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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. |
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8/3 Applied via backdoor link.
8/4 Application approved and first contact with my LO.
8/5 Received redisclosure documents and inital documents request.
8/6 Locked 2.5% 30 yr with ~$600 in net credits.
8/7-8/11 Dark.
8/12 Received initial disclosures and follow-up document request.
8/14 Forwarded to loan processing.
8/17 Appraisal ordered.
8/22 Moved to underwriting for final approval.
I reached out to an old lender contact who contributed on FW and have asked them about their current offerings.
Based on the conversations it seems that they would be able to beat/meet/match certain loans and as noted I've had nothing but pleasureful dealings in the past.
https://bsmfunding.mymortgage-online.com/davidpressel.html
Ping me on any other feedback or issues and depending on that I'll update and move their info to the first page. I was always upfront to the lenders if I was simply rate shopping btw and if I intended to proceed with them etc in the past.
Shahhere
I reached out to an old lender contact who contributed on FW and have asked them about their current offerings.
Based on the conversations it seems that they would be able to beat/meet/match certain loans and as noted I've had nothing but pleasureful dealings in the past.
https://bsmfunding.mymo
Ping me on any other feedback or issues and depending on that I'll update and move their info to the first page. I was always upfront to the lenders if I was simply rate shopping btw and if I intended to proceed with them etc in the past.
Shahhere
So just a quick summary:
- 31 years in the mortgage business
- We lend in 30 states
- Closings on refinances are pretty quick (especially if we get an appraisal waiver from Fannie or Freddie)
Any questions, you can feel free to hit me up anytime via email (dpressel@bsmfunding) or you can text me at 908-208-2036
DP
On 8/6, LC quoted 3.25 on a 30yr w/$469 in lender credit. I didn't lock the rate because Samantha said she was going to speak to mgmt to reduce the fees/increase credit but naturally she never got back to me. I've been emailing/calling for weeks and she finally gets back to me today. But looking at their site, the rates and fees have gone up big time.
Any other recommendations? Better and HTL is a no-go, and I cannot go with WM as I bailed on a locked-rate for my primary. Property is in CA with $200k balance, 33% LTV. Thanks!
So one of the more common questions I get on a daily basis: Dave, I see that bond yields are lower -- why aren't mortgage rates lower?" So mortgage rates are not based on the 10 year Treasury -- they are actually based on the mortgage backed securities markets (MBS). Moving forward, as time will allow I will post snapshots of the MBS market to the forum so that everyone can stay in touch with what is going on with rates.
Currently. the MBS market is down -3/32. Down = no good for mortgage rates. Up is usually good for mortgage rates. And it takes at least +6/32 to +8/32 to start affecting 0 point / no cost mortgage quotes. Just figured I would let all of you know that
DP
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2.625% on a 20 year fixed with no escrow.
D. TOTAL LOAN COSTS (A + B + C) $1,825
J. Lender Credits- $1,700
So $125 out of pocket. Paid $550 appraisal today and they will refund me at closing due to LTV.
Many of the other lenders were requesting that I close my HELOC which i cant do right now so was a little limited. Better allowed subjection? or whatever that word was so I can keep the HELOC open.
We had a lock with LenderFi but eventually closed with Better.com.
Turns out Lenderfi contacted our insurance company and they are now on our home insurance as the mortgage holder. And, now 6 weeks after closing with Better.com and Better has not contacted the insurance company to be put on the policy.
Thoughts?
offer #1
rate: 2.625 %
After lender credit, still need to pay around ~200$ + section E+F+ payoffs
status: conditionally approved + expected to close within 3 weeks from now
offer #2
rate: 2.5%
$4000 lender credit with no originate fee (A).
I do not have LE of loan#2 yet, so I use the B+C of loan#1 as an rough estimate.
Lender credit should cover A+B+C+E+F. I also confirmed with LO that it will be almost no cost (D+I-lender credit) and might even get some extra back.
status: still waiting for LE, but in order to get LE, there will be another hard pull since 14-days window has passed. And lender is famous for being slow in process :p
I have contacted lender#1 before to match an offer but they refused. Since they are fairly quickly in responding so I still continue with them knowing I will lose couple hundreds. Until recently there is some issue with payoff statement that make me feel a little frustrated. Offer#2 is so much better in all aspect: rate, fee, and credits. However, I will have to wait for probably 60 days. I mentioned offer#2 to loan#1 but still waiting for respond to see if the offer can be improved. However, with previous experience that they didn't even want to match a 500$ credit, I don't have much hope that they will match offer #2 this time. Another thing is, if I want to get LE from offer#2, they will have to pull my credit again. I am not sure if it will make a huge impact on my current application with offer #1, but I won't be able to get the LE without a hard inquiry. My credit score is pretty high though. And I confirmed with offer#1 that there will be no penalty if I refi with another lender afterwards.
Everything is better with offer#2, but just have to wait for a long time. And offer#1 kept saying they have put in a lot of effort and kind of "warn" me that another hard inquiry will affect my current process. I feel they just don't want me to proceed with offer#2 but they are hesitant to improve their own offer. Now I am stuck in between since I haven't get back from loan#2 yet.
Any thoughts on how I should proceed with me refi? Thanks!
So just a quick summary:
- 31 years in the mortgage business
- We lend in 30 states
- Closings on refinances are pretty quick (especially if we get an appraisal waiver from Fannie or Freddie)
Any questions, you can feel free to hit me up anytime via email (dpressel@bsmfunding) or you can text me at 908-208-2036
DP
Is anyone getting responses to their queries from their loan LenderFi processor? My loan processor has not been responding since Thursday to my queries interestingly that'w when the rates started going up. We are suppose to close this week but now crickets. Not sure if they are stalling to see if the rates dip or if I would bail out if they push beyond end of the month and I end up making another payment with current lender?
And as far as lock expiration, most lenders will extend that for free if it is due to delays on their side.
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DP