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SaintTiger80
LSU Fan
Member since Feb 2020
84 posts

Choosing between two rates for my refinance..
I started looking to refinance down from 4.825 back in March. Locked in at 3.125 late March. Still have not closed with the lender. I’m in constant communication and they say I’m really close but they’ve been saying that for the past two months.

Was looking at other options and found Movement Mortgage. The agent quoted me at 2.875 with no points yesterday. He told me they have just a flat origination fee that sounded reasonable. The weird part is that he won’t send me a itemized loan estimate. He keeps saying he needs to pull my credit and lock-in the rate before you can put anything official together.

The rate sounds almost too good to be true and I’m suspect that Movement Mortgage will just bake in extra fees elsewhere to make up for the low rate. I told him that I didn’t feel comfortable moving forward until I could look at an official loan estimate so I can compare the two.

Thoughts? Has anyone had experience with Movement Mortgage?


anc
Member since Nov 2012
13735 posts
 Online 

re: Choosing between two rates for my refinance..
Try to find a small community bank. I closed at 2.25 on a 15 recently thru Bank First, who has about 25 locations.

I’ve always been told to avoid brokers. I’m sure there are many great ones though. At any rate, I’d certainly shop it around.


SaintTiger80
LSU Fan
Member since Feb 2020
84 posts

re: Choosing between two rates for my refinance..
Thanks I’ll look into that.

The first one lender was a friend of a friend and he has been great to work with. I just think their company is overwhelmed by the volume of refinances right now.
This post was edited on 8/1 at 12:36 pm


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10
SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
45499 posts

re: Choosing between two rates for my refinance..
quote:

Locked in at 3.125 late March. Still have not closed with the lender.



Your locked expired bro

quote:

keeps saying he needs to pull my credit and lock-in the rate before you can put anything official together.


He needs to do this


quote:

The rate sounds almost too good to be true


It's not

Go with the new lender


SaintTiger80
LSU Fan
Member since Feb 2020
84 posts

re: Choosing between two rates for my refinance..
quote:

Your locked expired bro


The first lender has been paying the fee to extend the lock.

quote:

He needs to do this


They need to pull my credit to show their costs and fees?


SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
45499 posts

re: Choosing between two rates for my refinance..
quote:

The first lender has been paying the fee to extend the lock.



I dont think you realize this is a cost to you

quote:

They need to pull my credit to show their costs and fees?


To get an LE yes if that's what you want.


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SaintTiger80
LSU Fan
Member since Feb 2020
84 posts

re: Choosing between two rates for my refinance..
quote:

I dont think you realize this is a cost to you


Please explain. Other than the opportunity cost for not closing sooner. I don’t see how them paying the fee is costing me anymore.


SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
45499 posts

re: Choosing between two rates for my refinance..
quote:

I don’t see how them paying the fee is costing me anymore.




They are not paying the fee it's being charged to you.
If they havent closed since March move along my friend and get the better rate


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42
LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
2504 posts
 Online 

re: Choosing between two rates for my refinance..
quote:

Was looking at other options and found Movement Mortgage. The agent quoted me at 2.875 with no points yesterday. He told me they have just a flat origination fee that sounded reasonable. The weird part is that he won’t send me a itemized loan estimate.


Movement is good people. I’ve dealt with them multiple times along with a few others who have.

I’m in a similar scenario as you as I locked with another lender back in June at 3.0%, but they’ve been dragging their feet ever since with hardly any communication. I just recently went back to Movement and locked in a 2.8125% on Thursday.

They should be able to provide you an estimated/preliminary LE. It won’t be official as you’re not locked and committed to them.

But speaking from experience, their costs and fees are very reasonable. No hidden costs. They have an origination fee and underwriting fee that will be ~$1000.

All other fees are title/closing/documentation fees and loan prepaids. They use local closing/title companies so those fees can be shopped around if necessary.


SaintTiger80
LSU Fan
Member since Feb 2020
84 posts

re: Choosing between two rates for my refinance..
This is very good information. Thank you!

I know it won’t be official until it’s locked in but I just want a prelim Loan Estimate. The Movement agent seemed very helpful, but it seemed strange how hesitant he was to send me an LE.

I might just move forward with them and pursue the better rate.


meansonny
Georgia Fan
ATL
Member since Sep 2012
11722 posts

re: Choosing between two rates for my refinance..
I'm out of the mortgage biz for a long time. But a few questions.

1) what is the holdup with the first lender? Is it approved? Is it in the closing department? How far have they taken it?

2) I hate to say it, but if someone isnt doing their job or is dishonest... cut ties. That goes for the first lender AND the second. Give the second a chance and if you dont like anything, bail. There are plenty of options. Your risk is that rates go up if you dont move quick enough.


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