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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
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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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Man that stinks. You want my folks contact info?
For some reason my Dedicated Concierge changed overnight on Better.com. Sent the LE again to the new LO, let's see what he says.
For some reason my Dedicated Concierge changed overnight on Better.com. Sent the LE again to the new LO, let's see what he says.
[email protected] 646-846-5093
do you know if they can reassign LO after its been assigned to someone ?
do you know if they can reassign LO after its been assigned to someone ?
You may need to re apply again. Tell him Nikolas Moore sent you. Idk if that is a direct line to him but that's what's listed on my team page. He's quick at replying to email.
This quote is just wildly inaccurate.
No matter who you go to the following three charges will be the same:
Title-Closing Protection Letter$125
Title-Endorsements$300
Title-Lenders Title Insurance$1,828.53
After that my notary fee is $45.00, your tax cert will be $68.00, the overnight fee will be $32.50 but that is for two packages, one to send the loan docs back and one to make your payoff. The wire fee will also be $15.
Edit: I was able to confirm his numbers online. It looks like PA just upped their rates... endorsements used to be 3x$50 and as of a few months ago, it's 3x$100.
This quote is just wildly inaccurate.
No matter who you go to the following three charges will be the same:
Title-Closing Protection Letter$125
Title-Endorsements$300
Title-Lenders Title Insurance$1,828.53
After that my notary fee is $45.00, your tax cert will be $68.00, the overnight fee will be $32.50 but that is for two packages, one to send the loan docs back and one to make your payoff. The wire fee will also be $15.
Edit: I was able to confirm his numbers online. It looks like PA just upped their rates... endorsements used to be 3x$50 and as of a few months ago, it's 3x$100.
Sign up for a Slickdeals account to remove this ad.
https://alttitle.com/title-insura...alcula
Loan Cabin (LC):
- Were the most competitive 2+ weeks ago and got a 2.75% with $1000 in credit in a quote and in the Lender Estimate (LE).
- Took them 3 days to get a LE out.
- Asked for a float 1 week later as better credit was showing up and again after 3+ days got a confirmation but again 4+ days out I haven't seen anything that is emailed with a LE that shows any changes and have been impossible to respond in general.
- I'd still recommend them as they were upfront on the costs but know that they will be slow and closing will probably be close to 60 day as quoted but shouldn't be any surprises.
I used LC to bring my initial Better.com rate down from 3.375% to 2.75% and a smaller credit. Was told that's the best they can do at this stage and to see if other teams later in the steps would be willing to match things more.Watermark (WM)
- Watermark's rate at 2.75% with "No Closing Cost & $3500 back" did not holdup on the original Loan Estimate as it was $1499 in Org Fees and $3000 in credit. Thats only a $1500 credit in reality. Did take them 3 days to get that to me and the reason was quoted as being 3 days out for the ## changes which isnt my fault.......
- 1 Day Later updated LE from WM at $3500 credit but still $1499 in org fee is still not what was quoted upfront and "no closing costs" cannot include Org; sorry that's not accurate. That's now a $2000 credit essentially.
- I'd still recommend them if you are shopping for the lowest rate and want to get the refi done but know the above esp if you aren't moving along with Better.com
- I've asked them to provide $3500 Credit and I am ready to lock ASAP but don't have an answer.
Again I sent this over to Better to Beat and after 3 days of pestering my listed contact I have an update that Better is willing to "meet" my offers somewhat in the middle at 2.75% with $2150 in credit. I think this is as best as I can do and not wanting to spend more time and energy and get things done.Shahhere
Loan Cabin (LC):
- Were the most competitive 2+ weeks ago and got a 2.75% with $1000 in credit in a quote and in the Lender Estimate (LE).
- Took them 3 days to get a LE out.
- Asked for a float 1 week later as better credit was showing up and again after 3+ days got a confirmation but again 4+ days out I haven't seen anything that is emailed with a LE that shows any changes and have been impossible to respond in general.
- I'd still recommend them as they were upfront on the costs but know that they will be slow and closing will probably be close to 60 day as quoted but shouldn't be any surprises.
I used LC to bring my initial Better.com rate down from 3.375% to 2.75% and a smaller credit. Was told that's the best they can do at this stage and to see if other teams later in the steps would be willing to match things more.Watermark (WM)
- Watermark's rate at 2.75% with "No Closing Cost & $3500 back" did not holdup on the original Loan Estimate as it was $1499 in Org Fees and $3000 in credit. Thats only a $1500 credit in reality. Did take them 3 days to get that to me and the reason was quoted as being 3 days out for the ## changes which isnt my fault.......
- 1 Day Later updated LE from WM at $3500 credit but still $1499 in org fee is still not what was quoted upfront and "no closing costs" cannot include Org; sorry that's not accurate. That's now a $2000 credit essentially.
- I'd still recommend them if you are shopping for the lowest rate and want to get the refi done but know the above esp if you aren't moving along with Better.com
- I've asked them to provide $3500 Credit and I am ready to lock ASAP but don't have an answer.
Again I sent this over to Better to Beat and after 3 days of pestering my listed contact I have an update that Better is willing to "meet" my offers somewhat in the middle at 2.75% with $2150 in credit. I think this is as best as I can do and not wanting to spend more time and energy and get things done.Shahhere
Yip 2.75% is what my LO said at better.com, no rate better even with points.
For other people, when reaching out to better.com. new email threads i.e. different subject get stuck or lost in a common inbox, instead you should keep replying to the emails that they started and thoses seem to get to the recipient.
Secondly only a few LOs there can deal with the amex offer. Hence why if you start with one before amex is mentioned your application will be reassigned (yes the can do that without you reapplying). Get them to write back to you that you will get the amex offer ... have it in writing just in case!
If 30 year and 20 year has the exact same option, choosing a 20 year loan a good option?
If 30 year and 20 year has the exact same option, choosing a 20 year loan a good option?
Pro - You pay less interest if you take 20 year loan and you pay it off sooner.
Con - Higher monthly payment, less flexibility in case your financial situation changes.
You will know your situation the best but this is how I would decide:
1. If I had emergency savings, and if I did not feel any pressure with my income to make the monthly payments on the 20 year loan, I would go for that option
2. If any of the "if's in part 1 were not true", I would take the 30 year loan because it would give me flexibility. Minimum monthly payment would be less and I could always pay extra to principal in the months that I could afford to.
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Con - Higher monthly payment, less flexibility in case your financial situation changes.
You will know your situation the best but this is how I would decide:
1. If I had emergency savings, and if I did not feel any pressure with my income to make the monthly payments on the 20 year loan, I would go for that option
2. If any of the "if's in part 1 were not true", I would take the 30 year loan because it would give me flexibility. Minimum monthly payment would be less and I could always pay extra to principal in the months that I could afford to.
I think you answered it in a confusing way lol....
1) If given a choice between 15,20, 30 I'd ways take a 30 year loan especially if the rates difference is not more than 0.5% or even 0.75%.
2) You have to be disciplined and you can pay the extra principle payments between the 2 rates to accelerate the payoff time; so in the poster above I'd take 30 and pay the extra monthly payments to hit a 20 month payoff which is easy.
3)Just like MPhool said that this option gives you a chance to scale back the payments and not pay the extra monthly if you financially cant.
BTW, if you pay a 30 Year Loan at a 20 Year loan Payment schedule there would be no additional Interest you'd pay; it would be even.
If you pay a 30 year at the 15 year Principle amount but since the rates are different using 2.75% & 2.375% you'd be paying it off in 16ish years which is not that bad as well and the years/months you cannot pay the additional Payments you have the Flexibility to scale back without penalty or defaulting on the loan.
Again remember you are only paying an "Extra" 0.5 or 0.75% on the money borrowed which you can technically invest or put in other money earning accounts concurrently and come out ahead. Think about it this way that you are borrowing money from the mortgage lenders/banks at historic low rates under 3%..........
Shahhere