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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

5,049 1,724 July 4, 2020 at 01:27 PM in Free Shipping (6)
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Last Edited by shahhere July 26, 2021 at 06:35 AM
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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):
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.

07/14/2021 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.
30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
TBD
15 year Fixed:
07/14/2021 2.0 % Better.com; matches Bankrate rates for themselves.
07/04/2020 2.5% NIH Credit Union with Lender Credit
Title Company Comparisions:
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).
ALTTitle.com
https://www.valerotitle.com/ - Texas only.
Alphabetical list of other lenders (some could be non-proven without direct member experiences posted here):
  1. AimLoan - Will provide LE without hard pull if credit is frozen https://www.aimloan.com/
  2. Amerisave - will give you scores from all 3 bureaus with just a soft pull https://www.amerisave.com/
  3. Better.com https://better.com/
  4. BoxHomeLoans https://www.boxhomeloans.com/
  5. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  6. Colonial Mort http://www.colonialmort.com/
  7. HighTechLending http://www.hightechlending.co/Default.aspx
  8. Interactive Mortgage https://interactivemortgage.com/ Eric from IM is super rude so good luck dealing with this guy!
  9. LenderFi https://www.lenderfi.com [lenderfi.com]if the link wont work try this backend link: https://app.lenderfi.com/app/sign...r/lenderfi
  10. Loan Cabin https://www.loancabin.com/
  11. Loan Depot https://www.loandepot.com/
  12. LoanLock https://www.loanlock.com/
  13. NavyFederal CU https://www.navyfederal.org/
  14. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  15. Northpointe Bank https://www.northpointe.com/
  16. Owning.com (Operates only in CA) https://owning.com/
  17. Pentagon Federal CU https://www.penfed.org/
  18. Provident Funding - will give LE without locking rate https://www.provident.com/
  19. RatePlus (California) https://www.rateplus.com/
  20. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility traviscu.org
  21. United wholesale mortgages https://www.uwm.com/
  22. Watermark Home Loans https://www.watermarkhomeloans.com/
  23. 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
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Last Edited by RiversofWisdom August 18, 2021 at 03:12 PM
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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=138543920&postcount=138)

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.consumerfinance.gov/o...-estimate/

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".
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.mortgagenewsdaily.com/...age_rates/



Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
  1. Loan Cabin https://www.loancabin.com/
  2. Better.com https://better.com/
  3. Interactive Mortgage https://interactivemortgage.com/
  4. LenderFi https://www.lenderfi.com/
  5. owning.com (Operates only in CA) https://owning.com/
  6. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  7. Loan Depot https://www.loandepot.com/
  8. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility [traviscu.org]
  9. Pentagon Federal CU https://www.penfed.org/
  10. Interactive Mortgage https://interactivemortgage.com/
  11. NavyFederal CU https://www.navyfederal.org/
  12. United wholesale mortgages https://www.uwm.com/
  13. BoxHomeLoans https://www.boxhomeloans.com/
  14. LoanLock https://www.loanlock.com/
  15. West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
  16. RatePlus (California) https://www.rateplus.com/
  17. Northpointe Bank https://www.northpointe.com/
  18. HighTechLending https://hightechlending.mortgagewebcenter.com/
  19. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  20. AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
  21. Amerisave - will give you scores from all 3 bureaus with just a soft pull
    https://www.amerisave.com/
  22. Provident - will give LE without locking rate https://www.provident.com/ Best Credit Back with 60% LTV or better.
  23. Watermark Home Loans https://www.watermarkhomeloans.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.
  24. Colonial Mort http://www.colonialmort.com/
  25. Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
  26. 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?dl=0
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.

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presto987
09-11-2020 at 10:10 AM.
09-11-2020 at 10:10 AM.
Quote from davepressel :
So I thought I would share a few observations, suggestions and just some general info that might help everyone with regard to managing expectations when doing a mortgage transaction.
  • 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
I spoke with Dave Pressel yesterday, and I wanted people to know that not only are his rates VERY competitive, but he is also the most knowledgeable and straightforward lender I've spoken to. Frankly, there are quite a few loan officers who provide misinformation, either because of lack of knowledge or because they're using high pressure tactics to get the deal done. That is why I found speaking with Dave refreshing. He also understands how Slickdeals users operate, so feel free to be straight with him on what you're trying to accomplish.

I had applied with Loan Cabin over a month ago and finally got locked with them at a great rate with a lot of lender credit, but Dave was my next best option.

Interactive Mortgage is another option people should look at if they operate in your state. My understanding is that today is the last day for the 2.375% no-cost deal on a 30-year fixed (must be below super-conforming limit and have LTV < 50% or 60%).
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Joined Sep 2020
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JAC702
09-11-2020 at 10:14 AM.
09-11-2020 at 10:14 AM.
LC just sent over revised Disclosure package since first set last night had my lender credit at $2,500 instead of $3,000. Signed all disclosures and documents have been uploaded.

Now the waiting game starts. Per recommendations here I applied with Interactive Mortgage last night waiting to see what there offer is. And now I need to cancel with WM....dreading that to be honest. My LO at WM has been superb, replies to my questions within 15 minutes each time. Per my online account I am in the underwriting phase.
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Joined May 2008
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wootwoot123
09-11-2020 at 10:24 AM.
09-11-2020 at 10:24 AM.
Quote from presto987 :
I spoke with Dave Pressel yesterday, and I wanted people to know that not only are his rates VERY competitive, but he is also the most knowledgeable and straightforward lender I've spoken to. Frankly, there are quite a few loan officers who provide misinformation, either because of lack of knowledge or because they're using high pressure tactics to get the deal done. That is why I found speaking with Dave refreshing. He also understands how Slickdeals users operate, so feel free to be straight with him on what you're trying to accomplish.

I had applied with Loan Cabin over a month ago and finally got locked with them at a great rate with a lot of lender credit, but Dave was my next best option.

Interactive Mortgage is another option people should look at if they operate in your state. My understanding is that today is the last day for the 2.375% no-cost deal on a 30-year fixed (must be below super-conforming limit and have LTV < 50% or 60%).
Interactive mortgage doesn't list 2.375% on their webpage, the best I see is 2.5%. Are rates lower once you apply for a refi?
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Joined Apr 2007
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qAnon09102020
09-11-2020 at 10:32 AM.
09-11-2020 at 10:32 AM.
Quote from presto987 :
I spoke with Dave Pressel yesterday, and I wanted people to know that not only are his rates VERY competitive, but he is also the most knowledgeable and straightforward lender I've spoken to. Frankly, there are quite a few loan officers who provide misinformation, either because of lack of knowledge or because they're using high pressure tactics to get the deal done. That is why I found speaking with Dave refreshing. He also understands how Slickdeals users operate, so feel free to be straight with him on what you're trying to accomplish.

I had applied with Loan Cabin over a month ago and finally got locked with them at a great rate with a lot of lender credit, but Dave was my next best option.

Interactive Mortgage is another option people should look at if they operate in your state. My understanding is that today is the last day for the 2.375% no-cost deal on a 30-year fixed (must be below super-conforming limit and have LTV < 50% or 60%).
Wow. Thanks for the update! I've just sent in my application from Dave this morning. Sent my LC app in on 9/1/2020 and nothing from them yet.
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presto987
09-11-2020 at 10:53 AM.
09-11-2020 at 10:53 AM.
Quote from wootwoot123 :
Interactive mortgage doesn't list 2.375% on their webpage, the best I see is 2.5%. Are rates lower once you apply for a refi?
Yes, seems like they are offering a lower rate yesterday and today. My LO there implied that this might change back on Monday though, which might explain why they haven't updated their website. If you are looking to apply, you could try calling them to make sure you can lock a rate today.
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Joined Apr 2007
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presto987
09-11-2020 at 11:00 AM.
09-11-2020 at 11:00 AM.
Quote from qAnon09102020 :
Wow. Thanks for the update! I've just sent in my application from Dave this morning. Sent my LC app in on 9/1/2020 and nothing from them yet.
It looks like LC's pricing on their website has deteriorated overnight. For my scenario, the points required for a 30-year at 2.25% increased by 0.3% of the loan amount compared to yesterday. The mortgage market hasn't moved much today, so I'm guessing that most of the Fannie/Freddie fee increase is now being reflected in LC's pricing.
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MeAPhool
09-11-2020 at 11:21 AM.
09-11-2020 at 11:21 AM.
Quote from presto987 :
It looks like LC's pricing on their website has deteriorated overnight. For my scenario, the points required for a 30-year at 2.25% increased by 0.3% of the loan amount compared to yesterday. The mortgage market hasn't moved much today, so I'm guessing that most of the Fannie/Freddie fee increase is now being reflected in LC's pricing.
Unless I'm mistaken, I think it's more due to the MBS market going down today, enough to reduce credit. I'll let Dave take that if he has time.

However, we'll see next week.
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shahhere
09-11-2020 at 11:23 AM.
09-11-2020 at 11:23 AM.
Quote from presto987 :
It looks like LC's pricing on their website has deteriorated overnight. For my scenario, the points required for a 30-year at 2.25% increased by 0.3% of the loan amount compared to yesterday. The mortgage market hasn't moved much today, so I'm guessing that most of the Fannie/Freddie fee increase is now being reflected in LC's pricing.

From the online rate estimate it looks like they are 2-3 days behind on the rate repricing unless its a drastic drop/increase. Even the days after other lenders were pricing higher the day following GFee whereas LC was not updated after the 3rd day.


I think its just the slow uptrend in the last few days that they might be adjusting to just now.



Shahhere
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presto987
09-11-2020 at 11:48 AM.
09-11-2020 at 11:48 AM.
You guys might be right about LC. The pricing is about 0.38% worse than what I locked on Tuesday though.

BTW, if anyone needs a contact at Interactive Mortgage, please PM me. The guy I spoke with was very efficient - gave me pricing and then completed an application and locked the rate, all in half an hour over the phone. I received the initial disclosures and doc request within a few hours after that. Meanwhile, still waiting for those from LC! As mentioned previously, I think the 2.375% rate from IM might only be available today.
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Joined Apr 2008
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micro44444
09-11-2020 at 11:53 AM.
09-11-2020 at 11:53 AM.
Quote from presto987 :
You guys might be right about LC. The pricing is about 0.38% worse than what I locked on Tuesday though.

BTW, if anyone needs a contact at Interactive Mortgage, please PM me. The guy I spoke with was very efficient - gave me pricing and then completed an application and locked the rate, all in half an hour over the phone. I received the initial disclosures and doc request within a few hours after that. Meanwhile, still waiting for those from LC! As mentioned previously, I think the 2.375% rate from IM might only be available today.
Did IM provide you with a loan estimate?
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Joined Apr 2007
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presto987
09-11-2020 at 12:10 PM.
09-11-2020 at 12:10 PM.
Quote from micro44444 :
Did IM provide you with a loan estimate?
Yes, it was in my initial disclosures that came a few hours after I spoke with him on the phone.

He is really busy and doesn't want his team's time to be wasted, so he asked that people be upfront with him on their plans. I let him know that I am choosing between IM and Loan Cabin and will make a decision by Monday.
Reply
Joined Sep 2020
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JAC702
09-11-2020 at 12:19 PM.
09-11-2020 at 12:19 PM.
Quote from presto987 :
Yes, it was in my initial disclosures that came a few hours after I spoke with him on the phone.

He is really busy and doesn't want his team's time to be wasted, so he asked that people be upfront with him on their plans. I let him know that I am choosing between IM and Loan Cabin and will make a decision by Monday.
Hi Presto. I can't seem to PM thru SD but I sent you one thru bogle. Thanks
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Joined Mar 2012
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jd2010
09-11-2020 at 12:32 PM.
09-11-2020 at 12:32 PM.
Quote from presto987 :
You guys might be right about LC. The pricing is about 0.38% worse than what I locked on Tuesday though.

BTW, if anyone needs a contact at Interactive Mortgage, please PM me. The guy I spoke with was very efficient - gave me pricing and then completed an application and locked the rate, all in half an hour over the phone. I received the initial disclosures and doc request within a few hours after that. Meanwhile, still waiting for those from LC! As mentioned previously, I think the 2.375% rate from IM might only be available today.
Just got quoted 2.625 no cost at 75% LTV in Arizona from Interactive Mortgage. Any tips or magic to get better?
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Joined Apr 2007
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presto987
09-11-2020 at 12:42 PM.
09-11-2020 at 12:42 PM.
Quote from jd2010 :
Just got quoted 2.625 no cost at 75% LTV in Arizona from Interactive Mortgage. Any tips or magic to get better?
I think IM specializes in lower LTV loans. You could try Bayshore (Dave). Maybe others who have higher LTVs can chime in with suggestions.
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Joined Mar 2012
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jd2010
09-11-2020 at 12:46 PM.
09-11-2020 at 12:46 PM.
Quote from presto987 :
I think IM specializes in lower LTV loans. You could try Bayshore (Dave). Maybe others who have higher LTVs can chime in with suggestions.
Thanks, may just call it good and move forward. Lady emailed within 4 hrs of application, answered my call to her direct line, talked with me for a good 10 minutes, and followed up immediately with required documents. Said she can have it in underwriting by Tuesday. Theres some value to not playing the waiting game and getting jerked around over 1/8th a percent.
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