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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. |
5,912 Comments
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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
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.
CA
2-units
Investment rental property
Jumbo loan $1.4M
A lot of these seem to be only SFR and a lot don't do Jumbo loans.
1.) I know it's a no cost loan from the side of the new lender, and I may be nitpicking here, but is it really a "no cost loan" if you have to pay the old lender $186 for recording fees?
2.) To be a true no cost wouldn't you want the new lender to issue a credit to cover the fees charged by the old lender (or have the old lender eat those fees)?
3.) Would it be strange to ask the new lender to cover those fees to make it a true no cost loan?
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 [bancorp.com]
"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)."
When you mentioned that the expired AMEX credit doesn't count towards the $1 or more cash back to borrower at closing, are you referring to the expired Better Mortgage deal for the $2,500 AMEX credit?
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
This is normal and in this case due to the delay in closing the impact becomes a little bit more material.
When you apply the cash to close and the numbers all for the loan amount etc are based on what you and the lender knows at the time of your applying. As the process moves along those numbers are expected to change. The final Closing Disclosures (CD) should have them much closer to the actual payoff +-3 days plus an additional 10 or so days of Interest to the old lender (plus your old lenders bullshit closing fees they tack on at the end). During the closing period I always take he opportunity to either keep the initial payoff or get it update to match closer to the payoff amount that is current.
I personally do not rely on them to be buttoned up and the prospect of not paying the monthly payment to the old lender as there are chances that the payment/wire doesn't make it on time and then you are then stuck with taking a penalty or rushing to make an overnight payment.
If you are closing towards the last week or first week of the month then don't make the payment but if it gets past the 9th/10th I'd make the payment to the old lender unless you are confident that they can record last minute payment on time by the 15th. You will have to follow the money trail so you get whats due where to record and get paid the difference back from the old lender.
Some of these lenders are pushing 60, 70, almost 90 days to close after the initial application so that rhetoric clearly wont apply so like I said just find a good middle ground and pay on time to the old lender to avoid issues and get the closing disclosure to match the payoff.
Shahhere
I asked them to match my 2.5%(APR:2.506%) no fee/closing cost refinance.
They prepared document with $5000 credit but I noticed 2.5%(APR:2.522%) I asked how it is beating my current offer when APR is 2.506% vs 2.522% "let me get back to you" and no answer but processing was much faster. but one week before closing they sent me final closing document and noticed that they are taking almost $3000 out of my loan amount. applying it on prepaid & also giving me as credit and some of the closing costs.
I asked LoanDepot to explain how can you do when I applied for no closing cost & no cashout refinance.
It is nowhere beating my current offer. The answer was get closing detail of your current offer they might add fees and we are definitely beating them.
Isn't fishy!!?
Sign up for a Slickdeals account to remove this ad.
When you apply the cash to close and the numbers all for the loan amount etc are based on what you and the lender knows at the time of your applying. As the process moves along those numbers are expected to change. The final Closing Disclosures (CD) should have them much closer to the actual payoff +-3 days plus an additional 10 or so days of Interest to the old lender (plus your old lenders bullshit closing fees they tack on at the end). During the closing period I always take he opportunity to either keep the initial payoff or get it update to match closer to the payoff amount that is current.
I personally do not rely on them to be buttoned up and the prospect of not paying the monthly payment to the old lender as there are chances that the payment/wire doesn't make it on time and then you are then stuck with taking a penalty or rushing to make an overnight payment.
If you are closing towards the last week or first week of the month then don't make the payment but if it gets past the 9th/10th I'd make the payment to the old lender unless you are confident that they can record last minute payment on time by the 15th. You will have to follow the money trail so you get whats due where to record and get paid the difference back from the old lender.
Some of these lenders are pushing 60, 70, almost 90 days to close after the initial application so that rhetoric clearly wont apply so like I said just find a good middle ground and pay on time to the old lender to avoid issues and get the closing disclosure to match the payoff.
Shahhere
Is this normal?
Is this normal?
When you mentioned that the expired AMEX credit doesn't count towards the $1 or more cash back to borrower at closing, are you referring to the expired Better Mortgage deal for the $2,500 AMEX credit?
I asked them to match my 2.5%(APR:2.506%) no fee/closing cost refinance.
They prepared document with $5000 credit but I noticed 2.5%(APR:2.522%) I asked how it is beating my current offer when APR is 2.506% vs 2.522% "let me get back to you" and no answer but processing was much faster. but one week before closing they sent me final closing document and noticed that they are taking almost $3000 out of my loan amount. applying it on prepaid & also giving me as credit and some of the closing costs.
I asked LoanDepot to explain how can you do when I applied for no closing cost & no cashout refinance.
It is nowhere beating my current offer. The answer was get closing detail of your current offer they might add fees and we are definitely beating them.
Isn't fishy!!?
When you get near closing, the prepaids get more accurate so those will change compared to the LE and can lead to there being cash required from the borrower or a check to the borrower. If the cash to borrower is too high then they might need to reduce the loan amount in order to avoid making it a cash out.
What you need to check is that D minus lender credit is better than the other lender.
If you have a problem with the loan amount then you can likely ask them to adjust it up or down unless there is some constraint like too much cash going to borrower.
When you get near closing, the prepaids get more accurate so those will change compared to the LE and can lead to there being cash required from the borrower or a check to the borrower. If the cash to borrower is too high then they might need to reduce the loan amount in order to avoid making it a cash out.
What you need to check is that D minus lender credit is better than the other lender.
If you have a problem with the loan amount then you can likely ask them to adjust it up or down unless there is some constraint like too much cash going to borrower.
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My loan was sold again to Freddie Mac shortly.
I received a "goodbye" letter from TMS. It says that the effective date of the transfer is Oct 15th.
Up to this point, it seems natural.
Then I received a (welcome) letter from PennyMac that the servicing was transferred from Better Mortgage (not TMS) to PennyMac effective Nov 1st.
The address of Better Mortgage for payment before Nov 1st was listed as "PO Box 517, Titusville, PA 16354" not a typical TMS address.
I will send the payment to PennyMac after Nov 1st to avoid confusions.
If you can make sense about these confusing servicing transfer arrangements, let me know. It may be related with the indirect sale of the original loan from Better Mortgage to Freddie Mac through the third party PennyMac.
I am not actively pursuing refinancing of this loan. But I cannot imagine the confusion I might have if I am in the middle of refinancing of this loan.