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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.
|
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. |
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Looking for our first mortgage and dreading starting as a complete noob let alone going through with the process. We've always rented (not feasible or affordable anymore) and as cheapskates who thrive on paying off everything in full a.s.a.p the first day the bills arrive and absolutely abhor owing anyone anything, this is absolutely terrifying knowing that this is the single most expensive decision we will possibly make in our lives.
My fiancée and I have decided that once we find and purchase our first home- it will be our first and final one and will hope the rates get lower in the future which we will then hopefully allow us to refinance as many times as possible.
Our current budget for a home is 350k- 450k; Combined annual income is approx $115k with zero debt to our name; Our credit scores range between 780-795; Savings of 50k ready for our down payment.
I guess my question is- where do we begin? Is there a mortgage 101 for dummies (videos, books, online sites etc) that will get us started and give us some confidence moving forward that you guys recommend? We would love it if there was a mortgage broker that we can hire here in Las Vegas where we are looking to purchase that would truly work and look out only for us without getting something on the side from the companies they end up recommending but I'm not sure if truly independent brokers that look out only for the buyers like that even exist...
Thanks for letting me share our fear and anxiety... It feels truly daunting..
I dont frequent this thread as the OP anymore as the deals have dried up and I no longer shop for the refinance.
As for what you are going through I'd say its normal to the flip side that its a process that a lot of people go through so dont stress yourself as you are not alone and there is ton of information out there to help answer any and all questions you'd have.
I've PMed your my phone so if you want you can call me up and I can gladly chat with you to help relieve any anxiety you'd have that I can help answer
Shahhere
As for what you are going through I'd say its normal to the flip side that its a process that a lot of people go through so dont stress yourself as you are not alone and there is ton of information out there to help answer any and all questions you'd have.
I've PMed your my phone so if you want you can call me up and I can gladly chat with you to help relieve any anxiety you'd have that I can help answer
Shahhere
Looking for our first mortgage and dreading starting as a complete noob let alone going through with the process. We've always rented (not feasible or affordable anymore) and as cheapskates who thrive on paying off everything in full a.s.a.p the first day the bills arrive and absolutely abhor owing anyone anything, this is absolutely terrifying knowing that this is the single most expensive decision we will possibly make in our lives.
My fiancée and I have decided that once we find and purchase our first home- it will be our first and final one and will hope the rates get lower in the future which we will then hopefully allow us to refinance as many times as possible.
Our current budget for a home is 350k- 450k; Combined annual income is approx $115k with zero debt to our name; Our credit scores range between 780-795; Savings of 50k ready for our down payment.
I guess my question is- where do we begin? Is there a mortgage 101 for dummies (videos, books, online sites etc) that will get us started and give us some confidence moving forward that you guys recommend? We would love it if there was a mortgage broker that we can hire here in Las Vegas where we are looking to purchase that would truly work and look out only for us without getting something on the side from the companies they end up recommending but I'm not sure if truly independent brokers that look out only for the buyers like that even exist...
Thanks for letting me share our fear and anxiety... It feels truly daunting..
Reach out to some local banks to start. Brokers want to sell you a loan. The better the rate, the better the chance you'll go with them. A good broker or loan rep, experienced, can get stuff done. My last home loan, before rates spiked, got done on time when nobody else was. That was a 1.9m loan. Now our business loan? That was a fustercluck. Went with the wrong bank. Stay away from Zions for sure.
If your parents are still around or even grandparents for that matter...ask them what their interest rate was when they purchased their first home. Rates aren't even high. The problem is they've been artificially low for a while and people thought that was the norm.
And, let's be honest. If someone can't swing an additional 5% increase for a loan then they aren't really in a position to be spending that kind of money. They're on the brink of financial ruin. Better to not buy and keep renting, or stay in your "starter home." A term I hate and was manufactured to make people upgrade a perfectly fine home and go into massive debt.
And, let's be honest. If someone can't swing an additional 5% increase for a loan then they aren't really in a position to be spending that kind of money. They're on the brink of financial ruin. Better to not buy and keep renting, or stay in your "starter home." A term I hate and was manufactured to make people upgrade a perfectly fine home and go into massive debt.
When I started working out of college in banking (many years ago), we paid CD rates of 13 percent or more on short term CD's. It would be considered crazy today to earn that on a low dollar CD. Savings accounts paid a lot better, too.
Everything comes and goes in cycles. Housing is bad but I think I see more people here just hanging on for dear life on what they have. Small homes go quick here as the others are huge homes and huge amounts. I agree rates have been artificially low, so this mess has evolved into this now. What I see in my area is people that are in a house---are thinking they'd be crazy to move, so they are sitting in their house and inventory is low. As soon as one goes up in my neighborhood, it has a contract almost right away since so many are fighting for it. We were going to move back to FL to retire but now we are staying put-----we don't want to pay what a house would cost us now.
One thing to always try to do is buy less of a house than you qualify for. If they tell you you can qualify for xyz amt, and you can find a house for half of that, do it. We always spent about half what we qualified for and believe me... in hard times I was thankful I didn't get the bigger house payment, the one we had was bad enough at the time. Pay extra on principle each month so you can pay it off. Even if you only can pay $20 or $50 extra on principle on each pyt., do it. It will make a difference in the long term. Get out of debt as quick as you can so you can retire with a paid off house or just make life easier for you way before retirement. I used to tell people that took out adjustable rate loans was to count on the payment being as high as the paperwork possibly said it could go---because some would gamble that rates would go down---and they'd go up. It's like pulling a slot machine---you don't know in 5 years (or whenever) what rates will be---assume the worst they can charge (on your paperwork) if you go that route. I personally would never do one and discouraged them greatly when I did work in lending and we rarely did them--as we all discouraged them.
When we bought our last house about 8 or 9 years ago, I used a mortgage broker even after working at banks and credit unions--the broker was the best in my area and very competitive and fast. Our bank was slow and not the best rate.
Things I would recommend to anyone is buying "below your means" if you can. Someone may ask (or tell) you what would you like to keep your payment under each month. Don't do that----if you qualify for a lot more, get a smaller house/loan if you can. All we need is safe shelter, you can't take it with you anyway. No one attaches a uhaul to the hearse. Pay extra on principle each month (even if just $40 or $50, it makes a difference, $100 or $200 or more can make giant leaps) and get it paid off as soon as possible. Throw every extra dime at it and get it paid off so when the economy is bad like this you are not sweating out your house payment. Besides the bigger the house, the more furniture you need, etc. The bigger the taxes, etc.
I feel the pain of those looking now. I have an adult son living with me just out of college on a job in his field, making good money----and 2 years ago could have afforded a house easily on his salary. Now it's crazy what they are selling for. We are riding it out, I've told him to bank his check and be ready to pounce with money saved up for a down payment when housing goes down (hopefully). I have a sister who is 59 , who just moved back in with my parents due to rent being so much. Times are tough. Just live below your means in all circumstances is what I'd say----on cars as well . Drive them till you can't drive them anymore---pay them off, etc. as quickly as possible.