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Better Mortgage: Home Refinance

Discussion in 'Non-Vegas Chat' started by Multifarious5, Mar 2, 2020.

  1. Multifarious5

    Multifarious5 VIP Whale

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    Has anyone used better mortgage on a refi? We always planned to refi on our first loan, and I've been rate watching for years. Nerd Wallet and Financial Samuri are two sites I really like on research, and Better has had solid reviews.

    Yes, I know they sell the loan, but most banks do. I just want firm, clear terms for a fixed traditional 30 year loan.

    Better consistently seems to come up above other lenders we've been eyeballing. None are going to be warm and fuzzy altruistic, I just want to ensure no blatant shell games or other really bad tactics/experiences.

    I probably won't reply much too this thread, as I don't want to veer off too much by going into why or why not we are refinancing (no drama, always planned to, you guys just know I have a bad habit of tangents!), I just want to make sure the company I pick to refinance doesn't have any blackeyes I don't know about.

    Thanks all!
     
    Last edited: Mar 2, 2020
  2. Slidey1

    Slidey1 Low-Roller

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    Believe it or not I work for better, and have for the last year and a half. If you want to PM me separately I can fill you in on the great, good and difficult parts of how we work!
     
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  3. Multifarious5

    Multifarious5 VIP Whale

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    PMed you Slidey, thank you SOOOO much!
     
  4. Joe Strummer

    Joe Strummer VIP Whale

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    My wife + I are looking into a much lower rate, as well.
     
  5. Slidey1

    Slidey1 Low-Roller

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    This is the time to do it, as they’ve just hit all time lows. Never thought I’d see a 30 year fixed at 3-3.25 percent regularly but here we are
     
  6. NYNYGirl

    NYNYGirl VIP Whale

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    Would like to get in on this too but not sure how or where to start...
     
  7. 93 Octane

    93 Octane Chief bottle washer

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    Might want to wait a few weeks the Fed is signaling lower rates next month or two. This advice is worth exactly what you paid for it which is nuttin.
     
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  8. Slidey1

    Slidey1 Low-Roller

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    I don’t think I would wait. In almost 20 years of doing this that’s what typically kills the golden goose. Getting one more eighth lower on a rate in a week or two is not worth what you lose out on should rates increase rapidly which is what has happened multiple times in the past. If you have a good company you’ve worked with before reach out. If you want to shop do that as well! Also the Fed doesn’t really control anything to do with mortgage rates, FWIW.
     
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  9. jgates8

    jgates8 VIP Whale

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    And no offense to Slidey, but also at least check with your local financial institutions. They may be offering Fannie or Freddie loans also. Sometimes it’s easier to deal locally. Mine is 2.75% that I believe we re-wrote in 2012 or 2013. My kids kept hemming & hawing on doing things and it cost them 1/2 % more (rates were higher then also, so I believe they ended up at 4.75).. So pick a rate that you are happy with and lock it in. Then don’t look back. (A bit like booking airfare on any airline except SW lol!). Might go up. Might go down.
     
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  10. Multifarious5

    Multifarious5 VIP Whale

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    @jgates8 you always have great insights. I had been hemming and hawing for about a year and a half, but couldn't shake the "lock it NOW" gut instinct.

    We locked about two weeks ago, underwriting is now initially approved, and it's moving to escrow. All closing costs (except a few hundred) rolled in, with an appraisal WAIVER. The rate? 3.125% on a 30 year fixed.

    We did stay with our credit union, only because I like keeping a loan in-house (unless a credit union, most banks sell the loan), and they gave us a great rate, lower than competing offers.

    Until it closes, I don't want to jinx it, but I am tickled pink if we close the refi at 3.125 no PMI!!!!!! (We did an ARM at 2.99% just to avoid PMI - Property Mortgage Insurance--in 2014. ARMS are even more dicey now, but it made sense then. And don't get me started on PMI, no benefit to financers, it's purely a fee you pay to protect the banks. PMI is like the resort fee of banks in my book, but worse. :mad:)

    And I agree 100%, even if rates fall, I absolutely feel we made the right decision locking, no regrets whatever happens with the market. I've been watch and researching rates closely for years, and I feel we picked the "porridge not too hot or cold" option of risk/reward balance on when to lock. If it goes lower? No regrets.
     
    Last edited: Mar 17, 2020
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  11. jgates8

    jgates8 VIP Whale

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    @Multifarious5 PMI is a horrible cost in my opinion (hopefully no one sells it on here lol!!). Most loan policies etc. have certain limits as to LTV etc. So the only way to stay within policy is to require the PMI if the loan doesn't fall into the guidelines.

    And as long as that rate is acceptable to you, that is the important thing (it's a great rate in my opinion!!!). We are actually doing our construction (because it will take so long - well over a year) by maxing out home equities on our home & our rental. That rate is equivalent to Prime.
     
  12. Multifarious5

    Multifarious5 VIP Whale

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    180% happy with the rate. Even if it dropped to 2.5%, I still feel we made the best calculated risk. It takes a lot for us to commit (we toured over 150 houses when we bought), but the nice thing is, when we do commit, we rarely second guess our decision later on. (Even if we picked a wrong turn, what good does it due to throw ashes over our heads?) Even if a better deal arose, we feel that we made the best decision we could based on current data, so we're OK with that.

    And I am SOOOO excited about you doing your own construction. Ive always loved the idea of buying more land and building, its just way above my knowledgebase/experience for now, but I've always loved the idea of picking out every single detail in your home. I know it'll be beautiful @jgates8!

    Thanks so much again @jgates8, I always love your posts, and I'm excited for you on your construction, and a bit jealous (in a positive, non-competitive way!)
     
    Last edited: Mar 17, 2020
  13. jgates8

    jgates8 VIP Whale

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    Thank you! Such nice words.

    Jen
     
  14. Slidey1

    Slidey1 Low-Roller

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    Fantastic rate for your loan. Especially with the way that the markets have turned this week. Well done!
     
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  15. Multifarious5

    Multifarious5 VIP Whale

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    Thank you so much @Slidey1 ! We REALLY lucked out on the rate, and I'm extremely happy/feel very grateful.

    It's with the underwriter now, but you know the business, until it fully records, I'm not doing the official happy dance....I don't want to jinx it!
     
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  16. Slidey1

    Slidey1 Low-Roller

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    All companies are extremely constrained by capacity right now due to the influx of business so don’t be alarmed if it takes longer than you expect to complete. Best of luck
     
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  17. kollegekreed

    kollegekreed Low-Roller

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    I was fairly shocked to see the rates skyrocket this week...I was anticipating finally pulling the trigger when it dipped below 3. Not so much....guess it’s demand but the bank claims it’s the inverted curve.