What You Should Know About a Mortgage Loan from Society Mortgage

Society Mortgage offers an easy online pre-approval process and low interest rates, making it worth exploring for your home mortgage loan.

As you shop around for a home mortgage loan, you may come across Society Mortgage as an option. It’s headquartered in Fort Lauderdale, Florida, with five branch locations across the country. It was founded in 1996 as CREFCO, a company of mortgage brokers. The Federal Housing Administration (FHA), the United States Department of Veterans Affairs (VA) and the United States Department of Agriculture (USDA) approved it to offer loan products and it eventually changed its name.

This top mortgage lender has worked to stay competitive with its diverse mortgage products, including conventional loans, FHA loans, FHA 203(k) loans, VA loans, USDA (or zero-down-payment) loans and jumbo loans. Before moving forward with a mortgage loan from Society Mortgage, here's what you need to know.

Society Mortgage At a Glance

Society Mortgage is licensed in 31 states to offer a range of home mortgage loans. Thanks to its quick online pre-approval process, this lender allows you to hit the ground running. It has a reputation for low interest rates and loan officers who make the intimidating steps seamless.

Society Mortgage Loan Options

Here are the available mortgage loans from Society Mortgage:

• Conventional loans: Unlike FHA, VA and USDA loans, these loans aren’t backed by a government agency. First-time buyers will have a 3% minimum down payment and everyone else has a minimum of 5% (20% to avoid private mortgage insurance (PMI)).
• FHA loans: The FHA backs these loans to approve people who might not qualify for a conventional loan. They require a minimum credit score of 600, a debt-to-income ratio of below 57% and a minimum down payment of 3.5%.
• FHA 203(k) loans: Backed by the FHA, these loans allow you to buy a home and finance the renovations. You’ll need a minimum credit score of 600 and a minimum down payment of 3.5%.
• VA loans: These loans are for veterans, surviving spouses and active-duty military personnel. No down payment or mortgage insurance is required. The VA offers this program, which has low interest rates, high loan limits and capped closing costs.
• USDA loans: These loans are backed by the USDA for people looking for homes in rural and suburban neighborhoods. You’ll need a minimum credit score of 620, a debt-to-income ratio below 46% and income limits of 115% of area median income (AMI). USDA loans have low interest rates and don’t require a down payment.
• Jumbo loans: To qualify for a jumbo loan, you need a minimum credit score around 700 or higher, a debt-to-income ratio often below 35% to 43% and a minimum down payment of 20%. This type of loan has higher interest rates and closing costs compared to a conventional loan.
• Refinancing: Just like how there are different types of loans, there are different types of refinancing programs, including a conventional refinance program, FHA refinance program, FHA 203(k) refinance program, VA refinance program, USDA refinance program and jumbo refinance program – all of which are offered by Society Mortgage.

Who is Society Mortgage Best For?

Society Mortgage is best for hopeful homeowners looking for flexible loan solutions. It prides itself on securing low interest rates so more people can buy homes. Since the company is somewhat limited in its licensing, those not located in one of its 31 operative states will have to look elsewhere.

How to Apply for a Mortgage From Society Mortgage

Use its online pre-approval process to apply for a mortgage loan from Society Mortgage. It’ll ask you what you’re looking for, if you’re a first-time homebuyer and about your current credit score. Then, you’ll provide some basics, like your name, phone number and social security number. You might also be asked to provide proof of income or bank statements. 

Like all mortgage lenders, Society Mortgage will look at your credit score and debt-to-income ratio to determine loan eligibility. Remember, that’s just the pre-approval process. From there, you’ll be asked to provide additional information, like W-2s, tax returns and proof of employment. Your loan officer will walk you through each of the steps.

Society Mortgage vs. Churchill Mortgage

Society Mortgage operates in 31 states and Churchill Mortgage operates in 48 states. Both offer an online pre-approval process and they both offer FHA loans, FHA 203(k) loans, VA loans, USDA loans, jumbo loans and refinancing. Neither business offers a home equity line of credit (HELOC), but Churchill Mortgage has a lender partner that can assist.

The Bottom Line

Society Mortgage is licensed in 31 states, mostly in the south and northeast. It has a reputation for offering low interest rates, being flexible and providing solid customer service, making it a smart option for different kinds of potential homeowners. Its online pre-approval process means you don’t have to wait to get the ball rolling and its many rave reviews on Google, Zillow and the Better Business Bureau (BBB) are hard to ignore. It’s certainly worth considering getting a mortgage loan from Society Mortgage.

Why You Should Trust Us

Since 2010, readers have turned to Benzinga for news on financial markets, corporate and economic data and actionable trading ideas. There’s a reason that 25 million readers continue to come back each month: We have the most reliable, up-to-date information. We aim to assist people from all walks of life with their most sensitive financial decisions. At Benzinga, we review many mortgage lenders, including Bank of America and Freedom Mortgage.

Caitlyn Fitzpatrick, the author of this piece, has been an editor and writer since 2014. She has spent the majority of her career in commerce journalism where she guides readers toward products that are worth their hard-earned money. In addition to Benzinga, Fitzpatrick’s work can be found in U.S. News & World Report, Reader’s Digest, Today’s Parent and more established publications.

Frequently Asked Questions

Sources

• Society Mortgage
• Churchill Mortgage