I have been looking for mortgage around Seattle. Loandepot(LD) initially offered with 2.625% with credit towards closing cost and 2.5 with points costing 2.2k for conforming high balance (741k) with around 6% down. I got match for 2.625 with Wells Fargo(WF). Going back to loandepot they gave offered 2.5 with credit towards closing cost. Based on what I have read so far there rates are better in refinance as well. Unlike rest of the banks loandepot offers better rate upfront and quickly provide better deal even later. My loandepot agent has also been super responsive. Additional Note : Now because I am not paying 20% down I need to mortgage insurance. Mortgage Insurance(MI) was lowest with Wells Fargo. Once WF was ready to match LD 2.625% with zero points. I showed LD their MI and processing fee is higher than WF with that LD came down to 2.5% with credit. ----
You got those rates with just 6% down? No PMI?
Yes. I am not doing jumbo loan. I do not see rates changing much with more down. Some may suggest that they can give better rates with 20% or more down, they mostly specialize in jumbo loans, but even in jumbo loan they are not willing to provide good rates upfront.
With 6% only thing I am paying additionally is mortgage insurance.
What’s the credit score ?
Avg 760 for mortgage. General credit score 810.
Try looking at their twitter account - you will hear horror stories of people waiting to close for more than 3 months .
You mean with loan depot??. To be honest I used their rate to get match in Wells Fargo as rest of regular charge is less. And also is not first come first serve that I will have to wait.
As long as it is refi and they can close wait time shouldn’t be big deal. They do have huge demand and however many they can hire isn’t going fix things quick
I used them twice! Pretty good 👍
How much credit are they giving ?
Around 800$ or so. The credit is mostly to match lower processing fees I was getting with Wells Fargo.