Refinance Mega Thread

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ensign_lee
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Re: Refinance Mega Thread

Post by ensign_lee »

Wow, on the 30 year, the changes were +.06, +.02, +.1, +.08, then +.14 for the last 5 business days, for a total of +.36 over 5 business days.

That's crazy. Guess this refinance train is over.
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MortgageOnBlack
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Re: Refinance Mega Thread

Post by MortgageOnBlack »

I'm feeling grateful now. I refied this past October and got 2.125% on a 15 year loan. I was feeling a little down because I saw a few others getting slightly lower rates at the time (larger loans). I shopped around today and the best rates in our area are 2.625% on a 15! 30 years are now at 3.0-3.2% :shock:

Not sure if it will curve back down or the golden days are over.
GoldenFinch
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Re: Refinance Mega Thread

Post by GoldenFinch »

MortgageOnBlack wrote: Tue Jan 11, 2022 4:06 pm I'm feeling grateful now. I refied this past October and got 2.125% on a 15 year loan. I was feeling a little down because I saw a few others getting slightly lower rates at the time (larger loans). I shopped around today and the best rates in our area are 2.625% on a 15! 30 years are now at 3.0-3.2% :shock:

Not sure if it will curve back down or the golden days are over.
That 2.125 is a great rate!
Familyman2012
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Re: Refinance Mega Thread

Post by Familyman2012 »

wow. I haven't checked on rates in 6 months. Didn't realize it went up this high already.
Safe to say that i'm done Refinancing. I've done 4 since June 2020(All No cost). My last one was July 2021. Did a No Cost 1.875 plus Amex.
it was a good run. Thanks to everyone that has help the last couple years
mceagle555
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Re: Refinance Mega Thread

Post by mceagle555 »

I will say that this has been one of the most beneficial threads on BH.

Between myself and another member on BH, I know we've done 10+ refi's (combined) over the last 24 months, walking away from the table with a lower rate and no out-of-pocket costs each time.

I am grateful for the shared knowledge that exists in forums such as this. Shared learning is a powerful tool.
safari
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Re: Refinance Mega Thread

Post by safari »

I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
Cloudee
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Re: Refinance Mega Thread

Post by Cloudee »

Party is definitely over. I was trying for my 3rd no-cost refi with the Amex credit in 6 months (Better, Rocket and potentially Better again) but I watched 15yrs at 2% go from 400 in credits in mid-December to over 3k in points as of last week. Glad I locked in 2% when I could.
Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson »

safari wrote: Fri Jan 14, 2022 9:21 pm I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
I’m right there with you. I also did a cash-out refi last year for 30 years at 2.375% (though on just one home). It was at no cost and with no escrow account (which comes in handy for earning bonuses on new credit card accounts). I took out $150k in equity and used the cash to churn banks accounts for bonuses, buy I bonds paying 7%, and invested a portion that has increased in value by 15%. The new loan is for 4.5 times my income and restarts the 30 year term after our having lived in the home for 11 years.

At this rate (2.375% nominal but currently around -4% real), I wish I’d taken out another $100k or so and could extend the term further. I’d be fine with never paying off a loan with a negative real rate and the bigger the loan, the better.

I think the odds of ever seeing mortgage rates this low again are not in our favor but I suppose anything is possible. If it ever happens, I’m borrowing however much they’re willing to lend.
Investor1287
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Re: Refinance Mega Thread

Post by Investor1287 »

Ron Ronnerson wrote: Mon Jan 17, 2022 8:24 am
safari wrote: Fri Jan 14, 2022 9:21 pm I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
I’m right there with you. I also did a cash-out refi last year for 30 years at 2.375% (though on just one home). It was at no cost and with no escrow account (which comes in handy for earning bonuses on new credit card accounts). I took out $150k in equity and used the cash to churn banks accounts for bonuses, buy I bonds paying 7%, and invested a portion that has increased in value by 15%. The new loan is for 4.5 times my income and restarts the 30 year term after our having lived in the home for 11 years.

At this rate (2.375% nominal but currently around -4% real), I wish I’d taken out another $100k or so and could extend the term further. I’d be fine with never paying off a loan with a negative real rate and the bigger the loan, the better.

I think the odds of ever seeing mortgage rates this low again are not in our favor but I suppose anything is possible. If it ever happens, I’m borrowing however much they’re willing to lend.
I'm just curious, how much churning is required to generate a reasonable return/make this worth it?
Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson »

Investor1287 wrote: Mon Jan 17, 2022 8:27 am
Ron Ronnerson wrote: Mon Jan 17, 2022 8:24 am
safari wrote: Fri Jan 14, 2022 9:21 pm I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
I’m right there with you. I also did a cash-out refi last year for 30 years at 2.375% (though on just one home). It was at no cost and with no escrow account (which comes in handy for earning bonuses on new credit card accounts). I took out $150k in equity and used the cash to churn banks accounts for bonuses, buy I bonds paying 7%, and invested a portion that has increased in value by 15%. The new loan is for 4.5 times my income and restarts the 30 year term after our having lived in the home for 11 years.

At this rate (2.375% nominal but currently around -4% real), I wish I’d taken out another $100k or so and could extend the term further. I’d be fine with never paying off a loan with a negative real rate and the bigger the loan, the better.

I think the odds of ever seeing mortgage rates this low again are not in our favor but I suppose anything is possible. If it ever happens, I’m borrowing however much they’re willing to lend.
I'm just curious, how much churning is required to generate a reasonable return/make this worth it?
15 bank accounts and 6 brokerage accounts were opened between my wife and me during the first half of last year for bonus offers or due to the interest rate being paid by the bank. We earned $5100 in interest in 2021. Some of the accounts have been kept open because they're continuing to pay an after-tax rate that is greater than the rate of the mortgage on dollar amounts up to a certain limit. Most of the others have been closed.
doss
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Re: Refinance Mega Thread

Post by doss »

Interesting thread.

I am set to close around September 2022 (new construction home). Is there anything that I can/should do this far out to be sure I am ready to find the best mortgage lender? Just wait until I get a few months closer to closing?
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DMB41
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Re: Refinance Mega Thread

Post by DMB41 »

doss wrote: Tue Jan 18, 2022 4:10 am Interesting thread.

I am set to close around September 2022 (new construction home). Is there anything that I can/should do this far out to be sure I am ready to find the best mortgage lender? Just wait until I get a few months closer to closing?
Read through this entire thread to better equip yourself and hope that rates don't continue to go up.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

Ron Ronnerson wrote: Mon Jan 17, 2022 9:09 am
Investor1287 wrote: Mon Jan 17, 2022 8:27 am
Ron Ronnerson wrote: Mon Jan 17, 2022 8:24 am
safari wrote: Fri Jan 14, 2022 9:21 pm I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
I’m right there with you. I also did a cash-out refi last year for 30 years at 2.375% (though on just one home). It was at no cost and with no escrow account (which comes in handy for earning bonuses on new credit card accounts). I took out $150k in equity and used the cash to churn banks accounts for bonuses, buy I bonds paying 7%, and invested a portion that has increased in value by 15%. The new loan is for 4.5 times my income and restarts the 30 year term after our having lived in the home for 11 years.

At this rate (2.375% nominal but currently around -4% real), I wish I’d taken out another $100k or so and could extend the term further. I’d be fine with never paying off a loan with a negative real rate and the bigger the loan, the better.

I think the odds of ever seeing mortgage rates this low again are not in our favor but I suppose anything is possible. If it ever happens, I’m borrowing however much they’re willing to lend.
I'm just curious, how much churning is required to generate a reasonable return/make this worth it?
15 bank accounts and 6 brokerage accounts were opened between my wife and me during the first half of last year for bonus offers or due to the interest rate being paid by the bank. We earned $5100 in interest in 2021. Some of the accounts have been kept open because they're continuing to pay an after-tax rate that is greater than the rate of the mortgage on dollar amounts up to a certain limit. Most of the others have been closed.


My kinda guy :sharebeer - not sure if you've seen the I-Bond through the Treasury is currently paying over 7% and you can do $10K per person/per year. I'm parking some $$ in there until the rate drops.
Ron Ronnerson
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Re: Refinance Mega Thread

Post by Ron Ronnerson »

nic3456 wrote: Tue Jan 18, 2022 4:01 pm
Ron Ronnerson wrote: Mon Jan 17, 2022 9:09 am
Investor1287 wrote: Mon Jan 17, 2022 8:27 am
Ron Ronnerson wrote: Mon Jan 17, 2022 8:24 am
safari wrote: Fri Jan 14, 2022 9:21 pm I refinanced two mortgages (primary residence and second home) last spring at 2.375% (30 years fixed) with lender credits and cash out, which is looking better and better every day, as the rates continue climbing. My only regret is I should have gotten more cash out, given the inflation trends. I may never be able to borrow money at such a low rate ever again.
I’m right there with you. I also did a cash-out refi last year for 30 years at 2.375% (though on just one home). It was at no cost and with no escrow account (which comes in handy for earning bonuses on new credit card accounts). I took out $150k in equity and used the cash to churn banks accounts for bonuses, buy I bonds paying 7%, and invested a portion that has increased in value by 15%. The new loan is for 4.5 times my income and restarts the 30 year term after our having lived in the home for 11 years.

At this rate (2.375% nominal but currently around -4% real), I wish I’d taken out another $100k or so and could extend the term further. I’d be fine with never paying off a loan with a negative real rate and the bigger the loan, the better.

I think the odds of ever seeing mortgage rates this low again are not in our favor but I suppose anything is possible. If it ever happens, I’m borrowing however much they’re willing to lend.
I'm just curious, how much churning is required to generate a reasonable return/make this worth it?
15 bank accounts and 6 brokerage accounts were opened between my wife and me during the first half of last year for bonus offers or due to the interest rate being paid by the bank. We earned $5100 in interest in 2021. Some of the accounts have been kept open because they're continuing to pay an after-tax rate that is greater than the rate of the mortgage on dollar amounts up to a certain limit. Most of the others have been closed.


My kinda guy :sharebeer - not sure if you've seen the I-Bond through the Treasury is currently paying over 7% and you can do $10K per person/per year. I'm parking some $$ in there until the rate drops.
:sharebeer Yep, we bought $40k worth of I Bonds in the last few months. The rate these days on I Bonds is indeed pretty terrific.
proudowner333
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Re: Refinance Mega Thread

Post by proudowner333 »

doss wrote: Tue Jan 18, 2022 4:10 am Interesting thread.

I am set to close around September 2022 (new construction home). Is there anything that I can/should do this far out to be sure I am ready to find the best mortgage lender? Just wait until I get a few months closer to closing?
I am in the same boat as you are, but my closing estimated date is June 2022. If you find any interesting way to find a cheaper mortgage rate, let me know. I will let you know too what are the options I am trying out.
proudowner333
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Re: Refinance Mega Thread

Post by proudowner333 »

Do I need to worry about credit check done by better? I know they are saying it will be soft credit check, but not sure if it will impact or bring my score down. I am trying to maintain my credit score in order to get a better rate so just bit concern.
Your suggestion will be helpful.
mt2k
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Re: Refinance Mega Thread

Post by mt2k »

proudowner333 wrote: Tue Jan 18, 2022 11:51 pm Do I need to worry about credit check done by better? I know they are saying it will be soft credit check, but not sure if it will impact or bring my score down. I am trying to maintain my credit score in order to get a better rate so just bit concern.
Your suggestion will be helpful.
I don't think you need to worry about soft credit checks. They don't impact the credit score.
I never closed with Better but I did apply once, they did a soft check only.
proudowner333
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Re: Refinance Mega Thread

Post by proudowner333 »

mt2k wrote: Fri Jan 21, 2022 3:54 pm
proudowner333 wrote: Tue Jan 18, 2022 11:51 pm Do I need to worry about credit check done by better? I know they are saying it will be soft credit check, but not sure if it will impact or bring my score down. I am trying to maintain my credit score in order to get a better rate so just bit concern.
Your suggestion will be helpful.
I don't think you need to worry about soft credit checks. They don't impact the credit score.
I never closed with Better but I did apply once, they did a soft check only.
Thank you.
K89AVL
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Re: Refinance Mega Thread

Post by K89AVL »

Refinancing with Better (and it could be going better…)—signed Closing Disclosure on Tuesday (1/18) and the loan is funding as expected 3 business days later this Monday (1/24).

However, tonight (1/21) I received an email from them saying they want to reduce my lender credit, decreasing it by $750 vs what appeared on the Closing Disclosure I signed on 1/18.

Not sure where I go from here w/ Better. They have not been easy to work with.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

delete
Last edited by nic3456 on Sat Jan 22, 2022 5:07 pm, edited 1 time in total.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

K89AVL wrote: Fri Jan 21, 2022 9:59 pm Refinancing with Better (and it could be going better…)—signed Closing Disclosure on Tuesday (1/18) and the loan is funding as expected 3 business days later this Monday (1/24).

However, tonight (1/21) I received an email from them saying they want to reduce my lender credit, decreasing it by $750 vs what appeared on the Closing Disclosure I signed on 1/18.

Not sure where I go from here w/ Better. They have not been easy to work with.

What reason did they give for the $750 reduction??
PowderDay9
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Re: Refinance Mega Thread

Post by PowderDay9 »

Can any of these lenders do a mortgage in less than 30 days from start to finish? I own my home with no mortgage but want to take one out quickly to help pay for a new home. Loan to value would be less than 50%.
ryman554
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Re: Refinance Mega Thread

Post by ryman554 »

PowderDay9 wrote: Thu Jan 27, 2022 2:03 am Can any of these lenders do a mortgage in less than 30 days from start to finish? I own my home with no mortgage but want to take one out quickly to help pay for a new home. Loan to value would be less than 50%.
HELOC are great for this.

Then refi at your leisure.
PowderDay9
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Re: Refinance Mega Thread

Post by PowderDay9 »

ryman554 wrote: Thu Jan 27, 2022 9:49 am
PowderDay9 wrote: Thu Jan 27, 2022 2:03 am Can any of these lenders do a mortgage in less than 30 days from start to finish? I own my home with no mortgage but want to take one out quickly to help pay for a new home. Loan to value would be less than 50%.
HELOC are great for this.

Then refi at your leisure.
Thank you. I'll look into that. Any recommendations on who to use for a HELOC?
PowderDay9
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Re: Refinance Mega Thread

Post by PowderDay9 »

Can a HELOC close in 30 days? I've called several places and gotten answers between 60 and 120 days.
drk
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Re: Refinance Mega Thread

Post by drk »

PowderDay9 wrote: Thu Jan 27, 2022 11:35 am Can a HELOC close in 30 days? I've called several places and gotten answers between 60 and 120 days.
My credit union closed my HELOC in a week or two, IIRC.
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Raraculus
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Re: Refinance Mega Thread

Post by Raraculus »

Finally started the refinancing process. Had to wait until my credit improved.

I wanted to borrow $150K - cash-out refinancing for 15 years fixed loan. I was quoted 2.99% with points and 3.875% with no points. Seems to be on the high side. :( Is it because my loan is too small? Missed the low interest rate environment?

Is it still worth it? Maybe do a no-cost cash out refinancing, and then refinance to a lower rate later. Do you peeps think the low interest rate environment that were found in 2020-21 will manifest again in a few years?

How can I evaluate whether the points are worth it in lowering the interest rate?
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grogu
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Re: Refinance Mega Thread

Post by grogu »

K89AVL wrote: Fri Jan 21, 2022 9:59 pm Refinancing with Better (and it could be going better…)—signed Closing Disclosure on Tuesday (1/18) and the loan is funding as expected 3 business days later this Monday (1/24).

However, tonight (1/21) I received an email from them saying they want to reduce my lender credit, decreasing it by $750 vs what appeared on the Closing Disclosure I signed on 1/18.

Not sure where I go from here w/ Better. They have not been easy to work with.
I am curious why they tried to reduce your lender credit a few days before closing and what happened.
vv19
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Re: Refinance Mega Thread

Post by vv19 »

It was fun while it lasted, eh? :-(

Not sure if we will see < 3% 30 year fixed rates anytime soon.
alfaspider
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Re: Refinance Mega Thread

Post by alfaspider »

jay22 wrote: Thu Feb 10, 2022 11:56 am It was fun while it lasted, eh? :-(

Not sure if we will see < 3% 30 year fixed rates anytime soon.
Indeed, it's actually sort of amazing they are not much higher given inflation rates. I felt mediocre refinancing my jumbo last year at 2.8%, but it turned out to be the absolute sweet spot.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

I just finished a refi that I'm on the fence if I should have done it or not - was at 2.625% and actually changed to 2.875% but pulled out a bunch of $$. Also netted $5K back in lender/AMEX credits. Thought was with inflation I could go ahead get a lot of cheap money locked in at a low rate.
drk
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Re: Refinance Mega Thread

Post by drk »

alfaspider wrote: Thu Feb 10, 2022 12:22 pm Indeed, it's actually sort of amazing they are not much higher given inflation rates. I felt mediocre refinancing my jumbo last year at 2.8%, but it turned out to be the absolute sweet spot.
The 30-year FRM prices relative to 10-year Treasury (typically just under a two point premium). If the 10-year starts to price in more persistent inflation, you can expect mortgage rates to do the same.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
CletusCaddy
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Re: Refinance Mega Thread

Post by CletusCaddy »

alfaspider wrote: Thu Feb 10, 2022 12:22 pm
jay22 wrote: Thu Feb 10, 2022 11:56 am It was fun while it lasted, eh? :-(

Not sure if we will see < 3% 30 year fixed rates anytime soon.
Indeed, it's actually sort of amazing they are not much higher given inflation rates. I felt mediocre refinancing my jumbo last year at 2.8%, but it turned out to be the absolute sweet spot.
The market still expects 10 year inflation to be 2.5%/yr
longdrives
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Re: Refinance Mega Thread

Post by longdrives »

I guess my 2.375 cash out jumbo is untouchable now.
tj
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Re: Refinance Mega Thread

Post by tj »

My 3.25 purchase can't be beat this point. That's what I got not screwing over the broker and refinancing. :oops:
Last edited by tj on Mon Feb 14, 2022 10:24 am, edited 1 time in total.
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chasingbutterflies
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Re: Refinance Mega Thread

Post by chasingbutterflies »

I'd like to thank you all on this thread. I had a 15year mortgage at 3.65% (2 years in) last July and due to the information on this thread I managed to fix a 1.75% rate with better in late July. Unfortunately my water pipe burst in my condo causing over 35k worth of damage to my unit and the neighboring unit. I lost that lock and couldn't do anything until the insurance claim settled (both HOA and mine). That didn't happen until mid-December. The day after Thanksgiving break I was fortuitously sick and caught an email from bankrate stating a 1.75% rate on 15 year loan from better again. I took a sick day on December 1st and managed to lock that rate while I went through a box of kleenex. The agent stated that rate only lasted that day before it went up again. I had an inspector come out the next week and though the house was obviously damaged she thought that she could value the place minus the cost of the potential repair. It appreciated enough that even with that I had enough equity to cover a refinance. I paid for the rate, but as I'm not planning to move I figured it was worth it. Plus I got the 2k amex credit which brought my closing costs down to about 4k. It wasn't until the 2nd week in January that Better agreed to proceed with the loan and I closed on the 24th. However Better messed up on the closing documents and I spent another 2 weeks trying to fix that fiasco. Whatever! I'm delighted with he rate and thank you all for the information that helped me!

FYI my place still isn't fixed. My bathroom is down to studs and the tub I ordered last August won't be here until the end of this month. The delays on construction are crazy!
manuvns
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Re: Refinance Mega Thread

Post by manuvns »

Jags4186 wrote: Mon Jun 14, 2021 7:31 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Should work with any AMEX consumer card.
Does anyone know how many times can you use better.com amex 2k mortgage promotion , i closed in Dec 2021 and would like to use this promotion again . I have recently received an email form amex about this offer after i closed .
Thanks!
Jags4186
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Re: Refinance Mega Thread

Post by Jags4186 »

manuvns wrote: Mon Feb 14, 2022 10:20 am
Jags4186 wrote: Mon Jun 14, 2021 7:31 pm
All_About_Benjis wrote: Mon Jun 14, 2021 6:56 pm
wootwoot wrote: Fri Jun 11, 2021 1:46 pm Looks like better.com has another offer for those with Amex cards. 2k back on a successful refi or 6k back on a jumbo refi. Let the games begin!

https://better.com/with/amex
Any idea if this works with the Amex/Marriott Bonvoy card?
Should work with any AMEX consumer card.
Does anyone know how many times can you use better.com amex 2k mortgage promotion , i closed in Dec 2021 and would like to use this promotion again . I have recently received an email form amex about this offer after i closed .
T&C say every 6 months.
nic3456
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Re: Refinance Mega Thread

Post by nic3456 »

I was told the 6 month clock starts on your funding date (currently waiting for next amex credit to post and confirm)

EDIT: As a followup my $2K AMEX credit just posted 10 days after funding - previous credit was 193 days ago. :sharebeer
joelly
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Re: Refinance Mega Thread

Post by joelly »

Hi Everyone,

I'm thinking of taking $$ out for home improvement expense. Should I do it with Better or Lender Fi?

My current mortgage is 2.75%.

Thanking you all in advance.

-joelly
safari
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Re: Refinance Mega Thread

Post by safari »

joelly wrote: Wed Feb 16, 2022 12:32 pm Hi Everyone,

I'm thinking of taking $$ out for home improvement expense. Should I do it with Better or Lender Fi?

My current mortgage is 2.75%.

Thanking you all in advance.

-joelly
You would be better off by leaving your current mortgage untouched and getting a home equity line of credit.
slickracer
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Re: Refinance Mega Thread

Post by slickracer »

PowderDay9 wrote: Thu Jan 27, 2022 11:35 am Can a HELOC close in 30 days? I've called several places and gotten answers between 60 and 120 days.
Mine took about two weeks from a local bank
joelly
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Re: Refinance Mega Thread

Post by joelly »

safari wrote: Wed Feb 16, 2022 1:51 pm
joelly wrote: Wed Feb 16, 2022 12:32 pm Hi Everyone,

I'm thinking of taking $$ out for home improvement expense. Should I do it with Better or Lender Fi?

My current mortgage is 2.75%.

Thanking you all in advance.

-joelly
You would be better off by leaving your current mortgage untouched and getting a home equity line of credit.
Thank you so much for responding.
Where would I go to get a home equity line of credit? Does Better do that?
nic3456
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Joined: Fri Dec 19, 2008 9:42 am

Re: Refinance Mega Thread

Post by nic3456 »

Not sure what state you are in, but I really liked working with Third Federal for HELOC (based in OH, but not sure what all states they lend in)
joelly
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Joined: Mon Oct 27, 2008 11:22 am

Re: Refinance Mega Thread

Post by joelly »

nic3456 wrote: Thu Feb 17, 2022 3:25 pm Not sure what state you are in, but I really liked working with Third Federal for HELOC (based in OH, but not sure what all states they lend in)
Thank you so much. I am in Los Angeles. I will try to look for them here.
noobinvestor22
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Re: Refinance Mega Thread

Post by noobinvestor22 »

proudowner333 wrote: Tue Jan 18, 2022 11:31 pm
doss wrote: Tue Jan 18, 2022 4:10 am Interesting thread.

I am set to close around September 2022 (new construction home). Is there anything that I can/should do this far out to be sure I am ready to find the best mortgage lender? Just wait until I get a few months closer to closing?
I am in the same boat as you are, but my closing estimated date is June 2022. If you find any interesting way to find a cheaper mortgage rate, let me know. I will let you know too what are the options I am trying out.
I'm in the same boat as well closing end of June, please do let me know if you've figured out a way to shield yourself against rising interest rates. 5/3rd bank is offering to lock in rates as far as 6 months out but the rate is 4.25%, which I think is high. I'd rather take the risk and wait it out for 60 days before my closing date.
Soares1234
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Re: Refinance Mega Thread

Post by Soares1234 »

joelly wrote: Thu Feb 17, 2022 1:02 pm
safari wrote: Wed Feb 16, 2022 1:51 pm
joelly wrote: Wed Feb 16, 2022 12:32 pm Hi Everyone,

I'm thinking of taking $$ out for home improvement expense. Should I do it with Better or Lender Fi?

My current mortgage is 2.75%.

Thanking you all in advance.

-joelly
You would be better off by leaving your current mortgage untouched and getting a home equity line of credit.
Thank you so much for responding.
Where would I go to get a home equity line of credit? Does Better do that?

Try elements financial they do up to 100% ltv. There are also a lot of places that have promo periods or even locked rates for a certain amount of time.
Soares1234
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Joined: Thu Apr 16, 2020 5:50 pm

Re: Refinance Mega Thread

Post by Soares1234 »

PowderDay9 wrote: Thu Jan 27, 2022 11:35 am Can a HELOC close in 30 days? I've called several places and gotten answers between 60 and 120 days.
Try elements financial
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Mr Cooper is just such an incompetent company. How is it so difficult to process paperwork properly?!?

For my last loan with Mr Cooper, when they processed the loan payoff in October, they created a "Satisfaction of Mortgage" document and filed it with my county records, listing the wrong document and instrument number. The document they referenced wasn't even a note/lien document. I had to open up a half dozen requests for that to be fixed and had to complain to the Consumer Financial Protection Program TWICE to get that corrected. The first time they acknowledged the problem and sent me a corrected doc, but still didn't file the corrected doc with the county. The second complaint took care of that.

Then on the prior loan, I never got a 1098 from them for it. When I look on their website, such a document is not available on the loan and it says to "return on January 31st" to get the document. I've opened 3 requests for this document as well, and they keep closing them saying the doc is available on online (which their service rep can't even see) or send me a 1098 for one of the other loans vs. the one I am asking for.

This is not the first time I've had Mr Cooper make mistakes and I have to constantly be vigilant with them to make sure things are done correctly. These are NOT hard or very special things, yet it is painstaking trying to get them to do their job properly. Good luck to everyone that has them as a servicer and may you never encounter such issues.

Sadly, my last refi was also sold to them. I am tempted to refi again with a local CU just to get away from Mr Cooper!
tj
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Re: Refinance Mega Thread

Post by tj »

BrandonBogle wrote: Tue Feb 22, 2022 10:42 am Sadly, my last refi was also sold to them. I am tempted to refi again with a local CU just to get away from Mr Cooper!
Wouldn't you pay a substantially higher interest rate?
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