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

4,977 1,720 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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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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HarryS4062
08-07-2020 at 02:22 PM.
08-07-2020 at 02:22 PM.
Quote from niceperson77 :
Where to apply for SMALL refinance in NC? $62k on equity loan at 5.7%....looking for $62k-130k. 800+ credit scores and excellent DTI.

Looking to help out my dear ol parents.....

Best I'm finding is:

1. 2.875% on a 15 with $2800 fees rolled in (Mutual Omaha)
2. 3.5% 15 yr with no fees (local credit union)
3. 2.5% 30 yr with $4k fees rolled in (Mutual Omaha)

These rates seem to suck. They (I'm) ready to lock in NOW.

They have NEVER switched lenders before so this is huge for them!!!!
I don't know of a lender that will give you a good rate for small amounts. 2.875 does seem a good rate. But one other strategy if you/they have equity built up is to take a larger loan say 175K (check with loancabin.com rates calculator to see what is the minimum optimum loan amount with cash out) using the cash out option to get the best interest rate and then pay off as much of the same loan with the funds you get from the cash out. Of course you have to run the numbers to see if this is really worth it considering you will be paying interest for at least 1 month along with title, recording fee, etc.
Reply
Joined Aug 2012
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> bubble2 1,512 Posts
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HarryS4062
08-07-2020 at 02:27 PM.
08-07-2020 at 02:27 PM.
Quote from MeAPhool :
I just asked this question today. This is the answer I received:



Can anyone translate that for me?
Is it as simple as saying when rates drop by .25%? (i.e. I locked at 2.5 and they drop to 2.25)

Thanks.
Yield would be the Y in APY as seen from the investors perspective which to us as borrowers would mean APR.. So you would use the APR to calculate than the rate.
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Joined Nov 2004
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MeAPhool
08-07-2020 at 02:33 PM.
08-07-2020 at 02:33 PM.
Quote from niceperson77 :
Where to apply for SMALL refinance in NC? $62k on equity loan at 5.7%....looking for $62k-130k. 800+ credit scores and excellent DTI.

Looking to help out my dear ol parents.....

Best I'm finding is:

1. 2.875% on a 15 with $2800 fees rolled in (Mutual Omaha)
2. 3.5% 15 yr with no fees (local credit union)
3. 2.5% 30 yr with $4k fees rolled in (Mutual Omaha)

These rates seem to suck. They (I'm) ready to lock in NOW.

They have NEVER switched lenders before so this is huge for them!!!!
I'm going to assume that you have exhausted the lenders you are willing to apply to & the three options above are the ones you are choosing from.

With that said, I would with option 3) hands down. The rate is lower than the shorter terms so the amount of interest is actually less.

I did an amortization calculation for 62K+ the fees rolled in as you stated for each.

Interest Rate 2.875%-15yr (64.8K) 3.5%-15yr (62) 2.5% 15yr (66K) 2.5% 15yr (66K)
Term 15yr 15yr 30yr 30 yr
Principal 64.8K 62K 66K 66K
Total Interest Paid $15,050 $17,781 $27,881 $13,074.30
Monthly Payment $443.61 $443.23 $260.78 $260.78
Additional Principal 0 0 0 $183
Length of Loan 15yr 15yr 30yr 14y11m

Now if your parents are comfortable making a payment of ~$443/month, they could do the same on the 30/year loan by paying additional 183/month to the principal. You can see that it gets paid off in 14 years & 11 months. In addition they pay way less in interest.


To me - with only the above 3 choices - there's an obvious choice.
Reply
Last edited by MeAPhool August 7, 2020 at 02:34 PM.
Joined Nov 2004
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> bubble2 1,118 Posts
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MeAPhool
08-07-2020 at 02:37 PM.
08-07-2020 at 02:37 PM.
Quote from HarryS4062 :
I don't know of a lender that will give you a good rate for small amounts. 2.875 does seem a good rate. But one other strategy if you/they have equity built up is to take a larger loan say 175K (check with loancabin.com rates calculator to see what is the minimum optimum loan amount with cash out) using the cash out option to get the best interest rate and then pay off as much of the same loan with the funds you get from the cash out. Of course you have to run the numbers to see if this is really worth it considering you will be paying interest for at least 1 month along with title, recording fee, etc.
The only issue with that is that they have to be comfortable making the larger monthly payment. Even if they pay the cash-out portion immediately to principal, their monthly payment won't change.


Quote from HarryS4062 :
Yield would be the Y in APY as seen from the investors perspective which to us as borrowers would mean APR.. So you would use the APR to calculate than the rate.
Thanks that helps, I can calculate how much it needs to change now!
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Joined Jul 2005
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> bubble2 22 Posts
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arouncoumar
08-07-2020 at 02:44 PM.
08-07-2020 at 02:44 PM.
Quote from pet1 :
What is the best way to get estimate to lock it from LenderFi. They dont have an option to get the online estimate. I left a message to their 888#. Any other number or email can contact LenderFI for estimate and to lock it? Thanks in advance.
Go back a few pages, someone posted a link for online application. I got mine though that. It was 2.5%, 30 and 0 cost for J.
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Joined Mar 2010
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> bubble2 627 Posts
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MurraytheDemonSkull
08-07-2020 at 02:58 PM.
08-07-2020 at 02:58 PM.
Quote from MeAPhool :
I just asked this question today. This is the answer I received:



Can anyone translate that for me?
Is it as simple as saying when rates drop by .25%? (i.e. I locked at 2.5 and they drop to 2.25)

Thanks.
thanks, i also don't understand how that translates.

i locked with them at 2.5%, but who determines if the rates went down to 2.25%. do i need LE from another lender showing that the rates indeed went down to 2.25%?
Reply
Joined Feb 2008
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> bubble2 2,021 Posts
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stm69
08-07-2020 at 03:25 PM.
08-07-2020 at 03:25 PM.
Quote from savemybucks :
How do you guys dodge the line "...but you are getting $2500 amex credit...!!!!" when asking to match.
Bird in hand is worth 2 in the bush. "If you're so confident in the $2500 credit being applied, why don't you just apply it as a loan credit now?"
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Joined Feb 2008
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stm69
08-07-2020 at 03:27 PM.
08-07-2020 at 03:27 PM.
Quote from cai24 :
Is LoanCabin still on a 3-4 day response time? I was going to apply there today. I noticed when I call the number and choose the refinance option, it routes to a person whose voicemail is full.
Heck no.... week - 2 week+ maybe. I have had 0 luck even getting a quote from an app I submitted 7/21.
Reply
Joined Aug 2006
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niceperson77
08-07-2020 at 03:55 PM.
08-07-2020 at 03:55 PM.
Quote from MeAPhool :
I'm going to assume that you have exhausted the lenders you are willing to apply to & the three options above are the ones you are choosing from.

With that said, I would with option 3) hands down. The rate is lower than the shorter terms so the amount of interest is actually less.

I did an amortization calculation for 62K+ the fees rolled in as you stated for each.

Interest Rate 2.875%-15yr (64.8K) 3.5%-15yr (62) 2.5% 15yr (66K) 2.5% 15yr (66K)
Term 15yr 15yr 30yr 30 yr
Principal 64.8K 62K 66K 66K
Total Interest Paid $15,050 $17,781 $27,881 $13,074.30
Monthly Payment $443.61 $443.23 $260.78 $260.78
Additional Principal 0 0 0 $183
Length of Loan 15yr 15yr 30yr 14y11m

Now if your parents are comfortable making a payment of ~$443/month, they could do the same on the 30/year loan by paying additional 183/month to the principal. You can see that it gets paid off in 14 years & 11 months. In addition they pay way less in interest.


To me - with only the above 3 choices - there's an obvious choice.
Thanks man!! I owe you big! All makes sense now....Mutual of Omaha it is. worshipworship
Reply
Joined Oct 2008
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quizzer
08-07-2020 at 05:12 PM.
08-07-2020 at 05:12 PM.
Quote from stm69 :
Heck no.... week - 2 week+ maybe. I have had 0 luck even getting a quote from an app I submitted 7/21.
If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
Reply
Joined Feb 2008
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> bubble2 2,021 Posts
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stm69
08-07-2020 at 05:28 PM.
08-07-2020 at 05:28 PM.
Quote from quizzer :
If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
Maybe, but that's debatable on how long you want to wait.
Reply
Joined Mar 2014
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> bubble2 153 Posts
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MadeInAP
08-07-2020 at 06:47 PM.
08-07-2020 at 06:47 PM.
Quote from quizzer :
If one wants to compare LE of Loan cabin vs other say Owning, is it better to apply to LC first as it may take 2+ weeks to get the LE and then apply at Owning?
You should apply to all (LC/WM first, of course) in a few days, continuously monitor and pick the best offer on a daily basis and decide whether to lock or continue to wait based on your current situation that you only know well.
Reply
Joined Jul 2020
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Joanneitaly1958
08-07-2020 at 08:33 PM.
08-07-2020 at 08:33 PM.
Quote from PhinTron :
For folks working with LC, which are good Title companies where you are able to get good rates for Title services. ( LC is quoting 2K+ fot Title services)

When I checked with Radian, they indicated that they don't provide quote for LoanCabin as LoanCabin don't have account with them.
As a borrower you are allowed to choose your own title company. They should allow you to bring your quote to them.
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Joanneitaly1958
08-07-2020 at 08:48 PM.
08-07-2020 at 08:48 PM.
Quote from MadeInAP :
You should apply to all (LC/WM first, of course) in a few days, continuously monitor and pick the best offer on a daily basis and decide whether to lock or continue to wait based on your current situation that you only know well.
Someone messaged me on the process with Loan Cabin for a step by step process:

I have our personal loan with them and I have referred 10-15 of my family and friends to them literally. They by far have the most aggressive rates out there with ZERO fees and once you work with them our so helpful. Here is what you will expect because of the low rate environment :

1. Check your rate live on the site loancabin.com (view rate)
2. Apply
3. Wait 3-7 days for someone to give you rate and LE
4. Begin and receive documents within 3 days ( i uploaded my documents they requested)
4. They submitted my loan to underwriting and advised 2-3 week for approval due to Extreme high loan volume ( we are locked in and loan cabin covers all extension fees and we will not lose rate)
A. My purchase friends do not wait this and is a 24-48 hour wait for approval. They are super fast on this and my friend Closed in 14 days. She left her lender and she couldnt believe it.
5. Advised your allowed 1 float down during loan transaction
6. Once loan approved close 3-5 days after

I completed this because one of our friends on here messaged me to do so, I figured I would help out.
Reply
Last edited by Joanneitaly1958 August 8, 2020 at 05:18 AM.

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hanxay
08-07-2020 at 10:56 PM.
08-07-2020 at 10:56 PM.
Damn - Just found this thread as I already locked with loandepot.com - here's what i got:
2.625% for 30 year fix in CA
$620k loan amount
A+B+C~$3700
E+F+G+H~$1300
Lender credits~-$1400
Total Closing Cost~$3600
Credit Score~800

Would I lose anything else other than credit check fee if I jump to another lender? Hoping to get 2.25% after reading thru this.
Reply
Last edited by hanxay August 7, 2020 at 10:59 PM.
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