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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

5,048 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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Joined Oct 2013
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> bubble2 12 Posts
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MrLineGuy
10-09-2020 at 10:24 AM.
10-09-2020 at 10:24 AM.
Quote from presto987 :
Is this for a 30 year? If so, seems really good considering how high your LTV is. If I were you, I would see if I could move up to 2.5% to get a lender credit to offset title and appraisal costs.
30 Year Conventional w/PMI

Better.com just sent over an updated quote. They are charging $940 in points with zero lender fee's but are lower than Semper on Title/Appraisal fee's. Better.com is also charging nearly $20 less per month for PMI.

For 2.5% Better.com is now offering a $3,442 lender credit.

I need to decide by 6pm today...I'd prefer this be my final refinance moving forward so the lower rate is appealing but now 2.5% with the $3,442 credit is also appealing...decisions!
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Joined May 2006
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> bubble2 3,536 Posts
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soobaerodude
10-09-2020 at 10:24 AM.
10-09-2020 at 10:24 AM.
Quote from gaman :
Wouldn't he end up paying more than $1900 in interest over the period of the loan at 2.5% compared to 2.375% (according to the amortization calculator, the difference in interest is almost $9000)? Trying to understand why the higher rate is better?
See the first post in this thread, and look at the very last section Aggressive Refinancing
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Joined Jul 2006
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shahhere
10-09-2020 at 11:09 AM.
10-09-2020 at 11:09 AM.
Quote from MrLineGuy :
Hi all!

I just locked 2.375% (no points / no lender fees / 30 year conventional) with about $1,900 in Title/Appraisal related fees (Illinois) on a balance of $355,000 with an LTV of 95% via Semper Home Loans. I sent the LE to Better for price match but they are currently at 2.625 ($235 credit) and I'm awaiting their response.

Who should I reach out to for Title quotes?

Thoughts on the deal?

MrLineGuy
Quote from presto987 :
Is this for a 30 year? If so, seems really good considering how high your LTV is. If I were you, I would see if I could move up to 2.5% to get a lender credit to offset title and appraisal costs.
Quote from gaman :
Wouldn't he end up paying more than $1900 in interest over the period of the loan at 2.5% compared to 2.375% (according to the amortization calculator, the difference in interest is almost $9000)? Trying to understand why the higher rate is better?
Quote from soobaerodude :
See the first post in this thread, and look at the very last section Aggressive Refinancing

Yes, you'll pay more in interest for the life of the loan but that's assuming a few thighs:

  • You never refinance again (or not before the breakeven - explained later).
  • You never move from the home or sell the home.
  • You cannot invest the upfront cash loss "saving" in any other investment that will yield higher than 2.5% or .125% higher on the difference you are paying.
Most people sell and/or move out of a house in 7 years average.

Breakeven:
  • So, to take a breakeven calculation in affect at the $355,000 loan amount for 30 years the monthly payment (no PMI or Escrow) would be $1380 on a 2.375% or $1403 on a 2.5% loan and so a net difference of $23.
  • If you are shelling out $2300 in closing costs without any net Lender Credit then the breakeven will be 100 months > 8 Years
  • If you get a lender credit to offset or get more money back at the 2.5% then you should go for that as the breakeven will be relatively far out.
  • I personally look for at least a 4 year or better breakeven and in taking net credits have gotten to 23 years before i'd pay more in interest and have obviously taken that deal Smilie.
  • Putting that in perspective as I am an aggressive refinancer I've never gone over the breakeven point for any of my 14-15 loans.
Shahhere
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Joined Aug 2011
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> bubble2 315 Posts
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dealz2012
10-09-2020 at 11:50 AM.
10-09-2020 at 11:50 AM.
I am getting:
2.75 through raterabbit no closing costs, 60 day rate lock which they are saying they would extend to 90 days no cost. Said no one is closing loans under 30 days...

2.875 no cost through Lenderfi, 30 day rate lock and they are saying they are closing loans within that time frame. Pushing for 2.75 and they are reviewing.

Leaning towards just moving forward with raterabbit as no cost closing coming from 3.25% currently makes sense. Longer rate lock feels a little better as well.

Thoughts? I know others here are getting a little lower but MA doesn't seem to be an option for LC, better, etc.
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Joined Jan 2006
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> bubble2 5,218 Posts
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scottman
10-09-2020 at 11:55 AM.
10-09-2020 at 11:55 AM.
For people shopping title costs, I found fidelity has an instant online estimate generator:

https://rates.fntg.com/?brand=fidelity

It was more expensive for me than what my lender provided, but might be better for some of you and easy to get. My radian quote was only about $100 cheaper than my lender's quote so not a big savings there either for me to jump.
I found intelliloan's title estimates were the lowest among lenders I got LE from, assuming they were accurate.
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Last edited by scottman October 9, 2020 at 11:57 AM.
Joined Apr 2007
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> bubble2 341 Posts
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presto987
10-09-2020 at 12:58 PM.
10-09-2020 at 12:58 PM.
Quote from MrLineGuy :
30 Year Conventional w/PMI

Better.com just sent over an updated quote. They are charging $940 in points with zero lender fee's but are lower than Semper on Title/Appraisal fee's. Better.com is also charging nearly $20 less per month for PMI.

For 2.5% Better.com is now offering a $3,442 lender credit.

I need to decide by 6pm today...I'd prefer this be my final refinance moving forward so the lower rate is appealing but now 2.5% with the $3,442 credit is also appealing...decisions!
Well now it looks like an easier decision. 2.5% with $3442 lender credit is what I would go with.

You can compare the cost difference between your 2.375 deal and what you'd be making at 2.5, then figure out how long it would take for the interest savings at 2.375 to offset this difference.
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Joined Nov 2013
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> bubble2 219 Posts
NickMc53
10-09-2020 at 01:37 PM.
10-09-2020 at 01:37 PM.
Nevermind
Reply
Last edited by NickMc53 October 12, 2020 at 11:11 AM.

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Joined Jan 2006
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scottman
10-09-2020 at 01:47 PM.
10-09-2020 at 01:47 PM.
Does loancabin require you to lock prior to getting a LE? How are people shopping around? Are they locking at multiple lenders, and how far into the process can you back out to go with another lender?
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Joined Feb 2011
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> bubble2 40 Posts
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johnsgirl
10-09-2020 at 02:25 PM.
10-09-2020 at 02:25 PM.
Hi all, my husband and l almost made it through a refinance (even signed with a notary) and the lender came back saying our debt-to-ratio is too high and would we mind paying off some low balance credit cards to make the refinance happen?

I looked through the paperwork and they have our monthly income listed at $3000 less than what our gross monthly income really is.

So my question is do lenders use net income? Prior tax return income? Some kind of adjusted formula?

I can't figure it out. I tried calling the lender, but no one has called me back yet. Does anyone know how they calculate income?
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Joined Apr 2004
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> bubble2 1,449 Posts
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BMWZ8Bond
10-09-2020 at 02:32 PM.
10-09-2020 at 02:32 PM.
Here's my timeline with IM in case anyone is curious. Super painless process. One item to note, they do true "no cost" loans. While my LE had the estimated costs of appraisal, title, etc, with a lender credit that offset, in my CD, these moved to the "Paid by Others" column and then the lender credit went away. So you can't shop title and hope to pocket the difference because of a locked lender credit (not that you'd want to shop it anyway, the amount they showed for title was ~50% compared to other refi's I've done).

9/10 - Reached out (EOD, but they responded with a rough rate quote)
9/11 - LE generated and locked by 5pm
9/21 - Appraiser came
10/9 - CD generated and notary scheduled for 10/14
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Joined Aug 2020
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> bubble2 61 Posts
sdpettytyrant
10-09-2020 at 08:25 PM.
10-09-2020 at 08:25 PM.
LoanDepot locked 30 yr 2.375% with D $2,600 and lender credit $5,500, which required a price match exception. LTV 53%, $480,000.

What are your thoughts on this? Better locked 30 yr 2.5% with $4,999 lender credit, and it is the lowest rate on my rate sheet so I couldn't get 2.375%. But my current loan is 2.5%, so I'm afraid underwriting will reject. How can I get past underwriting on this interest rate?
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Joined Dec 2007
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> bubble2 1,381 Posts
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gubbar
10-09-2020 at 08:33 PM.
10-09-2020 at 08:33 PM.
Quote from scottman :
Does loancabin require you to lock prior to getting a LE? How are people shopping around? Are they locking at multiple lenders, and how far into the process can you back out to go with another lender?

Loan Cabin should provide you initial estimate that u can use to shop around. For actual LE, you got to lock the rate in.
Reply
Joined Dec 2009
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> bubble2 303 Posts
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azpt
10-10-2020 at 06:50 AM.
10-10-2020 at 06:50 AM.
Any suggestions for purchase loan lenders in AZ? We have a mortgage broker but I would like to shop around. We are buying the home from my in laws so there is no hurry to buy however I would like to try to time it so I can get the best rates. I am not sure if I should apply now or wait but I am also afraid the rates will start going up. Any advice would be much appreciated!
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shahhere
10-10-2020 at 08:06 AM.
10-10-2020 at 08:06 AM.
Quote from azpt :
Any suggestions for purchase loan lenders in AZ? We have a mortgage broker but I would like to shop around. We are buying the home from my in laws so there is no hurry to buy however I would like to try to time it so I can get the best rates. I am not sure if I should apply now or wait but I am also afraid the rates will start going up. Any advice would be much appreciated!

Hello, your post looks like you are looking for the community approval for you to proceed and do the work needed for the refi as the questions are not specific to help answer nor have you listed any details to gauge what pricing you would be getting.


That said; no one can predict the pricing and rates going up or down but just give you historical notes to dwell on. End of August and early September were the best rates I've seen so far for the year after the AMF fee was applied and then subsequently pushed to Dec 1st as the lenders are not incentivized to close as many loans as possible before the end of October/ early November so that they have time to sell the loans before the AMD Dec1st deadline to F&F.


The rates in my opinion are still "low" but the credits that you can get have gone down a bit so that's essentially working against a favorable refinance. As the Fed indicated that the rates wont be going up for a while but there are a myriad of factors that can affect pricing in the future.


All I can say is that if the current rates/credit give you an advantage over what you have then you should start the process and you can always refinance again if conditions improve. Hence the note that I tell everyone I know that don't pay for the refinance costs as much as possible. Even if you pay its not a bad thing if your breakeven for the costs paid is short (4 years or less).



Shahhere
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PeterLegend
10-10-2020 at 08:49 AM.
10-10-2020 at 08:49 AM.
My Loan Cabin refinance is scheduled to close on 10/19 based on the portal information lol. I'll reach out to them on Monday to see if there is any progress...if not they'll have to extend the rate lock...

I forgot to mention, i'm still in the underwriting process.
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Last edited by PeterLegend October 10, 2020 at 10:10 AM.
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