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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
|
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 already have a pre-approval from Bank of America but feel like if i don't compare rates or get another quote or two I am doing myself a disservice by not shopping around. Where would you get a 2nd or 3rd quote if you were me??
I already have a pre-approval from Bank of America but feel like if i don't compare rates or get another quote or two I am doing myself a disservice by not shopping around. Where would you get a 2nd or 3rd quote if you were me??
Are you under contract for your house, or still just shopping? Since you can't lock a rate until you're under contract (in escrow), and because rates change every day, there's no point in rate shopping until then.
So keep your one pre-approval. Then the second your offer is accepted, start shopping that rate/credit. Or really, start making your list now of who you're going to contact, so that when it's time, you're ready (because there will be 20 other things you'll have to start doing as well for the home buying process). Lenders will give you (a home buyer) priority over the rest of us (people refinancing) as you would have a fixed deadline.
My loan is conditionally approved, supposedly i'm 14 days out from closing but hopefully that will be confirmed tomorrow afternoon. That would put my closing date in early November...This is starting to turn into a bad dream. The plan was to skip November but if I have to pay my existing mortgage for November that would sucks...
From the mortgagenewsdaily, it seems that it has up a bit, but I happened to just checked owning.com and rateplus.com. They are still offering 2.25% for 30 years, and 1.875% 15 years for rateplus, 1.75% 15 years for owning.
Rateplus is still no closing cost, not sure about owning.
I would think most of us here have already refinanced in the last 6 months and the difference now is <.375 between your current rate and new refinanced rate.
Rateplus is still no closing cost, not sure about owning.
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I already have a pre-approval from Bank of America but feel like if i don't compare rates or get another quote or two I am doing myself a disservice by not shopping around. Where would you get a 2nd or 3rd quote if you were me??
I banked with both BOA and Chase, but my first mortgage is not with them. When I applied to check their rates, they had the highest rate and loan cost.
I would try LoanDepot and Better.com. If you have a local credit union, you might want to check them out too.
My third refinance was on going with Better.com after my second was funded a week ago.
Here's the email I got when they told me they will withdraw my application.
"Unfortunately due to federal regulations, we are unable to proceed with the application as there are certain red flags when doing multiple refis on the same property. I double checked with my team and we will have to withdraw and have you reapply later on since the terms have changed."
I just go by the facts. I've been keeping a spreadsheet of rates and credits. I looked at 9/7-9/8 and I see Loan Cabin 30 year 2.375% no cost with extra lender credits, and 2.25% with points. I also remembered 2.5% no cost from a couple other companies. The poster indicated Bayshore Dave gave 2.625% no cost, and that is way out of line compared to Loan Cabin rates.
You say the lender is in it to make money and not offer community service, and indeed Dave took advantage of the poster and made money. You say it's on the poster to gauge if the deal is good or not, but the poster indicated that he doesn't want to spend the time on refinancing as we spend on it. The spreadsheet of facts indicate Dave took advantage of him. The poster was happy for the improvement from his previous rate and was happy to spend very little time, and that's great for him. Happiness on the deal is not the same as whether it was a great rate. It was an average rate for no cost, not a great rate. The same poster could refi right now to a lower rate no cost.
You say you are playing a game. I'm not playing a game. I'm getting a great rate and great lender credits, and I'm closing with anyone who will give that. I'm not using someone for a great loan estimate to shop around and then abandoning them.
I don't like Dave playing a game, not putting lender credits on loan estimates, putting $100 for credit reports.
I don't like any company playing games. I don't like Interactive Mortgage or LoanDepot trying to reduce lender credits from the original amount on loan estimates. I don't like Watermark blacklisting Slickdealers. I don't like Calibre saying you will get lender credits and then not putting it on the loan estimate.
I've gotten a great deal, and I want to see other people get great deals too. It is a community service to be honest and say what is a great deal or not.
It's one thing to be super slow. It's quite another to hide things, be rude, and bait and switch. There's no good excuse to put $195 for credit reports.
Nothing I posted is Personal btw and if anything I laid out my own Bias for you and this forum so I'd have no input from a Personal Standpoint. You can poll the forum as I call and discuss options for people on this forum ALL the time and always ask them to be objective to get the best deal out there without getting emotional and even my experienced noted here is based on emotions not being a factor all the time.
The way you are explaining and whatever personal issue you have there would be NO lenders on the first page; Dave, LC, IM, LD, Better etc. We'd have no competition based on the shortsightedness you have about dropping lenders based on issues whereas its a varied experience to be honest. Who have you brought to the forum to help; let me know your recommendation to this forum and I mean that genuinely.
The posts about Dave not being able to get back to people or not responding in one way or another are absolutely legit and should be posted here so others know what to expect but also note that no one is saying that they got "Taken Advantage" off. The one person above posting that rates changed on him is another valid discussion point to be known by others but again it should be against tons of others who have posted the opposite that Dave has been Competitive just as much as LC; been able to close them in 30 days and provides the credit that was discussed despite it not being on the LE in the early stages.
Understand where I am coming from that none of this is personal and for that matter laying out the bumps with each lender is meant for us to have an upper hand on the "Game" that we play. I'll be honest and say that I am chasing a great deal and is a rush for me rather than get a nice comfy Refi that I can sit on for year and ride it out. Others who come on this forum aren't in the same boat and I'd say majority aren't and for those people a forum like this needs to contain as much information as there is with feedback for them to decide their best options; options they wouldn't have been able to find unless it was shared and discussed here. Think about it; if I take off lenders and take mis-information or flare up issues as if they are death sentences in a Refi then everyone loses; have people like Dave helps the overall Competition here.
$100 Credit report fee; i dont agree with that either and should be called out if you are paying for it but if its in a no-cost refi then whatever. If you are asking Dave to give you $4000 credit but are being hit by the fee Yes you should get that down. Remember that Dave works for a Mortgage company so I am sure he sets his own rules but also has others from his BSMF guys.
Shahhere
Hey bud; just wanted to point this out that comparing Rate and APR alone are not accurate way of deciding if you have a true "No-Cost" refinance or not.
If the Lender is essentially giving you enough credit to cover ABC=D; +E then you are essentially getting a no cost refinance. APR isnt standardized and so many lenders might not include credits and so the calculation is off and is almost not comparable between lenders. ALWAYS ask or compare the Loan Estimate ABCE items to see what the out of pocket is and see if there is an equivalent Lender credit.
Some lenders will give you a lower lender Credit as once a Credit is put on a locked LE it cannot go down and so they will adjust the final Credit to cover the costs or put no credit and give you an equivalent Lender Credit on the Final closing to cover at least your ABC costs. Its always prudent to ask the questions upfront and via Email to have proof if you need as many lenders will simply forget what they discussed due to the mass of applications but the email should suffice as a reminder.
Shahhere
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