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

5,427 1,744 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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Last Edited by RiversofWisdom August 18, 2021 at 03:12 PM
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Quote from MeAPhool View quoted comment :
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 View quoted comment :
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 View quoted comment :
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 2018
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radiojunkie
01-22-2021 at 11:46 AM.
01-22-2021 at 11:46 AM.
Quote from Mike32 View quoted comment :
Just signed an offer to buy a condo today - I had already got pre-approvals from a few places including loan cabin, but the realtor says i pretty much have to use a local lender because the condos are almost all rentals so most normal mortgage companies don't like approving them (super low owner occupancy rates).

I'm going to talk to the local lender about matching since her rate is a little higher than others - but has anyone been in this situation before?

Also - I'm assuming now that I've signed would be a good time to go back to all the places I got pre-approvals from and get a formal Loan Estimate in order to see what she can match?

I have been in such a situation and I did land up using a lender recommended by my realtor but I had a 14day close in my offer. That was my first loan and didn't know much about this process. If you have time then you should be able to use some of these competitive lenders. With a lender like Better.com, tell your processor outright that this is of concern and to put your file in front of an underwriter asap. I had similar concerns with a refinance and they can usually tell you within a week if they'll be able to process your loan or not. But if you're short on time then pick a local lender, slightly higher rate to cover the closing costs and then refi later to a lower rate with these online lenders.
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Joined Nov 2006
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Mike32
01-22-2021 at 12:44 PM.
01-22-2021 at 12:44 PM.
Quote from radiojunkie View quoted comment :
I have been in such a situation and I did land up using a lender recommended by my realtor but I had a 14day close in my offer. That was my first loan and didn't know much about this process. If you have time then you should be able to use some of these competitive lenders. With a lender like Better.com, tell your processor outright that this is of concern and to put your file in front of an underwriter asap. I had similar concerns with a refinance and they can usually tell you within a week if they'll be able to process your loan or not. But if you're short on time then pick a local lender, slightly higher rate to cover the closing costs and then refi later to a lower rate with these online lenders.

Thanks for the info, much appreciated. I've got 30 days in my offer. But my realtor pretty much straight up told me if I go with someone else I won't get approved. Now - I don't know if I believe that, but as this is my first loan as you said, I'm still navigating the process so I probably will ultimately go with the local lender.

I'm getting a loan estimate from LC and better.com to see if she'll match down. But that's a great idea about the refi option - is there any gotchas there to be aware of though?
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Joined Jun 2006
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jrl
01-22-2021 at 12:56 PM.
01-22-2021 at 12:56 PM.
Quote from Mike32 View quoted comment :
Thanks for the info, much appreciated. I've got 30 days in my offer. But my realtor pretty much straight up told me if I go with someone else I won't get approved. Now - I don't know if I believe that, but as this is my first loan as you said, I'm still navigating the process so I probably will ultimately go with the local lender.

I'm getting a loan estimate from LC and better.com to see if she'll match down. But that's a great idea about the refi option - is there any gotchas there to be aware of though?
Yeah, your realtor is lying. They want to keep it as simple as possible to ensure it closes fast, but often they get a kickback from the local lender for the referral. Frankly, once you're in escrow, you're in the drivers seat.
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Joined Nov 2006
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Mike32
01-22-2021 at 01:07 PM.
01-22-2021 at 01:07 PM.
Quote from jrl View quoted comment :
Yeah, your realtor is lying. They want to keep it as simple as possible to ensure it closes fast, but often they get a kickback from the local lender for the referral. Frankly, once you're in escrow, you're in the drivers seat.
This is honestly what I thought the first time she told me, but I am too new to the process to be very confident. Although i'm still hesitant to piss her off as she runs a management company for rentals at a pretty good discount off market rate around here that I was considering using.

Is it a huge pain in the ass to just stick with the local relator and immediately refi? I lean that way if it doesn't cost me much (beyond a risk in interest fees changing which I'm not super scared about).
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radiojunkie
01-22-2021 at 01:09 PM.
01-22-2021 at 01:09 PM.
Quote from Ellicott View quoted comment :
when loan cabin delays forever for some reason if we find better option and try to close will they refund the appraisal fee.
Or it is non refundable because no matter whether you close with LC or not once appraisal is done it is non-refundable?

experts any idea?
Not an expert...but....On the Appraisal Order - Credit Card Authorization form that you would have signed when you gave them your card info, it says - no refunds if appraisal has been performed.
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JudiciousBuyer
01-22-2021 at 02:32 PM.
01-22-2021 at 02:32 PM.
Quote from Mike32 View quoted comment :
This is honestly what I thought the first time she told me, but I am too new to the process to be very confident. Although i'm still hesitant to piss her off as she runs a management company for rentals at a pretty good discount off market rate around here that I was considering using.

Is it a huge pain in the ass to just stick with the local relator and immediately refi? I lean that way if it doesn't cost me much (beyond a risk in interest fees changing which I'm not super scared about).
If there is any litigation (even minor and not necessarily in your property) then it is problematic to get loan. But if local lender is able to sell that loan to Govt agencies then other lenders should be able to do that.

https://selling-guide.fanniemae.c...gation.htm

https://selling-guide.fanniemae.c...r.20Co-ops
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pettytyrant
01-22-2021 at 03:43 PM.
01-22-2021 at 03:43 PM.
Quote from luigimario View quoted comment :
What was the reason they gave?
Better gave no reason for refusing to match.
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luigimario
01-22-2021 at 06:37 PM.
01-22-2021 at 06:37 PM.
Quote from pettytyrant View quoted comment :
Better gave no reason for refusing to match.
That is quite odd. My experience with Better has mostly been great. For one application, I wasn't happy the way the team was responding to my negotiations, so I requested a change in team. Maybe try that?
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pettytyrant
01-22-2021 at 09:09 PM.
01-22-2021 at 09:09 PM.
Quote from luigimario View quoted comment :
That is quite odd. My experience with Better has mostly been great. For one application, I wasn't happy the way the team was responding to my negotiations, so I requested a change in team. Maybe try that?
It is strange. I've had no problems getting a match for 3 previous refis with Better. I may just cancel the current application and start over. I don't see how switching teams will help with this particular match, since it will be more than 1 business day now.

Another odd change is that Better required an appraisal for both the most recently completed refi and this current application, whereas the previous 4 refis (including 2 with Better) had appraisals waived.
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Last edited by pettytyrant January 22, 2021 at 11:28 PM.
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adamh007
01-23-2021 at 12:00 PM.
01-23-2021 at 12:00 PM.
This discussion forum helped me immensely during the summer where I was able to snag at 2.5% no points and minimal cost from Watermark for my condo refinance in northern NJ.

I tried helping my mother refinance her investment condo located in northern NJ at the end of December and Better and Watermark came back with 3.25% but LC offered 2.5% on December 28th, 2020 when I submitted my application. I've sent a bunch of emails to follow-up or at least get a formal loan estimate from LC but there haven't gotten back. Very frustrating experience.
Better offered to match but they wanted to see the LE and said that LC should have provided it 3 days after the application was sent.
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pettytyrant
01-23-2021 at 12:33 PM.
01-23-2021 at 12:33 PM.
Quote from adamh007 View quoted comment :
This discussion forum helped me immensely during the summer where I was able to snag at 2.5% no points and minimal cost from Watermark for my condo refinance in northern NJ.

I tried helping my mother refinance her investment condo located in northern NJ at the end of December and Better and Watermark came back with 3.25% but LC offered 2.5% on December 28th, 2020 when I submitted my application. I've sent a bunch of emails to follow-up or at least get a formal loan estimate from LC but there haven't gotten back. Very frustrating experience.
Better offered to match but they wanted to see the LE and said that LC should have provided it 3 days after the application was sent.
It took me about 7 weeks to get the loan estimate from Loan Cabin. So you should keep asking Loan Cabin once or twice a week for the loan estimate. And have your Better application all done so the only remaining task is to lock. You want to lock Better before you submit Loan Cabin's loan estimate to Better's processing expert. The processing expert email will be automatically sent to you the moment you lock with Better.
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Letsgogogo
01-23-2021 at 04:00 PM.
01-23-2021 at 04:00 PM.
For anyone who's done principal reduction on refinance, is it normal for the principal reduction funds(say $1000) to go to new lender? The loan I'm borrowing from the new lender remains same as the payoff amount to the now-previous lender, but it has it as $1000 going to new lender in final CD.
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JudiciousBuyer
01-23-2021 at 10:45 PM.
01-23-2021 at 10:45 PM.
Quote from Letsgogogo View quoted comment :
For anyone who's done principal reduction on refinance, is it normal for the principal reduction funds(say $1000) to go to new lender? The loan I'm borrowing from the new lender remains same as the payoff amount to the now-previous lender, but it has it as $1000 going to new lender in final CD.
It will show up after some time in new lender's website. In my case it showed up after 10-15 days.
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SharpDolphin456
01-25-2021 at 09:28 AM.
01-25-2021 at 09:28 AM.
Quote :
I overheard someone while on a walk that 7/1 arm and 10/1 arm is at 1%. Is that true ?
Where?
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Joined Dec 2020
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SharpDolphin456
01-25-2021 at 09:34 AM.
01-25-2021 at 09:34 AM.
I closed with a notary for a loan with loandepot last week. What are the steps after that? I still see my old loan is not funded.

the loan was 2.375% 30 yr no cost.
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