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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)
July 4, 2020 at
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Deal Details
Last Edited by shahhere July 26, 2021 at 06:35 AM
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):
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
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.30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
07/14/2021 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.
TBD15 year Fixed:
07/14/2021 2.0 % Better.com; matches Bankrate rates for themselves.Title Company Comparisions:
07/04/2020 2.5% NIH Credit Union with Lender Credit
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).Alphabetical list of other lenders (some could be non-proven without direct member experiences posted here):
ALTTitle.com
https://www.valerotitle.com/ - Texas only.
- AimLoan - Will provide LE without hard pull if credit is frozen https://www.aimloan.com/
- Amerisave - will give you scores from all 3 bureaus with just a soft pull https://www.amerisave.com/
- Better.com https://better.com/
- BoxHomeLoans https://www.boxhomeloan
s.com/ - Close Your Own Loan https://www.closeyourow
nloan.com/...sults.aspx - Colonial Mort http://www.colonialmor
t.com/ - HighTechLending http://www.hightechlen
ding.co/Default.aspx - Interactive Mortgage https://interactivemort
gage.com/ Eric from IM is super rude so good luck dealing with this guy! - LenderFi https://www.lenderfi.com [lenderfi.com]if the link wont work try this backend link: https://app.lenderfi.com/app/sign...r/lenderfi
- Loan Cabin https://www.loancabin.c
om/ - Loan Depot https://www.loandepot.c
om/ - LoanLock https://www.loanlock.co
m/ - NavyFederal CU https://www.navyfederal
.org/ - NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
- Northpointe Bank https://www.northpointe
.com/ - Owning.com (Operates only in CA) https://owning.com/
- Pentagon Federal CU https://www.penfed.org/
- Provident Funding - will give LE without locking rate https://www.provident.c
om/ - RatePlus (California) https://www.rateplus.co
m/ - Travis Credit Union (12 North Cal Counties only) https://www.traviscu.or
g/ Eligibility traviscu.org - United wholesale mortgages https://www.uwm.com/
- Watermark Home Loans https://www.watermarkho
meloans.com/ - 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
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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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.mortgagenew
Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
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
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
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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=
:
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.consumerfin 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". |
http://www.mortgagenew
Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
- Loan Cabin https://www.loancabin.c
om/ - Better.com https://better.com/
- Interactive Mortgage https://interactivemortgage.com/
- LenderFi https://www.lenderfi.co
m/ - owning.com (Operates only in CA) https://owning.com/
- NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
- Loan Depot https://www.loandepot.c
om/ - Travis Credit Union (12 North Cal Counties only) https://www.traviscu.or
g/ Eligibility [traviscu.org] - Pentagon Federal CU https://www.penfed.org/
- Interactive Mortgage https://interactivemort
gage.com/ - NavyFederal CU https://www.navyfederal
.org/ - United wholesale mortgages https://www.uwm.com/
- BoxHomeLoans https://www.boxhomeloan
s.com/ - LoanLock https://www.loanlock.co
m/ - West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
- RatePlus (California) https://www.rateplus.co
m/ - Northpointe Bank https://www.northpointe
.com/ - HighTechLending https://hightechlending
.mortgagewebcen ter.com/ - Close Your Own Loan https://www.closeyourow
nloan.com/...sults.aspx - AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
- Amerisave - will give you scores from all 3 bureaus with just a soft pull
https://www.amerisave.com/ - Provident - will give LE without locking rate https://www.provident.c
om/ Best Credit Back with 60% LTV or better. - Watermark Home Loans https://www.watermarkho
meloans.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. - Colonial Mort http://www.colonialmor
t.com/ - Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
- 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
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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
:
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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. |
5,912 Comments
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Whether you received your LE document in email or on any portal?
I am also following up with Samantha, but she only let me knew on email that what is my offer. When I asked her to provide LE & go for lock, not getting a response.
Any insight whether Samantha will provide LE & whether she will lock the rate?
How long after the email with rates did you get an official LE? I thought they would send to me immediately when I responded but I never got another response.
I checked all 3 of my reports today (Experian, Transunion, Equifax).
No soft or hard pull on any of the reports related to LoanCabin. I did see from all the other lenders which I agreed for them to pull my credit.
I replied to Samantha to proceed with Credit Pull etc but did not get a reply yet.
For LC, my issue is not getting a reply after filling out the online application. I know everyone is busy -- leading to my "watching paint dry" comment.
While I can see their rates, I can only see their best rate (with points) and no estimated closing fees except for an APR. With some other lenders, I can see estimated breakdown of closing costs as well as slightly higher rates with associated lender credits.
Extension cost because they are delayed. They lock for 60 days but if any extra day they told me they do not charge.
They dont charge any closing cost as far as lender fees. You can choose your title company. We chose radian title
For title, they were the cheapest.
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BTW as mentioned many times, if you are shopping around Hard Pull within 14 Days (can me more) is counted as 1.
And during my application process..... I was super bummed to learn that they don't do business in Virginia.
Where else can I get 1.75%..
I have a credit score of 726 and put a downpayment on a production home with an estimated completion date of Oct 6, 2020. (67 Days from Today (July 31)
I have a rate from the builders Mortgage company 3.19% with 20% down (When I bought it back in Jan 2020). House is in NC.
When should I start calling different lenders to get a better rate? I don't want to destroy my credit by having 10 people run a hard check. From my understand if they are within a 10-15 day window then it's considered as 1 check.
I'm thinking I can lock in the rate for 30 Days? So I'm thinking August 12, 2020 I should start calling. This way It would be 55 Days before closing and the rate lock for 30 days gives me 5 days buffer.
House price 560,000 and putting 20% down 112,000
Thank you
Maybe a gimmick.... if not, this is going to keep us busy
https://finance.yahoo.c
This website is ran by United Wholesale Mortgage https://findamortgagebr
And during my application process..... I was super bummed to learn that they don't do business in Virginia.
Where else can I get 1.75%..
United Wholesale Mortgage appears to be giving great rates, but you have to go through a broker. Use that search tool to find a broker near you who works with United Wholesale Mortgage.
My experience was not really the best. Part of it is probably my fault since I was the one that first posted HTL on SD and I am sure their applications increased. I started the process in early June.
I like their upfront pricing on their website https://hightechlending
The LO was really responsive and got the application done the same day and rate locked on the LE. He said we should be able to close by July 4th. Well then I posted the link to check rates here on SD and that's when things started to fall apart. I don't think they were ready for so many people to get LEs from them. July 4th came and went.
No issues with me getting through underwriting but I did not get my closing disclosures till 7/18. They were messed up. It showed escrow on my account when my LO said he would ensure there was not one on the loan. On top of this they never asked for an updated pay off from my current lender so they did not take into account my July 1st payment and just kept adding interest by day. I had to request a new pay off myself and send it in to get the correct settlement statement. Either way they said it would be straighten out and I close on 7/22. I contacted my LO and processor on the 21st asking when the notary would come on the 22nd. They said that is handled by title but I would get a call on the 22nd in morning for a time that day. I understood that it was but guess what the title company has not contacted me once throughout this whole process. It was the title company they chose and always work with.
We stayed home on the 22nd and no calls at all. I got upset and started to shop around. The lack of communication and delays were driving me crazy. Went to WM and got a good rate. I emailed HTL right before 4 PM there time saying I am canceling. I told them due to the lack of communication and now a lower rate I am moving on. No response.
Funny thing is the next morning I get a call from the notary asking if I will be home within a few hours. I explained to them I canceled. They were shocked and explained they just got the paperwork and that title company also said they received the clearance that morning.
Later that day I got an email from my LO letting me know there was a delay and that's why we did not close on Wednesday as planned. He offered a 2.5% with once again the lender fees covered. I would only pay the title fees which was less then $900. Same as before.
I asked Better to match and they said they could not even come close. Since I was so far in the process I went ahead. Signed on Friday and was supposed to fund on Wednesday 7/29. Come Tuesday I get an email from the loan processor saying they need updated pay stubs and also a COVID disclaimer signed saying we have lost no money due to it. I also get a call from Credco saying they need to conference call with me and my current lender to verify the loan is current. Annoying since we already signed all the papers but whatever.
I once again email my LO, processor, and title company on Wednesday ensuring we are going to fund. No answer. Tried to call but could not get through. Emailed them all once again late afternoon to the same silence.
Thursday morning I email again and get a response from my loan processor. They said the underwriter wants updated bank statements and to verify my PTO in July was not due to COVID. I mean come on. We were supposed to be funded the day before. Why would they not ask for all of this before we even setup a close date?? After getting all that in I finally got the loan funded yesterday.
So yes if Loan Cabin does not service your state HTL can provide a good rate. As you can see it was a headache for me. Hopefully anyone else who uses them has a better experience.
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Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping.
In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
Ideally, forums like this would force a user to view the FAQ of the thread or WIKI before being allowed to post. We would eliminate 1/2 the posts asking the same questions.
I have a credit score of 726 and put a downpayment on a production home with an estimated completion date of Oct 6, 2020. (67 Days from Today (July 31)
I have a rate from the builders Mortgage company 3.19% with 20% down (When I bought it back in Jan 2020). House is in NC.
When should I start calling different lenders to get a better rate? I don't want to destroy my credit by having 10 people run a hard check. From my understand if they are within a 10-15 day window then it's considered as 1 check.
I'm thinking I can lock in the rate for 30 Days? So I'm thinking August 12, 2020 I should start calling. This way It would be 55 Days before closing and the rate lock for 30 days gives me 5 days buffer.
House price 560,000 and putting 20% down 112,000
Thank you
I would start checking in the 55 day range and get 60 day locks unless you are confident rates will be low for a long period of time. However since rates are so low, lenders are overwhelmed with applications. Be aware, you may not get immediate response from the lenders with the lowest rates. You will get pretty quick responses from lenders with higher rates for obvious reasons (not as overwhelmed).