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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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eversavage
10-13-2020 at 03:34 PM.
10-13-2020 at 03:34 PM.
Quote from senthilcoumar :
Any comments on the attached LE from Congressional Bank?
Attachment 9462128
Attachment 9462131
Attachment 9462134

I think its great.... I'm at 2.25% 15yrs
Reply
Joined Aug 2006
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> bubble2 1,812 Posts
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eversavage
10-13-2020 at 03:38 PM.
10-13-2020 at 03:38 PM.
Quote from qAnon09102020 :
I'm on the same boat with Better. I'm still waiting to see my closing disclosure with the corrected section E cost. Right now it's showing close to $400 when it should be around $150.

For my LE section E, shows 399 when it should be half as much... the email I got my title company of my choosing (radian) said its normal and they will refund me the difference.. they have to have more than enough to cover the cost.

My biggest grip as of now is my section C... its still not showing the fee from my title company... 1100 from Better vs Radian cost of 800
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Joined Jul 2010
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coppeebobah
10-13-2020 at 03:38 PM.
10-13-2020 at 03:38 PM.
For those of you just getting new quotes this week, is your lender starting to implement the 0.5% Refinance Fee that is supposed to go in effect on December 1?

Also does this Refi Fee mean the refi loan needs to close by that date? Considering I see a good amount of people here are pushing 60 day process times
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Joined Nov 2014
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random_shots
10-13-2020 at 03:40 PM.
10-13-2020 at 03:40 PM.
Quote from eversavage :
Dang.. 55 days to close? That seems like a long time...

I lock in on 9/12 with Better and I'm still in the process... I didn't think it would take that long

But with ur data point.. at least I now know what to expect
It all depends on which team you are assigned. My buddy locked his rate at the same time and his loan was funded within 35 days. This was my second refinance with Better in 2020 and the first one took about 35 days as well.
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presto987
10-13-2020 at 05:11 PM.
10-13-2020 at 05:11 PM.
Quote from random_shots :
It all depends on which team you are assigned. My buddy locked his rate at the same time and his loan was funded within 35 days. This was my second refinance with Better in 2020 and the first one took about 35 days as well.
I locked with Better on August 7 and closed on August 31. Appraisal was waived, so that helped.
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Joined Apr 2007
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presto987
10-13-2020 at 05:24 PM.
10-13-2020 at 05:24 PM.
Quote from coppeebobah :
For those of you just getting new quotes this week, is your lender starting to implement the 0.5% Refinance Fee that is supposed to go in effect on December 1?

Also does this Refi Fee mean the refi loan needs to close by that date? Considering I see a good amount of people here are pushing 60 day process times
Most lenders have already priced in the fee.

The fee is charged to the lender for loans that are sold to Fannie/Freddie on or after December 1 (or that are packaged into mortgage-backed securities issued on or after Dec 1).

It typically takes a couple of weeks for lenders to sell a loan. Maybe even a little longer with the Thanksgiving holiday. And remember that there are several business days between closing and funding. So you have to close by the first week of November for the lender to have a good chance at avoiding the fee.

I'd expect that any lender who is offering a 30-day or longer lock is already pricing in the fee. Better.com started pricing it in around September 26, which makes sense since they have a 45-day lock. I think Interactive Mortgage started pricing it in last week when their advertised rates rose from 1.99% 15y and 2.375% 30y to 2.25% 15y and 2.5% 30y. I believe they have a 30-day lock. Both of these datapoints point to closing by the first week of November.
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scottman
10-13-2020 at 06:15 PM.
10-13-2020 at 06:15 PM.
Does anyone know if a lender is obligated to refund the fee if it is sold before the deadline? Or do they just pocket it as profit? One lender said it would be a line item fee, but it seems others are just baking it into the rate, so how would we know?
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eversavage
10-13-2020 at 06:19 PM.
10-13-2020 at 06:19 PM.
Quote from presto987 :
I locked with Better on August 7 and closed on August 31. Appraisal was waived, so that helped.

my appraisal wasn't waived but it was done the same week i paid to get locked..

the title report was ordered in late Sept and they haven't cleared it yet..

I'm not in a rush.. i just find the whole process interesting..

when i 1st started my first rate quote was 5% from owning in Aug.. they said my loan amount was too small so they had to charge more. .... amazing how much i've learn.. Cool
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CheapThrills01
10-13-2020 at 07:14 PM.
10-13-2020 at 07:14 PM.
Quote from scottman :
30 years with lower payment will lower your monthly debt to income ratio for any future loans you apply for. Or if your circumstances change for the worse, a lower monthly payment always helps. Grow some discipline and just make extra monthly principal payments to the 30 to make it a 20 if you are itching to pay off a 2.6% loan early. laugh out loud
Thanks, its a very valid point on monthly debt to income ratio. It didn't crossed my mind.
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Joined Apr 2007
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presto987
10-13-2020 at 08:02 PM.
10-13-2020 at 08:02 PM.
Quote from scottman :
Does anyone know if a lender is obligated to refund the fee if it is sold before the deadline? Or do they just pocket it as profit? One lender said it would be a line item fee, but it seems others are just baking it into the rate, so how would we know?
Highly unlikely that they would be obligated to refund the fee.

The 0.5% refi fee is one of many "loan-level price adjustments" (LLPAs) that are charged by Fannie/Freddie.

For example, if you look at the document in the following link, you'll see that Fannie has similar fees for high LTV loans, cash out refis, investment properties, loans with second liens like HELOCs, etc. etc.
https://singlefamily.fanniemae.co...91/display

All of these factors can influence the pricing that you're able to get, but they are not "line item fees" that are passed onto you. They are built into the rate and points/credit, along with whatever profit the lender intends to make.

I think it's unlikely but possible that some generous lenders may opt to refund this fee either (1) as an additional credit at closing if the fee was baked into your pricing but you closed much earlier than expected or (2) as a check if they were able to sell the loan in time. For example, Better refunded the fee for people who had it baked into their pricing before the deadline got extended. But generally I would not expect that to happen. Option 1 is unlikely because lenders will not be certain whether they are charged the fee until they sell the loan. And option 2 is unlikely because usually lenders don't send a check after the fact (with Better being the exception).

By the way, when something isn't a line item fee, there is no way to prove (from the outside) whether a lender is explicitly pricing in the fee. Suppose a lender's rates go up (separate from daily changes in mortgage rates); there is no way to know whether they are explicitly charging for the fee or just adjusting their rates in line with the competition and taking more profit. Or take another example: a lender may leave its rates unchanged when the fee is supposed to start getting incorporated; they may eat the cost in order to keep their pricing in line with the competition.
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Last edited by presto987 October 13, 2020 at 08:13 PM.
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sd72986
10-13-2020 at 09:22 PM.
10-13-2020 at 09:22 PM.
Quote from sdpettytyrant :
Has anyone seen 30 yr 2.375% on their Better rate sheet? I'm thinking 2.5% is their system's lowest right now.
Yes seen 2.125% 30 year fixed better rate sheet. Lender credits seem to jump quite a bit from 2.5% (at -$4k) to 2.375% (already ~1k)
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Joined Nov 2007
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Itorian
10-13-2020 at 10:45 PM.
10-13-2020 at 10:45 PM.
Quote from sdpettytyrant :
Read the first 20 pages and last 20 pages of this thread. You should get a loan where the loan costs D are completely paid by lender credits. 30 year 2.5% should be possible, and you might be able to do better.

Thank you. I've read so much and since I am going to have this house for awhile.
I decided on 2.25% 30 yr va loan(seacoast whom uses united wholesale mortgage).. loan costs are $1200 basically. I find this to my best deal right now and time is running out for that evil .5% more...
Of course property tax is large but I will get my large escrow before its due so this all works out pretty good. BTW I'm going from 3.25 to 2.25
Almost did a conventional loan at 1.75% 15 yr with Owning. But decided not too and play it safe even though I plan to double payments for now.. Nice to have a choice since I got young ones going for college soon enough....

BTW I took 8 hits on my credit from aug 13 - Oct 9 and my Experian credit score says 842 now.
I can't wait for this to be over with honestly. So tired doing this loan crap. lol

Take care for now all.
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scottman
10-14-2020 at 12:26 AM.
10-14-2020 at 12:26 AM.
Quote from presto987 :
Highly unlikely that they would be obligated to refund the fee.

The 0.5% refi fee is one of many "loan-level price adjustments" (LLPAs) that are charged by Fannie/Freddie.

For example, if you look at the document in the following link, you'll see that Fannie has similar fees for high LTV loans, cash out refis, investment properties, loans with second liens like HELOCs, etc. etc.
https://singlefamily.fanniemae.co...91/display

All of these factors can influence the pricing that you're able to get, but they are not "line item fees" that are passed onto you. They are built into the rate and points/credit, along with whatever profit the lender intends to make.

I think it's unlikely but possible that some generous lenders may opt to refund this fee either (1) as an additional credit at closing if the fee was baked into your pricing but you closed much earlier than expected or (2) as a check if they were able to sell the loan in time. For example, Better refunded the fee for people who had it baked into their pricing before the deadline got extended. But generally I would not expect that to happen. Option 1 is unlikely because lenders will not be certain whether they are charged the fee until they sell the loan. And option 2 is unlikely because usually lenders don't send a check after the fact (with Better being the exception).

By the way, when something isn't a line item fee, there is no way to prove (from the outside) whether a lender is explicitly pricing in the fee. Suppose a lender's rates go up (separate from daily changes in mortgage rates); there is no way to know whether they are explicitly charging for the fee or just adjusting their rates in line with the competition and taking more profit. Or take another example: a lender may leave its rates unchanged when the fee is supposed to start getting incorporated; they may eat the cost in order to keep their pricing in line with the competition.
I have a locked loan with better and just noticed today that my loan estimate changed in the "cash to close" section to increase the "estimated total payoffs and payments" to now have about 0.5% added to my principal amount. That looks to me like they were not baking it into rates but plan to retroactively add it onto any locked loan estimate. Pretty sneaky unless they only plan to charge it if closing gets too close to december and will take it off if it closes sooner.

edit: probably just adding the accrued interest, not the .5% fee.
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Last edited by scottman October 14, 2020 at 11:00 AM.
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presto987
10-14-2020 at 06:44 AM.
10-14-2020 at 06:44 AM.
Quote from scottman :
I have a locked loan with better and just noticed today that my loan estimate changed in the "cash to close" section to increase the "estimated total payoffs and payments" to now have about 0.5% added to my principal amount. That looks to me like they were not baking it into rates but plan to retroactively add it onto any locked loan estimate. Pretty sneaky unless they only plan to charge it if closing gets too close to december and will take it off if it closes sooner.
They are not retroactively sneaking in the fee. What probably happened is that they requested a payoff quote from your current lender and have updated the payoff amount accordingly.

The payoff amount includes not only your current principal but also any interest that has accrued and will accrue until a week after your expected funding date. This ensures that your current lender gets paid all the interest that is due to them through the funding date, plus a little extra in case funding is delayed (the current lender will refund any overage). Normally you would be paying this interest as part of your monthly payment.

Finally, there are usually some recording or processing fees associated with the payoff. For me this was $129 on my last refi.
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Last edited by presto987 October 14, 2020 at 06:46 AM.

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cdancer20
10-14-2020 at 08:04 AM.
10-14-2020 at 08:04 AM.
Quote from CheapThrills01 :
Refinanced 5 months back for 2.875% for 20 years with closing cost $2400(D+E) before coming across this thread Frown

Now got quote for both 20 and 30 years same rate, and requested for LE to check on the cost.
2.5% with lender credit of $2000
2.625% with lender credit of $3900

Any advantage of doing 30 years now instead of 20? i don't mind on the low monthly as I feel I will be more disciplined with 20 years, is there any other advantage to go with 30 years as both are quoted with same rate and lender credit.
Someone else already commented but I wanted to post something along the same line. The 30 year gives you the freedom to pay a smaller amount if you have to for unforeseen reasons but you can also pay more to pay it off in 20 years. if you KNOW that you are going to pay off in 20 years, do the math to see which one is cheaper in the long run. Otherwise, if you want the freedom to pay less than do the 30 year.
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