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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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Pm me and email me your LE and I can walk you through it.
Shahhere
https://www.consumerfin
For. See below link. Good luck.
https://www.loancabin.c
I reviewed it before posting. It doesn't explain in detail my specific line item
Pros - will put you in a better pricing tier.
Con - if the value changes by a lot it automatically triggers an appraisal and hence not being able to waive the appraisal time and cost.
Shahhere
Sign up for a Slickdeals account to remove this ad.
There are essentially 2 scenarios:
1) When you apply and say your loan amount is $250,000. By the time you close your loan you have made 1 maybe 2 payments to your current lender and so your principle has gone down to $248,500. Most lenders will pull a current payoff the day or so of your close and it should be the above. The final disclosures will change to reflect that along with the amount of money you bring to close and can also subsequently change your credits albeit only slightly. This is also true for your escrows if they were recently paid and what not.
2) In the event that the payments were not reflect back by the current lender then after the payoff is made from the New to the Old lender there should be an overage after the Loan Amount + Old Lender Fees (recording etc). This overage should be mailed back to you once things are recorded and closed along with any escrow balance as well from the Old lender back to you directly.
I have in the past mistakenly provided a lower number for refinance than what the loan amount was and missed it so during close had to produce closing costs of almost $3000 in addition to the the other costs. I am not sure how it works the other way as I've done that as well but it wasnt a big difference so probably did not count as a Cash Out but still the number was higher than the loan amount.
Shahhere
Loan $256000 Rate 2.375 Apr 2.449 P&I 994.95
A $1420
B $639 -$525 =$114 thats the appraisal that supposed to be not there
C $1256
D $3315
E $396
F $217
G $3518
H $0
I $4131
J D+I $7446
Lender credits $691
I signed the disclosures Is this good. i wanted to see what loan cabin can do but i get a run around with them.
They're offering a 30 year @ 2.49% with $2500 in lender credits. My current mortgage balance is $359.5K but they've adjusted the loan amount to $362K (I put $359K in the application). I understand actual payof will be higher to account for interest.
A+B+C is $1450 and E+F+G+H = $1800 (they have $1200 for prepaid home insurance but I don't think this should be here?)
That brings total closing costs to $3250 (or $2050 if insurance is removed). With the $2500 credit, worst case closing costs are $750 but I believe I would end up actually having excees credit due back to me since I don't actually need the prepaid insurance.
Even if the prepaid home insurance is left in, I'm looking at $362K loan - $359.5K for loan payoff - $750 for closing costs = $ 1750 cash back to borrower at close. They are saying they will adjust it down prior to close but is it normal for it to be inflated like this? I don't want to end up with a higher initial principal even if I get a credit to immediately pay it down. That would make my monthly payment higher since it was based off that initial loan amount which does need to be as high as it is currently listed. Thanks!
They're offering a 30 year @ 2.49% with $2500 in lender credits. My current mortgage balance is $359.5K but they've adjusted the loan amount to $362K (I put $359K in the application). I understand actual payof will be higher to account for interest.
A+B+C is $1450 and E+F+G+H = $1800 (they have $1200 for prepaid home insurance but I don't think this should be here?)
That brings total closing costs to $3250 (or $2050 if insurance is removed). With the $2500 credit, worst case closing costs are $750 but I believe I would end up actually having excees credit due back to me since I don't actually need the prepaid insurance.
Even if the prepaid home insurance is left in, I'm looking at $362K loan - $359.5K for loan payoff - $750 for closing costs = $ 1750 cash back to borrower at close. They are saying they will adjust it down prior to close but is it normal for it to be inflated like this? I don't want to end up with a higher initial principal even if I get a credit to immediately pay it down. That would make my monthly payment higher since it was based off that initial loan amount which does need to be as high as it is currently listed. Thanks!
Instead of being rude and saving you the wrath of others who have put in time to reply here is mine:
A+B is what you care for and the rest is to be ignored to be honest. Loan Cabin has very little fees and no no one is charged an Origination fees as is your case so they are good and straightforward.
C=Title; this part you can shop for and find a lower cost title company but this is what it is.
E-I = Whats called Prepaids and Escrows and I understand that in this case they are asking to pay for some prepaids and what not but its all your money just sliced in different ways. With more restrictions you cant get more than $2000 cash back so to keep things simple most lender will either pay items on your behalf causing you to double pay but in the end get a refund for payment #1 which works out in your favor. Or they collect extra Escrows for the same rebate reason as well.
Yes, prior to close day before/day off most lenders will redraw your final paperwork and update the numbers to be must more exact.
Only think it looks like is that they might be rolling in the closing costs so take a look at that and make sure you correct that well ahead of your closure as that will make the numbers fluctuate and also encourage you to shop for Title Insurance and use low cost companies like Radian.
Shahhere
A+B is what you care for and the rest is to be ignored to be honest. Loan Cabin has very little fees and no no one is charged an Origination fees as is your case so they are good and straightforward.
C=Title; this part you can shop for and find a lower cost title company but this is what it is.
E-I = Whats called Prepaids and Escrows and I understand that in this case they are asking to pay for some prepaids and what not but its all your money just sliced in different ways. With more restrictions you cant get more than $2000 cash back so to keep things simple most lender will either pay items on your behalf causing you to double pay but in the end get a refund for payment #1 which works out in your favor. Or they collect extra Escrows for the same rebate reason as well.
Yes, prior to close day before/day off most lenders will redraw your final paperwork and update the numbers to be must more exact.
Only think it looks like is that they might be rolling in the closing costs so take a look at that and make sure you correct that well ahead of your closure as that will make the numbers fluctuate and also encourage you to shop for Title Insurance and use low cost companies like Radian.
Shahhere
2% $0 closing cost , Discount/Rebate($) -$863.
2.125% $0 closing cost, Discount/Rebate($) -$3195.
It's hard to get them to reply, so I hope someone here can answer me.
When they put $0 closing cost, which part do they refer to ? A+B+C+E ? or just A+B ?
If it is only A+B that is $0, what's the average C and E parts you guys are charged for?
Thanks in advance.
I currently have 2.25% 15 years fixed A+B+C+E minus lender credits = $0, so I wonder if I should go with LC.
Loan $256000 Rate 2.375 Apr 2.449 P&I 994.95
A $1420
B $639 -$525 =$114 thats the appraisal that supposed to be not there
C $1256
D $3315
E $396
F $217
G $3518
H $0
I $4131
J D+I $7446
Lender credits $691
I signed the disclosures Is this good. i wanted to see what loan cabin can do but i get a run around with them.
Assuming your Loan to Value (LTV) is under 80%? The lower the LTV in most cases the better the credits you get so for me its 46% and am in the sweet spot. Is the % a 30 or 15? with it being that low I'd assume 15?
Who's the lender? As A=1420 looks like points or origination fees which with a $256k loan you should work a few other places that would not charge you that such as LC.
The Credit dosent look that great but that matters if its a 15 or 30...if its 15 again I think you should be able to get more esp if the other items such as Credit, LTV, DTI are good.
Honestly, Loan Cabin has been slow but have been reputable with all the responses here and the biggest credit in their name is that whatever they are quoting is what you are getting and not bait and switch crap. They along with any other low cost lender is backed up and will require you to be persistent and bug them everyday or maybe even twice a day to get what you need. Time is money sure but no one here is Bezos here
Shahhere
Sign up for a Slickdeals account to remove this ad.
2% $0 closing cost , Discount/Rebate($) -$863.
2.125% $0 closing cost, Discount/Rebate($) -$3195.
It's hard to get them to reply, so I hope someone here can answer me.
When they put $0 closing cost, which part do they refer to ? A+B+C+E ? or just A+B ?
If it is only A+B that is $0, what's the average C and E parts you guys are charged for?
Thanks in advance.
I currently have 2.25% 15 years fixed A+B+C+E minus lender credits = $0, so I wonder if I should go with LC.
$510K loan at 35% LTV? 1.5Million house? Holy Shit
Yes, LC no cost = no A&B or very little in B such as Credit fee, Flood Cert etc for a under $200 on average is what I've seen. C=Title and people cannot answer that for you as its variable depending on your situation. Shop using the low cost title companies and you'll get the cost but its standard with the said Title Company you pick.
Same with E cannot answer for you but that it wont matter. Since you have a 2.25% you should use those numbers and you'll know if 2.125% is lower or not with more money in your pocket.
Shahhere