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Oh and fun fact, I just found out the title company I primarily use for refis has 40% of its staff sick with COVID. 

Thankful that I haven't done any active prospecting the last few weeks so I have a smaller pipeline right now than the couple months before. 

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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

1 hour ago, FUBAR said:

Yeah, but I had to grab it. 

Only saves me $81/month, but that adds up over 30 years. 

The 🤓 in me thinks it's really cool that the first payment in the 30 year has more going to principal than interest. 

THAT is INSANE. 

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On 9/21/2020 at 6:51 PM, DEADHEAD said:

Despite my WF travails...Recall WF failed to record my HELOC with the county. County said the notary stamp was illegible and WF failed to do anything about it...I locked (70 day) today on a jumbo at 2.875% and no points. STOKED. 

Bought our house in May 2019 and went from 4.0% at purchase, refi'd to 3.625% and now to 2.875%. 

My broker says 2.75% may soon be available on jumbos. I didn't want to take the chance.

Finally closed this earlier this week. What an ordeal. Can't believe I've been working this thing for about 4 months.

FYI, our appraisal was a grand (Bay Area).

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On 11/25/2020 at 8:43 PM, Chadstroma said:

THAT is INSANE. 

:)

 

On 11/25/2020 at 7:33 AM, FUBAR said:

Fwiw, VA IRRRL is taking less than 2 weeks. 2.25, 30 year.  Now watch rates fall to below 1...

15 days application to funded. :)

 

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Just realized that I was slow to help a couple of FBG's connect with someone. If you guys don't hear from me on a PM- just follow up with another one to remind me that I didn't get to it. On one I thought I sent a reply and didn't somehow and the other I flat out forgot to go back and reply. Give me a day or two but then feel free to bug me if you that happens!

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35 minutes ago, Chadstroma said:

Just realized that I was slow to help a couple of FBG's connect with someone. If you guys don't hear from me on a PM- just follow up with another one to remind me that I didn't get to it. On one I thought I sent a reply and didn't somehow and the other I flat out forgot to go back and reply. Give me a day or two but then feel free to bug me if you that happens!

You are a good dude Chad.  👍

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22 minutes ago, lumpy19 said:

Took me almost 9 months but it looks like I’m finally getting the refi done, locked in at 2.875 on a 30 year today

GOOD LORD 9 months?  

That is pretty funny because I had to explain a hard pull on my credit report that was for a refi, which was so long ago they didn't think it was for a mortgage.

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1 hour ago, culdeus said:

GOOD LORD 9 months?  

That is pretty funny because I had to explain a hard pull on my credit report that was for a refi, which was so long ago they didn't think it was for a mortgage.

Yeah I had issues with work, on furlough, off furlough, on furlough, furlough permanently removed but a slight pay cut and then Finally back to normal dec 1, it’s been quite a year

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On 12/10/2020 at 3:38 PM, lumpy19 said:

Yeah I had issues with work, on furlough, off furlough, on furlough, furlough permanently removed but a slight pay cut and then Finally back to normal dec 1, it’s been quite a year

Ok, that makes more sense... otherwise I was going to say sounds like you went with Wells Fargo or another large bank. 

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On 12/10/2020 at 4:00 PM, gianmarco said:

I can't believe rates are down even more.

We just did a 30 yr fixed jumbo refi at 3.125% about 3 months ago.  Is it worth looking into getting it lower at this point?

There are a lot of factors that would make it end up being worth it or not but I generally say that anyone over 3% should explore the possibility. 

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Just now, Chadstroma said:

There are a lot of factors that would make it end up being worth it or not but I generally say that anyone over 3% should explore the possibility. 

How do you go about that only 3 months out?  I thought anything less than 6 months out can screw over the initial lender.  Is there a way around that? 

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4 hours ago, gianmarco said:

How do you go about that only 3 months out?  I thought anything less than 6 months out can screw over the initial lender.  Is there a way around that? 

Yes, generally it is 6 months of payments or the broker will get an EPO (Early Payoff) hit which means the lender will claw back their compensation which means doing the loan ended up costing them money. 

If the lender is a bank or direct lender (like Quicken) it isn't the same exactly. It may or may not hit them financially but unlike a broker, the Loan Officer typically isn't affected.  

There is no way around it for a broker as most broker agreements require 6 months of payments (so usually 7-8 months from when you closed). 

The good news is I think rates will be fairly stable for a while (though I obviously do not own a crystal ball). If you worked with a broker, just reach out to them and let them know you wouldn't mind refi again once able to qnd it makes sense and they will work with you to try to get a mutually beneficial outcome.

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5 housing trends for 2021: What’s ahead for mortgage rates, home prices, flight to suburbs?

By Jeff Ostrowski Jeff Ostrowski's Twitter profile

Dec. 14, 2020

In 2021, mortgage rates will rise from record lows, home-price gains will slow and Americans will continue their migration to less dense regions and lower-cost housing markets.

That’s according to housing experts who spoke during last week’s virtual conference of the National Association of Real Estate Editors.

Trend 1: Mortgage rates will edge up in 2021

Mortgage rates have fallen to new lows, hitting yet another record last week. However, as the economy improves and the coronavirus pandemic fades, rates will trend up, housing economists say.

The National Association of Realtors expects mortgage rates to average 3.1 percent in 2021, up from 3 percent in 2020. The Mortgage Bankers Association says rates will average 3.3 percent in 2021.

That means the refinancing boom of 2020 should slow dramatically by the second half of 2021, says Michael Fratantoni, chief economist at the Mortgage Bankers Association.

However, the refinancing window won’t close entirely. Some 20 million Americans have loans at rates higher than 4 percent, says Frank Nothaft, chief economist at real estate data firm CoreLogic. He expects many of them to refinance in 2021, even if rates tick upward.

Trend 2: Home prices will keep rising, but not as quickly

Home values have soared this year, a result of rock-bottom mortgage rates, limited supply of homes for sale and strong demand.

Housing economists expect price gains to slow in 2021. CoreLogic reports a 7.3 percent gain in prices nationally in the 12 months ending in October. That pace should cool to 4.1 percent in 2021, Nothaft says.

NAR expects home price gains of 3 percent in 2021. The sharp rise in home prices this year has created renewed fears of a tightening squeeze on affordability.

“I just hope home price increases moderate so that affordability conditions do not get out of hand,” says Lawrence Yun, chief economist at the National Association of Realtors.

Trend 3: Americans are flocking to the ‘burbs

The COVID pandemic has sparked debate about the fate of cities. For now, Americans’ move from urban centers to suburbs and smaller cities is “unambiguous,” says Robert Dietz, chief economist at the National Association of Home Builders.

“It’s an acceleration of trends that were already in place,” Dietz says.

Dietz says long-neglected Midwest markets could see new demand. He named Kansas City, Columbus and Indianapolis as destinations for buyers seeking bargains.

“People are moving from high-cost markets like California,” Nothaft says.

With Americans spending more time at home, many buyers are looking for bigger homes with home offices, home gyms and spacious yards.

“Even people who were very content with their home before the pandemic, now some of them are saying, ‘My home is too small,’” Yun says.

Trend 4: Some homeowners will struggle, but the pain will be muted

A decade of job gains disappeared in the first month of the coronavirus recession, Yun notes. That dizzying drop, the U.S. labor market has recovered many of the job losses.

“Hypothetically, even if there was to be some price decline of say 5 percent, the housing market can easily absorb that,” Yun says. “It will not cause foreclosure problems.”

Yun says struggling homeowners will be able to sell their way out of trouble.

Rick Sharga, executive vice president at RealtyTrac, likewise predicts that foreclosures will rise in 2021, but the fallout will be manageable. While some homeowners will go into default, most will sell before foreclosure.

“Homeowners are sitting on a record level of equity right now,” Sharga says.

A chronic shortage of homes for sale and under construction is propping up prices.

“We will see the foreclosure numbers increase. But it is important to remember where we’re starting from,” Fratantoni says. “We’re at a 40-year low in foreclosure rates right now. They’re going to go somewhat higher. But because of the equity positions many homeowners have, you’re just not going to see them get to foreclosure.”

Trend 5: The VA loan market is on fire

The volume of mortgages backed by the U.S. Department of Veterans Affairs has exploded, says Chris Birk, director of education at Veterans United Home Loans.

“This was a truly historic year,” Birk says. “This was the biggest year in the history of VA lending.”

VA loan volume nearly doubled from 2019 to 2020. It was the first time the VA has issued more than 1 million loans in a year.

Younger veterans are driving demand, Birk says. VA loans require no down payment and have loose requirements around credit scores, allowing veterans to accelerate their home-buying schedules.

“They don’t need to spend years saving a down payment. They don’t need to build pristine credit,” Birk says. “They’re able to jump into the housing market well ahead of their civilian counterparts.”

VA loans once were an afterthought, making up just 2 percent of overall loan volume. VA loans now are about 10 percent of the mortgage market, he says. Birk says VA loans have mostly shed the perception that they were “inferior” to other types of mortgages.

 

I can't say I fully agree with all of this but it is good enough to post here. 

My take on #1,  I do agree if the economy bounces back hard then yes, rates will start to go up but I am not sold on the economy bouncing back and then pushing rates up. Certainly not in the upcoming months as the whole argument for the economy rebound is the vaccine which from what I am hearing we will not have enough to be really effective until into summer. I also think a lot of pain has been masked with some of the measures taken in relief and I am not convinced that all of it will just go away. Though rates bounce around a bit daily (they went down a bit today) I don't expect any major moves down. If you haven't jumped in on your refi, now is the time to have that conversation with a pro. 

#2 and #3, as always, location, location, location... I think some areas will see declines. Mostly large cities that have been overblown on values for a concentration of high paying jobs. COVID has made a lot of those jobs remote work from home and many people are looking to check out of the expensive places for less expensive to make their higher salaries go much further. Also, I think some select cities will see huge declines such as Minnesota, Portland, Seattle among the highlights due to their high levels of civil unrest. People and businesses do not want to live in war zones. They will leave. When they do- that means values go down. On the other side, burbs and even some what I would call adjacent rural areas, will have boosts. Some people will look to burbs but some will want to go further but never could because of commuting. As the article points out, I think some smaller big cities will get a boost. Business friendly states like Texas will thrive as states like California and Illinois who continue to add taxes and regulation will suffer (Within the last couple of weeks three or four big companies in CA announced large moves to TX). 

#4, to a point, yes I agree for those who have had their houses for a couple of years. It all goes back to #1 though and to a degree #2 and #3. If the equity evaporates because values decline as people sell and you just bought using 3.5% down a year ago.... you are in trouble real quick after all the costs of selling. It is a bigger balancing act than I think is mentioned here. You have the economy/jobs and how fast/well they come back vs the protections that have been put in place to help homeowners make it through the COVID issue and then the changing of real estate of where people want to buy/sell. There are a few things that need to break our way for it for the pain to be 'muted'. 

#5 abso-freaking-lutely. VA loans are awesome and it is one of the biggest reasons that shows Dave Ramsey is a moron that you ought not spend a single penny for his dumb advice beyond "don't spend money". VA and FHA loans are not impacted by the FHFA surcharge on refinances plus you can do an IRRRL on VA or a streamline on FHA that make things fast (unless there is something else going on, can get these done in 2 weeks just about) and easier process (you don't have to get a bunch of docs) while keeping costs down (no appraisal ever for these). Unfortunately, some of this volume has been taking advantage of vets as I KNOW some companies are "churning" VA and to a lesser degree FHA loans. Churning is where they do a higher rate with the intent of doing another refi 210 days later (how long you have to wait on an IRRRL to do the loan). They basically do it on purpose and often at higher rates to make more money. I have had people try to recruit me from retail and their big pitch is that they are not capped like brokers are so I can make more money on govies (VA and FHA) which means I 'get' to screw over vets. It takes a lot for me to smile and say no thank you rather than punch these guys in the face. 

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On 12/14/2020 at 8:33 PM, Chadstroma said:

'. 

#5 abso-freaking-lutely. VA loans are awesome and it is one of the biggest reasons that shows Dave Ramsey is a moron that you ought not spend a single penny for his dumb advice beyond "don't spend money". VA and FHA loans are not impacted by the FHFA surcharge on refinances plus you can do an IRRRL on VA or a streamline on FHA that make things fast (unless there is something else going on, can get these done in 2 weeks just about) and easier process (you don't have to get a bunch of docs) while keeping costs down (no appraisal ever for these). Unfortunately, some of this volume has been taking advantage of vets as I KNOW some companies are "churning" VA and to a lesser degree FHA loans. Churning is where they do a higher rate with the intent of doing another refi 210 days later (how long you have to wait on an IRRRL to do the loan). They basically do it on purpose and often at higher rates to make more money. I have had people try to recruit me from retail and their big pitch is that they are not capped like brokers are so I can make more money on govies (VA and FHA) which means I 'get' to screw over vets. It takes a lot for me to smile and say no thank you rather than punch these guys in the face. 

The last part makes me sick, and we all do our best to educate others. Part of the problem is unless you have a trusted broker or shop around a lot, you never really know if you're getting the best rate. I've gotten way too many unsolicited flyers offering better rates than I had, but there's already a catch or a company I don't recognize (that might be okay, I'm not in the business, but it makes me wonder and do a quick search). Even now, after closing on another refi, I've received 4 calls in the last two weeks. They pitch "you're overpaying...!" I simply ask how much better they can do than 2.25%. the pleasant ones say "no, we can't" and end the call. Others just hung up.

Why anyone eligible would do anything other than a VA is a mystery. (Not entirely, sometimes they take a while to close and a hot location sells to the quickest response, but this isn't the norm imo). You know better than I would, but I haven't seen lower rates outside of VA. 

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5 hours ago, -OZ- said:

The last part makes me sick, and we all do our best to educate others. Part of the problem is unless you have a trusted broker or shop around a lot, you never really know if you're getting the best rate. I've gotten way too many unsolicited flyers offering better rates than I had, but there's already a catch or a company I don't recognize (that might be okay, I'm not in the business, but it makes me wonder and do a quick search). Even now, after closing on another refi, I've received 4 calls in the last two weeks. They pitch "you're overpaying...!" I simply ask how much better they can do than 2.25%. the pleasant ones say "no, we can't" and end the call. Others just hung up.

Why anyone eligible would do anything other than a VA is a mystery. (Not entirely, sometimes they take a while to close and a hot location sells to the quickest response, but this isn't the norm imo). You know better than I would, but I haven't seen lower rates outside of VA. 

On the purchase side there is a lot of bad and outdated "advice" or "belief" from realtors and sellers that causes them to basically discriminate against vets. It is BS and myself and others do our best to educate  to avoid it and call it out when we see realtors pushing it. 

On the IRRRL side, I think it is because the benefits are so good an unfortunately vets tend to many times not be financially literate so they get targeted. 

Some companies are built around it like Veterans United and New Day. Some take advantage of it like Fairway and LoanDepot. Some are really good at other things for vets but not so much with mortgagea like USAA and Navy Fed. 

Conventional can't touch VA rates right now. 

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Closing on my refi tomorrow. Used guy recommended by @Chadstroma. Thanks!

I'm getting a 2.75%, 27 year.
This refi is just to protect against rates rising as I will be replacing a 2.75% 5/1 ARM that I'm almost 5 years into. I don't have a crystal ball, so I'm just guessing rates will rise from where they are now. If they go up over the next 10 years (again, just guessing to 4% in .25% increments for maybe 5 years, and pulling that out of thin air), I will save maybe $25k. Worst case is no rate rise, I'm out the closing costs, but sleep easy.

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9 hours ago, culdeus said:

VA are slower to close so ####### realtors badmouth them to gen pop and it spirals.  I had to k my VA eligibe brother off a non VA loan. 

Depends on the lender. I have lenders that there is no difference. 

The big issue that realtors have is the inspection. But as long as the property is in good condition that shouldn't be an issue. 

Most of it is someone that heard someone that heard someone bad mouth them. Most of them are ignorant and don't have a clue why they think VA loans aren't good and then discriminate against vets because of it. Pisses me off. 

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2 hours ago, brun said:

Closing on my refi tomorrow. Used guy recommended by @Chadstroma. Thanks!

I'm getting a 2.75%, 27 year.
This refi is just to protect against rates rising as I will be replacing a 2.75% 5/1 ARM that I'm almost 5 years into. I don't have a crystal ball, so I'm just guessing rates will rise from where they are now. If they go up over the next 10 years (again, just guessing to 4% in .25% increments for maybe 5 years, and pulling that out of thin air), I will save maybe $25k. Worst case is no rate rise, I'm out the closing costs, but sleep easy.

I think you made a wise decision. 

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15 hours ago, brun said:

Closing on my refi tomorrow. Used guy recommended by @Chadstroma. Thanks!

I'm getting a 2.75%, 27 year.
This refi is just to protect against rates rising as I will be replacing a 2.75% 5/1 ARM that I'm almost 5 years into. I don't have a crystal ball, so I'm just guessing rates will rise from where they are now. If they go up over the next 10 years (again, just guessing to 4% in .25% increments for maybe 5 years, and pulling that out of thin air), I will save maybe $25k. Worst case is no rate rise, I'm out the closing costs, but sleep easy.

Since these topics seem to come up frequently. Just thought I'd add:
My appraisal was estimated at $550, but the appraisal requirement was waived altogether. Probably because it wasn't a cash out and the LTV was only  about 55%.
It cost me $100 for the subordination letter for my existing HELOC, and that just took a couple weeks to get.
Time to close from application = a month, 11/25/2020 to 12/24/2020.
Only one instance of a document having to be submitted multiple times, insurance binder.  Easily and quickly cleared up, so no big deal. 
Signing location is in the title company's office.

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Refi'd 6 months ago down to a 3.3875% 30 yr jumbo

refi'ing AGAIN at an impossibly low 2.5% 30yr. Never thought I’d refi ever again, but we’ll be saving around 55k over the life of the loan if I keep paying my current payment level (I,e. Pay down principle). It’s almost free money. Ridiculous. 

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43 minutes ago, joey said:

Refi'd 6 months ago down to a 3.3875% 30 yr jumbo

refi'ing AGAIN at an impossibly low 2.5% 30yr. Never thought I’d refi ever again, but we’ll be saving around 55k over the life of the loan if I keep paying my current payment level (I,e. Pay down principle). It’s almost free money. Ridiculous. 

Is that 2.5% rate for a jumbo as well?

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5 hours ago, acarey50 said:

Is that 2.5% rate for a jumbo as well?

Ya know. I’m not sure any more what a jumbo is or not. It’s a 570k loan. Maybe @Chadstroma can say if that’s still jumbo in CA or not. 
I did a bit of a cash out to pay off my 2nd/HELOC as well (variable rate currently at 3.99%) so the 570k is the total balance of both loans combined at a 2.5% rate. Just amazing. 

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I tried to refi my current 3.3 to a 20. The best my current lender could get me was 2.67 but wanted 3k for refi fees.

I would save about 80 bucks a month. Wasn't worth it to me. I already make 2-3 extra payments a year so meh

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19 minutes ago, joey said:

Ya know. I’m not sure any more what a jumbo is or not. It’s a 570k loan. Maybe @Chadstroma can say if that’s still jumbo in CA or not. 
I did a bit of a cash out to pay off my 2nd/HELOC as well (variable rate currently at 3.99%) so the 570k is the total balance of both loans combined at a 2.5% rate. Just amazing. 

It depends on the county but likely conforming based on the rate. As low as $510,400 in some counties up to $765,600 in high balance counties for 2020. Limits increased for 2021. 

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5 hours ago, Desert_Power said:

Going to have to hit up my broker again. Currently on a 3 and 3/8ths from just March. I really hate figuring this stuff out almost every year, but I love money.

At some point... it will be the last refi you do. 

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Finally done with mine, closed yesterday.  Was not the smoothest process all around.  

2.875 on a 30 locked awhile back.

Not totally sure where rates are at, but the last time I did a Refi I did one again with the same title company for a discount, it's highly likely I can just re-rack and do better this time around.

 

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10 hours ago, RG623 said:

@Chadstroma Any opinion on Freedom Mortgage? Received a solicitation with my mortgage statement that they are partnering with my lender on a no lender fee/no appraisal refi. Refi’d a few years ago to a 30 at 3.6%.

I would avoid. On the side of the slimy lenders. They have a wholesale division and I will never send them a loan. You are very likely able to get a better deal through a broker. If your past lender was a broker go back to them. If not, feel free to send me a message and I can introduce you to a broker licensed in your state. 

As for the no lender fee/no appraisal is somewhat misleading (an example of them being on the slimy side). For no lender fee, sure anyone can do that. It is just built into the rate. For appraisal, if it is a conventional loan- they don't get to say whether it has an appraisal or not. Only Fannie and Freddie do as they define what is or is not a conventional loan. If it is a FHA or VA then anyone doing them can do the same as a FHA streamline and an VA IRRRL do not require appraisals. The only type of loan that they would have the ability to waive or not is a portfolio loan but unless you have some oddball reason that you need a portfolio then there is no reason as portfolio loans tend to be more expensive than conventional or government backed. 

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As I've mentioned before, I'm in this ongoing title recording mess from my previous refinance that has prevented me from refinancing again.  To recap, I refinanced on 11/2019, it was brought to my attention on 4/2020 by the title company that the recording of the new title (which involved getting my ex-wife removed from the title) was rejected by the county and b/c of what sounds like subsequent screw ups and inaction by the title company, that title has yet to be recorded.  I was last told it was scheduled to be recorded on 12/19, but still have not gotten word.  My fear is that by time this title is recorded, rates will have gone up and my opportunity to refinance will be lost.  Does anyone know if I have any options at my disposal?   Should I talk to a lawyer about this?  This is going to cost me thousands of dollars over the life of my loan if my fear is realized.   

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3 hours ago, NutterButter said:

As I've mentioned before, I'm in this ongoing title recording mess from my previous refinance that has prevented me from refinancing again.  To recap, I refinanced on 11/2019, it was brought to my attention on 4/2020 by the title company that the recording of the new title (which involved getting my ex-wife removed from the title) was rejected by the county and b/c of what sounds like subsequent screw ups and inaction by the title company, that title has yet to be recorded.  I was last told it was scheduled to be recorded on 12/19, but still have not gotten word.  My fear is that by time this title is recorded, rates will have gone up and my opportunity to refinance will be lost.  Does anyone know if I have any options at my disposal?   Should I talk to a lawyer about this?  This is going to cost me thousands of dollars over the life of my loan if my fear is realized.   

I mean title insurance places are the slipperiest people out there.  It's a free money printing system on top of a ancient and outdated practice that could be replaced with a simply SQL database and run by a $20/hr data tech out of a 2 year CC.  Instead we have C-List JD's that couldn't make the top half of their class providing free pens and coffee for $3000 an hour.

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1 hour ago, culdeus said:

I mean title insurance places are the slipperiest people out there.  It's a free money printing system on top of a ancient and outdated practice that could be replaced with a simply SQL database and run by a $20/hr data tech out of a 2 year CC.  Instead we have C-List JD's that couldn't make the top half of their class providing free pens and coffee for $3000 an hour.

that doesn't make me feel any better knowing i didn't get any coffee or a pen.   

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4 hours ago, culdeus said:

I mean title insurance places are the slipperiest people out there.  It's a free money printing system on top of a ancient and outdated practice that could be replaced with a simply SQL database and run by a $20/hr data tech out of a 2 year CC.  Instead we have C-List JD's that couldn't make the top half of their class providing free pens and coffee for $3000 an hour.

Most of the time these aren't lawyers.   Maybe in some states, but it's the exception, not the rule.

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Just got quoted 2.625% on a 30, but 4k in closing costs (aside from interest and escrow) and that's not even including an appraisal which isn't needed.   Great googley moogley.   Is that what other folks are paying?   I think I may have been spoiled by lenderfi.   

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5 hours ago, NutterButter said:

Just got quoted 2.625% on a 30, but 4k in closing costs (aside from interest and escrow) and that's not even including an appraisal which isn't needed.   Great googley moogley.   Is that what other folks are paying?   I think I may have been spoiled by lenderfi.   

I have high-ish closing costs (points to get rate down plus all other fees) on the current 2.5% refi I’m in the midst of, and my math still says it’s VERY worth it over the life of the loan to go from my current 3.375 to 2.5%. 

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32 minutes ago, joey said:

I have high-ish closing costs (points to get rate down plus all other fees) on the current 2.5% refi I’m in the midst of, and my math still says it’s VERY worth it over the life of the loan to go from my current 3.375 to 2.5%. 

No doubt that it will pay for itself.   I just did 2 refis (one was just a locked in rate but never closed bc of title snafu) in the past couple of years with lender fi and both had less than a grand in fees so I'm not used to these higher fees.   At the time, i remember asking here how lender fi even made money but maybe theyre more about volume.   I did get quoted 2.5 for 30 and about 3.5k in fees so thats a little better.

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3 hours ago, NutterButter said:

No doubt that it will pay for itself.   I just did 2 refis (one was just a locked in rate but never closed bc of title snafu) in the past couple of years with lender fi and both had less than a grand in fees so I'm not used to these higher fees.   At the time, i remember asking here how lender fi even made money but maybe theyre more about volume.   I did get quoted 2.5 for 30 and about 3.5k in fees so thats a little better.

Glad that worked out for you. Michael has taken care of me a number of times.

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And now I'm getting junk mail offering 1.75% 30 year refi. (VA)  🤷🏾‍♂️

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I refinanced my 30-year mortgage over the summer down to a 15-year at 2.5% with no closing costs with Rocket Mortgage with no issues. Cut 7 years off my loan with only approximately $300 higher in payment. I am about to close Friday on my second refinance in six months (through Loan Depot) as they are offering me 2.125% with a cash-out up to the jumbo limit, with only $400 in closing costs. Basically I have to make a little over 1% annually on my cash to break-even. I just threw my application in there, not really caring if it went through. Can't believe how low these rates have been getting. While I think this will be it for me, I said that six months ago.

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Got quoted 2.875% rate on a 30yr cash-out-refi at 75% LTV with $5500 in closing costs from my current lender.  This lowers my monthly payment by $120/month.  Thoughts?  

Going back to Chad's guy to see where he can get me (his initial quote was not as good).

I'd like to borrow closer to 80% at that same rate if possible . . . . want to redo the backyard and two bathrooms.  

 

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