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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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First I was ready to bail when they came back at 5% for a refi on investment property (800+ credit).
Told them that I was already approved with 3.9% no points. They then said "send over your fee schedule and we will match it." Like that. Less than 30 seconds of them telling its 5% to "never mind we'll match it" gross
They said that since my loan amount gets lower it also lower the credit. It was from $550 then become $250. I know it sounds BS to me but i dont really want to argue further.
Anyone noticed the zillow zestimate took a dive in the past few days? Atleast here in los angeles, i checked a few and a lot of them went down by -2%. I know appraisal doesnt use this but it maybe a sign that home value will go down.
After getting funded 5/13 my loan got transfered to fannie mae on 5/20. I just got the mail right now. TMS will still be the servicer.
I would really appreciate if someone who closed recently on a 30 yr. refi on what is the best rate they got.
I would also appreciate someone chiming in on my situation: I have PenFed 15/15ARM @ 3.375 on the 5th yr.
I though of refinancing and have been talking to PenFed since a month to get rates and the best rate they gave me is 30yr @ 2.5% with almost $12,000 in closing cost incl. $8,800 in discount points. OR 20yr @2.375 with almost $11,200 in closing cost incl. 7,990 in discount points. My breakeven for the above mentioned 30yr. would be in three years.
Would owning / better beat that? What should I do?
Also if I apply to Owning / better would that result in another Hard Pull on Credit profile? I already did it once a month ago for PenFed.
Please and Thank You.
They said that since my loan amount gets lower it also lower the credit. It was from $550 then become $250. I know it sounds BS to me but i dont really want to argue further.
I would really appreciate if someone who closed recently on a 30 yr. refi on what is the best rate they got.
I would also appreciate someone chiming in on my situation: I have PenFed 15/15ARM @ 3.375 on the 5th yr.
I though of refinancing and have been talking to PenFed since a month to get rates and the best rate they gave me is 30yr @ 2.5% with almost $12,000 in closing cost incl. $8,800 in discount points. OR 20yr @2.375 with almost $11,200 in closing cost incl. 7,990 in discount points. My breakeven for the above mentioned 30yr. would be in three years.
Would owning / better beat that? What should I do?
Also if I apply to Owning / better would that result in another Hard Pull on Credit profile? I already did it once a month ago for PenFed.
Please and Thank You.
I can recoup the points in 3-4 years and pay lower the rest of the 15 or 25 year loan.
I'm open for arguments either way.
I checked for my loan, which is 3.375 for 20 years now, I would be paying $200 less each month.
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Closed - April 15
See credit posted on Amex statement - June 1
Credit dated - May 11
1) I locked in with Better last Friday with $362K and change as that was the balance to date. My scheduled to close date is in mid-July so that means I would have at least two more mortgage payments until then. At closing, will Better automatically revise the loan amount down based on the outstanding balance left at that time? I know the decrease would be minimal since the June and July mortgage payments would mostly be for interest rather than principal but am curious nonetheless.
2) Since we've "locked" in a rate (2.5% 15-yr Fixed) and submitted all the paperwork, can we still "shop" to see if anyone else can beat them? We haven't had to pay Better anything yet.
Thanks!
So lets say you PM to Better and end up with 3.0% and -$325 in credits. You still would have to pay around $1200-1500 in closing costs such as Title Insurance at closing which I assume you roll into your yearly term
1) I locked in with Better last Friday with $362K and change as that was the balance to date. My scheduled to close date is in mid-July so that means I would have at least two more mortgage payments until then. At closing, will Better automatically revise the loan amount down based on the outstanding balance left at that time? I know the decrease would be minimal since the June and July mortgage payments would mostly be for interest rather than principal but am curious nonetheless.
2) Since we've "locked" in a rate (2.5% 15-yr Fixed) and submitted all the paperwork, can we still "shop" to see if anyone else can beat them? We haven't had to pay Better anything yet.
Thanks!
2) Yes but they will only match and not beat the offer or not match at all.
So lets say you PM to Better and end up with 3.0% and -$325 in credits. You still would have to pay around $1200-1500 in closing costs such as Title Insurance at closing which I assume you roll into your yearly term
2) Yes but they will only match and not beat the offer or not match at all.
I agree that 6 weeks is unlikely. I closed on 18 days, but had a 45 day rate lock. Regardless, the updated value is the responsibility of the settlement agent. If they obtain a new payoff quote, it should be updated. However, depending on the settlement agent, they may not obtain an updated payoff automatically.
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