Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
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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This company only does Refi for California as well. If you have any questions feel free to DM me.
This company only does Refi for California as well. If you have any questions feel free to DM me.
This company only does Refi for California as well. If you have any questions feel free to DM me.
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Ultimately, risk is being priced at a premium because of things like 1) forbearances going sky high 2) uncertainty over covid19 getting worse causing a second wave 3) possibility of fed going negative rates.
If you have interest in taking a deep dive on the topic, take a look at mortgagenewsdaily.
Yesterday I rate locked with Interfirst for 30 years at 3.125.. the best I saw offered from better.com was 3.375. I didn't yet get any loan estimate document. But once I get it (assuming Monday or Tues) I can talk to better.com and they'll rate match plus $1k?
How many days do I have in order to do this and will I get hard credit inquiries from both companies? And what do I say to the first company regarding why I opted out lol
Regardless, my initial closing disclosures got loaded this morning and I'm ready on Wednesday.
Yesterday I rate locked with Interfirst for 30 years at 3.125.. the best I saw offered from better.com was 3.375. I didn't yet get any loan estimate document. But once I get it (assuming Monday or Tues) I can talk to better.com and they'll rate match plus $1k?
How many days do I have in order to do this and will I get hard credit inquiries from both companies? And what do I say to the first company regarding why I opted out lol
Better doesn't do hard pulls until you rate lock. Most lenders do right away though. Either way, all inquiries within 45 days will be considered as one for scoring purposes, so don't worry about multiple hits.
Technically, you need not tell the other lender anything. The Loan Estimate will have a "valid until" date and time. If you do not give them an "intent to proceed" before that, they will close out your application. You could, if you desire, simple ask them to cancel it yourself. In my case, since Better moves fast, I didn't contact my other lender until yesterday (the last day of my validation period). I simply told him by email that I decided to go with another lender. I wanted a "backup" until I was close to finishing with Better. My closing is next week.
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This has been nothing short of a complete disaster. I'll outline some of the issues that you should be aware of below.
-First and foremost, they lost our signed closing documents. Yes, the package that contains scans of our drivers licenses, passports, social security numbers, bithdays, address, legal name, credit reports. Basically everything needed to steal our identities is nowhere to be found. The notary claims everything was sent via fedex. The title company says the package arrived undamaged with only 2 documents in it out of the several hundred that were supposed to be there.
We closed on 5/2 with our funding slated for 5/6. Well it's 5/9 and our loan isn't funded. In fact if they can't find our documents by Monday, we have to close again. The funding amounts are no longer correct and need to be redone. My wife and I both work full time from home right now plus are trying to keep our kids engaged in their schooling. Taking time out to close again is not easy. Not to mention, the notary is running from house to house doing closings. We now have to risk bringing the virus into our home a second time.
-Second: The closing documents were not even correct! They sent 4 different versions. Yes, 4 different versions! The notary did not know which ones were the correct ones, so we signed all 4 so we could still close and not reschedule. All of them were within 5-6 dollars of each other, but this is very concerning!
-Third: They ordered the wrong appraisal and needed to do it a second time. We had our appraisal ordered and done as asked, exterior only. Once it was done, I was contacted that they should have ordered an interior appraisal and would need to do it again. They paid for the second appraisal, but it shows a lack of knowledge and training that is seen throughout my entire experience. Not to mention the delay it causes it competed the refi.
I was contacted by a manager regarding the appraisal mix up, but when I responded with some questions it went unanswered, a common trend with this company. A day later a received the exact same cut and paste email from a different manager about the same issues. They defiantly are not a well oiled machine. I again reached out, and again no reply.
-Fourth: They do not respond to anything. I sent many emails to my loan officer and not once did he respond. I wanted to change my rate by buying points and changing the cash out amount. The only person who would respond was my closing agent. He is not licensed and cannot answer my qestions, but was able to get the loan rate updated. But I really needed to communicate with the loan officer as I had some important questions.
-Fifth: The website never updates, it still shows incorrect numbers for closing and wrong estimates. The only documents I would sign were received from the closing agent, the documents on the website are incorrect.
I'm pretty easy going and make mistakes myself and am more than williing to let a few things slide, but this was a complete disaster form start to almost finished (we still aren't to the finish line dispite closing a week ago). I know not everyone will have this level of experience, but be carefull and be warned.
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