Refinance Mega Thread

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Bandit390
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Re: Refinance Mega Thread

Post by Bandit390 »

Has anyone dealt with elite home funding? https://www.elitehomefunding.com/

Currently refinancing with loan depot with a no-cost 3.125% on a 30 yr fixed 90% LTV. The rep mentioned he should be able to beat it with a 2.75% no cost, but has to send it through to some people and will let me know later today.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 »

anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

jimmyrules712 wrote: Wed Jul 08, 2020 3:03 pm
anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
I reached out earlier today, trying with a different email address since my last rep didn't answer. Seems hit-or-miss on some things. That said, given folks with higher loan balances' reports, things should be good by end of day. My new guy responded quickly with:
LenderFi Loan Officer wrote: Unfortunately, we don't specialize in loan amounts under $150,000
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

BrandonBogle wrote: Wed Jul 08, 2020 3:09 pm
jimmyrules712 wrote: Wed Jul 08, 2020 3:03 pm
anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
I reached out earlier today, trying with a different email address since my last rep didn't answer. Seems hit-or-miss on some things. That said, given folks with higher loan balances' reports, things should be good by end of day. My new guy responded quickly with:
LenderFi Loan Officer wrote: Unfortunately, we don't specialize in loan amounts under $150,000
This is annoying, I really want to see what kind of rate they offer, I hope its at least as good as what their website lists. I am hoping I can at least get that or even better take the LE and get Better to match and snag that $2.5k Amex credit.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
topcatin
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Re: Refinance Mega Thread

Post by topcatin »

Is a 20 year - 2.875% a good rate with no closing costs?
Right now at 30 year - 3.6%
hnd
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Re: Refinance Mega Thread

Post by hnd »

we locked in 3% on a 30yr fixed getting out of a 4.65% 30yr fixed. 2k closing costs.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
That’s awesome man.

Was your payoff amount the same as you loan amount?
If it was higher, did you use lender credit to pay it?
FordMustang12
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Re: Refinance Mega Thread

Post by FordMustang12 »

Finally asked my broker to proceed. Better wont match the deal and lenderfi seemed slow to respond. Loan depot was not even able to match. Im getting 2.82 for 29 year loan. No appraisal, no escrow, and no PMI even though i am at 86% ltv. Since the appraisal was waived he will give me the appraisal fee at the closing (~500$)
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
Good job. Did you have to get better to match someone else's offer?
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

Familyman2012 wrote: Wed Jul 08, 2020 4:37 pm
Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
That’s awesome man.

Was your payoff amount the same as you loan amount?
If it was higher, did you use lender credit to pay it?
Payoff was $302,655.80 and the new loan is $302,656. I used excess lender credit to fund initial escrow and will be getting my old escrow account back within 30 days.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

anon_investor wrote: Wed Jul 08, 2020 5:16 pm
Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
Good job. Did you have to get better to match someone else's offer?
I had Better beat an offer by $1000 plus the $2500 AMEX. Then I had the other person beat the Better + AMEX deal by $200 then Better matched the new deal plus the AMEX $2500.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

Jags4186 wrote: Wed Jul 08, 2020 5:25 pm
anon_investor wrote: Wed Jul 08, 2020 5:16 pm
Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
Good job. Did you have to get better to match someone else's offer?
I had Better beat an offer by $1000 plus the $2500 AMEX. Then I had the other person beat the Better + AMEX deal by $200 then Better matched the new deal plus the AMEX $2500.
Too bad the $1k match deal is over... I am hoping to get a good off for Better to match so I can get the $2.5k Amex credit, because Better's current offerings are terrible. I am trying with LenderFi first, but I was not auto approved, so waiting for that.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

Jags4186 wrote: Wed Jul 08, 2020 5:22 pm
Familyman2012 wrote: Wed Jul 08, 2020 4:37 pm
Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
That’s awesome man.

Was your payoff amount the same as you loan amount?
If it was higher, did you use lender credit to pay it?
Payoff was $302,655.80 and the new loan is $302,656. I used excess lender credit to fund initial escrow and will be getting my old escrow account back within 30 days.
The reason I ask is because when better gave me my original loan estimate. They put $325,000( total after June statement) but then a couple weeks later. They updated it to payoff $326,500.
They said it can change up or down once I make my July payment and once they Finalize payout to my old lender.
That’s normal correct? Was your payoff amount more than your loan estimate loan? From a previous poster, I will just pay the difference off because it something I would’ve paid already if I wasn’t refinancing through a regular mortgage payment. also getting back -986 credit plus $2500.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

I guess what I’m asking after thinking about it.

For future reference, if I decide to refi again. Is it better to get a loan estimate base on your current balance or your payoff amount?

Or does it not even matter as all the numbers will Eventually be the same during closing

Sorry if I’m getting confused. It makes sense in my head and hard to explain.
bluebolt
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Re: Refinance Mega Thread

Post by bluebolt »

Familyman2012 wrote: Wed Jul 08, 2020 6:00 pm I guess what I’m asking after thinking about it.

For future reference, if I decide to refi again. Is it better to get a loan estimate base on your current balance or your payoff amount?

Or does it not even matter as all the numbers will Eventually be the same during closing

Sorry if I’m getting confused. It makes sense in my head and hard to explain.
Most likely it won't matter except to change the amount you have to bring to closing.
The cases where it would matter is if it crosses the 20% LTV line and affects PMI, if it crosses the jumbo/conforming line, or if it crosses one of the thresholds that changes the rate with your lender.
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

Familyman2012 wrote: Wed Jul 08, 2020 5:41 pm The reason I ask is because when better gave me my original loan estimate. They put $325,000( total after June statement) but then a couple weeks later. They updated it to payoff $326,500.
They said it can change up or down once I make my July payment and once they Finalize payout to my old lender.
That’s normal correct? Was your payoff amount more than your loan estimate loan? From a previous poster, I will just pay the difference off because it something I would’ve paid already if I wasn’t refinancing through a regular mortgage payment. also getting back -986 credit plus $2500.
Every day your loan payoff amount changes. They will periodically update the estimate with the latest information available. You won’t get the actual final amount until you get your closing disclosure.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Jags4186 wrote: Wed Jul 08, 2020 4:05 pm Happy to report the wife and I just closed with Better.

Locked in June 16, closed July 8
2.875% 30 yr fixed 302k mortgage — not a penny added to the loan.
$4300 back in my pocket after paying closing costs with the combination of lender credits and AMEX credit

Couldn’t be more pleased.

I hope this deal is around again in 6 months as I’d refinance again at the same rate in order to put $4300 in my pocket again.
That's a phenomenal loan Jags! Congrats!
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

jimmyrules712 wrote: Wed Jul 08, 2020 3:03 pm
anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
What the rate they gave you on the phone close to what the website was listing?
jimmyrules712
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Re: Refinance Mega Thread

Post by jimmyrules712 »

anon_investor wrote: Wed Jul 08, 2020 6:10 pm
jimmyrules712 wrote: Wed Jul 08, 2020 3:03 pm
anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
What the rate they gave you on the phone close to what the website was listing?
I never had a chance to see a rate on the site so I can’t answer your question. My application was pending approval until they called me and then they gave me the rate quote on the phone at the same time.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

jimmyrules712 wrote: Wed Jul 08, 2020 7:51 pm
anon_investor wrote: Wed Jul 08, 2020 6:10 pm
jimmyrules712 wrote: Wed Jul 08, 2020 3:03 pm
anon_investor wrote: Wed Jul 08, 2020 2:45 pm I just tried to apply for a LenderFi refi, for some reason it was unable to give me an instant approval. Is that normal? Last time when I did a refi with Ally Bank I was able to get an instant approval.
I applied with them yesterday and didn't get instant approval but within 1 or 2 hours they called me and asked for a few more details and then told me I was approved and gave me a rate quote on the phone.
What the rate they gave you on the phone close to what the website was listing?
I never had a chance to see a rate on the site so I can’t answer your question. My application was pending approval until they called me and then they gave me the rate quote on the phone at the same time.
Interesting. I hope they call with a good rate for me tomorrow.
samta09
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Re: Refinance Mega Thread

Post by samta09 »

I got 2.5% 15 years refi approved today from LenderFi and forwarded the LE over to Better. I hope they beat the offer by $1k plus $2.5k AMX credit but it looks like reading a few posts here suggest some are able to get Better to beat offer by $1k and some or not. To those who were able to get Better to beat by $1k, how did you get them to do it?
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

bluebolt wrote: Wed Jul 08, 2020 6:05 pm
Familyman2012 wrote: Wed Jul 08, 2020 6:00 pm I guess what I’m asking after thinking about it.

For future reference, if I decide to refi again. Is it better to get a loan estimate base on your current balance or your payoff amount?

Or does it not even matter as all the numbers will Eventually be the same during closing

Sorry if I’m getting confused. It makes sense in my head and hard to explain.
Most likely it won't matter except to change the amount you have to bring to closing.
The cases where it would matter is if it crosses the 20% LTV line and affects PMI, if it crosses the jumbo/conforming line, or if it crosses one of the thresholds that changes the rate with your lender.
So I’m trying to process all the numbers in my head. And I’m not very good with math. Embarrassing to say. I’m a visual learner so I have to see it written out.

So when my loan officer asked me how much I wanted the loan to be on my loan estimate. I went ahead and checked my last statement in June. It was $325,000. So that’s what he added.Now the payoff is $326,500. So no closing cost. But I have to bring $1500 to the table.

Let’s say, if the loan officer asked me how much do you want the loan to be. If I said $327,000.no cost. And then payoff was $326,500. Does that mean I bring $0 dollars to the table and they refund me $500.. then my new loan will be $327,000? Or would they adjust my new loan to $326,500 to match my payoff of $326,500 and I bring $0 to the table and we’re all squared away to close?

Sorry if I’m confusing you and anyone else reading this. I just want to make sure I understand every aspect of this refi. And sorry if I’m over thinking this.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Familyman2012 wrote: Wed Jul 08, 2020 9:35 pm Let’s say, if the loan officer asked me how much do you want the loan to be. If I said $327,000.no cost. And then payoff was $326,500. Does that mean I bring $0 dollars to the table and they refund me $500.. then my new loan will be $327,000? Or would they adjust my new loan to $326,500 to match my payoff of $326,500 and I bring $0 to the table and we’re all squared away to close?
If you did nothing, the new loan would be $327k and you walk away from closing with a $500 check.

If you asked them to when they give you your “initial closing disclosures” a few days before closing, they can reduce it to $326.5k.
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

BrandonBogle wrote: Wed Jul 08, 2020 9:40 pm
Familyman2012 wrote: Wed Jul 08, 2020 9:35 pm Let’s say, if the loan officer asked me how much do you want the loan to be. If I said $327,000.no cost. And then payoff was $326,500. Does that mean I bring $0 dollars to the table and they refund me $500.. then my new loan will be $327,000? Or would they adjust my new loan to $326,500 to match my payoff of $326,500 and I bring $0 to the table and we’re all squared away to close?
If you did nothing, the new loan would be $327k and you walk away from closing with a $500 check.

If you asked them to when they give you your “initial closing disclosures” a few days before closing, they can reduce it to $326.5k.
I see. But right now, if I decide to pay the $1500 difference at closing.
Then my new loan will be $326,500-$1500. So my new loan amount is $325,000? Correct? Basis math but my brain hurts.lol
dcw213
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Re: Refinance Mega Thread

Post by dcw213 »

For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
Wells Fargo ended up being the investor and servicer for mine. But it does vary very much from reports.
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
Why do you care? Just curious, not trying to be trite.
bestisfree
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Re: Refinance Mega Thread

Post by bestisfree »

dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.


I asked the same question and this is the list of potential servicers:

ACH Trust
Ally
AmeriHome Mortgage
ArcHome
Associated Bank
Bayview
Better Mandatory
Better Refi
BetterSolar
Better Held For Sale
BetterHFI
BofI Federal Bank
BBT
Brokered
Caliber Home Loans
Chase Correspondent
Citi
Deephaven
Ditech
Fannie
Fifth Third Mortgage
Flagstar Bank
Galton Funding
Better-Second Liens
Home Point Financial
Impac
Lakeview
LenderLive
Merchants Mortgage
Mid America Mortgage
MLD Mortgage
Mr Cooper
NewRez
Northpointe Bank
NYCB Mortgage Bank
Onslow Bay
PennyMac
Provident Funding
SG Capital Partners
SunTrust
Texas Capital Bank
TIAA Bank
US Bank Correspondent
United Bank
Wells Fargo
WinTrust Mortgage
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

dcw213 wrote: Wed Jul 08, 2020 11:25 pm For those who have used Better, do you know where your loan wound up? Sold to Fannie Mae/Freddie Mac? Servicing moved? Curious to hear about the outcome on this. I am interested in having my refinance sold to Fannie or Freddie rather than held in a bank's portfolio.
I closed with Ally in May (but all my loan paperwork indicates Better as the originator). My loan ended up being sold to Fannie Mae and is being service by The Money Source, which was also the loan servicer before the loan was sold to Fannie Mae.
tbone555
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Re: Refinance Mega Thread

Post by tbone555 »

Familyman2012 wrote: Wed Jul 08, 2020 9:44 pm
BrandonBogle wrote: Wed Jul 08, 2020 9:40 pm
Familyman2012 wrote: Wed Jul 08, 2020 9:35 pm Let’s say, if the loan officer asked me how much do you want the loan to be. If I said $327,000.no cost. And then payoff was $326,500. Does that mean I bring $0 dollars to the table and they refund me $500.. then my new loan will be $327,000? Or would they adjust my new loan to $326,500 to match my payoff of $326,500 and I bring $0 to the table and we’re all squared away to close?
If you did nothing, the new loan would be $327k and you walk away from closing with a $500 check.

If you asked them to when they give you your “initial closing disclosures” a few days before closing, they can reduce it to $326.5k.
I see. But right now, if I decide to pay the $1500 difference at closing.
Then my new loan will be $326,500-$1500. So my new loan amount is $325,000? Correct? Basis math but my brain hurts.lol
The loan amount is the loan amount on your Loan Estimate. Payoff includes unpaid interest that is accruing everyday on your old mortgage. So you will be responsible to pay this at closing. But you would have to pay it if you didn't refinance so it's not an extra cost. You also have to pay prepaid interest for the new loan. Let's say you close on the 15th of the month. You will owe 15 days of interest on you old loan and 15 or 16 days of prepaid interest on your new loan.
Last edited by tbone555 on Thu Jul 09, 2020 8:57 am, edited 1 time in total.
tbone555
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Re: Refinance Mega Thread

Post by tbone555 »

tbone555 wrote: Thu Jul 09, 2020 8:50 am
Familyman2012 wrote: Wed Jul 08, 2020 9:44 pm
BrandonBogle wrote: Wed Jul 08, 2020 9:40 pm
Familyman2012 wrote: Wed Jul 08, 2020 9:35 pm Let’s say, if the loan officer asked me how much do you want the loan to be. If I said $327,000.no cost. And then payoff was $326,500. Does that mean I bring $0 dollars to the table and they refund me $500.. then my new loan will be $327,000? Or would they adjust my new loan to $326,500 to match my payoff of $326,500 and I bring $0 to the table and we’re all squared away to close?
If you did nothing, the new loan would be $327k and you walk away from closing with a $500 check.

If you asked them to when they give you your “initial closing disclosures” a few days before closing, they can reduce it to $326.5k.
I see. But right now, if I decide to pay the $1500 difference at closing.
Then my new loan will be $326,500-$1500. So my new loan amount is $325,000? Correct? Basis math but my brain hurts.lol
The loan amount is the loan amount on yout Loan Estimate. Payoff includes unpaid interest that is accruing everyday on your old mortgage. So you will be responsible to pay this at closing. But you would have to pay it if you didn't refinance so it's not an extra cost. You also have to pay prepaid interest for the new loan. Let's say you close on the 15th of the month. You will owe 15 days of interest on you old loan and 15 or 16 days of prepaid interest on your new loan.
P.S. let's say you close on July 15. Your first payment on your new loan is due September 1 and that payment includes interest for all of August. So you see you pay interest for July and August it's just that July is split between the old and new mortgage.

Interest is always payed in arrears (August interest is due September 1).
bws
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Re: Refinance Mega Thread

Post by bws »

I just refinanced 3 months ago to a 15 yr. 2.875 and I'm considering doing it again.

One reason would be to get the AMEX credit. I know that it expires by August 1st.

Does anyone know if the AMEX credit will be renewed with a future end date or has it been a program that's been renewed in the past?
Rayandron
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Re: Refinance Mega Thread

Post by Rayandron »

Re-fi update: We are 2 or 3 days from closing on a ~$750k re-fi to 3.125% with Northpointe for A+B+C costs of $2,700 and a $4,000 lender credit. Exactly 1 month ago in June this was a no-brainer deal considering my current 3.875% loan, but today I got a LE from Lenderfi for 2.75% with A+B+C costs of $1200 and a $2,000 lender credit. I don't want to walk away from the $400 deposit I already gave Northpointe or delay the refinance another 30+ days, but that concern is a grain of sand compared to the 0.375% difference in interest rate. The Northpointe loan officer is sending the new LE to corporate to see what they can do. Fingers crossed they'll match, but assuming one of the two loans closes I end up with a $600/month reduction in monthly payment which is just bonkers. Wanted to say thanks again for the help I've gotten in this thread.
diydocwifejd
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Re: Refinance Mega Thread

Post by diydocwifejd »

Quick question. My current mortgage includes an escrow. My loan estimate for my refi only includes closing costs of $3700 (which she originally wanted to include in loan balance - I prefer to just pay those cash at closing) and prepaid interest, but not escrow. I've asked the loan officer whether there is an option for escrow, but I have not heard a response back. Are there any of you who have gone from having an escrow to not having an escrow? I am assuming this credit union maybe just doesn't offer escrow option? I definitely know as opposed to my prior refi -- this one does not require X number of months in escrow before closing. Thoughts?
ChiKid24
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Re: Refinance Mega Thread

Post by ChiKid24 »

Rayandron wrote: Thu Jul 09, 2020 10:36 am Re-fi update: We are 2 or 3 days from closing on a ~$750k re-fi to 3.125% with Northpointe for A+B+C costs of $2,700 and a $4,000 lender credit. Exactly 1 month ago in June this was a no-brainer deal considering my current 3.875% loan, but today I got a LE from Lenderfi for 2.75% with A+B+C costs of $1200 and a $2,000 lender credit. I don't want to walk away from the $400 deposit I already gave Northpointe or delay the refinance another 30+ days, but that concern is a grain of sand compared to the 0.375% difference in interest rate. The Northpointe loan officer is sending the new LE to corporate to see what they can do. Fingers crossed they'll match, but assuming one of the two loans closes I end up with a $600/month reduction in monthly payment which is just bonkers. Wanted to say thanks again for the help I've gotten in this thread.
Did Lenderfi send the LE out of the blue or were you still shopping this late in your process? If the latter, then I think you probably already had been ok with walking away from the deposit which I agree with given the incremental money you would save.
bestisfree
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Re: Refinance Mega Thread

Post by bestisfree »

Has anyone walked away from Better mortgage, after going through rate lock, title check?

I locked the rate on July 1, and I am in the underwriting process with Better currently.
Better mortgage charged for appraisal but says they will refund as appraisal is waived.

I actually prefer to be with my current mortgage holder but they refused to match earlier before. Today (July 9) my current mortgage holder / bank is contacting me to see what they can do to keep my business. I sent them the competing loan estimate.

Since I have not closed with Better mortgage, and if there's a better deal, I can still walk away right? Will I still be able to get my appraisal money refunded from Better?
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

bestisfree wrote: Thu Jul 09, 2020 12:21 pm Has anyone walked away from Better mortgage, after going through rate lock, title check?

I locked the rate on July 1, and I am in the underwriting process with Better currently.
Better mortgage charged for appraisal but says they will refund as appraisal is waived.

I actually prefer to be with my current mortgage holder but they refused to match earlier before. Today (July 9) my current mortgage holder / bank is contacting me to see what they can do to keep my business. I sent them the competing loan estimate.

Since I have not closed with Better mortgage, and if there's a better deal, I can still walk away right? Will I still be able to get my appraisal money refunded from Better?
Did Better actually have an appraisal done? I think if they actully had an appraisal done, they would keep the money, if they did not, then I think you might be able to get it back, but I don't know for sure.
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

This thread is amazing. It has been slow going for me so far the last couple weeks, but I finally got something decent enough from Figure to take it to Better. If Better beats that $1,875 cost + the AMEX credit of $2,500, I will be getting paid to refinance unless I am mistaken.

2.875%, 30 year, $200K, $100K is a cash out after E-G would roll in to the loan.
B = $1875
E-G = $7,845
StevenNJ1
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Re: Refinance Mega Thread

Post by StevenNJ1 »

Can someone please advise??

Shopping around with local brokers as well as online companies.

So far best deal I am getting is 2.75% on a 25yr or 30yr fixed and total of $1,500 out of pocket (without appraisal $420 that broker things I won't need). Obviously escrow (taxes) of about 2-4 months, but I don't see it as "cost to refinance" .. still would have had to pay it.

My situation.
Home value 470k, 337k left to pay, currently 27yrs left. Been paying extra $500/mo for past 3 years. My credit score is 800.
Not interested in 15yr terms.
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Pikachu0550
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Re: Refinance Mega Thread

Post by Pikachu0550 »

I just refinanced two weeks ago at 3% for a 30 year fixed, with zero in closing costs.
I see that the rates dropped even further, to like %2.96, but I have a 6 months seasoning period with my current lender (who always does zero closing cost).
Is it realistic to find another lender with the lower rate, who won't charge any closing costs? Is it worth the bother? I am pretty happy with my current lender, but would need to wait 6 more months to refinance again, and who knows what the rate will be then.
-- Late starter, fast learner ---
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

fanmail wrote: Thu Jul 09, 2020 12:39 pm This thread is amazing. It has been slow going for me so far the last couple weeks, but I finally got something decent enough from Figure to take it to Better. If Better beats that $1,875 cost + the AMEX credit of $2,500, I will be getting paid to refinance unless I am mistaken.

2.875%, 30 year, $200K, $100K is a cash out after E-G would roll in to the loan.
B = $1875
E-G = $7,845
Got a quick response from Better. They beat A-C by $100 and are going to refund the $550 appraisal at close in addition to that (making A-C $1225) and give the $2500 AMEX credit. Now I can take it to the competition to see if anyone can top it.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

fanmail wrote: Thu Jul 09, 2020 12:58 pm
fanmail wrote: Thu Jul 09, 2020 12:39 pm This thread is amazing. It has been slow going for me so far the last couple weeks, but I finally got something decent enough from Figure to take it to Better. If Better beats that $1,875 cost + the AMEX credit of $2,500, I will be getting paid to refinance unless I am mistaken.

2.875%, 30 year, $200K, $100K is a cash out after E-G would roll in to the loan.
B = $1875
E-G = $7,845
Got a quick response from Better. They beat A-C by $100 and are going to refund the $550 appraisal at close in addition to that (making A-C $1225) and give the $2500 AMEX credit. Now I can take it to the competition to see if anyone can top it.
How did you contact Better to ask them to match? Email?
fanmail
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Re: Refinance Mega Thread

Post by fanmail »

anon_investor wrote: Thu Jul 09, 2020 12:59 pm
fanmail wrote: Thu Jul 09, 2020 12:58 pm
fanmail wrote: Thu Jul 09, 2020 12:39 pm This thread is amazing. It has been slow going for me so far the last couple weeks, but I finally got something decent enough from Figure to take it to Better. If Better beats that $1,875 cost + the AMEX credit of $2,500, I will be getting paid to refinance unless I am mistaken.

2.875%, 30 year, $200K, $100K is a cash out after E-G would roll in to the loan.
B = $1875
E-G = $7,845
Got a quick response from Better. They beat A-C by $100 and are going to refund the $550 appraisal at close in addition to that (making A-C $1225) and give the $2500 AMEX credit. Now I can take it to the competition to see if anyone can top it.
How did you contact Better to ask them to match? Email?
Yes, I signed up on their site, which then connected me with an agent. I emailed him the loan estimate asking if the agent could beat it.
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anon_investor
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Re: Refinance Mega Thread

Post by anon_investor »

fanmail wrote: Thu Jul 09, 2020 1:12 pm
anon_investor wrote: Thu Jul 09, 2020 12:59 pm
fanmail wrote: Thu Jul 09, 2020 12:58 pm
fanmail wrote: Thu Jul 09, 2020 12:39 pm This thread is amazing. It has been slow going for me so far the last couple weeks, but I finally got something decent enough from Figure to take it to Better. If Better beats that $1,875 cost + the AMEX credit of $2,500, I will be getting paid to refinance unless I am mistaken.

2.875%, 30 year, $200K, $100K is a cash out after E-G would roll in to the loan.
B = $1875
E-G = $7,845
Got a quick response from Better. They beat A-C by $100 and are going to refund the $550 appraisal at close in addition to that (making A-C $1225) and give the $2500 AMEX credit. Now I can take it to the competition to see if anyone can top it.
How did you contact Better to ask them to match? Email?
Yes, I signed up on their site, which then connected me with an agent. I emailed him the loan estimate asking if the agent could beat it.
Awesome, now I just need someone to give me a good loan estimate!
bws
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Re: Refinance Mega Thread

Post by bws »

bws wrote: Thu Jul 09, 2020 9:33 am I just refinanced 3 months ago to a 15 yr. 2.875 and I'm considering doing it again.

One reason would be to get the AMEX credit. I know that it expires by August 1st.

Does anyone know if the AMEX credit will be renewed with a future end date or has it been a program that's been renewed in the past?
Are there any opinions on this?
frugalNY
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Joined: Tue Jun 30, 2020 1:26 pm

Re: Refinance Mega Thread

Post by frugalNY »

Better finally got back to me today. They couldn't match/beat LoanDepot's offer, which is a true no cost refi (Lender's credit covers all) with 2.99% 30 yr fixed.

About me: 661K loan, high LTV ratio, 800 credit rating etc.

Just another data point.....

frugalNY
Monsterflockster
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Re: Refinance Mega Thread

Post by Monsterflockster »

StevenNJ1 wrote: Thu Jul 09, 2020 12:48 pm Can someone please advise??

Shopping around with local brokers as well as online companies.

So far best deal I am getting is 2.75% on a 25yr or 30yr fixed and total of $1,500 out of pocket (without appraisal $420 that broker things I won't need). Obviously escrow (taxes) of about 2-4 months, but I don't see it as "cost to refinance" .. still would have had to pay it.

My situation.
Home value 470k, 337k left to pay, currently 27yrs left. Been paying extra $500/mo for past 3 years. My credit score is 800.
Not interested in 15yr terms.
That’s pretty much where I am at and the best I’ve seen. I’m looking for a 20 year at 2.5% but it seems to be 15 year (2.25-2.5) or 30 year (2.75-3%). Nothing really inbetween.
Rayandron
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Re: Refinance Mega Thread

Post by Rayandron »

ChiKid24 wrote: Thu Jul 09, 2020 11:15 am
Rayandron wrote: Thu Jul 09, 2020 10:36 am Re-fi update: We are 2 or 3 days from closing on a ~$750k re-fi to 3.125% with Northpointe for A+B+C costs of $2,700 and a $4,000 lender credit. Exactly 1 month ago in June this was a no-brainer deal considering my current 3.875% loan, but today I got a LE from Lenderfi for 2.75% with A+B+C costs of $1200 and a $2,000 lender credit. I don't want to walk away from the $400 deposit I already gave Northpointe or delay the refinance another 30+ days, but that concern is a grain of sand compared to the 0.375% difference in interest rate. The Northpointe loan officer is sending the new LE to corporate to see what they can do. Fingers crossed they'll match, but assuming one of the two loans closes I end up with a $600/month reduction in monthly payment which is just bonkers. Wanted to say thanks again for the help I've gotten in this thread.
Did Lenderfi send the LE out of the blue or were you still shopping this late in your process? If the latter, then I think you probably already had been ok with walking away from the deposit which I agree with given the incremental money you would save.
The All-Seeing All-Knowing Algorithms keep feeding me article headlines along the lines of "30 Yr Mortgage Rates Hit ANOTHER All-Time Low" so I was checking in on current jumbo rates every time one of these popped up in my feed. Most times it turned out that the all-time low was for non-jumbo loans only or with points or some other variable that made the headline not apply to me, but today it did and so I went ahead and applied at Lenderfi to see what they could do. Obviously would be thrilled to get a 0.375% rate reduction from what I was expecting so fingers crossed.
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