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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9,848 Comments
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15 year fixed @ 2.25% (locked last month at 2.375% but found a 2.25% rate at LD that better.com matched at the beginning of this month.
Loan is just under $300k
A. $0.00
B. $65
C. $1575
E. $1750 (FL has high taxes)
G. No escrow for taxes or insurance
Lender credit is $460 so after the $2500 I should be out of pocket less than $500. Not the absolute best deal on here but I'm pretty happy with that.
Process has been good for me so far. I'm pretty sure I'd have closed already if not for that subordinate lien HELOC ppwk they are waiting on from my old lender.
Is there a downside to having multiple rate locks in place (if there is no upfront fee for the lock)?
Is there a downside to having multiple rate locks in place (if there is no upfront fee for the lock)?
Is there a downside to having multiple rate locks in place (if there is no upfront fee for the lock)?
15 year fixed @ 2.25% (locked last month at 2.375% but found a 2.25% rate at LD that better.com matched at the beginning of this month.
Loan is just under $300k
A. $0.00
B. $65
C. $1575
E. $1750 (FL has high taxes)
G. No escrow for taxes or insurance
Lender credit is $460 so after the $2500 I should be out of pocket less than $500. Not the absolute best deal on here but I'm pretty happy with that.
Process has been good for me so far. I'm pretty sure I'd have closed already if not for that subordinate lien HELOC ppwk they are waiting on from my old lender.
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Does Watermark charge a fee to lock the rate?
I have also seen in some cases where Better has simply provided credit to match the costs of your own Title company instead of switching and starting over.
This time around I had to talk to a CS agent to get the scoop on things at Radian but she confirmed that the orders need to come from the lender directly and I was able to convince her to quote me again as I've 8+ title searches with them on file
Shahhere
Does Watermark charge a fee to lock the rate?
Alright, after not getting anything from Watermark from my contact I now have a LE he sent over yesterday. The LE did not line up with what what we discussed as "No Costs" and upto $3500 towards closing. The LE had $1500 in Origination Fees and only $3000 on J.
He keeps saying that J(Credit) can only be used for closing costs but that's not how it works. In the past If ABC=$3000 the remainder $500 would go towards escrows or principle reduction. Credit on J doesnt come with conditions like that so I am not sure how to proceed......
Today he did reply back they locked me at 2.75% with $3500 towards closing costs. If i have a LE showing $0 Origination fees and J=-$3500 I am going to take it. Better hasn't responded yet but this works out to be better than Amex deal with all the money upfront.
People who have LEs from Watermark Please let me know your thought on this Credit dilemma and how they have done this in the past if possible.
Shahhere
I specifically asked for no escrow account, just P&I ($937/mo). The quoted total closing costs were around $2600. However the LE indicates escrow of $237 = $1174/mo, and Section G now has $1500 in taxes and insurance, increasing my closing costs to over $4100.
I spoke to my loan agent and he confirms his computer shows no escrow, that it must've been an error on the backoffice team, but the LE cannot be revised - that I need to sign this set of docs FIRST and the final set of docs will show the removal of escrow and Section G fees. He claims this is industry-wide (Dodd-Frank rule, not company policy). This seems absurd! I don't feel comfortable signing this knowing it's incorrect. Has anyone gone through this?
Edit: my initial discussions with agent Casey were great, very helpful. Now after reading some comments above and my recent phone convo with him, I don't have a good feeling about this ...
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