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

5,048 1,724 July 4, 2020 at 01:27 PM in Free Shipping (6)
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Last Edited by shahhere July 26, 2021 at 06:35 AM
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Details on how to understand the Mortgage basics and information that I understand for your learning can be accessed on this post (Click this hyperlink to go to the post); If you are new to this process and have questions this is a Must Read before asking question on the forum!


Reviving my over a decade old thread from SD and FW as the rates have gotten competitive. This thread is a SD community thread to compare and post best rates received along with their lender experience for a quick compare and estimation from a starting point.


Please note that rates will vary on quite a few factors and just because one person has a rate will not guarantee you will receive the same rate but simply use this as a guide and negotiation tactic.

All below rates are based on assumptions of certain LTV, DTI, & Excellent Credit Scores:

30 Year Fixed best rates (Assuming Good Credit & 20% down, low LTV, low DTI, etc etc):
All listed lenders are here because I shopped them and have encountered competitive pricing and not because I get any sort of a kickback....use this as a gauge for the latest but note that things can change week to week, day to day and even hour to hour:

07/14/2021 2.875% Better.com- Will consider Lender Match to beat Competitors and combine with Amex cashback (Click here for additional Forum thread details). Amex's "Digital Assist" Team @ 800-297-7500

07/14/2021 2.875% LoanDepot.com - Is competitive but works better if you have another offer for them. My LO Luke Dean
[email protected] 949-652-4521

07/14/2021 BSMFunding (David Pressel) - Call to get the latest rates (no published online). Very competitive rates; get everything in writing via email!
https://bsmfunding.mymortgage-onl...essel.html
David Pressel (NMLS: 562175)- Branch Manager - Phone: 908-208-2036
[email protected]
07/14/2021 2.5% LoanCabin [loancabin.com] - Most Competitive but refinance times have grow to almost 6 months for many people so proceed with caution as recent reviews indicate normal 1 month closing. Generally do not charge for big Lender Fees (A+B on LE) as they are under $100 in most cases; esp if appraisal is waived for your scenario.

07/14/2021 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.
30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
TBD
15 year Fixed:
07/14/2021 2.0 % Better.com; matches Bankrate rates for themselves.
07/04/2020 2.5% NIH Credit Union with Lender Credit
Title Company Comparisions:
RadianTitleDirect.com - OP has used them for almost a decade with getting best rates (closed after Covid, Lender must submit order as consumer side is closed).
ALTTitle.com
https://www.valerotitle.com/ - Texas only.
Alphabetical list of other lenders (some could be non-proven without direct member experiences posted here):
  1. AimLoan - Will provide LE without hard pull if credit is frozen https://www.aimloan.com/
  2. Amerisave - will give you scores from all 3 bureaus with just a soft pull https://www.amerisave.com/
  3. Better.com https://better.com/
  4. BoxHomeLoans https://www.boxhomeloans.com/
  5. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  6. Colonial Mort http://www.colonialmort.com/
  7. HighTechLending http://www.hightechlending.co/Default.aspx
  8. Interactive Mortgage https://interactivemortgage.com/ Eric from IM is super rude so good luck dealing with this guy!
  9. LenderFi https://www.lenderfi.com [lenderfi.com]if the link wont work try this backend link: https://app.lenderfi.com/app/sign...r/lenderfi
  10. Loan Cabin https://www.loancabin.com/
  11. Loan Depot https://www.loandepot.com/
  12. LoanLock https://www.loanlock.com/
  13. NavyFederal CU https://www.navyfederal.org/
  14. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  15. Northpointe Bank https://www.northpointe.com/
  16. Owning.com (Operates only in CA) https://owning.com/
  17. Pentagon Federal CU https://www.penfed.org/
  18. Provident Funding - will give LE without locking rate https://www.provident.com/
  19. RatePlus (California) https://www.rateplus.com/
  20. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility traviscu.org
  21. United wholesale mortgages https://www.uwm.com/
  22. Watermark Home Loans https://www.watermarkhomeloans.com/
  23. West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/


Shahhere

Old Thread - https://slickdeals.net/e/1223863-03-06-2009-best-mortgage-rates-from-big-reputable-lenders-30year-5-15year-5-arm-s-etc
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Community Wiki

Last Edited by RiversofWisdom August 18, 2021 at 03:12 PM
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.

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Quote from MeAPhool :
I think a lot of people get confused with regards to "no closing cost". Specifically I think that is with regards to A+B+C (as referenced in this post by volcomssj48 - https://slickdeals.net/forums/showpost.php?p=138543920&postcount=138)

As per volcomssj48, this is a good place to go for a basic understanding of the LE (Loan Estimate) that should be provided to you by each lender once you give all of your information: https://www.consumerfinance.gov/o...-estimate/

I'm in NJ so I can't really shop Title Insurance much as it's the cost is regulated by the state, however in other states, you can really cut down some of the costs in section "C".
Good site for daily mortgage news. Subscribe to their daily mortgage rate news to learn about their predictions. Also take a look at the rest of their site.
http://www.mortgagenewsdaily.com/...age_rates/



Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
  1. Loan Cabin https://www.loancabin.com/
  2. Better.com https://better.com/
  3. Interactive Mortgage https://interactivemortgage.com/
  4. LenderFi https://www.lenderfi.com/
  5. owning.com (Operates only in CA) https://owning.com/
  6. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  7. Loan Depot https://www.loandepot.com/
  8. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility [traviscu.org]
  9. Pentagon Federal CU https://www.penfed.org/
  10. Interactive Mortgage https://interactivemortgage.com/
  11. NavyFederal CU https://www.navyfederal.org/
  12. United wholesale mortgages https://www.uwm.com/
  13. BoxHomeLoans https://www.boxhomeloans.com/
  14. LoanLock https://www.loanlock.com/
  15. West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
  16. RatePlus (California) https://www.rateplus.com/
  17. Northpointe Bank https://www.northpointe.com/
  18. HighTechLending https://hightechlending.mortgagewebcenter.com/
  19. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  20. AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
  21. Amerisave - will give you scores from all 3 bureaus with just a soft pull
    https://www.amerisave.com/
  22. Provident - will give LE without locking rate https://www.provident.com/ Best Credit Back with 60% LTV or better.
  23. Watermark Home Loans https://www.watermarkhomeloans.com/ Skip these guys. They are being rude to Slickdealers. In one occasion they have explicitly said they don't want to do business with people from Slickdeals. They also have an approach where they give you the best rate initially and just raise it more each time you ask.
  24. Colonial Mort http://www.colonialmort.com/
  25. Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
  26. Rate Rabbit https://www.raterabbit.com/ Licensed in MA and others [raterabbit.com]

Discount lenders who DO NOT accept fully documented in tax returns self-employment income:
Owning.com
BoxHomeLoans
Lower.com

Discount Lenders that DO accept fully documented in tax returns self-employment income:
Sebonic
Caliber
Sage

Title Company Shopping
AltTitle.com
mytitlegenius.com (formerly entitle direct)
TO AVOID - Settlement LTD (local Pittsburgh run away from them - high cost, very bad service, lot of delays)


Feel Free to Add Sections for Each Lender - MeAPhool

Loan Cabin - DetailsWARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
I would have lost the home if i was trying to buy a house.
I just had a normal refi and it took then 127 days to close. out of the 27 emails i sent, they responded to 3. I even had to call (complain) their main office 2 times to get a response to any emails. they screwed the closing paperwork as well.


Loan Cabin does not charge lender fees. Actually all of this is in their FAQ but of course nobody reads anything and wants everything spoon fed.

This means A+B (reference the link above in the wiki regarding Loan Estimate) in the Loan Estimate should be 0 (as long as your appraisal is waived).

You will be responsible for Title Cost (of course you can shop that to your heart's delight)
You will be responsible for Recording Fee in your county
You will be responsible for Escrows (if you so choose OR if you are close to Homeowner's OR Property Tax payment - though you can negotiate and show evidence to get it waived. Most lender's will waive it if you are choosing not to escrow and you can show proof that you paid the upcoming Property Tax or Homeowner's Insurance)

You will be responsible for Prepaid Interest (this isn't a cost. If you didn't refinance, you'd be paying the interest at your current mortgage rate which I assume would be higher).

Lender Credit - If this covers A+B+C+E then you have a no-cost refinance. If you have a surplus aside from A+B+C+E, then technically you made money on your refinance.


If you apply and do no hear back for 3 days, then on the 3rd business day, reach out to [email protected]. They will usually help get a response on your application within a day.



If the information in this WIKI does not cover your questions, then please ask. We will answer and update WIKI accordingly.

Thanks - MeAPhool

Quote from arouncoumar :
For those needing clarity on LC closing costs, I was on the same boat. See what they charge here https://www.dropbox.com/s/r30ecea...t.png?dl=0
Quote from PeterLegend :
Here is a photo of my loan estimate from Loan Cabin, my lender credits should be closer to 3K based on my initial conversations with Bob so i'm following up with him on that.

I do see title insurance in my estimate. I reached out to Owning but I didn't quality for the no cost refinance option since my LTV was 73%, it has to be 50% or lower when I spoke to them.

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shahhere
07-25-2020 at 11:39 AM.
07-25-2020 at 11:39 AM.
Quote from cny_saver :
Filled out App at a few of the lenders listed on here for NY home. Better wasn't competitive , Caliber hasn't responded, couple others don't service NY. Loan Depot's initial LE wasn't that great but they were responsive. Sent them a LE I received from a local broker and they were able to beat the rate as well as closing costs by $2k. Rate of 2.75 for 30yr loan. Overall pretty happy with the process so far with them.8.0.3

FYI, my contact did not do NY from what I can see so you went to them directly or are awaiting her to respond? She called me last night and basically said that if its not a state she is licensed in she cannot quite help as she has been bombarded with calls and emails and cannot stay on top (SD Effect).


Shahhere
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Joined Jul 2012
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> bubble2 187 Posts
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miocidroydiaz
07-25-2020 at 12:06 PM.
07-25-2020 at 12:06 PM.
Quote from tamzab :
What type of rates are people getting with cash out refinances? Our current rate is 4.25, credit is 770, good debt to income ratio. With the cash we want we will still be under 70%. Located in pa.

I have received rates between 4% and 4.2....
Cashout rates always seem excessive. Seems like it is better to do a straight refi, get your rate down by a huge 1.5%, and then get an HELOC if you need more money.
Reply
Joined Dec 2007
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SlickTex
07-25-2020 at 01:03 PM.
07-25-2020 at 01:03 PM.
Quote from tamzab :
What type of rates are people getting with cash out refinances? Our current rate is 4.25, credit is 770, good debt to income ratio. With the cash we want we will still be under 70%. Located in pa.

I have received rates between 4% and 4.2....

2.75% on 20yr (which I believe is same rate as 30 year) cashout of $50k total loan amount $235ish, LTV <60%, Texas. For from better.com on a close the gap "match" to loan cabin .
Reply
Last edited by SlickTex July 25, 2020 at 01:34 PM.
Joined Nov 2004
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MeAPhool
07-25-2020 at 01:40 PM.
07-25-2020 at 01:40 PM.
Quote from tamzab :
What type of rates are people getting with cash out refinances? Our current rate is 4.25, credit is 770, good debt to income ratio. With the cash we want we will still be under 70%. Located in pa.

I have received rates between 4% and 4.2....
That is odd. In February, I closed a cash out refi, LTV 74% with 800+ credit at 3.75% with Provident Funding. Rates are even better now.

I think most places but not all, 760+ credit gets best rates.
Reply
Joined Jul 2020
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SanDiegoSurf
07-25-2020 at 02:58 PM.
07-25-2020 at 02:58 PM.
I wanted to provide an update on my Refi shopping experience and figured it would help others in their quest for a low cost refinance.
  • Current Loan: 3.5% fixed rate with 22 years remaining.
  • House: Primary Residence, SFH, estimated value $1.2M. Loan amount $230K with LTV = 20%. 800+ credit scores.
  • Looking for 20 year loan with no escrow and no cash out. Located in San Diego, CA

Summary: Four rounds to improve Better's LE
  • From: 2.875% at $3500 (A+B+C)
  • To: 2.75% at $975 (A+B+C) plus $200 Lenders Credit. This does not include the $2500 AMEX Credit.
Here's the details:
About 2 weeks ago, initially queried many lenders and completed applications with 3 lenders to obtain LEs.
  • Better's initial LE was terrible: 2.875% fixed 20 year with Total Loan Costs of $3500 (A+B+C) plus escrow and required $7700 at closing (item J)
  • A few days later, I provided Better with a competing LE at 2.5% and they would not match. Their rate tables did not go below 2.75% for a 20 year loan.
  • Provided Better another LE to beat at 2.75% and they matched the rate and beat the Total Loan Costs. Updated LE reflected (A+B+C) = $2240. Plus, eliminated escrow to match the submitted LE.
  • Locked with Better and another lender
  • Completed additional online forms and paperwork with Better. Better's process moved much faster than other lender.
  • Pushed on Better by submitting a competing LE via the website. Better lowered Total Loan Costs (A+B+C) = $1800
  • A week after completing Better's application and paperwork request, Better's appraisal completed with house valued at $1.2M. Appraisal fee waiver due to AMEX offer.
  • Better made the title request after the appraisal (week 2)
  • During week 2, the Loan Processor at Better reached out to answer questions. I asked for a Better rate and told them I received an email for stating they will beat any offer by $1000. Processor offered to see if they could make additional concessions to improve rate and costs.
    • I believe they offered this since the appraisal was completed and Title ordered. Better had some sunk costs and new my loan was low risk. Plus, I told them I was actively looking at better deals and was locked with another lender.
  • Next day, Better reduced LE (2.75% no escrow) to Total Loan Costs (A+B+C) = $975 and provided $200 lender credit from previous LE.
    • They could not improve rate without switching to a 15 year term which I was not interested in.
I also qualified for the AMEX $2500 credit. It will be a true no cost loan and I am making $1100 to complete the refinance,

I checked with a couple of lenders and they said they cannot beat my latest Better LE and this did not factor in the AMEX $2500 credit.

I know my LE rate and credits are not as good as some of the other posts, but I have not been able to get anything better.

I plan to close with Better. Overall, its been a good experience and they are much faster than the other lender.

Lessons Learned: Better's initial offers are not competitive. In fact, they are terrible, but they are willing to be competitive and beat other LEs once you start the process.
Reply
Last edited by SanDiegoSurf July 25, 2020 at 04:08 PM.
Joined Jul 2012
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FunnyTanny
07-25-2020 at 03:25 PM.
07-25-2020 at 03:25 PM.
Better promises $100 for rate match guarantee. Has anyone able to successfully claim this $100? (In my case, Better was not able to beat LE from other lender)
Reply
Joined Oct 2018
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David9569
07-25-2020 at 03:53 PM.
07-25-2020 at 03:53 PM.
Quote from tsawant :
Better promises $100 for rate match guarantee. Has anyone able to successfully claim this $100? (In my case, Better was not able to beat LE from other lender)
Better beat my other rate by $100, but it involved moving numbers around, including eliminating a $450 appraisal that they knew wasn't going to happen anyway.
Reply

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Joined Dec 2007
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SlickTex
07-25-2020 at 03:54 PM.
07-25-2020 at 03:54 PM.
Quote from SanDiegoSurf :
I wanted to provide an update on my Refi shopping experience and figured it would help others in their quest for a low cost refinance.
  • Current Loan: 3.5% fixed rate with 22 years remaining.
  • House: Primary Residence, SFH, estimated value $1.2M. Loan amount $230K with LTV = 20%. 800+ credit scores.
  • Looking for 20 year loan with no escrow and no cash out. Located in San Diego, CA

Summary: Four rounds to improve Better's LE
  • From: 2.875% at $3500 (A+B+C)
  • To: 2.75% at $975 (A+B+C) plus $200 Lenders Credit. This does not include the $2500 AMEX Credit.
Here's the details:
About 2 weeks ago, initially queried many lenders and completed applications with 3 lenders to obtain LEs.
  • Better's initial LE was terrible: 2.875% fixed 20 year with Total Loan Costs of $3500 (A+B+C) plus escrow and required $7700 at closing (item J)
  • A few days later, I provided Better with a competing LE at 2.5% and they would not match. Their rate tables did not go below 2.75% for a 20 year loan.
  • Provided Better's another LE to beat at 2.75% and they matched the rate and beat the Total Loan Costs. Updated LE reflected (A+B+C) = $2240. Plus, eliminated escrow to match the submitted LE.
  • Locked with Better and another lender
  • Completed additional online forms and paperwork with Better. Better's process moved much faster than other lender.
  • Pushed on Better by submitting a competing LE via the website. Better lowered Total Loan Costs (A+B+C) = $1800
  • A week after completing Better's application and paperwork request, Better's appraisal completed with house valued at $1.2M. Appraisal fee waiver due to AMEX offer.
  • Better made the title request after the appraisal (week 2)
  • During week 2, the Loan Processor at Better reached out to answer questions. I asked for a Better rate and told them I received an email for stating they will beat any offer by $1000. Processor offered to see if they could make additional concessions to improve rate and costs.
    • I believe they offered this since the appraisal was completed and Title ordered. Better had some sunk costs and new my loan was low risk. Plus, I told them I was actively looking at better deals and was locked with another lender.
  • Next day, Better reduced LE (2.75% no escrow) to Total Loan Costs (A+B+C) = $975 and provided $200 lender credit from previous LE.
    • They could not improve rate without switching to a 15 year term which I was not interested in.
I also qualified for the AMEX $2500 credit. It will be a true no cost loan and I am making $1100 to complete the refinance,

I checked with a couple of lenders and they said they cannot beat my latest Better LE and this did not factor in the AMEX $2500 credit.

I know my LE rate and credits are not as good as some of the other posts, but I have not been able to get anything better.

I plan to close with Better. Overall, its been a good experience and they are much faster than the other lender.

Lessons Learned: Better's initial offers are not competitive. In fact, they are terrible, but they are willing to be competitive and beat other LEs once you start the process.

I'm in final stages with better now, same 2.75% rate as you same story of no lower that that on 20 year. Can't even buy points to lower. I like their system, they are also relatively quick.
Reply
Joined Oct 2015
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cny_saver
07-25-2020 at 06:15 PM.
07-25-2020 at 06:15 PM.
Quote from shahhere :
FYI, my contact did not do NY from what I can see so you went to them directly or are awaiting her to respond? She called me last night and basically said that if its not a state she is licensed in she cannot quite help as she has been bombarded with calls and emails and cannot stay on top (SD Effect).


Shahhere
I contacted them directly
Reply
Joined Sep 2012
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> bubble2 52 Posts
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dibby
07-26-2020 at 07:07 AM.
07-26-2020 at 07:07 AM.
Quote from cny_saver :
I contacted them directly

I'm located in upstate NY. Can you share any details with me? If you can shoot me a PM I'd appreciate it!
Reply
Joined Oct 2015
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cny_saver
07-26-2020 at 07:33 AM.
07-26-2020 at 07:33 AM.
Quote from dibby :
I'm located in upstate NY. Can you share any details with me? If you can shoot me a PM I'd appreciate it!
PM sent8.0.3
Reply
Joined Nov 2017
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> bubble2 900 Posts
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gk6740
07-26-2020 at 09:59 AM.
07-26-2020 at 09:59 AM.
UPDATE ON BETTER/AMEX deal

No immediate indication this offer will be extended. Saw this Sunday morning when clicking on the old link

This offer has expired
We're still eager to work with you - speak to one of our loan consultants today, and we'll give you $500* towards your closing costs when you lock your rate. Get started below!
Reply
Joined Jan 2013
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> bubble2 546 Posts
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hello3232
07-26-2020 at 10:07 AM.
07-26-2020 at 10:07 AM.
Not too surprised, might come back at a lower value if demand slows at some point. I think based on the $1000 if we can't match going down to $100 is a sign of them tightening up. Granted even if it comes back at $1000 Amex credit it would still be a nice opportunity with them matching other lenders
Reply
Joined Nov 2006
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Snarl16
07-26-2020 at 10:07 AM.
07-26-2020 at 10:07 AM.
I received an offer from WM. I'm borrwing $250k. My LTV is 66% and credit score is 800. DTI is 21%. They offered 2.625% on a 30 year loan with A+B+C fees of $900 after giving $1900 of lender credit. Does this sound good or should I keep shopping? I see a lot of mention of people getting similar rates and getting lender credits but am not sure if that mean's people are getting total fees offset or just netting against total fees.
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Joined Oct 2018
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David9569
07-26-2020 at 10:20 AM.
07-26-2020 at 10:20 AM.
Quote from Snarl16 :
I received an offer from WM. I'm borrwing $250k. My LTV is 66% and credit score is 800. DTI is 21%. They offered 2.625% on a 30 year loan with A+B+C fees of $900 after giving $1900 of lender credit. Does this sound good or should I keep shopping? I see a lot of mention of people getting similar rates and getting lender credits but am not sure if that mean's people are getting total fees offset or just netting against total fees.
This doesn't sound great but I don't think A+B+C is a good way to look at it. C is personally irrelevant to me... you can shop for your own title. And B is not highly relevant either, because you either need an appraisal or don't, and they are usually about the same.

So I look at it that they are offering you a credit of 400 to use toward your closing costs. That's about what they offered me about 10 days ago and they seemed willing to match more but they were too far away from what I was looking for. Have you tried loancabin? I'd put your numbers into their calculator (60 day close) and see if they look better. They had no hidden fees.
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