MAKE MONEY ONLINE POSTS: BBMC Mortgage Rates Reviews: Today’s Best Analysis

الاثنين، 26 أغسطس 2019

BBMC Mortgage Rates Reviews: Today’s Best Analysis

BBMC Mortgage has worked alongside homebuyers across the country for just under ten years, yet in that short time, it’s earned a positive reputation as a national online lender.

The company offers a standard selection of home loan products, including conventional fixed and adjustable-rate mortgages, along with government-backed programs like FHA, VA, and USDA. BBMC’s commitment to moderate-to low-income borrowers and homebuyers with limited credit histories makes it unique among its competitors. If you’re looking for a fully online home financing experience, BBMC has the financing options and streamlined interface you’re looking for.

BBMC was formally accredited by the Better Business Bureau in 2012, earning an A+ BBB rating for its customer-focused approach to home lending. Despite its strong performance, the company will soon be taken over by new management as part of an ongoing merger. Synergy One Lending acquired BBMC in 2018, which is an owned subsidiary of the Mutual of Omaha Bank.

This acquisition has caused a good deal of disruption to the company’s website, which will sometimes redirect users to Mutual of Omaha Bank. Overall, this business activity is not expected to impact BBMC’s product offerings or its origination process significantly.

BBMC Mortgage Facts

Recently acquired by Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank
Offers a standard variety of conventional and government-backed mortgages, including fixed- and adjustable-rate, jumbo, FHA, VA, and USDA loans
Website can be confusing to navigate due to BBMC’s ongoing merger
Facilitates FHA loans with down payments as low as 3.5 percent
Formally accredited by the Better Business Bureau in 2012, with a BBB score of A+
Provides inadequate information on credit score requirements, down payment minimums, and debt-to-income standards on its website

Overview

bbmc mortgage rates review

BBMC Mortgage was founded in 2009 as a division of Bridgeview Bank Group, serving as its national home lending firm for almost 10 years. In 2018, BBMC reached a merger agreement with Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank, and has begun transitioning its services and assets over the past year. BBMC is a mortgage banker that helps borrowers find affordable mortgage and refinance rates across all 50 states.

Current BBMC Mortgage Rates

BBMC Loan Specifics

BBMC offers a standard selection of conventional fixed and adjustable-rate mortgages, along with several government-backed programs, including FHA, VA, and USDA loans. This lender does not provide any specialty home loans for first-time homeowners, nor does it provide any discount programs. However, BBMC does excel in its commitment to help moderate-to-low income borrowers find affordable financing solutions and competitive interest rates.

Fixed-Rate Loans

This mortgage type is heavily geared toward homebuyers who plan to commit to a single property long term. Eligible borrowers can lock in consistent interest rates and monthly payments for the full life of the loan, which can be negotiated as 15 or 30 years.

Although fixed-rate loans typically feature higher interest rates than their adjustable-rate counterparts, they provide maximum stability. Fixed-rate mortgages will not fluctuate even during large-scale downturns in the housing market.

Adjustable-Rate Loans

In contrast to fixed-rate mortgages, this variable lending option features low starting rates that will automatically adjust after an initial rate-locked period. Borrowers can select a fixed-rate term of five, seven, or 10 years, during which their interest rates and monthly payments will not fluctuate.

Once the initial term has elapsed, adjustable-rate loans will adjust according to market performance. This makes it a solid choice for homebuyers looking to invest in property over the short term. This mortgage type is great for borrowers who plan to move within five years or who expect a significant income boost.

Jumbo Loans

This specialty loan helps homebuyers purchase properties that exceed the maximum conforming limits set by the Federal Housing Finance Agency, which currently stands around $484,350. This loan limit tends to vary between states and can range from $453,100 to $679,650 depending on the home’s precise location.

Due to the high loan amounts, jumbo mortgages typically feature strict eligibility guidelines. Lenders will heavily scrutinize your credit score, credit history, income, and employment status before moving forward with the origination process.

FHA Loans

Unlike conventional mortgages, this government-back program has low down payment minimums and flexible credit score requirements. FHA loans are sponsored by the U.S. Department of Housing and Urban Development. They were designed to help first-time homebuyers and borrowers with less-than-perfect credit histories obtain affordable home loans.

Qualified applicants can put as little as 3.5 percent down and are allowed to use gift funds toward upfront costs and closing fees. This mortgage program is particularly suited to low-to-moderate income borrowers and those without a robust credit history.

VA Loans

Eligible military veterans and service members can take advantage of this no money down home loan program, which is federally insured by the United States Department of Veterans Affairs.

VA loans benefit from lower-than-average interest rates, monthly payment amounts, closing fees, and credit score requirements. To qualify, applicants must provide documentation concerning their military service. This 100 percent financing option is unique, as it does not require borrowers to secure mortgage insurance, regardless of how little they put down upfront.

USDA Loans

This government-backed mortgage type is tailored to moderate-to-low income borrowers who are interested in purchasing property in a rural or suburban area. Homebuyers who are unable to meet the qualification guidelines for conventional mortgages are encouraged to apply for a USDA loan. These home loans come with a 0 percent down payment option and flexible credit score requirements.

The United States Department of Agriculture launched this program to encourage homeownership in underdeveloped regions of the country. They created strict income limits to ensure low-income borrowers have priority access.

BBMC Mortgage Customer Experience

BBMC Mortgage is a nation-wide online lender with the stated focus of providing affordable interest rates to low-income borrowers, who may not be able to qualify for conventional loan programs. The company does not operate any physical branches, instead offering an entirely online loan application and origination process that is quick and easy.

Homebuyers interested in working with BBMC can contact a lending agent by phone, email, or by filling out a web form on the company’s website. If you’ve decided to partner with BBMC for your home financing needs, be sure to check out the company’s online pre-qualification feature, though personal information like name, address, phone number, and Social Security is required.

BBMC’s website is filled with useful resources that can help you come to a complete understanding of the mortgage process, including FAQ pages, timely articles, mortgage calculators, and a step-by-step guide to the application process. Borrowers can use the website to compare rates, browse home loan programs, or apply for a mortgage directly.

Unlike most lenders, BBMC is quite upfront about the impact of credit score and down payment amounts and lists many useful tips to help you during the negotiation process. Unfortunately, the company’s recent acquisition activity has made browsing its website a bit confusing, as many of the links will redirect you to Mutual of Omaha Mortgage’s website.

While most of the home loan products are identical, this website integration may disrupt your research and application efforts.

BBMC Lender Reputation

Although BBMC Mortgage will soon become a part of Synergy One Lending, the company built a markedly positive reputation during its short nine years of business. The BBB formally accredited BBMC in 2012 and awarded the company an A+ BBB rating. On the other hand, BBMC’s profile currently displays a 2.5-star customer review score with a total of 41 complaints filed against it.

Information collected on Feb. 18, 2019

BBMC Mortgage Qualifications

Loan Type	Rate Type	Down Payment Minimum
Fixed-Rate Loans	Fixed	10 – 20%
Adjustable-Rate Loans	Variable	10 – 20%
Jumbo Loans	Fixed or Variable	10 – 20%
FHA Loans	Fixed or Variable	3.5%
VA Loans	Fixed or Variable	0%
USDA Loans	Fixed	0%

BBMC Mortgage’s home loans feature a range of different eligibility guidelines, though there are a few areas of overlap that you should consider. For example, the company’s conventional fixed- and adjustable-rate mortgages have identical qualification criteria, as both require down payments of at least 10 to 20 percent.

Additionally, homebuyers must enroll in mortgage insurance for any down payment amount below 20 percent, which may lead to higher than expected monthly payments. Borrowers who are unable to make a large down payment should consider one of BBMC’s government-backed programs, as an FHA loan can be secured with as little as 3.5 percent down.

One limitation of shopping with this lender is the lack of specific credit score qualifications listed on the company’s website. BBMC’s rate estimates mention a score of 780+, which is well above industry standard. According to FICO, the average credit score sits at around 740, though some lenders are more than willing to work with borrowers who fall below this mark.

Luckily, eligible homebuyers can qualify for an FHA loan with credit scores as low as 500. As a result, their quoted interest rate will likely be well above average due to the associated financial risks. It is unclear whether BBMC considers non-traditional credit history when determining program eligibility or interest rates.

Another downside is that BBMC does not mention anything about loan-to-value criteria or debt-to-income standards, which may force borrowers to apply to find out more formally. Information on this lender’s government-backed programs can be found on the corresponding agency’s website, so be sure to do a good deal of research before applying.

BBMC Mortgage is best suited to moderate-to-low income borrowers and those that may not be eligible for traditional home loans from other lenders. The impact of the company’s acquisition by the Mutual of Omaha Bank is still to be determined. It is likely the merger will not significantly change its products or its approach to online lending.