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

That is one aggressive WM officer. I had the opposite experience with mine, got a great LE upfront and he was unresponsive so I was unable to lock rate/credit before it went up. And of course Better refused to match the original

Let's face it many of us Including me) are going to WM and LC to get the LE as their rate is Lowest and going to better (AMEX Credit), LD or others Lenders for Rate Match.

So while LC and WM getting 100 Applications, their conversion rate will be poor. They are bound to observe this and come with some counter response.

I see the same thing with LD, better. Their initial quote is so absurd, it seems they don't want to do business.

At least both WM and LC gave their best rate upfront. They are not fooling us.

So let's not trash them just because they are not giving LE to match somewhere, because if u are serious to work with them, We know their rate is one of the lowest. If you have other reasons to work with other Lenders, then it is a different story. E.g. they may be slower too because of too many applications (I am not sure how many will actually close?) and you need quick closure.

Apologies if someone has posted a similar experience earlier in the thread, my eyes are getting bleary trying to read through so many posts. Sorry about the length of my post, I'm really not trying to write an essay!

After skimming the forum, I called a few places to get rates. I spoke with Michael C at WM earlier last week and he had quoted me 2.875% + $700 in costs for my primary home. (FYI - loan value $400k, rate/term refinance with no cash out, LTV < 50%, excellent credit) I also have investment property, they were one of the few lenders that were also willing to refinance investment property at a reasonable rate.

They did not have the absolute best rates I had seen quoted in the forum but I would prefer to work with one organization rather than multiple, refinancing can be such a headache and it's worth paying a bit more to only deal with only one LO and one underwriter. I also wanted to finish the process and didn't want to waste multiple hours calling around for a slightly better rate. My intention was to refinance everything with WM, I was glad this forum had saved me time by identifying a lender who had given others reasonable rates.

Quick summary of my follow up call with Michael C at WM:

Me : I spoke to you a few days ago about refinancing my home and investment property, I wanted to move forward with that.
WM: We can only do one at a time.
Me: You can't refinance everything at the same time? I would prefer to refinance them at the same time, it's the same financial information for them, it would save time to do the underwriting together and I would prefer to lock the rate for everything at the same time.
WM: No, you can't refinance more than one property at at time. You can only start another one after the previous one is completed. That is our process.
Me: Okay, fine. Can you confirm the rate for my primary?
WM: It's 3% plus $2000 in fees.
Me: I spoke to you a few days ago, you had quoted me 2.875% plus $700 in fees.
WM: 3% plus $2000 in fees is the current rate.
Me: Okay, that's fine. It's higher than you had quoted but I want to get this done. Can you send me a LE to confirm the deal?
WM: Where did you hear about us?
Me: (Honoring the first rule of Slickdeals: you never mention Slickdeals) I heard about you online.
WM: Did you hear about us on Slickdeals?
Me: (Surprised) Why yes, that is where I heard about you.
WM: We are not willing to work with anyone from Slickdeals.
Me: I'm surprised to hear that, why is that?
WM: We have had a lot of calls from people from Slickdeals, all they want is an estimate and very few close with us so we have decided not to work with anyone from Slickdeals.
Me: (Not sure what I could even say to respond to that statement) Okay, thank you.

I have never heard of a LO refusing to work with a well qualified borrower especially for multiple properties.

I can understand that they're overwhelmed by calls from people shopping around but at the same time I was disappointed they were not willing or able to identify who is serious about doing business with them. Good luck to those calling them and wanting to work with WM.

Word of advice: if they ask you about Slickdeals, I would suggest you respond by asking them "What is Slickeals?"

They said there was a pricing error when they sent the first estimate. The latest one is 30 year 2.5% $761K with A+B+C=$1905 and lender credit of $1174, so net $731 cost. Not too bad

Loan Cabin does charge a lender fee of $1290.00 on most loans. There are zero application fees and origination points.

Umm, isn't that a form of discrimination and not legal?

Apologies if someone has posted a similar experience earlier in the thread, my eyes are getting bleary trying to read through so many posts. Sorry about the length of my post, I'm really not trying to write an essay!

After skimming the forum, I called a few places to get rates. I spoke with Michael C at WM earlier last week and he had quoted me 2.875% + $700 in costs for my primary home. (FYI - loan value $400k, rate/term refinance with no cash out, LTV < 50%, excellent credit) I also have investment property, they were one of the few lenders that were also willing to refinance investment property at a reasonable rate.

They did not have the absolute best rates I had seen quoted in the forum but I would prefer to work with one organization rather than multiple, refinancing can be such a headache and it's worth paying a bit more to only deal with only one LO and one underwriter. I also wanted to finish the process and didn't want to waste multiple hours calling around for a slightly better rate. My intention was to refinance everything with WM, I was glad this forum had saved me time by identifying a lender who had given others reasonable rates.

Quick summary of my follow up call with Michael C at WM:

Me : I spoke to you a few days ago about refinancing my home and investment property, I wanted to move forward with that.
WM: We can only do one at a time.
Me: You can't refinance everything at the same time? I would prefer to refinance them at the same time, it's the same financial information for them, it would save time to do the underwriting together and I would prefer to lock the rate for everything at the same time.
WM: No, you can't refinance more than one property at at time. You can only start another one after the previous one is completed. That is our process.
Me: Okay, fine. Can you confirm the rate for my primary?
WM: It's 3% plus $2000 in fees.
Me: I spoke to you a few days ago, you had quoted me 2.875% plus $700 in fees.
WM: 3% plus $2000 in fees is the current rate.
Me: Okay, that's fine. It's higher than you had quoted but I want to get this done. Can you send me a LE to confirm the deal?
WM: Where did you hear about us?
Me: (Honoring the first rule of Slickdeals: you never mention Slickdeals) I heard about you online.
WM: Did you hear about us on Slickdeals?
Me: (Surprised) Why yes, that is where I heard about you.
WM: We are not willing to work with anyone from Slickdeals.
Me: I'm surprised to hear that, why is that?
WM: We have had a lot of calls from people from Slickdeals, all they want is an estimate and very few close with us so we have decided not to work with anyone from Slickdeals.
Me: (Not sure what I could even say to respond to that statement) Okay, thank you.

I have never heard of a LO refusing to work with a well qualified borrower especially for multiple properties.

I can understand that they're overwhelmed by calls from people shopping around but at the same time I was disappointed they were not willing or able to identify who is serious about doing business with them. Good luck to those calling them and wanting to work with WM.

Word of advice: if they ask you about Slickdeals, I would suggest you respond by asking them "What is Slickeals?"

Reading LC FAQ https://www.loancabin.com/faq/



Is this new?

Can somebody answer these questions about Loan Cabin?

1. I know Loan cabin takes 2-3 weeks to get back with LE. If the quote rate shown on the website changes a lot from the date of application (say 2.25%) to the date LC gets back with LE (2.5%), will they honor the application date rate or the date when they get back with the LE?
2. When does the hard credit pull happen? Date of application or date when we get the LE or ?