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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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https://www.nmlsconsume
The initial filter isn't 100% correct. You have to click each officer to see if their license is up to date and active. The filter will include an officer if they were "ever" licensed in that state.
Long story short, CA has a lot more officers (including Robert "Bob) compared to NJ. NJ only has 1, Samantha. In my humble opinion, people refinancing in certain states will be at a disadvantage in regards to wait time.
The lady hung up on me lol.....so I guess Loan Depot is done for.
I am unable to respond to you on the PM (says its blocked) so please provide your email.
Shahhere
So it took 3 weeks from the application date to get an initial response.
My deal with Better is 30-year at 2.625% and net credit of $3700. Loan amount is just under 500k, LTV < 50%, appraisal waived by listing the home value as $999,999. Credit score 800+. I could have had a 2.5% rate but with $1800 less lender credit. Decided to take more credit and just refi again with LC or someone else to lower the rate.
For those interested in how I got my deal with Better, here is how it came about:
1. Was offered a no-cost 2.5% LE by LenderFi:
A = 0
B = 201 (appraisal not required)
C = 900
E = 187
Lender credit = 1300
A+B+C - Lender credit = -199 (-12 after adding E)
2. Asked Better to beat it by $100, which they did. Note that they do not consider "E" in their price match, because E should theoretically be the same regardless of lender.
A = 0
B = 614 (includes appraisal fee)
C = 1100
E = 328
Lender credit = 2013
A+B+C - Lender credit = -299 (+29 after adding E)
3. I did not get a chance to lock the same night that I received the price match. The following morning, I saw that the offer had improved overnight, probably because mortgage rates had moved lower? The lender credit increased by around $900, from $2013 to $2924. Very lucky for me. I also noticed that my rate sheet had an option for a 2.625% rate and $4842 lender credit. I immediately locked at 2.5% but was contemplating switching to 2.625%.
Lender credit = 2924
Net cost (A+B+C+E - Lender credit) = -882
4. My appraisal was waived, so B got reduced by $550. Also I got a title quote from Radian, who quoted $900 instead of $1100 for Better's company. I sent the quote to my loan processor, who offered to match Radian's rate by giving me $200 additional lender credit. I took her up on this offer.
Note: The fact that Better quoted an appraisal fee and higher title fees upfront led to a better deal for me later. They incorporate these fees when they do their price match, but if the fees are waived later, they cannot reduce the lender credit.
Lender credit = 3124
Net cost (A+B+C+E - Lender credit) = -1632
5. I decided to increase my rate to 2.625% in exchange for $1918 additional lender credit. Unfortunately, lender credit is capped at $4999, so I was only able to use $1875 of the additional credit, but I decided that was still worth it.
Also, E was reduced to $139 in the final closing disclosure.
So I ended up with the following:
A = 0
B = 62
C = 1100
E = 139
Lender credit = 4999
Net cost (A+B+C+E - Lender credit) = -3698
I think you have to think about LC as a long-term play. If you want to move quickly, don't even consider them an option. They seem to be in a class of their own in terms of offering rock-bottom rates, and the tradeoff is that you have to wait. I'd bet their responsiveness would improve dramatically if they raised their rates, but then we wouldn't all be so excited about them!
My deal with Better is 30-year at 2.625% and net credit of $3700. Loan amount is just under 500k, LTV < 50%, appraisal waived by listing the home value as $999,999. Credit score 800+. I could have had a 2.5% rate but with $1800 less lender credit. Decided to take more credit and just refi again with LC or someone else to lower the rate.
For those interested in how I got my deal with Better, here is how it came about:
1. Was offered a no-cost 2.5% LE by LenderFi:
A = 0
B = 201 (appraisal not required)
C = 900
E = 187
Lender credit = 1300
A+B+C - Lender credit = -199 (-12 after adding E)
2. Asked Better to beat it by $100, which they did. Note that they do not consider "E" in their price match, because E should theoretically be the same regardless of lender.
A = 0
B = 614 (includes appraisal fee)
C = 1100
E = 328
Lender credit = 2013
A+B+C - Lender credit = -299 (+29 after adding E)
3. I did not get a chance to lock the same night that I received the price match. The following morning, I saw that the offer had improved overnight, probably because mortgage rates had moved lower? The lender credit increased by around $900, from $2013 to $2924. Very lucky for me. I also noticed that my rate sheet had an option for a 2.625% rate and $4842 lender credit. I immediately locked at 2.5% but was contemplating switching to 2.625%.
Lender credit = 2924
Net cost (A+B+C+E - Lender credit) = -882
4. My appraisal was waived, so B got reduced by $550. Also I got a title quote from Radian, who quoted $900 instead of $1100 for Better's company. I sent the quote to my loan processor, who offered to match Radian's rate by giving me $200 additional lender credit. I took her up on this offer.
Note: The fact that Better quoted an appraisal fee and higher title fees upfront led to a better deal for me later. They incorporate these fees when they do their price match, but if the fees are waived later, they cannot reduce the lender credit.
Lender credit = 3124
Net cost (A+B+C+E - Lender credit) = -1632
5. I decided to increase my rate to 2.625% in exchange for $1918 additional lender credit. Unfortunately, lender credit is capped at $4999, so I was only able to use $1875 of the additional credit, but I decided that was still worth it.
Also, E was reduced to $139 in the final closing disclosure.
So I ended up with the following:
A = 0
B = 62
C = 1100
E = 139
Lender credit = 4999
Net cost (A+B+C+E - Lender credit) = -3698
I have similar story but I stayed at 2.5% as I was eligible for AMEX Credit and it was time Rate was going little up and seems 2.5% kind of bottom. So i opted for 2.5% only.
Refinancing is getting tougher so didn't want to take chances so opted for Lowest Rate with still $0 out of pocket.
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Were your initial quote rate and closing cost estimate close enough with the final ones? Was the $261 net lender credit and adjusted towards prepaids making it a true no cost, no points refinance?
Broker's fee was 1% (paid by lender) which is pretty low. Had to fight to remove junk escrow fees, but that had nothing to do with the broker but rather the terrible escrow (FNTG Builder Services/Chicago Title).
The Loan Factory employees themselves are super busy, but we got daily updates and reach-outs because there was always something new to provide or a new milestone to complete for the lender. Their technology is kind of annoying--had to send files via the portal rather than email, and vice versa, at times. So we had to send some documents like bank statements, letters of explanation, etc. twice. That said, the fast paced, compressed timeline is partially our fault too for pushing for a 21 day lock to get better pricing (they suggested to lock at least 30 days). We ended up closing on the 20th day which is pretty darn fast for the lender, UWM, who are getting hammered right now due to their low advertised rates.
My Closing Disclosure was actually lower than the Loan Estimate by almost $5000, but apparently that is common because almost every lender overestimates fees on the LE, so that they don't get fined by the CFPB for charging higher fees; the big difference was a nice surprise. The junk escrow fees, if left on the final disbursement, would've been around 1500 or so, so make sure to question every fee from escrow and do your research. It can get awkward but at the end of the day, escrow needs to be able to justify their fees, and $300 to send an email is not justifiable.
Overall I am happy with the experience and would go with them again for a refi if rates actually get any lower
I was told that they work with Fidelity title which will be approx 1800 but I can shop elsewhere.
So what are the best options for title insurance other than Fidelity ? Location is CA.
Thank you in advance.
I have 3 loans to combine - home $112k @ 3.825%, pool $37k @ 7.99%, solar $28k @ 4.99%, plus looking to get about $4,500 for a shed. Total should be around $182k-ish ($183,750 is 75% LTV for me).
I currently have this phone quote from Florida Central Credit Union (no LE in hand yet so I don't know actual numbers in A to E):
$183,750 on 15-year @ 2.625%, estimating $4464 in closing costs, but possible credits:
A - Unknown
B - Unknown - Possible $350 credit if property appraisal is still good.
C - $993 title (Florida), but possible $300 credit reissue since the loan is only 3½ years old
D - ?
E - Taxes - standard taxes. Since it's a credit union, should be lower since there is no intangible tax.
Right now, this doesn't give me much cash in hand toward the shed, but since it will probably be 30-45 days, I'm still paying all my extra principal to the pool loan (payment is $603, I'm paying $1,700) and with the possible credits above and the lower payoffs, I should have about $3,500 and have some money set aside I can pull $1k from.
Here's my 68-month payoff compare for my current schedule and if I do the Refi @ 2.625:
So I'm adding $6,200 to total principal, but saving $9,230 in interest.
I was looking into an Equity loan from same credit union - $70,000 5-year @ 4.25% to combine pool, solar, and would have $5k for the shed, with around $300 in fees. I've already paid $475 for a full appraisal 2 weeks ago which should be good for the Refi loan.
Thanks!
I was told that they work with Fidelity title which will be approx 1800 but I can shop elsewhere.
So what are the best options for title insurance other than Fidelity ? Location is CA.
These quotes were for a loan amount of around $500k.
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I was told that they work with Fidelity title which will be approx 1800 but I can shop elsewhere.
So what are the best options for title insurance other than Fidelity ? Location is CA.
FYI when most people say "no closing costs" they include title insurance as being one of the things they aren't paying out of pocket for. If your lender credit isn't covering most or all of the title insurance cost then your loan is not a "no closing cost" loan by the standard definition. The only costs that are normally ignored are prepaid interest and escrow.
That doesn't mean you got a bad deal, 1.99 is a great rate. It just means you could have gone with a slightly higher rate with a bigger lender credit that could have made your loan a true no closing cost loan.