Right this moment we’ll take a look at “First Centennial Mortgage,” a family-owned and operated mortgage lender based mostly out of Aurora, Illinois.
They’re one of the crucial energetic mortgage lenders within the Prairie State, solely overwhelmed out by main depositories like Chase and U.S. Financial institution, together with mortgage behemoth Guaranteed Rate.
The corporate was based by brothers Steven and David McCormick within the mid-Nineties, and each are at present executives working with the lender.
Their benefit is being the “excellent measurement,” sufficiently big to supply all of the mortgage applications you would ask for, however sufficiently small to ship distinctive customer support with out the forms.
They’ve been named one of many Prime 100 Mortgage Corporations in America by Mortgage Govt Journal, and a fastest-growing personal firm by Inc. Journal for 5 years working.
First Centennial Mortgage Quick Details
- Direct-to-consumer retail residential mortgage lender
- Gives residence buy loans, refinances, and renovation loans
- Based in 1995, headquartered in Aurora, IL
- Licensed to do enterprise in 17 states nationwide
- Funded $5 billion in residence loans final yr
- Roughly two-thirds of general quantity got here from residence state of Illinois
First Centennial Mortgage is an unbiased, direct-to-consumer retail mortgage lender positioned simply west of Chicago.
In addition they have branches in a dozen different states the place they do enterprise, so it’s doable you would work with them at an workplace if you happen to stay close by.
However chances are high you’ll work remotely with one among their mortgage officers as they lean on expertise fairly a bit to get their loans closed.
In the meanwhile, they’re licensed in 17 states, together with Arizona, California, Colorado, Florida, Illinois, Indiana, Maine, Michigan, Minnesota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington, and Wisconsin.
The corporate funded a large $5 billion in residence loans final yr, and are a top-20 mortgage lender volume-wise in Illinois.
Practically two-thirds of their general quantity comes from their residence state, so if you happen to stay there, chances are high you’ve heard of them.
Final yr, roughly 63% of their complete manufacturing consisted of mortgage refinances, with the rest residence buy loans.
In order that they may very well be an appropriate selection for each a house purchaser or an present home-owner on the lookout for new mortgage phrases.
For the previous six years, they’ve been acknowledged as a “Prime Office” by the Chicago Tribune. Hopefully joyful staff equates to joyful prospects.
Easy methods to Apply with First Centennial Mortgage
It’s tremendous straightforward to get began with First Centennial Mortgage, whether or not you’re shopping for a house or refinancing an present mortgage.
Their declare to fame is called “go,” a digital mortgage utility that permits you to spend much less time fumbling round with paperwork and extra time doing what you take pleasure in.
It’s powered by fintech firm Mix, a pacesetter within the digital mortgage house.
And you may formally apply for a house mortgage with out even talking to anybody, assuming you need to work with First Centennial Mortgage.
When you create an account utilizing electronic mail and a password, you may carry out most utility steps digitally, together with the linking of your monetary accounts utilizing login credentials.
You may also securely add any crucial paperwork and begin and cease from any gadget you see match.
When you apply, you’ll have the ability to examine the standing of your utility at any time, and message your mortgage officer with any questions.
All in all, they make it very easy to use for a mortgage and observe your progress because of their use of the newest mortgage expertise.
A mortgage officer may also stroll you thru all of the steps and evaluate your monetary info to make sure you don’t get misplaced alongside the best way.
And as talked about, they’ve brick-and-mortar workplaces in lots of the states the place they do enterprise, so it is likely to be doable to work face-to-face.
Mortgage Applications Supplied by First Centennial Mortgage
- Dwelling buy loans
- Refinance loans: fee and time period, money out, streamline
- Dwelling renovation loans: FHA 203k and Fannie Mae HomeStyle
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Fastened-rate mortgages: 15, 30 and different mortgage phrases accessible
- Adjustable-rate mortgages: 5, 7 and 10 yr choices
- State Bond Applications
One factor that stands out about First Centennial Mortgage is their expansive mortgage program menu.
They’ve one thing to swimsuit nearly everybody, whether or not you’re a first-time home buyer who wants monetary help or an investor who wants a jumbo home loan.
FCM gives State Bond Applications that present below-market rates of interest to eligible residence consumers, that are sponsored by state or native Housing Finance Businesses (HFAs).
You may also get a government-backed mortgage equivalent to a VA loan or USDA loan if you happen to don’t have down fee funds.
Those that already personal a house can reap the benefits of a refinance to acquire a decrease mortgage fee or get money out.
And if you happen to’ve obtained your eye on a fixer-upper, they provide each the Fannie Mae HomeStyle mortgage and the FHA 203k loan.
Each fixed-rate and adjustable-rate mortgages can be found in a wide range of totally different mortgage phrases to suit all targets and budgets.
First Centennial Mortgage Charges
Whereas they’re huge on lending choices, there isn’t a lot pricing info on their web site.
As such, you’ll have to get in contact with a mortgage officer to get the newest mortgage rates. When you’re at it, inquire about any lender charges, equivalent to a loan origination fee.
This info doesn’t seem like publicized, so it’s onerous to understand how aggressive they’re.
Nonetheless, they may supply glorious pricing, as indicated by their many constructive opinions. And since they’re not a giant financial institution, however nonetheless a big firm, pricing could also be robust.
All the time take the time to collect a number of mortgage quotes from totally different banks, lenders, and mortgage brokers to make sure you get the most effective mortgage APR.
First Centennial Mortgage Critiques
Over at SocialSurvey, the corporate has a stellar 4.90-star ranking from 2,400+ buyer opinions. Make sure you filter by mortgage officer to seek out some actually distinctive to work with.
On Zillow, First Centennial Mortgage has a near-perfect 4.97-star ranking out of 5 from greater than 1,000 buyer opinions.
Fairly just a few of their more moderen opinions point out that the shopper acquired a decrease rate of interest and/or decrease closing prices than anticipated. In order that’s signal if you happen to’re on the lookout for a deal.
They’ve additionally obtained a 4.7-star ranking on Google from about 120 opinions, and a 4.9 on Fb from roughly 50 opinions.
The corporate is an accredited enterprise with the Higher Enterprise Bureau (BBB) and at present holds an ‘A+’ ranking based mostly on buyer criticism historical past.
Finally look, they’ve had six complaints up to now three years, together with 4 up to now 12 months.
To summarize, FCM could also be a sensible choice for all sorts of debtors, whether or not you’re a first-timer, seasoned investor, or any individual in between because of their intensive product menu.
Simply make sure to examine their pricing to different firms to make sure you get a fantastic deal in your mortgage.
First Centennial Mortgage Execs and Cons
The Good
- Digital mortgage utility powered by Mix
- Even have bodily branches in lots of states
- Can apply for a house mortgage on-line in minutes
- Tons of various mortgage applications to select from
- Stellar buyer opinions throughout rankings websites
- A+ BBB ranking, accredited enterprise
- Acknowledged as a “Prime Office” by the Chicago Tribune
- Free mortgage calculators and mortgage glossary on web site
The Possibly Not
- Aren’t licensed in all states
- Don’t disclose mortgage charges or lender charges
(photograph: Gary Todd)