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eyes on this mortgage refi doc please
Old 10-10-2020, 02:36 PM   #1
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eyes on this mortgage refi doc please

Family member wanting to refi a VA home loan to get a better rate. Came to me for a 2nd opinion and Ive only seen a couple loan docs in my life. Please eyeball to tell me if the rate and fees seem reasonable. Ive tried to redact for his privacy, so tell me if that didnt work also so I can work on it more. THank you for looking. me
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Old 10-10-2020, 02:56 PM   #2
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2.25% for 30 years - Holy Hannah! That is an incredible rate.

I think the fees are quite reasonable - and lender credits to boot.
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Old 10-10-2020, 03:18 PM   #3
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Maybe it’s just me, but if I were Francesca, the loan officer, I wouldn’t want my name, email, an phone number posted like this. I’d also suggest you hide the Loan ID #.
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Old 10-10-2020, 03:21 PM   #4
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Only inducement for the lender I see is the low loan-to-value; about 71%.
Fees don't look bad and holy cow what an interest rate!
Quicken Loan done him right! Sister and BIL just locked in a 3.25% and are both well established, long credit history, over 800 credit score people. Think they went through their credit union though.
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Old 10-10-2020, 04:38 PM   #5
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This looks better than normal. I don’t see any extra “garbage fees” or overcharges. I do notice there is no “VA funding fee” which would be normal. But there are several ways to become exempt from this fee and perhaps they fall within one of those. I do notice that the rate is not locked and could change for better or worse. This is often just a personal decision. As a former loan officer I saw rates sometimes dramatically change for the worse very suddenly. I’m not predicting that, but then I never did predict that. And it happened anyway.
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Old 10-10-2020, 05:13 PM   #6
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Much much better than my refi with same lender. My loan has been dragging on for 3.5 months now.
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Old 10-10-2020, 05:46 PM   #7
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Just sign it and do it.
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Old 10-11-2020, 05:53 AM   #8
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They're rolling $1,726 of the closing costs into the loan. I wouldn't let them do that, as it'll cost at least that much in interest, I'd insist on paying the whole $2,605 at closing, and that is probably less than I paid on a similar sized mortgage 20+ years ago. (Of course, if this is a young, cash-poor relative, it won't hurt much to roll it into the loan, that's just my preference.)

Other than that, I agree, it looks good. I'd also ask the lender about getting a copy of the appraisal, since the lender is using their own appraiser.
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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