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Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
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Are people able to get ABC+EFGH and come out with cash back or am I misunderstanding?
Total payment for $300K loan @ 3 % after 15 years will be: $372, 914.00
Total payment for $300K + $ 5340.00 (1.78 point) = $305340.00 loan @ 2.5 % after 15 years will be: $366,475.00
This is with the assumption you will never refinance again or you are not paying extra anytime for 15 years loan. You savings is $6439.00 over 15 years.
The loan balance is 444,000. The interest savings Based on that amount came up to 19,000.
Edit: saw they're having you finance the points. Still not great.
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I recommend Aimloan, LenderFi, and Cash Call as good starting comparison points.
The loan balance is 444,000. The interest savings Based on that amount came up to 19,000.
The reason I said it's not great is I have a an aversion to paying more than a nominal amount of points (definitely no more than .5, and I usually try for 0 or negative). You're effectively pre-paying interest.
If you plan to keep your house for the whole of the loan, and you really don't plan on refinancing, then sure, it's a good deal. But both of those are big ifs. The average person moves every 7 years. And most refinance. hence why banks win when you pay points (you don't get that money 'back'). So I'd try to find a slightly higher rate with no points. I thought I saw some 2.875 15 year fixed online with little/no points. I'd rather take that. But if you really don't think you'll move, and really don't think you'll refinance again, then by all means pay the points.
The services was not that bad but I will say you don't get anyone to hold your hand through the process. That was okay for me since I already knew what I was getting into from my original mortgage but some people might want a more hands on approach.
I sent them a competing offer hoping for them to match and it took them almost 2 weeks to respond. They beat my local offer by $1. Yes you read that right... $1 dollar. When I asked about their better.com guarantee which says they would beat it by $1000 or I get $1000, their response was that my loan estimate was more than business 3 days old.
Well.. obviously.. since they took 12 days to respond to my initial request for a price match. I submitted my estimate within 48 hrs so I was well within the 3 day deadline. When I brought that up, they changed the argument, saying that I would get $2500 back from AMEX so it's actually $2501 cheaper for me... so technically they did beat it by $1000.
Talk about moving the goal post. For me, this whole process has been both frustrating and a complete waste of time.
The reason I said it's not great is I have a an aversion to paying more than a nominal amount of points (definitely no more than .5, and I usually try for 0 or negative). You're effectively pre-paying interest.
If you plan to keep your house for the whole of the loan, and you really don't plan on refinancing, then sure, it's a good deal. But both of those are big ifs. The average person moves every 7 years. And most refinance. hence why banks win when you pay points (you don't get that money 'back'). So I'd try to find a slightly higher rate with no points. I thought I saw some 2.875 15 year fixed online with little/no points. I'd rather take that. But if you really don't think you'll move, and really don't think you'll refinance again, then by all means pay the points.
I sent them a competing offer hoping for them to match and it took them almost 2 weeks to respond. They beat my local offer by $1. Yes you read that right... $1 dollar. When I asked about their better.com guarantee which says they would beat it by $1000 or I get $1000, their response was that my loan estimate was more than business 3 days old.
Well.. obviously.. since they took 12 days to respond to my initial request for a price match. I submitted my estimate within 48 hrs so I was well within the 3 day deadline. When I brought that up, they changed the argument, saying that I would get $2500 back from AMEX so it's actually $2501 cheaper for me... so technically they did beat it by $1000.
Talk about moving the goal post. For me, this whole process has been both frustrating and a complete waste of time.
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