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

1. LE = Loan Estimate
2. LE Details Costs = A+B+C+D+E+F+G+H+I+J = Step2 Below
3. LO = Loan Officer
4. LTV = Loan to Value (how much you owe / property worth)
5. DTI = Debt to Income ration (how much you owe vs your monthly salary)
6. PM = Price Match
7. LC = Loan Cabin (Lender listed below)
8. WM = Watermark (Lender listed below)

Reference: https://www.myfico.com/credit-edu...-inquiries
Reference: https://www.equifax.com/personal/...it-report/

A – Charges in this section are what the Lender charges you such as Points/Discount Points, Origination Fee, App Fee etc. This is what you want to be Zero as most lenders will waive or give you Lender Credit to offset costs to zero during competitive times (not counting Points/Discount Points).
B – Internal lender fees such as Credit Reporting Fee; Flood Certification fee and an Appraisal Fee. Again this is what the lender has to pay when you apply and in most cases the lender will not charge this while you are shopping and some will make you pay this upfront which is ok. Appraisal is YMMV based on certain conditions and in many cases can e waived by Fannie/Freddie.
C – Title Costs – In most states (Excluding - FL, NY - CEMA cost, PA - High Title Costs, VA - Mortgage tax) the title costs are reasonable and this is what you generally pay for but you can shop this with other Title Companies and not just the one brought in by the Lender.
D = A+B+C
E – Taxes & Fees – Standard items you pay Uncle Sam
F – Prepaid – Generally will be interest until the end of the month or 1 extra month before your first payment is due. If you have premiums such as Insurance and City/School Taxes due soon (60-90 days) or soon after closing a refi then they might be collected by Title Company on behalf of the Lender and put in this line item.
G – Escrows – Similar to above Lenders will collect this on your behalf to reduce the risk of you not paying them. Escrows can be waived but will cost you on average 0.125%-0.375% as it's a risk that you won't pay on time to most lender/Fannie etc. Many lenders will overestimate this section and then trim down to the allowable escrow months plus a buffer (6months +2 etc). If Escrows are too expensive you can request to waive them after the 1st year as many lenders will accommodate that for free.
H – Other – Generally listed and standard.
I = E+F+G+H
J – (D+I) + Any Lender Credit that is offered to offset any charges in A&B or a bigger credit towards closing your loan.

1. Lenders as of this writing are competing and are willing to have Zero Dollars charges in A&B from above and is considered a "No 3rd Party Costs" or "No Fee" loan.
2. All third party charges such as C=Title and E=Taxes and F=Escrows are in addition to this offering.
3. Many lenders will provide an even bigger credit than what the charges are in A&B as well as cover other items from C-I; this is termed "No Closing Costs" as it falls in 3 categories:
i. Negative Credit - Getting money left over from the credit to be used to either get up to a $2000 refund. Apply the remainder towards principle reduction (this changes your credit received as it changes the $$ you are borrowing as well.
ii. $0 – Most of the time you'll net very little left over or for you to pay out of pocket in this case. If you negotiated a "No Closing Cost" loan then the lender will should cover any unforeseen costs in A&B at the least.
iii. Cash required to close – In this scenario you'll have to bring additional funds to close the loan as after A-J would not cover all the closing costs.
4. Unless you LOCK the rate with the lender there are changes your numbers will change and so if the rates are low it's in your best interest to Lock.
5. Most lenders that I've shopped provide a "Float" option to further reduce your rate if there is a change of an 1/8% - ¼ % change in the rates. Many lenders are also willing to match other Lenders to match or beat the rates.

2.625% - WatermarkHomeLoans.com - Michael C - 949-577-9120 – Most Competitive and might take 2-3 days to response. Should be able to get either no Costs for A&B or some credit back towards closing in J
2.625% - Loancabin.com - Competitive rates but are looking at 3-4 days response time - Should be able to kick you back some credit ($1000 to $2000)
2.75% Loan Depot – Competitive rates for many but get a bit pushy to lock which is OK if the offer is good.
3% LenderFi – No longer taking new application but were competitive and should be checked.
3.375% Better.com- Will consider Lender Match to beat Competitors and combine with Amex cashback

1. Last 2 Paystubs
2. Last 2 Bank Statements to show that you have money to pay during closing. Note; large transactions over certain dollar amount will get scrutinized and funds will need to come out of these bank account else you'll have trouble closing.
3. W2/Tax Filings from last 2 years. More years might be needed for some.
4. Home Owners Insurance – Declaration pages.
5. Current Lender Statement
6. Current Lender Payoff Statement
7. Driving License or other Government ID Scan.

1. Radian Title Services - 412-494-0400 - [email protected] – Best rates I've found hands down in 12 years of shopping. Currently not taking consumer direct inquiries and will require your lender to be established with them so the lender will have to place the order using the above email/phone.
2. AltTitle – Competitive all-inclusive rates.
3. Fidelity Title – Competitive rates

• -3 point drop - Dec into January for refinance and was probably just the hard pull hitting the scores.
• -12 point drop - March after the loan funded this is unusually high as before it has been only a 6 point drop so not sure what else caused this big drop.
• +6 point Gain - June right before another refinance start; probably just recovering with on time payments etc.
• -3 point drop - Refinance applications put for multiple lenders (dozen).
• -3 point drop - July early, I think this is attributed to me applying late to Watermark for example.

1. 6 month period – many lenders have a 6 month period during which if you refinance the lender loses the credit they would get for accruing your loan. This is different than the pre-payment penalty of the loan and some lenders such as LenderFI will contractually make you sign a "claw-back" document stating that they can come after you for those lost $$. I would personally avoid these lenders but also be mindful and see if you can keep the loan for 6 months or work with the same lender for your next refinance.
2. Credit scores – Your credit scores drop when you get a hard pull for the refinance start and can also drop slightly or you can see a larger drop after you close. At the same time if you are disciplined you'll see your score also recover each month after your close your loan. It's in your best interest to keep on top of your scores so as to not get to the lower score ranges which will affect the Rate and Credits you get. Many people will do 3-4 refinances and let the scores recover and breathe.
3. Rates – the risk of taking a higher rate consistently also come full circle if the next refinance time period the market rates are higher. This could mean that you are now stuck with the sample 3% loan rate vs 2.75% for the duration of the loan and so if your plan for selling in 2 years doesn't come to fruition you will be paying higher costs on the life or until you can refinance favorably.
4. Cashout – Cashout refinances have regulations around this and have a 6 month wait period so look into these items before doing aggressive refinances.