Which online Mortgage lender has the lowest interest rates?

[teelainen]

We are trying to find the mortgage lender with the lowest interest rates online.

Does anyone have any good recommendations?

[raveon]

Why not work with a mortgage broker and let them do all the hard work for you?

[Outer Marker]

Shop rates from the big online lenders at Amerisave, Better and Loan Depot. I've done upwards of 20 refi's and I've generally found these to be the best, all with pretty good service.

[Glockenspiel]

We used Better in December of 2021. They were the lowest rate by a full 1/4%. Not sure if that’s changed.

[Dave5280]

Are there any private investors that would do a mortgage? Mortgage rates are high, like 8%, better than any CD or bond.

[RJC]

Another vote for Better. They had the best rates and the whole process was painless.

[NYCaviator]

We are trying to find the mortgage lender with the lowest interest rates online.

Does anyone have any good recommendations?

Why online and not through a broker?

My only experience online was with Rocket Mortgage and it was horrible. The amount of spam emails and calls we got after shopping with them was astonishing. I know someone else who had an awful time with an online broker as well; late paperwork, things almost didn't get done on time, etc. Unless the rates really are better than what you'd get from working with a broker, I'd rather have someone I can talk to if needed. Plus, they may be able to find rates that match what's online.

[Outer Marker]

Why online and not through a broker?

Brokers have to get paid by investors. Online lenders get paid too by the people that are using them to place money, but are more efficient and competitive and can therefore offer lower rates and/or reduced or negative points and fees.

[Sandi_k]

We used PenFed in 2016; it was all online.

I had to hound the processor before it got sent to underwriting. They also used email for things like tax returns, which didn't thrill me. If they have a secure portal now, I could recommend them.

They had a fabulous rate in 2016 - 2.625% fixed for a 15 year conforming loan. We had to join their CU by putting down $50 in a savings account, and that membership allowed us to apply for the mortgage.

They have not sold our mortgage, and have been great to deal with once we closed. Online ETF for monthly payments, capable communication on tax data and loan updates.

[gotoparks]

I used Better a couple of years ago to refinance. I got them from the big mega refinance thread that was popular at that time.

[rsundaraz]

We used Better this summer. Can’t be happier. My friend recommended a mortgage broker and even he couldn’t beat the rate. Only concern was they did not use local property rates for the escrow payment. I had to push back and they eventually worked with me and brought it down. Other than that, was a really smooth experience. And they were the most transparent on the rates. Everyone else gave an initial high rate and then tried to match the lower rate from Better. I actually found Better through Credible.com. So you might want to try that too.

[Outer Marker]

You can play the big three lenders noted above off each other and sometimes shave an eighth off the rate or $1,000 off fees.

[Raycpact]

Used Better. Great rate and seamless process. They even waived appraisal.

[teelainen]

Why not work with a mortgage broker and let them do all the hard work for you?

Well, some of the mortgage brokers will match you with some of the online lenders. So wouldn't you get a better deal if you skip the mortgage broker and go directly to the online lender?

[MrJones]

Our experience with Rocket was simply excellent. Lowest rate, and very smooth, end to end, and they worked so well through a couple complications. The catch is this: we went through Schwab, and they have apparently senior folks who handle Schwab clients.

Schwab also gives you a discount of 0.5% or more if you have a certain amount in assets with them.

The person who was our mortgage agent was particularly just excellent. Highly dependable, very competent, and very trustworthy. No sales pitch, just very quick work. I've worked with a couple dozen or more agents through the years, this one was outstanding. Happy to pass on his info, just PM me.

Better.com was sloppy for us. Got stuck with some paperwork and the agent had no clue how to move us out of that I had to contact their manager who was only partially responsive. And 0.75% more expensive.

[muffins14]

Why not work with a mortgage broker and let them do all the hard work for you?

Well, some of the mortgage brokers will match you with some of the online lenders. So wouldn't you get a better deal if you skip the mortgage broker and go directly to the online lender?

Not necessarily.

I also don’t know why you would prefer “online” as a feature.

When we got the mortgage early this year, better.com was the worst rate of all lenders we contacted (Rocket Mortgage, Chase, Wells Fargo, First Republic, UN federal credit union). We were getting a jumbo loan, which I think is just not a speciality for better.com.

Everyone we contacted had an online portal, and we handled all details with document uploads, email, and the occasional phone call. We didn’t have to go in-person or on-site for anything, despite them not being “online lenders”. I’m not really sure what exactly you mean by that, I’m sorry.

[Supergrover]

There are sites that compare lenders, including those online. The rates fluctuate so often that the replies here may not be that helpful. you really need to narrow it down and keep checking those 2 or 3 you’re interested in.

Our last refi was with a long-time broker and rocket. Very smooth, no drama, etc. I was shocked

[Dufus]

See if any local credit unions have any specials. Once you find who has the lowest rates, call a loan officer at a competitor and say, X credit union has this rate can you beat it? And see if you can get them competing with each other. It's been a while, but it worked out well for me.