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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.
|
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. |
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In the meantime, my loan has been transferred to Mr. Cooper effective 11/2. I received a letter from them saying no late payment fees for 60 days from transfer and no negative impacts to my credit from late payments for 60 days.
I am expecting my loan with LC will close in Dec. So my question is, can I wait it out until it's closed by LC and not make any payments to Mr. Cooper since I have 60 days grace period from Mr. Cooper.
I have not made my mortgage payment for November yet, and including Dec, I can save on 2 months of interest if I do the above. Is it a good idea?
In the meantime, my loan has been transferred to Mr. Cooper effective 11/2. I received a letter from them saying no late payment fees for 60 days from transfer and no negative impacts to my credit from late payments for 60 days.
I am expecting my loan with LC will close in Dec. So my question is, can I wait it out until it's closed by LC and not make any payments to Mr. Cooper since I have 60 days grace period from Mr. Cooper.
I have not made my mortgage payment for November yet, and including Dec, I can save on 2 months of interest if I do the above. Is it a good idea?
I agree with SDPetty here that the way the 60 day grace is written is not 100% at least to me and its more of the fact that IF you made a payment to your old provider that it can take up to 60 days to route to the new one.
Not that you don't have to make payments and not have proof that you paid. Unless you have a financial reasoning or know something more here I wouldn't risk getting an unnecessary late payment ding especially if the game plan is to refinance in the future as many lenders check for this in their underwriting (LD did so).
Shahhere
Just to tell you and maybe you know this already but the lower loan amount is not an attractive item to lenders and as such you wont get competitive offers or lenders who will put you at the bottom of the "quick" list.
Another option that I've said to people is to take a higher loan amount and then after closing and once a servicer is settled make your large principle payment.
What state are you in as most of the Cali lenders are listed and sounds like they close in a relatively short time 30-45 days it looks like. Reach out to Dave from Bayshore with your timeline expectation to see if can give you a definite time-frame to close.
Shahhere
Another option that I've said to people is to take a higher loan amount and then after closing and once a servicer is settled make your large principle payment.
What state are you in as most of the Cali lenders are listed and sounds like they close in a relatively short time 30-45 days it looks like. Reach out to Dave from Bayshore with your timeline expectation to see if can give you a definite time-frame to close.
Shahhere
VA but buying a home in MD. Thank you for your advice. I didn't know that. Do you happen to know a lender which has a lowest closing cost and has best rates?
I hope most of you must have gone through Spruce as your title company.
I recently refinanced end of July and I am now planning to buy another house . The current house that is refinanced planning to put it up for Rent.
Questions:
1. I went through closing documents and I don't see any clause that would prevent me from not renting can you please let me know?
2. What if I go with option of selling my refinanced property is that an issue, didn't see anything in a clause in closing documents.
3. Score is 750. Home price is 670k and doing a 20% down so looking for a jumbo loan any suggestions?
Thanks
The Senior Loan Processor has all my documents and theres nothing else for me to submit.
Fidelity Title is viewing my affadavit, should be cleared in a couple of days, I also paid off my 1st installment of property taxes to avoid any issues. Speaking with Bob, we will be closing either late November or Early December, I won't need to make another payment to my current lender for December. The float down option was affected by news of the vaccine, apparently it rose some percent he said but it is dropping back down slowing. I'm currently at 2.49% but Bob had said the longer we wait to float the lower the rate can be so I have a follow-up with him next Tuesday afternoon.
There is light at the end of the tunnel lol. Good luck to the rest of y'all!
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I hope most of you must have gone through Spruce as your title company.
I recently refinanced end of July and I am now planning to buy another house . The current house that is refinanced planning to put it up for Rent.
Questions:
1. I went through closing documents and I don't see any clause that would prevent me from not renting can you please let me know?
2. What if I go with option of selling my refinanced property is that an issue, didn't see anything in a clause in closing documents.
3. Score is 750. Home price is 670k and doing a 20% down so looking for a jumbo loan any suggestions?
Thanks
The Senior Loan Processor has all my documents and theres nothing else for me to submit.
Fidelity Title is viewing my affadavit, should be cleared in a couple of days, I also paid off my 1st installment of property taxes to avoid any issues. Speaking with Bob, we will be closing either late November or Early December, I won't need to make another payment to my current lender for December. The float down option was affected by news of the vaccine, apparently it rose some percent he said but it is dropping back down slowing. I'm currently at 2.49% but Bob had said the longer we wait to float the lower the rate can be so I have a follow-up with him next Tuesday afternoon.
There is light at the end of the tunnel lol. Good luck to the rest of y'all!
I was not happy with the experience.
I got pampered in last refinance (with broker) which closed within 4 weeks; and have heard good things about Owning in terms of closing time (they didn't entertain me for what I wanted).
Rate Lender Fees/(Credits)
2.500% $11,882.55
2.625% $8,848.50
2.750% $6,345.55
2.875% $2,407.50
3.000% ($999.45)
I have 45 days to get quotes? to not hurt credit?
If i submit apps - presume they arent binding and can back out.
The Senior Loan Processor has all my documents and theres nothing else for me to submit.
Fidelity Title is viewing my affadavit, should be cleared in a couple of days, I also paid off my 1st installment of property taxes to avoid any issues. Speaking with Bob, we will be closing either late November or Early December, I won't need to make another payment to my current lender for December. The float down option was affected by news of the vaccine, apparently it rose some percent he said but it is dropping back down slowing. I'm currently at 2.49% but Bob had said the longer we wait to float the lower the rate can be so I have a follow-up with him next Tuesday afternoon.
There is light at the end of the tunnel lol. Good luck to the rest of y'all!
If closing doc's get corrected as I expect I get my prepaid interest covered and another 1K or so back. It's been a "long long" process, but at the end of the day I'll be happy with the rate. I didn't hear back about the 1-time float-down yet so that would be the icing on the cake.
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The Senior Loan Processor has all my documents and theres nothing else for me to submit.
Fidelity Title is viewing my affadavit, should be cleared in a couple of days, I also paid off my 1st installment of property taxes to avoid any issues. Speaking with Bob, we will be closing either late November or Early December, I won't need to make another payment to my current lender for December. The float down option was affected by news of the vaccine, apparently it rose some percent he said but it is dropping back down slowing. I'm currently at 2.49% but Bob had said the longer we wait to float the lower the rate can be so I have a follow-up with him next Tuesday afternoon.
There is light at the end of the tunnel lol. Good luck to the rest of y'all!