My LenderFi refinance is going well

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Denver_Inv
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Re: My LenderFi refinance is going well

Post by Denver_Inv »

nitrocore24 wrote: Fri Dec 18, 2020 2:17 pm
bluebolt wrote: Thu Dec 17, 2020 9:36 pm
Valueinvestor2 wrote: Thu Dec 17, 2020 9:09 pm I refinanced with them about 3 months ago. What is this 6 month rule / rate insurance that folks are talking about?
They claim they will claw back lender credits if you refinance with anyone else within 6 months. They won't refinance with you unless six months have passed/you have made 6 payments.
As a follow-up to this, I refi'd with Lenderfi closing in March. I then refi'd with another lender closing in August because I didn't think rates would stay low. So I ended up being a bit over 5 months between closing the new refi. I never heard anything from Lenderfi regarding asking for money back. After seeing rates drop and checking with a few other lenders, I couldn't get a no cost refi that would drop my rate. So on a whim, I decided to see if Lenderfi could beat my current rate last week and figured there was a slim chance they'd say I was blacklisted. They came back with a no cost option that would shave off another quarter percent. So I'm proceeding with another refi. So maybe the clawback terminology is just to scare people from not refinancing too soon and they never come after you, or maybe my 5 months and change was long enough that they didn't lose money. But either way, just wanted to report my experience.
Did u call LenderFi customer service or drop an email ?
Dmanse02
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Re: My LenderFi refinance is going well

Post by Dmanse02 »

Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Dmanse02 wrote: Sun Dec 20, 2020 10:21 pm Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
I think it is because LenderFi generally gives a competitive offer up front, compared to some places like Better or Loan Depot give horrible initial offers and will only do better if you bring them a loan estimate to beat. I did a refi with LenderFi in July because they gave the best rate (Better would not match).
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

anon_investor wrote: Sun Dec 20, 2020 10:33 pm
Dmanse02 wrote: Sun Dec 20, 2020 10:21 pm Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
I think it is because LenderFi generally gives a competitive offer up front, compared to some places like Better or Loan Depot give horrible initial offers and will only do better if you bring them a loan estimate to beat. I did a refi with LenderFi in July because they gave the best rate (Better would not match).
My experience was the opposite, with the LenderFi offer not competitive on the website and no better one I applied. However, I still feel generally LenderFi is a better choice as they usually close super quick (in my experience, so has Better) while Loan Depot takes 60+ days. The big negative for Loan Depot is while LenderFi is no-nonsense and one person even told me he wouldn't bother working on my loan since it was too small, talking to Loan Depot often feels like talking to car salesman. As with every lender, not everyone will fit this description, it's just a generalization based on peoples posts in refi mega thread.
rascott
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Re: My LenderFi refinance is going well

Post by rascott »

Dmanse02 wrote: Sun Dec 20, 2020 10:21 pm Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
Lenderfi was the best, most streamlined refi experience of my life, and I've done a boatload of them

Loan Depot offered me nothing enticing upfront and I don't like negotiating with obvious sales pushers. Lenderfi owner called me directly. Nobody wasted anyone's time.
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 »

dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Depends on loan amount. Rates actually seem to go up the more under 300k you are.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

rocket354 wrote: Mon Dec 21, 2020 4:09 pm
dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Depends on loan amount. Rates actually seem to go up the more under 300k you are.
I closed in September with 2.625% with a super conforming loan. I'm seeing that 2.625% is being offered on the website with cash back so I'm guessing 2.50% or better. Not sure if I should pull the trigger.
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Last week i got a quote for 2.5% for conforming ($550k). I locked 1.875% for a 15-year, though.
anonsdca
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Re: My LenderFi refinance is going well

Post by anonsdca »

rascott wrote: Sun Dec 20, 2020 11:03 pm
Dmanse02 wrote: Sun Dec 20, 2020 10:21 pm Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
Lenderfi was the best, most streamlined refi experience of my life, and I've done a boatload of them

Loan Depot offered me nothing enticing upfront and I don't like negotiating with obvious sales pushers. Lenderfi owner called me directly. Nobody wasted anyone's time.
I agree. I started my application on 12-2, signed closing docs last Friday 12-18. 2.75% no fees, 30 year. I saved $460 a month. Unreal.
chuckb84
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Re: My LenderFi refinance is going well

Post by chuckb84 »

anonsdca wrote: Mon Dec 21, 2020 10:13 pm
rascott wrote: Sun Dec 20, 2020 11:03 pm
Dmanse02 wrote: Sun Dec 20, 2020 10:21 pm Not quite sure the infatuation with lenderfi. My experience definitely favored loandepot. Customer service throughout the refinance was better with loan depot. Loan depot beat them to close and mustered a higher property value with appraisal waiver. LenderFi’s initial offer was better but loan depot matched it and then some.
Lenderfi was the best, most streamlined refi experience of my life, and I've done a boatload of them

Loan Depot offered me nothing enticing upfront and I don't like negotiating with obvious sales pushers. Lenderfi owner called me directly. Nobody wasted anyone's time.
I agree. I started my application on 12-2, signed closing docs last Friday 12-18. 2.75% no fees, 30 year. I saved $460 a month. Unreal.
First refi with lenderfi got us from 3.75% to 3.0%, saving $344/month. I'm using them again to get 2.625, 30-year fixed, no costs. Saves another $100/month.

This is an interesting and very frugal retirement hobby! And don't forget that avoiding paying $444/month, or $5280/year is the same as increasing your portfolio by $132,000 assuming a 4% return. This makes me smile :)
KNMLHD
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Re: My LenderFi refinance is going well

Post by KNMLHD »

Back in Oct, we re-fi'd with a local lender largely to do with still having a HELOC, and several online lenders not willing to mess with subordination. I'd like to refi soon-ish into the new year, was planning on targeting LenderFi, but had some questions...

We want to waive escrow, but I believe LenderFi requires paying property tax upfront if the tax bill is "close". Our county either allows split payments (1st half beginning of March, 2nd half mid June) or one lump sum payment by end of April.

Any idea within what window LenderFi will require you to clear out the Property Tax Bill? If we pay the 1st half at the beginning of the year, would they consider the end of April or mid June date as to when taxes are due? (Hopefully that makes sense).

For those that paid off & closed a HELOC, what does LenderFi need in terms of proof before willing to refi the loan? Would documentation from the bank showing the HELOC is closed work, or do the require a clean title (which could take a few weeks post closing the HELOC with the bank, and them initiating the paper work)?
BlackcatCA
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Re: My LenderFi refinance is going well

Post by BlackcatCA »

pianos101 wrote: Mon Dec 21, 2020 6:42 pm
dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Last week i got a quote for 2.5% for conforming ($550k). I locked 1.875% for a 15-year, though.
1.875 is a Great rate! Is it from LenderFi, and is it a no cost refi?
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

BlackcatCA wrote: Tue Dec 22, 2020 11:06 am
pianos101 wrote: Mon Dec 21, 2020 6:42 pm
dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Last week i got a quote for 2.5% for conforming ($550k). I locked 1.875% for a 15-year, though.
1.875 is a Great rate! Is it from LenderFi, and is it a no cost refi?
Yup!
surfstar
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Re: My LenderFi refinance is going well

Post by surfstar »

Still in process, but I believe we're going with Loan Depot.
LenderFI came in great with 2.5%, no cost. Beating Owning.com (2.75% $1200 cost), Interactive Mortgage (2.625% $0), Loan Cabin (TBD)

...but...
Loan Depot - 30 yr 2.5% -$2900 credit towards prepaids (their lender credit covers all fees and pays $2900 towards our escrow/prepaids) locked for 60 days.

Loan ~$500k
Value ~$700k (condo, also!)

Appraisal waived by LF and LD. I feel a little bad as we locked with LF, yesterday. I had talked to LD first and they came in with a matched rate and much better lender credit this morning. Hard to ignore almost $3k.
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

surfstar wrote: Tue Dec 22, 2020 2:57 pm Still in process, but I believe we're going with Loan Depot.
LenderFI came in great with 2.5%, no cost. Beating Owning.com (2.75% $1200 cost), Interactive Mortgage (2.625% $0), Loan Cabin (TBD)

...but...
Loan Depot - 30 yr 2.5% -$2900 credit towards prepaids (their lender credit covers all fees and pays $2900 towards our escrow/prepaids) locked for 60 days.

Loan ~$500k
Value ~$700k (condo, also!)

Appraisal waived by LF and LD. I feel a little bad as we locked with LF, yesterday. I had talked to LD first and they came in with a matched rate and much better lender credit this morning. Hard to ignore almost $3k.
Your situation is literally what happened to me earlier in the year. Go with LD, you simply can't ignore that much credit.
surfstar
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Re: My LenderFi refinance is going well

Post by surfstar »

pianos101 wrote: Tue Dec 22, 2020 2:59 pm Your situation is literally what happened to me earlier in the year. Go with LD, you simply can't ignore that much credit.
Thanks - makes me feel less bad about locking with two lenders!
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

pianos101 wrote: Tue Dec 22, 2020 11:42 am
BlackcatCA wrote: Tue Dec 22, 2020 11:06 am
pianos101 wrote: Mon Dec 21, 2020 6:42 pm
dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Last week i got a quote for 2.5% for conforming ($550k). I locked 1.875% for a 15-year, though.
1.875 is a Great rate! Is it from LenderFi, and is it a no cost refi?
Yup!
WOW! I hope to get a crazy low offer like that when I try to refi again with LenderFi, my 6 months/6th payment is Feb 1.
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MilleniumBuc
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Re: My LenderFi refinance is going well

Post by MilleniumBuc »

KNMLHD wrote: Tue Dec 22, 2020 9:39 am Back in Oct, we re-fi'd with a local lender largely to do with still having a HELOC, and several online lenders not willing to mess with subordination. I'd like to refi soon-ish into the new year, was planning on targeting LenderFi, but had some questions...

We want to waive escrow, but I believe LenderFi requires paying property tax upfront if the tax bill is "close". Our county either allows split payments (1st half beginning of March, 2nd half mid June) or one lump sum payment by end of April.

Any idea within what window LenderFi will require you to clear out the Property Tax Bill? If we pay the 1st half at the beginning of the year, would they consider the end of April or mid June date as to when taxes are due? (Hopefully that makes sense).

For those that paid off & closed a HELOC, what does LenderFi need in terms of proof before willing to refi the loan? Would documentation from the bank showing the HELOC is closed work, or do the require a clean title (which could take a few weeks post closing the HELOC with the bank, and them initiating the paper work)?
I closed without Escrow on 8/26 and our tax bill is usually sent on 11/01 and paid in November by all escrow companies to get the 4% discount. Those 2+ months were enough for them not to request the property taxes to be paid in advance.
Krwshl
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Re: My LenderFi refinance is going well

Post by Krwshl »

Close to closing on my refinance with lenderfi. Notary is coming tomorrow.

Due to having the home in a living trust, I found out there is a Document Preparation Fee $125 and the Recording Fee will be $294 vs $98. Think take out of trust Deed 1, then put back in trust Deed 2.

Won't stop the process now, just wondered if this seems legit? Any watch outs to make sure the house is properly added back to the trust? I will check the county site in a few months but hoping it’s not Lenderfi’s first rodeo. Thanks for any thoughts
nickpete123
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Re: My LenderFi refinance is going well

Post by nickpete123 »

I remember the last 2 refinances with Lenderfi I was able to get a lower rate via a phone call to my rep versus what was showing on the website. Can anyone chime in if this has still been the case recently? I noticed the rates are a bit lower than what I was used to seeing but could be just the market dropping even farther. Thanks!
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

nickpete123 wrote: Wed Dec 23, 2020 9:49 am I remember the last 2 refinances with Lenderfi I was able to get a lower rate via a phone call to my rep versus what was showing on the website. Can anyone chime in if this has still been the case recently? I noticed the rates are a bit lower than what I was used to seeing but could be just the market dropping even farther. Thanks!
Yes that seems to be how they operate. Usually you can get at least one, some times two, rows up (lower rate) the table that the website shows.
nitrocore24
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Re: My LenderFi refinance is going well

Post by nitrocore24 »

Denver_Inv wrote: Sun Dec 20, 2020 10:05 pm
nitrocore24 wrote: Fri Dec 18, 2020 2:17 pm
bluebolt wrote: Thu Dec 17, 2020 9:36 pm
Valueinvestor2 wrote: Thu Dec 17, 2020 9:09 pm I refinanced with them about 3 months ago. What is this 6 month rule / rate insurance that folks are talking about?
They claim they will claw back lender credits if you refinance with anyone else within 6 months. They won't refinance with you unless six months have passed/you have made 6 payments.
As a follow-up to this, I refi'd with Lenderfi closing in March. I then refi'd with another lender closing in August because I didn't think rates would stay low. So I ended up being a bit over 5 months between closing the new refi. I never heard anything from Lenderfi regarding asking for money back. After seeing rates drop and checking with a few other lenders, I couldn't get a no cost refi that would drop my rate. So on a whim, I decided to see if Lenderfi could beat my current rate last week and figured there was a slim chance they'd say I was blacklisted. They came back with a no cost option that would shave off another quarter percent. So I'm proceeding with another refi. So maybe the clawback terminology is just to scare people from not refinancing too soon and they never come after you, or maybe my 5 months and change was long enough that they didn't lose money. But either way, just wanted to report my experience.
Did u call LenderFi customer service or drop an email ?

Dropped an email. But out of the blue, PennyMac called me the other day and made an offer that was close to my Lenderfi offer. I said no thanks I had a better offer but the guy was persistent and said he would beat it. Finally came back and offered the same rate (2.125, 15 year) with $1200 extra credit meaning it’s cash back to me. I ended up agreeing and now have to stop Lenderfi. Feel bad about it but I didn’t actively go out seeking something better and also can’t turn down $1200 free. I’m sure I’ll end up on the blacklist but how much lower can rates go? Funny thing is Lenderfi sold my last loan to PennyMac. That’s how they had my info.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

nitrocore24 wrote: Wed Dec 23, 2020 8:08 pm Dropped an email. But out of the blue, PennyMac called me the other day and made an offer that was close to my Lenderfi offer. I said no thanks I had a better offer but the guy was persistent and said he would beat it. Finally came back and offered the same rate (2.125, 15 year) with $1200 extra credit meaning it’s cash back to me. I ended up agreeing and now have to stop Lenderfi. Feel bad about it but I didn’t actively go out seeking something better and also can’t turn down $1200 free. I’m sure I’ll end up on the blacklist but how much lower can rates go? Funny thing is Lenderfi sold my last loan to PennyMac. That’s how they had my info.
I’m on my 4th refi (not with LenderFi though) since May, and $11.5k in profit when all is said and done. The rates just keep going down.
nitrocore24
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Re: My LenderFi refinance is going well

Post by nitrocore24 »

BrandonBogle wrote: Wed Dec 23, 2020 8:27 pm
nitrocore24 wrote: Wed Dec 23, 2020 8:08 pm Dropped an email. But out of the blue, PennyMac called me the other day and made an offer that was close to my Lenderfi offer. I said no thanks I had a better offer but the guy was persistent and said he would beat it. Finally came back and offered the same rate (2.125, 15 year) with $1200 extra credit meaning it’s cash back to me. I ended up agreeing and now have to stop Lenderfi. Feel bad about it but I didn’t actively go out seeking something better and also can’t turn down $1200 free. I’m sure I’ll end up on the blacklist but how much lower can rates go? Funny thing is Lenderfi sold my last loan to PennyMac. That’s how they had my info.
I’m on my 4th refi (not with LenderFi though) since May, and $11.5k in profit when all is said and done. The rates just keep going down.
Touché. I’m also on my 4th in the last 14 months. Rates could still go down. After this, I will likely not be able to use Lenderfi for the next one. But that’s okay. $11.5k in profit is quite impressive. This will be my first with profit. The rest were all no cost though, but I also haven’t put in the effort to get multiple quotes and have lenders compete.
mesaverde
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Re: My LenderFi refinance is going well

Post by mesaverde »

This year I did two no cost refinances with Lenderfi (lender credits covered all actual costs, not prepaid interest/insurance) . Currently at 3% on a 30 year fixed, 55% LTV, loan amount $212k. The only reason the last one wasn't below 3% is because the loan amount isn't so high.
But may end up refinancing with them a 3rd time because the no cost rate in my situation is approaching 2.5% (and therefore worth it). Unbelievable.
"Learn from the past, live in the present, plan for the future"
chuckb84
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Re: My LenderFi refinance is going well

Post by chuckb84 »

dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Currently in process for 2.625% 30 year fixed. Takes another $100/month off the payment.
BarDownHockey
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Re: My LenderFi refinance is going well

Post by BarDownHockey »

For folks on their 1st refi with LenderFi, how long did it take to hear from them after you went through the initial “apply now” process on their website? The rates listed there are great compared to what I’m being quoted elsewhere and I’m anxious to get an actual quote / estimate from them. The loan officer I see assigned to my loan hasn’t replied to my request through their website or the email I’ve sent him.
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

BarDownHockey wrote: Tue Dec 29, 2020 11:53 pm For folks on their 1st refi with LenderFi, how long did it take to hear from them after you went through the initial “apply now” process on their website? The rates listed there are great compared to what I’m being quoted elsewhere and I’m anxious to get an actual quote / estimate from them. The loan officer I see assigned to my loan hasn’t replied to my request through their website or the email I’ve sent him.
Was only hours for me. Did you call? They work better that way in my experience.
BarDownHockey
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Re: My LenderFi refinance is going well

Post by BarDownHockey »

pianos101 wrote: Wed Dec 30, 2020 12:06 am
BarDownHockey wrote: Tue Dec 29, 2020 11:53 pm For folks on their 1st refi with LenderFi, how long did it take to hear from them after you went through the initial “apply now” process on their website? The rates listed there are great compared to what I’m being quoted elsewhere and I’m anxious to get an actual quote / estimate from them. The loan officer I see assigned to my loan hasn’t replied to my request through their website or the email I’ve sent him.
Was only hours for me. Did you call? They work better that way in my experience.
Edit - Finally heard back after a couple days.
Last edited by BarDownHockey on Thu Dec 31, 2020 8:12 am, edited 1 time in total.
kinless
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Re: My LenderFi refinance is going well

Post by kinless »

kinless wrote: Tue Dec 01, 2020 6:12 pm For the second time this year, I’ve initiated a refinance with LenderFi. After reducing my rate from 4.0% to 3.125% in March (at zero cost)... *snip*
As a follow-up:

12/1 - Initiated Refinance - same day lock of 2.75% 20-year fixed on $240k, grand total cost of $95 (excluding escrow funds)
12/3 - Moved to processing
12/11 - Loan approved - no appraisal necessary
12/24 - Traveling notary arrived at 12:00pm - loan closed the same afternoon
12/30 - Scheduled to pay off old loan (may get pushed back due to holidays)

Much smoother than the first refi! Although PI dropped by $100/month, property tax and insurance has increased modestly, so the entire PITI savings ended up around $70/month. At any rate, it's still an extra $1000/year saved in interest.
cskollmann
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Re: My LenderFi refinance is going well

Post by cskollmann »

Applied December 18th, closed today December 30th. ~500K mortgage at 58% LTV, 15 year no cost at 2.0%. Appraisal waived.

I'm very impressed with Lenderfi's speed!
barksdale44
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Re: My LenderFi refinance is going well

Post by barksdale44 »

First time refinancing with LenderFi. Submitted application on 12/14, locked rate 12/16. Moved to processing 12/23. However the LE they had me sign did not roll escrows and prepaid into the loans. I requested an updated one but have yet to receive one, meanwhile my loan is going through the process albeit slower than some people here have reported. their communication has not been responsive once you locked in their rate. Should i be concerned that I’ve yet to receive an updated LE despite multiple requests? Also when do you typically know when closing is scheduled?
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

barksdale44 wrote: Wed Dec 30, 2020 11:38 pm First time refinancing with LenderFi. Submitted application on 12/14, locked rate 12/16. Moved to processing 12/23. However the LE they had me sign did not roll escrows and prepaid into the loans. I requested an updated one but have yet to receive one, meanwhile my loan is going through the process albeit slower than some people here have reported. their communication has not been responsive once you locked in their rate. Should i be concerned that I’ve yet to receive an updated LE despite multiple requests? Also when do you typically know when closing is scheduled?
It can sometimes take them several days to get an updated LE. From my experience it was much easier to get answers via text message with the loan officer i worked with, so maybe give that a shot.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

2.50% no-cost seems to be the going rate these days.

My real estate agent friend said a client of his just got a 2.125% 30-year fixed (no points) on a purchase loan from Leader Bank (not doing refinances at the moment) and it is rumored that rates will crash next month. Fingers crossed!
barksdale44
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Re: My LenderFi refinance is going well

Post by barksdale44 »

akuseimark wrote: Thu Dec 31, 2020 7:30 am
barksdale44 wrote: Wed Dec 30, 2020 11:38 pm First time refinancing with LenderFi. Submitted application on 12/14, locked rate 12/16. Moved to processing 12/23. However the LE they had me sign did not roll escrows and prepaid into the loans. I requested an updated one but have yet to receive one, meanwhile my loan is going through the process albeit slower than some people here have reported. their communication has not been responsive once you locked in their rate. Should i be concerned that I’ve yet to receive an updated LE despite multiple requests? Also when do you typically know when closing is scheduled?
It can sometimes take them several days to get an updated LE. From my experience it was much easier to get answers via text message with the loan officer i worked with, so maybe give that a shot.

It has been 2 weeks since my request and i have been messaging them via their portal. Are you talking about texting them to their cell?
d0gerz
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Re: My LenderFi refinance is going well

Post by d0gerz »

barksdale44 wrote: Thu Dec 31, 2020 2:05 pm It has been 2 weeks since my request and i have been messaging them via their portal. Are you talking about texting them to their cell?
The agent assigned to me seems to prefer text messages on the cell phone. I first sent a message via the portal, which I don't know if he saw or not, there was no acknowledgement. I also tried calling directly but that went straight to voicemail where I couldn't leave a message because the mailbox was full. But he was very responsive via text message.
lswswein
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Re: My LenderFi refinance is going well

Post by lswswein »

A Massachusetts (MA) data point
1. Bought a house in Sept - Leader Bank had the best rates. 2.375% for 30yr. Had some closing costs. Conforming 510K loan with property Valued at 682K
2. Leader Bank said they are not doing any refinances in 2020 when I checked in Nov
3. Got in touch with LenderFi Dec 21st for 15yr fixed. They offered 2% for a no cost closing. (A+B+C+E - credits)
4. I am in underwriting right now and expect to close the refinancing middle of next week or soon after that.
5. LenderFi is very quick but it is lots of silences in between. Things move quick.
6. Loan Depot did not want to match
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

rocket354 wrote: Mon Dec 21, 2020 4:09 pm
dropdx wrote: Mon Dec 21, 2020 3:26 pm What rate are people getting with LenderFi for 30-year these days?

I'm currently sitting at 2.875% with them.
Depends on loan amount. Rates actually seem to go up the more under 300k you are.
Yeah my loan is only $250K so I think 2.875% is the best I'm going to get for now, or at least that's how the loan officer made it sound.
DoveBogle
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Re: My LenderFi refinance is going well

Post by DoveBogle »

lswswein wrote: Thu Dec 31, 2020 3:33 pm A Massachusetts (MA) data point
1. Bought a house in Sept - Leader Bank had the best rates. 2.375% for 30yr. Had some closing costs. Conforming 510K loan with property Valued at 682K
2. Leader Bank said they are not doing any refinances in 2020 when I checked in Nov
3. Got in touch with LenderFi Dec 21st for 15yr fixed. They offered 2% for a no cost closing. (A+B+C+E - credits)
4. I am in underwriting right now and expect to close the refinancing middle of next week or soon after that.
5. LenderFi is very quick but it is lots of silences in between. Things move quick.
6. Loan Depot did not want to match
Damn, I am in MA and I would love to do a refi with Leader. I just prefer to work with a local bank if possible.
lswswein
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Re: My LenderFi refinance is going well

Post by lswswein »

Did you see simple simon's post before mine? Leader bank says they will start refinancing in the new year. My purchase rate in Sept was 2.375% for 30yr and simplesimon mentions a 2.125% for 30yr. The refinancing rates are about .125% above the purchase rates. So you should see a 2.25% for 30yr and something closer to 2% for 15yr.
You should definitely get in touch with them in the new year.
bholm83
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Re: My LenderFi refinance is going well

Post by bholm83 »

Applied with lenderFi just now and the 2.5% rate I see comes with $3000 in closing costs. I have a conforming loan amount of 465K, excellent credit and a LTV of 80%. Sounds like some people are getting closing costs covered at 2.5. I filled out the online form, so imagine they will contact me. Hopefully I can cut out those closing costs or at least most of them. In in WA state if that matters.
BarDownHockey
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Re: My LenderFi refinance is going well

Post by BarDownHockey »

bholm83 wrote: Fri Jan 01, 2021 10:52 pm Applied with lenderFi just now and the 2.5% rate I see comes with $3000 in closing costs. I have a conforming loan amount of 465K, excellent credit and a LTV of 80%. Sounds like some people are getting closing costs covered at 2.5. I filled out the online form, so imagine they will contact me. Hopefully I can cut out those closing costs or at least most of them. In in WA state if that matters.
Last edited by BarDownHockey on Sun Feb 07, 2021 9:18 pm, edited 1 time in total.
lkar
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Re: My LenderFi refinance is going well

Post by lkar »

Just applied on line and got what seems to be the going rate on a 30 year in the conforming range $400-$500k, of 2.5% and lender credits to cover fees. LTV is about 60 percent.

I already received the conditional approval and it is asking me to upload documents. If I want to try for a better rate by phone what exactly do I say? Just call the guy and ask if that is the best rate?
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

lkar wrote: Sat Jan 02, 2021 5:32 pm Just applied on line and got what seems to be the going rate on a 30 year in the conforming range $400-$500k, of 2.5% and lender credits to cover fees. LTV is about 60 percent.

I already received the conditional approval and it is asking me to upload documents. If I want to try for a better rate by phone what exactly do I say? Just call the guy and ask if that is the best rate?
After you upload your docs, you'll get a call to lock. That's when you'll typically get presented with a better rate.
lkar
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Re: My LenderFi refinance is going well

Post by lkar »

bluebolt wrote: Sat Jan 02, 2021 5:35 pm After you upload your docs, you'll get a call to lock. That's when you'll typically get presented with a better rate.
Ahh, many thanks. The document burden is reasonable. Will do today.
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

lkar wrote: Sat Jan 02, 2021 5:38 pm
bluebolt wrote: Sat Jan 02, 2021 5:35 pm After you upload your docs, you'll get a call to lock. That's when you'll typically get presented with a better rate.
Ahh, many thanks. The document burden is reasonable. Will do today.
I’ve gotten a real quote (two different times) before uploading anything.

In fact, their disclosure portal is different and will require you to upload the same docs again. So I wouldn’t waste time now but you will have to get it all anyway.
felipao
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Re: My LenderFi refinance is going well

Post by felipao »

lkar wrote: Sat Jan 02, 2021 5:38 pm
bluebolt wrote: Sat Jan 02, 2021 5:35 pm After you upload your docs, you'll get a call to lock. That's when you'll typically get presented with a better rate.
Ahh, many thanks. The document burden is reasonable. Will do today.
Did it work? What rate did you get?
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truenyer
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Re: My LenderFi refinance is going well

Post by truenyer »

Anyone close with LF in the last week or so? I got my closing disclosure on the 30th stating a closing on the 4th and funding on the 8th. I replied right away with some questions (on the 30th). Never heard back. Emailed and called multiple times. Today is the 5th and I haven't heard from the notary either. I know there was a holiday in there, but this is nuts!
charis23
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Re: My LenderFi refinance is going well

Post by charis23 »

Went through another refinance last year with LenderFi to 2.5% on a 30-year. Very painless - it only took 20 days from initial inquiry to loan being funded. Though I think this is the 4th no-cost refinance I've done since 2018 so it's not my first rodeo :wink:

1. 12/9 - initiated
2. 12/10 - locked rate
3. 12/23 - signed closing docs
4. 12/29 - loan funded
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