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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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So it's all negotiable. At the end of the day compare rate, and closing costs (A+B+C) net of lender credits).
negative reviews?
We want to jump on this. I called our Mortgage Broker who did our current (and only) loan 7 years ago. We bought when things were crazy. We got in at 4% for a 30 year fixed, which 7 years ago was not bad.
We now want to Refi into a 15 just to shorten the term.
She offered the 2.25% 15 year fixed 0 points. BUT the costs are going to be around $3,000. Non-Negotiable.
When we did our first loan with them it was truly painless. My husband wants it to be painless again.
It seems you are all getting various degrees of runaround BUT the loan is not costing you anything.
'SO, take a 3k hit for a good rate and no problems or shop the crap out of it (I would absolutely choose to shop it, but I like the broker and I do not want to get into a TON of BS and stress my husband out. IS the BS you guys are going through worth $3,000? If so, which lenders?)
I know it is a weird question, but ultimately I want to refi for 2.25% or lower just to cut the years/interest and do not want to miss the opportunity over $3000.We have great credit and income, and a ton of equity so it should be pretty straightforward...
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We want to jump on this. I called our Mortgage Broker who did our current (and only) loan 7 years ago. We bought when things were crazy. We got in at 4% for a 30 year fixed, which 7 years ago was not bad.
We now want to Refi into a 15 just to shorten the term.
She offered the 2.25% 15 year fixed 0 points. BUT the costs are going to be around $3,000. Non-Negotiable.
When we did our first loan with them it was truly painless. My husband wants it to be painless again.
It seems you are all getting various degrees of runaround BUT the loan is not costing you anything.
'SO, take a 3k hit for a good rate and no problems or shop the crap out of it (I would absolutely choose to shop it, but I do not want to get into a TON of BS and stress my husband out. IS the BS you guys are going through worth $3,000? If so, which lenders?)
I know it is a weird question, but ultimately I want to refi for 2.25% or lower just to cut the years/interest and do not want to miss the opportunity over $3000.We have great credit and income, and a ton of equity so it should be pretty straightforward...
We want to jump on this. I called our Mortgage Broker who did our current (and only) loan 7 years ago. We bought when things were crazy. We got in at 4% for a 30 year fixed, which 7 years ago was not bad.
We now want to Refi into a 15 just to shorten the term.
She offered the 2.25% 15 year fixed 0 points. BUT the costs are going to be around $3,000. Non-Negotiable.
When we did our first loan with them it was truly painless. My husband wants it to be painless again.
It seems you are all getting various degrees of runaround BUT the loan is not costing you anything.
'SO, take a 3k hit for a good rate and no problems or shop the crap out of it (I would absolutely choose to shop it, but I like the broker and I do not want to get into a TON of BS and stress my husband out. IS the BS you guys are going through worth $3,000? If so, which lenders?)
I know it is a weird question, but ultimately I want to refi for 2.25% or lower just to cut the years/interest and do not want to miss the opportunity over $3000.We have great credit and income, and a ton of equity so it should be pretty straightforward...
If you don't want BS, the simplest way to get a good deal is probably to call Dave Pressel at Bayshore Mortgage, if he is licensed in your state.
If you can provide the following info, we can give a better answer:
What state are you in?
What is your loan amount and house value?
I just spoke with a lender and asked for a loan estimate. The lender requested a copy of the mortgage statement and home owners insurance.
Does the above apply when requesting a loan estimate or when actually going through in applying for the loan?
If you do want an LE, then it's in your best interest to get them what they ask for as quickly as you can (since there's no guarantee for rates to stay low). Unless you wait an ungodly length of time, you are just delaying getting a LE if you don't provide documents quickly.
I'm not aware of a law that says a lender will drop your loan if you don't provide docs quickly but you are penalized if you don't (theoretically):
1) Your rate lock could expire and you'd have to pay extra to extend your rate lock if you cause delays in getting your docs in.
2) The Lender definitely could just drop your application, especially if they are really busy with other ones.
Just curious, what is the purpose of your question? What are you trying to do that would cause you to be "slow" in providing docs?
If you do want an LE, then it's in your best interest to get them what they ask for as quickly as you can (since there's no guarantee for rates to stay low). Unless you wait an ungodly length of time, you are just delaying getting a LE if you don't provide documents quickly.
I'm not aware of a law that says a lender will drop your loan if you don't provide docs quickly but you are penalized if you don't (theoretically):
1) Your rate lock could expire and you'd have to pay extra to extend your rate lock if you cause delays in getting your docs in.
2) The Lender definitely could just drop your application, especially if they are really busy with other ones.
Just curious, what is the purpose of your question? What are you trying to do that would cause you to be "slow" in providing docs?
If you don't want BS, the simplest way to get a good deal is probably to call Dave Pressel at Bayshore Mortgage, if he is licensed in your state.
If you can provide the following info, we can give a better answer:
What state are you in?
What is your loan amount and house value?
What is your loan amount and house value? Little worried about putting actual numbers on here.
We owe about 30% of what the house is valued at conservatively using recent comps in our neighborhood, if that helps. If you believe Zillow (and WHY would you) we only owe 25%.
The reason I was asking about loan size is that it can matter a lot. Too small and lenders don't care about you. Too big and you get into jumbo territory. If you are between $300-510k, then that is the sweet spot. $510-766k should also be OK.
If you are in this range, take a look at the published rates on the homepages of the following sites. This should give you an idea of what is possible with no costs, assuming your loan size is in the right range and you have W2 income.
https://www.interactive
https://www.rateplus.co
I am currently locked with Interactive Mortgage. My loan officer was pretty efficient. I spoke to him on Thursday for half an hour, when he gave me a rate quote, took my application info, got an appraisal waiver and locked the rate. On Friday I got a loan estimate and uploaded my documents (not too onerous), and I've now been assigned a loan processor as I'm going into underwriting. I can't confirm that there is "no BS" as I haven't been through the whole process, but so far so good. Happy to share my loan officer's contact info over PM. He has good reviews on Yelp, which is how I found him.
Dave Pressel is based in NJ I believe, but he is licensed in CA. See link below. In my case he was able to beat others' published rates.
https://bsmfunding.mymo
The reason I was asking about loan size is that it can matter a lot. Too small and lenders don't care about you. Too big and you get into jumbo territory. If you are between $300-510k, then that is the sweet spot. $510-766k should also be OK.
If you are in this range, take a look at the published rates on the homepages of the following sites. This should give you an idea of what is possible with no costs, assuming your loan size is in the right range and you have W2 income.
https://www.interactive
https://www.rateplus.co
I am currently locked with Interactive Mortgage. My loan officer was pretty efficient. I spoke to him on Thursday for half an hour, when he gave me a rate quote, took my application info, got an appraisal waiver and locked the rate. On Friday I got a loan estimate and uploaded my documents (not too onerous), and I've now been assigned a loan processor as I'm going into underwriting. I can't confirm that there is "no BS" as I haven't been through the whole process, but so far so good. Happy to share my loan officer's contact info over PM. He has good reviews on Yelp, which is how I found him.
Dave Pressel is based in NJ I believe, but he is licensed in CA. See link below. In my case he was able to beat others' published rates.
https://bsmfunding.mymo
Another question for you and anyone else...are early payoff penalties still a thing? They were 7 years ago and I am NOT wanting to get into THAT as the goal is to own our place ASAP.
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negative reviews?