And to wrap it up… the loan was funded today and my previous servicer shows the loan as paid-in-full. So, indeed it was 9 days from original application to signing, and another 5 calendar days for funding, for a total of 14 days. Far and away the fastest and easiest refi I’ve done to date - LenderFi is legit.
As part of the closing paperwork, they noted that they are selling the loan and servicing rights to PennyMac. I’ve never actually seen the new servicer called out in the closing docs so this was a nice surprise, usually I wait with baited breath until I get a transfer notice in the mail a few weeks after closing. I’m not super psyched about this given their online reviews but I suspect most of those negative Nancies are the subprime loan holders that PennyMac is known to buy up from the bigger banks.
LenderFi has a deal where they will re-write a loan for free (aside from prepaid interest) if rates drop by a quarter point or more after six months. I don’t suspect rates will drop much below 2.75% for 0 points, but we’ll see.
I completely get this. And if I could guarantee that I was going to stay in this house for 30 more years, I would probably do something along those lines. But since I could see our family moving in the next 5 years, I’m too worried to take out the cash and possibly lose a huge chunk of it investing.
NF’s rates require a thorough reading of the fine print, and IME a confirmation with a phone call.
Their published rates include 0.25 points to buy down the rate, plus an origination fee of 1 point. By itself, a $5,000 origination fee on a $500,000 mortgage is obscene.
Please make sure you are looking at actual total costs of these NF loans.
This rate offer is effective 01/22/2020 and subject to change. Rates are based on creditworthiness, loan-to-value (LTV), occupancy and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates quoted require a loan origination fee of 1.00%, which may be waived for a 0.25% increase in interest rate. Many of these programs carry discount points, which may impact your rate.