SWBC Mortgage Review 2022

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SWBC Mortgage Review 2022

In addition to conventional, FHA, VA, USDA, and Jumbo loans—both conforming and nonconforming—SWBC, which stands for Southwest Business Corporation, also provides refinancing. To be eligible for a conventional loan, applicants typically need to have a minimum credit score of 600 and a maximum debt-to-income ratio of 50%. However, certain government-backed mortgages could have different criteria.

Many lenders may make it difficult for borrowers with acceptable credit ratings to qualify, but SWBC may be a suitable option because of its comparatively lax standards.

Pros Explained

  • Fair credit loans: SWBC provides mortgages to borrowers with credit ratings as low as 600.
  • a variety of loans are offered: SWBC provides the majority of loan types, such as FHA, VA, and USDA loans, with the exception of interest-only loans.
  • Rapid loan closing: According to the mortgage provider, loans may be closed in as little as 21 days.
  • Applications are available both in person and online. Applicants have the option of meeting with a loan officer in person or completing the whole procedure online.

It doesn’t always follow that your mortgage will close in 21 days just because the lender claims that’s how long it typically takes. The amount of time it takes to close depends on a variety of variables, including how quickly you provide the necessary data and paperwork.

Cons Explained

  • Connecticut, Hawaii, Massachusetts, New Hampshire, New York, North Dakota, Rhode Island, South Dakota, Vermont, and Wyoming are the only states where SWBC is not provided on a national level.
  • There isn’t much information on the SWBC website about rates and terms, so you’ll need to talk to a loan officer in your region to see what you could be eligible for.
  • There are no first-time homebuyer perks offered: Popular homebuyer programs like HomeReady and HomePossible are inaccessible to applicants.

Types of Mortgage Loans Offered by SWBC

SWB offers the following types of mortgage loans:

  • Conventional loan: To be eligible, borrowers must have a minimum credit score of 600, a debt-to-income (DTI) ratio that is not more than 50%, and a down payment of at least 2%. SWBC charges a $1,095 fixed origination fee, excluding additional closing expenses.
  • FHA loan: SWBC only discloses the minimum down payment requirement of 3.5% and does not specify the minimum credit score or maximum DTI.
  • VA loans have no minimum credit standards and don’t require applicants to make a down payment.
  • No down payment is necessary for a USDA loan; speak with a loan officer in your area for additional information and to see if you qualify.
  • Jumbo loan: SWBC provides jumbo loans up to $3 million; the lender mandates that applicants make a minimum 10% down payment and have a maximum DTI of 43%.
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Check out the products that other lenders have to offer. For additional possibilities, see our list of the top mortgage lenders.

SWBC Features and Benefits

SWBC offers the following features for borrowers:

  • Self-employed borrowers have alternatives: It might be challenging for self-employed people to qualify for a loan on their own, but SWBC provides lending options to assist them do so. For further information, speak to a loan officer.
  • Available pre-qualification or pre-approval You may demonstrate to sellers that you are a more serious home buyer by learning what rates and conditions you could be eligible for.
  • Fully online application procedure: To provide a smooth application process, SWBC employs an application called Blend where applicants may apply and submit required paperwork online.

How to Apply for an SWBC Loan

Following are the steps to take if you want to apply for a mortgage with SWBC:

  1. Go to the SWBC website and choose “Apply Now” from the menu at the top of the page.
  2. To create an account, enter your email address and a password.
  3. You’ll be asked to provide personal information such your name, financial situation, source of income, and address.
  4. Answer questions about your demographics and citizenship status, make any disclosures, and submit other information.
  5. Once you submit the application, a loan representative will get in touch with you to discuss the next steps, which may involve submitting the necessary paperwork.

If you’re interested in learning more about pre-approval for a mortgage or aren’t ready to submit an application, visit the SWBC website and use the “Find a Pro” feature to look for a loan officer. From there, you may see a list of authorized offers along with names and contact details.

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Customer Service

Depending on whether you are a current client or not, SWBC provides a variety of ways to get in touch with them. If you have questions concerning loans, you may reach SWBC by using the internet to send a message or by looking for a local loan officer; each officer will have their own office hours.

You may either phone your loan officer if you’re a current client or have an application pending, or you can sign in to your online account and send a secure message.

Customer Satisfaction

Customers’ opinions of SWBC seem to be divided, with the majority of complaints relating to the applicants’ experiences with customer service. The lender is also the subject of three regulatory proceedings, the most recent of which related to interest charges in 2019.

However, SWBC placed an amazing sixth out of 45 mortgage lenders in Investopedia’s study of 1,195 mortgage clients for customer satisfaction.

Account Management

Customers have the option of receiving printed statements and making payments online or by cheque. Customers may also manage their accounts with SWBC through a safe online interface.

Alternative Choices

In addition to SWBC, the following lenders may be worth your consideration.

SWBCLoanDepotFairway Mortgage
Minimum Credit Score600 (conventional)500 (FHA loans); others not disclosed620 (conventional)
Maximum DTI50%43%47%
First-Time Homebuyer ProgramsNoNot disclosedYes
RatesNot disclosedNot disclosedNot disclosed
Fees$1,095 closing feeNot disclosedNot disclosed
Types of LoansConventional, VA, FHA, VA, USDA, Jumbo, RefinanceConventional, VA, FHA, Jumbo, RefinanceConventional, VA, FHA, VA, USDA, Jumbo, Refinance
Average Time to Closing21 daysNot disclosed30–45 days
Availability40 statesNationwideNationwide

It is sense to look around for the home loan that best suits your requirements. When evaluating lenders, you should consider the following factors:

  • APR: Because it takes into account both the interest rates and fees you’ll be paying, the APR, or annual percentage rate, is a handy tool to evaluate the cost of borrowing.
  • Benefits for first-time home buyers: Some mortgage lenders provide HomeReady programs that allow first-time home buyers to qualify with a smaller down payment.
  • Find a lender with down payment standards you can meet since various lenders may have varying minimum down payment amounts.
  • Discounts: Lenders may provide discounts, such as mortgage points, which are normally 1% of the loan amount and are used to reduce interest rates by a fraction of a percentage point.
  • Loan terms: Lenders may be able to accommodate your preferred term based on your demands; nevertheless, the majority of them only provide 30- and 15-year mortgages.
  • Penalties: Even though the majority of lenders don’t impose prepayment fees, it’s still important to find out whether you’ll be penalized for paying off your mortgage more quickly.
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Final Verdict

SWBC is an excellent option for those with fair credit who do not have a lot of money to put down a sizable deposit. Most customers might obtain the ideal loan with this company given the diversity of loan alternatives offered. Additionally, collaborating with a committed loan officer—whether in person or online—can make the application process easier and less daunting.

But individuals who don’t live in a state where SWBC is authorized are out of luck. Additionally, certain SWBC programs may not be available to first-time homeowners. It’s difficult to determine if their rates are reasonable compared to those offered by other mortgage lenders because they aren’t easily visible on their website until you go through the pre-qualification procedure.

Take a look at our selections for the top mortgage lenders right now whether you’re a first-time home buyer or you reside in one of the states that SWBC doesn’t serve.

Methodology: How We Review the Best 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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