While we are all aware that FHA, VA, and USDA loans are the most popular types of mortgages, there are some other options to consider as well. These include Bank of America, Flagstar Bank, U.S. Bank, and Freedom Mortgage. We have listed these options below based on customer satisfaction.
LoanDepot
When it comes to mortgage lending, LoanDepot is a top contender. It offers a variety of options, including conventional, FHA, and VA loans. Its streamlined online portal makes it easy to apply, track the status of your application, and contact loan officers. Its technology also helps you manage payments and opt for paperless notifications. The company has a good reputation with consumers and has an A+ rating from the Better Business Bureau.
LoanDepot is one of the largest refinance lenders and offers competitive refinancing rates. At the time of our review, their rates were very close to the national average. However, they do require you to apply and provide personal information. However, if you’re considering refinancing your mortgage with LoanDepot, be prepared to spend a few minutes filling out the application.
The company also offers licensed loan officers who work in more than 200 offices across the country. Their website features several calculators that can help you determine the amount of mortgage you should qualify for. While they don’t charge upfront fees, you’ll have to pay origination fees, which can range from 0.5% to 1% of the total loan amount. These fees cover the costs of the underwriting process and the application process. There may also be third-party fees such as private mortgage insurance application fees, taxes on the purchase, and other costs.
Another important factor to consider when looking for a loan is your credit score. While LoanDepot hasn’t stated their minimum credit score requirement, most lenders want a FICO(r) score of 620 or higher to consider a loan application. However, a FHA loan can be approved with a credit score as low as 500.
Bank of America
Bank of America offers a variety of mortgage products. These range from fixed-rate to adjustable-rate mortgages, and they offer VA and FHA loans. They also offer jumbo loans and cash-out refinances. If you’re looking for a mortgage to refinance your existing mortgage, Bank of America is one of the best choices. Its website has helpful information on refinancing your mortgage.
Bank of America’s refinancing rates are on average slightly lower than the ones of most other big lenders, but their refinancing rates are subject to your credit score and the refinancing loan option you select. You can also get a lower rate by paying a discount point, which lets you pay more upfront for a lower interest rate.
The bank is one of the biggest lenders in the United States, with over 4,000 branches nationwide. About half of those locations are lending centers. Its customer satisfaction rating is higher than its peers, but it still gets more serious complaints from consumers than its competitors. Bank of America is one of the best refinance lenders because it offers several different loan types and provides online, phone, and branch services.
Refinancing fees can add up fast. These fees include application fees, origination fees, and processing fees. You might also have to pay a cash-out appraisal, which will determine how much cash you’ll be able to borrow. Remember that the amount of money you borrow should not exceed 30% of your gross monthly income.
Bank of America offers many types of refinance loans, including fixed-rate refinancing. It also offers competitive rates on the popular 30-year mortgage. The bank also offers shorter-term loans, which pay off more quickly.
U.S. Bank
If you are thinking about refinancing your mortgage, U.S. Bank is one of the top lenders to consider. Their rates are competitive. While they are slightly higher than the national average, they are still lower than other lenders’ rates. This is because they do not include mortgage discount points, which are fees that most other lenders hide in their footnotes. However, you should keep in mind that some lenders offer lower rates if you pay more upfront.
The company offers a variety of home equity products, including a cash-out refinance and a streamline refinance. They also offer portfolio loans, which have their own unique rules and guidelines. You will also find that these loans do not require a 20% down payment.
If you are interested in a home equity loan, U.S. Bank offers a simple online application. To start the process, all you need to do is enter your personal information, and the system will give you a quick and accurate loan estimate. This will only take a few minutes and will not impact your credit score. You can then contact a loan representative and discuss the details of your mortgage.
As one of the largest national banks, U.S. Bank is a great place to get a mortgage loan. Its mortgage lending program offers competitive rates and a closing cost discount to existing customers. The bank also offers niche mortgage products and down payment assistance programs.
US Bank has a robust website and offers online prequalification. You can also visit your local branch for an in-person consultation. To complete your application, you will need to login to your existing account or create a new one.
Freedom Mortgage
When it comes to refinancing, you’ll want to choose a company that offers a variety of loan options. Freedom Mortgage offers a number of different home loans, including FHA, VA, USDA, and conventional loans. You can apply online or speak with a loan advisor. You can also manage your account online once your loan closes.
Freedom Mortgage offers a customer-centered mortgage refinancing process. Their licensed loan officers can help customers choose the best refinance loan for their needs. They can also help customers understand the eligibility requirements and down payment requirements. Many existing homeowners choose to refinance their mortgages to lower monthly payments, shorten their loan term, or take advantage of equity in their home. Whether you need to refinance your loan to increase equity in your home or reduce your monthly payment, Freedom Mortgage has the options you need.
When choosing a Freedom Mortgage loan, you should have a stable income and established credit. Your lender will check your debt-to-income ratio and income, as well as credit score. If you qualify for a Freedom Mortgage loan, you can expect to hear back from a representative within a few weeks. You can also opt in to receive e-mail and text messages from Freedom Mortgage loan experts, which will keep you informed about the latest in the mortgage market.
Freedom Mortgage must also establish new policies and procedures to meet Massachusetts’ requirements. This includes updating their website with information about their fair lending policies and the protected classes. This is an important step to ensure that the company complies with the law.
Caliber Home Loans
Caliber Home Loans is one of the largest mortgage lenders, and was founded in 2013. It has over 145 corporate family members and operates in all 50 states. It has a reputation for helping homeowners qualify for specialized loans. Their website boasts 6,000 positive customer reviews.
Caliber’s website features a comprehensive list of loan programs and a brief description of benefits and requirements. It also offers a variety of educational resources. Their FAQ page offers answers to common questions about mortgages, first-time home buyer mortgages, and renovation loans. Applicants can also use the site’s contact form to request a callback from a loan officer.
Caliber Home Loans is a non-bank mortgage provider, connecting borrowers with loan consultants across the country. Their consultants are licensed to work in several states and can offer a variety of loan options. Caliber also offers FHA loans, which are insured by the Federal Housing Administration. These loans require a 3.5% down payment, with a minimum credit score of 580.
Another option offered by Caliber Home Loans is their portfolio lending program. This unique lending program is not offered by many other lenders. This loan program allows borrowers to make a low-down payment and pay only interest during the first years. It’s ideal for those who don’t have excellent credit, but still want to own a home.
Caliber Home Loans is an accredited member of the Better Business Bureau, with an A+ rating. Their customer reviews range from positive to negative, with the majority of positive comments focusing on timely service. However, some customers have experienced problems with their loans – escrow funds not being returned, private mortgage insurance not being removed on time, and other issues.
