My mortgage refinance with First Internet Bank of Indiana ("First IB") is done. The new loan paid off the old loan. All done. I thought I would update the progress as it moved along but it went so uneventful there wasn’t much to update. Here’s the timeline: Day Activity 1 Submitted application online. Didn’t get […]
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Mortgage Refinance: Before and After Closing
After an appraisal is done, an underwriter will review the documents. Chances are the loan will be approved and I will be asked to pick a date for closing. It’s almost done. Pick the Best Day of the Week for Closing Does it make a difference which day you close the refi besides the convenience […]
Mortgage Refinance: What If Rate Drops After You Lock?
The Fed announced that it’s prepared to provide additional easing if needed. The bond market responded positively, which brought down the mortgage rate, again. If you are doing a mortgage refinance, and you already locked your rate and fees, what do you do if you see the rate and fees drop after you lock? There […]
How Much Money Does a Bank or Broker Make From a Mortgage Refinance?
Have you wondered how much money a bank or a mortgage broker makes when you do a mortgage refinance with them? By law, a mortgage broker must disclose their compensation but you often don’t see it until you get the final closing statement (“HUD-1”). In a post last year, Mortgage Broker vs Mortgage Lender, I […]
Credit Card Rental Car Insurance Coverage Gaps
I said I have a weak point for sob stories because I keep getting drawn to them. Someone on Twitter led me to this story on CreditCards.com: Don’t automatically refuse extra rental car insurance coverage Kim rented a car from Alamo. She paid with her Discover card. Kim damaged the rental car when she backed […]
Vanguard New S&P ETF Ticker Symbols
With some fanfare, Vanguard launched nine new ETFs based on S&P indexes last week. When I first looked at the ticker symbols, I see a mess. All nine funds use a combination of V, I, O, and G. They are VOO, VOOV, VOOG, IVOO, IVOV, IVOG, VIOO, VIOV, and VIOG. After staring at them for […]
Mortgage Refinance: When to Lock?
I showed this chart in my previous post about comparing the total closing cost from different lenders. In addition to the cost difference across lenders, it also shows the total closing costs go up and down quite significantly from one day to another. Even with the least expensive lender, choosing when you lock your rate […]
Mortgage Refinance: Tradeoff Between Rate and Closing Cost
Say you chose a lender for your mortgage refinance. You still have to decide whether you should go for a lower rate with a higher closing cost or a higher rate but with no or minimal closing cost. You can also buy down the rate by paying points. Making the perfect decision requires a crystal […]
Mortgage Refinance: Which Lender?
As I mentioned last week, I’m doing a mortgage refinance with a lender I haven’t used before: First Internet Bank of Indiana ("First IB"). My previous two refi’s were done through National Mortgage Alliance (NMA). NMA did the jobs well both times. My last one finished in 2 weeks from application to closing. So why […]
Mortgage Refinance: Is Your Lender Legit?
How to research whether the bank, credit union, mortgage company, or mortgage broker is legit.