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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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shahhere
10-03-2020 at 06:18 AM.
10-03-2020 at 06:18 AM.
Quote from dokita :
​

I have no escrow so it does not factor into my loan costs, does that make a difference to your statement?

Yes, if that's the case what made L remindC closing costs 500-1000 higher? Maybe I misunderstood your post...

If the cost is highest in title costs, remember it's an estimate and also that you can shop and even use title company from your competing lender. Tittle companies give preferred pricing so that won't evenly as well, Radian is the cheapest but don't work with LC.

Please remind me Monday and I can try to get you a competitive NJ title company.

Shahhere
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Last edited by shahhere October 3, 2020 at 06:22 AM.
Joined Nov 2015
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dokita
10-03-2020 at 06:32 AM.
10-03-2020 at 06:32 AM.
Quote from shahhere :
Yes, if that's the case what made L remindC closing costs 500-1000 higher? Maybe I misunderstood your post...

If the cost is highest in title costs, remember it's an estimate and also that you can shop and even use title company from your competing lender. Tittle companies give preferred pricing so that won't evenly as well, Radian is the cheapest but don't work with LC.

Please remind me Monday and I can try to get you a competitive NJ title company.

Shahhere
Screenshots of the costs below, you have that plus prepaid interest and taxes. Do you think this is a decent deal for NJ or much better deals available?
https://imgur.com/a/1PnIP7D

I'll definitely reach out for the Title company. thank you
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Joined Aug 2012
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HarryS4062
10-03-2020 at 07:37 AM.
10-03-2020 at 07:37 AM.
Quote from dokita :
Screenshots of the costs below, you have that plus prepaid interest and taxes. Do you think this is a decent deal for NJ or much better deals available?
https://imgur.com/a/1PnIP7D

I'll definitely reach out for the Title company. thank you
By my estimation that is about 800-900 more (C+D) for a 325K loan.
I PMd you a title company. I don't want to post publicly as they are a small company and could get flooded by SD effect. I have used them multiple times and they are very response and have very good rates. If anyone needs NJ specific title company you can PM me as well.
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dokita
10-03-2020 at 07:58 AM.
10-03-2020 at 07:58 AM.
Quote from HarryS4062 :
By my estimation that is about 800-900 more (C+D) for a 325K loan.
I PMd you a title company. I don't want to post publicly as they are a small company and could get flooded by SD effect. I have used them multiple times and they are very response and have very good rates. If anyone needs NJ specific title company you can PM me as well.

Thanks for the PM, I'll check them out
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rebates
10-03-2020 at 08:31 AM.
10-03-2020 at 08:31 AM.
Quote from pogchamp :
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.
Thanks, that's what I see too. But the LO said after price matching, you can only lock in the price matched rate and cannot take any other rate as it might be questioned by the underwriter. I think it is BS. Clearly that is not your experience and you can always switch to the one in your rate table before closing. Btw was yours 30 yrs.
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silicali
10-03-2020 at 09:13 AM.
10-03-2020 at 09:13 AM.
Basic closing question, now a days new lender ask "pay off" almost month ago and typical closing takes 30-45 days (idle case) we might be paying one/two months bill with current lender. But the new lender lists cash to close value is from borrower with month bill which we already paid.

Does paying early to current lender will reduce this?
Don't pay anything just follow new lender's instructions & send money to new lender pay off amount and old lender will refund?

Experts please advise
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SplendidCircle329
10-03-2020 at 11:00 AM.
10-03-2020 at 11:00 AM.
Quote from Ellicott :
Basic closing question, now a days new lender ask "pay off" almost month ago and typical closing takes 30-45 days (idle case) we might be paying one/two months bill with current lender. But the new lender lists cash to close value is from borrower with month bill which we already paid.

Does paying early to current lender will reduce this?
Don't pay anything just follow new lender's instructions & send money to new lender pay off amount and old lender will refund?

Experts please advise
Following
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YuvrajSingh
10-03-2020 at 02:23 PM.
10-03-2020 at 02:23 PM.
Any suggestion on lenders I should talk to for refinancing primary property in Washington state ? I know LoanCabin doesn't do WA state ?
Looking for 15 year , 620K loan amount .What rates should I target ?
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Alumni20
10-03-2020 at 03:30 PM.
10-03-2020 at 03:30 PM.
Quote from presto987 :
Another possible option for excess lender credit is that in some states, you can receive a check of up to $2000 at closing.
Does anyone know if I am allowed to receive a check (up to $2,000) for the excess lender credit in Texas? The LO at Better told me that TX does not allow a check to be given to the borrower for rate and term refinances. The LO at LC told me that I could receive the check. Who is right?

Also, just wanted to give a shoutout to Shahhere, Presto987, and all the other contributors for sharing your knowledge about refinancing with the community.
Reply
Last edited by Alumni20 October 3, 2020 at 04:00 PM.
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tedzo
10-03-2020 at 06:58 PM.
10-03-2020 at 06:58 PM.
Quote from SplendidCircle329 :
Following
Quote from Ellicott :
Basic closing question, now a days new lender ask "pay off" almost month ago and typical closing takes 30-45 days (idle case) we might be paying one/two months bill with current lender. But the new lender lists cash to close value is from borrower with month bill which we already paid.

Does paying early to current lender will reduce this?
Don't pay anything just follow new lender's instructions & send money to new lender pay off amount and old lender will refund?

Experts please advise
Doesn't really matter. I received an updated closing statement with updated numbers from new lender couple of days before signing. New lender will check latest payoff prior to writing the payoff check. Any extra money payed to old lender will refunded to you by old lender (required by law).
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Last edited by tedzo October 3, 2020 at 07:00 PM.
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NFLfan
10-03-2020 at 07:25 PM.
10-03-2020 at 07:25 PM.
Quote from tedzo :
Hello.
How does 2.5%, 30 yr with 700 net credit, after all costs (A+B+C+E) sound?

Thanks.
Which company?
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silicali
10-03-2020 at 07:36 PM.
10-03-2020 at 07:36 PM.
Quote from tedzo :
Doesn't really matter. I received an updated closing statement with updated numbers from new lender couple of days before signing. New lender will check latest payoff prior to writing the payoff check. Any extra money payed to old lender will refunded to you by old lender (required by law).
thanks for answer
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silicali
10-03-2020 at 07:46 PM.
10-03-2020 at 07:46 PM.
I need help on Home Insurance "Actual Replacement Cost" document. I looked at policy document list from my home insurance and it mentions replacement cost estimator. But Loan Depot is asking

"I still need the replacement cost estimator from your insurance agent. The policy you provided talks about how they calculate the replacement cost however it doesn't provide me the actual cost of replacing your home."

anyone already went thru this path know or share ?
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sd72986
10-03-2020 at 07:54 PM.
10-03-2020 at 07:54 PM.
Quote from Alumni20 :
Does anyone know if I am allowed to receive a check (up to $2,000) for the excess lender credit in Texas? The LO at Better told me that TX does not allow a check to be given to the borrower for rate and term refinances. The LO at LC told me that I could receive the check. Who is right?

Also, just wanted to give a shoutout to Shahhere, Presto987, and all the other contributors for sharing your knowledge about refinancing with the community.
TX considers $1 or more cash back to borrower at closing to be a special Texas cash out refi ("Section 50(a)(6) loan"). So, unfortunately, no cash back at closing in TX.

Note, that doesn't apply to things like expired AMEX credit at closing, presumably (?) because it doesn't happen at closing.

Best thing you can do is have them pay prepaids. If not, it'll go to pay down your principal.

Hope that helps!

EDIT: See, e.g., http://www2.bancorp.com/marketing...sh_Out.pdf

"1) New loan amount pays off existing lien and provides even $1 cash to borrower and existing lien is non-50(a) (6), then new lien is a 50 (a) (6) loan. If existing lien is 50 (a) (6) then new lien is a 50 (a) (6)."
1
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Last edited by sd72986 October 3, 2020 at 08:04 PM.

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HarryS4062
10-03-2020 at 08:59 PM.
10-03-2020 at 08:59 PM.
Quote from Ellicott :
I need help on Home Insurance "Actual Replacement Cost" document. I looked at policy document list from my home insurance and it mentions replacement cost estimator. But Loan Depot is asking

"I still need the replacement cost estimator from your insurance agent. The policy you provided talks about how they calculate the replacement cost however it doesn't provide me the actual cost of replacing your home."

anyone already went thru this path know or share ?
Yeah multiple times with Better and then TMS even after closing. Try calling your insurance company (Edit: ask for "Replacement Cost Analysis Document" which I believe is the official name for such a document). If the rep is good they can prepare a document for you. If they don't try a t a different time of the day and hopefully you will get a helpful rep who know what this is about. These days my insurance policy explicitly states this: "THIS POLICY PROVIDES GUARANTEED REPLACEMENT COST COVERAGE."
Look for this line at the bottom of your policy and it its there you will have to circle it and send it back to LD or whoever is asking. In my case even though TMS had this they did not "see" it until I pointed it out.
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Last edited by HarryS4062 October 3, 2020 at 09:03 PM.
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