me to send my LE to match but they cannot match.
Feb 21 - got my conditional approval with LoanDepot now they are requiring appraisal because the appraisal was done by Better. I told Loandepot I am not moving forward with the loan.
Mar 4 - Closed my loan with Better. Did not shop for title company as it was Radian.

This process took quite sometime for me to do but it was worth it. I got from 2.625% to 2.375% with higher lender credit. I like Better's process for transparency. I was able to get hold of my loan processor and loan officer when I want to. They are very responsive and the upload of documents is through their portal than in email. Once my loan is closed, I will reach out to Quicken for their match it or beat promo and get $250 Visa card. This one I learned from this forum =).
bholm83
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Joined: Sat Jun 01, 2019 12:48 pm

Re: Refinance Mega Thread

Post by bholm83 »

Anyone here work with Sebonic Financial? Asking because I was working with someone and he didn't respond to my emails or call for 8 days. Had to call Sebonic and they got a hold of my loan officer and he got back to me and said compliance team cancelled the locked rate (2.5%) because of inactivity. Frustrated because it seems like the loan officer just didn't want to deal with me so ignored my emails and call and waiting for a lock to be cancelled. He never mentioned this could happen. Rate was locked through March 29. Called up to get a different loan officer but I doubt they will honor the 2.5%.
Buzz
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Joined: Tue Nov 04, 2008 10:34 am

Re: Refinance Mega Thread

Post by Buzz »

I closed with Loan Cabin today after a really long process. I was in no rush, so it never was an issue but they stood behind their word and held my rate long after the lock expired, and even floated it down after it got through underwriting. We hit a few hurdles getting tax certification but I lucked out with a very responsive point of contact there.

Applied 8/28/20
Rate locked 9/10/20
Sent to processing 9/15/20
Submitted to Underwriting 10/22/20
Conditionally Approved 01/29/21
Closing Disclosure Sent 2/16/21
Underwriting Complete 2/17/21
Closing scheduled 2/21/21 (this is when tax certs were difficult to obtain by the title company)
Actual closing 3/6/21
reastman
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Joined: Sun Jun 07, 2020 10:43 pm

Re: Refinance Mega Thread

Post by reastman »

Data Point:

My business partner did a re-fi on a free & clear house with AimLoan and it was a disaster. Plenty of income, altho not W-2 income but secure and long standing income which should have left no question about stability and repayment.

Took them 8 months to get to closing, several requests for the same paperwork over and over, didnt communicate how he was to get his money (they wired it into his account), had to go all the way to the Supervisor.

Went back into underwriting at least 10 times, for each time they asked for something it had to go all the way through underwriting again. He had to follow up with them, they didnt initiate updates or status reports.

Very stressful experience with AimLoan.

Hope that helps...
Bogle_Bro
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Joined: Sat Mar 31, 2018 11:43 am
Location: Frisco Texas, Mortgage Banker & Attorney

Re: Refinance Mega Thread

Post by Bogle_Bro »

bholm83 wrote: Fri Mar 05, 2021 4:31 pm Anyone here work with Sebonic Financial? Asking because I was working with someone and he didn't respond to my emails or call for 8 days. Had to call Sebonic and they got a hold of my loan officer and he got back to me and said compliance team cancelled the locked rate (2.5%) because of inactivity. Frustrated because it seems like the loan officer just didn't want to deal with me so ignored my emails and call and waiting for a lock to be cancelled. He never mentioned this could happen. Rate was locked through March 29. Called up to get a different loan officer but I doubt they will honor the 2.5%.
They are sketchy & poorly run. Seriously, amateur hour. No way they honor the old lock.
femtos
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Joined: Fri Jul 24, 2020 1:23 am

Re: Refinance Mega Thread

Post by femtos »

bholm83 wrote: Fri Mar 05, 2021 4:31 pm Anyone here work with Sebonic Financial? Asking because I was working with someone and he didn't respond to my emails or call for 8 days. Had to call Sebonic and they got a hold of my loan officer and he got back to me and said compliance team cancelled the locked rate (2.5%) because of inactivity. Frustrated because it seems like the loan officer just didn't want to deal with me so ignored my emails and call and waiting for a lock to be cancelled. He never mentioned this could happen. Rate was locked through March 29. Called up to get a different loan officer but I doubt they will honor the 2.5%.
That's really unfortunate, I had quite the pleasant experience with Sebonic Financial with my investment property cash out refi that closed a few weeks ago. Your poor experience is more than likely your specific loan officer, as mine was extremely responsive and helpful.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

reastman wrote: Sat Mar 06, 2021 5:05 pm Data Point:

My business partner did a re-fi on a free & clear house with AimLoan and it was a disaster. Plenty of income, altho not W-2 income but secure and long standing income which should have left no question about stability and repayment.

Took them 8 months to get to closing, several requests for the same paperwork over and over, didnt communicate how he was to get his money (they wired it into his account), had to go all the way to the Supervisor.

Went back into underwriting at least 10 times, for each time they asked for something it had to go all the way through underwriting again. He had to follow up with them, they didnt initiate updates or status reports.

Very stressful experience with AimLoan.

Hope that helps...
8 months?!? :shock:

Sadly, I will say that with most online lenders, if you aren’t a W2 earner, you will be quite hit or miss based on who you get and if they have done other income types before. This loan officer/processor doesn’t sound like he ever worked with anybody other W2 earners before and didn’t know what to anticipate from the underwriters.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Cobra Commander wrote: Sun Mar 07, 2021 8:53 am Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
I keep scanned copies but shred everything aside from the lien release. PDFs are easy to keep... forever.
reastman
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Joined: Sun Jun 07, 2020 10:43 pm

Re: Refinance Mega Thread

Post by reastman »

I recently received a call from Watermark Loans. After speaking with them, they indicated they only allow 4 rentals when using monies outside of W-2.
I thanked them for their time.

The next week I got another call from Watermark. Had to go through the same conversation, with the same response.

So Watermark will do loans with income outside of W-2 however, you can not own more than 4 homes.

Hope that helps,
schildi
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Joined: Sat Nov 17, 2018 3:13 pm

Re: Refinance Mega Thread

Post by schildi »

anon_investor wrote: Sun Mar 07, 2021 9:04 am
Cobra Commander wrote: Sun Mar 07, 2021 8:53 am Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
I keep scanned copies but shred everything aside from the lien release. PDFs are easy to keep... forever.
What is the lien release, I am assuming it's part of the digital copy of the closing docs that I have received, correct?
Is there a standard for, and can somebody point me to a sample of how it looks like?
Thanks!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

schildi wrote: Mon Mar 08, 2021 1:08 pm
anon_investor wrote: Sun Mar 07, 2021 9:04 am
Cobra Commander wrote: Sun Mar 07, 2021 8:53 am Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
I keep scanned copies but shred everything aside from the lien release. PDFs are easy to keep... forever.
What is the lien release, I am assuming it's part of the digital copy of the closing docs that I have received, correct?
Is there a standard for, and can somebody point me to a sample of how it looks like?
Thanks!
Lien release, lien satisfaction, satisfaction of mortgage, etc. are all essentially the same document. This is NOT pet of the closing docs.

Instead, once your mortgage has been paid off, this is a document the mortgage company files with your local jurisdiction that essentially voids your “mortgage note”. That latter document is the one you signed at closing and was filed with your local jurisdiction.

In my area, they are filed with the county and when I refi, about two weeks after the old mortgage was paid off, the old mortgager files a “satisfaction of mortgage” that says the mortgage note signed on XYZ date by BrandonBogle as recorded as instrument number ABC on page D of book E of the county records. Once this is filed, that prior mortgager no longer has any encumbrance on my property.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Mon Mar 08, 2021 1:28 pm
schildi wrote: Mon Mar 08, 2021 1:08 pm
anon_investor wrote: Sun Mar 07, 2021 9:04 am
Cobra Commander wrote: Sun Mar 07, 2021 8:53 am Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
I keep scanned copies but shred everything aside from the lien release. PDFs are easy to keep... forever.
What is the lien release, I am assuming it's part of the digital copy of the closing docs that I have received, correct?
Is there a standard for, and can somebody point me to a sample of how it looks like?
Thanks!
Lien release, lien satisfaction, satisfaction of mortgage, etc. are all essentially the same document. This is NOT pet of the closing docs.

Instead, once your mortgage has been paid off, this is a document the mortgage company files with your local jurisdiction that essentially voids your “mortgage note”. That latter document is the one you signed at closing and was filed with your local jurisdiction.

In my area, they are filed with the county and when I refi, about two weeks after the old mortgage was paid off, the old mortgager files a “satisfaction of mortgage” that says the mortgage note signed on XYZ date by BrandonBogle as recorded as instrument number ABC on page D of book E of the county records. Once this is filed, that prior mortgager no longer has any encumbrance on my property.
To add, at least in the places where I have had a mortgage that I have refied or paid off when selling the property, it has been an official looking document something that has a government ink stamped or embossed seal with ink signatures. It is usually a little while after closing. Although for my last refi at the end of July, I didn't receive it until October due to delays at the local clerk's office due to Covid.
JMak97008
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Joined: Tue Jan 19, 2021 7:07 pm

Re: Refinance Mega Thread

Post by JMak97008 »

Hey, all...thanks for all of your help in January and February...ended up closing a 2.625% no cost refi with LenderFi and closed within 12 days. Also, got a $250 gift card from Quicken since they couldn't match LenderFi's best offer.

My younger brother in Austin, TX is looking into refinancing his current home. He's 5 years into a 30-year mortgage. Current rate is 4.125% with an outstanding principle of $108k ($850 monthly) on a property that is in the $220k range. His credit is 750+ depending on the reporting agency.

PNC is his current lender and they sent him a 20-year refi at 3.250 at 0.050 points and an $1100 origination fee. His monthly goes up about $50. But he's not sure he'll be there for 20 years, let alone 30.

He's applied online with Better and LenderFi. Both came back with origination fees (and he hasn't talked to anyone, yet, at either place):
From Better's 30-year rate table - $2100 for 3.125; $1440 for 3.250; and $800 for 3.375.
LenderFi showing $1000 for 3.250.
Quicken shows $2400 in origination charges, incl 1% at $1100 and another $1250 for processing and underwriting.

I'm not sure how to evaluate these origination fees. When I worked with Better and LenderFi's offers there were no points or origination fees. Are origination fees a fact of life to get down to 3.125 and 3.250 these days?

Depending on the rate on a 30-year, he might be able to save about $50 to $75/month and isn't feeling too strongly about refi'ing for such a small savings. Any advice or thoughts around the "is it worth it" question?

Thanks.
m6284505
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Re: Refinance Mega Thread

Post by m6284505 »

That's my bro above this post. Thanks for posting for me, now here are the details. I really don't see myself being here for more than 10 years more or even 5 if I can help it. I was already trying to move now but it turns out I can't afford the prices where I want to move to at this time.
I have only spoken to PNC, I just applied online to Better and LenderFi over the weekend. All for a 30 year, fixed. Current monthly P&I is $576.74.
Quicken: (outdated, will need to get updated info)
PNC: loan amt $108,301, 3.375%, -0.075 points, $478.79/m, origin costs $1,062, cash to close $4,414.44 (sheet shows aggregate adjustment -$329.44).
LenderFi: loan amt $108,505, 3.25%, no points, $472.22/m, origin costs $985, cash to close $5,455.
Better: loan amt $108,505, 3.125%, no points, $464.81/m, origin costs $2,173, cash to close $5,499.
House value is, conservatively, $220,000. Local realtor (lives in the neighborhood) suggested listing at $240,000 to get multiple offers and go up from there when I was considering a move.
Apparently in Texas there is a mandatory attorney fee? The above three have attorney fees of $200, $150, $150. Recording fees of $182, $162, $144.
PNC is the only one who has an appraisal and survey fee of $599 and $450, respectively.
teebo123
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Re: Refinance Mega Thread

Post by teebo123 »

Has anyone been able to refi while still in forbearance due to covid? Last I remember you had to wait after 3 months of payments is that still the case?
bgh11
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Re: Refinance Mega Thread

Post by bgh11 »

What is "Tolerance Cure"? I see this "Tolerance Cure" resulted in a larger lender credit.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

bgh11 wrote: Tue Mar 09, 2021 2:27 am What is "Tolerance Cure"? I see this "Tolerance Cure" resulted in a larger lender credit.
This should help with answering that.
schildi
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Re: Refinance Mega Thread

Post by schildi »

anon_investor wrote: Mon Mar 08, 2021 2:29 pm
BrandonBogle wrote: Mon Mar 08, 2021 1:28 pm
schildi wrote: Mon Mar 08, 2021 1:08 pm
anon_investor wrote: Sun Mar 07, 2021 9:04 am
Cobra Commander wrote: Sun Mar 07, 2021 8:53 am Just curious but how much of the mortgage documentation do you guys retain from prior refinances? Obviously the satisfaction of the lien would be important to retain and probably the statement from the closing company but do you guys retain any of the other documents like the mortgage application and the mortgage itself.

Somewhat related question but I am selling an investment property this year, does it make sense to retain the mortgage paperwork for that property beyond maybe a year or two after I do my taxes?
I keep scanned copies but shred everything aside from the lien release. PDFs are easy to keep... forever.
What is the lien release, I am assuming it's part of the digital copy of the closing docs that I have received, correct?
Is there a standard for, and can somebody point me to a sample of how it looks like?
Thanks!
Lien release, lien satisfaction, satisfaction of mortgage, etc. are all essentially the same document. This is NOT pet of the closing docs.

Instead, once your mortgage has been paid off, this is a document the mortgage company files with your local jurisdiction that essentially voids your “mortgage note”. That latter document is the one you signed at closing and was filed with your local jurisdiction.

In my area, they are filed with the county and when I refi, about two weeks after the old mortgage was paid off, the old mortgager files a “satisfaction of mortgage” that says the mortgage note signed on XYZ date by BrandonBogle as recorded as instrument number ABC on page D of book E of the county records. Once this is filed, that prior mortgager no longer has any encumbrance on my property.
To add, at least in the places where I have had a mortgage that I have refied or paid off when selling the property, it has been an official looking document something that has a government ink stamped or embossed seal with ink signatures. It is usually a little while after closing. Although for my last refi at the end of July, I didn't receive it until October due to delays at the local clerk's office due to Covid.
Thanks Brandon and Anon!
I was not aware of this document. So the lien release should be sent to me by the county?
Not sure what is going on in that case, because I certainly haven't received such a document, and the closing was at the beginning of December, 3 months ago.
Is this something that I should have to request, or does the county send this out automatically?
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BrandonBogle
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Post by BrandonBogle »

schildi wrote: Tue Mar 09, 2021 11:21 am Thanks Brandon and Anon!
I was not aware of this document. So the lien release should be sent to me by the county?
Not sure what is going on in that case, because I certainly haven't received such a document, and the closing was at the beginning of December, 3 months ago.
Is this something that I should have to request, or does the county send this out automatically?
It isn’t sent by the county (in my area at least), but by the old lender. When they submit it to the county, it gets official recorded and marked as much, with the lender getting the original back after filing. They then typically forward it to you.

Since it is filed as an official record though, you can get a true, valid copy from your county (or other local jurisdiction where it was filed). In my area, I can even download it as a PDF, which I then store alongside my other important documents.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Tue Mar 09, 2021 11:27 am
schildi wrote: Tue Mar 09, 2021 11:21 am Thanks Brandon and Anon!
I was not aware of this document. So the lien release should be sent to me by the county?
Not sure what is going on in that case, because I certainly haven't received such a document, and the closing was at the beginning of December, 3 months ago.
Is this something that I should have to request, or does the county send this out automatically?
It isn’t sent by the county (in my area at least), but by the old lender. When they submit it to the county, it gets official recorded and marked as much, with the lender getting the original back after filing. They then typically forward it to you.

Since it is filed as an official record though, you can get a true, valid copy from your county (or other local jurisdiction where it was filed). In my area, I can even download it as a PDF, which I then store alongside my other important documents.
+1, it has always been sent to me by the lender, but it is an official document issued by the local clerks office.

I have never tried to get another copy from the local clerks office, because I have always received one from the old lender (but I think I could for a fee). I did 2 refis in 2020: the first one, I got the lien release document about 1 month after the refi closed; but the second one, likely due to Covid delays, I did not get the lien release document until about 4 months after the refi closed.
Bmonaye
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Re: Refinance Mega Thread

Post by Bmonaye »

I'm having a terrible time with my refinance with Mutual of Omaha. My application started on December 22th and was sent to underwriting on February 10th, with a supposed rate lock extension. Never seen any paperwork on the rate lock extension. on March 2nd I was told the loan is out of underwriting after hounding my loan agent for information. He then told me that he's going to tell me what's needed and that a second rate lock will be included. I have not heard a word from him since.

All throughout the process, my agent has been extremely unresponsive. When he does respond, on a rare occasion, he makes up some bogus excuse for being busy. I understand that life happens, but random events always seem to happen to my loan agent. He is Always promising updates but never follows up. His voicemail is full, not taking any messages. Rarely replies to texts or emails. It's like pulling teeth getting a hold of him.

I chose to go with Mutual of Omaha for their reputable reputation, but now I'm kicking myself for it. Should I contact the bank to follow up to see if my refi is happening or not?!?!? At this point, I really don't feel confident and the rates have gone up.

I applied with several lenders initially, I really regret going with them at this point.

Update:

Do not go with Mutual of Omaha... My agent just told me that the loan has been timed out. Total [expletive deleted by moderator oldcomputerguy]. He dragged his feet and was completely unprofessional. Due to his incompetence, my loan timed out. He says he is going to talk with his manager to see what they can do, but I have lost all confidence in them. I am now looking for a new bank to refi with. If [personally identifiable information removed by admin LadyGeek] is your loan agent, run. Incompetent and untrustworthy, will be losing over 50K due to the rate increases.
ElliotAlderson
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Re: Refinance Mega Thread

Post by ElliotAlderson »

I am about to rate lock:

Cash out re-fi on rental property.
75% LTV ($250k cash out)
3.6% 30 year fixed

This is through a good friend of mine, and I didn't shop around which I am now slightly regretting.
schildi
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Re: Refinance Mega Thread

Post by schildi »

anon_investor wrote: Tue Mar 09, 2021 11:55 am
BrandonBogle wrote: Tue Mar 09, 2021 11:27 am
schildi wrote: Tue Mar 09, 2021 11:21 am Thanks Brandon and Anon!
I was not aware of this document. So the lien release should be sent to me by the county?
Not sure what is going on in that case, because I certainly haven't received such a document, and the closing was at the beginning of December, 3 months ago.
Is this something that I should have to request, or does the county send this out automatically?
It isn’t sent by the county (in my area at least), but by the old lender. When they submit it to the county, it gets official recorded and marked as much, with the lender getting the original back after filing. They then typically forward it to you.

Since it is filed as an official record though, you can get a true, valid copy from your county (or other local jurisdiction where it was filed). In my area, I can even download it as a PDF, which I then store alongside my other important documents.
+1, it has always been sent to me by the lender, but it is an official document issued by the local clerks office.

I have never tried to get another copy from the local clerks office, because I have always received one from the old lender (but I think I could for a fee). I did 2 refis in 2020: the first one, I got the lien release document about 1 month after the refi closed; but the second one, likely due to Covid delays, I did not get the lien release document until about 4 months after the refi closed.
Thanks to both of you, I have reached out to the old lender. Much appreciated!
IMO
Posts: 1275
Joined: Fri May 05, 2017 6:01 pm

Re: Refinance Mega Thread

Post by IMO »

Bmonaye wrote: Tue Mar 09, 2021 1:08 pm I'm having a terrible time with my refinance with Mutual of Omaha. My application started on December 22th and was sent to underwriting on February 10th, with a supposed rate lock extension. Never seen any paperwork on the rate lock extension. on March 2nd I was told the loan is out of underwriting after hounding my loan agent for information. He then told me that he's going to tell me what's needed and that a second rate lock will be included. I have not heard a word from him since.

All throughout the process, my agent has been extremely unresponsive. When he does respond, on a rare occasion, he makes up some bogus excuse for being busy. I understand that life happens, but random events always seem to happen to my loan agent. He is Always promising updates but never follows up. His voicemail is full, not taking any messages. Rarely replies to texts or emails. It's like pulling teeth getting a hold of him.

I chose to go with Mutual of Omaha for their reputable reputation, but now I'm kicking myself for it. Should I contact the bank to follow up to see if my refi is happening or not?!?!? At this point, I really don't feel confident and the rates have gone up.

I applied with several lenders initially, I really regret going with them at this point.

Update:

Do not go with Mutual of Omaha... My agent just told me that the loan has been timed out. Total [expletive deleted by moderator oldcomputerguy]. He dragged his feet and was completely unprofessional. Due to his incompetence, my loan timed out. He says he is going to talk with his manager to see what they can do, but I have lost all confidence in them. I am now looking for a new bank to refi with. If [personally identifiable information removed by admin LadyGeek] is your loan agent, run. Incompetent and untrustworthy, will be losing over 50K due to the rate increases.
I feel your pain.

Were dealing with Navy Federal for 2 refinances. Customer service has been horrendous and I suspect it's WFH related. I don't think there is any accountability standards and as a credit union that serves current/former military, it makes me shake my head on the lack of attention/details/follow-thorough. No one answering their phones, no one answering emails, no call backs. I had to ask, "Are you guys actually trying to close loans or are you just starting them and letting them drop?" Were at 3 months of dealing with this and insisting on written loan extensions that seem lacking. Don't have confidence things will close even with the "theoretical" rate lock.
Buzzhead
Posts: 17
Joined: Mon Jun 03, 2019 2:42 pm

$10,000 gone poof with Loan Depot!

Post by Buzzhead »

I'm just wondering if anyone else out there has run into problems with Loan Depot.

Basically, I had an uneventful refinance that closed in early February. To get a no fee/good rate I had to take a bigger loan (cash out) with the plan to immediately dump it back into the loan against the principle. So all was going smooth, closed, settled, cash back to me and deposited in my checking. I went to pay down the principle with the cash out but was limited to a max of only $10,000/d. Not optimal. So I just did daily payments for a couple weeks. Unfortunately, due to my enthusiasm, I was making lots of payments during the transfer of the loan from LD's refinance center to LD's mortgage processing center and the payments weren't all accounted for- two separate entities. Arghh!!! Now there is $10,000 missing and both places are denying it's their issue. They are pointing fingers at each other and super difficult to reach by phone. It's been a week now with no progress after multiple attempts to reconcile it. I have my own bank records showing the payments made to Loan Depot but I can't even find a person with the integrity to help me. So frustrating!

Anyone with a similar experience with Loan Depot?

Any advice appreciated. I'm just planning to continue trying to track down a live body that can remedy this.

Cheers
Bmonaye
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Re: Refinance Mega Thread

Post by Bmonaye »

IMO wrote: Tue Mar 09, 2021 4:40 pm
Bmonaye wrote: Tue Mar 09, 2021 1:08 pm I'm having a terrible time with my refinance with Mutual of Omaha. My application started on December 22th and was sent to underwriting on February 10th, with a supposed rate lock extension. Never seen any paperwork on the rate lock extension. on March 2nd I was told the loan is out of underwriting after hounding my loan agent for information. He then told me that he's going to tell me what's needed and that a second rate lock will be included. I have not heard a word from him since.

All throughout the process, my agent has been extremely unresponsive. When he does respond, on a rare occasion, he makes up some bogus excuse for being busy. I understand that life happens, but random events always seem to happen to my loan agent. He is Always promising updates but never follows up. His voicemail is full, not taking any messages. Rarely replies to texts or emails. It's like pulling teeth getting a hold of him.

I chose to go with Mutual of Omaha for their reputable reputation, but now I'm kicking myself for it. Should I contact the bank to follow up to see if my refi is happening or not?!?!? At this point, I really don't feel confident and the rates have gone up.

I applied with several lenders initially, I really regret going with them at this point.

Update:

Do not go with Mutual of Omaha... My agent just told me that the loan has been timed out. Total [expletive deleted by moderator oldcomputerguy]. He dragged his feet and was completely unprofessional. Due to his incompetence, my loan timed out. He says he is going to talk with his manager to see what they can do, but I have lost all confidence in them. I am now looking for a new bank to refi with. If [personally identifiable information removed by admin LadyGeek] is your loan agent, run. Incompetent and untrustworthy, will be losing over 50K due to the rate increases.
I feel your pain.

Were dealing with Navy Federal for 2 refinances. Customer service has been horrendous and I suspect it's WFH related. I don't think there is any accountability standards and as a credit union that serves current/former military, it makes me shake my head on the lack of attention/details/follow-thorough. No one answering their phones, no one answering emails, no call backs. I had to ask, "Are you guys actually trying to close loans or are you just starting them and letting them drop?" Were at 3 months of dealing with this and insisting on written loan extensions that seem lacking. Don't have confidence things will close even with the "theoretical" rate lock.
I called several customer service numbers and I finally got a hold of my loan agent's manager. My loan agent never reached out to him as he promised to do so, no surprise...
His manager told me that he never locked the rate after I asked him several times to do so. He also said that the file was inactive for thirty days after it came out of underwriting rendering it timed out. So essentially my refi just sat on my loan agents desk until it timed out. He told me that he's looking into the file and will get back to me in 24 hrs. I really don't think anything will come of it, but worth a try. I'm fumming mad right now!!!

My advice to you is try to get a hold of the manager if possible. There needs to be some accountability.
ScoobyDoo
Posts: 111
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Location: Dallas

Re: Refinance Mega Thread

Post by ScoobyDoo »

Would love feedback on my refinance options. My goal is to pay off sooner and obtain lower interest rate. I locked in with Better. With the low balance do you think going for lower interest rate is worth it and feasible?

Existing Loan: 103,000 on 30 year fixed @ 4.125 / 22 years left / Great Credit / LTV 38%

Better Offered: 3.125%/3.224%APR at 1,759 closing costs, inclusive of $263 credits; $720/month
Obviously increases my monthly payment a bit but I can afford that.
A+B+C = 1615 (A=0)
E+F+G+H = 295
D+I = 1,893 - Lender Credits = $1630
But I noticed that cash to close = 1,181
and $449 listed as: Estimated Closing Costs Financed (Paid from your Loan Amount)

So, did Better just charge me points without actually saying so? :(

Two local Banks offered 2.785% @ $4000 Said they couldn't do 0 points.

Quicken/Schwab - Existing Loan Servicer - They are stinky and wont provide an LE. :twisted:
Offered 2.875 at $2900 closing costs (includes 795 origination fee, 449 appraisal fee ) Each lender said the LTV allowed appraisal waiver, so I assume Quicken would waive appraiser.

So my question is, is it worth it to pay $795 for .125 points and stick with Quicken? And how upset should I be that Better didn't give me the no points loan I asked for but sneaked in 450 into my loan? Or am I making a big deal out of this...it's such a small loan amount I should be happy with the lower rate and shaving 7 years off the loan?

Thanks
ScoobyDoo!
Kaymaza
Posts: 22
Joined: Thu Dec 21, 2017 5:29 pm

Re: Refinance Mega Thread

Post by Kaymaza »

Hey everyone so I'm in the process of refinancing a mortgage based on a property that was gifted to me from my dad. I've been shopping around and I've pretty much locked rates with 2 different lenders. Would appreciate input from fellow Bogleheads as this is my first time going through this process.

I've been working primarily with Lender 2 because the loan officer from Lender 2 has done a great job with salesmanship and has told me that their offer is cheaper compared to the offer from Lender 1. Anyways, upon looking at the loan estimates it actually does look like the loan estimate for Lender 1 is cheaper. Lender 2 did say that they would waive appraisal fee but I do see that the estimated cash to close from Lender 2 is $2511 vs Lender 1 offering an estimated cash to close with $135 being offered to the borrower. Would appreciate any input thanks!

Lender 1

https://imgur.com/BOM4La6

https://imgur.com/9cIEgkj

Lender 2

https://imgur.com/EgsK4y4

https://imgur.com/cPiFF64
t_howe
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Re: Refinance Mega Thread

Post by t_howe »

Kaymaza wrote: Thu Mar 11, 2021 3:04 am Hey everyone so I'm in the process of refinancing a mortgage based on a property that was gifted to me from my dad. I've been shopping around and I've pretty much locked rates with 2 different lenders. Would appreciate input from fellow Bogleheads as this is my first time going through this process.

I've been working primarily with Lender 2 because the loan officer from Lender 2 has done a great job with salesmanship and has told me that their offer is cheaper compared to the offer from Lender 1. Anyways, upon looking at the loan estimates it actually does look like the loan estimate for Lender 1 is cheaper. Lender 2 did say that they would waive appraisal fee but I do see that the estimated cash to close from Lender 2 is $2511 vs Lender 1 offering an estimated cash to close with $135 being offered to the borrower. Would appreciate any input thanks!

Lender 1

https://imgur.com/BOM4La6

https://imgur.com/9cIEgkj

Lender 2

https://imgur.com/EgsK4y4

https://imgur.com/cPiFF64
The most "Apples To Apples" comparison when looking at two different Loan Estimates is to compare the total of costs that are non-recoverable or not for your benefit. This is usually seen as the total of sections A,B,C and E on the Loan Estimate.

You shouldn't really be looking at the amount that you have to bring to the table (or that you get credited from the lender).

In your case
Lender 1: A+B+C+E = $7405
Lender 2: A+B+C+E = $7847 including the $525 appraisal fee. If they waive the appraisal fee then the total would be $7322 - so about $80 less than Lender 1.

While you have to bring more money to the table for Lender 2, the loan amount is $3000 less - that is why Lender 1 has a slight amount "To" the borrower on the Cash To Close line.

Lender 1 also has a prepaid amount listed for real estate taxes - but that appears to be part of what is being rolled into the loan.

They both are pretty expensive with the discount points/origination fee rolled into the loan ($6017 for Lender A and $5749 for Lender B) but that is a choice you have to make if you want to pay the discount fees to get the 2.625% rate at this point. If you plan to hold this loan for a while, it can be worth it, but I'd run the numbers to see where the break even is (total cash outlay vs. remaining mortgage balance) with NOT paying points/origination fees vs. the cost that you have shown if it were up to me.

(Not passing judgment, we've done both no-point and have paid points - it all depends on your situation.)

In this case, with what you've presented, I'd go with Lender 2 - as long as I was able to come up with the cash to bring to the table as well as the cost of the prepaid taxes that Lender 1 has called out on the LE. This is especially true if Lender 2 is going to waive the appraisal fee.

Good luck.
chet96
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Re: Refinance Mega Thread

Post by chet96 »

Thanks to all on the thread. I finally closed a refi with Loan Depot this week after starting in Nov.

The process was - interesting. My only suggestion - if you are paying out of pocket closing cost - make it painfully clear that you want the final loan amount updated to the payoff amount. (This also reduced the lender credit slightly, which was annoying.)

As the process took almost four months - the mortgage amount decreased fairly significantly due to regular payments. They kept trying to keep the loan amount as originally approved and give me cash back. This was the exact opposite of my goal.

They provided 2 final disclosures about an hour before settlement - one while I was in line at the bank getting a bank draft. Of course the settlement paperwork was off by about $20 (two different final cost amounts). I chose to eat it, and wrote another check just to get it done. The notary didn't seem to know how to handle it. (I probably could have played dumb, but once they processed the paperwork I am sure the screw up would have gotten caught.)

Last questions for the group - will they sell the loan, and how will I know that my mortgage is paid off?
User avatar
anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

chet96 wrote: Thu Mar 11, 2021 11:15 pm Thanks to all on the thread. I finally closed a refi with Loan Depot this week after starting in Nov.

The process was - interesting. My only suggestion - if you are paying out of pocket closing cost - make it painfully clear that you want the final loan amount updated to the payoff amount. (This also reduced the lender credit slightly, which was annoying.)

As the process took almost four months - the mortgage amount decreased fairly significantly due to regular payments. They kept trying to keep the loan amount as originally approved and give me cash back. This was the exact opposite of my goal.

They provided 2 final disclosures about an hour before settlement - one while I was in line at the bank getting a bank draft. Of course the settlement paperwork was off by about $20 (two different final cost amounts). I chose to eat it, and wrote another check just to get it done. The notary didn't seem to know how to handle it. (I probably could have played dumb, but once they processed the paperwork I am sure the screw up would have gotten caught.)

Last questions for the group - will they sell the loan, and how will I know that my mortgage is paid off?
Wow 4 months? That's crazy! Both my refis in 2020 (with Ally and LenderFi) were under a month. I would have totally walked if anyone took longer than a month. But congrats on being done :beer
Zedon
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Joined: Thu Nov 06, 2014 2:37 am

Re: Refinance Mega Thread

Post by Zedon »

Makjl29 wrote: Fri Mar 05, 2021 12:42 am
-Locked my rate with Better and continue to check with LenderFI, Owning and Loan Cabin
- Decided to go for a higher rate and higher credit to 2.375%

January 16 - LoanDepot matched to 2.25% no cost but do not want to give me more credit at 2.375% so the LO closed my application in LoanDepot
January 17 - one LO in LoanDepot picked-up my application again it again. Gave me 2.375% with 3,093 closing cost and 6,037 credit with no appraisal.
January 22- Better matched the offer of LoanDepot but still have appraisal.

Mar 4 - Closed my loan with Better. Did not shop for title company as it was Radian.

This process took quite sometime for me to do but it was worth it. I got from 2.625% to 2.375% with higher lender credit. I like Better's process for transparency. I was able to get hold of my loan processor and loan officer when I want to. They are very responsive and the upload of documents is through their portal than in email. Once my loan is closed, I will reach out to Quicken for their match it or beat promo and get $250 Visa card. This one I learned from this forum =).

You were able to get Better to lower their rate after you locked in the rate?

I am in the middle of the process with them but it is a bit higher(2.75 with ~800 credit score) than I expected as I rushed when it looked like rates were rising. Not sure if I just back out or try to negotiate.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

JMak97008 wrote: Mon Mar 08, 2021 6:16 pm PNC is his current lender and they sent him a 20-year refi at 3.250 at 0.050 points and an $1100 origination fee. His monthly goes up about $50. But he's not sure he'll be there for 20 years, let alone 30.

He's applied online with Better and LenderFi. Both came back with origination fees (and he hasn't talked to anyone, yet, at either place):
From Better's 30-year rate table - $2100 for 3.125; $1440 for 3.250; and $800 for 3.375.
LenderFi showing $1000 for 3.250.
Quicken shows $2400 in origination charges, incl 1% at $1100 and another $1250 for processing and underwriting.

I'm not sure how to evaluate these origination fees. When I worked with Better and LenderFi's offers there were no points or origination fees. Are origination fees a fact of life to get down to 3.125 and 3.250 these days?
m6284505 wrote: Mon Mar 08, 2021 9:41 pm I have only spoken to PNC, I just applied online to Better and LenderFi over the weekend. All for a 30 year, fixed.
...
PNC: loan amt $108,301, 3.375%, -0.075 points, $478.79/m, origin costs $1,062, cash to close $4,414.44 (sheet shows aggregate adjustment -$329.44).
LenderFi: loan amt $108,505, 3.25%, no points, $472.22/m, origin costs $985, cash to close $5,455.
Better: loan amt $108,505, 3.125%, no points, $464.81/m, origin costs $2,173, cash to close $5,499.
...
Apparently in Texas there is a mandatory attorney fee? The above three have attorney fees of $200, $150, $150. Recording fees of $182, $162, $144.
PNC is the only one who has an appraisal and survey fee of $599 and $450, respectively.
I’m going to be frank with you two. If you feel Better and LenderFi are trying to charge you an origination fee when their legally mandated paperwork requiring them to explicitly list it doesn’t show it, you will have a hard time objectively comparing things. The emotions there are wrong and will interfere with things.

Now perhaps something is unique here and I am wrong, so I’ll ask. Given the statement that these are no points refis, is there any charge at all in Section A of the loan estimate?

Next, looking at the cash to close in this context is incorrect. Given the mention of “aggregate adjustment”, that means you are including the escrow costs in this. Sections F and G of a loan estimate are items you pay regardless and aren’t something you should consider when comparing refi offers. Look at A + B + C + E - lender credits in J.

If you want a hand in comparing the offers, that is fine. But you will need to share the figures of the sections I highlighted above.
User avatar
BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ScoobyDoo wrote: Tue Mar 09, 2021 8:16 pm Would love feedback on my refinance options.
...
Existing Loan: 103,000 on 30 year fixed @ 4.125 / 22 years left / Great Credit / LTV 38%

Better Offered: 3.125%/3.224%APR at 1,759 closing costs, inclusive of $263 credits; $720/month
Obviously increases my monthly payment a bit but I can afford that.
A+B+C = 1615 (A=0)
E+F+G+H = 295
D+I = 1,893 - Lender Credits = $1630
But I noticed that cash to close = 1,181
and $449 listed as: Estimated Closing Costs Financed (Paid from your Loan Amount)

So, did Better just charge me points without actually saying so? :(
I’ll be frank with you Scooby as I was in the post above. You have an inaccurate emotion that your are being charged points getting in your way. That will make it hard to provide any objective feedback because it is being viewed through an emotionally charged lense.

Also, how is extending the remainder of your 22 years of payments to 30 years increasing your monthly payment?
chet96
Posts: 49
Joined: Fri Feb 21, 2020 9:14 am

Re: Refinance Mega Thread

Post by chet96 »

anon_investor wrote: Thu Mar 11, 2021 11:19 pm
chet96 wrote: Thu Mar 11, 2021 11:15 pm Thanks to all on the thread. I finally closed a refi with Loan Depot this week after starting in Nov.

The process was - interesting. My only suggestion - if you are paying out of pocket closing cost - make it painfully clear that you want the final loan amount updated to the payoff amount. (This also reduced the lender credit slightly, which was annoying.)

As the process took almost four months - the mortgage amount decreased fairly significantly due to regular payments. They kept trying to keep the loan amount as originally approved and give me cash back. This was the exact opposite of my goal.

They provided 2 final disclosures about an hour before settlement - one while I was in line at the bank getting a bank draft. Of course the settlement paperwork was off by about $20 (two different final cost amounts). I chose to eat it, and wrote another check just to get it done. The notary didn't seem to know how to handle it. (I probably could have played dumb, but once they processed the paperwork I am sure the screw up would have gotten caught.)

Last questions for the group - will they sell the loan, and how will I know that my mortgage is paid off?
Wow 4 months? That's crazy! Both my refis in 2020 (with Ally and LenderFi) were under a month. I would have totally walked if anyone took longer than a month. But congrats on being done :beer
I think I started in August / September with Loan Cabin and a credit union. Neither were responsive, Lender Fi was not taking apps, and then later not cost competitive for my state. In November I stated with Loan Depot and also a broker, who couldn't do a low closing cost refi at a good rate.

I will probably look at Ally for a home equity loan in the future, as we have a renovation planned. Good tip - thanks.
t_howe
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Re: Refinance Mega Thread

Post by t_howe »

What is people's experience with these online refinances regarding closing paperwork/disclosure timelines?

We just had to send the notary away/cancel our closing with better.com because there were at least three discrepancies on the final Closing Disclosure and we were unable to reach anyone at Better.com to help with reconciling them in real time.

There were discrepancies with the appraisal (appraisal was removed from the closing disclosure entirely - even though we paid the appraisal fee when locking the rate, the loan servicer changed between the application and the closing - we provided the updated loan payoff statement from the new servicer and both the name of the servicer and the amount were incorrect on the final CD).

We only received the Closing Disclosure about 15 hours before the 8am closing - and since it was my wife's birthday I didn't look at the disclosure until this morning at about 6:30.

CFPB guidelines say the final disclosure should be received three business days before - that didn't happen with our better closing last year and didn't happen this time either and I'm really annoyed.

Also - better only has supplied us with the Closing Disclosure prior to closing - should they be providing a review copy of the whole loan package?

We'll get it done - it is just really annoying.
User avatar
anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

chet96 wrote: Fri Mar 12, 2021 9:46 am
anon_investor wrote: Thu Mar 11, 2021 11:19 pm
chet96 wrote: Thu Mar 11, 2021 11:15 pm Thanks to all on the thread. I finally closed a refi with Loan Depot this week after starting in Nov.

The process was - interesting. My only suggestion - if you are paying out of pocket closing cost - make it painfully clear that you want the final loan amount updated to the payoff amount. (This also reduced the lender credit slightly, which was annoying.)

As the process took almost four months - the mortgage amount decreased fairly significantly due to regular payments. They kept trying to keep the loan amount as originally approved and give me cash back. This was the exact opposite of my goal.

They provided 2 final disclosures about an hour before settlement - one while I was in line at the bank getting a bank draft. Of course the settlement paperwork was off by about $20 (two different final cost amounts). I chose to eat it, and wrote another check just to get it done. The notary didn't seem to know how to handle it. (I probably could have played dumb, but once they processed the paperwork I am sure the screw up would have gotten caught.)

Last questions for the group - will they sell the loan, and how will I know that my mortgage is paid off?
Wow 4 months? That's crazy! Both my refis in 2020 (with Ally and LenderFi) were under a month. I would have totally walked if anyone took longer than a month. But congrats on being done :beer
I think I started in August / September with Loan Cabin and a credit union. Neither were responsive, Lender Fi was not taking apps, and then later not cost competitive for my state. In November I stated with Loan Depot and also a broker, who couldn't do a low closing cost refi at a good rate.

I will probably look at Ally for a home equity loan in the future, as we have a renovation planned. Good tip - thanks.
FYI, Ally uses Better.com for much of their back end work. I am not sure if the people I worked with were technically Ally or Better.com employees. Some of my paperwork at closing indicated Better.com. But it is weird, since at the time Ally had better rates than Better.com for me. Ally's website is basically a Better.com with Ally logos, I know they have a partnership of some kind. Very YMMV. I ended up using LenderFi with my 2nd refi, Better.com would not match their offer. If you are able to do LenderFi in the future, definitely try them, at least see what kind of rates they offer(FYI LenderFi's website showed higher rates than after I actually applied by about 0.25%, I am not sure why that is). They are more no frills, but definitely ask for less paperwork than Ally. Both were very fast, Ally was more responsive than LenderFi, but since it was my 2nd refi in 2020, I did not have a lot of questions; and at the end of the day both were able to close fast with no hiccups. For my second refi I did apply with Loan Depot, but their website showed a horrible rate, and LenderFi had a great rate. Loan Depot had a pushy sales man call me, but I really did not want to deal with negotiations since LenderFi had already offered me a great rate (no haggling, LenderFi is known to give you basically their best rate up front). Based on your terrible experience with Loan Depot, I am glad I went with LenderFi on my 2nd refi. But I would definitely look into Ally/Better.com and LenderFi if I were in the market for another refi, although the rates have gone up a lot since last year, so it sounds like you got in on a good rate at least! :beer
bluebolt
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Re: Refinance Mega Thread

Post by bluebolt »

t_howe wrote: Fri Mar 12, 2021 9:54 am What is people's experience with these online refinances regarding closing paperwork/disclosure timelines?

We just had to send the notary away/cancel our closing with better.com because there were at least three discrepancies on the final Closing Disclosure and we were unable to reach anyone at Better.com to help with reconciling them in real time.

There were discrepancies with the appraisal (appraisal was removed from the closing disclosure entirely - even though we paid the appraisal fee when locking the rate, the loan servicer changed between the application and the closing - we provided the updated loan payoff statement from the new servicer and both the name of the servicer and the amount were incorrect on the final CD).

We only received the Closing Disclosure about 15 hours before the 8am closing - and since it was my wife's birthday I didn't look at the disclosure until this morning at about 6:30.

CFPB guidelines say the final disclosure should be received three business days before - that didn't happen with our better closing last year and didn't happen this time either and I'm really annoyed.

Also - better only has supplied us with the Closing Disclosure prior to closing - should they be providing a review copy of the whole loan package?

We'll get it done - it is just really annoying.
I did two refis with LenderFi last year. Once I had to send the notary away because they didn't have the updated closing documents. LenderFi said they would make the changes I requested, they just didn't get them to the notary in time. New closing was scheduled for a couple of days later and went fine.

In both cases, I had changes prior to the close. I would recommend to anyone closing with any lender to review their documents carefully immediately upon receiving them, especially close to the closing.
ScoobyDoo
Posts: 111
Joined: Wed Jan 23, 2008 12:51 am
Location: Dallas

Re: Refinance Mega Thread

Post by ScoobyDoo »

BrandonBogle wrote: Fri Mar 12, 2021 9:37 am
ScoobyDoo wrote: Tue Mar 09, 2021 8:16 pm Would love feedback on my refinance options.
...
Existing Loan: 103,000 on 30 year fixed @ 4.125 / 22 years left / Great Credit / LTV 38%

Better Offered: 3.125%/3.224%APR at 1,759 closing costs, inclusive of $263 credits; $720/month
Obviously increases my monthly payment a bit but I can afford that.
A+B+C = 1615 (A=0)
E+F+G+H = 295
D+I = 1,893 - Lender Credits = $1630
But I noticed that cash to close = 1,181
and $449 listed as: Estimated Closing Costs Financed (Paid from your Loan Amount)

So, did Better just charge me points without actually saying so? :(
I’ll be frank with you Scooby as I was in the post above. You have an inaccurate emotion that your are being charged points getting in your way. That will make it hard to provide any objective feedback because it is being viewed through an emotionally charged lense.

Also, how is extending the remainder of your 22 years of payments to 30 years increasing your monthly payment?
Thanks. Appreciate the honesty. So, I’m overthinking it.

Second point, I’m refinancing to a 15year. I forgot to include that. My monthy payment only going up slightly, $120.
ScoobyDoo!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

ScoobyDoo wrote: Fri Mar 12, 2021 12:20 pm
BrandonBogle wrote: Fri Mar 12, 2021 9:37 am
ScoobyDoo wrote: Tue Mar 09, 2021 8:16 pm Would love feedback on my refinance options.
...
Existing Loan: 103,000 on 30 year fixed @ 4.125 / 22 years left / Great Credit / LTV 38%

Better Offered: 3.125%/3.224%APR at 1,759 closing costs, inclusive of $263 credits; $720/month
Obviously increases my monthly payment a bit but I can afford that.
A+B+C = 1615 (A=0)
E+F+G+H = 295
D+I = 1,893 - Lender Credits = $1630
But I noticed that cash to close = 1,181
and $449 listed as: Estimated Closing Costs Financed (Paid from your Loan Amount)

So, did Better just charge me points without actually saying so? :(
I’ll be frank with you Scooby as I was in the post above. You have an inaccurate emotion that your are being charged points getting in your way. That will make it hard to provide any objective feedback because it is being viewed through an emotionally charged lense.

Also, how is extending the remainder of your 22 years of payments to 30 years increasing your monthly payment?
Thanks. Appreciate the honesty. So, I’m overthinking it.

Second point, I’m refinancing to a 15year. I forgot to include that. My monthy payment only going up slightly, $120.
No worries. I wasn’t trying to be, but wanted to make sure the point came across as sometimes we need a Gibbs smack (NCIS reference) to get out of a false thought.

To clarify some things, the closing costs are $1,630. However, at the moment, the loan amount is larger than the payoff amount by $449. However, this is something completely in your control. You can reduce the loan amount to match the payoff or you can increase it $3,500 over the payoff to cover the closing costs.

Out of curiosity though, how much would your lender credits go up (looks like they are at $263 today) if you increased your rate to 3.25%? How long would it take 3.25% to cost more in interest than 3.125% to overcome this increase in credits?

In my four refis with Better, I did 15-year loans as well and if I could get increased credits that would take 8+ years before I’m actually paying more for the higher rate, then I took the high rate. Especially with a small loan size, that may be more valuable to you or close enough to gamble you may not have the mortgage long enough for the increase rate to matter.
eman31
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Re: Refinance Mega Thread

Post by eman31 »

I'm working on a refi with better right now and things are going pretty smoothly but I keep getting updated loan estimates saying I changed something (I haven't) but the changes are minor if anything. The one I got today had the loan costs rolled into the loan twice and the points paid increased by a fraction (.265 to .27). Should I be going back and getting these changed now or not worry about it and just make sure the final documents are correct?

Things are moving pretty fast compared to my last refi. I started on 2/22 and it looks like it's getting close to wrapping up by next week.
jco
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Re: Refinance Mega Thread

Post by jco »

eman31 wrote: Fri Mar 12, 2021 3:15 pm I'm working on a refi with better right now and things are going pretty smoothly but I keep getting updated loan estimates saying I changed something (I haven't) but the changes are minor if anything. The one I got today had the loan costs rolled into the loan twice and the points paid increased by a fraction (.265 to .27). Should I be going back and getting these changed now or not worry about it and just make sure the final documents are correct?

Things are moving pretty fast compared to my last refi. I started on 2/22 and it looks like it's getting close to wrapping up by next week.
If it's an obvious error, I'd ask them to fix it now. You may forget later.

On my final closing disclosure, I didn't notice that they had added insurance escrow back into the document. It wasn't a huge enough deal for me to care about in the end (they said I could resign) but it wasn't worth it to me.
eman31
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Re: Refinance Mega Thread

Post by eman31 »

jco wrote: Fri Mar 12, 2021 7:15 pm
eman31 wrote: Fri Mar 12, 2021 3:15 pm I'm working on a refi with better right now and things are going pretty smoothly but I keep getting updated loan estimates saying I changed something (I haven't) but the changes are minor if anything. The one I got today had the loan costs rolled into the loan twice and the points paid increased by a fraction (.265 to .27). Should I be going back and getting these changed now or not worry about it and just make sure the final documents are correct?

Things are moving pretty fast compared to my last refi. I started on 2/22 and it looks like it's getting close to wrapping up by next week.
If it's an obvious error, I'd ask them to fix it now. You may forget later.

On my final closing disclosure, I didn't notice that they had added insurance escrow back into the document. It wasn't a huge enough deal for me to care about in the end (they said I could resign) but it wasn't worth it to me.
Thanks. I sent them an email about it just to get it out there. They are usually good about getting back in a day or two.
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

jco wrote: Fri Mar 12, 2021 7:15 pm
eman31 wrote: Fri Mar 12, 2021 3:15 pm I'm working on a refi with better right now and things are going pretty smoothly but I keep getting updated loan estimates saying I changed something (I haven't) but the changes are minor if anything. The one I got today had the loan costs rolled into the loan twice and the points paid increased by a fraction (.265 to .27). Should I be going back and getting these changed now or not worry about it and just make sure the final documents are correct?

Things are moving pretty fast compared to my last refi. I started on 2/22 and it looks like it's getting close to wrapping up by next week.
If it's an obvious error, I'd ask them to fix it now. You may forget later.

On my final closing disclosure, I didn't notice that they had added insurance escrow back into the document. It wasn't a huge enough deal for me to care about in the end (they said I could resign) but it wasn't worth it to me.
+1. For those who haven't done this for their refi, it is important to do a PDF/print of the original locked LE in case there are unexpected changes later. With Better, changes to the LE can happen due to a mistake, or done as a result of what is updated in the tasks, different loan balance, changes to the pre-paid section,... The only way to know what has changed is to keep a copy of the original LE (which is replaced by the new LE).
"You don't stop playing because you're old. You're old because you've stopped playing"
3of10
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Re: Refinance Mega Thread

Post by 3of10 »

Bmonaye wrote: Tue Mar 09, 2021 5:24 pm I called several customer service numbers and I finally got a hold of my loan agent's manager. My loan agent never reached out to him as he promised to do so, no surprise...
His manager told me that he never locked the rate after I asked him several times to do so. He also said that the file was inactive for thirty days after it came out of underwriting rendering it timed out. So essentially my refi just sat on my loan agents desk until it timed out. He told me that he's looking into the file and will get back to me in 24 hrs. I really don't think anything will come of it, but worth a try. I'm fumming mad right now!!!

My advice to you is try to get a hold of the manager if possible. There needs to be some accountability.
For me, I never start the refi process unless I have a written document (locked LE) on which to proceed. That is my only legal source if things go awry.
"You don't stop playing because you're old. You're old because you've stopped playing"
Rose
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Re: Refinance Mega Thread

Post by Rose »

Is it worth it to re-fi? Here is the current mortgage information:

Balance: $49,000
Rate: 3.625%
Maturity date: 12/2025
House value: $300,000.

Please advise.
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