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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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After some back and forth. I'm now down to 2.5.
Just to clarify are you on a 30 with 2.5% and what does back and forth mean? haha, did you end up paying points or what? Either way if its 30 years at 2.5% you got a good deal, Period!
It would save me about $527 per month. Just not sure what to do.
This is our forever house unless something changes.
I've said this before and have seen people think about the mortgage this way and its simply wrong way to think about this. There is nothing forcing you to refinance in year 10 of a 30 and making you pay for 30 more years other than the amortization suggestion of how the payments are broken down; unless you have a prepayment penalty which is almost non existent. Its a matter of disciplined and you yourself who can always make the additional payments for your loan to come out in a similar 20 year payoff if needed.
Its not resetting your mortgage to the term length. I also advocate to people to always take a 30 instead of 20 or 15 especially if the interest savings isn't more than 0.75% as it will give you ample cushion and favorable risk baked in for a lot of WhatIFs. Just like above you can pay a 30 at the same payment as a 15 and would be paying off the loan in 16 or so years.
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.
Cant tell you about getting a pool is a good idea or not lol as I've seen people spend on even crazier items but hey its your line and money and whats the point if you cannot enjoy it while you can.
Have you looked into HELOCs as I have seen a lot lower interest in them and wouldn't be a bad option. Again, i am seeing a lot of people cashout their equity in their homes as we are borrowing at historic lows and the assumption is that if you can borrow at 2.5% you can make money on the Cashout at a hither % than that without a lot of collateral risk (your home is one of the most secured things in the US even if you stopped paying for months and months!). In this case you are doing the same thing by paying for the pool with the money you'd pull out from somewhere else and should put it in higher interest earning options stocks, bonds, 529s, 401k etc.....
Shahhere
I've said this before and have seen people think about the mortgage this way and its simply wrong way to think about this. There is nothing forcing you to refinance in year 10 of a 30 and making you pay for 30 more years other than the amortization suggestion of how the payments are broken down; unless you have a prepayment penalty which is almost non existent. Its a matter of disciplined and you yourself who can always make the additional payments for your loan to come out in a similar 20 year payoff if needed.
Its not resetting your mortgage to the term length. I also advocate to people to always take a 30 instead of 20 or 15 especially if the interest savings isn't more than 0.75% as it will give you ample cushion and favorable risk baked in for a lot of WhatIFs. Just like above you can pay a 30 at the same payment as a 15 and would be paying off the loan in 16 or so years.
Cant tell you about getting a pool is a good idea or not lol as I've seen people spend on even crazier items but hey its your line and money and whats the point if you cannot enjoy it while you can.
Have you looked into HELOCs as I have seen a lot lower interest in them and wouldn't be a bad option. Again, i am seeing a lot of people cashout their equity in their homes as we are borrowing at historic lows and the assumption is that if you can borrow at 2.5% you can make money on the Cashout at a hither % than that without a lot of collateral risk (your home is one of the most secured things in the US even if you stopped paying for months and months!). In this case you are doing the same thing by paying for the pool with the money you'd pull out from somewhere else and should put it in higher interest earning options stocks, bonds, 529s, 401k etc.....
Shahhere
It was 2.625. When I mention back and forth. I meant back and forth with my 2 lenders bidding against each other.
Yes, I've struggled with making a decision about 20 years or 30 years. I'm new to all this refinance thing and I'm having a hard time resetting back to 30 years. I know I can be disciplined to prepay. But I also know things come up and I might use the money for something else. 20 years forces me to pay with out having to think about it every month. But at the same time. 2.5 is cheap money.
I have not looked into a heloc and actually don't know anything in depth about it. I can research about it.
For cash out- I have about 67 LTV. I always thought y out need at least 50 LTV.
Just so I'm understanding what you're saying: people are doing a cash out and investing it in the market because they can get a higher return? But instead of doing that, use the cashout for the pool?
It was 2.625. When I mention back and forth. I meant back and forth with my 2 lenders bidding against each other.
Yes, I've struggled with making a decision about 20 years or 30 years. I'm new to all this refinance thing and I'm having a hard time resetting back to 30 years. I know I can be disciplined to prepay. But I also know things come up and I might use the money for something else. 20 years forces me to pay with out having to think about it every month. But at the same time. 2.5 is cheap money.
I have not looked into a heloc and actually don't know anything in depth about it. I can research about it.
For cash out- I have about 67 LTV. I always thought y out need at least 50 LTV.
Just so I'm understanding what you're saying: people are doing a cash out and investing it in the market because they can get a higher return? But instead of doing that, use the cashout for the pool?
We have 3 small kids ages 3 thru 7 who will have a blast. I'm not looking at it as an investment as we probably won't get any back if we sell in 20+ years....but more as an enjoyment upgrade. Now if LC will hurry the heck up so we can get to digging. 😁
Some great deals listed in this thread but have found almost none that will originate a loan in MA.
The best published rate I can find in Mass is >0.5% more than CA (for example).
If anyone can point me in the right direction then I would appreciate it
We have 3 small kids ages 3 thru 7 who will have a blast. I'm not looking at it as an investment as we probably won't get any back if we sell in 20+ years....but more as an enjoyment upgrade. Now if LC will hurry the heck up so we can get to digging. 😁
Okay, I might have to look up cash out now. I might not even qualify though with my LTV.
We currently have 22k saved up for our pool fund. We started that 3 years ago. My wife and I are beach bums. So being by the water is a must. We were living 15 mins away from the beach but when we started a family we had to move 1 hour away to get the house we can afford with bigger land. Having a pool would definitely bring lots of enjoyment to everyone since our 2 little ones already love the water. I also look at it as an enjoyment upgrade vs investment. I'm sure people will think we're stupid for doing it but those are the same people that spend $10 dollars a day on Starbucks (my sister, but not judging her) We are as frugal as it comes so spending something on what we enjoy makes it an easier decision. Now I gotta research cashout.
Ps: I've used LC before to get a loan estimate and was intending to used them. But my LO was rude and short with me. Even with the basic easy questions I would email her with. So I moved on. I hope I didn't get blacklisted from them.
How does one get this ? I am in CA too, none of the lenders are ready to actually come down to this truly 'zero' closing cost refinance, they even are not ready to waive escrows without increasing 0.125% - 0.25% as Escrow Waiver fee.
I did not escrow home insurance/hazard insurance with my previous lender but the new lender wanted it or I had to pay points.
After seeing this, I am so regretting not checking this forum earlier when I actually started or even before closing
Does anyone know if Bayshore services their loans, and if so, do they have an online portal?
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Necessary documents are submitted & underwriter conditionally approved. Submitted all asked documents
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.
Shahhere covered it but I'm going to give you this scenario.
Scenario: Today you have a $500K loan @ 3.5% that you have paid 7 out of 30 years. (I don't know your scenario so made up #'s)
You win a prize from the bank and your reward is based off a coin flip. If you get Heads, you get Prize A, if you get Tails, you get Prize B.
Prize A: You make the same monthly payment on your mortgage, but bank/lender will reduce the interest rate to 2.5%
Prize B: Bank Lender will reduce the interest rate to 2.25% but you must pay off in 15 years instead of (23 that you have left).
What would you hope to get? Heads or Tails?
If you can provide your original loan amount and interest rate I will table it out for you so you can see real numbers.
What your current loan will cost if you keep it.
What it would cost you if you took 2.5% refinance and paid out in 30 years.
What it would cost you if you took 2.5% refinance but pre-paid to match your current monthly payment.
What it might cost if you do a cash-out refinance (I'd raise the rate by .125 to .25 OR raise upfront closing cost by 75 basis points aka 0.75% of original loan. I got these numbers from https://www.investopedi
With actual numbers you can analyze the penalty of doing a cash-out refinance (extra interest paid on your mortgage) due to taking extra cash out is small then it might be smarter to do a cash-out refinance and save your cash to invest or for a rainy day.
Thanks OP. I wouldn't have bothered looking if not for this thread. My local mortgage guy probably eats up way too much lender credit in name of giving us no cost rates. Shaving off .5% on my current rate that i just closed a month ago.
During this 3 day window, you can cancel the refi if you change your mind.
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Applied on 07/23/2020, quote from Loan Cabin on 08/07/2020 after several follow ups, loan estimate issued on 08/10/2020.
2.50% 30 Year Fixed, No Escrow
Loan Costs (ABC) of $1,390 - Lender Credit of $2,500.00
Relevant Information:
Property Type: Condo
Location: So Cal
Loan Amount: $380K
LTV: 69%
I took that to Better on 08/11/2020 who ended up beating the quote by $100 and likely $650 if the appraisal is waived (most likely). I am going to go with Better given my previous excellent experience refinancing with them and lack of communication from Loan Cabin.
I am glad I went with Better as they were able to beat LC and I am set to sign docs this Wednesday.