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07/21/2020 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

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Last Edited by shahhere November 9, 2020 at 07:22 PM
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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):
09/04/2020 BSMFunding (David Pressel) - Dont have published rates but a few members have posted that his rates were just as good as LC so another reasonable option for people to use.https://bsmfunding.mymortgage-onl...essel.html
David Pressel (NMLS: 562175)- Branch Manager - Phone: 908-208-2036
dpressel@bsmfunding.com
08/28/2020 2.5% LoanCabin [loancabin.com] - Most Competitive but have long times to close the refinance. That said they have been the most honest of all the companies out there and doesent charge anything in Section A (B=about $100 in most cases with appraisal waived if it applies to you)

08/28/2020 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.

07/04/2020 3.375% 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

08/28/2020 WatermarkHomeLoans [WatermarkHomeLoans.com] - No longer competitive and wont work with you to match or beat rates and recent reviews have seem rather rude and unprofessional. Also will object to you coming as a well informed shopper from SD so proceed at your own risk!
30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
TBD
15 year Fixed:
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 HilariousNose335 February 24, 2021 at 08:38 AM
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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/

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



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.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.


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 hello@loancabin.com. They will usually help get a response on your application within a day. WARNING. 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.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.
WARNING. DO NOT GO WITH LOAN CABIN. TRUST ME.




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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Quote from HilariousNose335 :
now what do you think that is going to do for you? They have so much business , i don't think they are going to care about one person (you) complaining.
You never know what's going to happen. The only failure is not trying.
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Quote from MadeInAP :
You never know what's going to happen. The only failure is not trying.

Right! Traditionally you find a lender based on good rates/credit or prior history and reviews is who you pick your lender at. You lock and then you close; pretty simple and any shopping you do it prior to the lock to get the best rate out there.


The fact that rates have tumbled is causing a lot of this new behavior along with lenders cannibalizing and undercutting each other. That said whatever the F Better is doing is completely up in the air with matching after locking; matching after matching; various credits as well as the reluctance to not allow back to back refinancing; everything that was traditional is out the window Smilie.


Try and ask as not all lenders are incentivized to provide the best rate upfront it seems like. If after you bring them a match they can still make money then they will offer you that else they will say no.


Shahhere
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Quote from HilariousNose335 :
now what do you think that is going to do for you? They have so much business , i don't think they are going to care about one person (you) complaining.
You are right they probably don't care but it is for my peace of mind.
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Quote from scorpioneyes :
did they charge a loan origination or underwriting fee? they're quoting 3.25 for investment plus fees as of this week
No. Section A was 0. Appraisal was waived. Section C was ~1200. This was during the first week of august when rates were at an all time low. I know the rates have gone up since then.
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Quote from boingyman :
Thanks for sharing your experience. I'm trying to find someone to beat their LE so I can see if they can counter. It would be nice if I can pay $0 instead of the $900 in points. So far they have been very responsive though and he believes we can close in < 25 days. If everything goes though I'll be happy regardless. Now the debate will be how much extra should I put towards principle versus simply putting that money towards something like VTSAX even though my wife and I already invest a lot in the market
It definitely doesn't hurt to ask if they can get an exception approval for points/fees. Another thing I like about Owning is that when they say "No Closing Costs" they mean it. They paid for everything including the $300 fee that my solar company charges to temporarily lift the lien during escrow to process. I was impressed.
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Quote from zakster :
It definitely doesn't hurt to ask if they can get an exception approval for points/fees. Another thing I like about Owning is that when they say "No Closing Costs" they mean it. They paid for everything including the $300 fee that my solar company charges to temporarily lift the lien during escrow to process. I was impressed.
Owning currently shows 1.99% rate 2.172% APR for 15 years under $510K loan. Does it mean it has closing cost? Any experience negotiating with owning on zero closing cost and get 1.99% APR?
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Quote from quizzer :
Owning currently shows 1.99% rate 2.172% APR for 15 years under $510K loan. Does it mean it has closing cost? Any experience negotiating with owning on zero closing cost and get 1.99% APR?
Yes, that means there are costs. When I refinanced the rate and APR was the same meaning truly zero cost. Even now if you notice the other rates on their site today for everything else than the 15 years they say rate/APR is the same.
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Quote from zakster :
Yes, that means there are costs. When I refinanced the rate and APR was the same meaning truly zero cost. Even now if you notice the other rates on their site today for everything else than the 15 years they say rate/APR is the same.
Also dont believe owning refis loans under 300k either.
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Quote from MadeInAP :
https://bsmfunding.mymortgage-onl...essel.html

David Pressel
Branch Manager
Phone: 908-208-2036
dpressel@bsmfunding.com
NMLS: 562175

I also reached out to David this afternoon via email to inquire about his rates and he was able to match my locked rate from LC which I got last week of July. I would highly recommend you give him a chance to earn your business. He is very responsive and used to post MBS data and helpful insights back in the good old Fat Wallet days.

Full Disclosure, I am not working with David as I'm staying loyal to Loan Cabin since they have already spent time on my application. However I'm definitely reaching out to him if my refi with Loan Cabin doesn't go as planned.
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Quote from MeAPhool :
I also reached out to David this afternoon via email to inquire about his rates and he was able to match my locked rate from LC which I got last week of July. I would highly recommend you give him a chance to earn your business. He is very responsive and used to post MBS data and helpful insights back in the good old Fat Wallet days.

Full Disclosure, I am not working with David as I'm staying loyal to Loan Cabin since they have already spent time on my application. However I'm definitely reaching out to him if my refi with Loan Cabin doesn't go as planned.
Thanks for the update. He did reply in the morning to my email requesting his best rate. He said he would get back to me in the afternoon. I'm not as lucky as you are so still waiting.
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#2126
What is the verdict on WM ? I saw some posts about them jerking folks around.

I am currently moving along with HTL but keeping WM in the back pocket.
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Anyone getting quotes for investment property?

WM quoting me 2.875 for my rental condo with fees about $3500 ( origination, title, appraisal)
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@Shahhere Better funded my loan on 08/31, I got a email from Better that my first payment will be on 10/01 to the TMS. When can I shop for my next refinance, and do I need to stay with Better until I get the $2500 AMEX credit?
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#2129
Quote from missourian :
@Shahhere Better funded my loan on 08/31, I got a email from Better that my first payment will be on 10/01 to the TMS. When can I shop for my next refinance, and do I need to stay with Better until I get the $2500 AMEX credit?
in the same boat my understanding is we can shop right away..
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#2130
Quote from missourian :
@Shahhere Better funded my loan on 08/31, I got a email from Better that my first payment will be on 10/01 to the TMS. When can I shop for my next refinance, and do I need to stay with Better until I get the $2500 AMEX credit?

If the loan is funded/recorded then yes you can shop right away if you havent already. Many of us started shopping before the close of the 1st loan so thats fine as well.


Since the various steps take longer you can kinda stack them and as noted will have to update the underwriting if finishes early with the new loan information and get the payoff amounts and statements updated to he new loan.


This is all speculation but also the credit part is okay as all it requires is you closing the loan and so a subsequent refi shouldnt affect anything and isnt noted by anyone as such.


Shahhere
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