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

5,052 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 Jun 2007
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> bubble2 3,123 Posts
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nicemann
08-13-2020 at 03:27 PM.
08-13-2020 at 03:27 PM.
Quote from SplendidCircle329 :
I was told Appraisal waivers are not upto the lender's discretion but Fannie/Freddy
Typically it's the EllieMae software that most lenders use tell them if one is needed or not. At least that is what a LO told me.
Reply
Joined Feb 2010
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> bubble2 291 Posts
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emp
08-13-2020 at 04:07 PM.
08-13-2020 at 04:07 PM.
Quote from nicemann :
Typically it's the EllieMae software that most lenders use tell them if one is needed or not. At least that is what a LO told me.
So I was told that if the loan getting transferred from same source AND it meets the criteria of them that the aprasial waiver will allowed, so if previous house was Fannie and getting sold to Fannie or Freddy to Freddy. This is what a local broker told me so who knows if that is actually true or not.
Reply
Joined Jan 2013
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> bubble2 546 Posts
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hello3232
08-13-2020 at 04:16 PM.
08-13-2020 at 04:16 PM.
My datapoint - received an appraisal waiver from WM and LC but not Better
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Joined Dec 2009
L3: Novice
> bubble2 273 Posts
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GBusCrs
08-13-2020 at 04:45 PM.
08-13-2020 at 04:45 PM.
Quote from hello3232 :
My datapoint - received an appraisal waiver from WM and LC but not Better
No Appraisal needed here from LC or Lenderfi, better still needed one.
Reply
Joined Sep 2011
L2: Beginner
> bubble2 74 Posts
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jimmyrules712
08-13-2020 at 05:47 PM.
08-13-2020 at 05:47 PM.
I don't understand how the appraisal waiver works. I bought my house in March this year, had a full appraisal done and it's currently owned by Freddy Mac. Applied for refi with LenderFI in July and they confirmed I am eligible for appraisal waiver. Rates dropped more so I applied with WM and LC and both said I am not eligible for a waiver. Same loan amounts. What gives?
Reply
Joined Aug 2020
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> bubble2 29 Posts
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xman47
08-13-2020 at 06:19 PM.
08-13-2020 at 06:19 PM.
Quote from jimmyrules712 :
I don't understand how the appraisal waiver works.
I won't pretend to know all the details of the appraisal waiver decision, but FWIW, lenders consistently told me that while my house would appraise for more than $1M, pricing it below $1M would avoid an appraisal. Of course, this lowered my LTV ratio a bit, which affected pricing for some lenders, but even with a slight pricing adjustment I was happy to accept the waiver and avoid the cost, extra time (and potential snafus) of an appraisal.
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Joined Sep 2011
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jimmyrules712
08-13-2020 at 06:22 PM.
08-13-2020 at 06:22 PM.
Quote from xman47 :
I won't pretend to know all the details of the appraisal waiver decision, but FWIW, lenders consistently told me that while my house would appraise for more than $1M, pricing it below $1M would avoid an appraisal. Of course, this lowered my LTV ratio a bit, which affected pricing for some lenders, but even with a slight pricing adjustment I was happy to accept the waiver and avoid the cost, extra time (and potential snafus) of an appraisal.
Right but I used the same loan amount and same house value on my applications with all 3 lenders.
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Joined Oct 2004
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Deal-e-OH
08-13-2020 at 06:31 PM.
08-13-2020 at 06:31 PM.
Quote from jimmyrules712 :
Right but I used the same loan amount and same house value on my applications with all 3 lenders.

I paid for an appraisal with Better and days later they told me it wasn't needed and refunded me.
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Joined Nov 2011
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Zwitterion
08-13-2020 at 06:32 PM.
08-13-2020 at 06:32 PM.
Quote from jimmyrules712 :
I don't understand how the appraisal waiver works. I bought my house in March this year, had a full appraisal done and it's currently owned by Freddy Mac. Applied for refi with LenderFI in July and they confirmed I am eligible for appraisal waiver. Rates dropped more so I applied with WM and LC and both said I am not eligible for a waiver. Same loan amounts. What gives?

That's a weird situation. Usually when a house has had a recent appraisal, Fannie won't allow for a waiver, so I'm surprised LenderFi said you could get one.
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Joined Sep 2011
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jimmyrules712
08-13-2020 at 06:55 PM.
08-13-2020 at 06:55 PM.
Quote from Zwitterion :
That's a weird situation. Usually when a house has had a recent appraisal, Fannie won't allow for a waiver, so I'm surprised LenderFi said you could get one.
I would have expect it to be the opposite. Why would the last appraisal being more recent make them automatically want another one?
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HarryS4062
08-13-2020 at 07:01 PM.
08-13-2020 at 07:01 PM.
Ok, I got some info from here which seems to be an official document from Fannie regarding how the appraisal waiver works. Now the only issue would be if the lender is not using the DU software or not intending to sell the loan to Fannie/Freddie...that would be the only case when these rules would not apply and I am guessing places like LC and WM have their own rules that may not match these if they intend to sell to an investor who will not further sell to Fannie:
https://singlefamily.fanniemae.co...56/display

There is another document about loan pricing with today's update as well that might be of interest
https://singlefamily.fanniemae.co...91/display
(Again may not apply to WM and LC if they do not intend selling the loan to Fannie/Freddie)
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MeAPhool
08-13-2020 at 07:19 PM.
08-13-2020 at 07:19 PM.
Quote from HarryS4062 :
Ok, I got some info from here which seems to be an official document from Fannie regarding how the appraisal waiver works. Now the only issue would be if the lender is not using the DU software or not intending to sell the loan to Fannie/Freddie...that would be the only case when these rules would not apply and I am guessing places like LC and WM have their own rules that may not match these if they intend to sell to an investor who will not further sell to Fannie:
https://singlefamily.fanniemae.co...56/display

There is another document about loan pricing with today's update as well that might be of interest
https://singlefamily.fanniemae.co...91/display
(Again may not apply to WM and LC if they do not intend selling the loan to Fannie/Freddie)
Correct and for Freddie this is the link:

https://sf.freddiemac.com/content...ts/ace.pdf

Was going to send you those but only relevant if lender sells to Fannie/Freddie.
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Joined Jun 2006
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kaiotes
08-13-2020 at 07:41 PM.
08-13-2020 at 07:41 PM.
Quote from HarryS4062 :
Ok, I got some info from here which seems to be an official document from Fannie regarding how the appraisal waiver works. Now the only issue would be if the lender is not using the DU software or not intending to sell the loan to Fannie/Freddie...that would be the only case when these rules would not apply and I am guessing places like LC and WM have their own rules that may not match these if they intend to sell to an investor who will not further sell to Fannie:
https://singlefamily.fanniemae.co...56/display

There is another document about loan pricing with today's update as well that might be of interest
https://singlefamily.fanniemae.co...91/display
(Again may not apply to WM and LC if they do not intend selling the loan to Fannie/Freddie)

I talked w my processor from WM. Rate definitely jumped up and accounts for the additional 50 basis pts
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Zwitterion
08-13-2020 at 10:43 PM.
08-13-2020 at 10:43 PM.
Quote from jimmyrules712 :
I would have expect it to be the opposite. Why would the last appraisal being more recent make them automatically want another one?

Per this Fannie Mae guidance, my understanding is that if an appraisal was done and uploaded to their system within 120 days prior, an appraisal waiver will *not* be granted. See Item Q4.

My guess is that if a prior lender wanted/needed an appraisal, they assume it is a property which should get one.

https://singlefamily.fanniemae.co...al-waivers
Reply
Last edited by Zwitterion August 13, 2020 at 10:47 PM.

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MurraytheDemonSkull
08-14-2020 at 12:40 AM.
08-14-2020 at 12:40 AM.
Quote from refitime :
I floated down WM from 2.625% to 2.50%, lender credit covering A+B+C. It took a day. It was a true float down because I didn't provide a completing loan estimate. I just asked for 2.50%.

Anyone have experience with LC float down? I applied to LC before July 4 and I still have not received a loan estimate. I'm hoping I'm locked at 2.50%, lender credit covering A+B+C, with the chance to float down to 2.375%.

Better before lock would not match any loan estimate and I tried 5 times, and after lock immediately matched loan estimate.

At this point, almost everyone with 700 credit score should be able to get 2.625% with lender credits covering loan costs, and 2.50% with lender credits covering loan costs should be within reach.
When you float down, do you keep the lender credit at the time you fixed the rate? or is it possible to end up with no lender credit even pay points but have a lower rate?
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