If you’re looking for a mortgage to buy or refinance your home, Finance of America Mortgage offers a variety of loans for every type of borrower. This lender has conventional and jumbo mortgages, as well as government backed loans like FHA, VA, and USDA. You can also apply for more unusual types of loans, such as reverse mortgages, renovation loans, and investor loans.
Although you can apply for a mortgage online with Finance of America, you will need to speak with a loan officer to discuss mortgage products, rates and fees. This lender may be best for borrowers who need more support throughout the mortgage process or those with more exotic mortgage needs. The company receives high ratings in its online reviews and customers rave about the helpfulness of its loan advisors.
The benefits explained
- Many mortgage products are available: Finance of America Mortgage offers traditional mortgages, reverse mortgages, home improvement loans and investor loans.
- National Network of Loan Officers: The company has more than 1,300 advisers across the country to provide local support to customers in need of a mortgage.
- Excellent customer service experience: Finance of America ranked sixth in Investopedia’s Mortgage Customer Satisfaction Survey (out of 45 lenders), and customers rate Finance of America Mortgage 4.97 out of five stars on Zillow. Comments talk about how loan officers guide borrowers through the process and go above and beyond to help them close their mortgages.
- Unable to apply for a mortgage entirely online: If you want to apply for a mortgage, you cannot apply online. You must call a local office or the national call center, or you can submit your information and wait for a loan officer to call you back.
- Pricing information is not available on its website: Customers who want to search for fares cannot see sample fares, fees and conditions. Instead, they must speak with a loan officer to receive a quote.
- Local branches are not available in all regions: Borrowers who want to work with a local loan officer may not always find one in their area. When this happens, they must work with the national call center to apply for a mortgage.
Finance of America has a lot to offer, but you should always explore your options before committing to a lender. Take a look at our picks for the best mortgage lenders to start.
Types of mortgages offered by Finance of America Mortgage
- Conventional loans. A conventional home loan is a standard mortgage with a 20% down payment for buyers with good credit. Some conventional loans allow down payments as low as 3% when borrowers pay for private mortgage insurance.
- Jumbo Loans. Jumbo loans are for homes that cost more than the conforming loan limits for the local area. Borrowers generally need higher credit scores, larger down payments and more cash reserves to qualify for a jumbo mortgage.
- FHA Loans. FHA mortgages are for borrowers with lower credit scores and low to moderate incomes. Down payments as low as 3.5% make this an ideal loan for first-time home buyers.
- VA Loans. Qualified veterans, active duty, and family members have access to 0% loans with no mortgage insurance required.
- USDA Loans. The USDA offers this loan program to buyers of rural homes; it offers loans up to 100% of the purchase price.
- Reverse mortgages. Seniors 62 and older can unlock their home equity to withdraw cash or receive monthly income with a reverse mortgage. Reverse mortgages also eliminate mortgage payments while the homeowner lives in the home.
- Renovation loans. A renovation loan is for the buyer who is buying a property that needs repair or who needs money to update a home they already own. These loans provide funds to purchase the home and pay for necessary renovation costs.
- Fix & Flip Loans. Fix & Flip mortgages are for investors who want to fix a property and sell it quickly, usually within 12-18 months. Investors are approved for a maximum credit limit and can then submit new properties with very little paperwork.
- Single rental loans. These are for investors who want to buy a rental property based on cash flow and unit value. These loans do not require the borrower to provide proof of income.
- Home Equity Line of Credit (HELOC). A home equity line of credit allows homeowners to tap into their equity, as needed, up to a specified credit limit. HELOCs place a second lien against the home that avoids having to refinance your first mortgage. A minimum credit score of 680 with a maximum debt ratio of 43% is required for HELOCs up to $499,999.
Features and Benefits of Finance of America Mortgages
- Partially online application process
- Website calculators help borrowers evaluate loan options
- Local branches provide borrowers with a single point of contact
- Available in all 50 states
How to Apply for a Finance of America Mortgage
When you’re ready to apply for a mortgage with Finance of America, you can contact a local loan officer or the national call center at (833) 505-2117. If you want to work with a local loan officer, follow these steps.
- Visit the Finance of America Mortgage website to find a local loan officer.
- Enter your zip code and click search.
- Contact your local loan officer.
- Work with your loan officer, providing your personal and financial information to complete the mortgage application.
If you have questions about your mortgage application, the best approach is to speak directly with your local loan officer. You can find the nearest local branch on the Finance of America website, along with its direct phone number and hours of operation. Most branches are open Monday through Friday, 9 a.m. to 5 p.m.
You can call the National Call Center at (833) 505-2117 or email Finance of America Mortgage at [email protected]. The lender also provides an online form where you can submit your information and receive a call or email later.
According to Investopedia’s survey of mortgage borrowers and online reviews, customers have a positive experience with Finance of America Mortgage. The survey asked 1,195 mortgage customers about their experience with 45 lenders, and Finance of America came in sixth place for customer satisfaction.
Average US finances Zillow the score is 4.97 out of five stars with over 6,100 reviews recorded. Recent reviewers report that their mortgages closed on time with interest rates and closing costs as expected. Feedback highlights how helpful, kind, and knowledgeable the company’s loan officers were.
Finance of America does not service all of the loans it makes. Once your loan is funded, the management rights can be sold to another company. This means that all payments are made to a different company.
You will receive a monthly mortgage statement from your loan manager, but you can also find your manager through Finance of America Mortgage. loan management page. After locating your repairer with this tool, you can create an online account to make payments, view your account history, and access other features.
If Finance of America Servicing is servicing your mortgage, you can view your account online or through its mobile apps (Apple,Google.com/store/apps/details?id=com.servicemac.servicing.foa&hl=en_US&gl=US” data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”2″ rel=”sponsored nofollow”> Google play).
Before submitting your application, it is wise to obtain several quotes to find the best possible mortgage rates and terms. We suggest contacting the best mortgage lenders to discuss your situation and get a quote that you can compare with other lenders. Below is a chart that compares a few different lenders, the types of loans they offer, and what sets them apart.
|Types of loans offered||Special Features|
|Finance of America Mortgage||Conventional, Jumbo, VA, FHA, USDA||Offers reverse mortgages for homeowners aged 62 and over|
|Mortgage Caliber||Conventional, Jumbo, VA, FHA, USDA||Special loan programs for the self-employed, bad credit and investors|
|Citi Mortgage||Conventional, Jumbo, VA, FHA||Full-service banking products for customers|
|Primary Residential Mortgage||Conventional, Jumbo, VA, FHA, USDA||Offers loans for renovation, real estate investment and construction|
Finance of America Mortgage offers loan products that meet the needs of almost all types of borrowers. Whether you are looking for a conventional mortgage, a government guaranteed loan or a mortgage for your investment property, they have you covered. You can start the application process online, but you must work with a loan officer to obtain information on interest rates and fees.
Although the rates and fees are not transparent, customers enjoy working with the company’s loan officers. Online reviews are filled with positive feedback, and Zillow’s average rating is almost a perfect 5-star score. On the other hand, your loan can be sold to another company. If this happens, you will make your monthly payments to another company that is not disclosed up front. This can be a dealbreaker for some borrowers who dislike uncertainty.
How We Review Mortgage Lenders
Investopedia is dedicated to providing consumers with comprehensive and unbiased reviews of mortgage lenders. We assessed 45 mortgage lenders and collected nearly 1,500 data points, including information on the following:
- Quality of service (customer experience, online applications, benefits/grants, etc.)
- Operational characteristics (state licensing coverage, number of loan officers, etc.)
- Types of loans offered (fixed rate, FHA, USDA, etc.)
- Accessibility (days before closing, minimum debt ratio, etc.)
We also conducted a survey of 1,195 mortgage borrowers to learn more about the most important characteristics from the customer’s perspective and customer satisfaction with different lenders. Mortgage lenders have been objectively rated in the categories above to help readers make informed home loan decisions.
Find out more in our comprehensive mortgage lender review methodology.