Refinance Mega Thread

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MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

Amex credit posted for me today / last night.

Signed closing docs on Thurs 8/12
Funded on Tues 8/17
$2000 credit posted on Mon 8/30 (I checked last night and didn't see it, but it's there today on Tues 8/31)
Investor1986
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Re: Refinance Mega Thread

Post by Investor1986 »

I am on the process of Refinancing with Better. 30 year loan for 2.75% and no points (450$ credit). Closing fees around 1600$ so considering the $2000 Amex credit, I should lower my loan interest and get paid around 400$ to do so.
Great!
For people who got the credit already, does anyone has the Delta SkyMiles® Gold Amex Card? I didn't have an Amex card at all and opened that one for the miles.
tj
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Re: Refinance Mega Thread

Post by tj »

Investor1986 wrote: Tue Aug 31, 2021 10:05 am I am on the process of Refinancing with Better. 30 year loan for 2.75% and no points (450$ credit). Closing fees around 1600$ so considering the $2000 Amex credit, I should lower my loan interest and get paid around 400$ to do so.
Great!
For people who got the credit already, does anyone has the Delta SkyMiles® Gold Amex Card? I didn't have an Amex card at all and opened that one for the miles.
My recollection is people call them SkyPesos? Certainly if you live near a Delta hub and can use the miles, it can't be a horrible decision to take them.
dave8228
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Re: Refinance Mega Thread

Post by dave8228 »

MrJedi wrote: Tue Aug 31, 2021 8:45 am Amex credit posted for me today / last night.

Signed closing docs on Thurs 8/12
Funded on Tues 8/17
$2000 credit posted on Mon 8/30 (I checked last night and didn't see it, but it's there today on Tues 8/31)
I closed on Fri 8/13 and have been checking daily for the AMEX credit to show up. Thanks for posting your timeline, with that info, it might show up for me tomorrow :moneybag The only other thing I'm waiting on is my escrow to be refunded from the old mortgage servicer, but as I understand it, they have 20 business days to issue the refund.
Last edited by dave8228 on Tue Aug 31, 2021 10:20 am, edited 1 time in total.
Investor1986
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Re: Refinance Mega Thread

Post by Investor1986 »

tj wrote: Tue Aug 31, 2021 10:12 am
Investor1986 wrote: Tue Aug 31, 2021 10:05 am I am on the process of Refinancing with Better. 30 year loan for 2.75% and no points (450$ credit). Closing fees around 1600$ so considering the $2000 Amex credit, I should lower my loan interest and get paid around 400$ to do so.
Great!
For people who got the credit already, does anyone has the Delta SkyMiles® Gold Amex Card? I didn't have an Amex card at all and opened that one for the miles.
My recollection is people call them SkyPesos? Certainly if you live near a Delta hub and can use the miles, it can't be a horrible decision to take them.
I don't live near a Delta hub, but since that Card gave me 75,000 bonus miles (that is a free trip to Europe) I wouldn't say no ;) First year is free, then you can downgrade to a no-annual fee card after that.
bestisfree
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Re: Refinance Mega Thread

Post by bestisfree »

Investor1986 wrote: Tue Aug 31, 2021 10:19 am
tj wrote: Tue Aug 31, 2021 10:12 am
Investor1986 wrote: Tue Aug 31, 2021 10:05 am I am on the process of Refinancing with Better. 30 year loan for 2.75% and no points (450$ credit). Closing fees around 1600$ so considering the $2000 Amex credit, I should lower my loan interest and get paid around 400$ to do so.
Great!
For people who got the credit already, does anyone has the Delta SkyMiles® Gold Amex Card? I didn't have an Amex card at all and opened that one for the miles.
My recollection is people call them SkyPesos? Certainly if you live near a Delta hub and can use the miles, it can't be a horrible decision to take them.
I don't live near a Delta hub, but since that Card gave me 75,000 bonus miles (that is a free trip to Europe) I wouldn't say no ;) First year is free, then you can downgrade to a no-annual fee card after that.
you can call the special team at Better to verify 877-688-3252 I called when I applied and they have a list to acceptable cards.
https://www.americanexpress.com/en-us/l ... -mortgage/
livelifealittle
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Re: Refinance Mega Thread

Post by livelifealittle »

jinnix wrote: Wed Aug 18, 2021 2:02 pm Has anyone refinanced after COVID payment deferral? I read into my deferral letter. It states

"You will be responsible for paying the past-due amounts upon the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance. The payment deferral balance can't be pre-paid prior to maturity of payoff"

It doesn't explicit say you need to pay this out of your pocket vs as part of the refi funds.

So has anyone recently refinanced a deferred conforming mortgage and can you use borrowed funds to pay off the entire amount (regular principal plus deferred principal). Or you are required to pony up a chunk of cash to satisfy deferred principal first?

The answer to this question will change my entire refinance plan...

Did you find out if the deferred amount can be rolled into the new loan?
TCG236
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Re: Refinance Mega Thread

Post by TCG236 »

Has anyone ask Better to waive the appraisal because an there was an appraisal done only a few months ago on the original loan and Better came back asking the previous lender to sign an authorization to use the old appraisal? And the previous lender refused?
Dungaravan1
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Re: Refinance Mega Thread

Post by Dungaravan1 »

Another data point with Better

Closed on 8/13. Funded 8/18
AMEX credit hit my account today - 8/31
Loan servicing transferred to Mr. Cooper - 8/31

This is my 3rd re-fi in the past 2 years. Overall, very smooth process shifting from Northpointe to Loan Depot to now Better. The combination of the AMEX credit + Lender credits + Low rates is incredible, thank you to the forum for the guidance on Bank Rate matching strategy, AMEX, Appraisal amount, etc. The recipe works.

Details:
Loan: 15-year fixed @ 1.75%
Balance: $324K
LTV: 32%
CoinFog
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Re: Refinance Mega Thread

Post by CoinFog »

TCG236 wrote: Mon Aug 30, 2021 10:40 am
jinnix wrote: Mon Aug 30, 2021 9:23 am Have you thought about using other means of borrowing? For example, can you take out a loan from 401K with your employer? Your amount is not big. Unless you need to cash out, there might be other creative financing options.
Money_Badger wrote: Sun Aug 29, 2021 9:15 pm
CoinFog wrote: Sun Aug 29, 2021 10:06 am Due to some critical health issues in my family, I'm working on reducing overall monthly payments including this mortgage to stay within budget. I do not plan on selling our home, but I need some clarity if it makes sense to do this:

My current mortgage: 30 year fixed, 5.375%. $68,500 and 18 years left. My P&I is $643 per month. The Zillow Estimate is $185,000.

I could not find a refinance package unless I refinanced with cash out, so I plugged in 35k to push it over 100k. Refinance options are not the greatest, I assume because of the small refinance amount.
We also have about 750K in retirement savings across various accounts but i would take a 10% hit for early withdrawal if paying off house with some of those funds.

From Lenderfi:

Rate APR Monthly Payment Points/Credits Closing Cost
2.750% 2.902% $423 $1,871 $4100
2.875% 2.966% $429 $1,059 $3300
2.990% 3.028% $436 $356 $2600
2.999% 3.130% $436 $1,572 $3800
3.000% 3.026% $436 $195 $2500
3.125% 3.136% $443 ($730 credit) $1500
3.250% 3.261% $450 ($1,431 credit) $828
3.490% 3.502% $464 ($1,265 credit) $994
3.500% 3.512% $465 ($2,258 credit) $1

Thank you in advance for any insight you may have.
The 3% looks good to me, you are already cashing out 35k, so the minimal points and 2500 closing costs aren't a big deal. Is this a 30 year? Have you looked at a 20? Only adds 2 years but I would bet the interest rate / points would be much better.
I assume the OP didn't want a cash out and intended put the $35K back into the mortgage soon after closing and the goal was to reduce the rate from 5.375%.
True. I'm not interested in cashing out if i don't have to. I'll try some other scenarios as 20 year etc. I guess I can just pay the mortgage back....mmm?
Kyrak
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Re: Refinance Mega Thread

Post by Kyrak »

Closed with Better on a condo purchase today. No problem getting it done in about a month or so. $460K Purchase Price 20% down so $368K 15 year mortgage at 1.875% with $3706 credits, waived escrow plus the $2K Amex credit. Did the Better price matching themselves trick on Bankrate and everything after that went super smoothly. I didn't quite hit the bottom of the market but pretty close (July 28th lock).

Crazy times with these rates. Thanks everyone with the help along the way!
diydocwifejd
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Re: Refinance Mega Thread

Post by diydocwifejd »

Quick question. My LenderFi refinance closed on 8/26. Funded today (but apparently funds will not transfer until 9/2). Thus, my regular payment for my current lender is due tomorrow and will be drafted tomorrow as usual before the payoff takes place. Do I contact the title company about this? What are my steps? Will my current lender issue a refund check to me? Anyone know?
"An investment in knowledge pays the best interest." -Benjamin Franklin
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

diydocwifejd wrote: Tue Aug 31, 2021 6:44 pm Quick question. My LenderFi refinance closed on 8/26. Funded today (but apparently funds will not transfer until 9/2). Thus, my regular payment for my current lender is due tomorrow and will be drafted tomorrow as usual before the payoff takes place. Do I contact the title company about this? What are my steps? Will my current lender issue a refund check to me? Anyone know?
Usually there is a 15 day grace period on mortgage payments so you could safely cancel old payment if in that case.

If you don't you will get refunded the overage. Payoff is never exact anyway since they usually build in some buffer days in case funding gets delayed. Your refund in this case will be a full installment + however much buffer they built into the payoff + old escrow if you had one.
Investor1986
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Re: Refinance Mega Thread

Post by Investor1986 »

TCG236 wrote: Tue Aug 31, 2021 4:10 pm Has anyone ask Better to waive the appraisal because an there was an appraisal done only a few months ago on the original loan and Better came back asking the previous lender to sign an authorization to use the old appraisal? And the previous lender refused?
I asked yesterday, because my old appraisal is only 4 months old and I was hopping that would be fine, but it is not the case. They said it depends form case to case if you qualify for no appraisal, based on home value, how much loan you have etc. If you qualify they will reimburse the appraisal fee.
TCG236
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Re: Refinance Mega Thread

Post by TCG236 »

One week after locking, when asked if we could still choose our own title & closing company, Better replied, "You can shop for your own title. However, please keep in mind your title work is already completed. We won't have the exact cost of the fees until closer to closing. If you choose your own title I strongly recommended getting an eta as the only item we are waiting on before you enter closing is your appraisal."
If we choose our own title company, will it mean duplicating work already performed and will Better charge us extra? Also, what's 'getting an eta'?
tj
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Re: Refinance Mega Thread

Post by tj »

TCG236 wrote: Wed Sep 01, 2021 9:19 am One week after locking, when asked if we could still choose our own title & closing company, Better replied, "You can shop for your own title. However, please keep in mind your title work is already completed. We won't have the exact cost of the fees until closer to closing. If you choose your own title I strongly recommended getting an eta as the only item we are waiting on before you enter closing is your appraisal."
If we choose our own title company, will it mean duplicating work already performed and will Better charge us extra? Also, what's 'getting an eta'?
If they are typically closing in 2 weeks, it would make sense to get the title sorted out right after the lock rather than waiting a week.

I would assume ETA means how long it will take them to do the title work.
vtg
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Re: Refinance Mega Thread

Post by vtg »

Locked in with better using the bankrate tables and tips applied above. Took a much larger lender credit to take a small hit on rate; all said and done w/ the AMEX credit, lender credit, and closing fees they will pay me 4k to drop my rate by .4% - good deal :)

Quick Q for the group - if I have a lump sum to pay towards the mortgage (say 25k for arguments sake) does it make more sense to get it in at closing to drop the loan amount or drop it in shortly after closing direct to principle? Or does it not matter :)
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

vtg wrote: Wed Sep 01, 2021 11:24 am Locked in with better using the bankrate tables and tips applied above. Took a much larger lender credit to take a small hit on rate; all said and done w/ the AMEX credit, lender credit, and closing fees they will pay me 4k to drop my rate by .4% - good deal :)

Quick Q for the group - if I have a lump sum to pay towards the mortgage (say 25k for arguments sake) does it make more sense to get it in at closing to drop the loan amount or drop it in shortly after closing direct to principle? Or does it not matter :)
Doing it up front to lower your loan amount reduces your monthly payment moving forward, but your lender credits are tied to your loan amount and lowering the loan amount reduces your credits (unless you cross an LTV tier).
psmoove
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Re: Refinance Mega Thread

Post by psmoove »

Dungaravan1 wrote: Tue Aug 31, 2021 4:55 pm Another data point with Better

Closed on 8/13. Funded 8/18
AMEX credit hit my account today - 8/31
Loan servicing transferred to Mr. Cooper - 8/31

This is my 3rd re-fi in the past 2 years. Overall, very smooth process shifting from Northpointe to Loan Depot to now Better. The combination of the AMEX credit + Lender credits + Low rates is incredible, thank you to the forum for the guidance on Bank Rate matching strategy, AMEX, Appraisal amount, etc. The recipe works.

Details:
Loan: 15-year fixed @ 1.75%
Balance: $324K
LTV: 32%

That’s a great rate for a 15. Do you mind sharing your loan costs? I’m currently in the process with Better with similar loan balance and LTV to you (SoCal).
InvestorDave
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Re: Refinance Mega Thread

Post by InvestorDave »

TCG236 wrote: Wed Sep 01, 2021 9:19 am One week after locking, when asked if we could still choose our own title & closing company, Better replied, "You can shop for your own title. However, please keep in mind your title work is already completed. We won't have the exact cost of the fees until closer to closing. If you choose your own title I strongly recommended getting an eta as the only item we are waiting on before you enter closing is your appraisal."
If we choose our own title company, will it mean duplicating work already performed and will Better charge us extra? Also, what's 'getting an eta'?
Interesting. I shopped around for title work and asked Better if there was any chance that their title work would come in cheaper than was listed on my original Loan Estimate and they told me that it definitely wouldn't. I ended up going with a local title company and it saved me ~$800.
dancingfroggy
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Re: Refinance Mega Thread

Post by dancingfroggy »

Thanks y'all for this thread. very helpful to me as a first time ReFi applicant.

Passive browser for a long time, registered to document my smooth experience with Interactive Mortgage.

I am in CA / VHCOL. Prior loan was a 30 year jumbo with a LTV of ~44% and 25 years to go. My credit scores are 800+ and all income is W2.

Started the ReFi process around 8/6 and submitted applications to Better, LenderFi and Interactive Mortgage. I asked for a conforming 30 year loan just below the VHCOL jumbo limit ($822K) as the balance was close to it.

Better and LenderFi offered 2.75% but with ~0.5 points. Better only had credits for a higher rate, no points offer. LenderFi was willing to cover all costs but wanted me to pay for the appraisal. Was willing to forgo it if I appraised the house at $999,999. This came across as slimy as the value is nowhere close to that amount. The initial Costco / Cross Country offer was similar and I did not follow up further.

Interactive Mortgage called up 8/8 with an offer of 2.625%, no points and no closing costs. I locked the rate and uploaded documents the same day (last year's W2, 2 months payroll, 2 months bank statements, proof of insurance). A appraisal was scheduled a week out, mostly because the appraiser was busy. The closing was a mix of online and in-person, with a notary showing up at home a day after the appraisal. Other than a few more forms to sign, IM did not come back asking for more information. The only prepaids were interest and the loan difference I was covering, no escrow or closing costs. I wired the amount to IM and the loan was funded on 8/23 and paid out to my prior lender on 8/24. The whole process took 17 days. Other than the recording fee charged by my prior loan company, it was truly zero cost.

The only small hiccup we ran into was that the notary showed up after 5pm and while they were familiar with most of the forms, one of them lacked clarity and we could not reach anyone at IM to make sense of it. I took my best guess and it turned out to be right, so no foul.

A few other notes:

a) I asked Better to match the IM offer mostly out of curiosity. They came back with a "you have a great offer, we cannot match it".

b) The Better and LenderFi offers were pretty much what I saw on Bankrate. The "no points plus credit" offers were higher. Waterford loans had a 2.625% no points offer than showed up periodically, so there are possibly other lenders with offers similar to IM.

c) The rate lock from IM was only 25 days and the LO was very confident they would close by then.

d) The interest prepaids I sent to IM assumed a 7 day overlap between the old loan and the new one. The real overlap was 2 days and IM refunded the rest via a check (the confusing form had to do with this refund).

e) Don't know yet who will take over servicing of the loan, the LO mentioned CMG.

f) In terms of website experience, Better has the best website of the 3. IM's website is sparse and only has support for uploading documents or e-signing forms. You cannot change any of the loan terms and see the updated rate sheet as with Better. In all cases, if you want to change the loan amount, you have to talk to an agent. Regardless of what you enter on the application, the default loan amount is based off the balance noted in your credit check.

g) Asked IM if they did Jumbos and the answer was No.

h) I was a little concerned about having outsiders come in the house during COVID times. The appraiser was inside for about 10 minutes and took pictures of every room (glad we cleaned up). I made the notary sit in the yard and she wasn't very happy. But signing the forms took close to 2 hrs, so sitting inside was not an option. Sorry!

Hope this is helpful to someone.

Thanks!

Update (September 2021):

IM sold the loan to CMG financial who sold it to Fannie Mae before you could blink.
Last edited by dancingfroggy on Sat Sep 25, 2021 9:23 pm, edited 1 time in total.
InvestorDave
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Re: Refinance Mega Thread

Post by InvestorDave »

Anyone have issues getting Better to adjust the rates to match Bankrate.com if you opt out of escrow? Trying to help a friend do a refi and they are telling him they can't match the rates because he opted out of escrow. I had no issues getting them to adjust my rates down even though they weren't a perfect match. Any tips on how he should reply?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

InvestorDave wrote: Wed Sep 01, 2021 1:48 pm Anyone have issues getting Better to adjust the rates to match Bankrate.com if you opt out of escrow? Trying to help a friend do a refi and they are telling him they can't match the rates because he opted out of escrow. I had no issues getting them to adjust my rates down even though they weren't a perfect match. Any tips on how he should reply?
Go into the online portal and turn on escrow, get the match, then go into the online portal and turn off escrow. There will be a (typically small) price difference turning it off, but he can do it without interaction with the loan officer.
TCG236
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Re: Refinance Mega Thread

Post by TCG236 »

BrandonBogle wrote: Wed Sep 01, 2021 2:04 pm
InvestorDave wrote: Wed Sep 01, 2021 1:48 pm Anyone have issues getting Better to adjust the rates to match Bankrate.com if you opt out of escrow? Trying to help a friend do a refi and they are telling him they can't match the rates because he opted out of escrow. I had no issues getting them to adjust my rates down even though they weren't a perfect match. Any tips on how he should reply?
Go into the online portal and turn on escrow, get the match, then go into the online portal and turn off escrow. There will be a (typically small) price difference turning it off, but he can do it without interaction with the loan officer.
So if have escrow on as default, I can turn it off and check the pricing change and turn it back on it I don't like the amount?
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

TCG236 wrote: Wed Sep 01, 2021 2:18 pm
BrandonBogle wrote: Wed Sep 01, 2021 2:04 pm
InvestorDave wrote: Wed Sep 01, 2021 1:48 pm Anyone have issues getting Better to adjust the rates to match Bankrate.com if you opt out of escrow? Trying to help a friend do a refi and they are telling him they can't match the rates because he opted out of escrow. I had no issues getting them to adjust my rates down even though they weren't a perfect match. Any tips on how he should reply?
Go into the online portal and turn on escrow, get the match, then go into the online portal and turn off escrow. There will be a (typically small) price difference turning it off, but he can do it without interaction with the loan officer.
So if have escrow on as default, I can turn it off and check the pricing change and turn it back on it I don't like the amount?
That is correct, assuming you haven’t locked yet. If you have already locked, it can still be done, but the loan officer or processing expert has to do it for you.
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

MrJedi wrote: Tue Aug 31, 2021 8:45 am Amex credit posted for me today / last night.

Signed closing docs on Thurs 8/12
Funded on Tues 8/17
$2000 credit posted on Mon 8/30 (I checked last night and didn't see it, but it's there today on Tues 8/31)
Update: Servicing sold to Mr. Cooper Wed 9/1
aledor09
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Re: Refinance Mega Thread

Post by aledor09 »

Would like some feedback\thoughts regarding cash out refi to consolidate my student loan. This is my first time refi.

Mortgage owe: $146K @ 3.87APR 30Year-Currently on year 5. LTV 55% $760/MO

Student loan owe: $26k @ 4.11 APR $260/MO

Cash out refi offer: Loan Amt $172k @ 3% APR 20 Year Term. ($2.5K Closing costs) $960/MO

Plan on occupying this property for the next 4 years.
Dungaravan1
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Re: Refinance Mega Thread

Post by Dungaravan1 »

psmoove wrote: Wed Sep 01, 2021 12:08 pm
Dungaravan1 wrote: Tue Aug 31, 2021 4:55 pm Another data point with Better

Closed on 8/13. Funded 8/18
AMEX credit hit my account today - 8/31
Loan servicing transferred to Mr. Cooper - 8/31

This is my 3rd re-fi in the past 2 years. Overall, very smooth process shifting from Northpointe to Loan Depot to now Better. The combination of the AMEX credit + Lender credits + Low rates is incredible, thank you to the forum for the guidance on Bank Rate matching strategy, AMEX, Appraisal amount, etc. The recipe works.

Details:
Loan: 15-year fixed @ 1.75%
Balance: $324K
LTV: 32%

That’s a great rate for a 15. Do you mind sharing your loan costs? I’m currently in the process with Better with similar loan balance and LTV to you (SoCal).
A+B+C = $1,122; E = $1,598; A+B+C+E = $2,720. Lender credit = $3,365. Net = $645. Bottom line benefit (in my mind) = 24 bps lower rate, $2,000 AMEX, $645 credit. Also, state = MN, escrow
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

In CA, if your loan is to fund on 10/1 or after, my understanding is that the first installment of property taxes need to be paid. Are the property tax bills even generated in time to prepare for that? My goal is to have it financed in the loan amount.
TVKNSC
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Re: Refinance Mega Thread

Post by TVKNSC »

Can anyone recommend a reliable title company that is affiliated with Better? I got a quite from Amrock but it wasn't much less than Better. I think better was 1250 and Amrock was 1150. ,Reading this thread made me think I can save several hundred if I shopped around enough.
“There seems to be some perverse human characteristic that likes to make easy things difficult. ” ― Warren Buffett
tj
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Re: Refinance Mega Thread

Post by tj »

TVKNSC wrote: Wed Sep 01, 2021 6:47 pm Can anyone recommend a reliable title company that is affiliated with Better? I got a quite from Amrock but it wasn't much less than Better. I think better was 1250 and Amrock was 1150. ,Reading this thread made me think I can save several hundred if I shopped around enough.
That was when Radian was super competitive. You may want to check some local companies?
sockfight
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Re: Refinance Mega Thread

Post by sockfight »

I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
tj
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Re: Refinance Mega Thread

Post by tj »

sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
InvestorDave
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Re: Refinance Mega Thread

Post by InvestorDave »

tj wrote: Thu Sep 02, 2021 12:42 pm
sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
At 5 minutes to open the card he is making a rate of $72,000/hour for a tiny amount of work.
sockfight
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Re: Refinance Mega Thread

Post by sockfight »

InvestorDave wrote: Thu Sep 02, 2021 12:47 pm
tj wrote: Thu Sep 02, 2021 12:42 pm
sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
At 5 minutes to open the card he is making a rate of $72,000/hour for a tiny amount of work.
I'm well aware. I'm sure many of us in this forum have had the experience of watching a friend make financial decision and screaming "whyyyyyyy" in our heads 😛
Investor1986
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Re: Refinance Mega Thread

Post by Investor1986 »

sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
I don't want to live in this planet anymore....
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

I agree, doubtful. Otherwise somebody can play that game first and then get the Amex offer added later. The Amex offer can be added all the way up until closing.
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

tj wrote: Thu Sep 02, 2021 12:42 pm
sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
I also have a friend that’s not going forward with a .25% improvement in rate for a 5k profit because they don’t want to ask for a bankrate match and open an Amex.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Goal33 wrote: Thu Sep 02, 2021 3:15 pm
tj wrote: Thu Sep 02, 2021 12:42 pm
sockfight wrote: Thu Sep 02, 2021 12:41 pm I'm helping a friend refi a jumbo with Better. He doesn't have a personal amex and doesn't want to open one despite the fact that he'd qualify for a $6k credit 🤷‍♂️. Does anyone know if you can negotiate with Better for more lender's credit in lieu of the amex promo?
Absolutely not. Tell him to get over his stubbornness.
I also have a friend that’s not going forward with a .25% improvement in rate for a 5k profit because they don’t want to ask for a bankrate match and open an Amex.
:oops:
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

Goal33 wrote: Wed Sep 01, 2021 5:27 pm In CA, if your loan is to fund on 10/1 or after, my understanding is that the first installment of property taxes need to be paid. Are the property tax bills even generated in time to prepare for that? My goal is to have it financed in the loan amount.
Well, I'll be the first data point then, lol
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SavageHunter
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Re: Refinance Mega Thread

Post by SavageHunter »

starting the Refi with better today..

its been 9 months since my first better refi was done.. went from 4.75% to 2.25% 15yr no cost...

I'm looking for 1.75% no cost... but just saw better rate table and :-x it sucks as expected, 1.75 isn't even on the table..

got a screenshot of bankrate and email my LO (Joe Laughon)

He hasn't reply or touch base..
need to lock before the AMEX deal ends on sept 13th :wink:
Lets all retire early.. | Save and make that the $$ so we can spend it later
1andDone
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Re: Refinance Mega Thread

Post by 1andDone »

SavageHunter wrote: Fri Sep 03, 2021 1:02 pm starting the Refi with better today..

its been 9 months since my first better refi was done.. went from 4.75% to 2.25% 15yr no cost...

I'm looking for 1.75% no cost... but just saw better rate table and :-x it sucks as expected, 1.75 isn't even on the table..

got a screenshot of bankrate and email my LO (Joe Laughon)

He hasn't reply or touch base..
need to lock before the AMEX deal ends on sept 13th :wink:
Lock your rate by 09/13/2022 and close by 12/17/2022 to be eligible for the statement credit.
Antec121
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Re: Refinance Mega Thread

Post by Antec121 »

Hello everyone, I've been in my property for 5 years and I'm looking to cash out refinance. I've done a little research and found several people suggesting aimloan. I submitted an application and I was approved. I have the new rate (2.625) locked in for 30 days. I was wondering if I should still shop around or go with their offer. This is the first and only application I've submitted. My current mortgage is 30 years at 4% and I currently owe 145k left. The new loan will be 30 years at 2.625 for 185k. The closing costs would come up to $3,559.
ahbp
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Re: Refinance Mega Thread

Post by ahbp »

Antec121 wrote: Fri Sep 03, 2021 1:09 pm Hello everyone, I've been in my property for 5 years and I'm looking to cash out refinance. I've done a little research and found several people suggesting aimloan. I submitted an application and I was approved. I have the new rate (2.625) locked in for 30 days. I was wondering if I should still shop around or go with their offer. This is the first and only application I've submitted. My current mortgage is 30 years at 4% and I currently owe 145k left. The new loan will be 30 years at 2.625 for 185k. The closing costs would come up to $3,559.
I would continue to shop around.. I think you might be able to do better then that. Why pay closing costs? Many people here recommend taking a slightly higher rate to cover closing costs and then some.
Antec121
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Re: Refinance Mega Thread

Post by Antec121 »

ahbp wrote: Fri Sep 03, 2021 1:28 pm
Antec121 wrote: Fri Sep 03, 2021 1:09 pm Hello everyone, I've been in my property for 5 years and I'm looking to cash out refinance. I've done a little research and found several people suggesting aimloan. I submitted an application and I was approved. I have the new rate (2.625) locked in for 30 days. I was wondering if I should still shop around or go with their offer. This is the first and only application I've submitted. My current mortgage is 30 years at 4% and I currently owe 145k left. The new loan will be 30 years at 2.625 for 185k. The closing costs would come up to $3,559.
I would continue to shop around.. I think you might be able to do better then that. Why pay closing costs? Many people here recommend taking a slightly higher rate to cover closing costs and then some.
The loan officer said my credit score was reporting at 780 and 760 and I qualified for their best rate. I'll shop around, that sounds smart. I was going to roll the closing costs into the loan. I didn't know I could take a higher rate to cover the closing costs.
ahbp
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Re: Refinance Mega Thread

Post by ahbp »

Antec121 wrote: Fri Sep 03, 2021 1:34 pm
ahbp wrote: Fri Sep 03, 2021 1:28 pm
Antec121 wrote: Fri Sep 03, 2021 1:09 pm Hello everyone, I've been in my property for 5 years and I'm looking to cash out refinance. I've done a little research and found several people suggesting aimloan. I submitted an application and I was approved. I have the new rate (2.625) locked in for 30 days. I was wondering if I should still shop around or go with their offer. This is the first and only application I've submitted. My current mortgage is 30 years at 4% and I currently owe 145k left. The new loan will be 30 years at 2.625 for 185k. The closing costs would come up to $3,559.
I would continue to shop around.. I think you might be able to do better then that. Why pay closing costs? Many people here recommend taking a slightly higher rate to cover closing costs and then some.
The loan officer said my credit score was reporting at 780 and 760 and I qualified for their best rate. I'll shop around, that sounds smart. I was going to roll the closing costs into the loan. I didn't know I could take a higher rate to cover the closing costs.
Getting the higher rate to cover closing costs is a pretty cool thing in my opinion. You can still improve your rate and depending on the deal offered with lender credit essentially profit or get paid to improve your loan. You will need to do some math to make sure it's a good deal.
vv19
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Re: Refinance Mega Thread

Post by vv19 »

Antec121 wrote: Fri Sep 03, 2021 1:09 pm Hello everyone, I've been in my property for 5 years and I'm looking to cash out refinance. I've done a little research and found several people suggesting aimloan. I submitted an application and I was approved. I have the new rate (2.625) locked in for 30 days. I was wondering if I should still shop around or go with their offer. This is the first and only application I've submitted. My current mortgage is 30 years at 4% and I currently owe 145k left. The new loan will be 30 years at 2.625 for 185k. The closing costs would come up to $3,559.
Definitely shop around. You should easily be able to cover the closing cost with negotiations.
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SavageHunter
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Re: Refinance Mega Thread

Post by SavageHunter »

:oops: :oops: :oops: :oops:

Thanks for pointing this out 2022 :sharebeer
1andDone wrote: Fri Sep 03, 2021 1:04 pm
SavageHunter wrote: Fri Sep 03, 2021 1:02 pm starting the Refi with better today..

its been 9 months since my first better refi was done.. went from 4.75% to 2.25% 15yr no cost...

I'm looking for 1.75% no cost... but just saw better rate table and :-x it sucks as expected, 1.75 isn't even on the table..

got a screenshot of bankrate and email my LO (Joe Laughon)

He hasn't reply or touch base..
need to lock before the AMEX deal ends on sept 13th :wink:
Lock your rate by 09/13/2022 and close by 12/17/2022 to be eligible for the statement credit.
Lets all retire early.. | Save and make that the $$ so we can spend it later
jinnix
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Re: Refinance Mega Thread

Post by jinnix »

Have not heard anything otherwise. I saw the loan amount in Better does include the deferred balance. So I believe it's included in the new loan.
livelifealittle wrote: Tue Aug 31, 2021 3:04 pm
jinnix wrote: Wed Aug 18, 2021 2:02 pm Has anyone refinanced after COVID payment deferral? I read into my deferral letter. It states

"You will be responsible for paying the past-due amounts upon the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance. The payment deferral balance can't be pre-paid prior to maturity of payoff"

It doesn't explicit say you need to pay this out of your pocket vs as part of the refi funds.

So has anyone recently refinanced a deferred conforming mortgage and can you use borrowed funds to pay off the entire amount (regular principal plus deferred principal). Or you are required to pony up a chunk of cash to satisfy deferred principal first?

The answer to this question will change my entire refinance plan...

Did you find out if the deferred amount can be rolled into the new loan?
Antec121
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Re: Refinance Mega Thread

Post by Antec121 »

Just reached out to a new lender and asked for a 15 year quote. Here is what I got. It's tempting to go with the 15 versus the 30.

15 year fixed (smaller lender)

1.875%

Closing Costs: roughly $2,700 costs

Principal and Interest Payment: $1,186
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