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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.
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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=
:
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
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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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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...
Ha, thanks for the free plug
I think you are almost answering your own concern as to whats your time and effort worth to you? $500....$3000?
In my opinion its not that difficult to do a refinance especially if your credit LTV and DTI and credit scores are good. Its just a matter of providing whats requiring without losing emotions as underwriting can ask very weird questions. I honestly feel bad for people who spend money they don't need to but if you want to do it then go for it
Others have listed the bet places and if you are in Cali there are more options listed by again just because it was a smooth process 7 years back you could still run into the standard issues. Heck people like me are running back to back to back refis
If you want PM me your phone/email and I can walk you and your husband through the pitfalls and we can chat about any other concerns to help you feel better through the entire process (for free to be clear lol!).
Shahhere
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.
30 year confirming, after negotiation with Lifetime Guarantee.
LD 2.375 abce 2750 - credit 1351 = Net 1399
Bttr 2.5 -.5 points abce 1252 - credit 2153 = Net -901
Bttr 2.625 -1 points abce 1238 credit 3971 = Net -2733
Better matched it, but only go down to 2.5 on the rate sheet I locked.
I am in the same exact situation where LD in the first round would not entertain my numbers and kept saying my loan is too small for even a -$2000 credit at 3.25% YES 3.25%.
This time around a few weeks back they made contact and honestly thought they were wasting my time but kept pushing to see what they could do and finally got back to me with a deal i couldn't pass up on and so despite not planning a 3refi back/back/back I am marching ahead with that plan. Kicked me back $6900 (less org fee).
Refi2 is about to close and will settle at 2.625% with $5000 credit with Better.
Shahhere
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.
7 years ago? They were there but again not mainstream for the last 12-13 years that I've been looking at things so yea you were in the minority or I guess your lender was
As Presto said that LenderFi is the only lender that has a Clawback for 6 month clause/document. Even that is in my opinion a scare tactic and in many loan docs I reviewed for other members isn't even there in the final closing disclosures and if that's the case I'd not worry about it. Most Cali loans dont have this as well because Cali is probably hard on such items and frankly having a document like such pretty much makes your loan a "Pre-Payment" penalty loan which the services wont be too pleased about. I am not a lawyer so please confirm this information if you are faced with such a document.
Shahhere
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2.625 with 4800 lender credit. No escrow.
Question: I have Property tax due on November 1st. It's $2,150. It's in section F.
They loan officer stated that they have to collect because it's to close to the due date. Even though I have no escrow.
Is this normal?
After closing cost. I have $2,290 lender credit remaining. Can I use that to pay my property tax in section F. I don't want to do a loan reduction.
Please let me know.
2.625 with 4800 lender credit. No escrow.
Question: I have Property tax due on November 1st. It's $2,150. It's in section F.
They loan officer stated that they have to collect because it's to close to the due date. Even though I have no escrow.
Is this normal?
After closing cost. I have $2,290 lender credit remaining. Can I use that to pay my property tax in section F. I don't want to do a loan reduction.
Please let me know.
Yes, lender credit would be applied against prepaid property taxes and prepaid interest.
Yes, lender credit would be applied against prepaid property taxes and prepaid interest.
I will make sure they don't remove it from the final disclosure and let them know I want to apply my lender credit towards the property tax.
I will make sure they don't remove it from the final disclosure and let them know I want to apply my lender credit towards the property tax.
LD quoted me at 1% maximum cash back at closing since I was locked with a Freddie mac Loan product and Freddie mac Appraisal waiver, vs $2000 maximum back if it were a Fanniemae rate/term refi. Looking at Freddie Mac's website it does show the "the greater of 1% of the new refinance Mortgage or $2,000" at https://guide.freddiema
My Closing Disclosure I signed the day of closing showed the full 1% back, but I received a Wire transfer a few days later for only $2000, and never got any response from the closing agent. The title company said they had to go by what LD sent them, and did I not get any resolution since the LD closing agent did not return my phone call or e-mail. Documents dated 10 days after closing include 3 Freddie mac closing advisor feedback certificates, and 2 Fanniemae UCD Findings reports.
I got an updated closing disclosure dated about 2 months after closing, that has the $2000 figure on it.
I think I made one Payment to LD servicing before the Loan was sold (edit - I believe to Fannie Mae, but I can't find the Letter right now) . and serviced by 5/3rd Bank, despite being told through the whole process It was Freddiemac and I would get the full 1% cash at close and increasing the loan amount and monthly payment for the extra amount. The remaining funds from the 1% back were applied as a Principal reduction, and took a little while for the principal reduction payment and First payment I made to LD to be forwarded to 5/3rd to appear on the my 2nd Statement with 5/3rd.
This time around... Same Deal.. I'm locked with a Freddie mac product with 1% on the documents, and was assured my the manager if it happened again to let them know.
Needless to Say, I'm not waiting for 55 days on a 60 day lock, if better can get the deal done.
On my 2nd Refi, Better sold the Loan to Fannie Mae, but the servicer has not changed and is the The Money Source https://www.tmscustomer
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Currently on 3rd year in a 30 years 4.125% loan, the remaining loan amount 400K.I have a couple of options for refinancing
I have a closure disclosure for 15 years @ 2.25% with $400 closing cost (E+F-credits) with no appraisal needed, excluding the prepaids which I think is a wash with LenderFi that I can close in 10 days.
I was given a quote through email by Loan Cabin for 30 years after locking with them for 15 years and I requested a term change for 30. This is what emailed to me but still waiting for initial disclosure - 30 years @ 2.625% also with $400 closing cost (E+F-credit) inclusive of the upfront $500 for the appraisal fee.
The pace at which Loan cabin is moving and the need to go through appraisal, I don't think we will close in the next 60 days before the additional %.5 government fees added.
So the question is if I move forward with Lenderfi with 15 years no cost closing and refinance again in a few months Loan cabin or someone else for 30 years (which is the term what I eventually want to be at), is it still the correct financial decision based on my current 30 years rate of 4.125%? Or should just do one time refinancing to 30 years from my current rate?
Thanks