Review of Brookhollow Mortgage Services: Detailed Analysis of the Lender
Considering a mortgage from Brookhollow Mortgage Services Company? If so, you may be wondering about the quality of their services. And if they are a legitimate and good company.
To answer this, we have made this Brookhollow Mortgage Services Company review to help you get a better knowledge of them and to see if they are a right fit for you. We will cover everything from mortgage eligibility criteria and loan types to special features and customer service.
Brookhollow Mortgage Services is a direct mortgage lender that offers a wide range of mortgage products and services to its customers. The company has been in business since 1984 and is headquartered in Addison, Texas.
They offer a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, FHA loans, VA loans, and reverse mortgages.
| Website | https://www.houseloan.com/brookhollow/index.html |
| Loan Amount | Up to $1,000,000 |
| Loan Terms(Years) | 5, 10, 15, 20 and 30 years. |
| Credit Score Range | 580 and up |
| Prepayment Fee | No |
| No Origination Fee | They have a high origination fee. |
| Mortgage Programs | Conventional, FHA, Other low/ No down payment, VA, reverse mortgages, refinancing. |
| Employment Statuses Considered | N/A |
| Intended Use | Home purchase and refinancing |
| Joint Loan Applications Accepted | N/A |
| Minimum Age | N/A |
| Property Type | Primary residences, secondary homes, investment properties, vacation homes, office buildings. |
| Verification Documents Required | Pay stubs, tax returns |
How Much Money Can You Borrow from Brookhollow Mortgage Services?
When it comes to borrowing money, the most important question is how much can you actually borrow. The answer depends on a few factors, including your credit score, income, and debts.
Generally speaking, the higher your credit score, the more money you can borrow.
That’s because lenders see people with higher credit scores as being less of a risk. So if you have a good credit score, you are more likely to be approved for a loan and get a lower interest rate.
And in the case of Brookhollow Mortgage Services Company lender, the answer is $1 million. Of course, the best way to see how much you can borrow is to prequalify.
Brookhollow Mortgage Services Pros & Cons
Like any other lender, Brookhollow has both pros and cons that you should weigh out before making any decision. One of the biggest advantages they have is that they are regulated by the United States Department of Housing and Urban Development.
But as much as that is a positive thing, unfortunately, they are not accredited by BBB, which is a very important thing to have. In some cases, this can draw a question if a company is even legit. Luckily, Brookhollow Mortgage Services Company is.
Pros:
- No hard credit check
- Wide variety of loan products to choose from
- Regulated by the United States Department of Housing and Urban Development (HUD)
- Quick and easy access to funds
- High acceptance rate
- Bad credit isn’t an issue
Cons:
- Their services are not available in all states
- No BBB accreditation
- High origination fee
- High closing costs
What is the Longest Loan Term You May Obtain from Brookhollow Mortgage Services ?
The longest loan term you can choose to obtain from Brookhollow Mortgage Services is 30 years. This is a standard loan term for most home mortgage loans.
With a 30-year loan, you will have lower monthly payments than with a shorter-term loan, but you will pay more in interest over the life of the loan.
Additionally, you can choose to have either a fixed or adjustable interest rate on your loan. Lastly, they also offer loan terms of 5, 10, 15, or 20 years if you find that they are more suitable for your situation.
What Mortgage Rates Does Brookhollow Mortgage Services Offer?
Brookhollow Mortgage Services Company interest rates come in an array of different offers to meet the needs of their customers. They offer fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages.
Their interest rate on the loans borrowed starts from 5.68% and goes up to 7.51%. Generally speaking, this is an average loan interest rate in comparison to other lenders. Just remember that every lender offers different rates and it’s important to ask and shop around before making a decision.
What Is the Estimated Funding Time?
While we couldn’t find this information stated on the website, judging by Brookhollow Mortgage Services Company online reviews we concluded that the estimated funding time is within 10 business days.
This is from the date your loan application is received. And the frame does not include the time needed to review your application and make a decision on your loan.
Do They Charge Mortgage Origination Fees?
In case you are interested in getting a loan, it’s important to first know if you will have to pay origination fees or not. Brookhollow Mortgage Services Company has an origination fee as they have stated on their website, but there is no mention of how much.
Generally speaking, the origination fee is calculated based on the amount you are looking to borrow. That’s why it’s best to consult with your loan officer and see if you will need to pay the origination fee. This goes for all lenders.
Does Brookhollow Mortgage Services Charge Prepayment Fees?
Brookhollow Mortgage Services does not charge prepayment fees. This is a benefit for borrowers who may need or want to sell their homes before the end of their loan term.
But on the other side, Brookhollow Mortgage Services Company closing costs can be high. That’s why it’s important to fully understand your loan terms before you put your name on the dotted line.
What Mortgage Programs Are Available?
There are several mortgage programs available through Brookhollow. These programs include:
- Conventional loans
- FHA loans
- Other low/ No down payment
- VA
- Reverse mortgages
- Refinancing
Almost all of these programs can be selected at either a fixed rate or an adjustable interest rate.
Fixed-rate mortgages have interest rates that remain the same for the life of the loan. Adjustable rate mortgages have interest rates that can change over time, which means your monthly payments could go up or down depending on market conditions. As for government-backed loans, they typically have more favorable terms than other types of loans as they have a government guarantee for the loan.
What Property Usage Types Does the Brookhollow Mortgage Services Allow?
Brookhollow Mortgage Services offers a wide variety of mortgage products for both residential and commercial properties.
By choosing this lender you will be able to finance the purchase of a primary residence, secondary home, investment property, vacation home, or even an office building.
Remember that every type of loan has different terms to it and different rates, so be careful. We advise you to talk to your loan officer about what exactly you need for the loan and how much funding you need.
How Do People Rate the Customer Service and User Experience?
Brookhollow Mortgage Services Company has a lot of customer reviews. Some of them are good and of course, some of them are bad. That’s because not every experience is going to be the same.
Overall, many complaints made against them were the time needed to get approved for a loan. There is no specific time mentioned on their website when it comes to the approval time needed, so many customers got frustrated that they needed to wait a long time to get approved. Luckily, the funding time after you get approved is fast.
We do advise you to find a good and reputable lender and in case you need help, you can always reach us.
Contacts of Brookhollow Mortgage Services
Brookhollow Mortgage Services Company can be contacted in many ways. They have branches in Texas, Arizona, and Colorado. With many offices in the mentioned states.
Each one of them has its phone number and email you can reach them on. That’s why it’s best to first look up the branch you need and then check the phone number and email. You can also check their website for information regarding them as a company.
Contacts:
- Addison, TX: 469 680 3664
- San Antonio, TX: 210 640 2990
- Scottsdale, AZ: 602 842 7512
Availability of Brookhollow Mortgage Services
Brookhollow Mortgage Services is available to homebuyers in three states which include Texas, Arizona, and Colorado. The company offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, FHA loans, VA loans, and reverse mortgages.
They also offer the refinance options for those who are looking to lower their monthly payments or pay off their mortgage faster. All in all, there is plenty to choose from and every client can find something for themselves.
Brookhollow Mortgage Services Summary
- Brookhollow Mortgage Services is a direct mortgage lender that does not sell its loans.
- The company is based in Addison, Texas, and offers its services in Texas, Arizona, and Colorado and follows regulations set by HUD.
- Overall they have good online ratings but don’t hold a BBB accreditation.
- They provide a wide range of loan types including VA, FHA, conventional loans, reverse mortgages, refinancing loans, and Other low/ No down payments.
- Based on our investigation we concluded that Brookhollow Mortgage Services Company is a good and reliable mortgage company.
FAQs About Loan
- Where is Brookhollow Mortgage Services headquarters? Brookhollow Mortgage Service has its headquarters based in Addison, Texas with an address of 15725 North Dallas Parkway, Suite 120.
- Who are Brookhollow Mortgage Services competitors? The competitors of Brookhollow Mortgage Services are: Endeavor Home Lending, Optimum First Mortgage, and Rocket Mortgage.
- How is Brookhollow Mortgage Services rated? This company has a great online rating on the website Birdeye with 4.9 out of 5 stars.
