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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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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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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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BMWZ8Bond
10-14-2020 at 10:30 PM.
10-14-2020 at 10:30 PM.
Quote from presto987 :
I've been responding to a lot of questions, but I have one of my own:

Do lenders collect prepaid property taxes even if you're not escrowing property taxes?

I thought the answer was yes, that they usually collected prepaid taxes if they were due over the next 2 months. Even if you don't escrow. I thought this was a Fannie/Freddie guideline.

The reason I'm asking is that I am looking to do a loan with LC that involves a very large lender credit. I was hoping to apply the credit to prepaid property taxes to avoid going over the $2000 cash-to-borrower limit for a non-cash out refi. But my LC LO is saying that I would need to escrow in order to get property taxes paid from my loan.

LC will be selling the loan to PennyMac, but I thought that PennyMac would typically sell loans into Fannie/Freddie, so they would have to follow those guidelines.

Appreciate any insight!
Similar to user017, I'm also not escrowing taxes, but IM said they were required to collect and pay because it's technically due Nov 1 (even though it isn't considered late until Dec 10). They gave me the option to just pay directly (which I did) and send them the receipt and they removed.

Guessing your LO isn't the right person to talk to on this. They typically hand it off to a closing specialist. My guess is when they get to your CDs, they'll put it in. It wasn't mentioned to me on mine until 3 days before close.
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Joined Apr 2007
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presto987
10-14-2020 at 10:32 PM.
10-14-2020 at 10:32 PM.
Quote from araknis :
I am in the same situation with a large lender credit. My LC LO stated that there is no $ limit for principle reduction and all excess credit will be used in this bucket.

My original plan was to have an impound account to fund my property tax and eat up the large loan credit. However, as the process drags on, I'm afraid the refi will close after the 1st installment of my property tax is due.
Thanks, so just to be clear, you are saying that even if the refi closes after your property tax is due, you will still be able to use the lender credit for principal reduction? Who is your LO? (Feel free to PM if you don't want to answer here).
Reply
Last edited by presto987 October 14, 2020 at 10:59 PM.
Joined Mar 2008
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araknis
10-14-2020 at 11:02 PM.
10-14-2020 at 11:02 PM.
Quote from presto987 :
Thanks, so just to be clear, you are saying that even if the refi closes after your property tax is due, you will still be able to use the lender credit for principle reduction? Who is your LO? (Feel free to PM if you don't want to answer here).
Correct. The LO stated there is NEVER a scenario where a borrower would lose lender credit since the last resort will always be principle reduction. I'm not sure I believe him on this one though. I've read previously there was a general $2500 limit (I think from Fannie/Freddie).

I'll PM him name.
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Joined Oct 2015
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cny_saver
10-15-2020 at 07:15 AM.
10-15-2020 at 07:15 AM.
Been working with LD since end of July on Loan Estimates, paperwork, rate lock extensions, etc but finally getting to closing this coming Saturday. Options were limited in NY so not as great as deal as others have stated in this thread, but overall still pleased.
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qAnon09102020
10-15-2020 at 07:59 AM.
10-15-2020 at 07:59 AM.
Quote from TraceS9652 :
I am pretty much in the similar situation. 290k, 55% LTV, 800 credit score. TX single house yet the best offer that I am getting is from LenderFi at 2.75% 30 years with Lender credit - (A+B+C =D) is $110 back. I have applied with better, LO, and texas lender too. Is it because my property is in TX? I have applied for LC (2 weeks ago) but has no been contacted. Is there any other lender that I can try to get the 2.5% 30 years fix rate with no cost?
I've gone to 6 different lenders before locking with 2. I'd suggest you reach out to more lenders. As you saw from my post, the whole refi lenders search took me at least 30 hours total.
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rel8200
10-15-2020 at 09:31 AM.
10-15-2020 at 09:31 AM.
Closed with LD today (Oct 15). Locked rate on August 13 for those interested. Fairly smooth process (just a little slower than anticipated I'm sure due to everyone refinancing).
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snofy
10-15-2020 at 09:53 AM.
10-15-2020 at 09:53 AM.
Quote from rel8200 :
Closed with LD today (Oct 15). Locked rate on August 13 for those interested. Fairly smooth process (just a little slower than anticipated I'm sure due to everyone refinancing).
I locked with LD at the end of Aug and received the appraisal report end of Sept. Since then, nothing. The loan processor never respond to my emails and I'm getting nervous. Did they keep you updated before you close? I'm at a point where I'm wondering if I should approach other lenders for a backup plan.
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rel8200
10-15-2020 at 10:25 AM.
10-15-2020 at 10:25 AM.
Quote from snofy :
I locked with LD at the end of Aug and received the appraisal report end of Sept. Since then, nothing. The loan processor never respond to my emails and I'm getting nervous. Did they keep you updated before you close? I'm at a point where I'm wondering if I should approach other lenders for a backup plan.
Yes, my loan processor was responsive to emails and phone calls. I checked in periodically for updates and he let me know what was going on. Did you try reaching out to the manager listed in the portal for your account?
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kvk
10-15-2020 at 12:23 PM.
10-15-2020 at 12:23 PM.
Can anyone help me with this? I got an excellent quote from LC but have some questions.
They have appraisal fee as 595. But LTV is 54% so should I ask for appraisal waiver ahead of time or pay and move forward. Also C: Total is $3307. After locking can I shop around or it doesn't work that way?
I got 2.125% rate for 15 years fixed. with a total closing costs of $4127, there is no origination charges.
Please help me with how to reduce C while working with LC. My current loan is less than one year old and I should get some discount in Lender Title Policy as well.
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Last edited by kvk October 15, 2020 at 01:21 PM.
Joined Nov 2014
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rawk14
10-15-2020 at 12:40 PM.
10-15-2020 at 12:40 PM.
Quote from kvk :
Can anyone help me with this? I got an excellent quote from LD but have some questions.
They have appraisal fee as 595. But LTV is 54% so should I ask for appraisal waiver ahead of time or pay and move forward. Also C: Total is $3307. After locking can I shop around or it doesn't work that way?
I got 2.125% rate for 15 years fixed. with a total closing costs of $4127, there is no origination charges.
Please help me with how to reduce C while working with LD. My current loan is less than one year old and I should get some discount in Lender Title Policy as well.

May be ask for the no cost interest rate and compare the breakeven of closing costs.
Reply
Joined Apr 2007
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presto987
10-15-2020 at 12:56 PM.
10-15-2020 at 12:56 PM.
Quote from kvk :
Can anyone help me with this? I got an excellent quote from LD but have some questions.
They have appraisal fee as 595. But LTV is 54% so should I ask for appraisal waiver ahead of time or pay and move forward. Also C: Total is $3307. After locking can I shop around or it doesn't work that way?
I got 2.125% rate for 15 years fixed. with a total closing costs of $4127, there is no origination charges.
Please help me with how to reduce C while working with LD. My current loan is less than one year old and I should get some discount in Lender Title Policy as well.
What state are you in? Can you post a breakdown of what is in C? Sounds like you are in a state with high title insurance costs. Also can you tell us your loan amount or house value, as that would have some impact.
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Joined Nov 2007
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kvk
10-15-2020 at 01:20 PM.
10-15-2020 at 01:20 PM.
State Texas TX
Home Value : 576k
Loan Amount : 310k
C. Services You Can Shop For : Total 3307
Land Survey $539
Title - Guaranty Fee $2
Title - Lender's Endorsements $192
Title - Lender's Title Insurance $1,939
Title - Settlement Fee $575
Title - Tax Certificate $60

My current loan is just one year old so I would get 50% off for the title insurance I guess.
Also this is from Loan Cabin
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Joined Nov 2007
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kvk
10-15-2020 at 01:20 PM.
10-15-2020 at 01:20 PM.
Quote from presto987 :
What state are you in? Can you post a breakdown of what is in C? Sounds like you are in a state with high title insurance costs. Also can you tell us your loan amount or house value, as that would have some impact.
State Texas TX
Home Value : 576k
Loan Amount : 310k
C. Services You Can Shop For : Total 3307
Land Survey $539
Title - Guaranty Fee $2
Title - Lender's Endorsements $192
Title - Lender's Title Insurance $1,939
Title - Settlement Fee $575
Title - Tax Certificate $60

My current loan is just one year old so I would get 50% off for the title insurance I guess.
Also this is from Loan Cabin
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mamakat
10-15-2020 at 01:33 PM.
10-15-2020 at 01:33 PM.
I heard from my LC LO today, my file is conditionally approved. so hopefully not much longer?
here's timeline so far, I'll update when it closes -
7/16 - application
7/25 - locked
7/27 - signed all disclosures, uploaded all docs
8/28 - appraisal
9/28 - online system told me sent to underwriting
10/15 - conditional approval

can anyone tell me their experience of how much longer after conditional approval this should take?
Reply
Last edited by mamakat October 15, 2020 at 07:01 PM.

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shahhere
10-15-2020 at 01:36 PM.
10-15-2020 at 01:36 PM.
Quote from kvk :
State Texas TX
Home Value : 576k
Loan Amount : 310k
C. Services You Can Shop For : Total 3307
Land Survey $539
Title - Guaranty Fee $2
Title - Lender's Endorsements $192
Title - Lender's Title Insurance $1,939
Title - Settlement Fee $575
Title - Tax Certificate $60

My current loan is just one year old so I would get 50% off for the title insurance I guess.
Also this is from Loan Cabin

Just FYI for the $4000+ you are paying for on the 2.125% $310,000 loan you dont have a good breakeven. There are many ways to calculate the true breakeven but the simple one I use is the payment different between the 2 rates so:

2.125% 15 Year @ $310,000 = $2018 a month
2.25% 15 Year @ $310,000 = $2031 a month

The net difference between the rates is $18 and if you divide that by $4000 you'll be 223 months out before you see a savings on the $4000 spent.

In other words try to get higher on the rate and take enough credit to cover you closing costs (A+B+C at the least) as even paying $2000 at 2.25% will net you a breakeven in 10 years which is too big in my opinion.

As for controlling C costs for Title reach out to Valero and Radian for a quote and make sure you get the discounted re-issue rate to get the more accurate rate.


Shahhere
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