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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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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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Currently at $325k - 76% LTV @ 3.75%
locked at LC for 2.75% with no appraisal and Lender Credit covering all ABC costs
Just asked Better.com to match expecting to be turned down - they said they will match and provided LE accordingly. I confirmed that I do qualify for AMEX $2500 as well since application was in before cutoff.
Late last week we did sign the intent to proceed and the applications with LoanCabin. Given the AMEX offer on Better.com - should we just withdraw from LC and are there any repercussions for doing so?
One other factor is that Loan Cabin LE indicates 8 months of escrow reserve where Better appears to be looking at 2 months. Anyone have any other data points on escrow reserve requirements?
To be clear are you specifically meaning that the lenders want you to cover home insurance and RE taxes for the current year once off at closing or are wanting you to establish an escrow account for the life of the loan?
Better asked me to either renew my insurance for 1 year (renewal was within 60 days of closing) or come to the closing table with funds equal to expected yearly premium. I chose to renewed my insurance and Better removed the items off the LE.
Its not uncommon for lenders to ask you to come to closing table with funds to cover imminent outflows... they may ask you to cover RE taxes, insurance and other liabilities. As en example if you have a $10k RE tax bill due in 2 months then you should already have the funds for 10/12 of that, if you don't it's a red flag to the lender.
if you are talking about setting an escrow account, then they will ask you usually to initially fund (12-x)/12 of the full amount, x is the number of months remaining before payment is due. above that I wouldn't expect more than 1 or 2 months worth in reserve.
Better asked me to either renew my insurance for 1 year (renewal was within 60 days of closing) or come to the closing table with funds equal to expected yearly premium. I chose to renewed my insurance and Better removed the items off the LE.
Its not uncommon for lenders to ask you to come to closing table with funds to cover imminent outflows... they may ask you to cover RE taxes, insurance and other liabilities. As en example if you have a $10k RE tax bill due in 2 months then you should already have the funds for 10/12 of that, if you don't it's a red flag to the lender.
if you are talking about setting an escrow account, then they will ask you usually to initially fund (12-x)/12 of the full amount, x is the number of months remaining before payment is due. above that I wouldn't expect more than 1 or 2 months worth in reserve.
I'm not too concerned about the amount. I currently have an escrow and the larger portion of taxes is due this month. My current escrow has the funds to cover that, it seems strange that I'd have to refill my new escrow with such a large amount so soon - I realize this all comes out in the end... just curious if its common to have to put forward 8 months vs 2 months. If its all relative to timing, I can talk to either lender about that assuming my loan closes after my property tax is paid in August.
Cause of the cashout I don't think it will be worthwhile trying to refi in a month for 2.5% that people are mentioning unless the appraisal is paid for or waivered or there is huge lender credit to wipe it off.
I'm also in Texas and will pay the escrow upfront
I'm also in Texas and will pay the escrow upfront
Basically cashout = "Texas A6 loan" and you have to wait a year before you can refi into a conventional loan and full appraisal always needed on cashout (ie no waivers) and has higher costs which I assume the lender eats up if not shown on LE https://themortgagerepo
At this point LoanCabin is the cheapest no nonsense lender from everything posted here. No Fees in A and nominal B charges and whatever your C=Title Costs and Prepaids E-I.
I've posted a sceenshot based on some assumptions for you to compare as LC posts their rates and the documents are similar without surprises.
You can try other lenders as well such as Loan Depot and WaterMark. WM has an Origination fee that they include and so does LD but LD is more willing to give credits if you find competing LE.
Shahhere
This is what I got back from Better, waiting for others to respond.
Rate 2.250% / APR 2.642%
Rate term
15-year fixed
Points
$4,376
Per month (principal and interest)
$1,228
Total interest savings
$45,983
TOTAL LOAN COSTS (A 2.298% $4,307 + B $764 + C $1,839) $6,910
This is what I got back from Better, waiting for others to respond.
Rate 2.250% / APR 2.642%
Rate term
15-year fixed
Points
$4,376
Per month (principal and interest)
$1,228
Total interest savings
$45,983
TOTAL LOAN COSTS (A 2.298% $4,307 + B $764 + C $1,839) $6,910
Sign up for a Slickdeals account to remove this ad.
Unless I mis-read. LC might be slow, but that's because they have no lender costs and their rates are phenomenal. Here's my timeline so far:
7/24 - Applied online at LC
7/29 late evening - Emailed [email protected] as recommended by other SDer's
7/30 - Recevied Reply from LC Loan Officer (had some back/forth email)
7/31 - (Friday) Received LE, asked to lock
8/3 - (Monday) Received Lock confirmation via Email (more back/forth email)
8/4 - Provide my own title company
Received disclosures/e-sign instructions (I couldn't access/complete due to power outage/hurricane in NJ)
8/5 - completed most disclosures (asked a question, before completing all)
This is where I stand now. I can say since they started working on my account, I have not had any lapse in communication. I am very happy with everything so far and was only anxious waiting for initial contact and waiting for confirmation on lock. However, I think that is normal
Unless I mis-read. LC might be slow, but that's because they have no lender costs and their rates are phenomenal. Here's my timeline so far:
7/24 - Applied online at LC
7/29 late evening - Emailed [email protected] as recommended by other SDer's
7/30 - Recevied Reply from LC Loan Officer (had some back/forth email)
7/31 - (Friday) Received LE, asked to lock
8/3 - (Monday) Received Lock confirmation via Email (more back/forth email)
8/4 - Provide my own title company
Received disclosures/e-sign instructions (I couldn't access/complete due to power outage/hurricane in NJ)
8/5 - completed most disclosures (asked a question, before completing all)
This is where I stand now. I can say since they started working on my account, I have not had any lapse in communication. I am very happy with everything so far and was only anxious waiting for initial contact and waiting for confirmation on lock. However, I think that is normal
I'm literally inch away from closing with LD. LC stil has not responded to my email after eSigned the docs. What rate you get? I got 2.49 which is kinda odd. I kept asking about is this gonna be the rate on my closing disclosure? They have not responded to that as well as whether appraisal is waived including the fee. No response either. On the apps, there is a box called Determined as Follows: Best Efforts. This is in regard to 2.49%. Not sure what that meant. I want them to clarify but no response either. At this point, I'm little wary about LC. I would consider to go with them if they answer my questions.
I'm not too concerned about the amount. I currently have an escrow and the larger portion of taxes is due this month. My current escrow has the funds to cover that, it seems strange that I'd have to refill my new escrow with such a large amount so soon - I realize this all comes out in the end... just curious if its common to have to put forward 8 months vs 2 months. If its all relative to timing, I can talk to either lender about that assuming my loan closes after my property tax is paid in August.
At this point LoanCabin is the cheapest no nonsense lender from everything posted here. No Fees in A and nominal B charges and whatever your C=Title Costs and Prepaids E-I.
I've posted a sceenshot based on some assumptions for you to compare as LC posts their rates and the documents are similar without surprises.
You can try other lenders as well such as Loan Depot and WaterMark. WM has an Origination fee that they include and so does LD but LD is more willing to give credits if you find competing LE.
Shahhere
I've posted this before that lenders will collect Escrows based on when your payments are due. If your School Taxes are due in 6 months they'll collect 6 months from you as well as a buffer up to 2 months in the event that taxes are raised. This is a money swap for a short period of time as your old lender should be sending back the 6 months they have already collected and I understand it can be a hardship for people to float large funds but that's the nature of Escrows and Refinancing unless you refinance without them (and pay that option).
In general they shouldn't grossly collect those months an example of that is if your taxes for School were due right before you closed they shouldn't be collecting 6+2 months. I'd clarify that and in many cases when your final disclosures are done they'll adjust it (it happens all the time in my experience).
Shahhere
You listed 0% so thats throwing me off in my response to you but all of these items affect the rate and credits you get:
Debt to Income (DTI)
Loan To value (LTV)
Credit Score
Cashout Refinance, HELOCs, 2nd Mortgage subordination etc.
I am sure they will be looking at whats outstanding and lenders will give you a chance to explain as part of underwriting but carrying debt despite not having to pay anything with 0% promotional offers or no payment for x months etc would still show outstanding balanced on your credit report I'd think (could be wrong if anyone can confirm).
Shahhere
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Debt to Income (DTI)
Loan To value (LTV)
Credit Score
Cashout Refinance, HELOCs, 2nd Mortgage subordination etc.
I am sure they will be looking at whats outstanding and lenders will give you a chance to explain as part of underwriting but carrying debt despite not having to pay anything with 0% promotional offers or no payment for x months etc would still show outstanding balanced on your credit report I'd think (could be wrong if anyone can confirm).
Shahhere
The debt-to-income (DTI) ratio measures the amount of income a person or organization generates in order to service a debt. A DTI of 43% is typically the highest ratio a borrower can have and still get qualified for a mortgage, but lenders generally seek ratios of no more than 36%.
https://www.bankrate.co