Cheap lenders to refi with

Cheap lenders to refi with
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#22

Yeah I think it depends on where the company is. I always go with the lowest apr I can find from a reasonable company.

I “made the CashCall” when they first started getting into the mortgage business to diversify from their 99% APR payday loans. I think they were trying to aggressively price because at the time their pricing was beating the pants off of everyone else. Now they are not so competitive.

Box is interesting because again, at the time back in 2013, they seemed to be targeting the cream of the crop and offering aggressive pricing for high credit score borrowers. No FHA loans, etc. They’ve since made the box “bigger” and as a result, their pricing seems to have changed for the worse.

Provident is always competitive, and is usually the lender behind many of the quotes on Zillow and Bankrate, but their loan processing is definitely more onerous than others. They don’t logically connect things together - i.e. if you shuffle money around various accounts, they want written explanations for each one even if you’ve already provided bank statements explicitly demonstrating where the money came from and where the money went. They freaked out when our mailing address was different than the address on our existing loan (USPS made 911 address adjustments) and it took three rounds of explanations to satisfy them.

I think Better is still in startup mode and has cash to throw around at people, hence why their rates and terms are actually lower than Provident’s. Thus far, I have been impressed with their speed, 49 underwriting conditions have been marked as “done” with only 2 outstanding (insurance validation and the appraisal).


#23

So here’s how it all went down with Better:

3/7: Submitted initial application.
3/8: Got “Underwriter approved” after documents were verified.
3/12: Appraisal took place
3/14: Appriasal came back, $20k over what I bought the place for 4 months earlier.
3/21: Closing disclosure generated
3/25: Signing
3/29: Funding

Better’s strength is easily their tech stack. It’s super easy to track status, upload documents, see what they are currently doing with your stuff, etc. Their pricing, through Credit Karma was the cheapest at the time I put in my app and locked. That includes the third party costs.

The drawback was the title and escrow company they picked, Spruce Land Services. They were dirt cheap, which was great, but things took longer and there was zero insight into what they were doing. There were a few things that needed explanations on the title report, and these sat as active for about a week (betwen 3/14 and 3/21) which delayed closing. That said, they were cheap and they got the job done… so I was fine with it.

My loan was sold by Better to SunTrust. Overall, I was pleased with the process. Had I refi’ed two weeks later, I could have done a little better on rates, about an eighth of a point better… but I’m happy to have cut 1.25% off the original loan. I can always refi again if needed.


#24

try aimloan.com. It is a direct online lender. They have these rates as of today 4/10/2019
15yr fixed at 3.5%.
30yr fixed at 4%.


#25

I used aimloan for a refi last year and it was pretty quick and painless. I refi’ed about 4 months after originally purchasing the house (through Amerisave online) and was done in less than a month. Competitive rate and everything was easily track/uploaded online. I liked that the account rep I was working with was on the west coast so I could do a lot of stuff right after work, which was still business hours for them (I am in EST). Not sure if all of their operations or out there or not, but it worked well for me. Their servicer is good as well.


#26

FYI, aimloan is also on Zillow, but they don’t always have the best rate/fees.


#27

Third Federal advertises heavily through direct mail but I’ve found them to have ridiculously cheap rates for their ARMs. Their prime rate is a bit higher when the ARM starts adjusting, though, but they allow rate relocks.