Mortgage Network Review: One of the Largest Independent Mortgage Lenders in New England

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Should you stay in New England, or extra particularly Massachusetts, there’s an excellent likelihood you’ve heard of Mortgage Community, Inc.

They seek advice from themselves as one the biggest impartial mortgage lenders on the East Coast, funding billions in dwelling loans yearly.

And the corporate does so with shining buyer critiques, claiming that greater than 98% of consumers would refer them to mates or household.

Mortgage Community prides itself on elevating the bar on the subject of customer support, whereas additionally providing its purchasers the newest “proprietary, award-winning know-how.”

Learn on to study extra about them to find out in the event that they might be a sensible choice in your dwelling mortgage wants.

Mortgage Community Inc. Quick Information

Retail direct mortgage lender that provides dwelling buy loans and refinances
Based in 1988, headquartered in Danvers, Massachusetts
Presently licensed in 26 states and the District of Columbia
Funded $4 billion in dwelling loans final 12 months
Almost 60% of whole quantity comes from dwelling state of MA

Mortgage Community is a retail, direct-to-consumer mortgage lender positioned in Danvers, Massachusetts, which is positioned north of Boston.

This implies you’ll be able to work with them over the cellphone, on-line, or in-person in case you stay near certainly one of their many branches.

They’ve about 40 bodily branches positioned all through the East Coast from as far north as Portland, Maine to as far south as Ft. Lauderdale, Florida.

The corporate was based all the way in which again in 1988 by Robert McInnes and claims to be one of many East Coast’s most trusted mortgage suppliers.

Final 12 months, they funded a wholesome $4 billion in dwelling loans, with about 60% of whole manufacturing coming from their dwelling state of Massachusetts.

Mortgage Community can also be fairly lively within the states of South Carolina, Maine, and New Hampshire.

And their buy/refinance combine was practically 50/50, that means they might be a sensible choice for a brand new dwelling purchaser or an current house owner trying to refi.

In the intervening time, they’re licensed to do enterprise in 26 states and the District of Columbia.

These states embody Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.

For the report, they do enterprise as “MNET Mortgage” within the state of New York.

The best way to Apply with Mortgage Community, Inc.

To get began, you’ll be able to name them up, go to a bodily department, or go to their web site.

Should you go browsing, they’ve a department listing that lets you see close by places and the employees who work there.

Assuming you haven’t been referred to somebody particular, you might wish to take a look at their web site first and discover somebody native and highly-rated.

Or you’ll be able to learn mortgage officer critiques and hunt down some really distinctive. Both method, when you’ve related and acquired mortgage pricing, they make it simple to use.

Their digital mortgage utility enables you to full most duties from any machine, whether or not it’s filling out the mortgage app itself, importing paperwork, or eSigning disclosures.

As soon as your mortgage is submitted, you’ll be capable of observe progress 24/7 through the web borrower portal to see the place you’re at within the course of.

They are saying they provide the newest proprietary know-how so chances are high the method can be fairly seamless and paperless if and when doable.

Mortgage Packages Provided by Mortgage Community

House buy loans
Refinance loans: fee and time period, money out, streamline
Conforming loans backed by Fannie Mae and Freddie Mac
House renovation loans
FHA loans
USDA loans
VA loans
Jumbo loans
Portfolio loans
Down cost help and state housing packages
Reverse mortgages
HELOCs
Mounted-rate mortgages: 30-year, 20-year, 15-year, and extra
Adjustable-rate mortgages: 5/1, 7/1, and 10/1 ARM

One space the place Mortgage Community, Inc. actually shines is their mortgage choices. They’ve absolutely anything an aspiring dwelling purchaser or current house owner might ask for.

This consists of all forms of dwelling buy loans, together with down cost help and state housing company packages, together with refinance loans and residential renovation loans just like the FHA 203k.

Moreover, they’re in a position to supply reverse mortgages and home equity lines of credit (HELOCs).

You may get your palms on a house mortgage backed by Fannie and Freddie, a jumbo loan, VA mortgage, or perhaps a USDA mortgage.

They lend on all main property sorts, together with condos/townhomes, second houses, and funding properties.

And each fixed-rate and adjustable-rate mortgages can be found in a wide range of totally different mortgage phrases to swimsuit all debtors and their varied threat appetites.

Mortgage Community, Inc. Charges

Sadly, Mortgage Community, Inc. doesn’t appear to publicize their mortgage rates on-line, a minimum of on their very own web site.

Nonetheless, you might come throughout them on a third-party fee comparability web site in case you’re actively procuring charges.

The one clue we have now about their pricing comes from their many on-line critiques. A lot of previous prospects have indicated that their charges have been decrease than anticipated.

After all, mortgage situations will differ, so that you’ll solely know in case you get in contact and ask for pricing in your explicit mortgage.

Nonetheless, as an impartial direct lender they are able to beat the massive spenders and family names that pour hundreds of thousands into promoting yearly.

Don’t neglect to additionally inquire about any lender charges, akin to an utility charge or loan origination fee.

Whereas low charges are nice, charges could make a low fee much less fascinating than it seems.

Mortgage Community Evaluations

On Expertise.com, Mortgage Community, Inc. has a wonderful 4.9-star ranking out of a doable 5 from practically 18,000 buyer critiques.

That’s doubly spectacular because of the giant variety of critiques. Make sure to filter by mortgage officer to seek out somebody who actually stands out.

Over on Zillow in addition they have a near-perfect 4.98-star ranking out of 5 from greater than 1,600 buyer critiques.

Lots of them point out that each the rate of interest and costs/closing prices have been decrease than anticipated, which is sweet information for cut price buyers.

At Google, it’s extra of the identical – an ideal 5-star ranking from about 125 critiques.

Whereas they aren’t Higher Enterprise Bureau accredited, they do have an ‘A+’ ranking from the BBB based mostly on buyer criticism historical past.

To sum issues up, Mortgage Community might be a powerful selection for a brand new dwelling purchaser who wants numerous steering and a wide range of versatile mortgage packages to select from.

And likewise a seasoned house owner who needs to make the most of a cash out refinance, reverse mortgage, or decrease their month-to-month cost through a standard refinance.

Mortgage Community Execs and Cons

The Good

Can apply for a house mortgage on-line
Even have bodily branches in lots of East Coast states
Provide a digital mortgage utility and course of
Tons of mortgage packages to select from together with HELOCs and reverse mortgages
Glorious buyer critiques throughout scores websites
98% of consumers would refer them to others
A+ BBB ranking
Free mortgage calculators and residential shopping for guidelines on-line

The Perhaps Not