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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
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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. |
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As you may know, the Federal Housing Finance Agency recently introduced a surprise 0.5% fee on mortgage refinances which was applied to your total loan amount.* Due in large part to pushback from industry leaders like us, the FHFA has postponed the fee until December 2020.
Because the fee is no longer applicable to your pending loan with Better Mortgage, we'll be sending you a $1,xxx.00 refund — 0.5% of your total loan amount after your loan funds. You can expect to receive a check by mail within 10-14 business days to the mailing address we have on file.
Shahhere
Its not a line item on my LE so I can only assume its there on their internal sheets.
Shahhere
As you may know, the Federal Housing Finance Agency recently introduced a surprise 0.5% fee on mortgage refinances which was applied to your total loan amount.* Due in large part to pushback from industry leaders like us, the FHFA has postponed the fee until December 2020.
Because the fee is no longer applicable to your pending loan with Better Mortgage, we'll be sending you a $1,xxx.00 refund — 0.5% of your total loan amount after your loan funds. You can expect to receive a check by mail within 10-14 business days to the mailing address we have on file.
Shahhere
Take the money and run!!
Shahhere
8/3 Applied via backdoor link.
8/4 Application approved and first contact with my LO.
8/5 Received redisclosure documents and inital documents request.
8/6 Locked 2.5% 30 yr with ~$600 in net credits.
8/7-8/11 Dark.
8/12 Received initial disclosures and follow-up document request.
8/14 Forwarded to loan processing.
8/17 Appraisal ordered.
8/22 Moved to underwriting for final approval.
9/4 Received Pre-Closing Disclosures
Transfers can happen any day technically as I know people how have been transferred sooner than the 1st. It just so happens that in my case it was listed as the 1st to which I assume they are bundling my loan with others and doing a mass transfer on that date? I was notified all the way back in August that my loan was set to be transferred (Dated 8/20/2020) but the actual transfer was noted as 10/01 and to date nothing has moved.
Shahhere
I've heard some lenders would clawback credit if refi within 6 months. Do you know if LD does that? Is there a specific document that I need to look for regarding the clawback?
I've heard some lenders would clawback credit if refi within 6 months. Do you know if LD does that? Is there a specific document that I need to look for regarding the clawback?
See:
https://slickdeals.net/forums/showpost.php?p=
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Refi1: Better 2.75% $4000 credit + Amex. (July8th lock - Aug 14th funded)
Refi2: Better 2.625% $4999 credit + Amex (Aug 24th lock - Sept 22nd fund)
Refi3: LD 2.5% with $6900 credit (-Org Fee)
Top issues: I made title changes in Refi1 so had to deal with those and probably carry them into Refi3 but the title company is attaching my deed as proof that its filed but not completed by the county.
Getting the payoff from Refi1 for Refi2 in time before its transferred to a different servicer. Don't know this yes as I just funded today but have to see if I can catch this and sort it out before the Oct1st transfer deadline. The issue with this is that you have no clarity on how far the process is on the primary servicer and you'll have to stay on top of them to get the payoff on time. This will get even more interesting to get payoff from Refi2 before they transfer anything and this time they might not be so inclined to help me get answers
Insurance company cannot keep things straight as the refis are soo close to each other that they are confused on putting the Lender name in the right order. This is in addition to the renewal that is due end of October that also required Refi1 to collect prepaid for it but the Insurance company not being setup to pay for it just yet as the renewal wasn't ready being almost 3 months out.
If you aren't staying on top of all the open items and essentially managing the process then things will lag and sit there. The biggest difference I am noticing in the process is an active and possibly single point of contact at Title as that's where the longest time will be spent and for any issues with the above they'd be the best people to provide the right set of clear to close approval to speed things up for the lender.
I still have to make sure LD is in the clear but I don't know what issues their underwriting team could come up with but either way lets see as its a Nov first week lock deadline.
luck. timing, seeing through the pitfalls and staying ahead of the known issues and understanding the process and talking to like minded people were all involved as I'll be done with 5 in 12 month period.
Shahhere
As you may know, the Federal Housing Finance Agency recently introduced a surprise 0.5% fee on mortgage refinances which was applied to your total loan amount.* Due in large part to pushback from industry leaders like us, the FHFA has postponed the fee until December 2020.
Because the fee is no longer applicable to your pending loan with Better Mortgage, we'll be sending you a $1,xxx.00 refund — 0.5% of your total loan amount after your loan funds. You can expect to receive a check by mail within 10-14 business days to the mailing address we have on file.
Shahhere
Does anyone know if Bayshore services their loans, and if so, do they have an online portal?
Hello Fellow Ashish; I just Pmed you the contact as well as mine so ping me if you need help.
Shahhere
Shhhhhhhhh its all hard work lol!
Shahhere
The Fee was announced on August 13th and then a later announcement around August 25th (?) said that it would be collected in Dec1st Sold loans.
All, I can assume is the above email is not in error and that they baked the fee in during the above window and is on their Rate Sheet but never took it out and so loans that had it but are closing in time for them to be able to sell back to Fannie/Freddy (possibly through October) are getting the money back.
Deff, nice of them as I dont know the regulation around this as its not a LE item and sounds like not something they would need to give back, dont know, unprecedented.
Shahhere
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30-yr fixed, 74% LTV @ 2.625% (60 day lock); 6.7bps in points + $1,595 origination fee