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07/26/2021 - Best Mortgage Rates from Big & Reputable Lenders and SD Reviews (30year @ 2.75%, 15year @ 2.25% etc)

5,052 1,724 July 4, 2020 at 01:27 PM in Free Shipping (6)
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Last Edited by shahhere July 26, 2021 at 06:35 AM
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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):
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.

07/14/2021 3% LenderFi - Competitive but might be slow and not work on beating other lender rates.
30 Year Fixed Jumbo Best Rates (Assuming Good Credit & 20% down):
TBD
15 year Fixed:
07/14/2021 2.0 % Better.com; matches Bankrate rates for themselves.
07/04/2020 2.5% NIH Credit Union with Lender Credit
Title Company Comparisions:
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).
ALTTitle.com
https://www.valerotitle.com/ - Texas only.
Alphabetical list of other lenders (some could be non-proven without direct member experiences posted here):
  1. AimLoan - Will provide LE without hard pull if credit is frozen https://www.aimloan.com/
  2. Amerisave - will give you scores from all 3 bureaus with just a soft pull https://www.amerisave.com/
  3. Better.com https://better.com/
  4. BoxHomeLoans https://www.boxhomeloans.com/
  5. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  6. Colonial Mort http://www.colonialmort.com/
  7. HighTechLending http://www.hightechlending.co/Default.aspx
  8. Interactive Mortgage https://interactivemortgage.com/ Eric from IM is super rude so good luck dealing with this guy!
  9. LenderFi https://www.lenderfi.com [lenderfi.com]if the link wont work try this backend link: https://app.lenderfi.com/app/sign...r/lenderfi
  10. Loan Cabin https://www.loancabin.com/
  11. Loan Depot https://www.loandepot.com/
  12. LoanLock https://www.loanlock.com/
  13. NavyFederal CU https://www.navyfederal.org/
  14. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  15. Northpointe Bank https://www.northpointe.com/
  16. Owning.com (Operates only in CA) https://owning.com/
  17. Pentagon Federal CU https://www.penfed.org/
  18. Provident Funding - will give LE without locking rate https://www.provident.com/
  19. RatePlus (California) https://www.rateplus.com/
  20. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility traviscu.org
  21. United wholesale mortgages https://www.uwm.com/
  22. Watermark Home Loans https://www.watermarkhomeloans.com/
  23. 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
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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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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=138543920&postcount=138)

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.consumerfinance.gov/o...-estimate/

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".
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.mortgagenewsdaily.com/...age_rates/



Potential Lenders - Mentioned in Thread
*Please add to this list and add locality if applicable*
  1. Loan Cabin https://www.loancabin.com/
  2. Better.com https://better.com/
  3. Interactive Mortgage https://interactivemortgage.com/
  4. LenderFi https://www.lenderfi.com/
  5. owning.com (Operates only in CA) https://owning.com/
  6. NIH credit union (Delware, District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia, West Virginia) https://www.nihfcu.org/
  7. Loan Depot https://www.loandepot.com/
  8. Travis Credit Union (12 North Cal Counties only) https://www.traviscu.org/ Eligibility [traviscu.org]
  9. Pentagon Federal CU https://www.penfed.org/
  10. Interactive Mortgage https://interactivemortgage.com/
  11. NavyFederal CU https://www.navyfederal.org/
  12. United wholesale mortgages https://www.uwm.com/
  13. BoxHomeLoans https://www.boxhomeloans.com/
  14. LoanLock https://www.loanlock.com/
  15. West Coast Mortgage Associates (The loan broker is in So.Cal. Debbie Morgan) https://wcmtg.com/
  16. RatePlus (California) https://www.rateplus.com/
  17. Northpointe Bank https://www.northpointe.com/
  18. HighTechLending https://hightechlending.mortgagewebcenter.com/
  19. Close Your Own Loan https://www.closeyourownloan.com/...sults.aspx
  20. AimLoan - will give LE without hard pull if credit is frozen https://www.aimloan.com/
  21. Amerisave - will give you scores from all 3 bureaus with just a soft pull
    https://www.amerisave.com/
  22. Provident - will give LE without locking rate https://www.provident.com/ Best Credit Back with 60% LTV or better.
  23. Watermark Home Loans https://www.watermarkhomeloans.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.
  24. Colonial Mort http://www.colonialmort.com/
  25. Annie Mac https://www.annie-mac.com/ Licensed in these states https://www.annie-mac.com/page/licensed-states/
  26. 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?dl=0
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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Joined Oct 2008
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> bubble2 952 Posts
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quizzer
10-20-2020 at 06:37 PM.
10-20-2020 at 06:37 PM.
Quote from PeterPan2002 :
Just found out about this thread and thanks everyone for the knowledge. It is so much information out there.

I am owning a house that I bought in the summer 2020 with a jumbo loan and 3.875% rate. My mistake, I didn't shop online.

Now i sold my own house and prepaid the mortgage to bring down the mortgage to < 765K to refinance to conforming loan with high balance in CA

I got LE from better.com for 2.65% for 15 yrs with about $3700 closing cost
Also just got a quote by phone with Owning.com for 2.5% with no closing cost.

My question is if the rate i find is the lowest or should i shop some more. Thanks everyone
Owning and Interactive mortgage is good for CA specially if you want to close in less than 30 days.
You can also apply to Loan Cabin if you can wait for 60+ days to close.
Reply
Joined Oct 2005
I like free stuff.
> bubble2 1,423 Posts
221 Reputation
ghounds07
10-20-2020 at 07:16 PM.
10-20-2020 at 07:16 PM.
Quote from cdancer20 :
What was your lender credit with them? Their rates have been up and down but for my first refinance, I matched to LenderFi. They appraised me really high as well. However, after my appraisal came back with Better.com, it went down quite a bit and they knocked off some of the lender credit they had matched from Better. Second time, they gave me another high appraisal and promised me that I wouldn't need an appraisal so no need to worry about it changing.
D = $1,050
$1,750 Lender Credit
Reply
Joined Apr 2007
L3: Novice
> bubble2 341 Posts
82 Reputation
presto987
10-20-2020 at 08:01 PM.
10-20-2020 at 08:01 PM.
Quote from PeterPan2002 :
Just found out about this thread and thanks everyone for the knowledge. It is so much information out there.

I am owning a house that I bought in the summer 2020 with a jumbo loan and 3.875% rate. My mistake, I didn't shop online.

Now i sold my own house and prepaid the mortgage to bring down the mortgage to < 765K to refinance to conforming loan with high balance in CA

I got LE from better.com for 2.65% for 15 yrs with about $3700 closing cost
Also just got a quote by phone with Owning.com for 2.5% with no closing cost.

My question is if the rate i find is the lowest or should i shop some more. Thanks everyone
I agree with quizzer's suggestions. If you're not in a rush, definitely check out Loan Cabin.

If you'd like to move more quickly, then check out Interactive Mortgage. Their rates are usually a little better than Owning, especially for high balance conforming.

LenderFi is another good option.

Finally, if you like Better, you can get an LE from one of the other lenders mentioned above and ask them to beat it. LoanDepot is also good at beating other offers if you find the right LO, but similar to LC they will probably take at least 60 days to close.
Reply
Joined Dec 2013
L5: Journeyman
> bubble2 606 Posts
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cdancer20
10-21-2020 at 06:40 AM.
10-21-2020 at 06:40 AM.
Quote from cdancer20 :
What was your lender credit with them? Their rates have been up and down but for my first refinance, I matched to LenderFi. They appraised me really high as well. However, after my appraisal came back with Better.com, it went down quite a bit and they knocked off some of the lender credit they had matched from Better. Second time, they gave me another high appraisal and promised me that I wouldn't need an appraisal so no need to worry about it changing.
Quote from ghounds07 :
D = $1,050
$1,750 Lender Credit
I'd say then that you both did pretty good. I live in Florida and closing costs are high. I really didn't want to deal with any lender that couldn't offer enough credit to cover D ($1700-$2000 depending on title company) and E ($2200). LenderFi initially quoted me $3500 lender credit for 2.875% and that was with my husband on the loan who doesn't have the same perfect credit. I almost jumped on to match with Better but feared that their outrageous estimate at $50k over true appraisal would bite me.
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Joined Aug 2011
L1: Learner
> bubble2 4 Posts
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BALY
10-21-2020 at 07:57 AM.
10-21-2020 at 07:57 AM.
My Loan balance amount is around 510k and the value is around 720k that's makes around 72% LTV . Got a LE from Loan Depot for 2.9APR for 30yrs. They are offering me a lenders credit for $12000. I am trying to attach the LE , but can't do it over the phone . Let me try later . Pls advise once I upload the LE
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Joined Apr 2004
L6: Expert
> bubble2 1,449 Posts
293 Reputation
BMWZ8Bond
10-21-2020 at 09:00 AM.
10-21-2020 at 09:00 AM.
Quote from PeterPan2002 :
Just found out about this thread and thanks everyone for the knowledge. It is so much information out there.

I am owning a house that I bought in the summer 2020 with a jumbo loan and 3.875% rate. My mistake, I didn't shop online.

Now i sold my own house and prepaid the mortgage to bring down the mortgage to < 765K to refinance to conforming loan with high balance in CA

I got LE from better.com for 2.65% for 15 yrs with about $3700 closing cost
Also just got a quote by phone with Owning.com for 2.5% with no closing cost.

My question is if the rate i find is the lowest or should i shop some more. Thanks everyone
Don't feel badly about $3.875. Jumbos are a different ball game (especially in the covid world). None of these competitive lenders offer jumbos anyway.

Your better rate is not good. Interactive will do a 2.5 no cost 30 year or a 2.25 no cost 15 year. They were as low as 2.375 for the 30 and 1.99 for the 15. May go back down there, or may not (given the new .5% fee hitting soon)
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Joined Jan 2013
L5: Journeyman
> bubble2 703 Posts
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user017
10-21-2020 at 09:23 AM.
10-21-2020 at 09:23 AM.
Finally closed with LD. My experience was not good due to my LO. I know people with better LO had much better experience.

2.62% locked on 8/13
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Joined Mar 2014
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> bubble2 153 Posts
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MadeInAP
10-21-2020 at 09:39 AM.
10-21-2020 at 09:39 AM.
I recently finished my 15 year fixed refinance with < 200k balance in Texas @2.375 rate and zero closing costs. Is there anyone still offering lower than 2.375 rate and zero closing for a low balance non California loan? Thanks.
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Joined Nov 2010
L3: Novice
> bubble2 123 Posts
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folmerw
10-21-2020 at 09:40 AM.
10-21-2020 at 09:40 AM.
Has anybody else been told by their lender's underwriter that their Debt to Income Ratio is too high, and then switched from a 15 year to a 20 year, at a higher rate?

I got a 1.99% 15 year Fixed w/no closing costs or fees LE quote on a 541K balance in CA at Interactive Mortgage (thanks to slick deals!) on 10/02. My LO said there'd be a couple/few weeks in processing before I heard from her again.

On 10/19 I got a call from my LO that the underwriter had said my Debt to Income Ratio was too high (56% and needed to be under 50%) for this YTD (even though it was NOT too high for last year), basically because I was out of work for four months during the pandemic (as was everybody else at my company)…

But they COULD put me in a 20 year fixed no cost no fee refi at 2.375%, which I did end up accepting bc the alternative was to pay down 91K to get to 450K (and then under the 50% Debt To Income Ratio) to retain the 1.99% 15 year fixed no cost no fee loan.

Has this happened to others here? Is this normal? Are there any alternative(s)?

I'm worried other lenders might do the same due to my 4 months without work during Covid? And Loan Cabin is advertising 3% on a 20 year now, which is still higher..

I had emailed with Owning back in Sept., and they did have same 2.375% with no closing cost or fees back then, but I imagine they're higher now due to the 0.5% Fed thang, and I'm thinking I'll run into the same "Debt To Income Ratio is too high" stuff..

Any similar experiences here? Or advice?
Reply
Joined Dec 2008
L4: Apprentice
> bubble2 357 Posts
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vmehta2
10-21-2020 at 09:47 AM.
10-21-2020 at 09:47 AM.
What are rates people getting for a refinance in NY? Are you doing CEMA? 30yr fixed
Reply
Joined Feb 2011
L2: Beginner
> bubble2 40 Posts
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johnsgirl
10-21-2020 at 10:06 AM.
10-21-2020 at 10:06 AM.
Quote from folmerw :
Has anybody else been told by their lender's underwriter that their Debt to Income Ratio is too high, and then switched from a 15 year to a 20 year, at a higher rate?

I got a 1.99% 15 year Fixed w/no closing costs or fees LE quote on a 541K balance in CA at Interactive Mortgage (thanks to slick deals!) on 10/02. My LO said there'd be a couple/few weeks in processing before I heard from her again.

On 10/19 I got a call from my LO that the underwriter had said my Debt to Income Ratio was too high (56% and needed to be under 50%) for this YTD (even though it was NOT too high for last year), basically because I was out of work for four months during the pandemic (as was everybody else at my company)…

But they COULD put me in a 20 year fixed no cost no fee refi at 2.375%, which I did end up accepting bc the alternative was to pay down 91K to get to 450K (and then under the 50% Debt To Income Ratio) to retain the 1.99% 15 year fixed no cost no fee loan.

Has this happened to others here? Is this normal? Are there any alternative(s)?

I'm worried other lenders might do the same due to my 4 months without work during Covid? And Loan Cabin is advertising 3% on a 20 year now, which is still higher..

I had emailed with Owning back in Sept., and they did have same 2.375% with no closing cost or fees back then, but I imagine they're higher now due to the 0.5% Fed thang, and I'm thinking I'll run into the same "Debt To Income Ratio is too high" stuff..

Any similar experiences here? Or advice?
Yes, this Debt to Income Ratio problem happened to us as well. We made it as far as signing with the notary. We were waiting for the loan to fund when Watermark came back and said that our Debt to Income was too high. You would think this would have been checked in the beginning lol. They wanted us to pay off some of our credit cards to make the deal happen.

I think the underwriters are overlooking a lot of details these days due to the high demand for refinances.

Lesson learned: Don't get excited about your great rate and lower payment until your loan actually funds!
Reply
Joined Sep 2011
L4: Apprentice
> bubble2 409 Posts
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zukuri
10-21-2020 at 10:23 AM.
10-21-2020 at 10:23 AM.
Quote from shahhere :
This sounds like a pure scare tactic btw. Please ask the lender or the loan officer what "Federal Regulation" is being quoted here as there isn't any regulation that prevents you from refinancing your property as long as its the single loan you are acquiring at the same time and so doing one after the first one closes qualifies literally the day after.


Shahhere
I asked my loan officers about "the regulation" and no answer only to refund the $550 appraisal fee.
Got the official denial message saying "Your loan application has been denied.
Due to the following reason(s), we are unable to approve your loan: Credit Application Incomplete"

Btw, I have been told the same 6 month regulation or internal policy for refinance from LD.
not much I can do right now...
Reply
Last edited by zukuri October 21, 2020 at 12:36 PM.
Joined Dec 2013
L5: Journeyman
> bubble2 606 Posts
95 Reputation
cdancer20
10-21-2020 at 11:28 AM.
10-21-2020 at 11:28 AM.
Quote from johnsgirl :
Yes, this Debt to Income Ratio problem happened to us as well. We made it as far as signing with the notary. We were waiting for the loan to fund when Watermark came back and said that our Debt to Income was too high. You would think this would have been checked in the beginning lol. They wanted us to pay off some of our credit cards to make the deal happen.

I think the underwriters are overlooking a lot of details these days due to the high demand for refinances.

Lesson learned: Don't get excited about your great rate and lower payment until your loan actually funds!
So what was your end result? Did you just pay down your credit cards?
Reply
Joined Dec 2013
L5: Journeyman
> bubble2 606 Posts
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cdancer20
10-21-2020 at 11:33 AM.
10-21-2020 at 11:33 AM.
Quote from folmerw :
Has anybody else been told by their lender's underwriter that their Debt to Income Ratio is too high, and then switched from a 15 year to a 20 year, at a higher rate?

I got a 1.99% 15 year Fixed w/no closing costs or fees LE quote on a 541K balance in CA at Interactive Mortgage (thanks to slick deals!) on 10/02. My LO said there'd be a couple/few weeks in processing before I heard from her again.

On 10/19 I got a call from my LO that the underwriter had said my Debt to Income Ratio was too high (56% and needed to be under 50%) for this YTD (even though it was NOT too high for last year), basically because I was out of work for four months during the pandemic (as was everybody else at my company)…

But they COULD put me in a 20 year fixed no cost no fee refi at 2.375%, which I did end up accepting bc the alternative was to pay down 91K to get to 450K (and then under the 50% Debt To Income Ratio) to retain the 1.99% 15 year fixed no cost no fee loan.

Has this happened to others here? Is this normal? Are there any alternative(s)?

I'm worried other lenders might do the same due to my 4 months without work during Covid? And Loan Cabin is advertising 3% on a 20 year now, which is still higher..

I had emailed with Owning back in Sept., and they did have same 2.375% with no closing cost or fees back then, but I imagine they're higher now due to the 0.5% Fed thang, and I'm thinking I'll run into the same "Debt To Income Ratio is too high" stuff..

Any similar experiences here? Or advice?
No advice but I hit the debt to loan ratio big time with my original mortgage. Since my credit was a lot better, we dropped my husband off the mortgage. However, my income alone was pushing it. Lots and lots of back and forth to get to where I needed to be. Being very meticulous, they realized they could use my interest income to get me right at the point. However, in the midst, I realized that I had forgotten to file taxes the year before (oops). Therefore, they couldn't use the interest income. I ended up having to pay off my husband's car note which I only added to my credit less than a year ago for a better interest rate. It literally came down to wire getting it all done. The seller's were set to buy a new house that same day so we couldn't slip our date. Phew, stressful time. 2 years later and these refinances have been a lot lot better.
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Joined Sep 2009
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> bubble2 550 Posts
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mamakat
10-21-2020 at 11:47 AM.
10-21-2020 at 11:47 AM.
Is this a BS line? - my LO finally let me know the status of my float down request. She says that because my home appraised for more than anticipated and now that I will no longer need PMI, my rate would not float down because the company was anticipating making some money off the PMI when my rate was locked. I locked at 2.625 in july (loancabin). I had always assumed that I couldn't get the ultimate (advertised) low rate because I didn't have 20%+ equity. And now that I do, I don't qualify anyway?
At the time I asked for float down their advertised rate was 2.375, now it seems to be 2.5.. but I am also getting a $1200 lender credit.

I have excellent credit, 20% equity, super stable job, yadda yadda.. does this sound right?
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Last edited by mamakat October 21, 2020 at 11:50 AM.
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