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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.
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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=
:
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. |
5,912 Comments
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What is the difference between 1.99% no cost loan and 1.75% interest rate with 1.998% APR on a $500K loan?
What is the difference between 1.99% no cost loan and 1.75% interest rate with 1.998% APR on a $500K loan?
APR is not a perfect measure, as it sometimes doesn't include lender credits and includes things that don't matter like prepaid interest. However, I assume the 1.998% APR you're citing is from Owning, in which case the APR is probably reflective of things that matter (points and other true closing costs).
APR is not a perfect measure, as it sometimes doesn't include lender credits and includes things that don't matter like prepaid interest. However, I assume the 1.998% APR you're citing is from Owning, in which case the APR is probably reflective of things that matter (points and other true closing costs).
I closed on Refi2 with better and it will fund early next week.
I got alerted that Refi1 was sold from TMS to Fannie/Mr Cooper but nothing moved. Yesterday I now see a new TMS letter in their portal with the new Mr Cooper Loan number but its still showing active as a TMS loan and is indicated as a October 1st transfer.
Should I try to get Mr Cooper paid or TMS? I spoke to TMS contact and she was confident that if i pay off TMS it wont be transferred to Mr Cooper and she indicated the account as such...
Shahhere
I recently closed but I am unable to talk to any real person from my escrow company, not have I heard from them during entire process. I chose to go with my lender escrow company and not shop but I am frustrated with the secrecy with which process is taking place. ( thats why I said, I wish I had seen this thread earlier when I actually started loan application process
My lender says disbursement/funding is successful and closed. I called my escrow agent every single day and emailed but its all in vain. My lender is not willing to help and escrow company is like a ghost. I am unable to search my County records whether the deed has been recorded since they are having issues with online search portal. I contacted my previous lender who should have received payoff but they confirmed no wire has been sent, so most likely a check is being sent. (most likely means I have to still pay interest, that sucks! You see I didnt know I had to ask such questions to understand beforehand).
I contacted my new lender and they care less now to even respond after closing, even after multiple emails and calls they sent me a note "you will receive the payment booklet/information in the mail in a couple of weeks letting you know who you make your first mortgage payment to" and nothing else. They already are ghosting me now.
So my questions:
1. Does the above likely sound they sold the loan already ?
2. How do you come to know they have done so, I have no email or call or any sort of notification on this ? When does one know that it is sold other than snail mail system ? I know we get a letter with this information but I dont know when I'll receive it. I am worried it will be too late to setup my new payments until I start my trip into the mountains for 4 weeks, without LTE network.
3. My previous lender confirmed they have not received payoff and that I will be responsible for interest until they receive it. Has anyone had this pathetic response from a Escrow officer/company ?
Escrow company name : Unisource National Lender Services or Unisource Escrow
2530 Red Hill Avenue, Suite 110
Santa Ana, CA 92705
Escrow officer: Barbie Chandler
I would avoid this company at any freaking cost! Even if its free.
One interesting thing to note is that at the time the closing docs were signed, the loan had already been sold - I had to sign one document reflecting the amount, interest rate and term that was marked as Loan Cabin, and then a 2nd document reflecting my acknowledgement that the loan had been sold to PennyMac, and my first loan payment would be due to them.
One interesting thing to note is that at the time the closing docs were signed, the loan had already been sold - I had to sign one document reflecting the amount, interest rate and term that was marked as Loan Cabin, and then a 2nd document reflecting my acknowledgement that the loan had been sold to PennyMac, and my first loan payment would be due to them.
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I recently closed but I am unable to talk to any real person from my escrow company, not have I heard from them during entire process. I chose to go with my lender escrow company and not shop but I am frustrated with the secrecy with which process is taking place. ( thats why I said, I wish I had seen this thread earlier when I actually started loan application process
My lender says disbursement/funding is successful and closed. I called my escrow agent every single day and emailed but its all in vain. My lender is not willing to help and escrow company is like a ghost. I am unable to search my County records whether the deed has been recorded since they are having issues with online search portal. I contacted my previous lender who should have received payoff but they confirmed no wire has been sent, so most likely a check is being sent. (most likely means I have to still pay interest, that sucks! You see I didnt know I had to ask such questions to understand beforehand).
I contacted my new lender and they care less now to even respond after closing, even after multiple emails and calls they sent me a note "you will receive the payment booklet/information in the mail in a couple of weeks letting you know who you make your first mortgage payment to" and nothing else. They already are ghosting me now.
So my questions:
1. Does the above likely sound they sold the loan already ?
2. How do you come to know they have done so, I have no email or call or any sort of notification on this ? When does one know that it is sold other than snail mail system ? I know we get a letter with this information but I dont know when I'll receive it. I am worried it will be too late to setup my new payments until I start my trip into the mountains for 4 weeks, without LTE network.
3. My previous lender confirmed they have not received payoff and that I will be responsible for interest until they receive it. Has anyone had this pathetic response from a Escrow officer/company ?
Escrow company name : Unisource National Lender Services or Unisource Escrow
2530 Red Hill Avenue, Suite 110
Santa Ana, CA 92705
Escrow officer: Barbie Chandler
I would avoid this company at any freaking cost! Even if its free.
Usually at closing, you will have something indicating where your first payment should go. If you have already sent that, then your next payment is some way away. So unless your trip is 45+days you should not need to worry. Even if you do not have 1st payment info if you closed sometime in September, usually your 1st payment is not due until Nov 1st (you need to check your closing docs to make sure on this). So again you have at least 30 days and then even after it becomes due you will likely have another 15 days grace time meaning Nov 15th.
If your loan really got sold, RESPA will protect you for 60 days from the time they sell the loan. You will not be penalized until 60 days from the time they sell it which again brings us to the Nov 15 date.
As to payoff, if your previous lender has not received even 10 days after you closed then yes there is cause for concern. You will have to file whatever complaints you can - state AG, CFPB, etc. I don't think it will come to that. Just keep calling and leaving VMs and keep repeatedly sending emails telling that that your previous lender has not received the payment. Unisource (http://unisourcejv.com/) itself seems to be a proper company with several ways to contact on their website. Try any of the other numbers and emails to get their attention.
It was just about $200. It was a nice gift from them.
Nice! Glad the LenderFi suggestion was able to save you 2k.
If you want, you can try to ask Better to beat it. They usually beat other offers by $100, but if you qualify for an appraisal waiver and have them price match Radian for title, then you can come out $850 ahead of LenderFi.
For me, it actually improved a little the next day but I'm not really sure why that happened possibly market improvements?. I price matched with better using a 2.875 rate with 3000 credit offer. Better beat the LE but because the other lender had originating fees on LE, the credit better provided was like 2800. when applied to the fees it was a couple hundred dollars improved over other LE.
I didn't lock immediately but the next day I noticed the rate table online jumped up to 3600 credit. And at that point, the lower rates in the sheet also showed an updated credit amount making a lower rate more attractive. I ended up locking the 2.625 rate with 1400 in credit from that rate table, after the point when you lock, you can no longer see the rate table options on their website. I suggest taking a screenshot of the rate table before you lock
It didn't matter much for me because a few days after locking I got a lower rate LE offer from another lender and I price matched again bringing me down to 2.5 with no cost (~1900 lender credit) which I'm set to close on next week.
Nice! Glad the LenderFi suggestion was able to save you 2k.
If you want, you can try to ask Better to beat it. They usually beat other offers by $100, but if you qualify for an appraisal waiver and have them price match Radian for title, then you can come out $850 ahead of LenderFi.
Whats the best way to ask better? Do you have to submit an official application first?
Nice! Glad the LenderFi suggestion was able to save you 2k.
If you want, you can try to ask Better to beat it. They usually beat other offers by $100, but if you qualify for an appraisal waiver and have them price match Radian for title, then you can come out $850 ahead of LenderFi.
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I didn't lock immediately but the next day I noticed the rate table online jumped up to 3600 credit. And at that point, the lower rates in the sheet also showed an updated credit amount making a lower rate more attractive. I ended up locking the 2.625 rate with 1400 in credit from that rate table, after the point when you lock, you can no longer see the rate table options on their website. I suggest taking a screenshot of the rate table before you lock
It didn't matter much for me because a few days after locking I got a lower rate LE offer from another lender and I price matched again bringing me down to 2.5 with no cost (~1900 lender credit) which I'm set to close on next week.
Just locked the following with better and was wondering if it's a good rate: 30 years conventional loan (~$300K), 2.75%.
A+B+C=$3000 (but they said they would refund the appraisal fee)
Lender credit: $3300