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!!
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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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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Friday morning, I started putting application in at Better.com and originally I was offered 2.875% w/ no point with over 10k closing costs.
Same morning, I had an Owning agent call me and he was able to pre-approve the same amount loan with their advertised rate (15 YR FIXED 2.625% RATE & APR, NO CLOSING COSTS). 2-3 hours later, another email arrived with a link to Docusign website where you can find LE.
Shortly after, I was called by a Better.com Agent who provided her email address where I was instructed to send competing LE.
She was on the phone while I was sending an email, then confirmed she received the LE from Owning. She told me that she would take it to the head agent for my loan and they came back with their offer about 30 minutes later. They offered 2.625% + $1000 credit at the closing and they also confirmed that $2,500 Amex statement credit is additional.
In short, I would receive $3,500 (if $2,500 Amex credit appears) credit with 0.25% rate drop (coming from 2.875%)
I am actually buying another house with jumbo loan within 1-2 years and I was going to pay off the current mortgage before that, in order to make getting a mortgage process for 2nd house somewhat easier.
Is there any reason I should not move forward at this point? Besides hassles of appraisal and meeting with closing agents, I do not see much problems with my scenario.
It's okay to pay off the whole balance within months of refinancing it if I want to, right?
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.
"At this time, we will not be able to beat the competing offer you provided. However, pricing does update daily so I'll be monitoring our pricing this week and hopefully we can beat it once rates decrease a bit on our end."
This means I get neither the 1k price match nor the 2500 for going w them :/ Trying to take solace in the fact that the original lender just called and said they're waiving the appraisal...
"At this time, we will not be able to beat the competing offer you provided. However, pricing does update daily so I'll be monitoring our pricing this week and hopefully we can beat it once rates decrease a bit on our end."
This means I get neither the 1k price match nor the 2500 for going w them :/ Trying to take solace in the fact that the original lender just called and said they're waiving the appraisal...
Closed: April 14
Funded: April 20
Sold to Fannie Mae: May 1
Servicing continues through The Money Source.
Need to wire the money by Thursday now.
Now the wait for the $2500 starts.
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