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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
|
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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$184,103 (LE with better) vs $182729 (current Provider Pennymac)
this was their reply
You're right on the money with the principal of your existing mortgage being $182,729. The difference is the interest; the mortgage will still have interest payments through the day we schedule closing. You will only be charged up to that specific date, so that may change as we hammer down the exact date, but that's why the numbers are different; the payoff takes into account both the remaining principal, and any interest due for the month up to the date of completed payoff.
In this case, it breaks down as follows.
Principal: 182,729.22
Interest due as of 10/29/2020: 1,315.02 (this can change if we close a little bit earlier or later, and will be calculated to the day)
Payoff Demand Statement Fee: 25.00
Recording Fees: 10.60
Release Costs: 22.50
Those fees are charged by your current provider for documentation, which brings the total to the current $184,103.34.
Is this accurate what they are telling me or no? im confused
$184,103 (LE with better) vs $182729 (current Provider Pennymac)
this was their reply
You're right on the money with the principal of your existing mortgage being $182,729. The difference is the interest; the mortgage will still have interest payments through the day we schedule closing. You will only be charged up to that specific date, so that may change as we hammer down the exact date, but that's why the numbers are different; the payoff takes into account both the remaining principal, and any interest due for the month up to the date of completed payoff.
In this case, it breaks down as follows.
Principal: 182,729.22
Interest due as of 10/29/2020: 1,315.02 (this can change if we close a little bit earlier or later, and will be calculated to the day)
Payoff Demand Statement Fee: 25.00
Recording Fees: 10.60
Release Costs: 22.50
Those fees are charged by your current provider for documentation, which brings the total to the current $184,103.34.
Is this accurate what they are telling me or no? im confused
$184,103 (LE with better) vs $182729 (current Provider Pennymac)
this was their reply
You're right on the money with the principal of your existing mortgage being $182,729. The difference is the interest; the mortgage will still have interest payments through the day we schedule closing. You will only be charged up to that specific date, so that may change as we hammer down the exact date, but that's why the numbers are different; the payoff takes into account both the remaining principal, and any interest due for the month up to the date of completed payoff.
In this case, it breaks down as follows.
Principal: 182,729.22
Interest due as of 10/29/2020: 1,315.02 (this can change if we close a little bit earlier or later, and will be calculated to the day)
Payoff Demand Statement Fee: 25.00
Recording Fees: 10.60
Release Costs: 22.50
Those fees are charged by your current provider for documentation, which brings the total to the current $184,103.34.
Is this accurate what they are telling me or no? im confused
I assume your question isn't related to this but is related to interest due.
Interest Due - Recall your mortgage payment consists of P & I (Principal & Interest).
Typically we pay our mortgages on the 1st of each month.
For example:
Let's say you close on the 15th of the month. Your old lender (Pennymac) needs to get paid the interest due on the loan from the 1st to the 15th of the month you close with the new lender (Better.com). Since you will not be making any more payments to Pennymac, your new lender will include that interest due in the payoff. Better would send payoff amount to Pennymac which would includes, mortgage payoff, daily interest, and payoff fees (the ones you listed above).
How you calculate the interest depends on which method the bank/lender uses. Here is a good explanation:
https://propertymetrics
In our personal mortgages, we should be utilizing 30/360. That means, take your interest rate and divide it by 360. Then multiply that against your mortgage principal remaining and the number of days interest (in my above example, 15 days).
I checked back our thread discussions and saw your principal balance is $183K and your original loan is @ 4.5%.
(4.5%/360 days)*(29 days)*$183,000 = $663.375
I'm not sure how they got $1,315.02 even if they padded additional interest. You'd have to let me know if my assumptions are wrong regarding your interest rate, or your principal balance remaining.
However you should be able to calculate your daily interest (Interest Rate divided by 360 * Remaining Principal Balance). Then multiple that by the number of days you owe interest to your previous lender based on the day you close. You can increase the number of days (i.e. 7 additional days as robdls posted above)
I
$184,103 (LE with better) vs $182729 (current Provider Pennymac)
this was their reply
You're right on the money with the principal of your existing mortgage being $182,729. The difference is the interest; the mortgage will still have interest payments through the day we schedule closing. You will only be charged up to that specific date, so that may change as we hammer down the exact date, but that's why the numbers are different; the payoff takes into account both the remaining principal, and any interest due for the month up to the date of completed payoff.
In this case, it breaks down as follows.
Principal: 182,729.22
Interest due as of 10/29/2020: 1,315.02 (this can change if we close a little bit earlier or later, and will be calculated to the day)
Payoff Demand Statement Fee: 25.00
Recording Fees: 10.60
Release Costs: 22.50
Those fees are charged by your current provider for documentation, which brings the total to the current $184,103.34.
Is this accurate what they are telling me or no? im confused
I assume your question isn't related to this but is related to interest due.
Interest Due - Recall your mortgage payment consists of P & I (Principal & Interest).
Typically we pay our mortgages on the 1st of each month.
For example:
Let's say you close on the 15th of the month. Your old lender (Pennymac) needs to get paid the interest due on the loan from the 1st to the 15th of the month you close with the new lender (Better.com). Since you will not be making any more payments to Pennymac, your new lender will include that interest due in the payoff. Better would send payoff amount to Pennymac which would includes, mortgage payoff, daily interest, and payoff fees (the ones you listed above).
How you calculate the interest depends on which method the bank/lender uses. Here is a good explanation:
https://propertymetrics
In our personal mortgages, we should be utilizing 30/360. That means, take your interest rate and divide it by 360. Then multiply that against your mortgage principal remaining and the number of days interest (in my above example, 15 days).
I checked back our thread discussions and saw your principal balance is $183K and your original loan is @ 4.5%.
(4.5%/360 days)*(29 days)*$183,000 = $663.375
I'm not sure how they got $1,315.02 even if they padded additional interest. You'd have to let me know if my assumptions are wrong regarding your interest rate, or your principal balance remaining.
However you should be able to calculate your daily interest (Interest Rate divided by 360 * Remaining Principal Balance). Then multiple that by the number of days you owe interest to your previous lender based on the day you close. You can increase the number of days (i.e. 7 additional days as robdls posted above)
I
Love the details provided by MAP always
Look at the old lenders payoff statement (hopefully you have a copy or were able to generate this online from their portal?). There should be a line that states "Per Diem" so you can use that to calculate the out days of interest.
Better in my case wanted 20 days of interest when I did my first Refi and as as we got closer to the close date the signing date moved out by 8 or so days and so all said I funded (where old lender got paid on the 14 and they count 1 business day prior if received by 2PM PST so 13 days of interest). I paid them 20 days and so the 7 days worth of perdiem was refunded back to me in my escrow.
I didn't have to do anything and if anything Better missed the timing of the payoff and so I should be getting my $22 back for the 13th that they missed but that's another topic.
As you are seeing that what you owe to payoff the balance is not what your principle is simply put.
Shahhere
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Shouldn't matter and I don't do it in the event that they think I am tampering with the document.
Shahhere
Once they fail to beat your other LE, you have to get a claim form from them. For me this was the hardest part. The LO tried transfer me to Client Relations, but I got transferred around a few times and had long hold times. When someone from Client Relations picked up, it was smooth sailing. They sent me the claim form.
After I closed with Better, I emailed back a filled out claim form along with the supporting documentation. I got an email confirmation and received the $250 gift card soon after that.
(i) last CD you were sent before you closed OR
(ii) actual CD from your scanned closing documents?
Thanks!
im = ?
nevermind, interactive mortgages ( want listed in the list of lenders in OP post
Let then know soon and you should be OK. They have to give you a chance up to a few days.
Shahhere
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She got a title quote already from radian, which is $1000 cheaper than loan cabin. She provided LC with all of the documents requested so far, and on her way to save a lot of money. TYTYTY