Angel Oak Mortgage Solutions Review

Angel Oak Mortgage Solutions Ratings at a Glance

Angel Oak Mortgage Solutions excels in offering a diverse lineup of loan products tailored for borrowers with unique financial circumstances. Here's a quick look at what they offer:

• Bank Statement Home Loan: Ideal for self-employed borrowers or those with irregular income, this loan uses bank statements instead of tax returns to verify income.
• Investor Cash Flow Loan: Designed for real estate investors, this loan allows you to qualify based on the cash flow of the investment property rather than personal income.
• Jumbo Loans: For borrowers in high-cost areas, Angel Oak offers jumbo loans that exceed conventional loan limits.
• Portfolio Select Loan: Tailored for borrowers with recent credit events, like a foreclosure or bankruptcy, offering quicker access to mortgage financing.
• Asset Qualifier Loan: Perfect for individuals with significant assets but limited liquid income, this loan focuses on your asset portfolio rather than traditional income.
• Foreign National Loan: Available for non-U.S. citizens looking to purchase or refinance property in the United States, with qualification based on property cash flow.
• ITIN Loan: For borrowers without a Social Security number, this loan is available for those with an Individual Taxpayer Identification Number (ITIN).

Angel Oak's product variety and flexible qualification criteria make it a strong contender for borrowers who don’t fit into the traditional mortgage mold.

Applying for a mortgage with Angel Oak is straightforward, particularly if you're familiar with non-QM loans. The process begins with an online application, where you can explore pre-qualification options. Depending on your chosen loan product, you may need to provide alternative documentation like bank statements, asset statements, or proof of property cash flow instead of standard W-2s or tax returns.

Angel Oak’s loan officers are available to guide you through the process, ensuring you understand the qualification requirements. While the online application is easy to navigate, the non-traditional nature of these loans means the process may involve more back-and-forth compared to a conventional mortgage.

Because Angel Oak specializes in non-traditional mortgage products, their interest rates are generally higher than those for conventional loans. Rates vary depending on the loan type, borrower profile, and the level of risk involved. Common fees include:

• Origination Fees: Typically ranges from 1% to 3% of the loan amount, depending on the product.
• Closing Costs: Vary based on location and loan type.
• Prepayment Penalties: Some loans, particularly those for investors, may include penalties for early payoff.

While the rates are on the higher side, the flexibility in qualification makes Angel Oak a valuable option for borrowers who might not qualify elsewhere.

Angel Oak Mortgage Solutions is an excellent option for borrowers with unique financial situations, offering a diverse range of non-traditional mortgage products. The lender shines in flexibility, making it easier for self-employed individuals, real estate investors, and foreign nationals to secure financing. However, limited state availability and higher rates might be a deterrent for some borrowers. Overall, if you’re looking for flexibility and are willing to trade off slightly higher rates for specialized loan options, Angel Oak is a solid choice.

Angel Oak Mortgage Solutions vs Competitors

Angel Oak vs. New American Funding
New American Funding offers a wide range of traditional and non-QM products, with lower rates for conventional loans. Angel Oak stands out for its specialized programs for non-traditional income earners and foreign nationals, making it better suited for borrowers who don’t fit into standard criteria.

Angel Oak vs. Rocket Mortgage
Rocket Mortgage excels in delivering a fully digital, streamlined mortgage experience with quick approvals. Angel Oak, on the other hand, focuses on flexibility and personalized service for those with unique financial needs. If you’re a self-employed borrower, Angel Oak offers more tailored solutions, but Rocket Mortgage is unbeatable for speed and tech-driven convenience.

Angel Oak vs. LoanDepot
LoanDepot offers competitive rates and a wide variety of loan options, including conventional, government-backed, and jumbo loans. While LoanDepot caters to a broad audience, Angel Oak’s specialized non-QM products give it an edge for borrowers with unconventional income sources or financial situations.

What Others Say About Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions has received positive feedback for its customer service, particularly for borrowers with unique financial needs. The lender has been recognized within the industry for its innovation in non-QM loans and was recently ranked as a top non-bank lender in the U.S. Although customer reviews are generally positive, some borrowers have noted that the process can be slower than expected due to the complexity of non-traditional loan applications.

Frequently Asked Questions

Methodology

Our review of Angel Oak Mortgage Solutions is based on factors such as loan options, application process, rates, customer service, and overall borrower experience. We compared Angel Oak to similar lenders focusing on non-traditional mortgage products, emphasizing flexibility, ease of application, and the range of available loan types. Ratings were assigned based on how well the lender meets the needs of borrowers with non-standard financial profiles.