Finance of America Mortgage Review 2022

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Finance of America Mortgage Review 2022

Finance of America Mortgage provides a range of loans for every sort of borrower whether you’re searching for a mortgage to purchase or refinance your house. In addition to FHA, VA, and USDA loans, this lender also offers conventional and jumbo mortgages. You may also apply for loan kinds that are a little more uncommon, such loans for investors, refurbishment projects, and reverse mortgages.

Although you may apply for a mortgage with Finance of America online, you’ll need to talk with a loan officer to learn more about the many types of mortgages, rates, and costs. For customers who want extra assistance throughout the mortgage application process or those with more unusual mortgage requirements, this lender could be the best option. Customers praise the organization’s loan consultants for their helpfulness, and the company consistently obtains positive internet evaluations.

Pros Explained

  • There are a lot of mortgage products available: Traditional mortgages, reverse mortgages, remodeling loans, and investment loans are all provided by Finance of America Mortgage.
  • National network of loan officers: The business has more than 1,300 advisers spread out around the nation to help local clients who need a mortgage.
  • Outstanding client service: Out of 45 lenders, Finance of America ranked sixth in Investopedia’s poll of mortgage customer satisfaction, while Zillow users gave Finance of America Mortgage 4.97 out of 5 stars. The way loan officers guide borrowers through the process and go above and above to assist them in closing their mortgages is mentioned in comments.

Cons Explained

  • Completely online mortgage applications are not possible: If you wish to apply for a mortgage, you cannot do it online. To submit your information and wait for a loan officer to contact you back, you must phone a regional office or the national call center.
  • There is no rate information on its website. Customers who wish to compare prices are unable to see sample fees, terms, and rates. To get a quotation, consumers must instead talk with a loan officer.
  • Borrowers who want to deal with a local loan officer may not always be able to locate one in their region since local branches are not always accessible. When that occurs, customers must contact the national call center to submit a mortgage application.

Although Finance of America provides several advantages, you should always consider all of your alternatives before choosing a lender. Check out our selections of the top mortgage lenders to get going.

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Types of Mortgage Loans Offered by Finance of America Mortgage

  • Traditional Loans For purchasers with excellent credit, a conventional house loan is a normal mortgage requiring a 20% down payment. 3% down payments are permitted on certain conventional loans when private mortgage insurance is purchased by the borrowers.
  • Large Loans Homes that cost more than the conforming loan limitations in the region are eligible for jumbo loans. To qualify for a jumbo mortgage, borrowers often require better credit scores, bigger down payments, and greater cash reserves.
  • FHA loans Borrowers with lower credit ratings and low to moderate income are eligible for FHA mortgages. They are the perfect financing for first-time homeowners since they need only a 3.5% down payment.
  • a VA loan. Veterans, service members, and family members who meet the requirements may apply for loans with no mortgage insurance and no down payment.
  • A USDA loan. This loan program, offered by the USDA, grants loans up to 100% of the purchase price to people buying homes in rural areas.
  • Mortgages in reverse. Seniors 62 years of age and beyond may use a reverse mortgage to access the equity in their property and take cash withdrawals or get a monthly income. While the homeowner is still residing in the house, reverse mortgages also remove mortgage payments.
  • loan for renovations. A renovation loan is for the homeowner who purchases a house that needs work or who need money to renovate an existing residence. These loans give money for both the purchase of the house and the required remodeling expenses.
  • Fix and flip loans Investors who wish to renovate a house and sell it quickly—typically within 12 to 18 months—are eligible for fix-and-flip financing. A maximum credit limit is granted for investors, after which they may submit new properties with little to no documentation.
  • Single-loan rentals. These are for investors who wish to purchase a rental property depending on the cash flow and price of the unit. Borrowers are not required to provide income documentation for these loans.
  • credit line for home equity (HELOC).Up to a predetermined loan limit, a home equity line of credit enables homeowners to access their equity as required. HELOCs impose a second lien on the property, negating the need to remortgage your primary mortgage. For HELOCs up to $499,999, a minimum credit score of 680 and a maximum debt-to-income ratio of 43% are needed.

Finance of America Mortgage Features and Benefits

  • Online application procedure in part
  • Online calculators assist borrowers in weighing their loan possibilities.
  • For borrowers, local branch offices provide a single point of contact
  • Available in all 50 states
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How to Apply for a Finance of America Mortgage Loan

When you’re prepared to apply for a mortgage from Finance of America, call the national call center at (833) 505-2117 or a loan officer in your neighborhood. These procedures should be followed if you wish to deal with a local loan officer.

  1. To locate a nearby loan officer, go to the Finance of America Mortgage website.
  2. Click search after entering your zip code.
  3. Speak to the loan officer in your area.
  4. Together with your loan officer, complete the mortgage application by supplying your financial and personal details.

Customer Service

The best course of action is to contact with your neighborhood loan officer directly if you have queries regarding your mortgage application. The closest local branch, as well as its direct phone number and operating hours, may be found on Finance of America’s website. Monday through Friday, 9 a.m. to 5 p.m., is when the majority of branch offices are open.

You may reach Finance of America Mortgage by phone at (833) 505-2117 or by email at [email protected] Additionally, the lender has an online form where you may enter your information and wait for a call or email.

Customer Satisfaction

According to internet evaluations and Investopedia’s study of mortgage borrowers, clients are happy with Finance of America Mortgage. In a poll of 1,195 mortgage borrowers, 45 lenders were questioned about their experiences, and Finance of America ranked sixth for customer satisfaction.

With more than 6,100 reviews, Finance of America’s average Zillow rating is 4.97 out of 5 stars. Recent reviews claim that their mortgages completed on schedule with the anticipated interest rates and closing charges. Comments emphasize how kind, considerate, and informed the company’s loan officers were.

Account Management

Not all of the loans that Finance of America generates are serviced. The servicing rights to your loan may be transferred to another business once it has been financed. This indicates that a distinct business receives all payments.

Your loan servicer will send you a monthly mortgage statement, but you can also obtain them on the Finance of America Mortgage loan servicing website. Using this tool, you may find your servicer and create an online account to pay bills, see account history, and use other services.

You may access your account online or via its mobile applications if Finance of America Servicing is handling the servicing of your home loan (Apple, Google Play).

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Alternative Choices

Obtaining many estimates can help you identify the best mortgage rates and conditions before completing your application. To discuss your case and acquire a quotation you can compare with other lenders, we advise getting in touch with the top mortgage providers. A comparison of a few different lenders, the loan kinds they provide, and how they vary may be seen in the graph below.

Loan Types OfferedSpecial Features
Finance of America MortgageConventional, Jumbo, VA, FHA, USDAOffers reverse mortgages for homeowners 62 and older
Caliber MortgageConventional, Jumbo, VA, FHA, USDASpecial loan programs for self-employed, bad credit, and investors
Citi MortgageConventional, Jumbo, VA, FHAFull-service banking products for customers
Primary Residential MortgageConventional, Jumbo, VA, FHA, USDAOffers renovation, investment property, and construction loans

Almost every sort of borrower may find a loan option that suits their requirements at Finance of America Mortgage. They can help you find a mortgage for your investment property, a government-backed loan, or a standard mortgage. Although you may begin the application process online, you’ll need to speak with a loan representative to learn about interest rates and other costs.

Customers like interacting with the company’s loan officers despite the lack of transparency on rates and costs. Positive comments abound in the web evaluations, and the average Zillow rating is close to a flawless 5-star rating. The drawback is that your debt can be sold to another business. If that occurs, you’ll pay your monthly bills to a different business that isn’t mentioned in advance. For some borrowers who don’t enjoy uncertainty, this can be a deal-breaker.

How We Review Mortgage Lenders

Investopedia is committed to provide customers objective, in-depth assessments of mortgage lenders. With the help of approximately 1,500 data points, we evaluated 45 mortgage lenders and learned the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

In order to find out which characteristics clients think are most important and how pleased they are with different lenders, we also polled 1,195 mortgage borrowers. To aid readers in making wise judgments regarding house loans, mortgage lenders were objectively appraised in the aforementioned areas.

Read more in our full mortgage lender review methodology.

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