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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.
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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=
:
As per volcomssj48, this is a good place to go for a basic understanding of the LE (Loan Estimate) that should be provided to you by each lender once you give all of your information: https://www.consumerfin I'm in NJ so I can't really shop Title Insurance much as it's the cost is regulated by the state, however in other states, you can really cut down some of the costs in section "C". |
http://www.mortgagenew
Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
- Loan Cabin https://www.loancabin.c
om/ - Better.com https://better.com/
- Interactive Mortgage https://interactivemortgage.com/
- LenderFi https://www.lenderfi.co
m/ - owning.com (Operates only in CA) https://owning.com/
- NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
- Loan Depot https://www.loandepot.c
om/ - Travis Credit Union (12 North Cal Counties only) https://www.traviscu.or
g/ Eligibility [traviscu.org] - Pentagon Federal CU https://www.penfed.org/
- Interactive Mortgage https://interactivemort
gage.com/ - NavyFederal CU https://www.navyfederal
.org/ - United wholesale mortgages https://www.uwm.com/
- BoxHomeLoans https://www.boxhomeloan
s.com/ - LoanLock https://www.loanlock.co
m/ - West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
- RatePlus (California) https://www.rateplus.co
m/ - Northpointe Bank https://www.northpointe
.com/ - HighTechLending https://hightechlending
.mortgagewebcen ter.com/ - Close Your Own Loan https://www.closeyourow
nloan.com/...sults.aspx - AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
- Amerisave - will give you scores from all 3 bureaus with just a soft pull
https://www.amerisave.com/ - Provident - will give LE without locking rate https://www.provident.c
om/ Best Credit Back with 60% LTV or better. - Watermark Home Loans https://www.watermarkho
meloans.com/ Skip these guys. They are being rude to Slickdealers. In one occasion they have explicitly said they don't want to do business with people from Slickdeals. They also have an approach where they give you the best rate initially and just raise it more each time you ask. - Colonial Mort http://www.colonialmor
t.com/ - Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
- Rate Rabbit https://www.raterabbit.
com/ Licensed in MA and others [raterabbit.com]
Discount lenders who DO NOT accept fully documented in tax returns self-employment income:
Owning.com
BoxHomeLoans
Lower.com
Discount Lenders that DO accept fully documented in tax returns self-employment income:
Sebonic
Caliber
Sage
Title Company Shopping
AltTitle.com
mytitlegenius.com (formerly entitle direct)
TO AVOID - Settlement LTD (local Pittsburgh run away from them - high cost, very bad service, lot of delays)
Feel Free to Add Sections for Each Lender - MeAPhool
Loan Cabin - DetailsWARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
I would have lost the home if i was trying to buy a house.
I just had a normal refi and it took then 127 days to close. out of the 27 emails i sent, they responded to 3. I even had to call (complain) their main office 2 times to get a response to any emails. they screwed the closing paperwork as well.
Loan Cabin does not charge lender fees. Actually all of this is in their FAQ but of course nobody reads anything and wants everything spoon fed.
This means A+B (reference the link above in the wiki regarding Loan Estimate) in the Loan Estimate should be 0 (as long as your appraisal is waived).
You will be responsible for Title Cost (of course you can shop that to your heart's delight)
You will be responsible for Recording Fee in your county
You will be responsible for Escrows (if you so choose OR if you are close to Homeowner's OR Property Tax payment - though you can negotiate and show evidence to get it waived. Most lender's will waive it if you are choosing not to escrow and you can show proof that you paid the upcoming Property Tax or Homeowner's Insurance)
You will be responsible for Prepaid Interest (this isn't a cost. If you didn't refinance, you'd be paying the interest at your current mortgage rate which I assume would be higher).
Lender Credit - If this covers A+B+C+E then you have a no-cost refinance. If you have a surplus aside from A+B+C+E, then technically you made money on your refinance.
If you apply and do no hear back for 3 days, then on the 3rd business day, reach out to [email protected]. They will usually help get a response on your application within a day.
If the information in this WIKI does not cover your questions, then please ask. We will answer and update WIKI accordingly.
Thanks - MeAPhool
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Quote
from arouncoumar
For those needing clarity on LC closing costs, I was on the same boat. See what they charge here https://www.dropbox.com/s/r30ecea...t.png
:
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Quote
from PeterLegend
Here is a photo of my loan estimate from Loan Cabin, my lender credits should be closer to 3K based on my initial conversations with Bob so i'm following up with him on that.
:
I do see title insurance in my estimate. I reached out to Owning but I didn't quality for the no cost refinance option since my LTV was 73%, it has to be 50% or lower when I spoke to them. |
5,912 Comments
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I think David Pressel and BSM should be removed from the list. I've not heard anything weeks after applying and emailing. Other people are reporting the same. Dave didn't give this person a great deal, 2.625% on 9/8. He also refused to put the lender credit on the loan estimate. It's disappointing.
I think Interactive Mortgage should also be removed from the list. They were shady and rude to me too.
Sorry, taking your personal experience isn't how I would govern the first post.
In full disclosure; I am the one who invited Dave to this forum based on my past interactions with him and to date one of the criteria has not been violated by him that he quoted a rate and credit and that it changed for the buyer or changed without justification. He has always tried to hold up his end of the bargain and that's the whole reason to start a thread like this. I left Watermark in there but posted my own experience and that too was updated after several others posted and informed me about their issues here and from other forums.
That said there are tons of other posters who have posted an opposite response to their interaction with Dave and I am not making excuses for him but look at the last 10 pages and you'll see the complaining about LC not returning crap from a response standpoint to others and that their closing has been 3ish months.
I am sure he is busy and best thing I can say is that you have to stay on top of the lenders as you need to get things done and that he's been responsive enough on the phone/texts.
I'd post the same thing for IM as there have been issues but overall they are the best priced lender out there for Cali people as well.
Shahhere
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
My current rate is 3% with Rocket Mortgage and also I'm saving some by paying bi weekly payments. The best rate I got is 2.375 15Yrs fixed with No Fee and No Closing cost.
I would not recommend LD anymore, they seems to be as slow or slower than LC.
Glad that I finally went through this refinance. But I will not recommend LD to anyone. This is such a painful and slow process. Good thing is that this is a refi, not purchase. No seller will sell me a house, if I need to get a loan for more than 90 days.
Thinking of doing another round. LTV at 70%. Has anyone got any quotes this week or previous? Where are the 30 years rates at these days?
Bayshore Dave is slow and he hides lender credits instead of putting it on the loan estimate where it should be. Dave also took advantage of a poster in this thread with 2.625% on 9/8, when many of us know it should've been no higher than 2.5%.
We're all better off being honest about what each of these companies are doing.
Thinking of doing another round. LTV at 70%. Has anyone got any quotes this week or previous? Where are the 30 years rates at these days?
Just closed my 2nd refi 30 year @2.5% no fee this week, refi process started a month ago.
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I told my loan agent this and he said it doesn't matter their underwriter still requires these "condo documents". I have already uploaded an HOA account balance statement to their loan portal so I don't really get what they're looking for. Anyone know what this is all about?
Bayshore Dave is slow and he hides lender credits instead of putting it on the loan estimate where it should be. Dave also took advantage of a poster in this thread with 2.625% on 9/8, when many of us know it should've been no higher than 2.5%.
We're all better off being honest about what each of these companies are doing.
He did no such thing.
And on 9/8 , probably last time rates were bottoming so why didn't you say some could have gotten the unicorn 2.375%...or 2.25% provided by like 2 lenders who might not be 50 states lending? LOL.
Some people can run around chasing uber low rates but still be in the queue 90days later.
While people like me cut 100bps off their rate & $500 off the monthly & investing that savings.
Took me 2 emails in 36 days to settlement.
Even with not knowing the lender credit until the ICD , how is that any more hazy than all the back & forth you are playing with multiple lenders?
Time = $$$
Pretty easy to see who's cut cost & who still playing games.
10/3 - Beat competing LE by $300, locked rate
10/8 - Beat 2nd competing LE by $550, Initial Underwriting Review
10/10 - Conditionally approved
10/12 - Title ordered (Radian, obtained quote from them a few days before)
10/13 - Title cleared
10/14 - Final Review
10/15 - Approved
10/19 - Scheduled closing date
Shopped around 15 lenders, Better was willing to beat the most competitive LEs twice. Really enjoyed their working within their system. Will use again if all goes well.
AZ, 142k @ 2.75% Fixed 30-Year, A+B+C $860
Lender credits cover the loan costs for both and the LD one actually covers most of the fixed costs (recording, prepaid interest, etc.).
Lender credits cover the loan costs for both and the LD one actually covers most of the fixed costs (recording, prepaid interest, etc.).
"I'm not sure what exactly the issue is. APR is a very problematic measure as it doesn't include lender credit, and it sometimes includes "costs" like prepaids, which shouldn't matter as you're paying those anyway.
When you get near closing, the prepaids get more accurate so those will change compared to the LE and can lead to there being cash required from the borrower or a check to the borrower. If the cash to borrower is too high then they might need to reduce the loan amount in order to avoid making it a cash out.
What you need to check is that D minus lender credit is better than the other lender.
If you have a problem with the loan amount then you can likely ask them to adjust it up or down unless there is some constraint like too much cash going to borrower."
10/3 - Beat competing LE by $300, locked rate
10/8 - Beat 2nd competing LE by $550, Initial Underwriting Review
10/10 - Conditionally approved
10/12 - Title ordered (Radian, obtained quote from them a few days before)
10/13 - Title cleared
10/14 - Final Review
10/15 - Approved
10/19 - Scheduled closing date
Shopped around 15 lenders, Better was willing to beat the most competitive LEs twice. Really enjoyed their working within their system. Will use again if all goes well.
AZ, 142k @ 2.75% Fixed 30-Year, A+B+C $860
The difference in title costs in my case is over $1000, as Better's title is charging the full new policy rate, while Radian would charge the reissue rate as my current mortgage is less than a year old.
I would not recommend LD anymore, they seems to be as slow or slower than LC.
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