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

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FBC Mortgage

One of the most popular direct mortgage lenders available is FBC Mortgage. With high customer satisfaction scores and a broad range of loan products to choose from, many home buyers are turning to them for their financing needs. Our article is going to serve as an extensive review of the company that will focus on several key performance areas.

FBC Mortgage – Details and Overview

Headquartered in Orlando, Florida, FBC Mortgage currently employs over 800 employees and is licensed to work in 41 different states. They currently maintain a network of 81 different branch locations and do a large portion of their business online. To find out if there is a local office near you, simply check out their agent locator tool and do a search with your zip code.

FBC Mortgage – Loan Process Explained

Evaluating Your Loan Options

The first step in the FBC Mortgage loan process is to evaluate the loan options that they currently offer. One of the best things about this mortgage provider is that they participate in a wide range of loan programs.

One of their most popular loan types is FHA mortgages. These loans are designed primarily for homebuyers who are looking to purchase their very first home. They feature more flexible credit terms and generally have a much smaller down payment requirement. However, be prepared to make payments each month known as PMI. These payments are designed to help mitigate the extra risk the lender takes for issuing a loan with a smaller down payment.

If you want to avoid PMI all together, there are two other popular loan programs to consider. The first is VA mortgages. These loans are designed for qualifying military personnel and their immediate families. Featuring attractive interest rates and flexible payment terms, these loans can allow you to purchase a home with no down payment. In addition, they have no PMI.

Rural Housing Loans, otherwise known as USDA mortgages, are the second loan program type that doesn’t require PMI. Just like VA loans, these mortgages can allow you to purchase a home with no down payment. Both VA loans and USDA loans charge a one-time funding fee when the loan closes instead.

FBC mortgage also offers traditional mortgage types. Their loans come in both fixed and adjustable rate versions. Take your time finding the loan that best suits your needs before proceeding to the next step.

Starting Your Pre-Approval

Now that you have familiarized yourself with the loan offerings that FBC mortgage has, you’re ready to start the pre-approval process. Users who prefer to speak directly with a loan officer can contact FBC directly by calling 1-866-413-2563. Many times, they can direct you to a loan officer that is located close to you.

However, the most efficient way to complete your application is online. You can do this by visiting their online application portal. Once there, you will have to supply some basic information and create an online account.

You will be expected to sign your disclosures online and to submit copies of your financial documents as well. Some of the things that you will need to provide include two years of tax completed tax returns, recent pay stubs that show your earnings for the previous month, and your bank statements for your checking and savings accounts.

Once all this is received, your loan officer will give you an estimate of how much the company is willing to lend you for a home purchase. Just keep in mind that this number is not a final number and is only intended to give you a rough estimate of how much home you can likely afford.

Once you are done, you will receive your prequalification letter to present to your real estate agent. They will use the information in it to help you find a home to make an offer on.

Making an Offer and Underwriting

You should now be at the point where you can make an offer on a property that you are interested in. If the seller accepts, you will enter a tentative agreement with them where your mortgage company will begin the underwriting process.

During the underwriting process, you will be asked to complete a wide range of tasks. Some examples include ordering an appraisal on the property, a potential home inspection, as well as getting quotes on insurance for the property.

FBC will also ask you for updated financial documents as well. It’s extremely important that you carefully monitor your debt load and avoid opening new lines of credit during this stage. Any dip in your credit score or change in your financial status could negatively impact your approval chance.

If everything checks out and meets the specific requirements for your given loan program, you should move onto the closing stage.

Wrapping Up With Closing

Wrapping up with closing is the final stage of the FBC loan process. This typically takes anywhere from one to two weeks after the initial offer was made. In instances where an issue was found with the property, it can sometimes take longer.

During closing, you will meet with a specialized agent who will review various financial agreements with you. It’s important that you pay careful attention to specific details like your rate information, loan term, and first payment date.

Once you are done signing the agreements, you receive your keys and the property is now officially yours. You will also receive a payment slip that contains your account information that is used to sign up for online account access.

It’s strongly encouraged that you complete this step. Online account access allows users to quickly and easily set up online payments, view important disclosures, and print documents as needed.

PROs and CONs of FBC Mortgage

Pros

  • Offers numerous loan program types
  • The application process can be completed online or via telephone
  • Offers a wide range of free tools and calculators for new users

Cons

  • Not all states are supported
  • No rate information is available via online

FBC Mortgage Customer Service Review

For the most part, FBC customers seem satisfied with the level of service that they receive from the company. In addition, the company has maintained its accreditation with the Better Business Bureau since 2011 and currently maintains an A+ rating.

Contact Information

Summing Up

We feel that FBC Mortgage remains an excellent choice for most consumers. With the wide range of educational resources that they offer their clients and the multitude of mortgage types to choose from, you should have no issues finding the perfect mortgage to fit your needs. If you have already had the chance to try FBC Mortgage, feel free to tell us about your experience in the comments area.

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