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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Currently, I am looking at 2 separate offers at 15 year fixed for a 109K loan:
1 is for 3% with 0 points and 3K Closing costs
2 is for 2.875% with 0 points and 4-4.5K Closing costs
Wondering how good these offers are in California currently, im in zip code 93013.
Both banks told me that the rates are slightly higher due to the loan amount being less than 200K.
Not looking for the absolute best rate, as long as they are good, I'm happy. But if it would be pretty easy to find a bit better rate with lower closing costs, I do have the time to do so.
Also, are there any other numbers I should be focusing on beside the interest rate and total closing costs?
hard to compare if we dont know the length and amounts
The length and amount should be in the original post.
It's for 15 Year fixed, and 109K
Both people I spoke with said that the rate is slightly higher due to the loan being under 200K.
They said it would be even higher if it was under 100K. Any truth to this?
Also, the closing costs include the "Prepaids and Impounds", totalling 1.15K
Do I not include those when mentioning closing costs?
Also, Credit score is 800+
Edit: Just tried Better, and it gave me offers for 30 Year terms only, no 15 year, but used their calculator and it gave me 4% interest rates??
Edit: Just did lenderfi, they're best offers actually match the same loan terms as the credit union I bank with, the second offer, which I guess, if I don't include the prepaids and impounds part, the closing costs are actually much less, closer to 3.6K
Round I - 3.625% with 4.7K lender credit. Closed in Feb. Amex credit posted after 6 weeks
Round II - 3.25% with 4.3K lender credit. Closed in April. Still waiting for Amex credit. Its 7 weeks already
Round III - 2.875 with 4.7K lender credit. In process.
If AMEX credit posts for all this will be the slickest deal ever. If not still worth it. Savings of thousands of dollar in interest plus each refinance is money maker.
But looks like they do so more power to you.
In my case, the loan was funded on 9th and outstanding amount was paid off to old lender on 11th by the settlement agent. Better.com already charged me interest from 9th as prepaids during closing and the old lender naturally charged interest until 11th. Hence, I ended up paying interest to both lenders for 3 days. Is this how refinancing usually works?
I was expecting to pay interest to both entities for 1 day. However, 3 days seemed excessive.
In my case, the loan was funded on 9th and outstanding amount was paid off to old lender on 11th by the settlement agent. Better.com already charged me interest from 9th as prepaids during closing and the old lender naturally charged interest until 11th. Hence, I ended up paying interest to both lenders for 3 days. Is this how refinancing usually works?
I was expecting to pay interest to both entities for 1 day. However, 3 days seemed excessive.
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Thanks for the detailed response though.
Round I - 3.625% with 4.7K lender credit. Closed in Feb. Amex credit posted after 6 weeks
Round II - 3.25% with 4.3K lender credit. Closed in April. Still waiting for Amex credit. Its 7 weeks already
Round III - 2.875 with 4.7K lender credit. In process.
If AMEX credit posts for all this will be the slickest deal ever. If not still worth it. Savings of thousands of dollar in interest plus each refinance is money maker.
Wish I knew about this deal before last month rather than just focusing on rewards credit cards with a airline point bonus or brokerage/checking accounts with a intro bonus, this could perhaps couldve been a lot more profitable game to play this year
Since escrow is waived, they won't be collecting additional tax from your monthly payments. You should be able to confirm that by looking at your LE.
Better also had a settlement fee of $500 to start with and I was able to get a competing quote and email it to better and they adjusted my LE to give me $250 more in credits to make up for the higher settlement fee.
It's ain't over yet but so far so good dealing with them.
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Better also had a settlement fee of $500 to start with and I was able to get a competing quote and email it to better and they adjusted my LE to give me $250 more in credits to make up for the higher settlement fee.
It's ain't over yet but so far so good dealing with them.
What did they from you to give you the re-issue rate? My LE has similar cost for Title Insurance.
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