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

5,049 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
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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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Joined Jul 2006
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shahhere
09-26-2020 at 01:21 PM.
09-26-2020 at 01:21 PM.
Quote from GBusCrs :
Has anyone else needed to re-upload more current financial documents (pay stubs/bank statements, etc) after waiting for 50 days to get into underwriting? Just twiddling my thumbs here and want to do anything to prepare and make sure things move along quickly..

Not me but yes a few have been asked to re-provide their latest set of pay-stubs and an updated bank statement along with another soft Credit check if you are truly in the 2-3 month period as things can become stale.


You cant get this setup electronically btw? I can pull Paystubs online and also monthly activity in a statement format from the bank online. I generally ask the bank via chat to get me the activity as its generated in a letterhead format and emailed to me and take a few minutes to chat with them and a few more to receive over email.


Shahhere
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xman47
09-26-2020 at 01:25 PM.
09-26-2020 at 01:25 PM.
Quote from shahhere :
Honestly speaking this is more of an exception than the rule about getting better pricing AFTER locking. In the 13+ years its only this time that a lender like Better is willing to Price Match not only the credits but also the Rate% post lock and frankly multiple times through their own process all the way up to the closing (people have posted PMing the day the closing disclosures were drawn up). I know you noted Ally as well but they are essentially owned by the same investor group.



To be frank I would NOT assume this to be the case with other lenders and at best would assume that you'd only get a Float down if rates do improve significantly and/or a better Credit (in J) to be offered to you or maybe they reduce their fees in A/B at best.


Shahhere

Makes sense to me. Frankly, I was surprised they were willing to price match after I had locked. But I can also see the argument for matching: if a lender has sunk costs (title, credit check, etc.) that they won't recover if a borrower jumps ship, it may be in the lenders interest to match a competitor.

I don't know enough about how lenders operate to know whether those costs & potential profits are significant enough to inventive a price match. Perhaps other who know more can weigh in.
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shahhere
09-26-2020 at 01:27 PM.
09-26-2020 at 01:27 PM.
Quote from xman47 :
Has anyone identified any common denominator for better.com returning the FHFA adverse market fee?

It seems to me the people who have received the email notifying them of a refund had smaller loans. Has anyone with a high-balance loan received notice of a refund?

For those who have or will receive a refund, when did you lock and close your loan? Before or after the fee was announced on Aug. 12?

My loan recently closed and funded, but I'm trying to figure out whether it is worth contacting my loan officer and closing expert to inquire about the refund.
Quote from presto987 :
I assume the refund would apply to anyone who locked between when the fee was announced and when the fee was postponed. It shouldn't matter when you closed.

I saw someone noting that they received a $3750ish credit for the AMF refund from Better so its not the loan amount per say as that's 3 times my loan amount.


Not everyone would have been assessed the fee in their rate sheet I think is why it might or might not be a refund. The fee though was announced on the 13th; was initially vague and seemed to be retroactive. They then clarified and extended the fee hit date to Dec1 (I think Aug 25th). If you Locked around or after that date the AMF might have been on your Rate Sheet (not LE).


I also think Better probably is selective in refunding only to people how have closed withing a certain deadline as remember the fee is paid when they SELL the loan back to Fannie and not when you closed/funded etc. So with that thought they might not give up the fee if for instance you close on Nov 8th as they don't think they can sell your loan in due time (guess).


I automatically got the email the day after i funded so I was for sure surprised. If you just recently closed I guess it wont hurt to ask (nothing to lose).


Shahhere
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maari
09-26-2020 at 02:59 PM.
09-26-2020 at 02:59 PM.
Does anyone know how soon can we refinance after just closing a refinance. I do read within these posts that borrowers can easily do it anytime but specifically, I am interested in knowing, where do I look for a section or clause if any that says I can do it anytime after closing ?
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wootwoot123
09-26-2020 at 04:44 PM.
09-26-2020 at 04:44 PM.
Quote from maari :
Does anyone know how soon can we refinance after just closing a refinance. I do read within these posts that borrowers can easily do it anytime but specifically, I am interested in knowing, where do I look for a section or clause if any that says I can do it anytime after closing ?
As soon as your loan is funded you can start the refi process again.
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maari
09-26-2020 at 06:23 PM.
09-26-2020 at 06:23 PM.
Quote from wootwoot123 :
As soon as your loan is funded you can start the refi process again.

Thank you!
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shahhere
09-26-2020 at 06:40 PM.
09-26-2020 at 06:40 PM.
Quote from maari :
Does anyone know how soon can we refinance after just closing a refinance. I do read within these posts that borrowers can easily do it anytime but specifically, I am interested in knowing, where do I look for a section or clause if any that says I can do it anytime after closing ?
Quote from wootwoot123 :
As soon as your loan is funded you can start the refi process again.

I just want to clarify this response that you technically can "Start" the next refinance Prior to the first 1 closing. Depending on the circumstances you cannot wait for the first one to close before starting the next one, hopefully this makes sense.

You cannot close on the 2nd refi without notifying the first btw as you'll have to disclose your underwriting changes. The issue of doing them too close to each other will be that, along with the appropriate payoff and title items.


Refi2 and Refi3 both started about 2-3 weeks before the funding of Refi1 and Refi2. Refi2 started almost 3 weeks prior but the lock was done after the funding so I guess that was more straight forward and it funded about 30 days after Refi1. Refi3 started about weeks prior to the Refi2 being funded and as the prior loan funded I updated the underwriting to indicate the change of the status that i had acquired a new loan etc.



Shahhere
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Last edited by shahhere September 26, 2020 at 06:43 PM.

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Joined Aug 2006
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eversavage
09-26-2020 at 07:25 PM.
09-26-2020 at 07:25 PM.
Quote from swhsiao :
Has anyone work with GoMortgage ? Online reviews are positive. I have a good quote for 15 year refinance rate 2.125%, with A+B cost = $650 after lender credit. The appraisal is not waived. I am thinking to lock in the rate. LO said the mandatory industry fee will be added after Sunday.

I just inquire.... let's see what happens... 2.125%/15 yr sounds decent
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sdpettytyrant
09-26-2020 at 08:42 PM.
09-26-2020 at 08:42 PM.
Better 60 days after lock and not closed yet. The delay now is Westcor Land Title Insurance Company making a mistake in the title report and not responding to Better's requests to fix it. I will be boycotting Westcor in all future transactions.
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maari
09-26-2020 at 09:16 PM.
09-26-2020 at 09:16 PM.
Quote from shahhere :
I just want to clarify this response that you technically can "Start" the next refinance Prior to the first 1 closing. Depending on the circumstances you cannot wait for the first one to close before starting the next one, hopefully this makes sense.

You cannot close on the 2nd refi without notifying the first btw as you'll have to disclose your underwriting changes. The issue of doing them too close to each other will be that, along with the appropriate payoff and title items.


Refi2 and Refi3 both started about 2-3 weeks before the funding of Refi1 and Refi2. Refi2 started almost 3 weeks prior but the lock was done after the funding so I guess that was more straight forward and it funded about 30 days after Refi1. Refi3 started about weeks prior to the Refi2 being funded and as the prior loan funded I updated the underwriting to indicate the change of the status that i had acquired a new loan etc.



Shahhere

Thank you, appreciate the detailed clarification!
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maari
09-27-2020 at 07:48 PM.
09-27-2020 at 07:48 PM.
Quote from shahhere :
I saw someone noting that they received a $3750ish credit for the AMF refund from Better so its not the loan amount per say as that's 3 times my loan amount.


Not everyone would have been assessed the fee in their rate sheet I think is why it might or might not be a refund. The fee though was announced on the 13th; was initially vague and seemed to be retroactive. They then clarified and extended the fee hit date to Dec1 (I think Aug 25th). If you Locked around or after that date the AMF might have been on your Rate Sheet (not LE).


I also think Better probably is selective in refunding only to people how have closed withing a certain deadline as remember the fee is paid when they SELL the loan back to Fannie and not when you closed/funded etc. So with that thought they might not give up the fee if for instance you close on Nov 8th as they don't think they can sell your loan in due time (guess).


I automatically got the email the day after i funded so I was for sure surprised. If you just recently closed I guess it wont hurt to ask (nothing to lose).


Shahhere

I am just trying to understand regarding FHFA fee - could you please share whether FHFA fee was part of your section A or was it baked into your interest rate and not show up in section A ? ( I keep hearing 'baked into interest rate'.. I am assuming it means they have made this FHFA cost as part of interest rate itself )
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shahhere
09-27-2020 at 07:58 PM.
09-27-2020 at 07:58 PM.
Quote from maari :
I am just trying to understand regarding FHFA fee - could you please share whether FHFA fee was part of your section A or was it baked into your interest rate and not show up in section A ? ( I keep hearing 'baked into interest rate'.. I am assuming it means they have made this FHFA cost as part of interest rate itself )

Not on the loan estimate, don't think anyone has it on the estimate as it's a fee to sell you loan. It's on the rate sheet that the lender uses and so you don't see it and is essentially baked in.

Shahhere
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maari
09-27-2020 at 08:34 PM.
09-27-2020 at 08:34 PM.
Quote from shahhere :
Not on the loan estimate, don't think anyone has it on the estimate as it's a fee to sell you loan. It's on the rate sheet that the lender uses and so you don't see it and is essentially baked in.

Shahhere

Thank you for the clarification, again! 😊
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Joined Nov 2007
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Itorian
09-28-2020 at 12:28 AM.
09-28-2020 at 12:28 AM.
Quote from eversavage :
I just inquire.... let's see what happens... 2.125%/15 yr sounds decent
Have until Dec 1 before the extra .5% ... just saying...
I would not wait till the last second that's for sure.
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TNDN
09-28-2020 at 06:36 AM.
09-28-2020 at 06:36 AM.
Question: I'm 7 years in my current 30 year mortgage.
After some back and forth. I'm now down to 2.5.

Is it smart to go back to a 30 year mortgage? Going to 15 right now makes me uncomfortable.

It would save me about $527 per month. Just not sure what to do.
This is our forever house unless something changes.

We have no debt beside mortgage. Please let me know if this is smart. Both my wife and I always wanted a pool. We typically save for the things we want. Even if it takes us several years. During this time with Covid. Being at home more makes me think about the pool more often. We have a 4 and 3 year old that loves water. Finically, We've been able to save $22,000 in a separate account as our "pool fund". Our bid for our pool is from 45k-60k. With rates being so low right now. Is it smart to go back to 30 years. Take the difference monthly and get the pool now? Or continue to save for the pool to pay it off in cash? Which will probably take another few years to do.

Ps: after we pay off the pool loan. We would just prepay plus some extra.

Sorry if this is a mixture of a refinance question and a personal question.
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