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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 checked pricing today on LC's site, and for my parameters it showed 2.25% for 30-year (with 60 day lock and escrow not waived). The rates they show are without points, which means there would be some lender credit associated with that rate, but unclear how much. For folks with low title and recording fees (around $1050 for me), it might be a no-cost 2.25%.
If you're not already locked with LC, this might be a good time to lock and get an LE. Then ask LoanDepot to beat it. Note, you have to find a "lending officer" at LD who is able to be aggressive on pricing. Do not call a local office and speak to a "loan consultant". That will get you nowhere.
Applied/locked on 9/23, conditional underwriting approval on 9/28, final approval today 11/5, and closing set for Saturday (11/7)
Rate, credits, term, and LTV?
CA
LTV below 50%
Loan amount a little below $500k
I asked them to beat an LC LE which offered 2.5% 30-year with $3700 net credit (D+E-lender credit). They beat it by around $400.
Subsequently I asked to raise my rate to 2.875%, which increased my lender credits by an additional $6400. But I had to move to a 25-year term to satisfy their NTB policy.
They were ready to close, but then I asked to raise my rate to 3.5% to get an additional $7700 of credit.
If you're following the math, if this closes, I will be netting $18,200. In the process I'm raising my rate from 2.625% 30-year currently to 3.5% 25-year.
I will be paying a lot more in interest, which obviously eats into how much I'm making. Theoretically I could just refi again, but I intend to wait 6 months as I don't want to bite the hand that is feeding me.
LC assured me that they would let me max out my lender credits like what I just described, but as I progressed through the process, I was ultimately told no. It may be because I did not wait 6 months from my last refi (which was with Better), so they are limiting how much lender credits I can get in case I do another immediate refi. I wish it had worked out with LC, because I probably would be eligible for a float down the way rates have gone. But who knows when that day would ever come.
LD didn't seem to have a problem with my strategy, but my move to 3.5% doesn't have final approval yet, so fingers crossed.
If I am missing something, someone please let me know!
I was waiting until after I funded to post this, but since you asked, here it is.
A+B+C=$925
EFGH= $156
Total: $1081
Lender Credit: $2000
Total Closing Cost: -$919
Cash to Close is still listed as $623. Why do I still have to bring cash to the table?
CA
LTV below 50%
Loan amount a little below $500k
I asked them to beat an LC LE which offered 2.5% 30-year with $3700 net credit (D+E-lender credit). They beat it by around $400.
Subsequently I asked to raise my rate to 2.875%, which increased my lender credits by an additional $6400. But I had to move to a 25-year term to satisfy their NTB policy.
They were ready to close, but then I asked to raise my rate to 3.5% to get an additional $7700 of credit.
If you're following the math, if this closes, I will be netting $18,200. In the process I'm raising my rate from 2.625% 30-year currently to 3.5% 25-year.
I will be paying a lot more in interest, which obviously eats into how much I'm making. Theoretically I could just refi again, but I intend to wait 6 months as I don't want to bite the hand that is feeding me.
LC assured me that they would let me max out my lender credits like what I just described, but as I progressed through the process, I was ultimately told no. It may be because I did not wait 6 months from my last refi (which was with Better), so they are limiting how much lender credits I can get in case I do another immediate refi. I wish it had worked out with LC, because I probably would be eligible for a float down the way rates have gone. But who knows when that day would ever come.
LD didn't seem to have a problem with my strategy, but my move to 3.5% doesn't have final approval yet, so fingers crossed.
If I am missing something, someone please let me know!
I was waiting until after I funded to post this, but since you asked, here it is.
I would be surprised if they let you go up that high; not as a bearer of bad news but you could then simply refinance right after to a lower rate as you would clearly have a NTB (lol) and walk away with the $14,500 ($18,200-$3700)....
If this works its a great strategy btw knowing that the rates shouldnt skyrocket in the near future as we know things today.... Even if you end up with 2.75% it woulnt be the end of the world esp the money you made
The Breakeven at assuming $500,000 loan on a 3.5% would be 53ish months before you pay more in interest on the loan.
Shahhere
If I were to take this deal and refi within 6 months, I suspect they would put me on their "don't work with this borrower" list!
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If I were to take this deal and refi within 6 months, I suspect they would put me on their "don't work with this borrower" list!
Whats preventing you from refinancing the following month?
I am stuck with LD as they had to redo my paperwork as their JUST realized after I closed and the day of funding that they are paying me to take the loan and so they changed it to do a principle reduction so now missed todays funding and will see what tomorrow brings. If they let you walk away with your numbers, nice!
I noticed that the rates tanked today btw so lets see how things unfold.
Shahhere
I was supposed to have a call with Bob today but he was too busy to answer it. However, I did get an email from Angie Torres (Sr. Loan Processor) asking me for updated pay stubs and bank statements which is funny because I uploaded those to the portal several weeks ago. She is also asking me to fill out a form for Fidelity Title, Consumer Explanation Letter and my Appraisal Waiver. I'll email her back tomorrow morning when I'm back in the office. I am going on day 76 since locking. It does feel like I am getting close though, I plan on calling Bob again tomorrow morning to discuss the email.
My mortgage payment is still being paid to my current lender this month, I'll have to pay off my property tax bill this month too. Good news is I have $1,200 in leftover lender credit I can apply to my principal.
Thanks,
Peter
I have heard 3% max on either side...
https://pocketsense.com/limit-len...07242.htm
Question:
When you pay for point you reduce tax liability? But when you take credit is that considered income?
Based on your comment, even if you locked rate, you can negotiate a new rate lock and/or lender credit with LD?
CA
LTV below 50%
Loan amount a little below $500k
I asked them to beat an LC LE which offered 2.5% 30-year with $3700 net credit (D+E-lender credit). They beat it by around $400.
Subsequently I asked to raise my rate to 2.875%, which increased my lender credits by an additional $6400. But I had to move to a 25-year term to satisfy their NTB policy.
They were ready to close, but then I asked to raise my rate to 3.5% to get an additional $7700 of credit.
If you're following the math, if this closes, I will be netting $18,200. In the process I'm raising my rate from 2.625% 30-year currently to 3.5% 25-year.
I will be paying a lot more in interest, which obviously eats into how much I'm making. Theoretically I could just refi again, but I intend to wait 6 months as I don't want to bite the hand that is feeding me.
LC assured me that they would let me max out my lender credits like what I just described, but as I progressed through the process, I was ultimately told no. It may be because I did not wait 6 months from my last refi (which was with Better), so they are limiting how much lender credits I can get in case I do another immediate refi. I wish it had worked out with LC, because I probably would be eligible for a float down the way rates have gone. But who knows when that day would ever come.
LD didn't seem to have a problem with my strategy, but my move to 3.5% doesn't have final approval yet, so fingers crossed.
If I am missing something, someone please let me know!
I was waiting until after I funded to post this, but since you asked, here it is.
I have heard 3% max on either side...
https://pocketsense.com/limit-len...07242.htm
Question:
When you pay for point you reduce tax liability? But when you take credit is that considered income?
Based on your comment, even if you locked rate, you can negotiate a new rate lock and/or lender credit with LD?
Dont know about the expense vs income question (never looked into it frankly).
As for the closing costs and the credit due is largely dependent on lender first. Lenders such as Better limit it to $4999 and WH to $3000-$3500 but I believe this is done arbitrarily. Better for their part will let slide you down to a lower rate if you would like to get the max credit.
The second part to above is that when you lock the rate with a lender; generally you are locking the rate table for the day/time you locked your rate. So if you slide up and down on the products the discount points or credits are all relative to that table. This is my understanding but doesn't prevent a lender from saying they wont change the product for you once you locked.
It also helps that Presto has optimal loan sizing (assuming other optimal factors such as LTV, DTI, Credit scores etc) as its below a Jumbo designation and well above lower limits. Checkout LD's wholesale rate sheet I've attached for the discounts and costs of the rate itself and the other costs (LLPA) to gauge how it sorta works.
Shahhere
CA
LTV below 50%
Loan amount a little below $500k
I asked them to beat an LC LE which offered 2.5% 30-year with $3700 net credit (D+E-lender credit). They beat it by around $400.
Subsequently I asked to raise my rate to 2.875%, which increased my lender credits by an additional $6400. But I had to move to a 25-year term to satisfy their NTB policy.
They were ready to close, but then I asked to raise my rate to 3.5% to get an additional $7700 of credit.
If you're following the math, if this closes, I will be netting $18,200. In the process I'm raising my rate from 2.625% 30-year currently to 3.5% 25-year.
I will be paying a lot more in interest, which obviously eats into how much I'm making. Theoretically I could just refi again, but I intend to wait 6 months as I don't want to bite the hand that is feeding me.
LC assured me that they would let me max out my lender credits like what I just described, but as I progressed through the process, I was ultimately told no. It may be because I did not wait 6 months from my last refi (which was with Better), so they are limiting how much lender credits I can get in case I do another immediate refi. I wish it had worked out with LC, because I probably would be eligible for a float down the way rates have gone. But who knows when that day would ever come.
LD didn't seem to have a problem with my strategy, but my move to 3.5% doesn't have final approval yet, so fingers crossed.
If I am missing something, someone please let me know!
I was waiting until after I funded to post this, but since you asked, here it is.
I was just wondering how you get this large net credit. Will that be a principal reduction, as my understanding is you cannot get more than $2000 back
I think he is timing this right by having a large tax amount due in escrows.
Principle reduction and $2000 cashback are 2 separate items btw.
Shahhere
I have heard 3% max on either side...
https://pocketsense.com/limit-len...07242.htm
Question:
When you pay for point you reduce tax liability? But when you take credit is that considered income?
Based on your comment, even if you locked rate, you can negotiate a new rate lock and/or lender credit with LD?
As far as taxation of lender credit - Certainly to the extent it's offsetting closing costs it should not be taxable. With the excess credit, I can't say for sure, but I don't think so.
Shahhere is correct that I'm not negotiating a new rate and/or lender credit. At the time of lock, you are locking in a rate sheet, which includes many combinations of rate and lender credit. If you want to change where you are on the sheet before closing, you can do that.
Thanks for the PDF Shahhere! Very helpful. @JudiciousBuyer, you can see a sample rate sheet on page 2. When you lock, you are basically locking in one of the whole tables on that sheet.
@rebates: Once again, Shahhere is right. I am including property taxes as a prepaid, which allows the lender credit to offset that. The $18k that I would be netting on the deal gets applied roughly as follows:
$3k prepaid interest and interest to current lender (part of payoff amount)
$7k prepaid property tax
$6k principal reduction
$2k cash to borrower at closing
By the way, if the loan is sold to Freddie Mac, then technically the cash to borrower at closing can be up to $3500. But I think most lenders limit to $2000 to give themselves flexibility, plus some lenders like Better only use Fannie Mae.
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Will LC rates even be better at this time?? who know, cause i cant even get a quote. LOL
TIA