Greentree Mortgage Review: Pros, Cons, Rates, What to Expect

0
399
greentree mortgage company logo with lp number

There are a variety of factors you should carefully consider before deciding on a potential mortgage company. Some of the things you should think about are their financial strength, customer service availability, and the areas they serve. This article is going to serve as a review of Greentree Mortgage that will cover these factors and more.

Greentree Mortgage – Details and Overview

Greentree Mortgage initially opened in 1992 and has its headquarters in Southern New Jersey. With over 20 years of experience in the mortgage market, they currently have an A+ rating with the Better Business Bureau and have maintained their accreditation with them since 2005. Greentree Mortgage currently originates mortgages in five different states across the United States. The states that they currently work in are Florida, Pennsylvania, New Jersey, Delaware, and Connecticut. They offer a total of six different loan types that we will discuss further below.

Greentree Mortgage Loan Process Explained

Learn about Loan Program Types

real estate in district highland park, los angeles

Greentree Mortgage currently offers six different loan program types for purchasing or refinancing your existing homes. The most common type of mortgages goes by the name of conventional mortgage on their website.

This type of loans generally caps the purchase price for new properties at approximately $417,000. They are intended for borrowers who have decent credit scores and have likely already purchased a home in the past. These loans come at fixed rate, adjustable rate, and interest-only options.

The second loan type that they have is the FHA loan. These services are intended for first-time home buyers. They have much more flexible credit requirements than other programs. The down payment for this type of loans is often substantially lower as well with amounts as low as 3.5 percent. This offer offers mainly fixed rate and adjustable rate only.

For military service personnel and their families, the VA loan program is likely your best choice. They have no down payment requirements. They also don’t require private mortgage insurance. Instead, they are backed by a funding fee that is paid the moment the loan is originated. This loan type can be either fixed or adjustable.

USDA loans are another option that Greentree Mortgage offers. This special loan type requires no down payment. It doesn’t have PMI either. Instead, they charge a lump sum funding fee when you close on the house. To qualify for this program, the property must be located in a specially designated area. These loans come with only fixed rate options.

The last two specialty loan programs that Greentree Mortgage offers are jumbo mortgages and reverse mortgages. Jumbo mortgages are meant for expensive properties that exceed traditional financing caps. Reverse mortgages are created for existing homeowners as a way to tap into their existing equity.

Preparing for Prequalification

black and white start line in a race track

Now that you have an understanding of the different types of loans that Greentree Mortgage offers, you’re ready to move onto the prequalification stage. This part is meant to get you ready to start working with a mortgage broker. It’s also a great way to help get a rough idea of how much how you can likely afford.

First and foremost, you will need to gather your financial documents. This includes things like your bank statements, paycheck stubs, and prior year tax returns. Once you obtain all these forms, you should also consult with your human resources representative at your workplace. Be sure to ask them for the appropriate contact information of where you should send verification of employment.

Once you have completed those steps, you should do a quick check of your own credit report. The three credit bureaus that most financial companies use are TransUnion, Equifax, and Experian. You can request a copy of your own credit report from all three bureaus once a year. When you receive your copy, check it over for any potential reporting errors and resolve them before proceeding further.

You should now have all the required information you need to get your prequalification done. Greentree Mortgage has an online application form. It contains all the essential information to have the company process your request. Alternatively, you can contact them directly at 1-856-596-8858 to speak with a mortgage broker directly.

Moving onto Closing

When you find a home you’re interested in with a seller that has accepted your offer, you are ready to move onto the closing stage with your mortgage company. This part of the process requires another check of your credit history, updated financial documentation, and a fresh verification of employment.

There are also other necessary steps like an appraisal, shopping around for insurance, and estimating the potential tax liability. These steps are useful to calculate what your initial escrow deposit requirement is for the loan. It will also make sure the property meets specific loan program criteria.

You can expect that the closing process can take anywhere from two to four weeks. It’s important that you do not increase your balance on things like credit cards and other consumer loans during this process. This way, you avoid the risk of derailing your mortgage approval. If things go well, you should close successfully and receive information related to where you should send your first payment.

However, while Greentree Mortgage does have an online account sign up page, it’s not clear what type of payment options that they give to new customers. According to their website, it is likely that the loan switches to another company to service it after funding. This is why you should pay careful attention to your mail after closing. Stay on the lookout for payment information from the lender.

PROs and CONs of Greentree Mortgage

table of pros and cons with mathematical symbols of minus and plus on a green board

Pros

  • Variety of different loan programs to choose from.
  • You’re able to complete the prequalification online using a secure form.
  • They answer questions via telephone and email.

Cons

  • Their website lacks verifiable rates.
  • No online payment methods are currently available.
  • Their website lacks a mortgage broker search tool.

Greentree Mortgage Customer Service Review

Greentree Mortgage is available via telephone and email to assist with a variety of customer inquiries. They are open from 8:30 am to 5 pm EST from Monday to Friday. While the lack of extended hours and weekend availability is a bit of a downside, they do a great job assisting their customers in a timely fashion.

Contact Information

Final Word

Greentree Mortgage obtained license for its quality practices. The company has maintained a positive rating with the BBB for many years. On top of that, they offer a variety of different loan types and have multiple contact methods available for new clients.

In conclusion, all these features make them a solid choice for people who are in the market to buy a new home. If you have experience with Greentree Mortgage, tell us about it in the comments section.

Image source: 1, 2, 3, 4

LEAVE A REPLY

Please enter your comment!
Please enter your name here