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10 hours ago, T Love said:

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.

When you speak of closing costs, are you talking what's out of pocket vs rolled into the new loan or are you saying that its really only $400 in closing costs (excluding interest and escrow) b/c title search alone can be about 2k so I'm guessing they're giving you some lender credits?

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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

19 hours ago, Leeroy Jenkins said:

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.  

 

Whoa.

So Chad's guy just came through with this quote:

2.75% on 30yr cash-out-refi at 80% LTV with $6500 in closing costs/fees.

This seems like a no-brainer, but what questions should I be asking?  Who is the servicer going to be. escrows required, ACH/autopay option, etc.?

 

Note that these are both soft pre-application quotes, but my credit is 800+

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6 hours ago, Leeroy Jenkins said:

Whoa.

So Chad's guy just came through with this quote:

2.75% on 30yr cash-out-refi at 80% LTV with $6500 in closing costs/fees.

This seems like a no-brainer, but what questions should I be asking?  Who is the servicer going to be. escrows required, ACH/autopay option, etc.?

 

Note that these are both soft pre-application quotes, but my credit is 800+

If you really want to ask those questions... sure. 

In my view, the servicer doesn't matter. For 99.99% of loans, you pay you loan every month and never otherwise contact the servicer. 

Escrow will be your choice on doing it or not at 80% LTV. 

Pretty much everyone will have autopay options. 

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3 minutes ago, Chadstroma said:

If you really want to ask those questions... sure. 

In my view, the servicer doesn't matter. For 99.99% of loans, you pay you loan every month and never otherwise contact the servicer. 

Escrow will be your choice on doing it or not at 80% LTV. 

Pretty much everyone will have autopay options. 

Thanks.  Anything I should actually be asking about?  Almost seems like too good of an offer!

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On 1/7/2021 at 2:46 AM, T Love said:

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.

Sorry bud, I can pretty much promise you that the Red Rocket cost you more than you think it did. I have yet to have anyone send me their documents from Red Rocket that either 1) They were being raped versus what else they could get and/or 2) The deal was not like they thought it was. The only exception being to this would be if Red Rocket was trying to compete with another lender. I have never seen them offer a decent deal out of the gate. Never. 

Loan Depot is better but not by all that much. 

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1 minute ago, Leeroy Jenkins said:

Thanks.  Anything I should actually be asking about?  Almost seems like too good of an offer!

If it was someone I didn't send you then I would say dig in more and get the LE. If I sent them to you they damn well better not be playing any games or else they will have some issues with me. 

Depending on the different variables the deal is doable for sure so I wouldn't say it is too good to be true. 

Rates are pretty volatile the last couple of days and we had a mid day price increase already today. I would ask how can I get this going and lock in?

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6 minutes ago, JetMaxx said:

@Chadstroma

what is the highest debt to income ratio possible to refinance? Credit is 800+ but have been on unemployment since March. We have my wife’s income to add in although minimal. 

Unemployment benefits can not be used as income on a mortgage loan. You would need to qualify on the income of your wife. 

The answer to your question is "it depends". It can be anything from about 45% to it doesn't matter. For VA IRRRL and FHA streamline there is no underwriting so you could potentially do that if you currently have a FHA, VA or USDA (I am pretty sure USDA has a streamline that works just like FHA and VA but not 100% sure I have never actually done a USDA or looked to refi one). If conventional loan, you are unfortunately stuck if you can't make the housing and DTI ratios to work.

 

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19 minutes ago, Chadstroma said:

Unemployment benefits can not be used as income on a mortgage loan. You would need to qualify on the income of your wife. 

The answer to your question is "it depends". It can be anything from about 45% to it doesn't matter. For VA IRRRL and FHA streamline there is no underwriting so you could potentially do that if you currently have a FHA, VA or USDA (I am pretty sure USDA has a streamline that works just like FHA and VA but not 100% sure I have never actually done a USDA or looked to refi one). If conventional loan, you are unfortunately stuck if you can't make the housing and DTI ratios to work.

 

Thanks for your response! Conventional so it looks like we’ll have to hold off. How long would I have to wait after I resume regular income?

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4 hours ago, JetMaxx said:

Thanks for your response! Conventional so it looks like we’ll have to hold off. How long would I have to wait after I resume regular income?

No problem. Make sure protect your credit and don't do forbearance unless you have to. Obviously, I understand that may be harder said than done but lower credit means higher rates and if you do forebearance, you will need to bring the loan current and wait a bit before being able to refi. 

For employment, obviously the faster you can get back to work and if at all possible the same industry/job that will help them be able to work through the employment gap from you being unemployed. 

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1 hour ago, Chadstroma said:

No problem. Make sure protect your credit and don't do forbearance unless you have to. Obviously, I understand that may be harder said than done but lower credit means higher rates and if you do forebearance, you will need to bring the loan current and wait a bit before being able to refi. 

For employment, obviously the faster you can get back to work and if at all possible the same industry/job that will help them be able to work through the employment gap from you being unemployed. 

Our credit is secured, 800+ for the foreseeable future with limited debt and savings. When things change I’ll be in touch. Thanks again for your insight. 

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On 1/8/2021 at 2:37 PM, Chadstroma said:

Sorry bud, I can pretty much promise you that the Red Rocket cost you more than you think it did. I have yet to have anyone send me their documents from Red Rocket that either 1) They were being raped versus what else they could get and/or 2) The deal was not like they thought it was. The only exception being to this would be if Red Rocket was trying to compete with another lender. I have never seen them offer a decent deal out of the gate. Never. 

Loan Depot is better but not by all that much. 

I was talking to an Account Executive for UWM. UWM and the Red Rocket are the two largest wholesale lenders in the country and there us quite the rivalry between the two. If likened it to Michigan vs Michigan St (they are both HQ in Michigan). 

Not knowing he actually use to work at the Red Rocket I mentioned this. He laughed and told me he use to work there and could not agree more. He said he could not ever get a decent deal for a client unless he had a competing Loan Estimate to beat to get approved by management, otherwise he never felt like the customers could get a good deal. 

We talked about how they use every trick in book whether it was legal or borderline legal and never cared about whether it was morally or ethically questionable to get bad deals done. 

There is a reason why they are EVERYWHERE in advertising. It is because they are a great marketing company that happens to do mortgages poorly and at huge margins for them. 

The moral of the story: never let anyone you know use the Red Rocket.

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On 1/7/2021 at 11:46 AM, NutterButter said:

When you speak of closing costs, are you talking what's out of pocket vs rolled into the new loan or are you saying that its really only $400 in closing costs (excluding interest and escrow) b/c title search alone can be about 2k so I'm guessing they're giving you some lender credits?

Yeah I am getting lender credits to bring the cost of the loan down to only $400 in closing costs. Yes I am excluding interest/escrow from these figures.

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On 1/8/2021 at 12:37 PM, Chadstroma said:

Sorry bud, I can pretty much promise you that the Red Rocket cost you more than you think it did. I have yet to have anyone send me their documents from Red Rocket that either 1) They were being raped versus what else they could get and/or 2) The deal was not like they thought it was. The only exception being to this would be if Red Rocket was trying to compete with another lender. I have never seen them offer a decent deal out of the gate. Never. 

Loan Depot is better but not by all that much. 

Sorry man but this is true and my experience was positive with them. I even referred a friend to them and he got the same deal. I negotiated quite a bit with them. At first they were competing against my current lender. I imagine most people have the experience you have seen, but it was absolutely a positive for me. I would still be with them if I wasn't getting such a great deal on a second refinance.

When I got my new loan with Loan Depot, I called my guy there and their offer was ridiculously non-competitive. I definitely understand your position as I was getting calls from them constantly for what they could do for me with a refinance and it was crazy how bad their offers were the second time around. 

The main thing I took from my two refinances is shop around. Don't just get a single quote from a single lender. It doesn't hurt to shop around and get multiple quotes. Also don't take the lender's offer on rate and/or fees without at least asking for something better.

If I needed a loan to close (i.e. buying a house), I would absolutely give you a call. I imagine my experience is not typical with these lenders.

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OK, so I'm sitting on right at 4% on a 3 year loan I took out 5 years ago. I'm wanting to go to a 15 year. My problem is I was furloughed in April and when asked to go back in October, I declined. My side hustle made me twice my 9-5 income in 2019 and made about 25% more in 2020 compared to 2019. I haven't applied for any kinds of financing since I started making serious money with the side stuff. I've owned my car longer than the house and it is paid off. My credit score is in the mid 700's. I'm worried that going it alone for less than a year might be a problem. I'm the only bread winner. The wife is a stay at home mom. 

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This was weird to me but maybe it makes sense.

We don't escrow, in the last mortgage or this refi. 

Somehow I missed it, but the refi apparently included 2020 taxes. Which I had already paid. We paid $56 out of pocket. Today I received a $2,000 check from the title company because we had already paid the taxes. (Yeah, that's all we pay for a year on an almost $400k house). 

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13 minutes ago, -OZ- said:

This was weird to me but maybe it makes sense.

We don't escrow, in the last mortgage or this refi. 

Somehow I missed it, but the refi apparently included 2020 taxes. Which I had already paid. We paid $56 out of pocket. Today I received a $2,000 check from the title company because we had already paid the taxes. (Yeah, that's all we pay for a year on an almost $400k house). 

That sounds vaguely familiar.  Apparently that's SOP for the mortgage companies.  It almost tanked my refi because I simply wasn't willing to double pay my taxes and trust my local county to refund them. Luckily, Chad was able to work with the title company to hold that portion of the payment until they could verify the taxes were paid and refund me directly without the payment going to the county.

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I just wanted to publicly thank Chad. He did more than just find good deals for me. He helped me improve my financial shape and get out from some sizable CC debt ( I was unemployed a couple years ago and they ballooned out of control.)

He helped me refinance a home equity which had a balloon payment looming. into a larger fixed home equity to pay off the CC. Then with improved credit score I was able to refinance my 30 yr 4.25 into a 15 yr 2.625.

Kudos

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20 hours ago, T Love said:

Sorry man but this is true and my experience was positive with them. I even referred a friend to them and he got the same deal. I negotiated quite a bit with them. At first they were competing against my current lender. I imagine most people have the experience you have seen, but it was absolutely a positive for me. I would still be with them if I wasn't getting such a great deal on a second refinance.

When I got my new loan with Loan Depot, I called my guy there and their offer was ridiculously non-competitive. I definitely understand your position as I was getting calls from them constantly for what they could do for me with a refinance and it was crazy how bad their offers were the second time around. 

The main thing I took from my two refinances is shop around. Don't just get a single quote from a single lender. It doesn't hurt to shop around and get multiple quotes. Also don't take the lender's offer on rate and/or fees without at least asking for something better.

If I needed a loan to close (i.e. buying a house), I would absolutely give you a call. I imagine my experience is not typical with these lenders.

The key there is that part. I have never seen (and the AE that use to work there agreed which was funny) a good deal from them apart from competing for the business. You also seemed to miss the not uncommon issue of them majorly screwing things up. Glad you were the exception!

 

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4 hours ago, TheFanatic said:

OK, so I'm sitting on right at 4% on a 3 year loan I took out 5 years ago. I'm wanting to go to a 15 year. My problem is I was furloughed in April and when asked to go back in October, I declined. My side hustle made me twice my 9-5 income in 2019 and made about 25% more in 2020 compared to 2019. I haven't applied for any kinds of financing since I started making serious money with the side stuff. I've owned my car longer than the house and it is paid off. My credit score is in the mid 700's. I'm worried that going it alone for less than a year might be a problem. I'm the only bread winner. The wife is a stay at home mom. 

How long have you been doing the side and how are you getting paid on it? Are you reporting it on your taxes?

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3 hours ago, -OZ- said:

This was weird to me but maybe it makes sense.

We don't escrow, in the last mortgage or this refi. 

Somehow I missed it, but the refi apparently included 2020 taxes. Which I had already paid. We paid $56 out of pocket. Today I received a $2,000 check from the title company because we had already paid the taxes. (Yeah, that's all we pay for a year on an almost $400k house). 

First, I hate you for your taxes. (Illinois SUCKS)

Second, yea, if your are about to close within a certain period of time (I don't remember how close it can be to be honest) and the taxes show outstanding then they need to be paid. It can depend on the county greatly how long it takes for the taxes to show up as being paid. In this case, it isn't about whether or not you escrow your taxes, it is about the taxes showing being paid or outstanding and if the tax bill is due soon then it will need to be paid in closing (if double paid, then fuds returned to you). 

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2 hours ago, Ron Swanson said:

That sounds vaguely familiar.  Apparently that's SOP for the mortgage companies.  It almost tanked my refi because I simply wasn't willing to double pay my taxes and trust my local county to refund them. Luckily, Chad was able to work with the title company to hold that portion of the payment until they could verify the taxes were paid and refund me directly without the payment going to the county.

Vaguely. :lmao:

Yea, that was another fun last minute hurdle to overcome. 

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1 hour ago, JaxBill said:

I just wanted to publicly thank Chad. He did more than just find good deals for me. He helped me improve my financial shape and get out from some sizable CC debt ( I was unemployed a couple years ago and they ballooned out of control.)

He helped me refinance a home equity which had a balloon payment looming. into a larger fixed home equity to pay off the CC. Then with improved credit score I was able to refinance my 30 yr 4.25 into a 15 yr 2.625.

Kudos

Rock n roll brother! We figured out a path and were able to make it happen! Glad to have been of service. 

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19 minutes ago, Chadstroma said:

First, I hate you for your taxes. (Illinois SUCKS)

Second, yea, if your are about to close within a certain period of time (I don't remember how close it can be to be honest) and the taxes show outstanding then they need to be paid. It can depend on the county greatly how long it takes for the taxes to show up as being paid. In this case, it isn't about whether or not you escrow your taxes, it is about the taxes showing being paid or outstanding and if the tax bill is due soon then it will need to be paid in closing (if double paid, then fuds returned to you). 

😜

 

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3 hours ago, Ron Swanson said:

That sounds vaguely familiar.  Apparently that's SOP for the mortgage companies.  It almost tanked my refi because I simply wasn't willing to double pay my taxes and trust my local county to refund them. Luckily, Chad was able to work with the title company to hold that portion of the payment until they could verify the taxes were paid and refund me directly without the payment going to the county.

My taxes are minor enough that it wouldn't have stopped me.

Makes sense that it wasn't caught by the title company, I paid the taxes in mid November, we started the refi in late November. Taxes weren't due until the new year.

 

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16 hours ago, Chadstroma said:

How long have you been doing the side and how are you getting paid on it? Are you reporting it on your taxes?

Been doing the side stuff for about 10 years, 8 years of which I'be been getting paid and have been reporting it on my taxes. Last year I started a 4th company just to manage the other three. Basically a dumping ground for my money from the three so I can use it on tax deductible stuff like health insurance that costs me more than my current house payment as well as paying myself. Also, I have a second home that I rent that is also sitting around 4% with about 18 years left on the loan. I wouldn't mind refinancing both. 

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4 hours ago, TheFanatic said:

Been doing the side stuff for about 10 years, 8 years of which I'be been getting paid and have been reporting it on my taxes. Last year I started a 4th company just to manage the other three. Basically a dumping ground for my money from the three so I can use it on tax deductible stuff like health insurance that costs me more than my current house payment as well as paying myself. Also, I have a second home that I rent that is also sitting around 4% with about 18 years left on the loan. I wouldn't mind refinancing both. 

If you can qualify off of the taxable income over the last two years and provide an audited P&L or bank statements along with an unaudited P&L then you should be good to go. 

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16 hours ago, Chadstroma said:

If you can qualify off of the taxable income over the last two years and provide an audited P&L or bank statements along with an unaudited P&L then you should be good to go. 

I should be able to do that. I've been pulling six figures from the side hustle for 3 or 4 years now. Got anyone I should talk to? I'm not married to anyone to get this done. Can I get you a commission or something on this?

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5 hours ago, TheFanatic said:

I should be able to do that. I've been pulling six figures from the side hustle for 3 or 4 years now. Got anyone I should talk to? I'm not married to anyone to get this done. Can I get you a commission or something on this?

Happy to intro you to someone for your state. I appreciate thinking on my behalf but by regulations I can not get any compensation on a loan that I don't work on. Some of that crap happens but I am not about to lose my license for getting a kickback from one of the other brokers I send anyone to... plus, the people I send FBG's to (or anyone) wouldn't give a kickback. Shoot me a message with your state and contact info and I will pass on to a broker that can help. 

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19 hours ago, Chadstroma said:

Happy to intro you to someone for your state. I appreciate thinking on my behalf but by regulations I can not get any compensation on a loan that I don't work on. Some of that crap happens but I am not about to lose my license for getting a kickback from one of the other brokers I send anyone to... plus, the people I send FBG's to (or anyone) wouldn't give a kickback. Shoot me a message with your state and contact info and I will pass on to a broker that can help. 

I obviously don't know the ins and outs here. I was just hoping to return the favor. 

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11 minutes ago, TheFanatic said:

I obviously don't know the ins and outs here. I was just hoping to return the favor. 

I hear that a nice prime rib roast isn't considered "compensation" under Il law.

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What is the current minimum time in a job to be able to get a mortgage easily? I am looking at a new job in maybe 2-3 months, but we would also like to move in the next 12-18 months. I want to make sure taking a new job won't delay the ability our ability to get into a new place. 

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2 hours ago, TheFanatic said:

I obviously don't know the ins and outs here. I was just hoping to return the favor. 

I appreciate it. Pretty much everyone in this world can get paid on a referral except a loan officer to another loan officer. :rant:

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2 hours ago, Ron Swanson said:

I hear that a nice prime rib roast isn't considered "compensation" under Il law.

:lmao:

From another loan officer to another it would. Anything of value is. 

I don't know, actually, if getting something from the client would be a violation of RESPA (the regulation that governs this) but I wouldn't take anything from you guys just for introducing you to someone to help you. It takes 10 seconds for me to do that and I am happy to do so. 

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2 hours ago, Gamma1210 said:

What is the current minimum time in a job to be able to get a mortgage easily? I am looking at a new job in maybe 2-3 months, but we would also like to move in the next 12-18 months. I want to make sure taking a new job won't delay the ability our ability to get into a new place. 

2 years of job employment in general. If you are employed and you take another job with no real gap of employment then you are ok. However, if you go from being full time to part time or from salary/hourly to commission and other type of scenarios then that can cause an issue. But with the same type of job and industry and being paid the same then you don't have to worry about changing jobs. 

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14 minutes ago, Chadstroma said:

:lmao:

From another loan officer to another it would. Anything of value is. 

I don't know, actually, if getting something from the client would be a violation of RESPA (the regulation that governs this) but I wouldn't take anything from you guys just for introducing you to someone to help you. It takes 10 seconds for me to do that and I am happy to do so. 

Well, if they were to instead send something to you in your wife's name as a token of FBG friendship, then it has nothing to do with your referral and should be perfectly ok. 😃 

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2 hours ago, Chadstroma said:

2 years of job employment in general. If you are employed and you take another job with no real gap of employment then you are ok. However, if you go from being full time to part time or from salary/hourly to commission and other type of scenarios then that can cause an issue. But with the same type of job and industry and being paid the same then you don't have to worry about changing jobs. 

Thanks! Yes it would be same industry, similar (hopefully higher) pay. Great to know it won't impact other plans. 

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Likely not very helpful to the regular FBG but... (if you read it and like it, please like it on Linkedin, it helps get the algorithm to have more people see it)

An article I published on LinkedIn recently: 

Using Stimulus and Tax Refund Money to Buy Real Estate

https://www.linkedin.com/pulse/using-stimulus-tax-refund-money-buy-real-estate-chad-masters

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9 hours ago, Steeler said:

Haven't been following rates closely but BOA is advertising a 15 year at 2%! Anyone refi at 15 years recently?

PM sent to @Chadstroma

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

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1 hour ago, Chadstroma said:

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

I sent another PM - looking to potentially refi - thanks Chad!

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For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

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Just now, Shatner! said:

For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

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On 1/17/2021 at 5:48 PM, Chadstroma said:

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

I tried to add you on LinkedIn, but you haven’t accepted yet. I’m that weird guy who’s business is nothing like yours and is named Steve. :lol:

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Just now, Osaurus said:

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

Yeah, never happened before. First loan was in 2010 with Provident Funding. Refi in 2013 with same broker who again used Provident. Refi again in 2019 to a 15 again with same broker but they went with Quicken as it was a little better terms than Provident. Now Quicken sold to PHH.

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Just closed on my refi reducing my 15 yr 3.625% to 15 at 2.5%. We'll make same monthly payment and finish 9 months sooner. Maybe got lucky but it was completely painless, 6 weeks start to finish. And the lawyer is quarantined so they dropped paperwork off at my house this morning - did it all by Zoom in less than 30 min. 

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Chad.... We closed back in April, I can't remember how long we had to wait to refi, but I started getting offers from my current holder (UWM) to refinance again.  Looks like 20 year rates have gone done since we refi'd... Not sure if it's too early to look at it again or not.  

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1 hour ago, Osaurus said:

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

 

I had 3 different holders on my mortgage in the first 9 months I had the house. 

Then when I refi'd, the notary said when we were going through the mountain of docs to sign... "... and this one is an acknowledgment that they have the right to re-sell your mortgage to someone else... and, oh, looks like they already did..." and yeah before it closed and before the first payment was due I was already with a different company.

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1 hour ago, Shatner! said:

For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

Never heard of them. 

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