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
Item 1 of 1
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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I am not a lawyer and I can not see what your contract says but after buying 13 homes, I do know that sometimes they put down who the lender is, amount down, etc. But, at closing , they just want their money. TECHNICALLY, depending on how it is written you have "agreed" you will use XYZ bank and any change could, maybe, after legal proceedings maybe say you broke the contract. Again, can not see the contract. I still say nobody would have a clue until you sat down to sign the closing papers and they could not care... give them the agreed upon money.
With that said, you could notify them next week you changed something and they could then put up a fuss. Again - it just is not going to happen. (don't tell anybody anything)
Closed on 6/3
Funded on 6/8
Applied 7/20
Received $2500 credit 7/21
Took my rate from 3.875% to 3.125% for the first refi. Now I'm getting ready to lock 2.625% no costs. The extra $2500 x 2 on top of the interest savings makes this the deal of the year for me.
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thanks
You want really good responsive LO who will will be there to guide you throughout when you are buying a home. So Better.com is likely not the best bet.
Currently Penfed has the best rates for purchase (2.25 for 15 year and 2.625 for 30 year). And they are doing 2500 in lender credit for purchase transactions as well.. I would also recommend Provident who have higher rates but you will have a LO to help you through the process. Since today is the last day of the Amex deal you could also apply at Better.com just to get your foot in the door, close your purchase transaction with one of the other lenders and if possible complete the refi at Better before October....lot of paperwork but still do-able. Nothing lost if you are not able to complete the refi - just cancel the app later.
What does this have to do with 2500 amex?
LOL, not sure if you missed my earlier posts but I listed another Lender contact from "Caliber Homer Loans" who kicked back amazing credit to me and for everyone else for the states she is licensed for. The problem is that I dont have finalized documents and I've received new disclosures that are not showing the the aggressive pricing. I did get a response yesterday that those disclosures are auto-generated by their system and that until the "exemption" pricing is applied it wont show the right amount; the amount provided initially in the Loan Estimate. I've been assured that the pricing will be the pricing quoted as its been approved but needs a final approval/review layer.
Sooooo for me I am about to close Better sometime next week and they upped their offer but not quite the total credit i have with Caliber. Question around this is what I go ahead and close but also continue with Caliber so I'd close next week and the loan would fund early August and that I would complete 2nd refinance by September as my lock expiration is 9/18 for Caliber. Questions about doing this or any logistics and if I would lose the Amex credit in the midst........
Shahhere
Yes, with a shorter term, equity normally builds faster. Let me give you an extreme example of paying more than what is due.
$100,000 loan at 4%
4% is .333% per month
Month #1, you pay $20,000
interest for the past month comes to $333.33 ($100,000 * .3333)
you now owe $80,333.33
interest for the next month is based on $80,333.33
So, you are now paying interest on 80,000 and not close to $100k
In just over 5 months it is paid off.
Just an example, but interest is against the current principle amount.
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