Refinance Mega Thread

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grogu
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Re: Refinance Mega Thread

Post by grogu »

BrandonBogle wrote: Tue Jul 20, 2021 5:44 pm
grogu wrote: Tue Jul 20, 2021 5:37 pm Is this an accurate summary of Better's rules for serial refinancing:

1. There is no official rule for beginning a new refinance with them immediately after a previous closing, and you may get lucky and be able to start another one (and capture additional net lender credits) right away. On the other hand, they may tell you you need to wait 6 months. Would they tell which applies before they run a credit check?

2. There is definitely (?) a 6-month waiting period in order to obtain a second $2k AMEX credit (unless you try to get the credit with Rocket). Or is the AMEX credit for the current deal (which runs until Dec 2022) one-time only?
1. They typically tell this after the hard credit check / when you lock your rate.

2. Even though it is a promotional credit for Amex cardholders, Rocket has no bearing on Better. You are just refinancing elsewhere on a different promotion as these are driven and paid by the lender, not Amex. You can get the same promo more than once, assuming 6 months or more pass between closings.
OK, so I go to the website, enter in the basic info and get preliminary rates (which BTW, are worse than what I just refinanced to a few weeks ago, so this may be a hypothetical exercise). Then I do the soft check and firm things up. Then, I consent to run a hard credit check. At that point they'll either tell me (1) you're good to go, or (2) you just refinanced with us yesterday, you can't close for 179 more days. If #2, will they still start the process and everyone just takes their time over the next 6 months, or do they not even talk to me again until the 6 months is up (or does it vary)? Also if #2, could the second $2k AMEX credit be in the hopper while I wait and be ready to go 180 days after my last closing, or would I have to wait 6 months after closing to apply for another one of those?
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Lee_WSP
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Re: Refinance Mega Thread

Post by Lee_WSP »

Think it's worth it to get an Amex just for the statement credit? :oops: :sharebeer
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Lee_WSP wrote: Tue Jul 20, 2021 6:51 pm Think it's worth it to get an Amex just for the statement credit? :oops: :sharebeer
That's my plan. Gotta find one with a good promo and have DW sign up to get those points too. None of the promos are that great for me since I'd prefer cash/statement credit rather than travel rewards.
FS51
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Re: Refinance Mega Thread

Post by FS51 »

I've refi'd twice with Lenderfi and have been happy with their speed but their current rates are not very competitive. Better.com does not service my state. Has anyone worked with AmeriSave? They seem to have the best, no fee, rates on bankrate.com. With Lenderfi, I've always done true no-cost refis and would want to do the same this time. AmeriSave anyone?

Thanks!
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

FS51 wrote: Tue Jul 20, 2021 6:59 pm I've refi'd twice with Lenderfi and have been happy with their speed but their current rates are not very competitive. Better.com does not service my state. Has anyone worked with AmeriSave? They seem to have the best, no fee, rates on bankrate.com. With Lenderfi, I've always done true no-cost refis and would want to do the same this time. AmeriSave anyone?

Thanks!
I did one refi with them a few years ago. Nixed them the last time because they wouldn't lock until you had been approved...what kind of circus are they running over there.
Futureplanner
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Re: Refinance Mega Thread

Post by Futureplanner »

What’s the best free amex
Credit card? Probably should get one.
frugalNY
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Re: Refinance Mega Thread

Post by frugalNY »

This is an amazing thread! Thanks to the OP and to all the contributors of this thread.

I did a no-cost refinance last August to a 30 yr fixed at 3%. As the rate is dropping lately, I’m planning to try to do another refi soon if all stars align :) A no-cost refi with a rate of 2.75 or below would probably be worth the effort I think. I need your recommendations on which lenders to target for my specific loan. Even better – please PM me if you have a LO I can connect with.

That said, here is my loan info:
Location: Nassau County, NY
Current Loan Term: 30 year fixed
Current Int Rate: 3%
Current Loan Amount: 660K
Home value: 1.2m
(happy to provide additional info as needed)

Thanks in advance,
frugalNY
bws
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Re: Refinance Mega Thread

Post by bws »

frugalNY wrote: Tue Jul 20, 2021 7:10 pm This is an amazing thread! Thanks to the OP and to all the contributors of this thread.

I did a no-cost refinance last August to a 30 yr fixed at 3%. As the rate is dropping lately, I’m planning to try to do another refi soon if all stars align :) A no-cost refi with a rate of 2.75 or below would probably be worth the effort I think. I need your recommendations on which lenders to target for my specific loan. Even better – please PM me if you have a LO I can connect with.

That said, here is my loan info:
Location: Nassau County, NY
Current Loan Term: 30 year fixed
Current Int Rate: 3%
Current Loan Amount: 660K
Home value: 1.2m
(happy to provide additional info as needed)

Thanks in advance,
frugalNY
Better and Lenderfi are the top 2 for me.
Run your info on both those sites and Bankrate
Like many others Better matched the Bankrate rate for me which was much better than their own website.
Don't forget the AMEX credit too with Better.

Good luck.
Dmody91
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Re: Refinance Mega Thread

Post by Dmody91 »

Not a refinance but this thread has helped me tremendously in learning the game so just wanted to thank people for posting here.

Rates are great right now...was able to land 2.625% on a 30 year with 800$ in closing costs (2400$ lender credit) on a new build that closes in September. We are doing a 60 day lock, if I were 30 days out then it would have been 2.5%.

We are getting right back to the historic lows from January 2021.
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Cobra Commander
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Re: Refinance Mega Thread

Post by Cobra Commander »

Bankrate is jacked up for me. Better shows a 2.25% with$4.5k fees and 2.375% with $6.5k fees. Makes no sense at all.
tj
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Re: Refinance Mega Thread

Post by tj »

Cobra Commander wrote: Tue Jul 20, 2021 8:05 pm Bankrate is jacked up for me. Better shows a 2.25% with$4.5k fees and 2.375% with $6.5k fees. Makes no sense at all.
Yeah I've seen some similarly weird pricing too. Obviously you should only screenshot the one that you want matched (e.g. the favorable one.)
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

I’m looking over my LE from Better. I am NOT escrowing, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Last edited by gac1979 on Tue Jul 20, 2021 9:20 pm, edited 1 time in total.
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Alto Astral
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Re: Refinance Mega Thread

Post by Alto Astral »

gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
Yup, over 800. They matched a rate from Bankrate, but I’m hesitant to lock before it the prepaids get fixed.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm
Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I’m not completely following. If I don’t escrow, what does the fact that the loan gets sold/transferred (vs not being sold) have to do with me making the payment on time?
tj
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Re: Refinance Mega Thread

Post by tj »

gac1979 wrote: Tue Jul 20, 2021 9:29 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm
Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I’m not completely following. If I don’t escrow, what does the fact that the loan gets sold/transferred (vs not being sold) have to do with me making the payment on time?
You missed the first sentence. Fannie Mae said so.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

tj wrote: Tue Jul 20, 2021 9:31 pm
gac1979 wrote: Tue Jul 20, 2021 9:29 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm
Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I’m not completely following. If I don’t escrow, what does the fact that the loan gets sold/transferred (vs not being sold) have to do with me making the payment on time?
You missed the first sentence. Fannie Mae said so.
And you missed the second part of the sentence - the reason for the requirement. And that concern of missing the payment during a transfer is not pertinent if you don’t escrow.
Last edited by gac1979 on Tue Jul 20, 2021 9:34 pm, edited 1 time in total.
av111
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Re: Refinance Mega Thread

Post by av111 »

Locked 7/6 arm at 2.625 at Ally with 16k lender credit. Loan amount 1.8m 75% LTV. If you have seen better offers, please post because we can cancel this before appraiser comes
AV111
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gac1979 wrote: Tue Jul 20, 2021 9:33 pm
tj wrote: Tue Jul 20, 2021 9:31 pm
gac1979 wrote: Tue Jul 20, 2021 9:29 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm
Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I’m not completely following. If I don’t escrow, what does the fact that the loan gets sold/transferred (vs not being sold) have to do with me making the payment on time?
You missed the first sentence. Fannie Mae said so.
And you missed the second part of the sentence reason for the requirement. And that concern of missing the payment during a transfer is not pertinent if you don’t escrow.
While the homeowner is responsible for making these payments, the mortgage note will state that the lender has a vested interest in this and if the homeowner is not responsibly managing such payments, an escrow will be imposed. Guess who does the monitoring?…
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truenyer
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Post by truenyer »

tj wrote: Tue Jul 20, 2021 8:21 pm
Cobra Commander wrote: Tue Jul 20, 2021 8:05 pm Bankrate is jacked up for me. Better shows a 2.25% with$4.5k fees and 2.375% with $6.5k fees. Makes no sense at all.
Yeah I've seen some similarly weird pricing too. Obviously you should only screenshot the one that you want matched (e.g. the favorable one.)
AND make sure your screenshot has the inputs that got you that rate result on bankrate.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Tue Jul 20, 2021 9:34 pm
gac1979 wrote: Tue Jul 20, 2021 9:33 pm
tj wrote: Tue Jul 20, 2021 9:31 pm
gac1979 wrote: Tue Jul 20, 2021 9:29 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm

I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I’m not completely following. If I don’t escrow, what does the fact that the loan gets sold/transferred (vs not being sold) have to do with me making the payment on time?
You missed the first sentence. Fannie Mae said so.
And you missed the second part of the sentence reason for the requirement. And that concern of missing the payment during a transfer is not pertinent if you don’t escrow.
While the homeowner is responsible for making these payments, the mortgage note will state that the lender has a vested interest in this and if the homeowner is not responsibly managing such payments, an escrow will be imposed. Guess who does the monitoring?…
So even though I am not escrowing, an escrow will be forced on me for my property taxes, which aren’t due until October 15th?
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BrandonBogle
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Post by BrandonBogle »

BrandonBogle wrote: Tue Jul 20, 2021 9:34 pm
gac1979 wrote: Tue Jul 20, 2021 9:33 pm And you missed the second part of the sentence reason for the requirement. And that concern of missing the payment during a transfer is not pertinent if you don’t escrow.
While the homeowner is responsible for making these payments, the mortgage note will state that the lender has a vested interest in this and if the homeowner is not responsibly managing such payments, an escrow will be imposed. Guess who does the monitoring?…
From a standard “Fannie Mae/Freddie Mac Uniform Instrument”…
Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Tue Jul 20, 2021 9:39 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:34 pm
gac1979 wrote: Tue Jul 20, 2021 9:33 pm And you missed the second part of the sentence reason for the requirement. And that concern of missing the payment during a transfer is not pertinent if you don’t escrow.
While the homeowner is responsible for making these payments, the mortgage note will state that the lender has a vested interest in this and if the homeowner is not responsibly managing such payments, an escrow will be imposed. Guess who does the monitoring?…
From a standard “Fannie Mae/Freddie Mac Uniform Instrument”…
Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gac1979 wrote: Tue Jul 20, 2021 9:47 pm Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
I don’t know what else to say. There are provisions if you don’t pay. Fannie/Freddie know that things slip through during servicing transfers and the servicer may easily miss checking on whether you paid it or not (b/c the insurer sends a notice to the loss payee and there are subscription services to tax pmt data), so they require a lender to force this if it is within 60 days of closing and they want to sell the loan to Fannie/Freddie.

Don’t think of it so personally vs. what Fannie/Freddie have felt is safest for the loans they are buying.
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Alto Astral
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Re: Refinance Mega Thread

Post by Alto Astral »

BrandonBogle wrote: Tue Jul 20, 2021 9:24 pm
Alto Astral wrote: Tue Jul 20, 2021 9:20 pm
gac1979 wrote: Tue Jul 20, 2021 9:10 pm I’m looking over my LE from Better. I am NOT escrowinf, but six months of property taxes show up in prepaids and thus get figured into cash due at closing. Anyone know why?
Yeah, some odd things like that happen. Email your loan officer and they should be able to fix it. I am assuming decent credit?
I mean, it is a Fannie Mae requirement that if a tax or insurance bill is due within 60 days of close that the settlement agent should collect and manage its payment, since then there doesn’t have to be concern of it getting missed while the loan is being sold and transferred between services. That is why it is in Section F for the Settlement Agent vs. Section G for Escrow.
I got this after I locked the rate. Good thing I read this post or I would've got a coronary
MrJedi
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Re: Refinance Mega Thread

Post by MrJedi »

Do you guys set any kind of threshold to decide if the juice is worth the squeeze? Especially for lowish balance.

Loan balance 120k. I true no cost refinanced last year to a 30 year @ 3.375%. I just did a lenderfi quote for fun and seeing a true no cost refinance 30 years @ 3.125%.

I know it's basically free money to lower the rate with lender credits covering all costs, but the interest savings is like $300 for the first year and obviously goes down from there. At some point it doesn't really seem to be worth the time or maybe even the credit hits. I know this is largely personal but interested to see what others do.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Tue Jul 20, 2021 9:52 pm
gac1979 wrote: Tue Jul 20, 2021 9:47 pm Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
I don’t know what else to say. There are provisions if you don’t pay. Fannie/Freddie know that things slip through during servicing transfers and the servicer may easily miss checking on whether you paid it or not (b/c the insurer sends a notice to the loss payee and there are subscription services to tax pmt data), so they require a lender to force this if it is within 60 days of closing and they want to sell the loan to Fannie/Freddie.

Don’t think of it so personally vs. what Fannie/Freddie have felt is safest for the loans they are buying.
So this wouldn’t be collected if I can close before August 15th? Better is estimating a closing of September 3rd, but the appraisal has been waived. Everyone on here seems to be cruising through things at record speed.

I’m not taking it personally so much as I know i would make the payment on time. How do I ensure a third party makes the payment?
presto987
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Re: Refinance Mega Thread

Post by presto987 »

Correct, if you close early enough the prepaid property taxes will be removed by the time you sign your documents.

If you don't close early enough, and the property taxes get collected, just know that paying property taxes is a standard thing for title companies. It is not an escrow account -- the title company pays the taxes immediately after the loan funds (someone correct me if this is wrong). So while there can be mistakes, you will have plenty of time before the deadline to check that the taxes were paid correctly.

Another option is that you can pay the taxes yourself before closing, as long as the lender has time to verify that they've been paid (or you provide proof of payment... not sure what the exact process is, but a lot of people do this).

If you prefer, you can also roll the cost into your mortgage if you'd otherwise go out of pocket. This doesn't change the economics of the loan, but at least you wouldn't have to come up with the cash if that poses an issue.
Last edited by presto987 on Tue Jul 20, 2021 10:11 pm, edited 1 time in total.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gac1979 wrote: Tue Jul 20, 2021 10:00 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:52 pm
gac1979 wrote: Tue Jul 20, 2021 9:47 pm Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
I don’t know what else to say. There are provisions if you don’t pay. Fannie/Freddie know that things slip through during servicing transfers and the servicer may easily miss checking on whether you paid it or not (b/c the insurer sends a notice to the loss payee and there are subscription services to tax pmt data), so they require a lender to force this if it is within 60 days of closing and they want to sell the loan to Fannie/Freddie.

Don’t think of it so personally vs. what Fannie/Freddie have felt is safest for the loans they are buying.
So this wouldn’t be collected if I can close before August 15th? Better is estimating a closing of September 3rd, but the appraisal has been waived. Everyone on here seems to be cruising through things at record speed.

I’m not taking it personally so much as I know i would make the payment on time. How do I ensure a third party makes the payment?
The sad truth is you don’t. At least it is the settlement agent handling it and not the servicer. One would hope they do a better job with this.

As long as you close before 60 days from the first available due date, then you can have it dropped by the time the closing disclosures are prepared. Just keep in mind it is the first available date. In NC, it is “due” 10/1, but can be paid by 1/2 with no penalty. The lenders use 10/1 when calculating 60 days out.
frugalNY
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Re: Refinance Mega Thread

Post by frugalNY »

bws wrote: Tue Jul 20, 2021 8:01 pm
frugalNY wrote: Tue Jul 20, 2021 7:10 pm This is an amazing thread! Thanks to the OP and to all the contributors of this thread.

I did a no-cost refinance last August to a 30 yr fixed at 3%. As the rate is dropping lately, I’m planning to try to do another refi soon if all stars align :) A no-cost refi with a rate of 2.75 or below would probably be worth the effort I think. I need your recommendations on which lenders to target for my specific loan. Even better – please PM me if you have a LO I can connect with.

That said, here is my loan info:
Location: Nassau County, NY
Current Loan Term: 30 year fixed
Current Int Rate: 3%
Current Loan Amount: 660K
Home value: 1.2m
(happy to provide additional info as needed)

Thanks in advance,
frugalNY
Better and Lenderfi are the top 2 for me.
Run your info on both those sites and Bankrate
Like many others Better matched the Bankrate rate for me which was much better than their own website.
Don't forget the AMEX credit too with Better.

Good luck.
I just checked bankrate. The lowest seeing is 2.625 with $1100 upfront cost. I screen captured it. I also applied to Better and schedule a call with their LO tomorrow to negotiate.

Lenderfi is not registered in NY. What other lender can I try. I have a short window so the credit report doesn't get dinked a lot.

Thanks everyone,
frugalNY
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Tue Jul 20, 2021 10:10 pm
gac1979 wrote: Tue Jul 20, 2021 10:00 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:52 pm
gac1979 wrote: Tue Jul 20, 2021 9:47 pm Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
I don’t know what else to say. There are provisions if you don’t pay. Fannie/Freddie know that things slip through during servicing transfers and the servicer may easily miss checking on whether you paid it or not (b/c the insurer sends a notice to the loss payee and there are subscription services to tax pmt data), so they require a lender to force this if it is within 60 days of closing and they want to sell the loan to Fannie/Freddie.

Don’t think of it so personally vs. what Fannie/Freddie have felt is safest for the loans they are buying.
So this wouldn’t be collected if I can close before August 15th? Better is estimating a closing of September 3rd, but the appraisal has been waived. Everyone on here seems to be cruising through things at record speed.

I’m not taking it personally so much as I know i would make the payment on time. How do I ensure a third party makes the payment?
The sad truth is you don’t. At least it is the settlement agent handling it and not the servicer. One would hope they do a better job with this.

As long as you close before 60 days from the first available due date, then you can have it dropped by the time the closing disclosures are prepared. Just keep in mind it is the first available date. In NC, it is “due” 10/1, but can be paid by 1/2 with no penalty. The lenders use 10/1 when calculating 60 days out.
Or I could just prepay it directly to the county myself? The money isn’t an issue. If I did, is it difficult to get the LE or other paperwork updated to reflect the payment? It also gets me under the threshold of needing a cashiers check at closing.
dks05c
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Re: Refinance Mega Thread

Post by dks05c »

FYI I closed on a 15 yr 2.0% refi with Better in late May, and just locked again today with Better at 1.875% $4350 credits + Amex $2000 statement credit. 333K loan 40% LTV. Used bankrate to match.

I am however pretty concerned about how the payoff on my current loan is going to play out. I made my first payment to The Money Source on 7/1, but found out a few days later that the loan had been sold to Mr. Cooper on 6/29. When I go to the Mr. Cooper website, the payment I made to TMS still does not show. I'm concerned that the payoff is not going to include the payment to TMS, so this could get ugly.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

gac1979 wrote: Tue Jul 20, 2021 10:19 pm
BrandonBogle wrote: Tue Jul 20, 2021 10:10 pm
gac1979 wrote: Tue Jul 20, 2021 10:00 pm
BrandonBogle wrote: Tue Jul 20, 2021 9:52 pm
gac1979 wrote: Tue Jul 20, 2021 9:47 pm Yes, this section is applicable when the borrower fails to pay for property tax or homeowners insurance or provide a receipt to the lender showing such payment. I haven’t failed to pay anything yet.
I don’t know what else to say. There are provisions if you don’t pay. Fannie/Freddie know that things slip through during servicing transfers and the servicer may easily miss checking on whether you paid it or not (b/c the insurer sends a notice to the loss payee and there are subscription services to tax pmt data), so they require a lender to force this if it is within 60 days of closing and they want to sell the loan to Fannie/Freddie.

Don’t think of it so personally vs. what Fannie/Freddie have felt is safest for the loans they are buying.
So this wouldn’t be collected if I can close before August 15th? Better is estimating a closing of September 3rd, but the appraisal has been waived. Everyone on here seems to be cruising through things at record speed.

I’m not taking it personally so much as I know i would make the payment on time. How do I ensure a third party makes the payment?
The sad truth is you don’t. At least it is the settlement agent handling it and not the servicer. One would hope they do a better job with this.

As long as you close before 60 days from the first available due date, then you can have it dropped by the time the closing disclosures are prepared. Just keep in mind it is the first available date. In NC, it is “due” 10/1, but can be paid by 1/2 with no penalty. The lenders use 10/1 when calculating 60 days out.
Or I could just prepay it directly to the county myself? The money isn’t an issue. If I did, is it difficult to get the LE or other paperwork updated to reflect the payment? It also gets me under the threshold of needing a cashiers check at closing.
Yes you can always pay it early and send your new lender the receipt. I did that last year. But remember this still isn’t an impound account. It’s just a single payment to the title company during the loan origination period.
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truenyer
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Re: Refinance Mega Thread

Post by truenyer »

dks05c wrote: Tue Jul 20, 2021 10:27 pm FYI I closed on a 15 yr 2.0% refi with Better in late May, and just locked again today with Better at 1.875% $4350 credits + Amex $2000 statement credit. 333K loan 40% LTV. Used bankrate to match.

I am however pretty concerned about how the payoff on my current loan is going to play out. I made my first payment to The Money Source on 7/1, but found out a few days later that the loan had been sold to Mr. Cooper on 6/29. When I go to the Mr. Cooper website, the payment I made to TMS still does not show. I'm concerned that the payoff is not going to include the payment to TMS, so this could get ugly.
In the end it will all work out. Just keep all your paperwork, what you paid to whom, etc. might take a few weeks to get your money back, but you’ll get it. Just remember to ALWAYS continue making any payments that are due until you know your old loan is paid off, at your old lender and Mr. Cooper.
toblerone
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Re: Refinance Mega Thread

Post by toblerone »

Locked today @ 1.75% on a 15-year fixed at Better. Loan cost $2k (if I'm reading the LE correctly, part D.), Amex credit $2k, so a free loan but it sounds like I could do better than Better :wink: $250k loan, 25% LTV. I paid for the appraisal already but I'm hoping/assuming it will be waived.
GraniteMint
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Re: Refinance Mega Thread

Post by GraniteMint »

Has anyone refinanced an NYC co-op lately? The online lenders (Better, Lenderfi, etc.) won't do co-op lending, so I was hoping someone might be able to share some experience with the big banks. I'm 3 years into a 3.25% 30yr and I'm being quoted 2.75% by Chase with about $5k in closing costs (no cost loans seem elusive for co-ops), and the option to transfer assets to bring the rate even lower.

Thanks in advance!
dfeucht
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Re: Refinance Mega Thread

Post by dfeucht »

:idea:
gac1979 wrote: Tue Jul 20, 2021 10:19 pm
Or I could just prepay it directly to the county myself? The money isn’t an issue. If I did, is it difficult to get the LE or other paperwork updated to reflect the payment? It also gets me under the threshold of needing a cashiers check at closing.
In the middle of no escrow refi with Better and 10/15 property tax date. My processor told me if we make it to August for close even if >60 days from technical due date they will need to collect taxes per Fannie Mae requirements. So I just paid the taxes myself early to avoid the middle man and keep cash to close <$1,500 requiring certified check or wire (now getting cash back at close), told processor and got a task to upload receipt - now not a closing issue. Just paid a little early this year.
LazerBeams
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Re: Refinance Mega Thread

Post by LazerBeams »

Looking at several offers from Better, LenderFi, SoFi and my local Credit Union.

Thanks to some recent posts, I'm considering looking at the Ally 7/6 ARM as well.

Does it make sense to have any concern at all that Better/LenderFi will be selling our policy to another bank and give preference to SoFi/Local Credit Union that service the mortgage themselves? Or is it a moot point and at the end of the day all that matters is the A+B+C?

TIA
bws
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Re: Refinance Mega Thread

Post by bws »

Does anyone have a recommendation for Title search so I can improve my pricing with Better?

I've requested a quote from Radian.

Are there others that people have used?
2Scoops
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Re: Refinance Mega Thread

Post by 2Scoops »

toblerone wrote: Tue Jul 20, 2021 11:27 pm Locked today @ 1.75% on a 15-year fixed at Better. Loan cost $2k (if I'm reading the LE correctly, part D.), Amex credit $2k, so a free loan but it sounds like I could do better than Better :wink: $250k loan, 25% LTV. I paid for the appraisal already but I'm hoping/assuming it will be waived.
Updating my info as well from a few days ago where a few people in this thread pointed me to Better for my refinance. My numbers are extremely similar to yours. I also locked in a 15 year at 1.75%, similar loan cost and also getting 2K AMEX credit. Loan is 251K and home value is around 500K.

Really appreciate everyone on the forum!
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

LazerBeams wrote: Wed Jul 21, 2021 7:52 am Looking at several offers from Better, LenderFi, SoFi and my local Credit Union.

Thanks to some recent posts, I'm considering looking at the Ally 7/6 ARM as well.

Does it make sense to have any concern at all that Better/LenderFi will be selling our policy to another bank and give preference to SoFi/Local Credit Union that service the mortgage themselves? Or is it a moot point and at the end of the day all that matters is the A+B+C?

TIA
Really depends on your comfort level.

Do you prefer seeing a person if you have a hiccup or are you much more online-driven and don’t want to talk to a human if you can avoid it? Are you using escrow and thus worried of issues when servicing moves if something were to get missed.

I used PenFed for years on my mortgage and I liked having the mortgage alongside my other accounts there. It was consistent. However, I just use my primary bank’s bill pay to send a payment monthly and then never really think of it again, so the cost/offer matters to me more.

Fundamentally, there is no big difference. It is just the experience you prefer, if any.
bws
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Re: Refinance Mega Thread

Post by bws »

2Scoops wrote: Wed Jul 21, 2021 8:10 am
toblerone wrote: Tue Jul 20, 2021 11:27 pm Locked today @ 1.75% on a 15-year fixed at Better. Loan cost $2k (if I'm reading the LE correctly, part D.), Amex credit $2k, so a free loan but it sounds like I could do better than Better :wink: $250k loan, 25% LTV. I paid for the appraisal already but I'm hoping/assuming it will be waived.
Updating my info as well from a few days ago where a few people in this thread pointed me to Better for my refinance. My numbers are extremely similar to yours. I also locked in a 15 year at 1.75%, similar loan cost and also getting 2K AMEX credit. Loan is 251K and home value is around 500K.

Really appreciate everyone on the forum!
Where do you think you could have done better than Better? 1.75 is the lowest I've seen at close to no cost.
2Scoops
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Re: Refinance Mega Thread

Post by 2Scoops »

bws wrote: Wed Jul 21, 2021 8:28 am
2Scoops wrote: Wed Jul 21, 2021 8:10 am
toblerone wrote: Tue Jul 20, 2021 11:27 pm Locked today @ 1.75% on a 15-year fixed at Better. Loan cost $2k (if I'm reading the LE correctly, part D.), Amex credit $2k, so a free loan but it sounds like I could do better than Better :wink: $250k loan, 25% LTV. I paid for the appraisal already but I'm hoping/assuming it will be waived.
Updating my info as well from a few days ago where a few people in this thread pointed me to Better for my refinance. My numbers are extremely similar to yours. I also locked in a 15 year at 1.75%, similar loan cost and also getting 2K AMEX credit. Loan is 251K and home value is around 500K.

Really appreciate everyone on the forum!
Where do you think you could have done better than Better? 1.75 is the lowest I've seen at close to no cost.
I assume you were responding to Toblerone and not me. I am extremely happy with the 1.75% and it was the best offer I found after looking at several options. :sharebeer
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

Has anyone chosen a local title/closing company when refinancing online? Better uses Mortgage Connect which uses a mobile notary. I’d prefer to keep the closing local after seeing some of the feedback and BBB ratings. Just wondering if there is any pushback from Better if you don’t use Mortgage Connect.
chazas
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Re: Refinance Mega Thread

Post by chazas »

gac1979 wrote: Wed Jul 21, 2021 8:48 am Has anyone chosen a local title/closing company when refinancing online? Better uses Mortgage Connect which uses a mobile notary. I’d prefer to keep the closing local after seeing some of the feedback and BBB ratings. Just wondering if there is any pushback from Better if you don’t use Mortgage Connect.
They are not allowed to push back. It's federal law - tell them you want to shop title services.

That said I shopped title services for my LoanDepot refinance that closed earlier this year and my Better refinance that I just signed this morning. Couldn't come close locally in either case - though Better (via Better Settlement Services) threw in extra costs after the initial loan estimate that caused them to exceed some permitted threshold, so I got extra lender credits to cover the difference. Radian was almost the exact same on the LoanDepot one, and a little more on the Better one, so I stuck with the in-house providers even vs. them.
Last edited by chazas on Wed Jul 21, 2021 9:04 am, edited 3 times in total.
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BrandonBogle
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Re: Refinance Mega Thread

Post by BrandonBogle »

gac1979 wrote: Wed Jul 21, 2021 8:48 am Has anyone chosen a local title/closing company when refinancing online? Better uses Mortgage Connect which uses a mobile notary. I’d prefer to keep the closing local after seeing some of the feedback and BBB ratings. Just wondering if there is any pushback from Better if you don’t use Mortgage Connect.
No pushback. They are legally required to use anyone you choose as long as licensing and stuff are properly met (so you can just use Joe Schmo, but need someone licensed in your state to do title/settlement work).

Do note that if you are close to your rate lock expiring, Better is under no obligation to extend it at no charge to you if switching title/settlement providers would cause you to go past your current lock date. So if, for instance, you lock expires next week, I wouldn’t swap this late in the game.
gac1979
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Re: Refinance Mega Thread

Post by gac1979 »

BrandonBogle wrote: Wed Jul 21, 2021 8:58 am
gac1979 wrote: Wed Jul 21, 2021 8:48 am Has anyone chosen a local title/closing company when refinancing online? Better uses Mortgage Connect which uses a mobile notary. I’d prefer to keep the closing local after seeing some of the feedback and BBB ratings. Just wondering if there is any pushback from Better if you don’t use Mortgage Connect.
No pushback. They are legally required to use anyone you choose as long as licensing and stuff are properly met (so you can just use Joe Schmo, but need someone licensed in your state to do title/settlement work).

Do note that if you are close to your rate lock expiring, Better is under no obligation to extend it at no charge to you if switching title/settlement providers would cause you to go past your current lock date. So if, for instance, you lock expires next week, I wouldn’t swap this late in the game.
Good to know. I’m about to lock, but wanted to figure out potential issues ahead of time.
kxl19
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Re: Refinance Mega Thread

Post by kxl19 »

Astronaut4 wrote: Tue Jul 20, 2021 4:24 pm
kxl19 wrote: Tue Jul 20, 2021 3:13 pm I'm in process with Better, locked just last week.

re: the adverse market fee, they're willing to credit 25 bps back. No word on rate float-down.
Could you explain the ‘credit 25 bps back’ part?

I was also offered the .125 if rates dropped .25% but not holding my breath.
They added the 25 bps into my loan credit (ie, negative points)
Goal33
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Re: Refinance Mega Thread

Post by Goal33 »

I've been waiting for 1.75% no cost on a super conforming for a 15 year. Yesterday it looked like it hit 1.875%, today seems like it's back up to 2.0%. I will continue waiting! Worst case I stick with my 2.5% 30 year loan (29 years left) :happy
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