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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
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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
|
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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- All of us are kind of slammed right now. I myself am typically up at 6AM and staying up well past midnight trying to push as many loans through to help our clients out as much as possible. Please try to be patient. There are only so many hours in the day, and doing a mortgage is not simply us pressing the Approved button just because you have an 800 FICO and a bazillion $$$$ in the bank. Believe me, we want the loans closed just as quickly as you do.
- If I don't get you your rate quote immediately or within 24 hours, it is not that I am ignoring you. We just may be working on getting other files cleared for closing, dealing with borrower issues, getting ICD's out and signed, and probably more examples than I can even reference here.
- Try to remember that not one company will have the best rates, costs, lender credits for every scenario. This includes my company (Bayshore), LenderFi, Better, LoanDepot, Loan Cabin, etc. If it was that simple, there would be one mortgage company doing every mortgage in existence. Some may be more aggressive on 15 fixed, others on 30 year, others with lower LTV's, etc.
- Trust your Loan Officer......until you are given a reason not to. The last thing we want to do is tell you one thing and then it becomes something completely different. Obviously there are exceptions, but having done this for 31 years I can say with confidence there are a great bunch of people in our industry who value ethics and integrity over just trying to close your mortgage regardless of if the terms are in your best interest or not.
- If we ask you for something, there is a reason we are asking. During COVID, there have been some guideline changes from Fannie & Freddie that are mostly "cover their butt" requests. Try to understand that our end goal is to make sure the loan is salable into an MBS in the Secondary Market. Which means we are following what the Agencies are requesting. I for one will do everything I can to avoid annoying and torturing a borrower, but not at the expense of having a loan kicked back to us for a repurchase. And please be as transparent as possible. Tell me you are shopping around, share your LE from any company, lay out your wish list. Me knowing what terms you are getting does not in any way, shape or form affect what I can offer to you. I can either do it or I can't.
- Do not be afraid to ask questions. You are not annoying me by texting or emailing me asking for updates on rates, the processing of your loan, the appraisal, etc. That is my job.
These are unprecedented times. Just know that I as well as my colleagues at other mortgage companies are truly trying to manage and multitask as thoroughly as possible.DP
The rate seems unbelievable. Here's my loan estimate enclosed with personnel details lined out. MY 3 PAGE Estimate is below.
I'll take any advice I can get. Biggest thing we buy in our lives. Its intimidating. I'm in for a VA REFI 30 YR no cash
Lenderfi & Better dont do VA refi - just FYI if your like me to save you the trouble.
1 thing is for sure, I need to do at least 2 more or rate match with NFCU would be most preferred as they never sell their loans and customer service is awesome.
[QUOTE=shahhere;138528197]Details on how to understand the Mortgage basics and information that I understand for your learni...
- All of us are kind of slammed right now. I myself am typically up at 6AM and staying up well past midnight trying to push as many loans through to help our clients out as much as possible. Please try to be patient. There are only so many hours in the day, and doing a mortgage is not simply us pressing the Approved button just because you have an 800 FICO and a bazillion $$$$ in the bank. Believe me, we want the loans closed just as quickly as you do.
- If I don't get you your rate quote immediately or within 24 hours, it is not that I am ignoring you. We just may be working on getting other files cleared for closing, dealing with borrower issues, getting ICD's out and signed, and probably more examples than I can even reference here.
- Try to remember that not one company will have the best rates, costs, lender credits for every scenario. This includes my company (Bayshore), LenderFi, Better, LoanDepot, Loan Cabin, etc. If it was that simple, there would be one mortgage company doing every mortgage in existence. Some may be more aggressive on 15 fixed, others on 30 year, others with lower LTV's, etc.
- Trust your Loan Officer......until you are given a reason not to. The last thing we want to do is tell you one thing and then it becomes something completely different. Obviously there are exceptions, but having done this for 31 years I can say with confidence there are a great bunch of people in our industry who value ethics and integrity over just trying to close your mortgage regardless of if the terms are in your best interest or not.
- If we ask you for something, there is a reason we are asking. During COVID, there have been some guideline changes from Fannie & Freddie that are mostly "cover their butt" requests. Try to understand that our end goal is to make sure the loan is salable into an MBS in the Secondary Market. Which means we are following what the Agencies are requesting. I for one will do everything I can to avoid annoying and torturing a borrower, but not at the expense of having a loan kicked back to us for a repurchase. And please be as transparent as possible. Tell me you are shopping around, share your LE from any company, lay out your wish list. Me knowing what terms you are getting does not in any way, shape or form affect what I can offer to you. I can either do it or I can't.
- Do not be afraid to ask questions. You are not annoying me by texting or emailing me asking for updates on rates, the processing of your loan, the appraisal, etc. That is my job.
These are unprecedented times. Just know that I as well as my colleagues at other mortgage companies are truly trying to manage and multitask as thoroughly as possible.DP
Thanks Dave! Keep up the good work!
Producer Prices (core, annual): 0.6 vs 0.3 forecast
MBS is -2/32
DP
Producer Prices (core, annual): 0.6 vs 0.3 forecast
MBS is -2/32
DP
The rate seems unbelievable. Here's my loan estimate enclosed with personnel details lined out. MY 3 PAGE Estimate is below.
I'll take any advice I can get. Biggest thing we buy in our lives. Its intimidating. I'm in for a VA REFI 30 YR no cash
Lenderfi & Better dont do VA refi - just FYI if your like me to save you the trouble.
1 thing is for sure, I need to do at least 2 more or rate match with NFCU would be most preferred as they never sell their loans and customer service is awesome.
Sign up for a Slickdeals account to remove this ad.
https://slickdeals.net/f/14173061-07-21-2020-best-mortgage-rates-from-big-reputable-lenders-and-sd-r...
Copied the content here to save a click for other's who see this:
So one of the more common questions I get on a daily basis: Dave, I see that bond yields are lower -- why aren't mortgage rates lower?" So mortgage rates are not based on the 10 year Treasury -- they are actually based on the mortgage backed securities markets (MBS). Moving forward, as time will allow I will post snapshots of the MBS market to the forum so that everyone can stay in touch with what is going on with rates.
Currently. the MBS market is down -3/32. Down = no good for mortgage rates. Up is usually good for mortgage rates. And it takes at least +6/32 to +8/32 to start affecting 0 point / no cost mortgage quotes. Just figured I would let all of you know thatSmilie
DP
So when I post the MBS is +x/32, that is good thing
DP
And, my plan was going to just apply to Better.com and Loan Cabin.
But, I decided to apply to more - Ally and Loan Depot too. Now, I'm back to my original approach - as the rates that I got after going through the entire process were not good as expected. So, why oh why do you guys push to apply to so many places?
Right now, I'm going back to original plan...await word back from Loan Cabin - either go with them (I expect a low rate as they advertise) OR go with Better.com with a possible match of Loan Cabin rate/LE if its in fact lower.
What am I missing. I've wasted lots of time applying to additiona places. I'm not even going to bother with LenderFi - their posted rates are not close to Better or LC. So why bother.
And, my plan was going to just apply to Better.com and Loan Cabin.
But, I decided to apply to more - Ally and Loan Depot too. Now, I'm back to my original approach - as the rates that I got after going through the entire process were not good as expected. So, why oh why do you guys push to apply to so many places?
Right now, I'm going back to original plan...await word back from Loan Cabin - either go with them (I expect a low rate as they advertise) OR go with Better.com with a possible match of Loan Cabin rate/LE if its in fact lower.
What am I missing. I've wasted lots of time applying to additiona places. I'm not even going to bother with LenderFi - their posted rates are not close to Better or LC. So why bother.
Second, based on your application there are lot of specifics that change from person to person. Loan amount, credit score, LTV, property type, location etc. When a lender has a full application that is ready to go and they have a requirement to make up some numbers so as to complete a "bucket" of loans, they may offer you better rates than what they advertise or even give to other applicants. You, or they wont know this until you complete the application and go through the initial steps. Until that point they may just quote you rates that are poor. Once they see that your application matches their investors requirement they will be willing to bend over backwards to get you in which means you have the best rate on the day. Now you can take that LE and get it matched if someone else who may similarly likes your profile and application but is unwilling to give you the best rate until they see the other LE.
The rate seems unbelievable. Here's my loan estimate enclosed with personnel details lined out. MY 3 PAGE Estimate is below.
I'll take any advice I can get. Biggest thing we buy in our lives. Its intimidating. I'm in for a VA REFI 30 YR no cash
Lenderfi & Better dont do VA refi - just FYI if your like me to save you the trouble.
1 thing is for sure, I need to do at least 2 more or rate match with NFCU would be most preferred as they never sell their loans and customer service is awesome.
Its a good rate, but I would not call it unbelievable. VA loans are generally at least 0.25 less in rate than conventional. So your rate seems about market-rate. Do note that the processing fee you are paying in B (which is usually listed in A) will erase your credits and you are paying $400+ to get this rate in addition to title and recording fee. True that not all lenders do VA - so getting additional low estimates might be an issue.
Yeah, I don't think this is anything special. $1K origination fee disguised as a processing fee which erases lender credit. And the $5k+ in costs are being rolled into the loan to provide a low Cash to Close kick back to the borrower. Why they'd structure it to give him $200 back leads me to wonder whether they are trying to trick OP into think he is preserving some of his lender credit.
And, my plan was going to just apply to Better.com and Loan Cabin.
But, I decided to apply to more - Ally and Loan Depot too. Now, I'm back to my original approach - as the rates that I got after going through the entire process were not good as expected. So, why oh why do you guys push to apply to so many places?
Right now, I'm going back to original plan...await word back from Loan Cabin - either go with them (I expect a low rate as they advertise) OR go with Better.com with a possible match of Loan Cabin rate/LE if its in fact lower.
What am I missing. I've wasted lots of time applying to additiona places. I'm not even going to bother with LenderFi - their posted rates are not close to Better or LC. So why bother.
Dude, you start out with an LE and then try to get others to beat it. The only reason to apply to more is if you think they will be willing to beat the prior best offer.
This is not like applying to colleges hoping to get into one of them.
Sign up for a Slickdeals account to remove this ad.
And, my plan was going to just apply to Better.com and Loan Cabin.
But, I decided to apply to more - Ally and Loan Depot too. Now, I'm back to my original approach - as the rates that I got after going through the entire process were not good as expected. So, why oh why do you guys push to apply to so many places?
Right now, I'm going back to original plan...await word back from Loan Cabin - either go with them (I expect a low rate as they advertise) OR go with Better.com with a possible match of Loan Cabin rate/LE if its in fact lower.
What am I missing. I've wasted lots of time applying to additiona places. I'm not even going to bother with LenderFi - their posted rates are not close to Better or LC. So why bother.
Second, based on your application there are lot of specifics that change from person to person. Loan amount, credit score, LTV, property type, location etc. When a lender has a full application that is ready to go and they have a requirement to make up some numbers so as to complete a "bucket" of loans, they may offer you better rates than what they advertise or even give to other applicants. You, or they wont know this until you complete the application and go through the initial steps. Until that point they may just quote you rates that are poor. Once they see that your application matches their investors requirement they will be willing to bend over backwards to get you in which means you have the best rate on the day. Now you can take that LE and get it matched if someone else who may similarly likes your profile and application but is unwilling to give you the best rate until they see the other LE.
Shahhere