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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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I have the original loan at about 4.5% rate, about 60% LTV, excelent credit, etc.., just want to lower my rate and costs. The mortgage servicer has changed hands just under 2 years ago (I'm thinking this might have an impact on the servicer's willingness to offer good rate but I'm not in the mortgage industry so I don't know).
I'm looking to refinance either with the current servicer or by another lender who offers lower APR. I looked up Loan Cabin's posted rates for my scenario and today it's showing 2.375% rate and APR. I realize we might not be able to get the Loan Estimate(s) without giving out SSN and basic info, but I'm trying to limit sending out documents until we decide on the lender. So I think the scenarios are:
A) Call up the current lender and ask if they can offer a 'reasonable' rate and keep our business? We might never know what is the lowest rate we can get but as long as the offered rate seems reasonable with what we see on the web, some of us could bite. This minimizes sending out personal info to prospective lenders unnessarily. The current lender has the upper hand since they have the most wiggle room, in terms of eliminating uneccessary costs, but at the same time they might not be willing to offer good APR without us presenting them proof that we have a lower offer and willing to leave them
B) With the new .5 refinance risk fee deadline coming up, time is of the essense, so approach both the prospective lenders and the current lender at the same time? That is, go through the formal process of applying at the various lenders and get the Loan Estimates, and while not having an LE on hand, also call up the current lender and ask if they can offer a 'reasonable' rate and keep our business
C) Apply to the various lenders and get the LE's, then approach the current lender and reference the best LE and ask if they can match?
It seems that each approach has its own sense, but my senses might be limited. With the mortgage wits vested in SD'ers, what approach would you take, and could you please share your reasoning logic?
I have the original loan at about 4.5% rate, about 60% LTV, excelent credit, etc.., just want to lower my rate and costs. The mortgage servicer has changed hands just under 2 years ago (I'm thinking this might have an impact on the servicer's willingness to offer good rate but I'm not in the mortgage industry so I don't know).
I'm looking to refinance either with the current servicer or by another lender who offers lower APR. I looked up Loan Cabin's posted rates for my scenario and today it's showing 2.375% rate and APR. I realize we might not be able to get the Loan Estimate(s) without giving out SSN and basic info, but I'm trying to limit sending out documents until we decide on the lender. So I think the scenarios are:
A) Call up the current lender and ask if they can offer a 'reasonable' rate and keep our business? We might never know what is the lowest rate we can get but as long as the offered rate seems reasonable with what we see on the web, some of us could bite. This minimizes sending out personal info to prospective lenders unnessarily. The current lender has the upper hand since they have the most wiggle room, in terms of eliminating uneccessary costs, but at the same time they might not be willing to offer good APR without us presenting them proof that we have a lower offer and willing to leave them
B) With the new .5 refinance risk fee deadline coming up, time is of the essense, so approach both the prospective lenders and the current lender at the same time? That is, go through the formal process of applying at the various lenders and get the Loan Estimates, and while not having an LE on hand, also call up the current lender and ask if they can offer a 'reasonable' rate and keep our business
C) Apply to the various lenders and get the LE's, then approach the current lender and reference the best LE and ask if they can match?
It seems that each approach has its own sense, but my senses might be limited. With the mortgage wits vested in SD'ers, what approach would you take, and could you please share your reasoning logic?
I wouldn't treat your current lender differently than anyone else. If they are offering a significantly streamlined process, then it might be worth looking at them differently.
I have the original loan at about 4.5% rate, about 60% LTV, excelent credit, etc.., just want to lower my rate and costs. The mortgage servicer has changed hands just under 2 years ago (I'm thinking this might have an impact on the servicer's willingness to offer good rate but I'm not in the mortgage industry so I don't know).
I'm looking to refinance either with the current servicer or by another lender who offers lower APR. I looked up Loan Cabin's posted rates for my scenario and today it's showing 2.375% rate and APR. I realize we might not be able to get the Loan Estimate(s) without giving out SSN and basic info, but I'm trying to limit sending out documents until we decide on the lender. So I think the scenarios are:
A) Call up the current lender and ask if they can offer a 'reasonable' rate and keep our business? We might never know what is the lowest rate we can get but as long as the offered rate seems reasonable with what we see on the web, some of us could bite. This minimizes sending out personal info to prospective lenders unnessarily. The current lender has the upper hand since they have the most wiggle room, in terms of eliminating uneccessary costs, but at the same time they might not be willing to offer good APR without us presenting them proof that we have a lower offer and willing to leave them
B) With the new .5 refinance risk fee deadline coming up, time is of the essense, so approach both the prospective lenders and the current lender at the same time? That is, go through the formal process of applying at the various lenders and get the Loan Estimates, and while not having an LE on hand, also call up the current lender and ask if they can offer a 'reasonable' rate and keep our business
C) Apply to the various lenders and get the LE's, then approach the current lender and reference the best LE and ask if they can match?
It seems that each approach has its own sense, but my senses might be limited. With the mortgage wits vested in SD'ers, what approach would you take, and could you please share your reasoning logic?
Sorry but the concern about sending your information to another lender is not a valid concern as its industry standard so you shouldn't worry about that.
Not all Lenders/Servicers will willingly give your their "Best" pricing so keep that in mind, this thread is geared towards that mindset. That said you can gauge from the thread what the prevailing rates many people are getting to establish your baseline.
Honestly you'll have to check out other lenders to get the best pricing out there and that could very well be your current lender. Most lenders are not going to share their best pricing if you are only window shopping and so getting a solid Loan Estimate might not be happen unless you apply. Once you apply 1 one you might as well apply to a few of the low priced lenders to get the best spread that's out there.
At that point you can choose to go down the route of picking the best price lender or taking you LE to your current lender. Most of the lenders have already priced in the Adverser Market Fee as its assessed to the lender when they sell the loan and with most lenders being 45+ days conservatively to close it wont leave them a lot of room to sell the loan in time to avoid the fee.
Most people on this forum will help answer you questions so don't worry you wont be left hanging with the process on your own
Shahhere
I'll reach out to Radian and see if they are in fact doing title for LD as I am in conversation with them for my LD refi#3 but not sure if mine is the case as I am repeating title work back to back to back.
I have a title contact who is really great and is really close to getting NC license but as of today its not the case and might take an extra week or so for NC.
Shahhere
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You did not provide that fact if your daughter is title or not currently. If she is then that's a non issue but if she is not you can add her to your title during the refi process but will need to add her to the loan if she is not on the loan.
My take is that if you have 1 person who can qualify for the loan then you should only apply for the loan under that person and not tie up credit for everyone else in the household. Most lenders will allow you to take a loan and have additional people on title but many lenders will not and will want all people on title to apply for the loan so you'll have to find that answer from your lender.
Shahhere
I have the original loan at about 4.5% rate, about 60% LTV, excelent credit, etc.., just want to lower my rate and costs. The mortgage servicer has changed hands just under 2 years ago (I'm thinking this might have an impact on the servicer's willingness to offer good rate but I'm not in the mortgage industry so I don't know).
I'm looking to refinance either with the current servicer or by another lender who offers lower APR. I looked up Loan Cabin's posted rates for my scenario and today it's showing 2.375% rate and APR. I realize we might not be able to get the Loan Estimate(s) without giving out SSN and basic info, but I'm trying to limit sending out documents until we decide on the lender. So I think the scenarios are:
A) Call up the current lender and ask if they can offer a 'reasonable' rate and keep our business? We might never know what is the lowest rate we can get but as long as the offered rate seems reasonable with what we see on the web, some of us could bite. This minimizes sending out personal info to prospective lenders unnessarily. The current lender has the upper hand since they have the most wiggle room, in terms of eliminating uneccessary costs, but at the same time they might not be willing to offer good APR without us presenting them proof that we have a lower offer and willing to leave them
B) With the new .5 refinance risk fee deadline coming up, time is of the essense, so approach both the prospective lenders and the current lender at the same time? That is, go through the formal process of applying at the various lenders and get the Loan Estimates, and while not having an LE on hand, also call up the current lender and ask if they can offer a 'reasonable' rate and keep our business
C) Apply to the various lenders and get the LE's, then approach the current lender and reference the best LE and ask if they can match?
It seems that each approach has its own sense, but my senses might be limited. With the mortgage wits vested in SD'ers, what approach would you take, and could you please share your reasoning logic?
My 2 cents, apply to as many lenders off the SD list as possible licensed in your state within 14 days of your first mortgage hard credit inquiry and send locked LEs (dated within a business day is best) to other lenders to match.
My experiences is that lenders seem MORE willing to match rates the farther you get into the process with them. My joke right now is that I have 2-3 lenders competing who can lose more money with me (presumably, because they've already invested resources and want to at least get something back). Of note, I had actually seriously thought I had withdrawn with one of these lenders, and was quite surprised that my application is still in process with them (it seems that the person who does pricing and the rest of the team aren't always on the same page).
My take is that if you have 1 person who can qualify for the loan then you should only apply for the loan under that person and not tie up credit for everyone else in the household. Most lenders will allow you to take a loan and have additional people on title but many lenders will not and will want all people on title to apply for the loan so you'll have to find that answer from your lender.
Shahhere
Also, based on the fact that you are retired, w/o knowing the specifics of your loan, can your current income support the new mortgage? Typically your front-end DTI should be less than or equal to 28%.
If your income can not support the mortgage you require, than it would have to be your daughter who applies.
Based on the mortgage rate you are anticipating, you can calculate your maximum mortgage amount using various calculators. Here is a basic one from bankrate:
https://www.bankrate.co
Just a data point, Loan Cabin doesn't mandate that everyone on title must apply on the loan. In my case, both my wife and I are on the deed/title, but only I am applying for the loan.
California
$435k Loan amount (after cash out refi)
51% LTV
2.625% 30 year, 3000 lender credit
2.75% 30 year $5,900 lender credit
Silly question
How do yiu create portal at LC? I applied today and want to make sure my application reflects the rate I applied for
I still haven't been assigned a LO
Thanks
Also, based on the fact that you are retired, w/o knowing the specifics of your loan, can your current income support the new mortgage? Typically your front-end DTI should be less than or equal to 28%.
For example, if your gross monthly income was $5,000, the maximum P&I on a loan should be (28% * $5,000) = $1,400 or less.
If your income can not support the mortgage you require, than it would have to be your daughter who applies.
Based on the mortgage rate you are anticipating, you can calculate your maximum mortgage amount using various calculators. Here is a basic one from bankrate:
https://www.bankrate.co
Just a data point, Loan Cabin doesn't mandate that everyone on title must apply on the loan. In my case, both my wife and I are on the deed/title, but only I am applying for the loan.
How do yiu create portal at LC? I applied today and want to make sure my application reflects the rate I applied for
I still haven't been assigned a LO
Thanks
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My 2 cents, apply to as many lenders off the SD list as possible licensed in your state within 14 days of your first mortgage hard credit inquiry and send locked LEs (dated within a business day is best) to other lenders to match.
My experiences is that lenders seem MORE willing to match rates the farther you get into the process with them. My joke right now is that I have 2-3 lenders competing who can lose more money with me (presumably, because they've already invested resources and want to at least get something back). Of note, I had actually seriously thought I had withdrawn with one of these lenders, and was quite surprised that my application is still in process with them (it seems that the person who does pricing and the rest of the team aren't always on the same page).