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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. |
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Got better quote from lender 2 but they want me to sign the intent to proceed today otherwise I lose the rate.
All good though. LD came back and could match the rate, but with no lender credits. Since they charge origination, it was going to be $3500 in closing costs (vs near $0 with Lender 2). Guess I'll be withdrawing my application from LD.
Only wrench is I had to make appraisal deposit with LD. Thankfully they haven't done it yet so should get it back. Eitherway I'll save money with lender 2. Appreciate all the help.
Who's your Lender 2? Surprised that LD did not match? I was asking them to not bother matching as I am not interested and they kept coming back and I was really annoyed that they kept spinning the numbers but got numbers back to me and locked at the quoted credit of $6900.....
Shahhere
Shahhere
In the past I've had lenders just do a requote to get to current rates. No idea why LD won't.
Shahhere
When I said I would send him the LE once I got it, he said to only do so if I was going with LD. Later, I ended up getting the 2.5% with 2500 credit from Loan Cabin and never bothered to follow up with LD as I was a bit turned off from the email communication.
When I said I would send him the LE once I got it, he said to only do so if I was going with LD. Later, I ended up getting the 2.5% with 2500 credit from Loan Cabin and never bothered to follow up with LD as I was a bit turned off from the email communication.
Similar experience, except a different person has called every few days. Each person seems to have no knowledge about previous conversations or offers until I tell them to look it up. I usually entertain the conversation for a bit to see if anything comes out it but usually ends up them being rather unprofessional. Car salesmen tactics, soap box rants, etc.
It's like you're calling me not because rates/credits have improved but because I'm a fool for not accepting that original offer? Great thanks.
When I said I would send him the LE once I got it, he said to only do so if I was going with LD. Later, I ended up getting the 2.5% with 2500 credit from Loan Cabin and never bothered to follow up with LD as I was a bit turned off from the email communication.
When I said I would send him the LE once I got it, he said to only do so if I was going with LD. Later, I ended up getting the 2.5% with 2500 credit from Loan Cabin and never bothered to follow up with LD as I was a bit turned off from the email communication.
I know but as I am saying they somehow came through on the numbers and I was able to lock as this was a $11,000 swing and my loan isnt that large to get a $6900 credit at 2.5%....with the credit provided I'll see where this goes as I am trying to close with Better on Refi2 right now and hopefully do in the next week. I'll have about 6 more weeks to then clarify my changes and clear up underwriting and hopefully i don't get banned and am able to close....close with the credit provided btw lol.
Shahhere
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9/1- Applied LC Online
9/9 - Emailed [email protected] in morning to ask for update
9/9 - Received Email stating " We are currently experiencing Higher than usual turn times and are reviewing all applications from 9.1.2020"
9/11 still nothing from LC since 9/9.
9/11 applied to BSM Dave's company at 9:08am PST
I started Applying at the end of last month. Caliber, First IB, LD, HTL, Quicken, LC, and a few local brokers (DFW).
First Rate quotes were before the jump, so 3% with no fees, caliber was a bit higher 3.125 with pts. Quicken was almost a 4.5%. WM told me they just weren't doing cash outs. LD had their LTV capped at 70%.
When rates jumped, my locals went to 3.6% and others were 3.375%.
HTL offered me 2.75% so I moved forward only to find out when it got to underwriting that they weren't doing cashouts in Texas.
After that, LC finally reached out and offered 2.875% which we just locked.
Aug 7 - Application Submitted
Aug 20 - First e-mail from Samantha requesting the 6 questions
Aug 24 - Second e-mail from Samantha asking which program we wanted to move forward with.
Aug 25 - Rate Locked
Aug 26 - Disclosures Sent
I sent them my LC LE for 2.875% and they came back with 2.75% with a $358 lender credit. (FWIW my LO said Par was 3.25%). Even the cost of their origination is less than the buy down from LC to the same rate. To lock the rate you have to pay for the credit report ($23.56) and make a deposit on the appraisal ($349). It seems as if at least Caliber is hungry.
Just for grins I sent it over to Better and they initially included title charges to show they were cheaper, but I pointed out that in Texas title fees are regulated and would be the same for either lender. Better LO sent back another offer cutting the origination fee by half to get him under (still not as good as caliber when taking into account the $500 GC).
I'm going to send Betters LE to Caliber to see if they'll budge, but so far I'm happy.
FWIW I have a price match offer from Quicken that they failed to beat LCs original LE and I should be getting a $250 gc from them for trying. Anyone have any experience with that?
9/1- Applied LC Online
9/9 - Emailed [email protected] in morning to ask for update
9/9 - Received Email stating " We are currently experiencing Higher than usual turn times and are reviewing all applications from 9.1.2020"
9/11 still nothing from LC since 9/9.
9/11 applied to BSM Dave's company at 9:08am PST
I wanted to share my experience with Loan Cabin thus far. Any lender that has these good of rates will be busy right now, so as long as you are patient Loan Cabin will get you the best deal out there. I went to five lenders and they have the best rate with lowest cost. I have a
$405,000 loan amount with 10% equity in my home and this is a single family home.
30 Year Fixed - 2.25% with ZERO lender fees. ( I had an appraisal waiver so no fee. Only fee was title)
- I applied mid July 2020 ( longest wait was underwriting getting the loan approved )
- loan was was approved 9.2.2020 with barely any request from the loan originator
- Loan is clear to close and I am closing next week
Wonderful Experience
I wanted to share my experience with Loan Cabin thus far. Any lender that has these good of rates will be busy right now, so as long as you are patient Loan Cabin will get you the best deal out there. I went to five lenders and they have the best rate with lowest cost. I have a
$405,000 loan amount with 10% equity in my home and this is a single family home.
30 Year Fixed - 2.25% with ZERO lender fees. ( I had an appraisal waiver so no fee. Only fee was title)
- I applied mid July 2020 ( longest wait was underwriting getting the loan approved )
- loan was was approved 9.2.2020 with barely any request from the loan originator
- Loan is clear to close and I am closing next week
Wonderful Experience
Congrats, you got an awesome deal
So your current bank has to be willing to subordinate the HELOC ( in other words be in second position to your new mortgage that you are refinancing. ).
Whether you need to close it depends on the lender you are refinancing with. Some lenders may force you to close your HELOC in order to refinance. However if your lender is not asking you to close the HELOC and are willing to have it subordinated, then there is no reason for you to close the HELOC. Basically, if it were me, I would find out from the lender you are refinancing with if they need it closed.
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Congrats, you got an awesome deal