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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.
|
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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Unless you have some recommendations
I'm looking at 15 and 20 year refi. Perfect credit. No cash out. And half mortgage is paid off I'm in NJ
The reason for applying to someone other than Loan Cabin is to see if you can get a good Loan Estimate to be used to match with. Essentially it doesn't matter how many Lenders you apply with since they will be grouped together as 1 hard pull on your credit report (within either 14 days or 45 days depending on which formula is used to calculate your credit score).
It seems Watermark doesn't like Slickdeal users anymore. So the options I see repeatedly are Loan Cabin, Loan Depot, LenderFi, better.com, (local credit unions), annie-mac, etc.
Why do you only plan on applying at those 2 places? I have listed quite a few places on the first post so you should be checking them all out. If the loan amount is larger than $200,000 you'll get favorable pricing from lenders.
Not all lenders will give you their best pricing upfront. Thats where the Pricematching comes in as they will take others LE and then match/beat it. Better is/was an option for people with the Amex offer but without that they are not any better than LC & DaveP.
LC is slow as noted by other so if anything you should apply as it will take them time to get a LE to you and then apply to other places so by the time you get a LE from LC you have something to show other lenders as far as what you expect from them. Note again that applying and locking and providing your SS to run Credit wont drop your score if done within a short timeframe.
Shahhere
Sounds like you are saying - apply to the best few places (perhaps Better, Loan Cabin, Lender FI, Lender Depot), and see what they come back with. And sounds like one hard pull if done around same time. Is that right?
...THEN, consider having your preferred vendor try to match the best offer (e.g. Better.com matching Loan Cabin since LC is slow).
This is really helpful.
Repped by the way to all of you
how long did it take you to get an LE from LC?
Just want to confirm that it IS possible to come out with cash in pocket at the end of the refi?
I am locked in with WM and in the middle of the closing process. Signed initial disclosures and waiting to be put into "Processing Que". We are doing a cash out $100k refi and set at 30 year 2.855% with no closing costs, lender credit covers it all and my cash to borrow will be $100k. Estimated closing is early October.
I applied at LC back on 8/31 and a LO finally got back to me last week with one hell of a deal. Been going back and forth and todays rates/credit is the best. We are looking at a 2.625% rate with lender credit of $3,000 to cover all costs and actually leave me with a total of $102,000 cash to borrow.
So essentially I will get a lower rate plus $2,000 extra cash if I go with LC. My WM LO said he can float my rate down for free no problem BUT I will not get any extra cash to borrow like I would with LC.
Only downside with LC is she stated it is a 60+ day closing, looking at early to mid November but who knows exactly as I have been reading some are pushed out father then their promised 60 day closing.
My question is should we back out of WM and go LC? Our end goal is in 6 months to do a rate and term refi for a lower rate and be set for the long haul. I am not too concerned with the rate right now but that extra $2,000 from LC is tempting. Thank you all.
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I am locked in with WM and in the middle of the closing process. Signed initial disclosures and waiting to be put into "Processing Que". We are doing a cash out $100k refi and set at 30 year 2.855% with no closing costs, lender credit covers it all and my cash to borrow will be $100k. Estimated closing is early October.
I applied at LC back on 8/31 and a LO finally got back to me last week with one hell of a deal. Been going back and forth and todays rates/credit is the best. We are looking at a 2.625% rate with lender credit of $3,000 to cover all costs and actually leave me with a total of $102,000 cash to borrow.
So essentially I will get a lower rate plus $2,000 extra cash if I go with LC. My WM LO said he can float my rate down for free no problem BUT I will not get any extra cash to borrow like I would with LC.
Only downside with LC is she stated it is a 60+ day closing, looking at early to mid November but who knows exactly as I have been reading some are pushed out father then their promised 60 day closing.
My question is should we back out of WM and go LC? Thank you all.
I am locked in with WM and in the middle of the closing process. Signed initial disclosures and waiting to be put into "Processing Que". We are doing a cash out $100k refi and set at 30 year 2.855% with no closing costs, lender credit covers it all and my cash to borrow will be $100k. Estimated closing is early October.
I applied at LC back on 8/31 and a LO finally got back to me last week with one hell of a deal. Been going back and forth and todays rates/credit is the best. We are looking at a 2.625% rate with lender credit of $3,000 to cover all costs and actually leave me with a total of $102,000 cash to borrow.
So essentially I will get a lower rate plus $2,000 extra cash if I go with LC. My WM LO said he can float my rate down for free no problem BUT I will not get any extra cash to borrow like I would with LC.
Only downside with LC is she stated it is a 60+ day closing, looking at early to mid November but who knows exactly as I have been reading some are pushed out father then their promised 60 day closing.
My question is should we back out of WM and go LC? Our end goal is in 6 months to do a rate and term refi for a lower rate and be set for the long haul. I am not too concerned with the rate right now but that extra $2,000 from LC is tempting. Thank you all.
15 year fixed – 60 day lock – Waived Escrow
I am locked in with WM and in the middle of the closing process. Signed initial disclosures and waiting to be put into "Processing Que". We are doing a cash out $100k refi and set at 30 year 2.855% with no closing costs, lender credit covers it all and my cash to borrow will be $100k. Estimated closing is early October.
I applied at LC back on 8/31 and a LO finally got back to me last week with one hell of a deal. Been going back and forth and todays rates/credit is the best. We are looking at a 2.625% rate with lender credit of $3,000 to cover all costs and actually leave me with a total of $102,000 cash to borrow.
So essentially I will get a lower rate plus $2,000 extra cash if I go with LC. My WM LO said he can float my rate down for free no problem BUT I will not get any extra cash to borrow like I would with LC.
Only downside with LC is she stated it is a 60+ day closing, looking at early to mid November but who knows exactly as I have been reading some are pushed out father then their promised 60 day closing.
My question is should we back out of WM and go LC? Our end goal is in 6 months to do a rate and term refi for a lower rate and be set for the long haul. I am not too concerned with the rate right now but that extra $2,000 from LC is tempting. Thank you all.
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