I need to refi rates look amazing

[Escoguy]

Locked today:

3.1% for 30 year at 417K (primary residence) paying down balance by 15K to get to 417K, cost about 3K
3.5% for 30 year on investment property, cost $3500
Taking a variable rate of 1.65% on an investment property, cost $4800
Leaving one investment at 3.75% in case rates go lower

All in all will pay 3.06% with 80% at fixed rates for four properties.

Total savings will be 11K/year. so one year payback.

Using First Republic bank. They do have some other requirements like 10% of variable amount in checking acct but by an large manageable and seems well worth it. I had refinanced last year and thought that was the last go.

[treehugger]

I finally closed on my primary residence! Ended up following Esco’s lead and called First Republic, rates were amazing closed at 3.05% for primary residence (from 3.5%) and rental condo rate was 3.4% (from 4.25%)for a cash out refi.

Can’t in good conscience recommend them, they were a horribly chaotic cluster f%$ck!

Worst financial experience of my life, the folks were nice enough, but by their own admission they had just lost staff and things were crazy, but they kept accepting the work and would lock rates for 60 days to give them time to get through it.

I must say done business with HLS in the past and boy do I wish his rates were better, sorry, but at this point only reason to refi is all about the bottom line. Would never EVER want a new home buyer or first time buyer to go through this! Definitely tell those folks to go to someone who will give them the support they need! As a refi, I have nothing to lose, worst case I am out of pocket for the appraisal and lesson learned.

[moneymaker]

Ditto here treehugger. I’m pretty sure I went beyond the 60 day lock but still got a great rate with no penalties. Got 2.625% (APR 2.691%) on a 15 year but the closing company lost the check I gave them for the closing fees. Very drawn out with little to no communications unless I initiated, by the way I guess they finally found the check as it did clear 1 day before closing. So for those of you thinking about it google/yelp the companies first, I did it after the fact and found other people had similar issues. Will not recommend either company I dealt with although they did finally get it done I guess.

[exsdgal]

Timely thread! @moneymaker your 15yr looks amazing. When did you lock/close the loan. If you can share the loan terms (amount / LTV / cash out / conforming) it will be helpful. Thanks a bunch.

I have dragged long enough on the hassles of a refi, and hope to complete one over the next few weeks.

[moneymaker]

I did a cash out with LTV of 50%. I’m still a little confused as to my HELOC as I was under the impression it would be paid off along with the loan and I can see that it is not yet even though closing was 2 days ago. So maybe they will send me a big fat check and leave it up to me as to when it gets paid off. I’m fine with that if that is the case.I locked back in June. I communicated with 6 different people at E-lend and never had a feeling where i was in the process even though they do everything online. Their website only works with IE so Chrome will not work very well.

[Escoguy]

treehugger,

Glad you got the good rates.

[svelte]

thanks for this thread…started me thinking, generated a few ideas, resulted in a path that will be greatly beneficial going forward.

So thanks

[flu]

[quote=moneymaker]I did a cash out with LTV of 50%. I’m still a little confused as to my HELOC as I was under the impression it would be paid off along with the loan and I can see that it is not yet even though closing was 2 days ago. So maybe they will send me a big fat check and leave it up to me as to when it gets paid off. I’m fine with that if that is the case.I locked back in June. I communicated with 6 different people at E-lend and never had a feeling where i was in the process even though they do everything online. Their website only works with IE so Chrome will not work very well.[/quote]

If your intent was to have the heloc paid off I’d call and find out exactly what is going on. No, its not ok they just send you a check in the mail if part of the purpose of the loan was to pay off the heloc. Because while you wait for the cechl via snail mail, you are paying two interest payments. One to your old heloc and one to your new loan, for the same amount. So if they sent you a check via snail mail, they are making you pay more than if they simply transferred the funds electronically, ideally directly to you heloc lender.

A 3 day overlaps reasonable. Anything more is unacceptable. And hopefully you didn’t close on a friday, otherwise you ended up paying interest over the weekend too.
Yes I am cheap. It’s in my blood.

[flu]

[quote=moneymaker]I did a cash out with LTV of 50%. I’m still a little confused as to my HELOC as I was under the impression it would be paid off along with the loan and I can see that it is not yet even though closing was 2 days ago. So maybe they will send me a big fat check and leave it up to me as to when it gets paid off. I’m fine with that if that is the case.I locked back in June. I communicated with 6 different people at E-lend and never had a feeling where i was in the process even though they do everything online. Their website only works with IE so Chrome will not work very well.[/quote]

If your intent was to have the heloc paid off I’d call and find out exactly what is going on. No, its not ok they just send you a check in the mail if part of the purpose of the loan was to pay off the heloc. Because while you wait for the check via snail mail, you are paying two interest payments daily. One to your old heloc that should have already been closed and one to your new loan. So if they sent you a check via snail mail, they are making you pay more than if they simply transfered the funds electronically to you heloc lender.

A 3 day overlaps reasonable. Anything more is unacceptable. And hopefully you didn’t close on a friday, otherwise you ended up paying interest over the weekend too.
Yes I am cheap. It’s in my blood.

[Author]

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