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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.
|
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
|
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. |
5,912 Comments
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I think I'm on the same boat as you k1ngkev1n1. Are you pulling the trigger on refi, or are you going to wait?
I have gotten quotes from probably 10 places, including Better, but no one is offering me credits. I applied to LoanCabin 2 weeks ago and still haven't received a response. Left a voicemail, no reply. Later the voicemail box was full. Sent an email, got an auto reply on 8/31: "As of today, we are reviewing all refinance applications submitted on 07. 30. 2020" so if they continue at that pace, they won't review my application for another few weeks.
At least for me, the Better interface shows you full rate table with points for lower rates and credits when you select higher rates. The options for me weren't great until price match competing loan estimate though.
Other lenders, if they don't give you all rates then you may have to tell them you are looking for no/low cost before they provide it
2.5% for a 30-year fixed, no points.
A=$995 (origination)
B=$66 (appraisal waived)
C=$1155 (used Radian which was cheaper than lender's selected services)
E=$144
J=$3079 Credit
Net: $719 back to me.
As others have noted, Ally partners with better .com so the process is similar, paperwork all says better, and TMS will be our servicer. I went with Ally because I already bank with them (so got a small discount off the bat), and like better, they aggressively match other LEs. Thus, once I got better to beat other lenders' LEs, it was helpful to have someone in my pocket who could beat better.
Two interesting data points:
1. Ally had no trouble beating other LEs, even after I had locked my rate with Ally. But they did ask that the LEs from other lenders be locked as well (Ally did not require locked LEs when I was first shopping).
2. Until the morning we closed, my LE with Ally always included my property taxes as a prepaid because they are due with in 60 days (though payable without penalty until Dec. 10). The morning we closed, I received updated closing disclosures omitting the property tax prepaid. No explanation of why, but I happily stayed quiet.
Thanks for all the tips and information in this thread. Everyone's contributions have been tremendously helpful!!
2.5% for a 30-year fixed, no points.
A=$995 (origination)
B=$66 (appraisal waived)
C=$1155 (used Radian which was cheaper than lender's selected services)
E=$144
J=$3079 Credit
Net: $719 back to me.
As others have noted, Ally partners with better .com so the process is similar, paperwork all says better, and TMS will be our servicer. I went with Ally because I already bank with them (so got a small discount off the bat), and like better, they aggressively match other LEs. Thus, once I got better to beat other lenders' LEs, it was helpful to have someone in my pocket who could beat better.
Two interesting data points:
1. Ally had no trouble beating other LEs, even after I had locked my rate with Ally. But they did ask that the LEs from other lenders be locked as well (Ally did not require locked LEs when I was first shopping).
2. Until the morning we closed, my LE with Ally always included my property taxes as a prepaid because they are due with in 60 days (though payable without penalty until Dec. 10). The morning we closed, I received updated closing disclosures omitting the property tax prepaid. No explanation of why, but I happily stayed quiet.
Thanks for all the tips and information in this thread. Everyone's contributions have been tremendously helpful!!
Better's current offer is to beat other LEs by $100. Is Ally the same, or are they more aggressive about beating others?
Also, do you happen to know if Ally caps the lender credit at $4,999 like Better?
Finally, how does the banking relationship discount work? Did the discount wind up being irrelevant since you had them price match someone else anyway? Or was it a discount that they added on at the end, so it was retained when you price matched?
EDIT: To answer some of my own questions, I opened a refi application at Ally (I am an existing banking customer). It looks like the $500 discount is already included when you get your rate table, and it feeds into the LE. So I doubt you would get the benefit for the discount if you price match. Regarding the max lender credit, my rate table has a lender credit as high as $5900, but there is a $995 origination fee, so I'm guessing that the credit is capped at around $6000 so that the effective max is around $5000 like Better.
I would still like to know how aggressively they beat other LEs.
2.5% for a 30-year fixed, no points.
A=$995 (origination)
B=$66 (appraisal waived)
C=$1155 (used Radian which was cheaper than lender's selected services)
E=$144
J=$3079 Credit
Net: $719 back to me.
As others have noted, Ally partners with better .com so the process is similar, paperwork all says better, and TMS will be our servicer. I went with Ally because I already bank with them (so got a small discount off the bat), and like better, they aggressively match other LEs. Thus, once I got better to beat other lenders' LEs, it was helpful to have someone in my pocket who could beat better.
Two interesting data points:
1. Ally had no trouble beating other LEs, even after I had locked my rate with Ally. But they did ask that the LEs from other lenders be locked as well (Ally did not require locked LEs when I was first shopping).
2. Until the morning we closed, my LE with Ally always included my property taxes as a prepaid because they are due with in 60 days (though payable without penalty until Dec. 10). The morning we closed, I received updated closing disclosures omitting the property tax prepaid. No explanation of why, but I happily stayed quiet.
Thanks for all the tips and information in this thread. Everyone's contributions have been tremendously helpful!!
Wondering if you can play Better against Ally.
15 year fixed – 60 day lock – Waived Escrow
15 year fixed – 60 day lock – Waived Escrow
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Better's current offer is to beat other LEs by $100. Is Ally the same, or are they more aggressive about beating others?
Also, do you happen to know if Ally caps the lender credit at $4,999 like Better?
Finally, how does the banking relationship discount work? Did the discount wind up being irrelevant since you had them price match someone else anyway? Or was it a discount that they added on at the end, so it was retained when you price matched?
EDIT: To answer some of my own questions, I opened a refi application at Ally (I am an existing banking customer). It looks like the $500 discount is already included when you get your rate table, and it feeds into the LE. So I doubt you would get the benefit for the discount if you price match. Regarding the max lender credit, my rate table has a lender credit as high as $5900, but there is a $995 origination fee, so I'm guessing that the credit is capped at around $6000 so that the effective max is around $5000 like Better.
I would still like to know how aggressively they beat other LEs.
I found Ally to be very aggressive in matching other LEs. Like better, they didn't start iwth the best offer out of the gate. Their pricing was a little better than ... Better's, but it was easy to find lenders offering the same or lower rates at less cost. I can't remember what the original offer from Ally was, but I know it included points to get to 2.5%. They matched a no-point LE and eventually I was able to negotiate credits of $3000+. Ally was great about beating LEs from other lenders by at least $100 (like better).
15 year fixed – 60 day lock – Waived Escrow
15 year fixed – 60 day lock – Waived Escrow
In that sheet I don't think it means that they will cover D&E with the credit plus you'll be left with -$200.
Not sure why lenders do that as no closing costs should be no closing costs of D at the least. Since LC doesn't charge A this is at best "No Fee" with a credit at 2.375%.
Not sure what their lock policy is btw so not sure if that would only apply today; best if others can answer.
Shahhere
2.375% with $530 in points
2.5% with $750 in credits
2.625% with $1800 in credits
Going to take the 2.625% offer. Once they send over the LE, I'll take it to Ally and hope they beat it lol.
Have to go break up with Loan Depot now.
15 year fixed – 60 day lock – Waived Escrow
I think the rates are decent, not as much credit only due the smaller loan amount (185K). If you want a no cost, you might have to go to 2.5 or 2.625%.
I can do a break-even calculation w/ and w/o equity for you off 2.625 or 2.5 based on the maximum rate you will choose for the rest of the rates in the table.
My refi funded on Aug 17th. The original mortgage firm charges interest for the day the wire is received and for the next day if it is received after 2pm CST. When I do the calculations it looks like I am getting charged interest till the 20th. That is atleast 2 extra days if not 3. Is this normal? Can I ask them to pay me back the extra days of interest? Thanks!
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I was kinda bummed BETTER doesn't do VA loans
BTW the best loan comparison site I could find is https://www.bankrate.co
Anyone found one better? compares 3 loans in detail, but there might be a better one. I got tired looking though