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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
|
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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Have you guys had any issues with initial disclosures being incorrect? My Lenders Credit is off, I've emailed my LC LO to have it fixed, not sure I should just sign it tho to get things rolling quicker.
So I shared earlier I got a real Loan Estimate. now the guy is pressing me hard to sign disclosures saying it wont mean I have to get the loan... ITS TIME SENSITIVE... its time sensitive...
He talks like its the law to do so... Anyone ever get that before?
I thought you only sign the disclosures if you want the rate locked and your definitely going for that company... am I wrong? I mean you guys are getting multiple offers, your not signing everyones disclosures to do so are you???
Signed, HELP
1. Yes, its ok to sign disclosures. You have right to tell them don't proceed with the application anytime you want. I did that with Loan Cabin
2. It's the law to sign the disclosure is not true, sounds like that guy is car sales man
Nevertheless the 2.25 for 30 year seems very good to me
Have you guys had any issues with initial disclosures being incorrect? My Lenders Credit is off, I've emailed my LC LO to have it fixed, not sure I should just sign it tho to get things rolling quicker.
Have you guys had any issues with initial disclosures being incorrect? My Lenders Credit is off, I've emailed my LC LO to have it fixed, not sure I should just sign it tho to get things rolling quicker.
In my scenario, the only issue I had was a small prepay for homeowner's insurance. I was told it was mandatory on the initial LE but would be removed on final closing documents. I do not want to escrow but since I had it in writing that it would be removed, I was fine with signing the documents.
I guess it's there for "buffer" but who knows. If I put myself in their shoes, I would hate to have to estimate within 5% or 10% of actual costs. I supposed they should have a good idea but it's like home improvement. You never know the real costs until you open up the walls and the floors. Too many hidden issues.
Side note, LC is charging me 29 days prepaid interest. All other lenders I see 15 days on their LE's I've received. I checked my LC online portal and my closing date shows estimated 11/2/20. Still trying to figure out the calculation for prepaid interest. So far I came up with if I close on 11/2 then I pay prepaid interest until Dec 1st = 29 days. I would then skip Nov/Dec payments? Not sure if I have that correct tho.
Sign up for a Slickdeals account to remove this ad.
So I shared earlier I got a real Loan Estimate. now the guy is pressing me hard to sign disclosures saying it wont mean I have to get the loan... ITS TIME SENSITIVE... its time sensitive...
He talks like its the law to do so... Anyone ever get that before?
I thought you only sign the disclosures if you want the rate locked and your definitely going for that company... am I wrong? I mean you guys are getting multiple offers, your not signing everyones disclosures to do so are you???
Signed, HELP
1) Did the Loan Officer say you have to sign the disclosures to lock this rate? Can you lock w/o signing? Would you be upset if you didn't get this offer?
2) Are both the Credit Fee & Processing Fee non-refundable if I find a better offer and this guy can not match? If only Credit Fee is non-refundable, then I'm probably ok with losing $75 cause I'd probably be walking for a much better offer anyway. However $75 is a tiny bit above average as on avg, it was $50 or less. In some LE's it wasn't even a cost passed on to me. The cheapest non-free credit score cost was $20 and the most was $60.
Still as others have said, the rate is decent but realize the actual rate is slightly higher than 2.25% because you are raising your principal from ~207K to ~213K to include closing costs (you are paying interest on the $5300 added to your princpal). Yes most will argue that 2.25% is very low interest to pay compared to if you stuck $5300 in investments.
Still even ~2.3% (close to your APR) is nothing to cough at and a good rate.
Side note, LC is charging me 29 days prepaid interest. All other lenders I see 15 days on their LE's I've received. I checked my LC online portal and my closing date shows estimated 11/2/20. Still trying to figure out the calculation for prepaid interest. So far I came up with if I close on 11/2 then I pay prepaid interest until Dec 1st = 29 days. I would then skip Nov/Dec payments? Not sure if I have that correct tho.
Once you have official closing date, you can calculate that. They might add some buffer but you'll get that refunded to you if that is the case.
Once you have official closing date, you can calculate that. They might add some buffer but you'll get that refunded to you if that is the case.
So I shared earlier I got a real Loan Estimate. now the guy is pressing me hard to sign disclosures saying it wont mean I have to get the loan... ITS TIME SENSITIVE... its time sensitive...
He talks like its the law to do so... Anyone ever get that before?
I thought you only sign the disclosures if you want the rate locked and your definitely going for that company... am I wrong? I mean you guys are getting multiple offers, your not signing everyones disclosures to do so are you???
Signed, HELP
Itorian,
So when you got the LE it looks like its already locked. You would have to send other supporting documents and sign some disclosures within 3-5 days. That is normal and if you dont you will most likely lose your lock. Signing these sets of documents is okay and if you change your mind you can withdraw your application officially at a later date.
If you are applying and are staying course with the lender then yes you have to sign and accept those documents for each lender. I dont do that for all and in each round i only proceeded with 2 as I wasn't sure who had the better deal at that point. Once I got through to a later stage of underwriting i emailed/called to officially withdraw my application from the 2nd lender and not waste their time further as their deal was not the better of the 2.
Shahhere
But the problem with Watermark - they simply disappear after about 30 days - no response to emails, loan hangs in the pre-approval stage, 45 days lock has already expired.
Plus they asked me for a real weird letter:
Provide written verification from borrower's employer confirming their ability to relocate and/or work from home and further confirm there will be no change to position and/or compensation
I'll be glad to drop them and go with another lender, but they did hard pull on my credit report.
And I don't want to experience another empty hard pull on my credit report.
Anyone with a success story (closing within 30 days) and preferably no hard pull?
And ideally no-cost refinance.
Thanks.
But the problem with Watermark - they simply disappear after about 30 days - no response to emails, loan hangs in the pre-approval stage, 45 days lock has already expired.
Plus they asked me for a real weird letter:
Provide written verification from borrower's employer confirming their ability to relocate and/or work from home and further confirm there will be no change to position and/or compensation
I'll be glad to drop them and go with another lender, but they did hard pull on my credit report.
And I don't want to experience another empty hard pull on my credit report.
Anyone with a success story (closing within 30 days) and preferably no hard pull?
And ideally no-cost refinance.
Thanks.
Sign up for a Slickdeals account to remove this ad.
But the problem with Watermark - they simply disappear after about 30 days - no response to emails, loan hangs in the pre-approval stage, 45 days lock has already expired.
Plus they asked me for a real weird letter:
Provide written verification from borrower's employer confirming their ability to relocate and/or work from home and further confirm there will be no change to position and/or compensation
I'll be glad to drop them and go with another lender, but they did hard pull on my credit report.
And I don't want to experience another empty hard pull on my credit report.
Anyone with a success story (closing within 30 days) and preferably no hard pull?
And ideally no-cost refinance.
Thanks.
I got a similar requirement from Better as my work is 3 hours away
I replied to Better stating that i've been employed at the same position for years and they simply accepted the task and did not ask for any letter.
This looks to be an underwriting risk response so if you cant get them what they need and you should be fine as they want to make sure you dont have another property anywhere else.
Shahhere