Rader working to bring more liquor licenses to Monroe County

State Representative Jack Rader (R-176) has been working on legislation to acquire necessary liquor licenses for the new Pocono Springs Project coming to Tobyhanna Township. The 90 acre site will be featuring the Ripley’s Museum among other attractions.“The success of the Pocono Springs project is dependent on the developer obtaining a number of restaurant liquor licenses,” added Rader. “Why should these licenses sit idle in other counties when they can be [...]

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Costco Mortgage Rates Review: Today’s Best Analysis

Founded in 1976 and taking the name Costco in 1983, this national warehouse club retailer has become a favorite for members due to the balance of price and product quality offered. Costco allows both members and non-members to enjoy the use of its home loan marketplace. Its partnership with many loan providers leads to an end product of strong Costco mortgage rates and a variety of loan products, including FHA, VA, and jumbo loans alongside fixed and adjustable-rate mortgages.

Costco Facts

• Membership-only warehouse club that emphasizes value and quality among the many products it offers to its shoppers
• Although mostly known for in-store shopping, Costco offers a variety of other services ranging from vacation packages to insurance and mortgages
• Costco doesn’t provide the loans directly; instead they created a marketplace that connects interested individuals with a number of home loan providers approved by the company
• Members benefit from a variety of Costco mortgage rates and some lower costs, such as a members-only hard dollar cap on loan origination fees that can otherwise be assessed as a percentage of the total loan
• Users of Costco’s mortgage rates marketplace don’t have to be members
• Costco’s loan program is managed entirely online; there are no physical locations to visit

Overall

Costco has offered a variety of cost-effective services to members since it was founded in the 1970s. The company does not have any notable internal experience originating or providing loans, but it does have a long track record of partnering with trustworthy, reputable external agencies to provide a number of services outside of retail sales to its members. It is also well-known for the level of service and support it offers to its customers. Costco has a very positive reputation and strong reviews for its mortgage program in particular.

The Costco Mortgage Program offers access to a variety of lenders to members and non-members, although certain members-only benefits will likely make some prospective home buyers consider signing up. Although not a lender in and of itself, Costco offers a centralized marketplace where users can receive detailed initial quotes, request more information, and even lock in a rate without a traditional preapproval process. While program participants should always be careful to vet the individual lenders they choose to work with, the Costco Mortgage Program is a trustworthy place to start.

Current Costco Mortgage Rates

Costco Loan Specifics

Costco mortgage rates are highly variable in many cases, due to the full range of lenders to which the company and its managing partner, First Choice Loan Services, offer access.

This means that a variety of individuals and families, across many demographics, can find the loan product that best addresses their needs and takes advantage of any unique attributes they may have, such as status as an active-duty service member or veteran, or qualification for a Federal Housing Administration or U.S. Department of Agriculture loan. Rates, terms, and conditions can vary significantly based on the specific financial institution with which you choose to partner.

In all relevant cases, members benefit from a cap on loan origination fees of $350 for Executive members and $650 for Gold Star and Business members, a significant difference from the one percent of total loan value commonly assessed.

Users of Costco’s loan marketplace have many options available, including:

Costco Fixed Rate Loans

As a product that offers long-term dependability concerning monthly payments and budgeting considerations, fixed-rate loans are an excellent choice for those who plan to stay in the same home for a significant period of time and find the terms and conditions offered to be favorable. Costco offers a variety of conventional loans from many different providers. Low down payment options are available, as are better rates and terms in exchange for a higher payment.

Costco Adjustable Rate Loans

The differentiator driving adjustable-rate loans are flexible rates that don’t require refinancing. This can mean paying less than a fixed-rate mortgage during the early years of the loan, but also paying more later on, depending on market factors. Those who plan to move or refinance relatively soon after receiving the loan may benefit the most from this arrangement.

Costco Jumbo Loans

Jumbo loans are intended for mortgages above the maximum conforming loan limit set for conventional loans by the Federal Finance Housing Agency. That upper limit is $453,100 in 2018. These loans are especially useful for homebuyers who are either targeting an exceptionally large property or one in a very desirable real-estate market. These loans frequently require a 20-percent down payment, which is an important consideration to keep in mind.

Costco VA Loans

Qualifying active-duty service members, veterans, and surviving spouses benefit from the many favorable terms and conditions offered through a loan insured by the Department of Veterans Affairs. Advantages include low or no down payments, no need for mortgage insurance, VA counseling in cases of significant financial concern, and availability to those with a broader range of credit scores. Everyone eligible for a VA loan should consider this option and compare rates against other mortgages for which they qualify.

Costco FHA Loans

FHA loans help first-time home buyers through lowered qualification requirements and a reduced minimum down payment. With competitive rates and a required down payment of just 3.5 percent of the loan’s total value for credit scores of 580 and above, FHA loans help those who haven’t owned a home before they buy their first house.

Costco USDA Loans

USDA loans help homebuyers in rural areas secure mortgages, though some suburban homes may also apply. These loans offer easier qualifying requirements, such as a zero down payment requirement. Because the federal agency guarantees loans issued by local lenders, rates are low as well. For those looking for homes in qualifying areas, the USDA loan is an especially attractive option.

Costco Mortgage Customer Experience

As a collection of loan providers gathered into a single marketplace by Costco and First Choice Loan Services, the Costco Mortgage Program does not have an individual ranking on the J.D. Power U.S. Primary Mortgage Origination Satisfaction Study. However, once a possible loan is identified, program participants can check the J.D. Power study to find out more.

Costco’s reputation for strong customer service carries over into its home loan program. The company offers a detailed initial quote request engine on its website and doesn’t stop there. Applicants can choose to then receive more detailed quote information from a variety of lenders, and can even lock in one offered rate even if no official preapproval has taken place. Costco works to ensure that its rates are consistent between what is initially provided online and the final offered terms before a loan is officially agreed upon, both for members and non-members.

The program includes an all-purpose contact number, 800-793-0759, available between 9 a.m. and 9 p.m. Eastern time, Monday through Saturday. The website allows interested homebuyers to receive quotes from lenders quickly, but does not offer much specific information or guidance except a detailed FAQ about the process – likely due to the many different financial institutions involved. The online nature of the interaction and lack of physical locations mean phone and online support is that much more important.

The initial rate request tool is robust and allows for the adjustment of many factors to compare initial rates and find the best quote possible. A Social Security number is not required for an initial quote.

Comments online about the service, such as those found through business rating site Trustpilot, are exceptionally positive. With no rating below four out of five stars and roundly supportive comments, it’s clear how users feel about securing mortgages through Costco.

Costco Mortgage Lender Reputation

The Costco Mortgage Program connects borrowers to lenders through an online marketplace. The Costco Mortgage Program earned a particularly high ranking on Trustpilot, with a 9.7 out of 10 rating, based on more than 500 reviews. Because Costco and First Choice Loan Services offer access to a variety of different lenders, there is no individual ranking for the program through the Better Business Bureau. However, ratings for individual lenders can be found easily through the BBB website.

• Information collected Nov. 14, 2018.

Costco Mortgage Qualifications

Credit Score	Category	Likelihood of Approval
760 or higher	Excellent	Very likely
700-759	Good	Likely
621-699	Fair	Somewhat likely
0-620	Poor	Somewhat unlikely
None	N/A	Unlikely

Because the Costco Mortgage Program is an online marketplace that includes a large number of lenders and offers so many different types of loans, there is lots of flexibility involved.

Specific terms will differ from one lender to the next, and so will requirements. Still, understanding how credit scores impact rates and terms is essential. A review of common classifications can help develop an understanding of what to expect when seeking out initial quotes—generally, the higher the score, the easier it is to obtain whichever loan you’d like.

Consumers with lower credit shouldn’t abandon hope, however. Programs such as FHA, VA, and USDA loans are all good options for people with lower credit scores, and the many potential lenders available can make it easier to find a partner than by making individual inquiries from one bank to the next.

Costco Mortgage Phone Number and Additional Details

• Homepage URL: https://costcofinance.com/
• Company phone: 800-793-0759
• Headquarters address: 999 Lake Drive, Issaquah, WA, 98027
• States serviced: Nationwide

The post Costco Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.

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Earn Cash Selling Clothes From Your Closet With These 6 Online Resale Shops

DCU Mortgage Rates Review: Today’s Best Analysis

Digital Federal Credit Union prides itself on a member-focused, ethical approach to lending. Founded in 1979, the Marblehead, Massachusetts-based credit union offers a wide range of business and consumer loans. DCU was established in 1979 to provide employee benefits for the Digital Equipment Corporation, and its focus on meeting the needs of digital users remains.

DCU Mortgage Facts

• Membership is available to those who work for partner organizations or communities, and their direct family members
• Heavily focused on online services, providing convenience and accessibility
• Serves the entire nation, but all of its branches are in New England
• Defines itself as an organization that emphasizes ethical practices and determining how it can help its members on a day-to-day basis
• Website offers a diverse array of resources to help potential borrowers understand the lending process
• Offers real estate services to help members find a home once they have a mortgage
• Provides customer support for the life of the loan

Overall

DCU stands out for the breadth of financial services it offers. Its origin as a source of employee benefits for a fast-growing organization has helped to fuel expansion into crucial areas such as real estate and insurance, allowing DCU to take a somewhat unique approach to holistically serving customers.

In its mortgage lending products, this comes forth in a fairly standard package of available loans, including VA mortgages, fixed-rate mortgages, and adjustable-rate mortgages, all of which are backed by customer support directly through DCU for the life of the loan.

These types of robust customer support solutions are only available to members, but if you are part of the credit union, DCU can provide a convenient, accessible lending experience that is a natural fit for first-time home-buyers.

Current DCU Mortgage Rates

DCU Loan Specifics

DCU is a credit union, so you must consider eligibility as the first benchmark for whether their mortgages are a fit for you or not. Access to membership is primarily based on being employed by a company or organization that has opted to partner with DCU. Like other credit unions, this membership then extends to direct family members of that employee. DCU also partners with a few towns and cities in Massachusetts and Georgia, offering membership to residents in those locales.

Their actual mortgages are relatively standard for the mortgage industry, but like many credit unions tend to come at slightly lower rates. Here’s a look at their primary mortgage offerings:

Fixed-rate loans

The fixed rate loan product from DCU is designed for individuals who anticipate living in the home they are purchasing for an extended period of time. Fixed rate loans tend to have a slightly higher initial interest rate than adjustable-rate mortgages, but they come with certainty about long-term payments. The DCU fixed-rate mortgage comes with a max term of 30 years and is available in two formats:

• Conforming: For loans of up to $453,100 and covering up to 95 percent of the home’s value.
• Jumbo: For loans over $453,100 and covering as much as 90 percent of the home’s value.

DCU mortgage rates for fixed-year loans went as low as 4.33 percent for 10-year terms as of 11/15/2018. It’s worth noting that APRs generally shift based on the length of the loan. This loan format is supported by a special 3 percent down program, in which borrowers seeking a 1-unit primary residence with a 30-year loan program can take advantage of lender-paid mortgage insurance. This benefit comes together with a no points and no points/no closing cost option to make the DCU fixed-rate mortgage a natural fit for first-time home-buyers.

Adjustable-rate loans

The adjustable-rate mortgage from DCU is designed for those who want to get the best possible rate at the start of the loan, but aren’t too worried about an increase in future payments. This could be the case if you plan to move again within five years or so or if you’re expecting your income to increase significantly over the course of the loan.

DCU mortgage rates for this loan start at 4.98 percent for the first five years, with terms available for up to 30 years. It’s possible to arrange the fixed rate term for the loan to extend to seven or 10 years as well.

Like the fixed-rate loan, the adjustable-rate mortgage is available in conforming or jumbo parameters, with the same parameters in place.

It’s worth noting that DCU’s adjustable and fixed-rate mortgages come with a 60-day rate lock, ensuring that you don’t have to renegotiate terms if you get pre-approved and take some time to finalize your new home purchase.

VA loans

While adjustable and fixed-rate loans are the primary mortgage products available from DCU, the organization does also offer VA mortgages. These are structured similarly to VA loans at other institutions in terms of availability. A down payment is not required for the loan, but it will generally have a higher than average interest rate as a result.

While DCU focuses on a relatively small number of mortgage options, its emphasis on service for the life of the loan and optional solutions within each mortgage showcase the institution’s dedication to member-focused lending.

DCU Mortgage Customer Experience

DCU operates many branches spread throughout New England, but its website and other digital channels define its services. Approximately half of DCU’s members never visit a branch. This identity as a digital financial services organization extends through the DCU website. Searching for mortgage rates online is easy, and DCU provides a variety of resources to simplify the process, including:

• Mortgage calculators that make it easier to determine payments and identify what you can afford.
• A tool that lets you generate a free personalized quote online, without having to provide your Social Security Number.
• Videos providing background information on the lending process and answering common questions about mortgages and the home-buying process.
• A resource center that lets you select your mortgage goal and be connected to relevant materials to help you learn more about how DCU can help you achieve that goal.

These resources are backed by a powerful digital service model that lets you complete every facet of the lending process online. It’s worth noting that while DCU does operate some branches, they are all in New England, even though the credit union serves every state in the U.S. Many customers will go through the entire mortgage process online or via phone.

Customer reviews on the DCU site tend to be extremely positive, but they should be taken with a grain of salt as the closed nature of a credit union membership limits the scale and public scrutiny placed on the institution. J.D. Power’s doesn’t even include DCU in its Primary Mortgage Originator Rankings, and the Consumer Financial Protection Bureau doesn’t track consumer complaints for the institution.

DCU Lender Reputation

DCU doesn’t have a particularly long history. It’s identity as a lender is deeply tied to the rise of computing and digital services in the country. It was founded in 1979 and only reached its current state as a federal credit union in 1999. It didn’t open its first freestanding branch until 1996 and currently only has 22 branches. However, it serves more than 500,000 members and has put its emphasis on functioning as a financial cooperative for its membership.

The institution is insured by the NCUA and certified as an Equal Housing Lender. It also participates in the Nationwide Mortgage Licensing System. Its ID number is 466914.

Ultimately, understanding DCU’s reputation is really a matter of determining your personal level of comfort with the institution. It received a B- rating from the Better Business Bureau, but that only covers branches and is a result of a failure to respond to four complaints. There have only been 66 complaints against DCU with the BBB in the past three years, creating such a small sample size that the rating isn’t particularly helpful. Similarly, there is only one review for DCU on file with Trustpilot. It’s a glowing review.

You can only access DCU mortgages if you’re already a member, so this is one area where you may need to trust your personal experience more than online reviews. If you’re still thinking about joining, consider speaking with co-workers, family members, or neighbors who are members, depending on how you qualify for joining, to get a sense of their experience. In most cases, DCU is too small and too much of a closed community to be covered by most industry-wide studies.

• Information collected on Nov. 15, 2018

DCU Mortgage Qualifications

 

	Down Payment Requirement	Lifetime Service With DCU	Jumbo Loan Available
Fixed-Rate Loans	5% minimum for conforming loan.	Yes	Yes, with 10% minimum down payment.
Adjustable-Rate Loans	5% minimum for conforming loan.	Yes	Yes, with 10% minimum down payment.
VA Loans	None	Yes	Only under special circumstances.

Qualification requirements for DCU loans are relatively standard. While details can vary significantly depending on your specific situation, you can generally use gift money for down payments and will need private mortgage insurance if your down payment is for less than 20 percent of the property’s value.

DCU Phone Number & Additional Details

• Homepage URL: https://www.dcu.org/
• Company Phone: 800.328.8797
• Headquarters Address: 220 Donald Lynch Boulevard, Marlborough, MA 01752-9130
• States Serviced:  Nationwide

The post DCU Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.

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M&T Bank Mortgage Rates Review

With roots stretching back to antebellum New York, M&T Bank has long been a regional institution focused on serving customers and communities.

Initially chartered as Manufacturers and Traders Bank in Buffalo, M&T Bank has grown from financing durable equipment to a nationally ranked and recognized bank and lender.

With a place among the top 10 lenders of Small Business Administration loans, M&T Bank combines a strong enterprise lending portfolio and community banking principles to meet customer needs.

Its mortgage offerings reflect the bank’s extensive expertise, with different mortgages to fit different homebuyer demands.

M&T Bank has been accredited by the Better Business Bureau since 1923 and as of December 2018 held an A+ rating.

M&T Bank Facts

• Community-focused bank founded before the Civil War
• Has more than 750 locations across coastal states, including Delaware, Connecticut, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia, and DC
• Accredited by the Better Business Bureau since 1923 and holds an A+ grade
• Wide selection of mortgage loans, including fixed rate, ARM, FHA, VA, USDA, as well as refinancing options
• Easy three-step online process for starting and submitting mortgage applications with instant preapproval
• Allows customers to chat with a mortgage expert online for assistance

States Serviced

• Delaware
• Connecticut
• Maryland
• New Jersey
• New York
• Pennsylvania
• Virginia
• West Virginia
• Washington, DC

Overall

Founded in 1856 before the American Civil War, M&T Bank started with $200,000 in capital.

Now, it maintains a steady and trusted banking presence in the Northeast, and along the Atlantic Seaboard. Originally focused in Buffalo, where its headquarters still reside, M&T Bank has over $118 billion in assets, as of 2017, as well as 750 branch locations.

In its history, the bank has persevered through the Great Depression, attracted investments from Warren Buffet, and gained the naming rights to an NFL stadium in Baltimore.

While M&T Bank has a profile as a reputable business lender (attaining the No. 1 Northeast ranking in J.D. Power’s 2017 Small Business Banking Satisfaction survey), it has a large menu of mortgage offerings that can fit various prospective homeowner needs, whether that means a low down payment, a first-time home loan, a government option, or a jumbo mortgage.

The bank also has many savings and deposit account products, as well as home equity lines of credit and various investment banking and financial retirement services. The bank, however, agreed to pay the U.S. Department of Justice $64 million in 2016 to resolve a claim it did not adhere to certain FHA underwriting standards.

M&T Bank Loan Specifics

Borrowers can research and select from a number of mortgage options when working with M&T Bank, including:

Fixed-Rate Mortgage

A fixed-rate mortgage is best for consumers who are looking long term. Offered in 30-year and 15-year terms, the fixed rate loan carries a locked-in interest rate that does not fluctuate with the economy, ensuring homeowners know what their monthly mortgage payment will be.

M&T Bank fixed rate mortgages can be used for primary residences, secondary residences and investment properties, come with as little as 3 percent money down requirements, and don’t have prepayment penalties.

Cash-out refinancing is also permitted. Another option to consider is the MyTerms Mortgage, which is a fixed-rate product that allows borrowers to set a custom term if they want to pay off a loan early or meet financial goals.

Adjustable-Rate Mortgage

An ARM is for borrowers who may move around a lot, or want a shorter commitment. This type of loan features a fixed rate for a predefined introductory period that then rises or falls with prevailing interest rates for the rest of the term, recalculated once a year.

The benefits here are flexibility and cost-effectiveness for borrowers who don’t want to get handcuffed to a higher fixed rate when their future might be uncertain, like a job transfer or a growing family that needs more house.

M&T Bank ARMs can require as little as 5 percent down and offer some payment cap protections to protect against rapid acceleration.

FHA Mortgage

Backed by the Federal Housing Administration, these loans are geared toward first-time homebuyers with low credit or low savings. Down payments of as little as 3.5 percent are required, and M&T Bank allows 100 percent of that amount to be gifted.

Other particulars of these FHA loans include fixed- and adjustable-rate versions, streamlined refinancing for existing borrowers with existing FHA loans, and contributions toward closing costs from sellers or builders.

VA Mortgage

Veterans Administration home loans are intended for veterans, active-duty military personnel, National Guardsmen and their families, offering them flexible debt-to-income requirements, zero private mortgage insurance and zero down payment.

M&T Bank has another option, the VA Interest Rate Reduction Refinance, that can grant more favorable and personal terms for existing VA home loan borrowers.

USDA Mortgage

Meant to incentivize rural homeownership, U.S. Department of Agriculture-supported mortgages come with no down payment, broad property eligibility standards (many suburban properties can qualify), and 100 percent financing of appraisal value.

More lax credit qualification requirements also make such loans attractive.

Super-Conforming and Jumbo Loans

Borrowers who need an option beyond conventional mortgages, which are limited to $453,100 in value, can take out a super-conforming or a jumbo loan from M&T Bank.

Super-conforming loans are for buying in moderately more expensive neighborhoods, extending the maximum to $679,650; jumbo loans are for even higher dollar amounts, and cover mortgages of up to $2 million.

Getting a super-conforming mortgage may allow borrowers to benefit from a lower interest rate than a jumbo loan if they’re not looking for a mansion.

M&T Bank Mortgage Customer Experience

One highlight of the customer experience with M&T Bank mortgage rates is that the application and preapproval processes can happen entirely online.

The bank has an online loan wizard that takes users through a step-by-step input of personal information that helps them find the best loan for their needs at the best rate.

Borrowers can even take advantage of an online chat function to speak with a mortgage expert as they complete the process, as well as instant pre-approval.

In addition to a 100 percent online process, the bank extends other benefits for borrowers, like:

• Locked-in rates
• Personalized loan options
• Tools for calculating and research

It also makes cybersecurity a big focus, which helps ensure borrowers feel safe entering sensitive information (like a Social Security number) needed for application submission.

M&T Bank Lender Reputation

Having been in business for more than 150 years, M&T Bank has built a reputation in the communities and areas it services. It has been accredited by the BBB since 1923, holding a grade of A+, as well as received national and regional acclaim, including:

• No. 1 SBA lender in the cities of Baltimore and Buffalo, the state of Delaware, and Washington, DC 
• No. 8 SBA lender nationally
• No. 1 or No. 2 market share for middle market clients and deposits in multiple New York regions

M&T Bank is an FDIC member, Equal Housing Lender with a Nationwide Multistate Licensing System identifier number of 381076.

M&T Bank Mortgage Qualification

The primary criterion for mortgage qualification with M&T Bank is credit score. While income-to-debt ratios and other aspects will figure in, borrowers can get quickly grasp what is needed to qualify for specific loan options by looking at the minimum credit score:

Loan option	Minimum credit score	Minimum Down Payment
Fixed rate	620	3 percent
ARM	620	5 percent
FHA	580	3.5 percent
VA	620	0 percent
USDA	640	0 percent
Super-conforming	620	5 percent
Jumbo	680	10 percent

M&T Phone Number and Additional Details

• Homepage URL: http://bit.ly/2cNOALj
• Company phone: 1-800-724-2440
• Headquarters address: One M&T Plaza, Buffalo, NY 14203

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HSBC Mortgage Rates Review: Today’s Best Analysis

Established in 1865 to finance trade between Europe and Asia, HSBC is now one of the world’s largest banking and financial institutions.

HSBC Bank USA is an American subsidiary of the UK-based HSBC, which is headquartered in London. As such, HSBC can work with both domestic and international borrowers looking to purchase or refinance U.S. properties.

HSBC Mortgage Facts

• Large variety of loan options, from conforming fixed-rate and adjustable-rate mortgages to VA and FHA loans and exclusive HSBC options
• Convenient online mortgage account management with 24-hour Personal Internet Banking
• Online loan calculators help borrowers predict rates, payments, and closing costs
• CommunityWorks® program available in certain states for an affordable, low down payment option
• The SONYMA mortgage program helps first-time home buyers in New York and New Jersey secure affordable mortgage financing
• HSBC First Home Club is a matched savings program that offers qualified borrowers assistance with down payments and closing costs

Overall

Serving more than 38 billion customers around the world since 1865, HSBC is a prominent financial services provider in the industry.

HSBC mortgage rates, programs, and qualifications are relatively comparable to industry standards, although some of their best mortgage rates are reserved for those in specific locations, especially the New York area.

The lender does offer a full range of home loan products, including low down payment options, so borrowers in the right locations can undoubtedly benefit from HSBC’s offerings.

While an established company, HSBC does have negative customer reviews, which may lead potential borrowers to choose a different lender.

Current Mortgage Rates

HSBC Loan Specifics

HSBC provides a wide selection of mortgage and refinancing options, serving a varied audience of home buyers depending on their financial situation and eligibility.

However, some of the lender’s special loan offers are limited to specific geographic areas, which means property location may determine how well HSBC can accommodate borrowers.

HSBC Fixed-Rate Loans

This mortgage option guarantees that interest rates will remain the same, even if the rate fluctuates. Fixed-rate mortgages are good options for borrowers looking to budget for stable monthly payments. HSBC offers competitive rates and 3 percent minimum down payments for 15- and 30-year fixed-rate mortgages.

HSBC Adjustable Rate Loans

An adjustable rate mortgage (ARM) has a lower interest for an initial period but then adjusts to financial market rates for the remainder of the loan term.

ARM mortgages are usually the best option for borrowers who don’t plan to stay in their current home for an extended period, or for those who can afford to pay off the loan quickly. Standard options are 3/1 and 5/1 ARMs, which means the interest rate is fixed for the first three or five years, respectively. HSBC offers 5/1, 7/1, and 10/1 options with competitive rates.

HSBC Premier Deluxe Mortgages

This option is ideal for borrowers planning to purchase a new home or refinance an existing mortgage who can put down at least 20 percent and have a FICO score of 700 or above. Features include large loan amounts, HSBC’s best rates, and up to $1,500 in closing cost credit. There are also fixed-rate and ARM options available.

HSBC Advance Deluxe Mortgages

This option is similar to the Premier, but with added flexibility. Features include large loan amounts, HSBC’s preferred rates, and options to reduce closing costs. There are fixed-rate and ARM options available.

HSBC FHA Mortgage Loans

These government-insured loans through the Federal Housing Administration (FHA) are affordable mortgage options for first-time or self-employed home buyers as well as those with less than a 20 percent down payment, low credit score, or limited employment history. HSBC offers FHA loans with low down payments and closing cost options.

HSBC VA Loans

Insured by the U.S. Government’s Department of Veterans Affairs (VA), these loans are reserved for credit-worthy active duty service members, honorably discharged veterans, and military spouses. HSBC offers these borrowers VA loans with 0 percent down payment required and gift funds towards closing costs.

HSBC Community Works® Program

HSBC offers up to $7,000 in closing cost assistance and only 3 percent down payments for qualifying borrowers in D.C. and specific counties in California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington.

HSBC SONYMA Mortgage

These State of New York Mortgage Agency loans offer first-time homebuyers in the state an affordable mortgage plan, with only a 3 percent down payment required for one- and two-unit properties. 

HSBC First Home Club

This HSBC-exclusive matched savings program is available for qualifying borrowers purchasing their first property in New York or New Jersey. The lender will match $4 to every $1 saved by the homebuyer, capping at $7,500. The buyer can then apply those grant funds to a down payment and closing costs.

HSBC Rate/Term Refinance Loan

This refinance option allows homeowners to pay off their existing mortgage with the new closing costs and mortgage amount. HSBC offers this refinance program for borrowers interested in reducing interest rates or loan terms.

HSBC Cash Out Refinance Loan

Some of the lender’s refinance programs include cash out options, which means borrowers can turn their current home equity into cash.

HSBC Mortgage Customer Experience

HSBC provides online calculators to help customers estimate how much they qualify to borrow, as well as expected rates and closing costs. However, to be pre-approved for a mortgage, borrowers must either call a Home Loan Consultant, fill out an information form to have an HSBC representative contact them, or visit a branch to speak with a Mortgage Consultant.

Borrowers will need to provide documentation such as a government-issued ID, recent W2 forms, federal tax returns, and bank statements. Once they have a mortgage with HSBC, there are also online tools to help borrowers manage their loan.

While help is just a phone call away, HSBC customers don’t always give this lender shining reviews. HSBC North American Holdings, Inc. made it on the Consumer Financial Bureau Monthly Complaint Report list of most-complained about mortgage companies, with an average of 44.7 complaints over three months.

Added to that, HSBC had the highest rate of untimely responses to such complaints during the observed period. The lender also received several poor online reviews on various platforms.

Customers often cite poor customer service, online issues, and inefficient communication as reasons for negative feedback. While the U.S. Department of Justice eventually lifted its criminal charges, HSBC was recently involved in money laundering scandals that harmed the lender’s reputation and may have also contributed to turning customers away.

HSBC Lender Reputation

HSBC is a banking and financial services provider that has been serving North America for over 140 years. HSBC Bank USA National Association has a National Mortgage Licensing System and Registry ID number of 399799. Listed separately, HSBC Mortgage Services Inc. has an ID number of 2510.

HSBC Bank USA, N.A. is not BBB accredited because the company failed to respond to the 139 customer complaints filed against the business. The company has a Trustpilot rating of 1.3/10 stars, which is quite low.

While the global company has received several awards and recognition in the past year, many of these honors were granted for their dealings in Europe and Asia. As an Equal Housing Lender, HSBC is committed to upholding non-discriminatory practices.

• Information collected on November 14, 2018

HSBC Mortgage Qualifications

HSBC credit score minimums vary, but applicants with a credit score of 700 or above shouldn’t have a problem obtaining a loan, especially when applying for the Premier or Advance Deluxe Rates. Together with an easier approval process, higher credit scores result in more competitive rates.

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

Down payment minimums also vary by loan type, but, in general, the lender follows the industry standard of 20 percent down. However, HSBC does accept 10 percent down with private mortgage insurance on some loans.

Additionally, fixed mortgages have a 3 percent minimum down payment, and ARM mortgages have a 5 percent minimum. VA, FHA, and other specialty mortgages also have low down payment options. The lender also offers family-assisted and gift fund options for covering down payments and closing costs.

HSBC Phone Number & Additional Details

• Homepage URL: http://bit.ly/1W9VsXn
• Company Phone: 1-866-435-7085 (for mortgages)
• Headquarters Address: HSBC USA, 452 Fifth Avenue, New York City, NY, 10018
• States Serviced: All states except West Virginia, Alaska, and Rhode Island. Mortgage offices are only in California, Connecticut, D.C., Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, and Washington.

The post HSBC Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.

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PSECU Mortgage Rates Review

The Pennsylvania State Employees Credit Union (PSECU) is a credit union with over 400,000 members.

Headquartered in Harrisburg, Pennsylvania, PSECU provides membership to state employees.

These include a variety of individuals, including the staff, faculty, and alumni of universities that make up the Pennsylvania State System of Higher Education and the Harrisburg Area Community College, the faculty and staff of Pennsylvania State University, local government employees, eligible individuals in the State Employees’ Retirement System (SERS) or Pennsylvania Public School Employees’ Retirement System (PSERS), members of other state-approved associations, and immediate family members of current PSECU members.

The organization was founded in 1934 to offer competitive rates to individuals in direct association with the state of Pennsylvania. They offer a variety of financial services, including checking, savings, loans, mortgages, online banking, and credit cards.

PSECU Mortgage Facts

• Offers competitive mortgages rates to members of the Pennsylvania State Employees Credit Union and their immediate family members
• Provides fixed- and adjustable-rate mortgages to eligible applicants
• Includes the option of jumbo mortgages as an add-on to adjustable rate mortgages, with a cap of $1 million
• An online application that connects prospective borrowers with loan specialists, preventing time spent on hold
• Fast preapproval rates of one business day, so buyers can lock down their dream home quickly
• Services only individuals buying homes in the state of Pennsylvania
• A wide range of financial products, including mortgages, personal loans, checking, savings, credit cards, and online banking

States Serviced

PSECU offers mortgages to individuals who live in Pennsylvania if they are an active member or if they are directly related to a member.

Overall

PSECU is a credit union that services eligible borrowers in the state of Pennsylvania. They offer a variety of financial services, including, but not limited to, mortgages, personal loans, checking accounts and savings accounts.

Since PSECU offers its services to a specific group of people, its rates are extremely competitive in comparison to industry standards. They offer a limited amount of options for borrowing and refinancing, including fixed-rate mortgages, ARMs, and jumbo loans.

PSECU Loan Specifics

PSECU provides competitive rates to members on the most common types of mortgage and refinancing options offered by most U.S. lenders.

Eligible PSECU members can find significant savings when applying for a loan through PSECU instead of through traditional mortgage lenders.

Fixed Rate Loans

Fixed rate mortgages are ideal for homebuyers who plan on living in their home for a long time and those who want consistent payments that allow for easy budgeting over an extended period.

This is due to the fact that fixed-rate loans offer payment amounts and interest rates that do not change for the duration of the loan term. PSECU offers fixed-rate mortgages to members at lengths of 10, 20, or 30 years.

The amount of money members can put down on the home will provide them with points that lower their interest rate costs.

Adjustable Rate Loans

PSECU offers adjustable-rate mortgage (ARM) products to eligible members are low starting rates. With an ARM, borrowers get a low initial rate for a set number of years before that rate starts fluctuating based on market trends.

Most lenders, PSECU included, will offer caps on these types of mortgages, which keep interest rates from exceeding certain thresholds.

PSECU offers ARMs with initial rates of one, three, five, and seven years. These types of loans are ideal for mortgage borrowers who plan on moving or refinancing in the next few years.

Jumbo Loans

Jumbo loans are nonconventional loans that cover more than the limits set by major institutions like Fannie Mae and Freddie Mac.

PSECU offers jumbo one-year adjustable rate mortgages between $453,101 to $1 million at competitive rates. They also set rate caps, meaning your interest rate cannot increase or decrease more than 1 percent each year.

This also means that the rate will not raise or drop over 5 percent over the life of the loan. In order to qualify for a jumbo loan with PSECU, the property must be a 1- to 4-unit dwelling that is titled in the name of the borrower.

PSECU does not offer jumbo loans for investment properties.

PSECU Mortgage Customer Experience

PSECU members can experience a relatively simple mortgage application process. They can submit an online application on the PSECU website, whether they are current or future PSECU members.

After submitting this form, a PSECU mortgage specialist will review your application and provide you with a preapproval letter if they deem you a fit candidate.

On this preapproval form, you can expect to see information regarding how much home you can afford, which can help you make a strong case to the home seller if you haven’t officially signed an agreement on a home yet.

Once you’ve gone under contract with your desired home, PSECU can start going forward with the mortgage process. A loan specialist will ask for more detailed information, including your current financial situation. Once submitted, PSECU’s underwriters will review this information carefully before offering you a rate on your preferred mortgage type.

If you plan on refinancing your mortgage with PSECU, rather than using this loan to buy a home, you will go through a very similar process to the one stated above. However, you won’t receive a pre-approval letter if you are approved for refinancing through PSECU.

PSECU is known for its speedy preapproval rates, making it a desirable lender for eligible members. When you apply for a mortgage through this credit union, you should get answers within a business day. However, it is important to note that preapproval is only valid for 60 days, so you may not want to apply before finding the right home.

PSECU also offers a variety of services for its customers, including online mortgage calculators that allow homebuyers understand how much they should put down on their home and how much they might spend on a fixed-rate or adjustable-rate mortgage with PSECU. They allow you to input crucial data, such as your debt, savings and income, as well as the cost of the house you intend on buying.

PSECU members who plan on taking out a mortgage or refinancing their home should expect to provide certain information such as their social security number, credit score, W-2 forms, recent pay stubs, government-issued identification, bank statements and settlement or closing statements. The underwriters at PSECU will take all of this information into account when deciding the rates for your mortgage.

Once they are approved for a mortgage or home refinance, members can manage their loan online. They can make payments, view monthly statements and set up alerts online through PSECU’s mortgage website.

PSECU has a relatively high rating for their mortgage products on the company website, at 3.9 out of 5 stars. Although PSECU is not accredited on the Better Business Bureau, they have an A+ rating and a 1-star rating by nine reviewers. There have been 20 BBB complaints against PSECU over the past three years.

PSECU Lender Reputation

PSECU is a credit union that has been serving residents of Pennsylvania for nearly 85 years.

There is no one specific National Mortgage Licensing System and Registry ID number for PSECU, as it’s a State Employees’ Credit Union.

Instead, different loan specialists who work for the various SECUs have specific NMLS and Registry ID numbers that you can search on the SECU site.

PSECU offers scholarships to high school seniors who are associated with the organization and who plan on attending a two- or four-year university.

Applicants do not have to attend a university in the state of Pennsylvania to be eligible for funding.

This credit union has also been recognized for its philanthropic efforts.

n April 2018, PSECU was a winner of the international Communitas Awards for Excellence in Community Service: Philanthropy category, due to the organization’s 2017 Hunger Action Month campaign that dedicated time and funding to the Central Pennsylvania Food Bank.

• Information collected on December 13, 2018

PSECU Mortgage Qualifications

PSECU follows many of the industry standards when offering loans to individuals. However, the main qualification is that borrowers must be a member of the PSECU or a direct family member of someone associated with this credit union.

Credit score is the main factor that loan specialists use when deciding whether or not an applicant is eligible for a mortgage with the credit union.

Borrowers should have a credit score above 670 to experience higher chances of approval, but lenders will likely offer the best mortgage rates to individuals with excellent credit scores above 760.

Borrowers with no credit history will have a difficult time securing a mortgage with any lender.

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

PSECU does not specify if they require borrowers to put 20 percent down on the home, but they will award borrowers who make larger down payments with lower monthly rates.

PSECU Phone Number & Additional Details

• Homepage URL: https://www.psecu.com/
• Company Phone: 800-237-7328 (main) or 800-562-6555 (for loan-specific information)
• Headquarters Address: 1500 Elmerton Ave, Harrisburg, PA 17110

The post PSECU Mortgage Rates Review appeared first on Good Financial Cents®.

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Pennsylvania to OK $60M school security program for 2nd year

HARRISBURG (AP) — Pennsylvania lawmakers say they'll authorize a second year of school and community security grants, a $60 million program spurred by last year's Florida school shooting that killed 17 people.Republican lawmakers said Monday that a newly unveiled compromise budget package will keep the program intact for the coming school year. Officials did not have immediate details on how the program guidelines will change.Democratic Gov. Tom Wolf had proposed a [...]

Source Business - poconorecord.com http://bit.ly/2ZIvAFR

Summit Credit Union Mortgage Rates Review

Summit is Wisconsin’s largest credit union. Founded in 1935, the mortgage lender grew considerably after several mergers with other credit unions within the state.

Summit now has over 168,000 members throughout Wisconsin and 34 different branch locations.

The credit union offers fixed- and adjustable-rate mortgages, FHA, and VA loans. With flexible loan options and a variety of opportunities available for borrowers, Summit has something for nearly every mortgage need.

Summit Credit Union Mortgage Facts

• Fixed and adjustable-rate mortgages, conventional, FHA, and VA options available
• The largest credit union in Wisconsin
• Loans are locally-serviced, so borrowers can visit any Summit branch with questions
• Affordable mortgage programs available for first-time homebuyers
• No closing costs loan options available for those who qualify
• Flexible meeting hours, so applicants can meet with the loan officer during evenings and weekends

Overall

Summit Credit Union is a member-owned financial cooperative founded in 1935 and headquartered in Madison, Wisconsin.

Originally, the credit union began in the state capitol’s basement as State Capitol Employees Credit Union. From there, it grew significantly and expanded through mergers and acquisitions with other credit unions in the area.

With a variety of different mortgage options available, Summit Credit Union has a loan option for just about every borrower and credit history.

The lender’s featured mortgage and refinance options include first-time homebuyer and no closing costs loans to make the purchase process more affordable for applicants.

Right now, Summit Credit Union is not listed or reviewed on Trustpilot. The credit union’s BBB rating is A+ with customer reviews averaging 3/5 stars.

Summit appears to emphasize financial education and take significant steps to make financial education information accessible to borrowers.

In 2017, Summit released a mortgage app, CURB, for smartphones allowing users to manage and track more of the mortgage process.

Badcredit.org awarded Summit Credit Union with an Editor’s Choice award for financial education and wellness information in December 2018.

Summit Credit Union Loan Specifics

Fixed-Rate Loans

Getting a fixed-rate loan gives borrowers a consistent monthly payment that remains the same for the duration of the loan.

For applicants who plan to keep their homes for several years and lock in a low mortgage rate or refinance their loan, a fixed-rate loan from Summit Credit Union may make the most sense.

Summit offers multiple fixed-rate loan options; these may require a significant down payment and high credit scores to qualify.

Adjustable-Rate Loans

With an adjustable-rate mortgage loan, borrowers may experience rate changes as market conditions fluctuate.

This means applicants could end up paying more than they expected for their home. Borrowers planning to refinance or sell their home soon may benefit from an adjustable-rate loan from Summit Credit Union.

FHA Mortgage Loans

Getting an FHA loan from Summit Credit Union may make monthly payments more affordable for applicants who qualify.

FHA mortgages have government backing, making them more accessible through lower interest rates and often lower credit requirements.

As such, Summit Credit Union can offer better terms for these loans than what would otherwise be possible to underwrite.

Borrowers may pay as little as 3.5 percent down with an FHA loan and may qualify for a fixed- or adjustable-rate mortgage.

VA Loans

At Summit Credit Union, VA loans are another option for veterans, members of the armed forces, and surviving spouses.

These are government-backed by the U.S. Department of Veterans Affairs and are generally more affordable and have better terms than conventional loans.

For applicants who qualify, little-to-no down payment options are available.

Construction Loans

Borrowers planning to build a home often need funding to be available before the home is constructed; that’s where construction loans from Summit Credit Union come in.

Applicants can find out how much they qualify for and builders can begin work with access to a predetermined budget.

Summit Credit Union Mortgage Customer Experience

Summit has several different mortgage products available, as well as mortgage guidance on its website and in person at their branches.

Applicants can learn more about borrowing and obtaining financing by visiting Summit’s website and meeting with a loan officer at a branch.

Summit does offer an online application and has several checklists to help borrowers determine if they have everything they need to begin applying.

Instant online approval for a mortgage is available for some applicants and loan options. In some cases, though, borrowers will need to submit an application for review by a loan officer, who will thoroughly look over the application and return a decision to the applicant.

Mortgage and refinance applicants will need to have information available about their:

• credit histories
• social security numbers
• income
• debt
• personal credit records

Depending on the loan type and other available credit history information, applicants may need additional documentation when applying for a Summit Credit Union loan.

By scheduling an in-person appointment and meeting with a loan specialist or by completing an application online, applicants can start the prequalification process for a mortgage or refinance.

The credit union focuses on financial education and offers a variety of financial education resources for borrowers.

For instance, in December 2018, Badcredit.org awarded Summit Credit Union an Editor’s Choice award for their financial wellness and credit education programs.

In 2017, Summit also released a mortgage app, CURB, for borrowers looking to manage their loan from a smartphone.

Lender Reputation

Summit does not have a Trustpilot score or reviews yet. The credit union’s BBB rating is A+ with customer reviews averaging 3/5 stars.

• Information collected December 11, 2018

Mortgage Qualifications

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Difficult
N/A	No credit score	Difficult

Borrowers with credit scores at 760 and above generally have the best opportunities and the most loan options from Summit Credit Union.

Applicants with scores in the 700 to 759 range may have fewer options, but typically have several mortgage offers to choose from.

Applicants with “fair” credit may need to consider a government-backed loan or alternative mortgage through Summit Credit Union and may not qualify for the credit union’s best offers.

While it’s possible for borrowers to qualify for a loan with no credit history or a low credit score, options are generally very limited.

For a chance to receive the best loan offers at Summit, it helps to have plenty of income and asset documentation available for loan officers to see.

Debt-to-income ratio	Quality	Likelihood to get approved by lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Unlikely

Summit Credit Union is much more likely to extend the most favorable terms to applicants with debt-to-income (DTI) ratios at 35 percent and less.

Borrowers applying with higher DTIs may benefit from asking about Summit’s alternative loan and government-backed programs in order to get the best possible offers.

Phone Number & Additional Details

Homepage URL: http://bit.ly/2z3YeIf
Company Phone: 1-800-236-5560
Headquarters Address: 4800 American Parkway, Madison, WI 53718

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Social Security, Medicare Heading Soon for Bankruptcy, but What Does that Mean for Benefits?

Think of it this way, in the 1950s 16 workers were footing the bill for one retiree. Today, fewer than 3 workers cover that same senior.   

Source CBNNews.com http://bit.ly/2YdSqET

SunTrust Mortgage Rates Review: Today’s Best Analysis

SunTrust was founded in 1891 in Atlanta, GA. It operates over 1,400 bank branches and over 2,000 ATMs across several southeastern U.S. states. Although this bank performs financial services like credit card approvals, trusts, and deposits; mortgage lending is one of their primary actions. SunTrust offers a wide range of home mortgage products, such as fixed-rate, adjustable-rate, FHA, VA, jumbo, USDA, doctor, Agency Plus, and Agency Affordable mortgages.

SunTrust Mortgage Facts

• Services 11 states in the southeast U.S., as well as the District of Columbia
• Offers plenty of mortgage options, such as Agency Affordable, Agency Plus, VA, FHA, USDA, and jumbo mortgages, as well as conforming fixed- and adjustable-rate loans
• Provides fair rates and flexible plans for homebuyers who cannot pay 20 percent down on their homes
• As of March 31, 2018, SunTrust had $199 billion in assets
• Though SunTrust has been involved in several scandals, it has paid millions of dollars in relief funds to borrowers
• As a corporation, SunTrust has won many awards for its workplace inclusion efforts

Overall

SunTrust Bank was founded in 1891, servicing several states in the southeastern U.S. Throughout its years of business, it has focused its attention on Americans who cannot afford to put 20 percent down on their home. To that end, it offers plenty of affordable, flexible loan programs that can accommodate a variety of budgets and lifestyles.

SunTrust is more relaxed than other banks in requesting borrowers’ debt-to-income and credit scores, but these factors likely determine the loan prices. SunTrust has faced legal troubles for failing to comply with standards on federally backed mortgages, and this has resulted in many negative reviews. The bank has an overall JD Power rating of two out of five stars and a Consumer Affairs rating of one out of five stars.

Current Mortgage Rates

SunTrust Loan Specifics

SunTrust offers many types of home mortgages, from conforming loans to less traditional options. This lender is known for accommodating homebuyers who cannot afford to pay 20 percent down on their new home.

SunTrust Fixed-Rate Loans

With fixed-rate loans, interest rates stay the same throughout the loan’s lifetime. Fixed-rate mortgages are ideal for homebuyers who plan on staying in the home for several years. People with secure finances who want predictable rates might want to take out a fixed-rate mortgage, especially if interest rates are low when they go to purchase it.

SunTrust Adjustable-Rate Loans

SunTrust offers adjustable-rate mortgages for designated time periods of 5, 7, or 10 years. These types of loans have low initial interest rates that can rise and fall with market trends after the fixed period of 5, 7, or 10 years. Many mortgage lenders don’t allow the loan costs to increase too much, as they might include an interest rate cap. These mortgages are excellent for homebuyers that don’t plan to stay very long on the property and have plans of selling in the near future, before the fixed interest rate period ends.

SunTrust Jumbo Loans

SunTrust offers jumbo loans for homebuyers looking to take out larger mortgage amounts than the typical Freddie Mac and Fannie Mae limits. As of 2018, these limits are $453,100 across the U.S., barring Alaska, Guam, Hawaii, and the U.S. Virgin Islands, whose limit is $679, 650. Jumbo mortgages are helpful for buyers who feel comfortable paying larger monthly payments to cover their high-value properties. They can feature either adjustable or fixed rates.

SunTrust FHA Mortgage Loans

 As part of its FHA mortgage loans for buyers who need extra help, SunTrust provides up to 96.5 percent financing on many loans. In addition, the full value of the down payment can come from a gift from a family member, employer, or other parties. The bank offers borrowers the choice between a fixed-rate mortgage and ARM. These types of loans can be a suitable option for buyers with limited equity available for a down payment.

SunTrust VA Loans

Current or former members of the U.S. Armed Forces and their spouses may qualify for a VA mortgage. This type of loan allows borrowers to opt for 100 percent financing with no down payment. As with FHA mortgages, buyers who choose to take out VA loans can choose between fixed-rate or adjustable-rate mortgages. Eligible borrowers oftentimes choose to take out VA loans because of their flexible term options and reasonable costs.

SunTrust Agency Affordable Financing

SunTrust designed this type of mortgage for buyers looking for extra affordability. With this mortgage, borrowers can put down as little as 3 percent down and may use seller contributions and gifts toward their down payment. Another desirable feature about this type of mortgage is the lower monthly insurance cost than one might have with an adjustable-rate or jumbo mortgage.

SunTrust Agency Plus Financing

Buyers looking into a high-cost home should consider this type of mortgage. Rather than taking out multiple loans or a jumbo loan, it offers a flexible option to allow borrowers to afford their dream homes. They typically include a loan maximum of $679,650, according to the U.S. Department of Housing and Urban Development. Agency Plus Financing loans aren’t just available for primary residences; they can also apply toward vacation homes and investment properties.

SunTrust USDA Loans

The U.S. Department of Agriculture provides financing options to home buyers moving to rural locations. Oftentimes, borrowers do not need to put a down payment on the home, and they can receive funding up to 100 percent, by paying a one-time guarantee fee and an annual fee to the USDA. Borrowers moving to a rural area on a tight budget can benefit from this type of loan.

SunTrust Doctor Loan Program

This loan offers a substantial benefit to doctors, which includes flexible rate and finance options. Most importantly, it forgives student loans, which can be astronomical after graduating from medical school, and a financial burden for years. Doctors can receive up to 100 percent financing and may not be required to pay monthly mortgage insurance costs. It is worth noting that these loans are only available in select states and counties, including AL, AR, DE, FL, GA, MD, MS, NC, SC, TN, VA, WV, DC, and some parts of PA. Other states may place restrictions on maximum loan-to-value ratios. This program is available to different types of physicians, including:

• Dentists (DDS and DMD)
• Physicians (MD, DO, and DPM)
• Fellows in MD, DO, DPM, or other programs
• Licensed residents

SunTrust Mortgage Customer Experience

At SunTrust Mortgage, you cannot fill out an online application or receive an online quote, but you can choose to email or call a loan officer to apply for a home mortgage. These professionals can help you find the best type of loan for your budget and lifestyle.

SunTrust recently announced that it plans on launching a digital resource, SmartGUIDE Mortgage Application, which will help expedite the process, to just 30 to 40 minutes. Additionally, SunTrust offers current mortgage and interest rate costs on its site, for instant price estimates. The bank’s online FAQ can help answer any questions that are related to SunTrust specifically or to the mortgage process in general.

A crucial element of customer experience we look at is how actual consumers rate their interactions with a company. A good indicator of this is the JD Power Primary Mortgage Originator rankings. For 2017, SunTrust had two stars (out of five) in the categories of loan offerings, application/approval process, interaction, loan closing, onboarding, and overall satisfaction. This indicates a lower than average approval and satisfaction with the bank.

Additionally, in Jan. 2017, the Consumer Financial Protection Bureau’s Monthly Complaint Record reported 43.7 complaints per three-month period for SunTrust Bank, a 6 percent difference from the previous year. However, SunTrust has not made it onto the record since then, so it may be that issues have been minimized.

We would be remiss not to mention that in 2018, approximately 1.5 million accounts may have been compromised when a former SunTrust employee stole client contact lists. This individual was supposedly working with a criminal third party when this occurred, possibly exposing clients’ names, addresses, phone numbers, and account balances. Fortunately, Social Security numbers, account numbers, PINs, and passwords were not leaked.

In 2014, SunTrust had to pay $968 million as a settlement fee with the government when the bank did not comply with standards when issuing federally supported mortgages. SunTrust offered approximately $500 million in borrower relief to distressed consumers.

However, the bank has received its fair share of honors. Risk.net named SunTrust Bank of the Year for Risk Appetite Framework. J.D. Power’s U.S. Home Equity Line of Credit Satisfaction Study ranked SunTrust as the highest bank in all-around HELOC customer satisfaction, and Global Finance magazine named it the Best Trade Finance Provider in the Southeast for 2018.

SunTrust Lender Reputation

SunTrust was founded as a bank in 1891 to service the southeastern U.S. The company has a BBB rating of one out of five stars with 61 customer reviews, which is very low for this type of institution. The CFPB took action against this lender, forcing it to provide $500 million in relief to borrowers experiencing short sales and foreclosures.

• Information collected Nov. 5, 2018

SunTrust Mortgage Qualifications

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
No credit score	n/a	Difficult

Generally, when borrowers have a credit score above 760, they should have no trouble securing a mortgage. If borrowers have a credit score that is less than 760 but still considered “good,” they may qualify for mortgages, but may not get the best rates. When borrowers have “fair” to “poor” credit (or no credit score at all), they might have trouble being approved for traditional mortgages.

Although SunTrust can qualify individuals with a debt-to-income ratio of more than 35 percent, their home mortgage rates will likely increase once they pass this amount.

The bank’s minimum required down payment depends on the type of loan. Typically, 20 percent down is the requirement for conventional loans, but SunTrust has proven very flexible for borrowers who need to make a lower down payment. Some of its loans require no down payment at all.

SunTrust Phone Number & Additional Details

• Homepage URL: https://www.suntrust.com/
• Company Phone: 1-855-228-2927
• Headquarters Address: SunTrust Mortgage, 303 Peachtree Street, Northeast Atlanta, GA 30308-3201
• States Serviced: Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and D.C.

The post SunTrust Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.

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TD Bank Mortgage Rates Review: Today’s Best Analysis

Toronto-Dominion Bank was founded in 1852 in Portland, Maine under the name Portland Savings Bank. Toronto-based TD Bank Group has since owned the company. The bank offers numerous home loan options tailored to various kinds of consumer needs, alongside a slate of other financial offerings such as investment services and checking.

TD Bank serves all U.S. states, as well as the District of Columbia and the territories of Puerto Rico, the Virgin Islands, Guam, and American Samoa. The institution is accredited by the Maine Better Business Bureau (BBB) with a rating of A+ and an average customer review score of just over 1/5.

TD Bank Mortgage Facts

• Offers a variety of loan products, including qualified mortgages and offerings for low- to medium-income households
• Participates in several government-backed loan programs from the VA, FHA, and USDA
• Provides both fixed-rate mortgages and ARMs, construction loans, jumbo loans, and cash-out refinancing options
• Offers several loan equity calculators on its website
• Negotiates loans over the phone or in person, rather than online

Overall

TD Bank was formed in Maine in 1852 as Portland Savings Bank and attained its current nationwide scale through a series of mergers. The financial institution is now one of the most popular banks in the country and offers many financial products in addition to its loans and mortgages.

The company is accredited by the Maine BBB and maintains an A+ rating with the organization. Consumer complaints and negative reviews are numerous, with over 900 BBB complaints and an average review score just over 1/5.

This is not uncommon for a bank of its size, however—considering the breadth of its services—it is to be expected that many of the issues reported have to do with financial products such as checking and credit accounts.

Current TD Bank Mortgage Rates

TD Bank Loan Specifics

TD Bank Fixed Rate Loans

Fixed-rate home loans are based on steady monthly payments over the life of the loan. TD Bank recommends these loans for individuals who are interested in owning their homes for years to come.

When rates are at historic lows, it may be an excellent time to apply for a fixed-rate loan. Another advantage of this type of loan is that down payments tend to be lower than they are for adjustable-rate products.

TD Bank Adjustable Rate Loans

An adjustable-rate mortgage (ARM) has monthly payments that change during the life of the loan. With this type of loan payments are low at the start of the loan duration. While such an arrangement may seem attractive to buyers who can’t afford high initial payments, borrowers should have a plan for how to handle larger payments later on.

TD Bank recommends these loans for people who intend to sell their homes and note that borrowers can switch to fixed rates later. There are upper limits to ARM rates, which protect homeowners from dealing with costs they can’t handle.

TD Bank Jumbo Loans

Jumbo loans are a type of home loan for either purchasing or refinancing. As of 2018, jumbo loans are granted for amounts over $453,100 in the conterminous United States, yet that limit increases to $679,650 for Alaska, Guam, Hawaii, and the U.S. Virgin Islands.

These types of mortgages can have either fixed or adjustable rates and are recommended for those looking to purchase or refinance high-value homes.

TD Bank FHA Loans

The Federal Housing Administration backs loans for prospective buyers who aren’t able to afford the higher down payments associated with qualified mortgages. TD Bank lists these loans alongside its own unique, affordable loan products and offers them on 30-year fixed-rate models.

Some additional benefits of FHA loans are that up to 3.5 percent of the down payment can come from gift funds to the homeowner and that there is no first-time homebuyer education course required for approval.

TD Bank Government/VA Loans

The Department of Veterans Affairs insures loans with low or no down payments for veterans, service members, and military spouses. Another advantage of VA loans is that they typically don’t require mortgage insurance.

TD Bank suggests that military personnel check whether they are eligible for these special rates and adds that there are a number of government loans available for individuals with connections to federal work.

TD Bank Cash-Out Refinance Loans

A cash-out refinance loan is a specialized type of loan designed to replace an existing mortgage with a new, higher-value one. The difference between the current value of the mortgage and the new amount becomes available to the borrower as equity.

It’s recommended that the money from such loans be used for significant or pressing purposes such as paying off a large debt, making a major purchase or working toward another long-term financial goal.

TD Bank USDA Loans

As part of its affordable housing program lineup, TD Bank offers Rural Development Loans backed by the U.S. Department of Agriculture. USDA loans are guaranteed against default, don’t require a down payment, and are available to individuals looking to build, renovate, or purchase a home in a rural area.

TD Bank Mortgage Customer Experience

TD Bank offers several online tools to make the mortgage application process easier, including a monthly mortgage payment calculator. The calculator takes into account such factors as credit rating, property location, loan purpose, mortgage type, and down payment to predict what a homeowner can expect to pay.

Instead of linking to an online application, TD Bank connects prospective borrowers to agents via phone. The applicant can request to speak about a specific loan type and size, and tell the bank when it is most convenient to get in touch. Those who would prefer to avoid this process can also call the company’s direct phone number at 1-800-822-6761.

Prospective borrowers should be prepared to provide the following documentation when applying for a loan from TD Bank:

• Personal identification such as a passport, driver’s license, voter ID, birth certificate, divorce decree, bankruptcy record, Social Security Number or tax identification number
• Income verification such as pay stubs or Social Security income records
• W-2 forms from every employer the borrower has worked for dating back two years
• Additional income information such as IRS forms for business owners, income information from investment or retirement accounts, bank statements and rental or lease documents
• Property documentation such as sales and purchase agreements
• Proof of homeowners insurance
• Credit score

Mortgage approvals from TD Bank tend to take 30-45 days. This is on the low end compared to the average of top mortgage companies which, according to the latest Ellie Mae figures, is 44 days for all loan applications.

BBB consumer reviews for TD Bank, as tracked by the BBB in Maine where the company was founded, are largely negative. Many of these reviews focus on elements of the bank’s business, such as credit and checking accounts, but there have also been complaints regarding the mortgage process.

While some of these focus on customer service problems, others center around issues caused by technology transitions on the bank’s end. With so many of the over-100 BBB reviews coming in at 1/5 stars, the average is barely above one.

This is not uncommon for large financial services providers, yet consumers are advised to read reviews and inform themselves before opting for the services of this or any other such company.

TD Bank Lender Reputation

Founded in 1852, Toronto-Dominion Bank is a financial institution with over 160 years of industry experience. Although it has received 912 complaints through the BBB’s Maine branch, it holds an A+ BBB rating with the organization and has been accredited since 2012.

Data collected: Nov. 7, 2018

TD Bank Mortgage Qualifications

TD Bank borrower qualifications depend on the type of loan selected. The bank offers borrower-friendly loans to individuals who don’t meet the requirements for standard qualified mortgages, including VA, USDA, and FHA loans.

Government-backed loans allow individuals to use gift money as part of the down payment, provided there is a letter attesting to the fact that the funds are not a loan. Down payments range from 3 percent to 20 percent of the home value, with payments under 20 percent potentially requiring mortgage insurance.

Credit Score Requirements	Gift Funds for Down Payments	Down Payment Requirement	Required Debt-to-Income Ratio
See below	Allowed	3% and up, based on loan type	None specified

In more general terms, the bank’s mortgage calculator tool shows the institution’s perspective on the relative value of credit scores:

Credit Score	Assessment
740+	Excellent
720-739	Very Good
700-719	Good
660-699	Fair
<660	Not Specified

TD Bank Phone Number & Additional Details

• Homepage URL: https://www.td.com/
• Company Phone: 888-751-900
• Headquarters Address: 10 Great Falls Plaza, Auburn, ME, 04210-5915
• States Serviced: All 50 states plus the District of Columbia, Puerto Rico, Guam, American Samoa, and the Virgin Islands

   

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