Finance of America Mortgage Review 2022

Finance of America allows you to apply online for a home loan, but you’ll need to talk to a lender to learn about mortgage rates, fees, and products. The lender is best for those who require more assistance during the entire mortgage process, or have more complex mortgage requirements. Customers praise the company’s loan advisors for their helpfulness and give it high marks in online reviews.

Benefits of a healthy lifestyle

• Finance of America Mortgage has a wide range of mortgage products. These include traditional mortgages as well as reverse mortgages and home improvement loans.
• National Network of Loan Officers The company employs more than 1300 loan officers across the nation to offer local assistance to clients in need of mortgages.
• Outstanding customer service experience Finance of America Mortgage ranked 6th in Investopedia’s Mortgage Customer Satisfaction Survey out of 45 lenders, and Zillow customers give Finance of America Mortgage a rating of 4.97 stars. Commenters mention how the loan officers help borrowers navigate through the mortgage process, and even go beyond that to close it.

Disadvantages explained

• You cannot complete a loan application online. Call a local branch or the call center or submit your details and you will be contacted by a loan officer.
• There is no pricing information on the website. Customers looking for sample prices, fees, and terms cannot view them. To receive a quotation, customers must instead speak to a loan officer.
• Not all areas have local branches. Borrowers may find it difficult to locate a loan officer in their region. In this case, they will need to work with a national call center in order to obtain a mortgage.

Finance of America Mortgage offers a variety of mortgages

• Conventional Loans. The conventional mortgage is the standard home loan with 20% down for those with excellent credit. Some conventional home loans have down payments of as little as 3% if the borrower pays for private mortgage coverage.
• Jumbo Loans. The Jumbo loan is for houses that are more expensive than conforming loans for the area. To qualify for a Jumbo Mortgage, borrowers need to have higher credit scores and larger cash reserves.
• FHA loans. FHA loans are available to borrowers who have lower credit scores or low-to-moderate income. This loan is ideal for first time homebuyers because it requires only a 3.5% down payment.
• VA loans. Veterans, active military personnel, and their families are eligible for 0% interest loans. No mortgage insurance is required.
• USDA loans. This loan program is offered by the USDA to rural home buyers. It offers up to 100 percent of purchase price.
• Reverse Mortgages. Reverse mortgages allow seniors 62 years and older to unlock the equity in their homes, allowing them to receive cash payments or monthly income. The homeowner can also stop making mortgage payments if they have a reverse mortgage.
• Renovation Loans. The renovation loan can be used by a buyer to upgrade a house they own or buy a home that requires repairs. The loan provides funds for the purchase of the property and to pay renovation costs.
• Loans for Fix and Flip. Investors who are looking to flip a house quickly can use Fix and Flip mortgages. Investors can apply for the maximum amount of credit and then present new properties.
• One-time rental loan. Investors who are looking to purchase a rental home based on the cash flow or unit value can use these loans. The borrower does not have to prove their income for these loans.
• Home Equity Line of Credit. Home equity lines of credit allow homeowners to access their equity as they need it, up to the credit limit. HELOCs create a second mortgage on the property, which avoids you having to refinance. HELOCs of up to $499 999 require a minimum credit score 680 and a maximum ratio of debt of 43%.

Finance of America Mortgages: Features and Benefits

• Online application is only part of the process
• Calculators on the web help consumers evaluate their loan options
• Local branches offer borrowers a single contact point
• All 50 States Offer This Service

What is the application process for Finance of America mortgages?

If you are ready to apply for an mortgage through Finance of America you can call a local agent or call the National Call Center at (833)505-2117. Follow these steps if you’d like to contact a local lender.

1. Find a local lender by visiting the Finance of America Mortgage site.
2. Click on search and enter your zip code.
3. Call your local loan officer.
4. Complete the application with your lender, providing all your financial and personal information.

Customer service

You can speak to your local loan officer if you have any questions regarding your mortgage application. Find the closest local branch, including its phone number and operating hours on the Finance of America site. The majority of branches are available Monday to Friday from 9 am to 5 pm.

You can call the National Call Center at (833) 505-2117 or email Finance of America Mortgage at customerrelations@financeofamerica.com. You can also submit information online and then receive a phone call or an email from the lender.

Customer satisfaction

According to Investopedia’s survey of online reviews and mortgage borrowers, Finance of America Mortgage customers are happy with their experience. In the survey, 1,195 customers were asked about their experiences with 45 mortgage lenders. Finance of America ranked sixth for customer satisfaction.

The average US finance Zillow score is 4,97 stars out of 5 with more than 6,100 reviews. Recent reviews indicate that mortgages were closed as scheduled, with rates and costs matching expectations. The feedback highlights the helpfulness, kindness, and knowledge of company loan officers.

Account Management

Finance of America doesn’t service every loan it gives. After your loan has been funded, you can sell the management rights to another company. All payments will be made to another company.

Your loan manager will send you a mortgage statement each month. You can find out who your manager is by visiting Finance of America Mortgage. Loan management page. You can use this tool to locate your local repairman and create an account online. This allows you to view account history, make payments, or access additional features.

You can access your account via the Finance of America Servicing mobile app or online if Finance of America Servicing services your mortgage.

Alternatives

It is a good idea to get several quotes before submitting your mortgage application to ensure you are getting the most competitive rates and conditions. Contact the top mortgage lenders and discuss your circumstances. Get a quote you can compare to other lenders. The chart below compares different mortgage lenders and the loans that they provide.