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Mortgages Lenders Reviews 2019

Better Mortgage

4.5


Better Mortgage is perfect for a borrower that has little time to be on the phone and that has access to a computer. Their loan products are for borrowers that have average to above average credit scores, no liability delinquencies, with reasonable income and assets.

Pros

  • Informative Website
  • Low Fees
  • Competitive rates
  • Down Payment

Cons

  • Poor communication and customer service
  • Limited Types Of Loans
  • Turnaround Times

Wells Fargo Mortgage

3


The ideal borrower for Wells Fargo Mortgage would be someone that has an average credit score of 620, average income, little to no assets, and someone that has a lot of patience and time to go through the many types of loan programs they offer as well as the loan process.

Pros

  • Website Access
  • Multiple products and programs
  • Stable

Cons

  • Customer Service
  • Lawsuits and Settlements
  • Rates and fees aren't transparent
  • Website Tools

Guild Mortgage

3.8


Guild Mortgage customers can have the opportunity to either go directly into a branch office, online services, and even an advanced mobile app that make it easy to apply for a new mortgage, keep track of your home mortgage status and also online refinance options

Pros

  • First Time Homebuyers
  • Cooperations
  • Smooth Process
  • Turnaround Times

Cons

  • Transparency
  • Limited Locations
  • Customer Service
  • Flexibility

Chase Mortgage

4


An ideal borrower for Chase Mortgage is a person that has an average credit score of 620, average down payment of 3%, someone that likes a more personal experience instead of online, and has a lot of patience. As a big and expreinced lender, Chase supply the basics and more than that.

Pros

  • Rate Lock Expirations
  • Loan Process
  • Stability
  • Loan Turn Times

Cons

  • Legal Lawsuits
  • Customer Service
  • Stubborn
  • Underwriting Limitations

First IB Mortgage

4.2


When looking over this bank and all of their products, customer awareness, and their fantastic work ethic, it seems that even though this company hasn't been open for as long as some major big named companies have been, First IB bank has been open long enough with nothing but great reviews, wonderful products, and even better service.

Pros

  • Strong reputation for outstanding personal service via telephone communication.
  • ALL products offer competitive interest rates
  • Operates in ALL 50 states
  • Variety of products offered with great loan and rate opportunities

Cons

  • Credit scores to qualify are a bit above average
  • No actual branch locations
  • No face to face contact
  • $30 flat-fee for each occurrence of overdraft or non-sufficient funds.

PHH Mortgage

3.5


The ideal borrower for PHH is someone that doesn’t like face to face contact or that has a very busy schedule where they are only able to work solely online. In terms of customer service and effectiveness, you'll probably find better sources.

Pros

  • Website Based
  • Competitive Rates
  • Stability
  • Good or Bad Borrowers

Cons

  • No Specialty Programs
  • Unexperienced Customer Service
  • Bad Turn Times
  • Physical Branches
  • Not Customer Friendly

Lenda Mortgage

4.1


If you currently have a terrible mortgage you are in, Lenda would be a great option to refinance. They are able to work with your credit, if needed, they have loan options if you don’t have equity in your property, their rates are better than most mortgage companies and their customer service is out of this world.

Pros

  • Phenomenal Customer Service
  • Government loan programs
  • Turn times which is normally 30 days or less
  • Reasonable interest rates

Cons

  • Availanle only in 12 states
  • Does not offer Home Equity Lines of Credit (HELOCs) or second mortgages

PennyMac Mortgage

3.5


The ideal borrower for PennyMac Mortgage would be someone that doesn’t need a lot of options for mortgages, that doesn’t want a face to face contact with their originator and someone that just wants the bare minimum of lenders, this is the right lender for you.

Pros

  • Competitive Rates
  • Online Based
  • Stability

Cons

  • Limited Programs
  • Limited Customer Service
  • Not many Physical Locations
  • Terrible Turn Times
  • Not Enough Information on Website

Lending Tree

4


LendingTree is a multi-line loan marketplace, or exchange, where consumers can go online, complete an application and receive quotes from multiple lenders.  They have a comparison shop and obtain the lowest rate available among LendingTree’s stable of lenders.

Pros

  • Diversity: choose your lender from over 400 different lenders
  • "One stop shop" for loans
  • Simple, friendly website & app
  • Online application

Cons

  • Not a direct lender
  • Consumer reviews
  • Connection between borrower to lender

LoanDepot

3.5


LoanDepot is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs.  LoanDepot has an abundant and robust online presence.   You can apply in person, from your phone, as well as your computer and conduct the entire process online.

Pros

  • Diversity: products for different types of borrowers, including bad credit/no history
  • Friendly online portal, cutting-edge technology
  • High customer satisfaction

Cons

  • Turnaround times are 30-45 days
  • Loan Processing is centralized, which can result in service issues while in the process
  • Doesn't offer programs for bad credit borrowers

Quicken Loans

4.1


Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs.  Quicken Loans has an abundant and robust online presence.   You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online.

Pros

  • Simple, friendly app
  • Customer service
  • "Rate Shield Approval" unique plan

Cons

  • No retail branches
  • "Over techi" approach
  • Not have a lot of options for bad credit borrowers

U.S. Bancorp

3.5


Since US Bank has such a wide variety of mortgage products, anyone can find the right loan. There are even options for refinancing or tapping into your homes equity. However, if you do not live near a branch location, getting a mortgage or construction loan may be challenging.

Pros

  • Knowledge Source, Customized calculators
  • Online pre-qualification
  • One stop shop for all your personal banking and mortgage needs
  • Flexible conditions, discounts

Cons

  • The application process cannot be completed 100% online
  • Less competitive rates compared to the market
  • Weak customer review
  • Some loans are only available in areas where US Bank has a physical branch

Flagstar Bancorp Mortgage

4.1


Flagstar is best for any type of home buyer. If you want to build a home or renovate you might find the added expertise of Flagstar to be chosen. Everyone can find a product to fit their needs with a suite of government loans, conventional mortgages, and even refinance options.

Pros

  • Instant, online quotes
  • Broad set of products
  • Knowledge source
  • Customized calculators

Cons

  • Physical presence
  • Customer review

Guaranteed Rate

4.2


Guaranteed Rate has a full complement of mortgage products, offering standard mortgage products and a few specialty mortgages. In addition to home purchases, Guaranteed Rate also refinances properties – you can cash out refinance, or you can take equity out of your home with a cash-out refinance.

Pros

  • Broad options for many different types of borrowers
  • Apply from any type of device, in person, or by phone
  • One of the most user-friendly mobile app in the industry, advanced digital approach

Cons

  • Turnaround times
  • Retail branch offices are in 50 states, but in some states, there is only one branch
  • Continuity between the loan officer and the funder can be challenging

Ally Mortgage

4.5

Ally was among the first banks to conduct all their operations for both savings and lending, online.  However, they maintain the human touch in their interactions with those seeking to do business with them.  Rather than let customers struggle with completing the multi-page standard application, the borrower gives minimal basic information online and then requests a call from an Ally loan officer. 

Pros

  • Responsive customer service
  • Easy, quick process
  • State of the art technology
  • Custom made calculators section
  • Price match plan

Cons

  • Typically, don't offer loans bad credit / unusual situations
  • No government loans (FHA, VA, USDA)
  • Lack of professionalism (customer service)

SunTrust

3.5


Suntrust is best suited for the borrower who can deal with technology (if not located in the Southeastern United States) and who meets reasonable standards for credit score (620 – 850), can qualify based on their income and demonstrate down payment and reserve requirements for Suntrust’s programs

Pros

  • Suntrust is a proven leader in the mortgage lending arena and it has offerings for the entire spectrum of borrowers who meet the minimum credit score and have enough income to qualify
  • The Suntrust web site is an excellent resource, which explains each program in easy-to-understand language and where one can easily find a phone number to call or instantly chat with a representative.
  • Suntrust’s SmartApp allows prospective borrowers who are comfortable using technology to complete the loan application process on their smart phone or other device.

Cons

  • Current turnaround times are 45 days, which can be a challenge in certain high-volume, high demand areas, where the housing supply is short.
  • Retail branch offices in only eleven states – a potential convenience factor for anyone who is not tech-savvy or who doesn’t want to give their information over the phone.

Sofi

4.5


Sofi’s target customer would be young professionals, recently graduated with a bright future and high earning potential ahead. Sofi caters best to those looking for an entirely online loan process, but don’t worry a mortgage professional will still be assigned to you for assistance

Pros

  • Full Online Loan Process
  • No Hidden Fees
  • Unique Underwriting Process
  • Ideal for No credit history/First Time Homebuyers

Cons

  • Online Only Lender
  • Higher Rates
  • Lacking in Loan Products
  • Not a National Lender

Caliber Home Loans

3.5


Caliber Home Loans provide portfolio loans solutions that require a non-traditional approach to home financing. They also provide a convenient application process to make it easier for their target clients. Since Caliber focuses on Mortgages alone - they have many choices, flexibility, and fewer restrictions.

Pros

  • National lender, operates in all 50 States
  • Variety of Mortgage Options
  • Online, Streamlined Application
  • Friendly website & app
  • Good for bad credit borrowers

Cons

  • Exclusively caters to Mortgage, doesn't offer other financial products
  • Estimated rates are missing on the website
  • Doesn't have a physical branch in every state

Citi Mortgage

3.5


Citi mortgage products cover a wide range of opportunities for everyone from first-time homebuyers to new construction. Citi's user-friendly website offers you insights regarding the proper steps to take under these challenging circumstances. 

Pros

  • Homerun special plan
  • Pre-approval options
  • Discounts available
  • Flexible requirements

Cons

  • Not full online lender
  • High Fees
  • High DTI Ratio required
  • "Overselling" approach

New American Funding

4


New American funding is a truly unique company due to their family start up. Through their passion, knowledge, and attitude towards their community they have become a major player in the mortgage world.

Pros

  • Instant, online quotes
  • Broad set of products
  • Knowledge source
  • Customized calculators

Cons

  • Physical presence
  • Customer review

Home Direct Mortgage Review 2019

3.8


Home Direct Mortgage is best suited for the person who meets reasonable standards. This means credit score between 620 and 740. Borrowers must also qualify based on their income, down payment and the reserve requirements of the loan chosen. If there are low credit scores or unverifiable income, Home Direct would not work.

Pros

  • Smooth Process
  • Professional Support
  • Competitive Fees

Cons

  • No Retail Branches
  • Not Full Online Process

Consumer Direct Mortgage

4.1


If a borrower is a first-time homebuyer seeking an education about the homebuying and mortgage process and what they might qualify for, then Consumer Direct is a great option..Likewise, if a borrower has poor credit scores or unverifiable income, Consumer Direct would not work well for them.

Pros

  • Smooth and easy application
  • Diversity
  • Toll-free line is responsive and knowledgeable
  • Low lender fees

Cons

  • No retail branches
  • Loan cannot be completed entirely online
  • Minimal website