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!!
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Item 1 of 1
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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I want to refinance to take advantage of the Better/AMEX deal, current rate is 3.5% and LTV is 30%, credit 780+.
Best rates offered currently for me are at the 15-year fixed, conventional.
Now, one caveat: I'm planning to pay off the loan within 5 years (no escrow, I pay taxes and insurance separately).
So, the question is: how should I be shopping for rates?
1. Get the lowest rate with $0 in fees/closing costs.
2. Lower the rate and pay $XXX in fees/closing costs not to exceed the $2500 Amex credit.
I'm thinking option #1 since I'm planning to pay off early and wouldn't gain the savings from the lower rate because I shorted the term.
It seems right, but wanted those who know better to advise.
Thanks!
There is no wrong decision there. While you plan to pay off the loan within 5 years, do you plan to stay in that home? If so, why do you want to pay it off if you can get a rate in the low 2s?
There is no wrong decision there. While you plan to pay off the loan within 5 years, do you plan to stay in that home? If so, why do you want to pay it off if you can get a rate in the low 2s?
Don't know that I'll stay in the home after 5 years, just depends on where I'm at financially and family-wise.
Right now I'm being offered 3.125% with no closing costs/fees, nothing out of pocket.
To get to sub-3%, it's roughly $1k+ in points, etc., but mathematically I won't get the $1k+ back in savings until a few years down the road, at which point I'll have paid off the house.
One wrinkle may be to take out some equity and refinance at the lower rate, since I'll take longer to repay, and that could go to remodeling or landscaping the yard.
That would make more sense perhaps to go for a lower rate.
What say ye?
So there's the dilemma.
I was told I am ineligible for the guarantee since they matched my first offer - and to match my 2nd offer, I'd need to lock in a rate.
Pretty much what happened: I got a lower closing cost from Company A.. I have better match and they did. But then Company A came back with another lower offer, Batter did not want to match. And I asked about the guarantee and I was told no, b/c they matched once therefore I am ineligible.
I was told I am ineligible for the guarantee since they matched my first offer - and to match my 2nd offer, I'd need to lock in a rate.
Pretty much what happened: I got a lower closing cost from Company A.. I have better match and they did. But then Company A came back with another lower offer, Batter did not want to match. And I asked about the guarantee and I was told no, b/c they matched once therefore I am ineligible.
Now I'm being offered 2.875% no points and a $500 lender credit from someone else (Garden State Home Loans in NJ)
I uploaded the new LE to my profile but my loan application is now in closing phase. I emailed my loan processor to let them know I uploaded a new LE, she said she will let me know if they can match it.
UPDATE: so they declined to match any further. I've decided to move forward with Better because of the AMEX bonus even though the other offer is better. I feel like it's at least some risk that that $2500 credit won't come through but I'm willing to trust that it will happen.
I don't want to l lose this opportunity to refinance since I've already pulled credit and if worse comes to worse by July rates are even lower it may make sense to try another refi if I can do this AMEX offer again.
Now I'm being offered 2.875% no points and a $500 lender credit from someone else (Garden State Home Loans in NJ)
I uploaded the new LE to my profile but my loan application is now in closing phase. I emailed my loan processor to let them know I uploaded a new LE, she said she will let me know if they can match it.
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Funny how the more you talk to brokers/lenders the better and better deals you'll get. Especially when you start going back and forth with competitive loan estimates.
I actually locked with my other broker and am still locked as a backup in case the Better deal falls through. When I told them I need to cancel it that's when they came back with the 2.875% and $500 credit
Dont want to refi and just keep adding on to the principle or giving up cash.
Don't know that I'll stay in the home after 5 years, just depends on where I'm at financially and family-wise.
Right now I'm being offered 3.125% with no closing costs/fees, nothing out of pocket.
To get to sub-3%, it's roughly $1k+ in points, etc., but mathematically I won't get the $1k+ back in savings until a few years down the road, at which point I'll have paid off the house.
One wrinkle may be to take out some equity and refinance at the lower rate, since I'll take longer to repay, and that could go to remodeling or landscaping the yard.
That would make more sense perhaps to go for a lower rate.
What say ye?
So there's the dilemma.
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I closed on 3/26 and was funded on 3/29 and am still waiting. At the time, I just have the closing specialist indicating that they have everything they need to process the credit, but no official communication from better.com or amex that I would be receiving it, just that it'll come in 8-12 weeks.
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