Refinance Mega Thread

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
jimmyrules712
Posts: 640
Joined: Thu Jan 06, 2011 10:36 pm

Re: Refinance Mega Thread

Post by jimmyrules712 »

chaud wrote: Wed Feb 24, 2021 3:27 pm
jimmyrules712 wrote: Tue Feb 23, 2021 12:34 pm
chaud wrote: Fri Feb 12, 2021 10:57 am I'm going to beat that timeline by far apparently:

August 7th 2020 - Locked Rate
November 16th 2020 - Sent to processing
February 1st 2021 - Submitted to underwriting

I look forward to my Loan Cabin closing sometime in 2022 at this rate.
I would ask your LE to confirm that's really where your loan is in the process. That timeline doesn't match any of the other loan cabin refinances I've seen posted (which is already an abysmally low standard to meet).
I have been emailing them to check on the status monthly. Every time I emailed it suddenly moves forward in the process just minutes later. My next email is going out next week, hopefully it'll be faster now, especially as they said (back in August) they could get an appraisal waiver.
I too got the impression that things were often bottlenecking at my loan officer and progress wasn't being made unless he occasionally took a minute to spend time on my loan. I would probably email more frequently than once a month if I were you. Between the rate lock and the file going into underwriting I was requesting updates weekly (although I didn't always get a response). Once it went into underwriting it seemed out of my loan officer's control so I backed off for a while but even then one time later on when I did email him asking if I was still in underwriting his response was basically "oh yeah, looks like they finished underwriting you a couple weeks ago. Let me push this to the next step"

Considering it took 4 months for you to even get sent to processing I really think someone involved in your loan is dropping the ball completely and Laon Cabin doesn't seem to provide any oversite to ensure their people are doing what they're supposed to.
FAR15
Posts: 20
Joined: Wed Aug 15, 2018 11:14 am
Location: NC

Re: Refinance Mega Thread

Post by FAR15 »

MBB_Boy wrote: Wed Feb 24, 2021 10:49 am
FAR15 wrote: Tue Feb 23, 2021 3:55 pm Has anyone refinanced with Freedom Mortgage? Last year I refi’d my 30 year VA mortgage (to facilitate more extra payments) at 2.75% and soon my mortgage broker’s company sold them my mortgage. Recently Freedom contacted me and offered to do a rate reduction refi to 2.25%, all costs covered by lender credits, and maintain the existing maturity date. I am in the process of doing so; rate is locked and closing is anticipated April 2021. No surprises so far (need final CD to ensure) except for the fact that they unilaterally asked me if I want a lower rate. Freedom is apparently the highest volume VA lender in the US.
It isn't no cost - you have to pay the VA funding fee, which is a couple of grand. My last refi with Freedom never pointed this out, and it was missing on my LE and updated LE. First time it appeared was at the actual closing

I should have added that I have VA disability, which completely eliminates VA funding fees. That’s been the case for all my prior VA mortgages / refis.

Apart from the funding fee issue, how was your refi experience with Freedom?
revsk
Posts: 10
Joined: Fri Jan 08, 2021 1:39 pm

Re: Refinance Mega Thread

Post by revsk »

Posting my experience with Interactive Mortgage after following this thread.
I couldn't get through to LenderFi when rates were at 2.375 and I wish I would have been even more persistent.

I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
dead4life
Posts: 9
Joined: Thu Jan 14, 2021 2:29 pm

Re: Refinance Mega Thread

Post by dead4life »

revsk wrote: Thu Feb 25, 2021 11:39 am Posting my experience with Interactive Mortgage after following this thread.
I couldn't get through to LenderFi when rates were at 2.375 and I wish I would have been even more persistent.

I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
Lots of news coming out that treasury yields and interest rates are going up. I can't see the rates falling again. IM is advertising 2.99% now, so might be best to shop around hard and see if you can get 2.5% or 2.625% from someone.
Goal33
Posts: 2004
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

dead4life wrote: Thu Feb 25, 2021 12:16 pm
revsk wrote: Thu Feb 25, 2021 11:39 am Posting my experience with Interactive Mortgage after following this thread.
I couldn't get through to LenderFi when rates were at 2.375 and I wish I would have been even more persistent.

I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
Lots of news coming out that treasury yields and interest rates are going up. I can't see the rates falling again. IM is advertising 2.99% now, so might be best to shop around hard and see if you can get 2.5% or 2.625% from someone.
I see 3.25%
fourballs
Posts: 17
Joined: Thu Jun 25, 2020 3:04 pm

Re: Refinance Mega Thread

Post by fourballs »

revsk wrote: Thu Feb 25, 2021 11:39 am I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
This happened to me as well. Same timeline. We signed and then next day, they said there was a problem. It's probably my fault. I did have another refi going and IM said they had to see the closing statement from my other refi. But they could have said something BEFORE we went through the trouble of signing, as my other refi had been going for a while. So we learned our lesson. Don't do multiple refis at the same time. I lost the opportunity to lock with Loan Depot at 2.5% for 60 days.
Goal33
Posts: 2004
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

fourballs wrote: Thu Feb 25, 2021 2:24 pm
revsk wrote: Thu Feb 25, 2021 11:39 am I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
This happened to me as well. Same timeline. We signed and then next day, they said there was a problem. It's probably my fault. I did have another refi going and IM said they had to see the closing statement from my other refi. But they could have said something BEFORE we went through the trouble of signing, as my other refi had been going for a while. So we learned our lesson. Don't do multiple refis at the same time. I lost the opportunity to lock with Loan Depot at 2.5% for 60 days.
So really they didn't want to give you a loan and see you turn around and refinance immediately after. That is rational.
MNPerson
Posts: 7
Joined: Fri Jan 15, 2021 8:58 am

Re: Refinance Mega Thread

Post by MNPerson »

jco wrote: Wed Feb 24, 2021 12:33 pm Just got a notification that my WaterMark Home Loans-originated refi will be serviced by NewRez for those who are collecting data about potential servicers.

Do any board members have experience with them?
Yes. For the most part they were okay. It was a terrible time getting a payoff from them. Otherwise their website was fine. I've been with Ditech, Mr Cooper, Citi, PennyMac, and a few others I can't remember now (years ago). I made a bunch of manual payments to LoanCare (NewRez) which required posting adjustments and hold times weren't great but not terrible. I'm leaving PennyMac now who has been the best of the bunch so far.
jco
Posts: 370
Joined: Sat Jan 25, 2020 7:53 am

Re: Refinance Mega Thread

Post by jco »

MNPerson wrote: Thu Feb 25, 2021 4:24 pm
jco wrote: Wed Feb 24, 2021 12:33 pm Just got a notification that my WaterMark Home Loans-originated refi will be serviced by NewRez for those who are collecting data about potential servicers.

Do any board members have experience with them?
Yes. For the most part they were okay. It was a terrible time getting a payoff from them. Otherwise their website was fine. I've been with Ditech, Mr Cooper, Citi, PennyMac, and a few others I can't remember now (years ago). I made a bunch of manual payments to LoanCare (NewRez) which required posting adjustments and hold times weren't great but not terrible. I'm leaving PennyMac now who has been the best of the bunch so far.
Thanks for the update. I'm an autopay kind of person, and not paying extra principal at the moment, so it sounds like it will be fine.
2quiker
Posts: 64
Joined: Sun May 10, 2020 12:39 pm

Re: Refinance Mega Thread

Post by 2quiker »

Currently refinanced and my initial payment is due March 1st. I got a letter stating Effective 3/8/2021 the servicing of your loan will be transferred.
So from my understanding I still make my March 1st payment to my current lender then in April make my payment to the new servicing company. My question is, if make my payment for March 1st to my current lender and not make another one till April 1st can/will the new servicing company say I didn't make my March payment?
manatee2005
Posts: 2136
Joined: Wed Dec 18, 2019 8:17 pm

Re: Refinance Mega Thread

Post by manatee2005 »

It was fun while it lasted. Rates are now 1 point higher than what I refinanced in Nov 2020.
AnnabEllie
Posts: 14
Joined: Tue Jun 30, 2020 6:37 pm

Re: Refinance Mega Thread

Post by AnnabEllie »

2quiker wrote: Thu Feb 25, 2021 6:31 pm Currently refinanced and my initial payment is due March 1st. I got a letter stating Effective 3/8/2021 the servicing of your loan will be transferred.
So from my understanding I still make my March 1st payment to my current lender then in April make my payment to the new servicing company. My question is, if make my payment for March 1st to my current lender and not make another one till April 1st can/will the new servicing company say I didn't make my March payment?
I'm in a similar situation. I also got a letter from the new servicer that specifically mentioned that my first payment to them would be April 1. Also, I already have other accounts with the new servicer (Chase) and the mortgage showed up in my online account with the balance already taking into account the first payment (Current balance is $519172 with Better/TMS, Chase shows balance as $518181ish and says first payment due 4/1).

Even if they do make some mistake, there is a 60 day grace period after transfer of loan servicing to sort out these types of issues where they can't report late payments due to payment going to wrong servicer, etc.
fourballs
Posts: 17
Joined: Thu Jun 25, 2020 3:04 pm

Re: Refinance Mega Thread

Post by fourballs »

Goal33 wrote: Thu Feb 25, 2021 2:47 pm
fourballs wrote: Thu Feb 25, 2021 2:24 pm
revsk wrote: Thu Feb 25, 2021 11:39 am I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
This happened to me as well. Same timeline. We signed and then next day, they said there was a problem. It's probably my fault. I did have another refi going and IM said they had to see the closing statement from my other refi. But they could have said something BEFORE we went through the trouble of signing, as my other refi had been going for a while. So we learned our lesson. Don't do multiple refis at the same time. I lost the opportunity to lock with Loan Depot at 2.5% for 60 days.
So really they didn't want to give you a loan and see you turn around and refinance immediately after. That is rational.
No actually it doesn't. My other refi is for another house, if you are referring to that. At least from my last refi you have to wait six months before you can refi again or you pay back all their fees. And my rate was so low (2.375%), and rates have gone up since, so it wouldn't have made sense for me to refi again. IM just didn't want to do it.
User avatar
Supergrover
Posts: 483
Joined: Tue Jan 12, 2021 2:15 pm
Location: PHL / NJ

Re: Refinance Mega Thread

Post by Supergrover »

sabhen wrote: Mon Feb 22, 2021 5:44 pm I am going into the closing with Quicken Loans. Amrock is affiliated with QL. QL has stated I am free to shop for another firm but also warned me it could take longer to close or even worse case. If I could save a little more on the closing costs (title etc..). Has anybody used another firm?
I called 4 or 5 title companies here in NJ, but Amrock was cheaper than all of them. I was pleasantly surprised and happy to move on towards closing.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

manatee2005 wrote: Thu Feb 25, 2021 6:33 pm It was fun while it lasted. Rates are now 1 point higher than what I refinanced in Nov 2020.
Yeah... the gravy train is over...
sabhen
Posts: 360
Joined: Sat Feb 27, 2016 12:03 am

Re: Refinance Mega Thread

Post by sabhen »

We bought our house with installed solar panels by previous owner via a Trust. The owner passed away before some months before the purchase. I explained to QL that we fully owned the solar panels i.e: there is no lease on the solar panels. QL wants proof of ownership. Not sure how to go about it. I don't want this to derail the refi. Any thoughts?
Goal33
Posts: 2004
Joined: Sun Apr 12, 2015 12:30 pm

Re: Refinance Mega Thread

Post by Goal33 »

fourballs wrote: Thu Feb 25, 2021 9:44 pm
Goal33 wrote: Thu Feb 25, 2021 2:47 pm
fourballs wrote: Thu Feb 25, 2021 2:24 pm
revsk wrote: Thu Feb 25, 2021 11:39 am I locked with IM first week of Jan. at 2.375% true no cost loan. Long story short they slow walked it as rates increased. We even signed with a notary after some urging on my part and then then it didn't fund, didn't fund until the rate lock expired. This has been the experience of others based on reviews I'm now seeing. They're now offering me 2.75%. So...... beware.
This happened to me as well. Same timeline. We signed and then next day, they said there was a problem. It's probably my fault. I did have another refi going and IM said they had to see the closing statement from my other refi. But they could have said something BEFORE we went through the trouble of signing, as my other refi had been going for a while. So we learned our lesson. Don't do multiple refis at the same time. I lost the opportunity to lock with Loan Depot at 2.5% for 60 days.
So really they didn't want to give you a loan and see you turn around and refinance immediately after. That is rational.
No actually it doesn't. My other refi is for another house, if you are referring to that. At least from my last refi you have to wait six months before you can refi again or you pay back all their fees. And my rate was so low (2.375%), and rates have gone up since, so it wouldn't have made sense for me to refi again. IM just didn't want to do it.
Got it. I was missing that context. That is seriously unfortunate.
MBB_Boy
Posts: 899
Joined: Sat May 12, 2018 4:09 pm

Re: Refinance Mega Thread

Post by MBB_Boy »

FAR15 wrote: Thu Feb 25, 2021 9:48 am
MBB_Boy wrote: Wed Feb 24, 2021 10:49 am
FAR15 wrote: Tue Feb 23, 2021 3:55 pm Has anyone refinanced with Freedom Mortgage? Last year I refi’d my 30 year VA mortgage (to facilitate more extra payments) at 2.75% and soon my mortgage broker’s company sold them my mortgage. Recently Freedom contacted me and offered to do a rate reduction refi to 2.25%, all costs covered by lender credits, and maintain the existing maturity date. I am in the process of doing so; rate is locked and closing is anticipated April 2021. No surprises so far (need final CD to ensure) except for the fact that they unilaterally asked me if I want a lower rate. Freedom is apparently the highest volume VA lender in the US.
It isn't no cost - you have to pay the VA funding fee, which is a couple of grand. My last refi with Freedom never pointed this out, and it was missing on my LE and updated LE. First time it appeared was at the actual closing

I should have added that I have VA disability, which completely eliminates VA funding fees. That’s been the case for all my prior VA mortgages / refis.

Apart from the funding fee issue, how was your refi experience with Freedom?
Freedom has been good outside of that
Ernest74
Posts: 48
Joined: Mon Sep 28, 2020 4:47 pm

Re: Refinance Mega Thread

Post by Ernest74 »

cwied wrote: Wed Feb 24, 2021 11:05 am
Ernest74 wrote: Sun Feb 21, 2021 5:39 am Anyone getting better than 2.625 on a 30 without paying points?

TIA
I'm currently locked with LenderFi at 2.5% on a 30 year with a lender credit covering A+B+C+E+$100. I locked last week.
Thanks!
alfaspider
Posts: 4817
Joined: Wed Sep 09, 2015 4:44 pm

Re: Refinance Mega Thread

Post by alfaspider »

anon_investor wrote: Thu Feb 25, 2021 11:40 pm
manatee2005 wrote: Thu Feb 25, 2021 6:33 pm It was fun while it lasted. Rates are now 1 point higher than what I refinanced in Nov 2020.
Yeah... the gravy train is over...
Yep. I locked my rate in mid December and closed in mid-January. Glad I did, as I think I got the last train out of town for a refi. Maybe now I can start getting some actual interest on my cash soon :moneybag
User avatar
grogu
Posts: 258
Joined: Thu Jan 21, 2021 11:36 pm

Re: Refinance Mega Thread

Post by grogu »

So if you lock in for 60 days, interest rates rise, and the lender decides it doesn't want to honor the rate, it can just intentionally "run out the clock" on your application, and you're screwed?

Loan Cabin closed with me about 3 months after my initial rate expired, but to their credit, throughout the process they kept telling me that if the delay was due to their fault (which it was), I didn't have to worry and they would still honor the original rate (and they did).
2quiker
Posts: 64
Joined: Sun May 10, 2020 12:39 pm

Re: Refinance Mega Thread

Post by 2quiker »

AnnabEllie wrote: Thu Feb 25, 2021 9:41 pm
2quiker wrote: Thu Feb 25, 2021 6:31 pm Currently refinanced and my initial payment is due March 1st. I got a letter stating Effective 3/8/2021 the servicing of your loan will be transferred.
So from my understanding I still make my March 1st payment to my current lender then in April make my payment to the new servicing company. My question is, if make my payment for March 1st to my current lender and not make another one till April 1st can/will the new servicing company say I didn't make my March payment?
I'm in a similar situation. I also got a letter from the new servicer that specifically mentioned that my first payment to them would be April 1. Also, I already have other accounts with the new servicer (Chase) and the mortgage showed up in my online account with the balance already taking into account the first payment (Current balance is $519172 with Better/TMS, Chase shows balance as $518181ish and says first payment due 4/1).

Even if they do make some mistake, there is a 60 day grace period after transfer of loan servicing to sort out these types of issues where they can't report late payments due to payment going to wrong servicer, etc.
Thanks for the replay. I have a feeling if make my March payment with my current lender the new lender will want a March payment as well. I don't want to make a double payment if I don't have to.
heatitup99
Posts: 3
Joined: Fri Feb 26, 2021 10:00 am

Re: Refinance Mega Thread

Post by heatitup99 »

MindBogler wrote: Wed Feb 24, 2021 11:19 am I'm just about to close a no cost 2.25% 30yr refi through BNC. I could have taken 2.125% but that would've required cash to close. LTV is roughly 40%.
Mind me asking how the process went? I am locked in with them for a jumbo refi @ 3.00% with lender credits covering all costs and $1800 of prepaids. I locked on 2/5, appraisal was 2/18 and all paperwork/docs/certs have been submitted.

Curious how long yours took from start to finish, and if there were any hiccups. I'm not using a lawyer, so curious how the closing process works during COVID.
AnnabEllie
Posts: 14
Joined: Tue Jun 30, 2020 6:37 pm

Re: Refinance Mega Thread

Post by AnnabEllie »

2quiker wrote: Fri Feb 26, 2021 9:32 am
AnnabEllie wrote: Thu Feb 25, 2021 9:41 pm
2quiker wrote: Thu Feb 25, 2021 6:31 pm Currently refinanced and my initial payment is due March 1st. I got a letter stating Effective 3/8/2021 the servicing of your loan will be transferred.
So from my understanding I still make my March 1st payment to my current lender then in April make my payment to the new servicing company. My question is, if make my payment for March 1st to my current lender and not make another one till April 1st can/will the new servicing company say I didn't make my March payment?
I'm in a similar situation. I also got a letter from the new servicer that specifically mentioned that my first payment to them would be April 1. Also, I already have other accounts with the new servicer (Chase) and the mortgage showed up in my online account with the balance already taking into account the first payment (Current balance is $519172 with Better/TMS, Chase shows balance as $518181ish and says first payment due 4/1).

Even if they do make some mistake, there is a 60 day grace period after transfer of loan servicing to sort out these types of issues where they can't report late payments due to payment going to wrong servicer, etc.
Thanks for the replay. I have a feeling if make my March payment with my current lender the new lender will want a March payment as well. I don't want to make a double payment if I don't have to.
You definitely don't have to make the payment twice. FWIW, Better/TMS says the transfer of my servicing is effective 3/5 but I am to pay the March payment to them and April/subsequent to new servicer, Chase.

Depending on how your current servicer handles these types of transfers, they might forward the payment to the new servicer or have already built it in expecting you will make the March payment to them. I wouldn't worry about it too much, they deal with this every day. There are lots of mortgage servicer horror stories, because who writes a positive review for their servicer (they take my payment and it all goes smooth...)? But the vast majority of these transactions are handled simply and correctly.
2quiker
Posts: 64
Joined: Sun May 10, 2020 12:39 pm

Re: Refinance Mega Thread

Post by 2quiker »

AnnabEllie wrote: Fri Feb 26, 2021 11:44 am
2quiker wrote: Fri Feb 26, 2021 9:32 am
AnnabEllie wrote: Thu Feb 25, 2021 9:41 pm
2quiker wrote: Thu Feb 25, 2021 6:31 pm Currently refinanced and my initial payment is due March 1st. I got a letter stating Effective 3/8/2021 the servicing of your loan will be transferred.
So from my understanding I still make my March 1st payment to my current lender then in April make my payment to the new servicing company. My question is, if make my payment for March 1st to my current lender and not make another one till April 1st can/will the new servicing company say I didn't make my March payment?
I'm in a similar situation. I also got a letter from the new servicer that specifically mentioned that my first payment to them would be April 1. Also, I already have other accounts with the new servicer (Chase) and the mortgage showed up in my online account with the balance already taking into account the first payment (Current balance is $519172 with Better/TMS, Chase shows balance as $518181ish and says first payment due 4/1).

Even if they do make some mistake, there is a 60 day grace period after transfer of loan servicing to sort out these types of issues where they can't report late payments due to payment going to wrong servicer, etc.
Thanks for the replay. I have a feeling if make my March payment with my current lender the new lender will want a March payment as well. I don't want to make a double payment if I don't have to.
You definitely don't have to make the payment twice. FWIW, Better/TMS says the transfer of my servicing is effective 3/5 but I am to pay the March payment to them and April/subsequent to new servicer, Chase.

Depending on how your current servicer handles these types of transfers, they might forward the payment to the new servicer or have already built it in expecting you will make the March payment to them. I wouldn't worry about it too much, they deal with this every day. There are lots of mortgage servicer horror stories, because who writes a positive review for their servicer (they take my payment and it all goes smooth...)? But the vast majority of these transactions are handled simply and correctly.
I went ahead and sent my March payment and make my April payment at the end of March to the new loan company. I will keep an eye on it.
Old Guy
Posts: 662
Joined: Mon Mar 19, 2012 7:20 am
Location: On the beach in SC. Hilton Head Island.

Re: Refinance Mega Thread

Post by Old Guy »

I settled with Lender Fi on February 25 at 2.5%. The Amrock representative was the same attorney that Amrock used for our Chase re-fi in 2019. The prepaid‘s were taken out of my Fidelity account today.
MindBogler
Posts: 1446
Joined: Wed Apr 17, 2013 12:05 pm

Re: Refinance Mega Thread

Post by MindBogler »

heatitup99 wrote: Fri Feb 26, 2021 10:03 am Mind me asking how the process went? I am locked in with them for a jumbo refi @ 3.00% with lender credits covering all costs and $1800 of prepaids. I locked on 2/5, appraisal was 2/18 and all paperwork/docs/certs have been submitted.
I'm not quite done with the process. Currently sitting in underwriting and don't expect any issues there. I was told 4-6 weeks to close and we appear to be right on schedule. I have no idea how they will handle closing. It'd be great if they could DocuSign, but I don't know if that is even a thing for mortgage closings. Last year when I refi'd they sent a mobile notary to our home.
jesmithiv
Posts: 1
Joined: Fri Feb 26, 2021 7:04 pm

Re: Refinance Mega Thread

Post by jesmithiv »

I just had a terrible experience with AIMLoan, who canceled the closing literally at the time it was scheduled because they never found an attorney. Then they wanted to redo half the application documentation. I finally just had to walk away.

Has anyone had a good experience with a virtual bank refi lately? AIMLoan was smooth until actual humans needed to meet. Then they kinda fell apart.
nakatomi
Posts: 67
Joined: Thu Feb 11, 2016 1:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

I'm close to Final Approval on my refi with Aimloan. I noticed on my most recent LE that the Payoff Amount was about $3k higher than the amount I owe on my current mortgage.

This amount seemed high, so I dug into it a little. Seems like my current lender (PNC) is charging interest from the date of the last payment to the estimated closing date (Feb 1 to Mar 19). However, since I'm not slated to close till sometime in March, I expect to make my regular payment to PNC on Mar 1.

I assume that they should then adjust the interest charged for the loan payoff so I'm not paying two different interest amounts - is that correct?
I'm assuming PNC would refund me excess interest in this situation but I want to ask if others have had similar experiences with high payoff amounts and payments during the refi process.

(I plan to call PNC again to confirm this but they've closed for the weekend already so thought I'd ask the forum while I wait).
nakatomi
Posts: 67
Joined: Thu Feb 11, 2016 1:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

jesmithiv wrote: Fri Feb 26, 2021 7:11 pm I just had a terrible experience with AIMLoan, who canceled the closing literally at the time it was scheduled because they never found an attorney. Then they wanted to redo half the application documentation. I finally just had to walk away.

Has anyone had a good experience with a virtual bank refi lately? AIMLoan was smooth until actual humans needed to meet. Then they kinda fell apart.
Can you share why Aimloan wanted to redo the application? I'm in the middle of a refi with them so hoping that I don't run into any last second snags.
CorradoJr
Posts: 302
Joined: Thu Apr 26, 2012 10:03 am

Re: Refinance Mega Thread

Post by CorradoJr »

Can anyone provide a sanity check for my loan closing with LenderFi? The closing costs have gone up 2 times and I will be closing on Monday. From what I can tell, the loan terms have remained the same each time (2.875% on a 30 year fixed for the same loan amount) and it seems it's just the prepaid portion that is changing.

First estimate breakdown:
D + E = 1589
F prepaids + G Initial Escrow = 2760 (includes 10 months of Homeowner's Insurance and 2 months of property tax)
Lender Credits = 1589

Estimated Closing Costs = 2760
Estimated Cash to Close = 2760


Closing Disclosure:
D + E = 1348
F prepaids + G Initial Escrow = 4349 (includes 14 months of Homeowner's Insurance, 12 months of property tax, 7 months of School Taxes, and -50 of prepaid interest)
Lender Credits = 1589

Estimated Closing Costs = 4108
Estimated Cash to Close = 4796


Final Closing Disclosure:
D + E = 1344
F prepaids + G Initial Escrow = 5479 (includes 15 months of Homeowner's Insurance, 13 months of property tax, 8 months of School Taxes)
Lender Credits = 1589

Estimated Closing Costs = 5234
Estimated Cash to Close = 5861

I realize things in a refinance change as the loan processor gets new/updated data on the payoff amounts, taxes, insurance, etc. but it seems the first estimate was way way off. Who's fault it that and is this normal? When will I recoup the prepaid amounts if my new loan does not start until 5/1?

In other news, I've been very pleased with LenderFi and things have moved very quickly. Started on 2/9, will close on 3/1, and loan will fund on 3/5.
JHC
Posts: 24
Joined: Sat Jan 18, 2020 8:17 am

Re: Refinance Mega Thread

Post by JHC »

Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
JCK
Posts: 18
Joined: Thu Dec 24, 2020 10:17 am

Re: Refinance Mega Thread

Post by JCK »

nakatomi wrote: Fri Feb 26, 2021 8:20 pm I'm close to Final Approval on my refi with Aimloan. I noticed on my most recent LE that the Payoff Amount was about $3k higher than the amount I owe on my current mortgage.

This amount seemed high, so I dug into it a little. Seems like my current lender (PNC) is charging interest from the date of the last payment to the estimated closing date (Feb 1 to Mar 19). However, since I'm not slated to close till sometime in March, I expect to make my regular payment to PNC on Mar 1.

I assume that they should then adjust the interest charged for the loan payoff so I'm not paying two different interest amounts - is that correct?
I'm assuming PNC would refund me excess interest in this situation but I want to ask if others have had similar experiences with high payoff amounts and payments during the refi process.

(I plan to call PNC again to confirm this but they've closed for the weekend already so thought I'd ask the forum while I wait).
Had similar timing/situation with an AIMLoan refinance last year. You should get refunded the overpayment amount from your old lender after closing.

Can you get a payoff statement yourself after your March 1 payments gets posted? That might help get them to reduce the payoff amount at closing.
JCK
Posts: 18
Joined: Thu Dec 24, 2020 10:17 am

Re: Refinance Mega Thread

Post by JCK »

CorradoJr wrote: Fri Feb 26, 2021 9:36 pm Can anyone provide a sanity check for my loan closing with LenderFi? The closing costs have gone up 2 times and I will be closing on Monday. From what I can tell, the loan terms have remained the same each time (2.875% on a 30 year fixed for the same loan amount) and it seems it's just the prepaid portion that is changing.

First estimate breakdown:
D + E = 1589
F prepaids + G Initial Escrow = 2760 (includes 10 months of Homeowner's Insurance and 2 months of property tax)
Lender Credits = 1589

Estimated Closing Costs = 2760
Estimated Cash to Close = 2760


Closing Disclosure:
D + E = 1348
F prepaids + G Initial Escrow = 4349 (includes 14 months of Homeowner's Insurance, 12 months of property tax, 7 months of School Taxes, and -50 of prepaid interest)
Lender Credits = 1589

Estimated Closing Costs = 4108
Estimated Cash to Close = 4796


Final Closing Disclosure:
D + E = 1344
F prepaids + G Initial Escrow = 5479 (includes 15 months of Homeowner's Insurance, 13 months of property tax, 8 months of School Taxes)
Lender Credits = 1589

Estimated Closing Costs = 5234
Estimated Cash to Close = 5861

I realize things in a refinance change as the loan processor gets new/updated data on the payoff amounts, taxes, insurance, etc. but it seems the first estimate was way way off. Who's fault it that and is this normal? When will I recoup the prepaid amounts if my new loan does not start until 5/1?

In other news, I've been very pleased with LenderFi and things have moved very quickly. Started on 2/9, will close on 3/1, and loan will fund on 3/5.
Do you have large annual payments coming up very soon after closing that LenderFi wasn’t aware of when you locked?
nakatomi
Posts: 67
Joined: Thu Feb 11, 2016 1:41 pm

Re: Refinance Mega Thread

Post by nakatomi »

JCK wrote: Sat Feb 27, 2021 9:43 am Can you get a payoff statement yourself after your March 1 payments gets posted? That might help get them to reduce the payoff amount at closing.
Thanks, I will request that.
revsk
Posts: 10
Joined: Fri Jan 08, 2021 1:39 pm

Re: Refinance Mega Thread

Post by revsk »

JHC wrote: Fri Feb 26, 2021 10:53 pm Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
This is pretty much my exact experience. Originally 2.375% locked Jan. 4. Now offering 2.75% and nobody else can get close with rates having gone up. Signing (again) Monday. Hopefully it will close and fund.... It's better than nothing but I'll always feel like I could have had a better rate and it got away (insert fishing analogy here).
CorradoJr
Posts: 302
Joined: Thu Apr 26, 2012 10:03 am

Re: Refinance Mega Thread

Post by CorradoJr »

JCK wrote: Sat Feb 27, 2021 9:46 am
CorradoJr wrote: Fri Feb 26, 2021 9:36 pm Can anyone provide a sanity check for my loan closing with LenderFi? The closing costs have gone up 2 times and I will be closing on Monday. From what I can tell, the loan terms have remained the same each time (2.875% on a 30 year fixed for the same loan amount) and it seems it's just the prepaid portion that is changing.

First estimate breakdown:
D + E = 1589
F prepaids + G Initial Escrow = 2760 (includes 10 months of Homeowner's Insurance and 2 months of property tax)
Lender Credits = 1589

Estimated Closing Costs = 2760
Estimated Cash to Close = 2760


Closing Disclosure:
D + E = 1348
F prepaids + G Initial Escrow = 4349 (includes 14 months of Homeowner's Insurance, 12 months of property tax, 7 months of School Taxes, and -50 of prepaid interest)
Lender Credits = 1589

Estimated Closing Costs = 4108
Estimated Cash to Close = 4796


Final Closing Disclosure:
D + E = 1344
F prepaids + G Initial Escrow = 5479 (includes 15 months of Homeowner's Insurance, 13 months of property tax, 8 months of School Taxes)
Lender Credits = 1589

Estimated Closing Costs = 5234
Estimated Cash to Close = 5861

I realize things in a refinance change as the loan processor gets new/updated data on the payoff amounts, taxes, insurance, etc. but it seems the first estimate was way way off. Who's fault it that and is this normal? When will I recoup the prepaid amounts if my new loan does not start until 5/1?

In other news, I've been very pleased with LenderFi and things have moved very quickly. Started on 2/9, will close on 3/1, and loan will fund on 3/5.
Do you have large annual payments coming up very soon after closing that LenderFi wasn’t aware of when you locked?
JCK, looking at last year's bills and upcoming this year, I have a property tax bill (roughly $2200) due March 31st. Could that be the reason?
lamdan
Posts: 24
Joined: Wed Feb 17, 2021 3:22 pm

Re: Refinance Mega Thread

Post by lamdan »

In the process of a refi with Better.com. They gave me a 30 day lock around 1.5 weeks ago, but i feel like my LO is dragging his feet on me. Could it be they are trying to run out the clock on me since rates have jumped since? any tips on how to deal?
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

lamdan wrote: Sat Feb 27, 2021 7:29 pm In the process of a refi with Better.com. They gave me a 30 day lock around 1.5 weeks ago, but i feel like my LO is dragging his feet on me. Could it be they are trying to run out the clock on me since rates have jumped since? any tips on how to deal?
Are you in under writing?
strafe
Posts: 1071
Joined: Sat Mar 03, 2007 11:49 am

Re: Refinance Mega Thread

Post by strafe »

JHC wrote: Fri Feb 26, 2021 10:53 pm Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
Thank you for sharing your experience. It may help others avoid bait and switch tactics. A reputable company would either honor their commitment or would stop accepting applications when overextended. No excuse for this.

Who knows what rates will do in the next few months? If you have the opportunity to refi again in the next 6mo you should consider doing so.
JHC
Posts: 24
Joined: Sat Jan 18, 2020 8:17 am

Re: Refinance Mega Thread

Post by JHC »

strafe wrote: Sat Feb 27, 2021 7:43 pm
JHC wrote: Fri Feb 26, 2021 10:53 pm Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
Thank you for sharing your experience. It may help others avoid bait and switch tactics. A reputable company would either honor their commitment or would stop accepting applications when overextended. No excuse for this.

Who knows what rates will do in the next few months? If you have the opportunity to refi again in the next 6mo you should consider doing so.
Thanks, I hope it is helpful to someone. And yes, I may consider refinancing again later this year if rates drop again, but the way things are going it is seeming unlikely that I'll be able to beat the rate that IM eventually was able to close with.
lamdan
Posts: 24
Joined: Wed Feb 17, 2021 3:22 pm

Re: Refinance Mega Thread

Post by lamdan »

anon_investor wrote: Sat Feb 27, 2021 7:34 pm
lamdan wrote: Sat Feb 27, 2021 7:29 pm In the process of a refi with Better.com. They gave me a 30 day lock around 1.5 weeks ago, but i feel like my LO is dragging his feet on me. Could it be they are trying to run out the clock on me since rates have jumped since? any tips on how to deal?
Are you in under writing?
Think so . My online dashboard says title is all wrapped up, and waiting for financial aproval. But that was done by the 22nd but havent heard or seen anything new since.
Kaymaza
Posts: 41
Joined: Thu Dec 21, 2017 4:29 pm

Re: Refinance Mega Thread

Post by Kaymaza »

Hey everyone I currently have a mortgage at a 30 year fixed term at 4.125% with $281,272 left. I'm looking to refinance and I'm looking at 2 options:

1) Loan amount of $290,147 at a 30 year fixed rate at 2.625% with closing costs of $3 (Much of the closing costs have already been rolled into the new loan balance). Total savings cost would be $23,931 at 10 years according to the Zillow refinance calculator.

2) Loan amount of $288,633 at a 30 year fixed rate at 2.75% with no closing costs (Much of the closing costs have also already been rolled into the new balance). Total savings cost would be $22,368 at 10 years according to the Zillow refinance calculator.

Because of the cost savings at 10 years I'm leaning towards option 1 with the 30 year fixed rate term at 2.625%. I've heard from others that it's better to take a higher interest rate with $0 in closing costs but looking at the cost savings 10 years down the line it looks like I would come out ahead if I opted for the lower interest rate but higher closing costs. Wanted to get some input from everyone here thanks!
Last edited by Kaymaza on Sat Feb 27, 2021 10:24 pm, edited 1 time in total.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

lamdan wrote: Sat Feb 27, 2021 9:59 pm
anon_investor wrote: Sat Feb 27, 2021 7:34 pm
lamdan wrote: Sat Feb 27, 2021 7:29 pm In the process of a refi with Better.com. They gave me a 30 day lock around 1.5 weeks ago, but i feel like my LO is dragging his feet on me. Could it be they are trying to run out the clock on me since rates have jumped since? any tips on how to deal?
Are you in under writing?
Think so . My online dashboard says title is all wrapped up, and waiting for financial aproval. But that was done by the 22nd but havent heard or seen anything new since.
With only 1.5 weeks past so I am not sure that qualifies as the LO dragging his fee. But, I would probably just keep calling/emailing the LO.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Refinance Mega Thread

Post by anon_investor »

Kaymaza wrote: Sat Feb 27, 2021 10:18 pm Hey everyone I currently have a mortgage at a 30 year fixed term at 4.125% with $281,272 left. I'm looking to refinance and I'm looking at 2 options:

1) Loan amount of $290,147 at a 30 year fixed rate at 2.625% with closing costs of $3 (Much of the closing costs have already been rolled into the new loan balance). Total savings cost would be $24,023 at 10 years according to the Zillow refinance calculator.

2) Loan amount of $288,633 at a 30 year fixed rate at 2.75% with no closing costs (Much of the closing costs have also already been rolled into the new balance). Total savings cost would be $22,368 at 10 years according to the Zillow refinance calculator.

Because of the cost savings at 10 years I'm leaning towards option 1 with the 30 year fixed rate term at 2.625%. I've heard from others that it's better to take a higher interest rate with $0 in closing costs but looking at the cost savings 10 years down the line it looks like I would come out ahead if I opted for the lower interest rate but higher closing costs. Wanted to get some input from everyone here thanks!
How much are the costs being rolled into the loan?
Kaymaza
Posts: 41
Joined: Thu Dec 21, 2017 4:29 pm

Re: Refinance Mega Thread

Post by Kaymaza »

anon_investor wrote: Sat Feb 27, 2021 10:20 pm
Kaymaza wrote: Sat Feb 27, 2021 10:18 pm Hey everyone I currently have a mortgage at a 30 year fixed term at 4.125% with $281,272 left. I'm looking to refinance and I'm looking at 2 options:

1) Loan amount of $290,147 at a 30 year fixed rate at 2.625% with closing costs of $3 (Much of the closing costs have already been rolled into the new loan balance). Total savings cost would be $24,023 at 10 years according to the Zillow refinance calculator.

2) Loan amount of $288,633 at a 30 year fixed rate at 2.75% with no closing costs (Much of the closing costs have also already been rolled into the new balance). Total savings cost would be $22,368 at 10 years according to the Zillow refinance calculator.

Because of the cost savings at 10 years I'm leaning towards option 1 with the 30 year fixed rate term at 2.625%. I've heard from others that it's better to take a higher interest rate with $0 in closing costs but looking at the cost savings 10 years down the line it looks like I would come out ahead if I opted for the lower interest rate but higher closing costs. Wanted to get some input from everyone here thanks!
How much are the costs being rolled into the loan?
With the 30 year fixed rate at 2.625% total closing costs would be $9,651. For the 30 year fixed rate 2.75% total closing costs would be $5,077.
lamdan
Posts: 24
Joined: Wed Feb 17, 2021 3:22 pm

Re: Refinance Mega Thread

Post by lamdan »

anon_investor wrote: Sat Feb 27, 2021 10:19 pm
lamdan wrote: Sat Feb 27, 2021 9:59 pm
anon_investor wrote: Sat Feb 27, 2021 7:34 pm
lamdan wrote: Sat Feb 27, 2021 7:29 pm In the process of a refi with Better.com. They gave me a 30 day lock around 1.5 weeks ago, but i feel like my LO is dragging his feet on me. Could it be they are trying to run out the clock on me since rates have jumped since? any tips on how to deal?
Are you in under writing?
Think so . My online dashboard says title is all wrapped up, and waiting for financial aproval. But that was done by the 22nd but havent heard or seen anything new since.
With only 1.5 weeks past so I am not sure that qualifies as the LO dragging his fee. But, I would probably just keep calling/emailing the LO.
'cause rate lock expires March 22
dead4life
Posts: 9
Joined: Thu Jan 14, 2021 2:29 pm

Re: Refinance Mega Thread

Post by dead4life »

JHC wrote: Fri Feb 26, 2021 10:53 pm Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
Wow, looks like I got lucky and was one of the last ones on the train. Closed with Interactive Mortgage at 2.375% on 1/23 and funded 1/28.
kir_royale
Posts: 40
Joined: Fri Jun 27, 2014 5:31 pm

Re: Refinance Mega Thread

Post by kir_royale »

JHC wrote: Fri Feb 26, 2021 10:53 pm Similar to other reports I've read here recently, I just had a bit of a bad experience on a refinance with Interactive Mortgage.

Loan Amount: 580k
Value of Home: ~1M+ (to be able to waive appraisal, they just put $999k on the paperwork)

Here's the basic timeline, I'll leave out all the instances that I attempted to nudge my LO into action (let's just say there were a lot of them from start to finish):

Jan 5th: locked a true no cost 30 yr fixed refi at 2.375%, with a 30 day lock
Jan 20th: received an email from IM saying the loan was 'conditionally approved' and that 'Your Processor will reach out to you in the next 7-14 days to go over your approval and discuss the signing of final loan documents'
Jan 26th-Feb 2nd: me sending a bunch of emails and text to my LO, him telling me 'don't worry, be patient, you're good'
Feb 3rd: LO emails me saying the rate lock is going to expire and they aren't going to be able to close in time because they have a back up in processing. Their only offer is to re-lock at their current rate...of 2.65%. I ask if they will extend the lock at their cost because this delay is 100% on them, he says nothing he can do. I'm not happy, start shopping with other companies, but obviously rates have gone up everywhere.
Feb 4th: Next morning the LO from IM reaches back out and says they still can't extend my rate lock, but they can do a true no cost 30 yr fixed at 2.5%, which is better than their current rate of 2.65%. FWIW, my LO told me that the day my rate lock was expiring they had literally 200+ other refinances that were suffering the same fate.

OK, to wrap it up /make a long story short, I couldn't find another lender that could match what IM was offering, so I ended up taking it, even though I really didn't want to be working with them any longer. They did manage to close the loan (funded last week Friday, Feb 19th), so all things considered it could have gone worse. My best advice for anyone considering IM: insist on a 60 day rate lock and stay on top of your LO.
Same experience with IM. Locked on 1/11 with a 30 year fixed for 2.5%. Loan processor at some point leaves company. I contact them about our appraisal and they said our area is too busy, so the earliest is 2/18, but did not advise me that we would be out of the lock period. After the appraisal, IM notifies me that my lock rate is no good and it is now 2.8%. 2.8% is still way better than our current rate for our large mortgage, so we're moving forward, but these refinance companies are super shady IMO. We worked with LenderFi last year and they gave us an appraisal that was $100k less in order to move us into a higher LTV. We jumped to Better and got basically the same rate last year, but Better wasn't competitive this year.
gma
Posts: 9
Joined: Fri Oct 29, 2010 1:32 pm

Re: Refinance Mega Thread

Post by gma »

Since I found this thread very useful, I just wanted to add my experience. Recently closed a refinance with better.com.
My details:
California, Loan amount: $526,622
LTV: 66%, Appraisal was waived, no escrow
Rate: 30-year fixed 2.75% locked (60-day) on 1/23/21
Loan costs (D+E) = $1,388
Credits given: $4,466
Date funded: 2/25/21 (The Money Source)

As you can see from the dates, it took about 30 days from start to finish, process was very easy, you pretty much do everything online (I always submitted whatever they asked for within 24 hours) other than the notary visit. Was pleasantly surprised with the waived appraisal and very happy with the whole process. I could have gotten a slightly better rate (2.625% with about a $2,000 credit?) but I chose to take the larger up front credit instead. The only other place I did a comparison against was lenderfi, since these two seemed to give competitive quotes with minimal information and better.com was more generous in their credits.
Post Reply