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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My plan was to get a good Penfed rate and try and get Better to price match it. Problem is rates are changing so quickly at Penfed. I've seen the 15 year refinance rate go up .5 percent from one day to the next.
There is a good chance that the appraisal comes in higher and my LTV goes <=80%
could i ask for an escrow waiver at that point?
Background: refi from 4.00 to 3.25 with better.com back in Feb. Locked with LoanDepot on 7/6 at 2.75 with 30yrs fixed conventional with following info:
Loan Amount: 485K
LTV: 58%
Debt to Income: 24%
Credit Score: 790+
A= $1595
B = $112 (Already paid $20 for credit report to lock the rate)
C= $900
I= $1056
D+I = 3663
Lender Credits: $4768
I saw someone can get 2.625 with Watermark and Loan Cabin. My LO at LoanDepot said he can try to price match, but need to send competitive LE up high to do so. He's pretty cool guy. Seems responsive to text and email. Also I kinda like loanDepot interface and everything is via web. Will try on Monday to shop around and see.
Sidenote: Anyone's trying to get $100 from Better.com if they couldn't match it Smilie. I'll try so with SD fashion.
So did you apply with Watermark and LoanCabin? For certain larger loans Loan Depot has been able to give a higher credit. Family member with a loan of $394K is able to get a almost a $5800 credit against $1595 Org fee and $115 in misc B charges = $4088 Credit for 3.875% loan. So your rate/credit lines up well from that scenario.
Sounds like Watermark is a good option as well but they seem to have an internal cap of $3500 in credits against their $1499 Org fee = $2000 Credit but at 2.75% so you can see if they'd do 2.625% and still credit a high enough amount. I have not seen such a hard cap before with any lender so larger balances might be better at getting a lender lined up who will rebate essentially most of the negative points back.
LoanCabin is also providing some good credits against not Costs of their own (A&B). You might be able to get 2.625% and a decent credit at your loan amount as well.
Better it sounds like you need to apply and get deeper into your process to request a match. For me I got 1 match right when I wanted to lock which wasnt quite 1:1 and I guess was they "Offer". 1 Week later I was able to match 2nd time and I assume the deeper you get on your loan application the more time and energy they are spending hence being more match happy.
Lastly; I know you said you have a date so keep in mind you can apply and still keep shopping if you really want to reduce your future costs.......one problem I can see with all the pricematching is that you might run over on your lock timeframes causing the Lender to fault you to extent and charge you a rate lock extension cost. With the volumes here and everywhere else its 45 to 60 day locks. I've close a loan in 16 days start to finish earlier this year but doubt it would be anywhere close lol. I think the lenders that offer a 60 day lock are also not giving you the best rate as they have to hold that loan on their end and so for LoanCabin if you play with numbers you'll see lower rates at short closing time but they have confirmed that they cannot and appreciate the honest.
Shahhere
Sounds like Watermark is a good option as well but they seem to have an internal cap of $3500 in credits against their $1499 Org fee = $2000 Credit but at 2.75% so you can see if they'd do 2.625% and still credit a high enough amount. I have not seen such a hard cap before with any lender so larger balances might be better at getting a lender lined up who will rebate essentially most of the negative points back.
LoanCabin is also providing some good credits against not Costs of their own (A&B). You might be able to get 2.625% and a decent credit at your loan amount as well.
Better it sounds like you need to apply and get deeper into your process to request a match. For me I got 1 match right when I wanted to lock which wasnt quite 1:1 and I guess was they "Offer". 1 Week later I was able to match 2nd time and I assume the deeper you get on your loan application the more time and energy they are spending hence being more match happy.
Lastly; I know you said you have a date so keep in mind you can apply and still keep shopping if you really want to reduce your future costs.......one problem I can see with all the pricematching is that you might run over on your lock timeframes causing the Lender to fault you to extent and charge you a rate lock extension cost. With the volumes here and everywhere else its 45 to 60 day locks. I've close a loan in 16 days start to finish earlier this year but doubt it would be anywhere close lol. I think the lenders that offer a 60 day lock are also not giving you the best rate as they have to hold that loan on their end and so for LoanCabin if you play with numbers you'll see lower rates at short closing time but they have confirmed that they cannot and appreciate the honest.
Shahhere
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All of them.
LoanDepot was asked if their rates have trended down and to see if there was a float option:
Response: No rates havent and if you want to keep shopping we can pull your application what do you think?
WTF lol; unprofessional as heck man. Another member I sent to them were given 2 days to submit paperwork while they were out of state without notice and then they canceled their loan, FYI. Asked to reapply and no other option given.
Shahhere
Response: No rates havent and if you want to keep shopping we can pull your application what do you think?
WTF lol; unprofessional as heck man. Another member I sent to them were given 2 days to submit paperwork while they were out of state without notice and then they canceled their loan, FYI. Asked to reapply and no other option given.
Shahhere
I finally settled for 2.85 % on 15 year with $3500 in closing costs. But the loan is with a local bank and i can speak with a person on the phone any time as well as make a payment in the lobby in case of any unforeseen issues during these times.
There is a good chance that the appraisal comes in higher and my LTV goes <=80%
could i ask for an escrow waiver at that point?
I finally settled for 2.85 % on 15 year with $3500 in closing costs. But the loan is with a local bank and i can speak with a person on the phone any time as well as make a payment in the lobby in case of any unforeseen issues during these times.
But, $3500 in closing costs so you can talk to somebody is a pretty expensive decision.
And, if 40 +years and 15 different mortgages, I have never had a need to make a payment in the lobby. Paying a SURCHARGE for that option is more than I can justify.
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