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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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Is it as simple as raise my lender credit to $1900 and raise my loan amount by $600?
Shahhere
Our community has rated this post as helpful. If you agree, why not thank shahhere
Thanks for the awesome post, was very helpful. Complete noob here, if I may ask, why do you serially-refinance? I understand refinancing when the rates go down. But, why would you refinance for a higher interest rate? I assume you either cash-out or perhaps you foresee selling the home sooner than your lower interest rate would break-even?
Thanks!
This is a Pretty Calculator
https://better.com/content/no-cost-mortgage/
a simple calculator
https://www.mortgagecal
complex math
https://www.mtgprofesso
Soooo you are asking for my secret sauce
Simple Reasoning: by taking a higher rate I am getting credits/negative points(Cash) upfront against the hedging risk that I'll refinance again and hence get to keep the money before the break-even point after which I'll be paying interest on the mortgage.
Longer Reasoning: Who knows the future, right? I might move (no plans) or sell (no plan) or get a chance to refinance again at a lower rate (cant control this). Simply put its a risk I am taking if the breakeven is out in the future by at least 4-5 years (or more in some cases). I also consider the money not spent by paying points and the money earned by the negative points valuable at the present time and can invest in other higher interest earning options (discipline)
I've refinanced my primary property at least 13 times that I know of (lol) and have taken a higher rate and hence the higher cash/negative points in at least 9+ of those refinances. 100% of those refinances have never made it past the point where I'd have paid more interest on the loan.
I am in the very small minority in general who can to do this and have it down to a science (still learning a lot so dont get me wrong) and so am not phased by the process as its simply following the instructions and collecting the documentation or staying on top of the process to move it along similar to a project manager. Documentation, once you do it once becomes straightforward for the next refinance, especially if its done in a smaller/closer window of the last refinance. Again I'v had a good loan amount and so the % points are higher; have good credit; no or not a lot of other debt; steady job and finally good credit (840ish at times) to just disclose the small minority comment.
Please note that there is no guarantees and that the plan can backfire but I am okay with the risk. If you dont foresee the right plan then you should take the best rate available without paying too many points to acquire the rate as noted above things can change and if you pay $10,000 to refi but the rates tank then you'd have lost that cash. Do note that the rates are the lowest they have ever been so dont anticipate the rates going down to 0 as that wont be sustainable by the economy.
Sharing what I know and learning what you all share helps develop the right deal options out there and creates a bigger and better opportunity to continue doing this until something prevents me/us from doing that. None of what I am doing is illegal to say the least and at best have figured out a process that is not known by many. Last several months have been uncharted waters even for me as I've never done back to back to back refinances within a 2.5 month window but learning as I go.
Shahhere
I discovered Radian who used to be known as Entitle Direct about 11 or so years back and have been using them exclusively since and as such have found them to be the cheapest and hence the recommendation. I ran into quite a few issues and have also noted another Title Contact on the forum but she is limited to a few states but is one of the best people to work with in the industry.
Shahhere
Shahhere
INSERT ALL THE KNOWLEDGE HERE...
Shahhere
Bravo! Seriously! We didn't have the stomach for it, but still used your thread to get information and learn a bit about what everyone else was getting/going through. The help I got from you and others has cut years off my mortgage (even if I am paying for it) and for that I am grateful! GOOD LUCK all you Refi-Flippers! Get some cash and make them work!
Maybe one day I will be more risk tolerant. However, today I am just grateful for what I learned on here and how it lit a fire under me to REFI NOW!
Thank you!
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What I've heard is 45-60 days.
"We submit your loan directly into Underwriting after we get your checklist of items.
That way, we don't waste any time getting your loan approved. Initial Underwriting
approval will take roughly about 20-25 business days – please bear with us as we
maneuver through high demand due to rock bottom interest rates and a few Covid-19
related delays. In many instances however, the time frame is actually much shorter.
Once your appraisal value (if you had to have one done) is received and your loan is
initially approved it will be assigned to one of our Senior Account Managers within 3-4
Business days, but I will reach out prior to that to go over the approval with you and
get the file ready for their help. Before that, I will be the main point of contact until a
Senior Account Manager is assigned but feel free to reach out to me.
Once assigned to a Senior Account Manager, they will reach out to introduce
themselves via email or an introduction call. They will also help us clear any pending
items to issue a final approval on your loan.
Since we locked in your loan for 60 days, please expect it to take that long. There is a
possibility if your loan passes Underwriting quickly and is very clean that we can
finalize under 45 days but keep in mind the process should be around 60 days. This
means using the Consumer Portal and uploading everything needed on the first 2 days
of lock."
for LD I paid around $22 for credit report, if appraisal is needed they collect that at that time, but I had a Property inspection waiver (PIW), so was only charge the credit report fee.
for Better, I paid $550 for appraisal on credit card, even though I got a PIW, but will be refunded to the card.
"We submit your loan directly into Underwriting after we get your checklist of items.
That way, we don't waste any time getting your loan approved. Initial Underwriting
approval will take roughly about 20-25 business days – please bear with us as we
maneuver through high demand due to rock bottom interest rates and a few Covid-19
related delays. In many instances however, the time frame is actually much shorter.
Once your appraisal value (if you had to have one done) is received and your loan is
initially approved it will be assigned to one of our Senior Account Managers within 3-4
Business days, but I will reach out prior to that to go over the approval with you and
get the file ready for their help. Before that, I will be the main point of contact until a
Senior Account Manager is assigned but feel free to reach out to me.
Once assigned to a Senior Account Manager, they will reach out to introduce
themselves via email or an introduction call. They will also help us clear any pending
items to issue a final approval on your loan.
Since we locked in your loan for 60 days, please expect it to take that long. There is a
possibility if your loan passes Underwriting quickly and is very clean that we can
finalize under 45 days but keep in mind the process should be around 60 days. This
means using the Consumer Portal and uploading everything needed on the first 2 days
of lock."
for LD I paid around $22 for credit report, if appraisal is needed they collect that at that time, but I had a Property inspection waiver (PIW), so was only charge the credit report fee.
for Better, I paid $550 for appraisal on credit card, even though I got a PIW, but will be refunded to the card.
"We submit your loan directly into Underwriting after we get your checklist of items.
That way, we don't waste any time getting your loan approved. Initial Underwriting
approval will take roughly about 20-25 business days – please bear with us as we
maneuver through high demand due to rock bottom interest rates and a few Covid-19
related delays. In many instances however, the time frame is actually much shorter.
Once your appraisal value (if you had to have one done) is received and your loan is
initially approved it will be assigned to one of our Senior Account Managers within 3-4
Business days, but I will reach out prior to that to go over the approval with you and
get the file ready for their help. Before that, I will be the main point of contact until a
Senior Account Manager is assigned but feel free to reach out to me.
Once assigned to a Senior Account Manager, they will reach out to introduce
themselves via email or an introduction call. They will also help us clear any pending
items to issue a final approval on your loan.
Since we locked in your loan for 60 days, please expect it to take that long. There is a
possibility if your loan passes Underwriting quickly and is very clean that we can
finalize under 45 days but keep in mind the process should be around 60 days. This
means using the Consumer Portal and uploading everything needed on the first 2 days
of lock."
for LD I paid around $22 for credit report, if appraisal is needed they collect that at that time, but I had a Property inspection waiver (PIW), so was only charge the credit report fee.
for Better, I paid $550 for appraisal on credit card, even though I got a PIW, but will be refunded to the card.
Just sharing my experience to help others, I asked better to check if I was eligible for appraisal waiver before I locked (I did this after I received a price match, this order is beneficial for maximum lender credits since better will include the appraisal in their match calculation but not remove credit if waiver is allowed. Gives you an extra 550 on match if your other LE had appraisal waived). After they indicated that I was eligible for appraisal waiver, I asked them to remove the appraisal amount from my loan estimate and I would lock if there was no upfront cost. They were willing to do this but the mortgage expert said they would need to lock it over the phone to avoid the upfront charge (Rather than me locking through tasks).
That being said, I'm sure better will refund you the appraisal cost if you don't need an appraisal or back out before one is ordered. I just didn't want to deal with that chance.
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