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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

5,050 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
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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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Joined Apr 2009
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> bubble2 54 Posts
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vasavers
07-12-2020 at 08:40 AM.
07-12-2020 at 08:40 AM.
Anyone from Northern VA getting refinance, i am also looking .
LoanDepot gave me on Friday: 15 year fixed 2.375 with $2000 closing cost
and 30 yr for 2.875 with closing cost $2800
Reply
Joined Jul 2007
L1: Learner
> bubble2 6 Posts
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shadowlight
07-12-2020 at 09:35 AM.
07-12-2020 at 09:35 AM.
Probably not the best rate but I locked with Colonial Mortgage Service Company of America - http://www.colonialmort.com/. Show response from some of the other sites listed. I figured I will lock now considering that my current rate is 3.625 and if the rates keep going down I can always start the process again. If I reading everything correctly, the only out of pocket would be the prepaid and escrow at closing. Stupid question is escrow amount supposed to be listed on the loan estimate form? The only cost listed between E, F, G, H is the 250 for taxes and other government fees so the cost listed for "I" is 250.

Rate: 2.625
APR: 2.625
Terms: 20yes
Loan Amount: 379000
Appraisal Amount: No appraisal needed (guesstimate 700k)
Lender Credit: 3149
Closing Costs: (A+B+C) 2927, Taxes and Fees 250
Lender: http://www.colonialmort.com/
Location: 08540 (NJ)
Rate Locked for 45 days
Reply
Joined Dec 2007
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> bubble2 2,791 Posts
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SlickTex
07-12-2020 at 09:48 AM.
07-12-2020 at 09:48 AM.
Quote from nikolasmor :
I'm brainfarting on what you mean here. It's probably me, not you.

For example on your LE you should see a section about how much you've paid in 5 years. You will see there that in 5 years you'd have paid a different amount in principal when comparing 2 LEs. Of course when you get to the end of your term the principal will obviously match (if you haven't rolled a different closing costs into your loan). So if you are trying to work out the breakeven point in time between high cost/low rate vs low cost/high rate then you have to factor that in. If you're just thinking of holding the mortgage to the end of term then looking at the difference in interest paid may also be of interest excuse the pun.

Other factors: paying points is considered prepaid interest so most can claim tax deduction on that. ie better to have 1% points listed on LE than 1% orginination or lender fee. Interest tax deductions each year. Inflation.

Ask yourself the question too: whats better to have in an emergency (laid off, high medical bill etc) $50k in the bank and $50k outstanding on your loan or paying off the mortgage, now zero in the bank and zero mortgage (yes an extreme case example)? How would you be able to ride out the storm? Paying off your mortgage early may not always be in your favor and may not give you the "safety" of I own my own home.
Reply
Last edited by SlickTex July 12, 2020 at 10:54 AM.
Joined Jun 2006
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> bubble2 383 Posts
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skdeal
07-12-2020 at 11:07 AM.
07-12-2020 at 11:07 AM.
Quote from kennuth :
I'm working with someone at loan depot if you want his contact. I'm getting 30yr 2.875% on a high balance conforming 600k loan and 0 closing costs.
Sent you a PM. Thanks and appreciate the help.
Reply
Joined Oct 2007
L6: Expert
> bubble2 1,258 Posts
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micky_d
07-12-2020 at 01:28 PM.
07-12-2020 at 01:28 PM.
Quote from SlickTex :
For example on your LE you should see a section about how much you've paid in 5 years. You will see there that in 5 years you'd have paid a different amount in principal when comparing 2 LEs. Of course when you get to the end of your term the principal will obviously match (if you haven't rolled a different closing costs into your loan). So if you are trying to work out the breakeven point in time between high cost/low rate vs low cost/high rate then you have to factor that in. If you're just thinking of holding the mortgage to the end of term then looking at the difference in interest paid may also be of interest excuse the pun.

Other factors: paying points is considered prepaid interest so most can claim tax deduction on that. ie better to have 1% points listed on LE than 1% orginination or lender fee. Interest tax deductions each year. Inflation.

Ask yourself the question too: whats better to have in an emergency (laid off, high medical bill etc) $50k in the bank and $50k outstanding on your loan or paying off the mortgage, now zero in the bank and zero mortgage (yes an extreme case example)? How would you be able to ride out the storm? Paying off your mortgage early may not always be in your favor and may not give you the "safety" of I own my own home.

I agree. Comparing over 30 years is a bit of stretch, unless you plan to retire there for sure or use that house as rental property and you have everything planned. Majority of people may consider moving due to jobs and / or other reasons. Given the political scenario another recession is bound to happen, it's cyclical and just a matter of time. So one needs to be careful on what they need in case your calculations change for both short and long term. Do you want to have $100 cheaper mortgage by paying $5000 out of pockets now or hang on to that $5000 ( arguments of losing money in stocks is well taken, so be smart ).
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Joined Jan 2020
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> bubble2 1,412 Posts
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SiennaDeer8270
07-12-2020 at 01:53 PM.
07-12-2020 at 01:53 PM.
Quote from micky_d :
I agree. Comparing over 30 years is a bit of stretch, unless you plan to retire there for sure or use that house as rental property and you have everything planned. Majority of people may consider moving due to jobs and / or other reasons. Given the political scenario another recession is bound to happen, it's cyclical and just a matter of time. So one needs to be careful on what they need in case your calculations change for both short and long term. Do you want to have $100 cheaper mortgage by paying $5000 out of pockets now or hang on to that $5000 ( arguments of losing money in stocks is well taken, so be smart ).
Yes, make sure you buy tsla.
2
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Joined Oct 2007
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> bubble2 1,258 Posts
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micky_d
07-12-2020 at 03:14 PM.
07-12-2020 at 03:14 PM.
Quote from SiennaDeer8270 :
Yes, make sure you buy tsla.

lol 😂 sure. As a stock it's been attractive. As a car, I am not there yet. If you want to go green, then use rideshare/ public transportation Smilie or best use bike/walk.. Wink as needed. Be Smart !!
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Joined Nov 2017
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gk6740
07-12-2020 at 04:35 PM.
07-12-2020 at 04:35 PM.
Quote from SiennaDeer8270 :
Yes, make sure you buy tsla.
Stop sharing STOCK TiPS. This is about mortgage loans.
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Joined Nov 2010
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> bubble2 202 Posts
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imjustagirltoo
07-12-2020 at 05:58 PM.
07-12-2020 at 05:58 PM.
Don't have anything to add except a "thank you!". I've been contemplating a refi and was thinking to myself "man I miss Fatwallet". Pretty sure I refi'd half a dozen times w/FW deals. I don't frequent the finance section here, but figured I'd give it a look, and seeing this thread AND a mention of FW put a big smile on my face. Thanks OP Smilie
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Joined Jul 2006
Call me Mr. Deals
> bubble2 5,050 Posts
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shahhere
07-12-2020 at 06:56 PM.
07-12-2020 at 06:56 PM.
Quote from imjustagirltoo :
Don't have anything to add except a "thank you!". I've been contemplating a refi and was thinking to myself "man I miss Fatwallet". Pretty sure I refi'd half a dozen times w/FW deals. I don't frequent the finance section here, but figured I'd give it a look, and seeing this thread AND a mention of FW put a big smile on my face. Thanks OP Smilie

Yea, I had this thread for years and year lol and initially got a lot of flak from people thinking I was in on the places Smilie. I wish lol. I guess people get weird when someone posts something with information that helps them without anything in return. If anything I'd ask the places I post to take care of me and the people who are sent over from the forums in the same fashion.


I'd petition that SD move this back to the hot deals as this thread is beneficial on many levels and the more people post the more information gets shared and helps everyone.


Shahhere
Reply
Joined May 2007
One Step Ahead !
> bubble2 751 Posts
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SoapOpera
07-13-2020 at 06:18 AM.
07-13-2020 at 06:18 AM.
Quote from shahhere :
Your numbers might differ based on the loan amount and other variables.


For me this is what Watermark is sending:
  1. 30 year at 2.625% with No Lender fees. The only cost would be Title and Escrow costs. He did say $1500 fee and $1500 credit for Net $0 here.
  2. 30 year at 2.75% with No closing costs, I can credit up to $3,500 towards the closing. I would take this as the breakeven on the credit for me would be 230 months assuming I get the full $3500 as I am not sure if they will give me all of that including my escrows.
Shahhere
Thanks for sharing Hallmark link. I am reaching out to them. What's their best rate for 15 year no fee no costs?
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Joined Nov 2008
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> bubble2 94 Posts
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dakilla2571
07-13-2020 at 11:25 AM.
07-13-2020 at 11:25 AM.
Quote from nikolasmor :
Wow, my initial watermark numbers are blowing the rest out of the water. (bad pun?)

2.625 with $1770 in closing credits. I applied 3 minutes before my LO got off and he called me immediately. Said he would send me some solid numbers Monday when he is back in.

Did you have to submit account statements, w-2, etc prior to getting the initial rates/LE? I applied online and it's asking for all of that upfront which seems odd.
Reply
Joined Jun 2016
L2: Beginner
> bubble2 81 Posts
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jrornelas101
07-13-2020 at 11:40 AM.
07-13-2020 at 11:40 AM.
http://www.mortgagenewsdaily.com/ i realy like this website for mortgage information. just wanted to add to the discussion what i was using for info.
Reply
Joined Oct 2018
L3: Novice
> bubble2 126 Posts
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David9569
07-13-2020 at 12:14 PM.
07-13-2020 at 12:14 PM.
Anybody hear back from Loan Cabin recently? I sent in my application on Wednesday and still nothing. Messages just go to voice mail.
Reply
Last edited by David9569 July 13, 2020 at 12:23 PM.

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Joined Nov 2004
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MeAPhool
07-13-2020 at 01:15 PM.
07-13-2020 at 01:15 PM.
Quote from jrornelas101 :
http://www.mortgagenewsdaily.com/ i realy like this website for mortgage information. just wanted to add to the discussion what i was using for info.

Good site, you can subscribe to their daily rate report. I will add to the wiki.
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