Carrington Mortgage Services Review

Get right to it: The review shows that Pennymac is a good mortgage company that is available in a lot of states. However, Benzinga recommends CrossCountry Mortgage as the best lender.

Every penny counts when you’re looking for a mortgage. Interest rate differentials, fees, add-ons, appraisals, points — so many factors combine to determine the monthly amount you commit to paying every month for the next 30 years of your life. Benzinga researched and reviews 10 mortgage companies. 

Benzinga’s overall winner is Rocket Mortgage, but you can also check the winners for other categories.

• Best for Detailed Service: Carrington Mortgage Services
• Best Overall: Rocket Mortgage
• Best for Dedicated Mortgage Support: M&T Bank Mortgage Division
• Best for a Variety of Options: New American Funding
• Best for Non-Conforming Mortgages: North American Savings Bank (NASB)
• Best for Self-Employed Borrowers: CrossCountry Mortgage
• Best for Specialized Loans: Flagstar Bank
• Best for Flexible Mortgage Options: Angel Oak Home Loans
• Best for Fast Approvals: eMortgage
• Best for U.S. Department of Veterans Affairs (VA) Loan Options: Veterans First Mortgage

Carrington Mortgage Services Review

While it has lots of options for first-time homebuyers, Carrington home loans have high lender fees and require a credit score higher than 620. This company is an experienced mortgage provider, in operation since 2007. Licensed in almost every state, Carrington Mortgage Services get the details right thanks to strong customer support. 

Pros

• Operating since 2007
• Available in most states

Cons

• $5 fee for online payments
• High lender fees
• High credit score required

Rocket Mortgage 

While many companies still operate in a traditional way, Rocket Mortgage is mostly digital. You can apply for a mortgage online, directly on its website. Since all the information is there, you can easily compare rates and learn more about this company.

You need a minimum credit score of 580 for VA and Federal Housing Administration (FHA) loans and 620 for conventional loans. But because it operates in all states, it imposes no restrictions for certain locations. If you have questions regarding this provider, its customer service feature is available seven days a week.

A Fresh Start program is also offered by Rocket Mortgage, which pairs borrowers with low credit scores with team members. This feature is intended to help improve your credit score while receiving help from experts and professionals from the team.

Pros

• Online application
• Low interest rates
• Expert help to increase your credit score

Cons

• High minimum credit score
• No physical locations

M&T Bank

In addition to mortgages, M&T Bank offers a large variety of financial products such as conventional home loans, refinancing options and loans for renovation or construction. It offers mortgages for those that have a low credit score, so almost anyone can qualify.

Whether you want to pay monthly or weekly, this company allows you to choose an automatic payment option. M&T Bank is exclusive to residents of West Virginia, Virginia, the District of Columbia, New Jersey, Maryland, Delaware, Connecticut, New York and Pennsylvania.

Pros

• Low credit score requirement
• Freedom of choice in payment options
• Large variety of products

Cons

• Vague website
• Not available in all states

New American Funding

New American Funding is the best provider for borrowers with unique or special financial needs. It is an ideal choice for those who are self-employed because it lets you use bank statements to verify income. Take a look at this article to find out the best mortgage lenders for self-employed people. 

With a focus on lending to minority borrowers, New American Funding also has rates that are below the averages. It operates in every state except for Hawaii and New York. This company was founded 20 years ago, loaning over $60 billion to its customers. 

Pros

• Wide variety of financial products
• Great for the self-employed
• Superior customer care

Cons

• Not available for residents of Hawaii and New York
• Fees not published on website

North American Savings Bank

Another provider worth considering is NASB, which offers its financial services to a large number of customers. If you are looking for a specialized mortgage that is different from a traditional mortgage, this company can help you with custom options.

With several proprietary mortgage programs, NASB is great for self-employed individuals and those who have issues with their credit scores.

Pros

• Customized loans
• Competitive rates
• Excellent customer support

Cons

• High credit score
• High down payments

CrossCountry

CrossCountry Mortgage has superior ratings as a mortgage lender. If you want affordable rates but cannot qualify elsewhere, this company is known for being less strict with the application process. 

You won't find its rates online, so you'll have to get in contact with an agent first. Seniors and retirees can apply for a mortgage, and CrossCountry makes it easy for anyone to get a mortgage as long as they meet standard requirements. The good news is that you won't need employment or income verification to qualify.

Pros

• No specified debt-to-income ratio
• Great for seniors and retirees
• Wide variety of mortgage types

Cons

• No interest rate table on website
• Higher fees compared to other providers

Flagstar Bank

When it comes to being transparent and providing as much information as possible, Flagstar Bank is one of the best mortgage providers. Operating in 50 states, all American residents have access to Flagstar’s loan services. It offers FHA, VA and U.S. Department of Agriculture (USDA) loans. The team will be happy to assist you, and you can feel confident in the company’s high customer satisfaction rate.

Pros

• Available in all 50 states
• Online application
• Comprehensive mortgage education

Cons

• Physical locations available in five states only
• Long completion time for applications

Angel Oak Home Loans

This company offers three different mortgage programs and specializes in multi-family properties. Available in 32 states, Angel Oak Home Loans can provide up to $3 million to borrowers. Depending on the mortgage type, the exact amount varies. 

If you are self-employed, you will be glad to hear that Angel Oak Home Loans will not ask for a W-2 form, which is required by many other lenders. The application process is easy and straightforward, and customer support is ready to assist you. The website is user-friendly and full of information. You can also check out mortgage lenders that do not require tax returns.

Pros

• No W-2 form required
• Quick application process
• Comprehensive website 

Cons

• Minimum credit score at 660
• Not a direct lender

eMortgage

You can purchase mortgages and also refinance options with this provider. It is highly digitalized, and its website holds all the details of its services and way of operations. Its rates are easy to understand, and the customer support team is ready to assist you with questions.

You can contact the company by phone or using the live chat feature from the website. Obtaining jumbo loans and reverse mortgages has never been easier, and eMortgage delivers on its promises. Applying is easy, and you can get approved quickly if you meet all the requirements.

Pros

• Jumbo loans
• Live chat feature 
• Digitalized provider

Cons

• Hard to get approved
• Not available in all states

Veterans First

As a veteran, it is smart to tap into any additional benefits you are entitled to, and Veterans First Mortgage is here to help. If this is the first time you are purchasing a house and you're about to become a new homeowner, its team will walk through this procedure and help you with the loan process.

To find out Veterans First mortgage interest rates, you’ll need to get in contact with its team and an agent will assist you. While some companies are digitalized and work exclusively online, Veterans First provides counseling over the phone.

Pros

• Best for veterans and military personnel
• Great customer service
• Easy to apply

Cons

• Rates not posted on website
• No conventional loans 

Factors to Consider When Choosing a Mortgage Company

Before you choose a mortgage company, consider these factors.

Fees

Mortgages come with fees, and not all of them are obvious. Make sure that your provider is transparent and clear about this information to avoid hidden fees.

Interest Rates

Interest rates vary based on your financial situation and the company providing you with the mortgage. You can provide basic information and apply for a quote to find the exact interest rate for your mortgage.

Reputation

Not every provider can be trusted, so it's important to work with providers that have earned high customer satisfaction ratings. Find out as much as you can about a potential mortgage provider before you commit to a mortgage.

Why You Can Trust Benzinga

It’s not always easy to research and find out more details about a company. Not all of them are straightforward when it comes to providing information about its services. Benzinga makes sure you get what you're looking for by thoroughly researching providers for you. Benzinga’s mortgage team found 10 providers for your next mortgage.

High Lender Fees Are a Turnoff

The costs you incur for your mortgage matter. Plus, special circumstances can raise roadblocks that the best mortgage lenders can help resolve. For example, even if you have a recent bankruptcy, you still might be able to buy a home if you check in with specific providers that can help you in this situation. Before you choose a mortgage lender, do your due diligence to choose the best mortgage lender for your needs.

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