07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

Thanks. I sent you a PM and a link. I sent you this as well, but also want to post this part for others to see and respond to...


Equity Loan quoted by Florida Central CU - 5 year fixed @ 4.25%. $5,854 cash in hand minus any fees which I don't have any details. Should be minimal.

4.25% Equity Loan, $70,000 cash - Total 1st & EL = $182,000 (74% LTV)

	Principal	P&I	Interest
Equity Loan	$199,585.71	$222,990.07	$23,404.36
Current	$194,722.28	$219,180.68	$24,458.40
Difference	$4,863.43	$3,809.39	$(1,054.04)

Biggest savings on this is the Pool loan of $37,000 at 7.99% and Solar of $28,000 at 4.99% both drop to 4.25% using the EL. House stays at 3.875%. EL will be paid off in 35 months @ $1,713/mo with an added $4,400 payment from next year's solar tax credit, then up to $2,513/mo after the 2 cars are paid off in 22 months.

Refi quote by Pennymac (my current home loan) 15 yr fixed conventional. About $10,237 in fees: $6,495 disc points, 1,174 orig rest is title fee. $8,854 cash in hand after paying off Pool/Solar.

2.375% (2.963 APR) Refi w/ $73,000 cash - Total Refi = $196,000 (80% LTV)

	Principal	P&I	Interest
Refi	$213,175.88	$228,405.32	$15,229.44
Current	$194,722.28	$219,180.68	$24,458.40
Difference	$18,453.60	$9,224.64	$(9,228.96)

This lowers the pool, solar, and home loans to 2.375% using the Refi. It will be paid off in 72 months at $2,300/mo with same tax credit injection next year and additional $800 when 2 cars are paid off.

The problem in my head is I'm comparing my current 68 month payoff to the Refi's 72 month payoff which to me is my apples to apples comparison - bottom line, final numbers I plan to pay. I don't care about anything after that point. Loan officers want to say "you're cutting down from 360 to 180 payments, and you're saving $50-$70k in interest over my current 26½ year loan term" - that's through the end of the loan life though. I already know how much I'm saving on my own by paying the current loans off in 68 months instead of 318 months. The loan officers keep pushing that I'm looking at it wrong due to different interest rates on the other loans that I'm combining and the overall payment each month.

I agree that MOST people call these officers looking to lower their payments each month, payoff cc debt, consolidate, etc - the lower rate and interest savings over their 15/30 year payoff is icing on the cake to them. For me, it's not. I will continually pay all the loans with $3,415 each month for the next 68-72 months no matter how low much the actual loan payments are. It's how I apply the $3,415 each month to which loans that will make a difference for me. If I refi, I'm adding fees that I don't have currently to save an equal amount in interest. I'm also getting a few thousand back for my shed so add that to the total.

I feel as though they are making me say to myself "I should maybe look at it like this":

Currently I have a total of $194,722 in loans with different interest rates and will pay $24,458 in interest total... BUT if I refi and combine I will have $213,175 ($202,938 actual money after deducting closing costs) in loans at a lower interest rate, but will only pay $15,229 in interest. This means that I keep more in my pocket by apply more to the principal and paying less interest on more money (more bang for my buck)? So net in my portfolio would be $17,445 ($8,216 more principal and $9,229 more interest)?

If so I guess that's just hard to picture in my head, and that $10k in fees and costs is like a thorn in my side thinking about it!

AJR214 - I sent you a PM, but I wanted to post a couple lines here for anyone else following along.

I think you might be too caught up in the weeds/details of your individual loans. Take a step back and look at your overall strategy.

You would keep your car 1 loan no matter what, because you are not beating 1.8% no matter what you do with Cash-Out Refi or Equity Loan.

1. If you can do a cash-out refinance up to 80% LTV (for your appraised value of $245,000) for a rate lower than 3.85% and minimize your closing cost, then that is your best option as your refinanced loan can cover your existing loans on your (home, solar, pool, car 2, and your shed).
2. If the maximum LTV on a cash-out refi limits you, then utilize the Equity Loan @ 4.25% to cover the rest of your Pool Loan and the cost of the Shed. In this scenario, you would hold onto your car 2 loan since 3.99% is better than 4.25%.

If you can understand these 2 strategies, then your priority should be to get no-cost or low-cost cash-out refinance quotes while finding out the maximum LTV each lender will let you cash-out.

As I discussed in your PM, I looked at your excel and I don't understand why you use different percentages to calculate interest amount on your pool & solar loans compared to what you stated (7.99% and 4.99%). This just has to do with your existing calculations on expected total interest paid.


Edited to Add & Emphasize

To save the most money on interest, you want to pay your highest interest loan first. That means pay the minimum to all your loans and take whatever additional amount you have as extra payment and dump it into the loan with the highest interest rate.

The way I saw you paying down your existing loans (even without any changes), you were leaving about $200 (I know not much, but some) on the table because you were prioritizing the wrong loans.
You should pay off your loans in order of their interest rate from highest to lowest: 7.99%, then 4.99%, then 3.99%, then 3.85%, then 1.8%.

Has anyone locked with HTL recently? What rates are they offering and do they charge origination fee?

Better.com is consistently 3-4k off the best pricing I've been able to find.
You're better off using the rates you get at lendingtree.com as a baseline.
And then check around with a few brokers.

Ended up going with Loan Factory (broker) on a 30-yr conventional, condo purchase, 72% LTV in California, excellent credit. Locked at 2.75 with $261 credit. Lender is United Wholesale.

A+B fees $1,798. Haven't closed yet and some of the C fees need to be amended.

I've been tracking rates for the past 6 months or so (we haven't been in a rush to purchase), and the lowest rates seem to be stable at around 2.75, despite the average rate on a downward trend (it's at something like 3.07 this past week).

If I were starting over with this process now, I think I'd be ok with floating the rate until 1-2 weeks before closing. The Fed is doing everything they can to keep the rates where they are or lower.

I am really amazed at the time and effort you are putting in to assist. Most Commendable!

I figure I'd document my experience thus far with a 30yr cashout just under 80% LTV in Texas w/ 800+ scores.

I started Applying at the end of last month. Caliber, First IB, LD, HTL, Quicken, LC, and a few local brokers (DFW).

First Rate quotes were before the jump, so 3% with no fees, caliber was a bit higher 3.125 with pts. Quicken was almost a 4.5%. WM told me they just weren't doing cash outs. LD had their LTV capped at 70%.

When rates jumped, my locals went to 3.6% and others were 3.375%.

HTL offered me 2.75% so I moved forward only to find out when it got to underwriting that they weren't doing cashouts in Texas.

After that, LC finally reached out and offered 2.875% which we just locked.
Aug 7 - Application Submitted
Aug 20 - First e-mail from Samantha requesting the 6 questions
Aug 24 - Second e-mail from Samantha asking which program we wanted to move forward with.
Aug 25 - Rate Locked
Aug 26 - Disclosures Sent

Just getting your attention

My timelines with better.

Aug 4th - Locked Rate 2.5% 30 Years Fixed, 70% LTV, it was with some 0.07% Points
Aug 5th - Rate Match with 2.5%, $1400 Credits
Aug 7th - Reminded them about their offer of beat competitor offer by $1000, the accepted and Lender Credits increased to $2400 Credits

For Title Company, I suggested one but they just went with their own and Price Matched quote from my Title Company
August 22 - Received Final Disclosures 2.5% 30 Years Fixed, 70% LTV, $3400 Credits (No Idea how it was increased, But I am happy)
Aug 26 - Signed paper with Notary
Aug 31 - Set for Funding

My Effective D (A+B+C) + E is $1900, So I am having $1500 ($3400 Lender Credits - $1900 Closing) towards my Prepaid and Escrow.

AMEX Credit eligible, so $2500 will be on top of this.

Overall it is going all good both in terms of cost and time.

Who did you go with to get Better to match?

Currently locked with LD at 2.262%. With credits and costs I get back $800.

LC is offering 2.62% at 0 closing cost with $2500 credit. And 2.5% at $500 costs. Obviously LC is better, but not sure which to choose between 2.62% and 2.5%.

I was trying to get LE from watermark (Wils*n Rodrig**z) after putting in my all info and hard credit pull.
What he says is "Here is the Loan Estimate, it does not include the lender credit (he promised $1,500) because the loan is not locked."
When I asked to lock and to include the lender credit in the LE,
"Sorry, I don't lock in rates until your 100% committed. My time is valuable as I'm sure your is as well. Let me know when you make your decision."

Waste of my credit and time to commit to this person....