How low can we go? 30 yr fixed at 3.75% with no fees...

[akkord]

Closed on Aug 27. Just got my letter today from The Loan Store in snail mail.

Got my notification probably Friday or yesterday, just grabbed the mail this morning, mine was sold to PNC Bank.  My USPS delivery notification has been horrible as late, normally I'd see this in my email, but all recent notifications have been empty with generic you have mail we have no images for.

 

[OCtoSV]

smooth 10 min. closing for our 2.375% 15 yr fixed jumbo conforming. Setup a card table in the driveway and we slid docs back and forth. Always nice to get money back at the closing table on a no-cost refi.

 

[warheadwl]

My owning.com refi closed on 7/20, and I just saw on the OC grantor/grantee index that my reconveyance was recorded on 9/1.

Am I supposed to be receiving a copy of the reconveyance and a voided promissory note? Who's supposed to send it to me?

 

[Cares]

My owning.com refi closed on 7/20, and I just saw on the OC grantor/grantee index that my reconveyance was recorded on 9/1.

Am I supposed to be receiving a copy of the reconveyance and a voided promissory note? Who's supposed to send it to me?

Your previous lender is supposed to mail it.

 

[ChiKid24]

Wanted to provide a quick datapoint for a refi w/ LenderFi via backdoor application from the bogleheads refi megathread (Hi Chikid24! see you posting there all the time)

LTV~64% high conforming 30-year fixed @2.625% (from 3.5%).  Applied 8/7, locked rate 8/13, signed closing docs w/ notary on 9/4, and loan funded today 9/11.  Just over a month to close, even with a title report delay. 

LenderFi was pretty good, but note that they don't provide frequent updates, so you'll have to email 'em to get a response.  However, when you DO email them, I get a response in less than 24 hours, which I found very impressive even with the hurricane of apps they received which caused them to shutdown their main page in the first place.

I applied to owning and loancabin as well, but owning required lower LTVs to qualify for the advertised rate (at the time was 2.625% for high conforming) and loancabin was not competitive whatsoever.

Congrats on that deal. You got an 1/8 better than me! Agree on everything you said. Not the most proactive lender in terms of providing updates or providing a slick interface, but definitely offered great rate and follow-up on any questions.

 

[ChiKid24]

Looks like owning.com loans are now serviced by ?The Loan Store?.  Never heard of them before.

Can?t even find a login button on their homepage.  Guess I gotta wait for them to send me payment info in snail mail.

I think someone posted that Loan Store turned around and sold to Fannie/Freddie, then ended up somewhere else...I got notification from Owning via email/docs that it was sold and how to pay Loan Store via mail, but since it's not due until Oct 1st, I'm waiting for notification from Loan Store as well or if they sold it. 

Well that was quick.  The Loan Store already sold/transfered my loan to PHH Mortgage Services.

Does it matter who own the loans? As long as you pay it every month and bob or sue is the owner of the koan who care? You still live in.

I used to think it didn't matter, but there are a couple of things about the servicer that could have an impact.

1) If you have an escrow account for taxes, you are relying on them to make the payments on time. I've heard stories about people getting penalties because the servicer missed the deadlines. Eventually something like that gets corrected, but I can imagine the time, effort and hassle to deal with it.

2) Incremental fees. If you are a serial refinancer like me, little fees can add up. Some smaller servicers will nickle and dime you on fees for things like requesting a payoff quote. If your loan gets moved to one of those, you have no say in the matter which is slightly annoying.

 

[sgip]

Reconveyances come through the mail at random. I've had some reconveyances arrive a year after I refinanced. Don't hold your breath waiting for it. 

Property tax mailings should be out soon. Never hurts to send a copy to your lender. Yes, it means being "placed on hold for the next available agent" for an hour or so, but beats having a tax amount or payment issue that could have been taken care of in advance.

 

[Mety]

Does DTI ratio matter much when refinancing? It looks like they care more on LTV ratio in general.

 

[mads]

AFAIK, DTI does matter, especially now when lenders are hesitant about including rental income. Our lender at the moment has a 50% max DTI limit.

 

[potsticker]

Heard something interesting through a friend today. Apparently, some of these smaller direct lender shops have a cap or allocation on how much in loans they can do. For example, if you have a refi that's ok to fund and close - they may delay your closing by a few weeks once money frees up. My friend's specific example - they have a jumbo loan that's approved - but the lender is asking for close of escrow to be pushed by a week into October due to allocation concerns.

 

[sgip]

Yes. Allocations are a big issue as we get closer to year end. This company has funded x number of Jumbo Conforming loans and is running close, or exceeded their limit. Common.

@mety @mads - DTI is DTI, no matter if it's a purchase or a refinance. The DU/LP ceiling can run to 50% in a shop without lender overlays. Most Banks keep the DU/LP DTI ceiling capped at 43 percent with their proprietary AUS maxed out at 50%. The proprietary AUS is for Jumbos and high net worth customers. A Bank will have a second look team to make exception decisions based on credit risk. Highest exception I've seen in a Bank environment was 58% DTI. You must have extraordinary financial strength - $5m AT the bank (not IN the bank) for a $1m loan.

LTV doesn't help unless it's an exception. The ATR - "Ability To Repay" rules trump LTV's. ATR is closely aligned with DTI and DTI overlays. If you have a 40% Loan to Value, but a 56% DTI, you likely are not getting the loan approved.

My .02c

 

[Cares]

DTI < 50% to qualify for DU / LP

LTV < 60%
Credit score > 760
Loan amount < $510,400
Owner occupied

These are probably the biggest factors when determining interest rate. Anything outside of there parameters have lender level price adjustments (LLPA) which equates to points paid upfront or higher interest rates.

 

[PSbuyer]

Another data point for non-jumbo on a new home through Loan Depot, 30 year fixed at 2.875% without impound, 2.7% with. Rate was locked a week and a half ago.

 

[irvinian]

Reporting in refi closing soon on 2.625 and that's the same as the APR. No closing costs through Owning. 74% LTV.

 

[NDer]

Is Owning still doing no cost loans?

The agent I spoke with last week offered 2.5% with 1.5 points or 2.75% with 1 point for a $765k loan w/ 63% LTV. He said they have to charge some points on their loans now. 

 

[shadax]

Is Owning still doing no cost loans?

The agent I spoke with last week offered 2.5% with 1.5 points or 2.75% with 1 point for a $765k loan w/ 63% LTV. He said they have to charge some points on their loans now.

I was just told the same.

 

[Cares]

Owning no longer doing no cost loans. As you can see they advertise 2.25% 30 fixed conforming but 2.43% APR. This roughly translates to $8,750 on a $400,000 loan or 2.2 points. I would advise against paying points or closing costs on any loans in this current environment. They are definitely passing on the 0.5% adverse fees onto the borrower.

Using the same loan profile, taking a 2.875% no cost loan vs a 2.25% $8,750 cost loan, it would take about 5.5 years to recognize any savings.

If you're thinking about refinance send me a message and I'll see what I can do for you.

 

[irvinian]

Is Owning still doing no cost loans?

The agent I spoke with last week offered 2.5% with 1.5 points or 2.75% with 1 point for a $765k loan w/ 63% LTV. He said they have to charge some points on their loans now. 

Got this rate on 9/2 before the updated the language. They wanted to hit me with .5% loan fee due to amount being over $510k and not under 50% LTV. Got owning to match interactive no costs for the same rate.

 

[Bullsback]

Rates have came down a view places. Intelli loan has 15 year no cost / no fee at <2.2% and interactive has 1.99% no cost / no fee 15yr and 2.35% 30 year (no cost / no fee).  No clue on whether they deliver - but some aggressive rates coming back in a few places.

I've been surprised to see Owning hold for so long with the cost & fees included. I can give feedback in a month whether any of the above places execute. 

 

[serial refinancer]

Rates have came down a view places. Intelli loan has 15 year no cost / no fee at <2.2% and interactive has 1.99% no cost / no fee 15yr and 2.35% 30 year (no cost / no fee).  No clue on whether they deliver - but some aggressive rates coming back in a few places.

I've been surprised to see Owning hold for so long with the cost & fees included. I can give feedback in a month whether any of the above places execute. 

5 weeks 1 day in with interactive and although my rate lock expired already and they verbally promised to extend it on their own dime, they?ve blown me off.  No response from the officer or processor. been given the run-around that ?it?s been submitted to uw?. weeks go by and just crickets. i locked at 2.375 as well.

recall that I have been serial refinancing several times this year without issue..: my 2 cent is that interactive hasn?t even touched my file....