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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
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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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. |
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Anyone know if one is closing significantly faster than the other? Better is requiring an appraisal (scheduled for Thursday) but Loan Cabin has been slow to respond so I'm hesitant to move forward with them. Any advice is appreciated. Thanks
Anyone know if one is closing significantly faster than the other? Better is requiring an appraisal (scheduled for Thursday) but Loan Cabin has been slow to respond so I'm hesitant to move forward with them. Any advice is appreciated. Thanks
As you might have known that I contacted an old servicing lender (Caliber) based on a letter they sent to me stating that they'd beat other lenders etc....
I did not have hopes and after a few days of follow up I was provided a Loan Estimate that had almost a -$6600 credit ($230k loan on $500k value) and no Origination Fees on the initial LE. I called to go over the LE and the LO even pointed out the credit (i've done tons of refi so this looked too good to be true) and went ahead and locked.
After locking I did not get locked disclosures (which is what I was waiting for) until 5 days and at that point troubles started as the initial Locked LE (LLE) was $3600 in points an no credit so a net swing of $10,000. Subsequent LLE2 was $9900 swing in their favor and the final one i have 2 weeks back (LLE3) is now without Origination Fee and only a -$2900 credit.
- My questions for the community is how should I proceed with this and if its worth chasing the RESPA laws noted here:https://files.consumerf
- The laws indicate 10% variance limits but also notes about it being a Locked Loan Estimate (LLE).
I posted on the forum about this initially and also from experience and gut feeling outright indicated that I cant put my eggs in this basket until I see a Locked Loan Estimate. This would have been a material impact on closing with them as I'd have lost the Better app and would have been hungup with them. In all the conversations with the LO she had indicated that I'll see the final numbers as to what she quoted me and to not to worry about as whats called a "Pricing Exemption" will be applied the same as it was on the initial LE. Many people who went her way all got the same BS and I know of only 2 people who got the numbers corrected and matching to the initial LE.I have since closed my loan with Better and being Greedy and already vested time in this back and forth want to pursue this with Caliber to see where we land but calling them today the LO indicated "the full pricing exemption did not get applied and I'll find out why and get back to you asap". Which I am sure will be sorry we can only credit you -$2900 or will end up being ghosted without any updates.
I would love to follow suit but calling RESPA numbers and CFPB is turning out to be useless as they keep telling me that they cannot point to specifics but can only point me to URL like the above but wont provide legal advice even if its a violation.....
Shahhere
Hello All,
As you might have known that I contacted an old servicing lender (Caliber) based on a letter they sent to me stating that they'd beat other lenders etc....
I did not have hopes and after a few days of follow up I was provided a Loan Estimate that had almost a -$6600 credit ($230k loan on $500k value) and no Origination Fees on the initial LE. I called to go over the LE and the LO even pointed out the credit (i've done tons of refi so this looked too good to be true) and went ahead and locked.
After locking I did not get locked disclosures (which is what I was waiting for) until 5 days and at that point troubles started as the initial Locked LE (LLE) was $3600 in points an no credit so a net swing of $10,000. Subsequent LLE2 was $9900 swing in their favor and the final one i have 2 weeks back (LLE3) is now without Origination Fee and only a -$2900 credit.
My questions for the community is how should I proceed with this and if its worth chasing the RESPA laws noted here:https://files.consumerf
The laws indicate 10% variance limits but also notes about it being a Locked Loan Estimate (LLE).
I posted on the forum about this initially and also from experience and gut feeling outright indicated that I cant put my eggs in this basket until I see a Locked Loan Estimate. This would have been a material impact on closing with them as I'd have lost the Better app and would have been hungup with them. In all the conversations with the LO she had indicated that I'll see the final numbers as to what she quoted me and to not to worry about as whats called a "Pricing Exemption" will be applied the same as it was on the initial LE. Many people who went her way all got the same BS and I know of only 2 people who got the numbers corrected and matching to the initial LE.
I have since closed my loan with Better and being Greedy and already vested time in this back and forth want to pursue this with Caliber to see where we land but calling them today the LO indicated "the full pricing exemption did not get applied and I'll find out why and get back to you asap". Which I am sure will be sorry we can only credit you -$2900 or will end up being ghosted without any updates.
I would love to follow suit but calling RESPA numbers and CFPB is turning out to be useless as they keep telling me that they cannot point to specifics but can only point me to URL like the above but wont provide legal advice even if its a violation.....
Shahhere
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As you can see I kind already had that feeling as I am sure even the Caliber guys know this and therefore played games in providing a Locked LE for days while sending out other "disclosures" are require by law. I am willing to spend my time to learn a bit of the complaint process and report back to the community for its betterment but if the consensus is that it wont be fruitful then I wont spend time on it.
Honestly speaking I knew this was too good to be true as it was almost a 3% credit on the loan amount but for someone else who might have looked at this and went ahead and then not applied to other lenders would have been royally screwed and missed out on other mortgage refinance opportunities. If anything with my caution to everyone here on SD we were able to parlay the initial LE into a PM with other lenders as Caliber's Credits were the higher/best for almost all 10-12 people I gave out the info to.
Fundamentally I am annoyed that a lender can get away with this and frankly i would have chalked this up as an error but until today no one from Caliber's side has said anything to that....
and hey if they kick back $4000-$5000 I'll still close
Shahhere
A. $0
B. $217
C. $875
D. $1092 (A+B+C)
E. $180
F. $656 Prepaid interest
Lender Credit of $850
My total closing cost is estimated at $1,078 ($656 prepaid interest and $422 cash). This looks pretty good to me, Better.com was off by about 8 thousand dollars on their Loan Estimate but they are seeing if they can match the Lender Fi estimate lol.
A. $0
B. $217
C. $875
D. $1092 (A+B+C)
E. $180
F. $656 Prepaid interest
Lender Credit of $850
My total closing cost is estimated at $1,078 ($656 prepaid interest and $422 cash). This looks pretty good to me, Better.com was off by about 8 thousand dollars on their Loan Estimate but they are seeing if they can match the Lender Fi estimate lol.
My Lender Fi contact Robert Urnecli is definitely pushing to lock ASAP since he kept saying rates were volatile but i'm still waiting to see if Better can beat the offer. I haven't heard anything from Loan Cabin yet but I'm sure that's because they are backed up...
Honestly speaking I knew this was too good to be true as it was almost a 3% credit on the loan amount but for someone else who might have looked at this and went ahead and then not applied to other lenders would have been royally screwed and missed out on other mortgage refinance opportunities. If anything with my caution to everyone here on SD we were able to parlay the initial LE into a PM with other lenders as Caliber's Credits were the higher/best for almost all 10-12 people I gave out the info to.
Fundamentally I am annoyed that a lender can get away with this and frankly i would have chalked this up as an error but until today no one from Caliber's side has said anything to that....
and hey if they kick back $4000-$5000 I'll still close
Shahhere
Is a draft LE good enough for price-matching? Does Better match draft LEs?
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Is a draft LE good enough for price-matching? Does Better match draft LEs?
Yes, all of us had in process LE that we used for pms and it worked. Locked one would yielded better matches im assuming... my match was only 3900 but still.
Shahhere