I saw the futures markets tanking last night and have been in talks with my lender. I got a quote at 3.25% (no points) for a 30 yr fixed and had until last night at midnight to lock - glad I didn't. I inquired about rates on Friday, when rates were taking then. Just a last tidbit FWIW, AL mentioned that rates usually go up in January (not sure why) but that rates have been fallen so they've gotten slammed. Anyone experience any of that with either of these lenders? How close were they at the end? I hear some lenders like to sneak stuff on at the end. How close are they on their 3rd part cost estimates? AL has "Guaranteed" next to most of their fees. Their process seems maybe more automated whereas AL spoke of having to download and process my application?īut here's my question for those who have dealt with AL and/or LF. AL still has not processed my application (lady said she would work on it today) whereas LF sent me a request documentation later Thursday night. So definitely leaning towards AL with the 0.5% lower rate for almost same out of pocket. The current estimate from AL is 3.25% at $538 closing cost and LF is 3.75% at $480 closing cost for a 15 year fixed conventional. I applied to AL Wednesday and LF Thursday. Just a couple observations about AL and LF. (Although, in fairness NF says they are conservative with their 3rd party estimates.) Given that they also appear to be a lot higher in terms of cash to close than AL for the same rate and the slowness I'm not going to pursue that option any further. One thing the lady I spoke to offered up is that NF has an average time to close of 75 to 80 days right now. I also inquired with Navy Federal (NF) just because I have used them in the past. I have started the application process with AimLoan (AL) and LenderFi (LF). (edit) I forgot but was mentioned earlier upthread that Owning is only for CA. So are there really no other lenders being fairly transparent and publish rates and fees like Aim and LenderFi? Hard to believe there aren't others.Īs one other side note, Owning Corp is publishing fairly attractive rates and advertising as "no cost". I don't want to waste my time randomly applying to different lenders. Seems to me to be really hard to know who has the best rates without publishing their fees, kind of just a game. All the others seem to just give rates and maybe some detail on fees but most want your contact info. Of all of the specific lenders mentioned, it appears to me only and are fully transparent on rates and total costs up front ( sort of does). So I went back thru the thread to date and compiled a list of all the suggestions for where to search for refinancing options. So, do a lot of BH use AimLoan? I honestly had never heard of them before I saw them mentioned upthread. As an additional note on #1, it sounds like if you give a home value that is in line with (less than or equal to) what they find from comps it won't trigger an appraisal. Thanks! I ended up briefly talking to Aim. For my loan Aim had the best rate and closing costs were in line with other lenders I got quotes from during the process. You can call it a lender fee or discount points, the main thing is to compare total closing costs across different lenders. Just remember in your loan documents you agree to allow them to sell your loan. My understanding is they service the majority of the loans they originate and sell servicing on about 20%. Talk to your loan officer to see if you qualify for an automated appraisal.Ģ. They are using an automated appraisal on my loan so the appraisal fee I paid upfront will go toward the closing costs. If that is $995 and the loan amount iss $150k does that mean the discount points are 0.66%?ġ. When you click on details for a specific loan it says "Guaranteed Lender Fee". I have a couple questions:ġ) Is it possible to avoid appraisal with AimLoan? I have had my load for a while and LTV is <40%Ģ) Does AimLoan do their own servicing or do they sell it after a period of time?ģ) Trying to compare their offering versus Navy Federal offerings. For the numbers I am putting in AimLoan looks to be a lot more competitive than LenderFi.
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