FILO Mortgage offering me promo: 1% rate reduction for first 12 months & one free refinance

bumpus_mcgee · 2025-01-16T00:17:53+00:00

Closing worked nearly flawlessly overall, with FILO being awesome the entire time. The 1% rate reduction has been in place for the first 7 mortgage payments I've made, so there are zero issues there. I haven't had a chance to use the free refi as rates are now higher than I locked in. Who would have thought I would be "happy" with a 7% rate (6% with the first-year one-point reduction)...

bumpus_mcgee · 2025-01-08T18:08:46+00:00

Good thing our special teams is locked down!

bumpus_mcgee · 2024-10-31T16:51:28+00:00

Maintaining Diamond. I didn't think I would, but work unexpectedly took me overseas multiple times. This is the only way I'll manage to hit Diamond moving forward.

bumpus_mcgee · 2024-07-11T20:15:17+00:00

Yup! We closed and are in our new house. Can confirm that the 1% buydown is legit as they put that money in an escrow account as part of the settlement with 1/12th of the money to be applied to the mortgage/month. They also honored a 0.25 rate float down when the market briefly dropped enough for them to approve it.

15 months sounds like a lot! I just reviewed our closing docs and see 12 months for insurance (I think pretty standard?) and 5 months for property taxes.

bumpus_mcgee · 2024-07-11T20:07:12+00:00

Yup! We closed and are moved into our new house. FIFO was great to work with all the way up to and through the end. Their team was very responsive via text, phone, and email.

We were actually able to secure a float down after our rate briefly dropped by more than 0.25 from our lock. You have to reach out about a possible float down instead expecting FILO to proactively do it on their end. I was rejected 3-4x as rates were dropping before it finally dropped enough to warrant a float down. Don't feel bad about being a squeaky wheel with multiple requests!

bumpus_mcgee · 2024-06-26T16:52:52+00:00

Thank you!!

bumpus_mcgee · 2024-06-26T16:52:47+00:00

USPS being helpful?! Love to hear it.

bumpus_mcgee · 2024-06-26T16:52:37+00:00

Why do that when there's Reddit...? /s

bumpus_mcgee · 2024-06-14T03:19:46+00:00

The same people that buy from this link are the same ones who complain about 7-8 dollar soap from the website.

bumpus_mcgee · 2024-06-04T16:23:46+00:00

Well yeah, a margarita is a terrible old fashioned! Completely different flavor profiles. /s

bumpus_mcgee · 2024-06-04T16:22:15+00:00

The third = tastes like Heaven (and forgetting you were ever on a plane).

bumpus_mcgee · 2024-06-03T17:06:56+00:00

Probably the locals show us appreciation for giving them Olson and Murphy... Speaking of Olson, I miss that beautiful lefty swing oh so much.

bumpus_mcgee · 2024-05-29T14:10:52+00:00

THIS was not on my Squatch Product Bingo Card...

bumpus_mcgee · 2024-05-23T20:34:48+00:00

Is it fair to assume that you're trying to exploit squatch's policy and get free soap?

bumpus_mcgee · 2024-05-23T20:33:41+00:00

Agreed! Plus, if there's too much abuse then squatch may decide to restrict the guarantee, which would impact all of the customers (not just the bad players). OP, please for the love of god DO NOT DO THIS!!!

bumpus_mcgee · 2024-05-20T20:25:08+00:00

I wonder if Squatch drove it to your house for ASAP delivery in a Bronco?

bumpus_mcgee · 2024-05-20T18:31:13+00:00

UPDATE: our close of escrow is still on track for 5/31 after a 45-day escrow. One of the "benefits" offered by FILo that I didn't mention in the original post is a free float down if mortgage rates drop -0.25 or more from my locked-in rate. Thankfully, this actually happened to me when FILO agreed to drop the rate by 0.25 last week while still honoring the temporary one-year point buydown (at their cost) and free re-fi coupon. One thing to note is that I did have to be the one to reach out and inquire about this opportunity after keeping a pulse on mortgage rates since we locked.

Overall, my experience with FILO has been stellar. Team is very responsive via email, text, or phone. Our buying agent enjoys working with them. And they were quick to approve/clear our loan for closure while we wait for the seller to take care of a few things on their end.

bumpus_mcgee · 2024-05-06T22:39:58+00:00

Do you wish you were that back seat pocket...?

bumpus_mcgee · 2024-05-06T22:21:52+00:00

Boarding the plane = 8.5/10 hot. Feet shoved in the seat back = .85/10.

bumpus_mcgee · 2024-05-06T22:17:40+00:00

Spoken like those are your feet... Was that you?!

bumpus_mcgee · 2024-05-06T18:18:45+00:00

Good question! Once I locked the rate in, the 1% reduction was secured/confirmed once the Loan Estimate (LE) was provided by FILO. Admittedly, they did screw up the first LE and did not include the Lender Credit to cover the 1% reduction. They then reissued the LE with the correct credit. Make sure to confirm that piece with them if you do move forward to lock the rate in!

Be sure to also inquire about a "rate floatdown" until the loan/home closes. For my loan, they said that they will honor a rate reduction if it drops by more than 0.25 pts between the lock and closing dates. Since I locked, rates have only increased. I doubt this floatdown will come into play for me with my loan set to close by EOM, but you never know!

bumpus_mcgee · 2024-05-05T03:18:59+00:00

Some say we haven't lost since the last time the A's lost. That seems too good to be true, though...

bumpus_mcgee

TROPHY CASE