Joined Jul 2006
Call me Mr. Deals
Popular
07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)
July 4, 2020 at
01:27 PM
in
Free Shipping
(6)
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.
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.
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 sdaily.com/...age_rates/
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.
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
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
|
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. |
5,903 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
closing costs $9,505 Includes $2,705 in Loan Costs + $6,800 in Other Costs - $0 in Lender Credits.
what am i doing wrong?
DP
When that happens I would take my business somewhere and also would like to let their managers know that they lost my business because of these incompetent employees.
When that happens I would take my business somewhere and also would like to let their managers know that they lost my business because of these incompetent employees.
[email protected] OR by phone: 877-828-2713
LF:
If you have any questions, comments or concerns, please email us at [email protected]
[email protected] OR by phone: 877-828-2713
LF:
If you have any questions, comments or concerns, please email us at [email protected]
[email protected] OR by phone: 877-828-2713
LF:
If you have any questions, comments or concerns, please email us at [email protected]
Location: Northern California
Estimated Home Value: $575k
Loan amount: $365k
LTV: 63.5%
Current Rate: 30yr @ 3.25% (refinanced about 3-4 months ago)
LE: 30yr @ 2.5% fixed
The way the LO present their fees/points is a little different. Guy on the phone said that I would have to pay about $900 in points, however they pay for all 3rd party fees. This will bring my payment down about $155/month
What do you guys think? Any other lenders you recommend I shop around. I was thinking Loan Cabin, however from reading this thread and one at boglehead they seem slow to respond.
In this case LC is soo backlogged that they are certain that they will blow through the lock dates and get into a pricing issue where you or they would have to pay and so are simply not taking on any shorter lock options. From what others have said they'll take on lower locks if you "Float" and not lock until you are ready to close.
Shahhere
Looks like I don't have much options here.
Sign up for a Slickdeals account to remove this ad.
Location: Northern California
Estimated Home Value: $575k
Loan amount: $365k
LTV: 63.5%
Current Rate: 30yr @ 3.25% (refinanced about 3-4 months ago)
LE: 30yr @ 2.5% fixed
The way the LO present their fees/points is a little different. Guy on the phone said that I would have to pay about $900 in points, however they pay for all 3rd party fees. This will bring my payment down about $155/month
What do you guys think? Any other lenders you recommend I shop around. I was thinking Loan Cabin, however from reading this thread and one at boglehead they seem slow to respond.
Location: Northern California
Estimated Home Value: $575k
Loan amount: $365k
LTV: 63.5%
Current Rate: 30yr @ 3.25% (refinanced about 3-4 months ago)
LE: 30yr @ 2.5% fixed
The way the LO present their fees/points is a little different. Guy on the phone said that I would have to pay about $900 in points, however they pay for all 3rd party fees. This will bring my payment down about $155/month
What do you guys think? Any other lenders you recommend I shop around. I was thinking Loan Cabin, however from reading this thread and one at boglehead they seem slow to respond.
You got to pay points since lTV is > 50%?
Loan Amount = 396K, LTV=80%, 15 years no cash-out refinancing in FL. Currently on 3rd year of 30 years loan @4.125%(27 years left)
2.125%, D+E-Lender credits = $1,800 (cash to close not including the prepaids and initial escrows which I'm okay with as I'm already escrowing)
2.250%, D+E-Lender credits = $450 (cash to close not including the prepaids and initial escrows which I'm okay with as I'm already escrowing)
Can you help us pick the financially correct option, please?
This really depends on what you are comfortable with as by my estimation, both options increase your monthly payment by well over $550. In addition, you will need enough $$ to cover your new escrow until your old escrow is refunded to you.
You easily save $1800 & $450 off your original loan in interest within 1-2 months. The difference in monthly payment is only $22.99 so not significant (<1%) with the actual monthly payment (well over $2500/month)
I estimated you opened loan Oct 1, 2017 for about $415,000. So play with those numbers and you can cost out your savings.
Long story short, you break-even against the original loan within 1-2 month (your savings interest immediately covers your closing cost).
If you plan to refinance again, then pay less out of pocket, if this is it, then go for 2.125%.
My Own Acronyms
You easily save $1800 & $450 off your original loan in interest within 1-2 months. The difference in monthly payment is only $22.99 so not significant (<1%) with the actual monthly payment (well over $2500/month)
I estimated you opened loan Oct 1, 2017 for about $415,000. So play with those numbers and you can cost out your savings.
Long story short, you break-even against the original loan within 1-2 month (your savings interest immediately covers your closing cost).
If you plan to refinance again, then pay less out of pocket, if this is it, then go for 2.125%.
My Own AcronymsTIRTotal Interest RemainingBreakeven-OriginalBreakeven compared to Original Loan - Months before Closing Cost is Covered via Total Interest SavedBreakeven-NoEquityBreakeven compared to 2.25% Not including EquityBreakeven-WithEquityBreakeven compared to 2.25% Including Equity
Orig Loan AmountRate P&ITIRClosing CostTotal Int Paid Year 1Breakeven-OriginalBreakeven-NoEquityBreakeven-WithEquity~$415,0004.125%~$2,011.30$274,021.84N/A$14,408.77 (4th year)N/AN/AN/A$396,0002.125%$2,571.15$66,807.26$1,000$8,195.16<2 months1 yr 5.39 mo (17.39 mo)~10 mo$396,0002.25%$2,594.14$70,944.42$600$8,679.42~1 monthN/AN/A
Sign up for a Slickdeals account to remove this ad.
Location: Southern California
LTV: 53%
Credit score: >740
Loan Amount: $733k
New rate: 30 yr. fixed at 2.625%
A+B+C = $3134
E+F+G+H = $1068
So total closing costs is $4202. Lender credit is $5410, so I should net $1208.
I started the application on 8/6 and locked the rate back on 8/7, should sign a month from that date with disbursement a week later.
Other notes:
- Equifax was a pain to lift the freeze as it took them 1.5 hours to verify my identity and I had to do it the morning after starting my application. All due to some issue with their site login. Very fortunate rates were better.
- Credit report charged counted as an online purchase for the 5.25% BofA cash rewards, but the appraisal did not.