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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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I applied to Loan Cabin on August 15 and got a phone call from Loan Cabin on August 19, Loan Estimate was emailed to me August 20.
My advice to you is to send an email to [email protected] two days after you submit your application, I got lucky because it worked for me.
My closing date will be in mid October as of right now. Locked in at 2.49% 30 year fixed at no cost, i can also float down for free within 15 days at closing so i'm hoping I can drop to 2.375% or lower.
This is what I got back when I sent an email on August 25th:
As of today, we are reviewing all refinance applications submitted on 07. 30. 2020. All purchase applciations are being reviewed within 24-48 hours.
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?"
Turns out they couldn't match LenderFi, so it wasn't really a problem...
I've updated the main post to remove them from the top and removed Michael's listing as I am sure he'll appreciate it at this point!
08/28/2020 WatermarkHomeLoans [WatermarkHomeLoans.com] - No longer competitive and wont work with you to match or beat rates and recent reviews have seem rather rude and unprofessional. Also will object to you coming as a well informed shopper from SD so proceed at your own risk!
I've had a straight forward discussion with MC at WM that they are okay with them beating other lenders if you bring them a LE but are taking offense to others taking their LE to another lender? Sounds like they are not interested in informed buyers in general as it probably cuts into their profit and aren't interested in people "Mortgage Shopping" and just take their rates at face value and work with them, makes no sense.
No one is doing anything illegal; if they have good/best rates they'll get the due business. This Better match and other matches are not guaranteed and as you can see them dying many have noted that they have closed with WM so clearly that is being glossed over by them as added business on their end.
Shahhere
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?"
On a side note, I tried calling Michael C twice with no response over the past 2 days, and sent an email last night to Monica last night mentioning the referral from AMI on SD. Guess I won't be hearing from her either!
I applied to Loan Cabin on August 15 and got a phone call from Loan Cabin on August 19, Loan Estimate was emailed to me August 20.
My advice to you is to send an email to [email protected] two days after you submit your application, I got lucky because it worked for me.
My closing date will be in mid October as of right now. Locked in at 2.49% 30 year fixed at no cost, i can also float down for free within 15 days at closing so i'm hoping I can drop to 2.375% or lower.
08/28/2020 WatermarkHomeLoans [WatermarkHomeLoans.com] - No longer competitive and wont work with you to match or beat rates and recent reviews have seem rather rude and unprofessional. Also will object to you coming as a well informed shopper from SD so proceed at your own risk!
I've had a straight forward discussion with MC at WM that they are okay with them beating other lenders if you bring them a LE but are taking offense to others taking their LE to another lender? Sounds like they are not interested in informed buyers in general as it probably cuts into their profit and aren't interested in people "Mortgage Shopping" and just take their rates at face value and work with them, makes no sense.
No one is doing anything illegal; if they have good/best rates they'll get the due business. This Better match and other matches are not guaranteed and as you can see them dying many have noted that they have closed with WM so clearly that is being glossed over by them as added business on their end.
Shahhere
I can tell you exactly but will depend on what LCs loan and lock expiration guidelines are. Many Lenders have a simply 30 day app expiration before they'll let you reapply but that generally gets extended once you lock. Thats one of the only real downsides of "locking" as you are locked at the rate and the time that they consider as the "Lock Period". Many lenders wont let you re-apply once you lock for 6 months but I personally dont know about LC.
As is would be in the same case as I obtained a LE from LC in the initial contact weeks but they locked the rate for me without me ever giving the go ahead.....it worked for me so it wasn't a complaint point. They also never corrected other items that were not right and never got back to me about the float option that I should have qualified for and even pulling the app was never responded
Shahhere
As is would be in the same case as I obtained a LE from LC in the initial contact weeks but they locked the rate for me without me ever giving the go ahead.....it worked for me so it wasn't a complaint point. They also never corrected other items that were not right and never got back to me about the float option that I should have qualified for and even pulling the app was never responded
Shahhere
Sign up for a Slickdeals account to remove this ad.
I applied to Loan Cabin on August 15 and got a phone call from Loan Cabin on August 19, Loan Estimate was emailed to me August 20.
My advice to you is to send an email to [email protected] two days after you submit your application, I got lucky because it worked for me.
My closing date will be in mid October as of right now. Locked in at 2.49% 30 year fixed at no cost, i can also float down for free within 15 days at closing so i'm hoping I can drop to 2.375% or lower.
I applied to Loan Cabin on August 15 and got a phone call from Loan Cabin on August 19, Loan Estimate was emailed to me August 20.
My advice to you is to send an email to [email protected] two days after you submit your application, I got lucky because it worked for me.
My closing date will be in mid October as of right now. Locked in at 2.49% 30 year fixed at no cost, i can also float down for free within 15 days at closing so i'm hoping I can drop to 2.375% or lower.
I applied to Loan Cabin on August 15 and got a phone call from Loan Cabin on August 19, Loan Estimate was emailed to me August 20.
My advice to you is to send an email to [email protected] two days after you submit your application, I got lucky because it worked for me.
My closing date will be in mid October as of right now. Locked in at 2.49% 30 year fixed at no cost, i can also float down for free within 15 days at closing so i'm hoping I can drop to 2.375% or lower.
Sign up for a Slickdeals account to remove this ad.