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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
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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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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soobaerodude
08-10-2020 at 01:58 PM.
08-10-2020 at 01:58 PM.
Finally heard back from LoanCabin today after submitting application on July 26, and it looks like I was waiting for a whole-lot-of-nothing. I was offered a 30 year at 2.625% for a high balance conforming in CA, but A+B+C fees of $3200 and no lender credit.
Reply
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zakster
08-10-2020 at 02:02 PM.
08-10-2020 at 02:02 PM.
Quote from soobaerodude :
Finally heard back from LoanCabin today after submitting application on July 26, and it looks like I was waiting for a whole-lot-of-nothing. I was offered a 30 year at 2.625% for a high balance conforming in CA, but A+B+C fees of $3200 and no lender credit.
Thats rough. What was the loan amount?
Reply
Joined May 2006
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soobaerodude
08-10-2020 at 02:08 PM.
08-10-2020 at 02:08 PM.
Quote from zakster :
Thats rough. What was the loan amount?
They said there was a pricing error when they sent the first estimate. The latest one is 30 year 2.5% $761K with A+B+C=$1905 and lender credit of $1174, so net $731 cost. Not too bad
Reply
Joined Nov 2006
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zhelder
08-10-2020 at 02:09 PM.
08-10-2020 at 02:09 PM.
I have a pending application nearing closing with Loan Depot, $399,000 loan, 2.875% for 30 years (currently at 4.25%, so big difference), 91% LTV, $83 per month PMI, $4209 (A+B+C), for a townhouse (legally a condo), $60 credit, credit score 780ish. I started the application on June 18, and the lock expires on Aug. 17.

Given these circumstances, is it worth it to let the lock expire and try to relock for a lower rate/higher credit? Has anyone had success doing this? I filled out an application with Loan Cabin on Aug. 1 to see if they offered anything better, but it looks like it'll be awhile before they reply back.

Thanks for any thoughts, advice, or info.
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Last edited by zhelder August 10, 2020 at 02:22 PM.
Joined Mar 2014
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MadeInAP
08-10-2020 at 02:11 PM.
08-10-2020 at 02:11 PM.
Quote from soobaerodude :
Finally heard back from LoanCabin today after submitting application on July 26, and it looks like I was waiting for a whole-lot-of-nothing. I was offered a 30 year at 2.625% for a high balance conforming in CA, but A+B+C fees of $3200 and no lender credit.
That's disappointing. Having said that a lot of other factors like Credit history, DTI, LTV etc affect their decision to offer you a loan. Do you mind sharing your numbers? Thanks.
Reply
Joined Dec 2010
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nagraw4
08-10-2020 at 02:11 PM.
08-10-2020 at 02:11 PM.
Quote from e1deal :
Thank you to all useful posters. I read 1st 20 pages of thread.

Question: why is no one going for ARM? It seemed to make sense if you dont plan to stay in home long. 5/1 is fixed for 5 years. It seems you can save about 0.5% and $1k closing. Perhaps getting negative points on 30 year is seen as a better method of getting the saving that lower ARM rate gives you? Please help me understand why no one in 20 pages is talking about ARM. Thanks!
Actually ARMs, in the current environment, are doing worse than fixed rate loans. Most LOs are not even quoting ARMs for this reason. Rates vary everyday but on a good day 30yr fixed has gone below 2.5% with no closing costs. But if you have shopped around and you are getting ARMs that are below fixed by that margin, and if ARM makes sense to your situation, then by all means you should go for ARM! BTW which lender is this?
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soobaerodude
08-10-2020 at 02:13 PM.
08-10-2020 at 02:13 PM.
Quote from MadeInAP :
That's disappointing. Having said that a lot of other factors like Credit history, DTI, LTV etc affect their decision to offer you a loan. Do you mind sharing your numbers? Thanks.
They said first estimate was in error. See my earlier message:

Quote from soobaerodude :
They said there was a pricing error when they sent the first estimate. The latest one is 30 year 2.5% $761K with A+B+C=$1905 and lender credit of $1174, so net $731 cost. Not too bad
They also offered 2.625% with same costs and $6144 in lender credit
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Joined Mar 2014
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MadeInAP
08-10-2020 at 02:20 PM.
08-10-2020 at 02:20 PM.
Quote from nagraw4 :
Actually ARMs, in the current environment, are doing worse than fixed rate loans. Most LOs are not even quoting ARMs for this reason. Rates vary everyday but on a good day 30yr fixed has gone below 2.5% with no closing costs. But if you have shopped around and you are getting ARMs that are below fixed by that margin, and if ARM makes sense to your situation, then by all means you should go for ARM! BTW which lender is this?
Exactly, by and large ARMs, and all other loan types except 15 and 30 year fixed are doing worse. 20 is doing worse than 30 and 10 is doing worse than 15.
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zakster
08-10-2020 at 02:21 PM.
08-10-2020 at 02:21 PM.
Quote from soobaerodude :
They said there was a pricing error when they sent the first estimate. The latest one is 30 year 2.5% $761K with A+B+C=$1905 and lender credit of $1174, so net $731 cost. Not too bad
That's about right. 2.5% is what they have been doling out the past 10 days. Although with more lender credits. In your case may be the LTV was high for lower lender credit.
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presto987
08-10-2020 at 02:28 PM.
08-10-2020 at 02:28 PM.
Quote from soobaerodude :
They said first estimate was in error. See my earlier message:



They also offered 2.625% with same costs and $6144 in lender credit
Hmm, $5k higher lender credit might be worth taking despite the 0.125% higher rate.

What is your LTV?
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Joined May 2006
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soobaerodude
08-10-2020 at 02:32 PM.
08-10-2020 at 02:32 PM.
Quote from zakster :
That's about right. 2.5% is what they have been doling out the past 10 days. Although with more lender credits. In your case may be the LTV was high for lower lender credit.
Yeah, bummer to hear that lender credits were higher. However, they did offer 2.625% with $6144 in lender credit, or about $5k more than the first credit. The difference in monthly payment for my loan balance would only be $50 between 2.5% and 2.625%, so it would take 8 years for the 2.5% rate to come out ahead.
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Joined May 2006
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soobaerodude
08-10-2020 at 02:33 PM.
08-10-2020 at 02:33 PM.
Quote from presto987 :
Hmm, $5k higher lender credit might be worth taking despite the 0.125% higher rate.

What is your LTV?
About 65%. Yeah, I might take the higher rate since it would take 8 years for the lower rate to match the difference in credits
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presto987
08-10-2020 at 02:41 PM.
08-10-2020 at 02:41 PM.
Quote from soobaerodude :
About 65%. Yeah, I might take the higher rate since it would take 8 years for the lower rate to match the difference in credits
Totally. I am currently locked with Better for 2.5% with about $1500 net credit back to me, which I am very happy with. You would be getting 2.625% with about $4000 net credit. Between the two, I would choose the latter personally!
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soobaerodude
08-10-2020 at 02:49 PM.
08-10-2020 at 02:49 PM.
Quote from presto987 :
Totally. I am currently locked with Better for 2.5% with about $1500 net credit back to me, which I am very happy with. You would be getting 2.625% with about $4000 net credit. Between the two, I would choose the latter personally!
Trying to get Better to match the 2.625% offer. They've already matched to 2.75% with net $200 in credit back to me (before $2500 amex). I'm close to receiving my closing documents from Better soon, but if they don't match, I'm jumping ship!
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Joined Feb 2007
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zakster
08-10-2020 at 03:02 PM.
08-10-2020 at 03:02 PM.
Quote from soobaerodude :
Yeah, bummer to hear that lender credits were higher. However, they did offer 2.625% with $6144 in lender credit, or about $5k more than the first credit. The difference in monthly payment for my loan balance would only be $50 between 2.5% and 2.625%, so it would take 8 years for the 2.5% rate to come out ahead.
Definitely, go with the 2.625 with higher lender credits. With this economy, you can always refi again when you get 2.5% with 3-4K lender credits. Personally, I got $3300 lender credits from LC for a 2.5% with 55% LTV.
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