![]() PNC also offers a full digital pre-approval application, where borrowers may apply online and receive approval in a matter of minutes. It also connects unique budgets, real-time rates and loan products with a real estate listings search to help prospective home buyers better understand how much house they can afford. Home Insight combines a home affordability analysis, a monthly payment estimator that accounts for insurance and taxes and the ability to search for available home listings. In addition, the customer can invite real estate agents into the process to monitor progress. It also allows customers who have applied for a loan to follow along with the approval process and upload supporting documents. PNC also offers an innovative online experience called Home Insight, which provides a deep dive into the homebuying process, enabling customers to determine the mortgage payment they can afford and start shopping for homes with real-time rate quotes and loan products. PNC Bank operates in all 50 states and provides a wide range of mortgage products, including specialty loans for low- and moderate-income borrowers. Guaranteed Rate doesn’t offer home equity loans or home equity lines of credit. Its product line includes fixed and adjustable-rate mortgages (ARMs), conventional and jumbo mortgages, FHA, USDA and VA loans, as well as interest-only mortgages. Guaranteed Rate offers both mortgages for buyers and refinancers. The minimum requirements for each program are: The lender offers loan options for buyers with credit scores as low as 600. Guaranteed Rate minimum credit score requirements differ depending on the mortgage. Preapproval times are not as fast as other lenders, with a one- to two-day turnaround on preapproval letters. Customer support is available by phone Monday–Friday, 8:30 a.m.–7:30 p.m. Their paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.īorrowers can apply online or in person at one of their locations. Guaranteed Rate offers both branch locations and online access to borrowers who want to apply for a mortgage. and has more than 300 branches nationwide. ![]() Guaranteed Rate is available online everywhere in the U.S. For example, the minimum FICO requirement for a conforming mortgage and USDA loan is 620 and just 600 for FHA and VA mortgages. For first-time borrowers or folks with less than perfect credit scores, minimum requirements are lower than average. If you’re a VA borrower (or refinancing a VA mortgage), Guaranteed Rate waives all loan fees. This can be helpful for first-time borrowers who might not have an established credit history. The minimum credit score on VA and FHA loans is lower than average, requiring just a 600 FICO. Borrowers can also get a preapproval letter within 24 to 48 hours and they can get prequalified online within 15 minutes. Mortgage borrowers can count on average fees and competitive interest rates, tracking just below the national average. The lender’s average closing time is 32 days, which is 10 days faster than the industry average.īetter requires a minimum credit score of 620.īettter offers fixed- and adjustable-rate conventional and jumbo mortgages (ARMs), FHA loans and bridge loans. If you must provide proof of self-employment income, monetary gifts or additional assets, the preapproval time might be longer. ET.īetter’s mortgage preapproval time takes less than 20 minutes for borrowers who are not required to supply additional information. Customer support hours, including for email, phone and online chat, are Monday through Friday, 9 a.m. For people who like automation, this is where Better shines.īecause there are no in-person locations, customers will have to rely on email and phone correspondence with loan professionals. In fact, in 2016 Better funded its first loan without a single phone call. except Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont and Virginia. This equates to a savings of $19,000, on average, over the life of a loan.īetter is available everywhere in the U.S. According to Better, the commission-free business model saves approximately 1% of the loan amount. The lender also has developed technology to automatically look for discounts customers might be eligible for, without any extra effort or cost on the borrower’s part.īetter doesn’t charge commission or lender fees-that includes application, underwriting and origination fees. Preapproval time is quite fast-applicants can expect to get a rate quote and preapproval in about 20 minutes. It’s completely digital, so you can apply and close from anywhere in the world. Better delivers convenience in many ways.
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