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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

5,050 1,724 July 4, 2020 at 01:27 PM in Free Shipping (6)
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Last Edited by shahhere July 26, 2021 at 06:35 AM
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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):
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.

07/14/2021 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.
30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
TBD
15 year Fixed:
07/14/2021 2.0 % Better.com; matches Bankrate rates for themselves.
07/04/2020 2.5% NIH Credit Union with Lender Credit
Title Company Comparisions:
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).
ALTTitle.com
https://www.valerotitle.com/ - Texas only.
Alphabetical list of other lenders (some could be non-proven without direct member experiences posted here):
  1. AimLoan - Will provide LE without hard pull if credit is frozen https://www.aimloan.com/
  2. Amerisave - will give you scores from all 3 bureaus with just a soft pull https://www.amerisave.com/
  3. Better.com https://better.com/
  4. BoxHomeLoans https://www.boxhomeloans.com/
  5. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  6. Colonial Mort http://www.colonialmort.com/
  7. HighTechLending http://www.hightechlending.co/Default.aspx
  8. Interactive Mortgage https://interactivemortgage.com/ Eric from IM is super rude so good luck dealing with this guy!
  9. LenderFi https://www.lenderfi.com [lenderfi.com]if the link wont work try this backend link: https://app.lenderfi.com/app/sign...r/lenderfi
  10. Loan Cabin https://www.loancabin.com/
  11. Loan Depot https://www.loandepot.com/
  12. LoanLock https://www.loanlock.com/
  13. NavyFederal CU https://www.navyfederal.org/
  14. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  15. Northpointe Bank https://www.northpointe.com/
  16. Owning.com (Operates only in CA) https://owning.com/
  17. Pentagon Federal CU https://www.penfed.org/
  18. Provident Funding - will give LE without locking rate https://www.provident.com/
  19. RatePlus (California) https://www.rateplus.com/
  20. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility traviscu.org
  21. United wholesale mortgages https://www.uwm.com/
  22. Watermark Home Loans https://www.watermarkhomeloans.com/
  23. 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
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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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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=138543920&postcount=138)

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.consumerfinance.gov/o...-estimate/

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".
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.mortgagenewsdaily.com/...age_rates/



Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
  1. Loan Cabin https://www.loancabin.com/
  2. Better.com https://better.com/
  3. Interactive Mortgage https://interactivemortgage.com/
  4. LenderFi https://www.lenderfi.com/
  5. owning.com (Operates only in CA) https://owning.com/
  6. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  7. Loan Depot https://www.loandepot.com/
  8. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility [traviscu.org]
  9. Pentagon Federal CU https://www.penfed.org/
  10. Interactive Mortgage https://interactivemortgage.com/
  11. NavyFederal CU https://www.navyfederal.org/
  12. United wholesale mortgages https://www.uwm.com/
  13. BoxHomeLoans https://www.boxhomeloans.com/
  14. LoanLock https://www.loanlock.com/
  15. West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
  16. RatePlus (California) https://www.rateplus.com/
  17. Northpointe Bank https://www.northpointe.com/
  18. HighTechLending https://hightechlending.mortgagewebcenter.com/
  19. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  20. AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
  21. Amerisave - will give you scores from all 3 bureaus with just a soft pull
    https://www.amerisave.com/
  22. Provident - will give LE without locking rate https://www.provident.com/ Best Credit Back with 60% LTV or better.
  23. Watermark Home Loans https://www.watermarkhomeloans.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.
  24. Colonial Mort http://www.colonialmort.com/
  25. Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
  26. 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?dl=0
Quote from PeterLegend :
Here is a photo of my loan estimate from Loan Cabin, my lender credits should be closer to 3K based on my initial conversations with Bob so i'm following up with him on that.

I do see title insurance in my estimate. I reached out to Owning but I didn't quality for the no cost refinance option since my LTV was 73%, it has to be 50% or lower when I spoke to them.

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qAnon09102020
09-22-2020 at 12:38 PM.
09-22-2020 at 12:38 PM.
Quote from thedesi :
That's strange you're left out. I'm in worse state as I applied yesterday.

Is there a place on their site which shows your rate when applied? Or do you get what's prevailing when they get to you
You get the rate when you speak with your LO. So, the better rates we've seen weeks ago are gone, unless the mortgage rates continue to drop. So what I'll do is to get the best rate between a couple lenders, then decide the day I'm ready to lock.
Reply
Joined May 2010
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thedesi
09-22-2020 at 12:44 PM.
09-22-2020 at 12:44 PM.
Quote from qAnon09102020 :
You get the rate when you speak with your LO. So, the better rates we've seen weeks ago are gone, unless the mortgage rates continue to drop. So what I'll do is to get the best rate between a couple lenders, then decide the day I'm ready to lock.

LC is showing me 2.125, no points for 15yr...havent seen that before. So pretty impatient to lock when they call
Reply
Joined Apr 2007
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presto987
09-22-2020 at 01:04 PM.
09-22-2020 at 01:04 PM.
LC is slow at every stage. There have been a few people in this thread who mentioned closing with them, but also a lot of people who are stuck in some sort of limbo with no communication. It took me 4.5 weeks from application to lock. Now it has been 2 weeks since I locked, and I still don't have an LE. I have followed up quite a few times. When I get through, I am told that it will be handled, but nothing so far.

Has anyone else closed with LC recently? Looking for some comfort that this loan might actually go through.
Reply
Joined Sep 2020
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> bubble2 230 Posts
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JAC702
09-22-2020 at 01:24 PM.
09-22-2020 at 01:24 PM.
Quote from presto987 :
LC is slow at every stage. There have been a few people in this thread who mentioned closing with them, but also a lot of people who are stuck in some sort of limbo with no communication. It took me 4.5 weeks from application to lock. Now it has been 2 weeks since I locked, and I still don't have an LE. I have followed up quite a few times. When I get through, I am told that it will be handled, but nothing so far.

Has anyone else closed with LC recently? Looking for some comfort that this loan might actually go through.
I'd love to hear some success stories as well.
Reply
Joined Dec 2010
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> bubble2 166 Posts
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nagraw4
09-22-2020 at 01:40 PM.
09-22-2020 at 01:40 PM.
Quote from SplendidCircle329 :
My lock expired August 30th and I'm almost out of underwriting and expecting my CD. I think their process is to get the application out of underwriting and then send a CD. The communication I got mentioned that LC. will cover the lock extension. You should expect waiting few additional weeks
Thanks. I submitted my documents in mid-Aug. My lock expires this week. There has been no communication since I submitted docs.
What type of communication have you had? Did they notify when they actually started the underwriting process? How long did the actual underwriting take?
Reply
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presto987
09-22-2020 at 01:59 PM.
09-22-2020 at 01:59 PM.
Quote from nagraw4 :
Thanks. I submitted my documents in mid-Aug. My lock expires this week. There has been no communication since I submitted docs.
What type of communication have you had? Did they notify when they actually started the underwriting process? How long did the actual underwriting take?
nagraw4 and SplendidCircle329, how long were your locks? Nowadays LC is only doing 60-day locks, but it sounds like yours might have been 30 days?
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nagraw4
09-22-2020 at 02:07 PM.
09-22-2020 at 02:07 PM.
Quote from presto987 :
nagraw4 and SplendidCircle329, how long were your locks? Nowadays LC is only doing 60-day locks, but it sounds like yours might have been 30 days?
I locked end of July. It's a 60 day lock.
Reply

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MadeInAP
09-22-2020 at 02:15 PM.
09-22-2020 at 02:15 PM.
Quote from thedesi :
LC is showing me 2.125, no points for 15yr...havent seen that before. So pretty impatient to lock when they call
Don't forget that it only includes A so you need to cover B and C. Make sure you pick 60 days lock (not 15) as it is taking more than 2 months for LC to close. It's NOT a good idea to wait for LE from LC anymore as the Adverse Fee already kicked in or about to kick in before the end of the month.
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Joined Jul 2005
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vedau
09-22-2020 at 02:37 PM.
09-22-2020 at 02:37 PM.
Quote from presto987 :
LC is slow at every stage. There have been a few people in this thread who mentioned closing with them, but also a lot of people who are stuck in some sort of limbo with no communication. It took me 4.5 weeks from application to lock. Now it has been 2 weeks since I locked, and I still don't have an LE. I have followed up quite a few times. When I get through, I am told that it will be handled, but nothing so far.

Has anyone else closed with LC recently? Looking for some comfort that this loan might actually go through.
I hope it will work out positively for you in the end.

It seems there are a lot of Loan Cabin user stories. Could you guys please share your experiences with LC in terms of how close or far off the rate/APR you see on their website (prior to providing SSN and applying) and the rate/APR offered to you when you actually go through the application process? In addition to the closing timeframe being so long and uncertain, if the preview rate/APR is too far off than the actual rate/APR, it's almost like taking a credit hit for nothing if the rate/APR you get is not in the ball park. If the figures are in the ball park we might find some comfort in waiting.
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Joined Apr 2007
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presto987
09-22-2020 at 03:10 PM.
09-22-2020 at 03:10 PM.
Quote from vedau :
I hope it will work out positively for you in the end.

It seems there are a lot of Loan Cabin user stories. Could you guys please share your experiences with LC in terms of how close or far off the rate/APR you see on their website (prior to providing SSN and applying) and the rate/APR offered to you when you actually go through the application process? In addition to the closing timeframe being so long and uncertain, if the preview rate/APR is too far off than the actual rate/APR, it's almost like taking a credit hit for nothing if the rate/APR you get is not in the ball park. If the figures are in the ball park we might find some comfort in waiting.
They pull your credit when you lock a rate, not when you apply. So you can feel free to apply without worrying about the credit hit. Then when they finally get back to you with a rate quote, you can decide whether you want to lock and take the credit hit.

Unfortunately since they take so long to get back to you, if you do decide to lock, it is unlikely that your credit pull would be in the same 14-day period as other lenders you may have applied with up front. I think in most cases the impact on your credit score is only a few points, but worth considering if your credit is borderline.

To answer your actual question, since there is a long gap between your application and the official rate quote, rates can certainly change during that time. In my case, there was over a month gap. Fortunately, rates hadn't moved very much during that period (they got worse but then got better again), so I was able to lock a good rate that was pretty close to what I saw on the website originally. One important caveat is that when you search the website, you should be looking at a 60-day lock, since that is the only option that will be offered.

Finally, it's worth noting that LC's website pricing has gotten worse in recent days. I think this reflects the 0.5% refinance fee. And instead of showing the highest rate with positive points, they now appear to be showing the lowest rate without points. This is probably more useful for people on this thread, but unfortunately they don't show you how much the lender credit is for these rates.

To give an example, when I locked my rate, the website was showing a 30-year at 2.25% with some amount of points. Which meant that if you opted for 2.375% or higher, you would get a lender credit. Then when the 0.5% fee was incorporated, the pricing moved to 2.375% with some amount of points, which meant that you would need to go to 2.5% or higher to get lender credit. Now with the website change, it is showing 2.5% with no points (and presumably some lender credit which is not shown).
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Last edited by presto987 September 22, 2020 at 03:14 PM.
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turbunatorcf
09-22-2020 at 03:34 PM.
09-22-2020 at 03:34 PM.
Closed with better today. $615k refinance, 15 yr fixed @2.25% with $4999 lenders credit. Took roughly 30days from rate lock to closing. Thanks everyone
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PeterLegend
09-22-2020 at 03:52 PM.
09-22-2020 at 03:52 PM.
Quote from nagraw4 :
Thanks. I submitted my documents in mid-Aug. My lock expires this week. There has been no communication since I submitted docs.
What type of communication have you had? Did they notify when they actually started the underwriting process? How long did the actual underwriting take?
Hello, did you enter the processing phase with Loan Cabin? You should have received an email notification with a status update in your Loan Cabin portal.

I submitted my application on 08/15, locked in and signed disclosures on 08/21, entered processing phase 09/09.

Thanks,
Peter
Reply
Last edited by PeterLegend September 22, 2020 at 03:58 PM.
Joined Jul 2005
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vedau
09-22-2020 at 03:54 PM.
09-22-2020 at 03:54 PM.
Quote from presto987 :
They pull your credit when you lock a rate, not when you apply. So you can feel free to apply without worrying about the credit hit. Then when they finally get back to you with a rate quote, you can decide whether you want to lock and take the credit hit.

Unfortunately since they take so long to get back to you, if you do decide to lock, it is unlikely that your credit pull would be in the same 14-day period as other lenders you may have applied with up front. I think in most cases the impact on your credit score is only a few points, but worth considering if your credit is borderline.

To answer your actual question, since there is a long gap between your application and the official rate quote, rates can certainly change during that time. In my case, there was over a month gap. Fortunately, rates hadn't moved very much during that period (they got worse but then got better again), so I was able to lock a good rate that was pretty close to what I saw on the website originally. One important caveat is that when you search the website, you should be looking at a 60-day lock, since that is the only option that will be offered.

Finally, it's worth noting that LC's website pricing has gotten worse in recent days. I think this reflects the 0.5% refinance fee. And instead of showing the highest rate with positive points, they now appear to be showing the lowest rate without points. This is probably more useful for people on this thread, but unfortunately they don't show you how much the lender credit is for these rates.

To give an example, when I locked my rate, the website was showing a 30-year at 2.25% with some amount of points. Which meant that if you opted for 2.375% or higher, you would get a lender credit. Then when the 0.5% fee was incorporated, the pricing moved to 2.375% with some amount of points, which meant that you would need to go to 2.5% or higher to get lender credit. Now with the website change, it is showing 2.5% with no points (and presumably some lender credit which is not shown).
Thanks Presto987. I appreciate you sharing those very useful info. Regarding showing the "lowest rate with no points", I think that is useful, assuming it's correct Smilie I'm not used to seeing both rate and APR being the same number (if that's even possible).
Reply
Joined Sep 2009
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> bubble2 550 Posts
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mamakat
09-22-2020 at 04:12 PM.
09-22-2020 at 04:12 PM.
I vented about my frustration with loancabin in another thread earlier today. -- I locked almost 2 months ago, and then asked for a float down.. The appraisal was done 3 weeks ago. I haven't heard from my rep Samantha in over a month.. I've called, emailed and called and emailed her assistant. Nothing.. No response at all... crickets!!

Frustrating that there's no website account to at least log onto to see even a "pending" or anything.. also frustrating that I was comfortable going with loancabin because Samantha was very responsive at first. Frown
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Joined Sep 2009
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mamakat
09-22-2020 at 04:14 PM.
09-22-2020 at 04:14 PM.
Quote from PeterLegend :
Hello, did you enter the processing phase with Loan Cabin? You should have received an email notification with a status update in your Loan Cabin portal.

I submitted my application on 08/15, locked in and signed disclosures on 08/21, entered processing phase 09/09.

Thanks,
Peter

For me the portal only says I completed all my tasks, I didn't even realize it should be upgraded to "pending" at some point.
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