Camino Real Mortgage Bankers Review: A Detailed Analysis Of The Lender
Finding a trustworthy lender can be a tough task, especially when you are looking for a mortgage. With so many lenders out there, it can be difficult to find the right one that meets your needs. Camino Real Mortgage Bankers is one such lender that has very little information about them.
Is it a reliable mortgage company? How legit are they? In this article, we will share our expert review of Camino Real Mortgage Bankers so you can get an informed and unbiased opinion of the company.
If you are considering working with Camino Real Mortgage Bankers, our detailed review will give you all the information you need to make an informed decision.
|Loan Terms(Years)||15,20 and 30 years|
|Credit Score Range||580 and up|
|No Origination Fee||This lender does not charge an origination fee|
|Mortgage Programs||Conventional, FHA, Jumbo, Non-owner occupied, Other low/no down payment, FHA203(k)|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||N/A|
|Property Type||Single-family homes, multi-family homes, condominiums, townhouses|
|Verification Documents Required||Tax returns|
How Much Money Can You Borrow from Camino Real Mortgage Bankers?
When it comes to the Camino Real Mortgage Bankers, there is not much information on their website. There is just some basic information regarding their services and phone number.
After digging deeper we were still unable to find how much you are able to borrow. This is a red flag when it comes to any type of lender and raises the question if the company is even legitimate. Because of this, we advise you to find a trustworthy lender.
Camino Real Mortgage Bankers Pros & Cons
Like any other lender, Camino Real Mortgage Bankers has both pros and cons, but in our honest opinion, this lender has more cons than pros. Camino Real Mortgage Bankers’ reviews may suggest they are reliable and good company, but there is no proof to back that up.
The only pro we can give to them is that they have been in business for many years if that is even true as they say.
- Many years in business
- Many different financing options
- They offer their services in only one state.
- They are not BBB accredited
- The website is missing a lot of information
- They did not disclose APR or interest rate
- Half of the website doesn’t even work
What Is the Longest Loan Term You May Obtain from Camino Real Mortgage Bankers?
The longest loan term you may obtain from Camino Real Mortgage Bankers is 30 years.
This is a standard mortgage loan term length and will give you the lowest monthly payments. If you need a longer loan term for some reason, you may be able to negotiate with the lender for a longer term.
Additionally, in case you want to get out of debt faster, you can choose one of the shorter terms they have which is 15 or 20 years.
What Mortgage Rates Do Camino Real Mortgage Bankers Offer?
When it comes to the Camino Real Mortgage Bankers’ interest rates, there is nothing regarding the % they offer on their website. There is a half-working calculator that doesn’t even allow you to put all the information in and then gives you some random calculation.
We also saw many customer reviews stating that they were promised one interest rate and got another one. So, we wouldn’t be surprised if Camino Real Mortgage Bankers closing costs and rates are sky-high.
What Is the Estimated Funding Time?
While browsing the Camino Real Mortgage Bankers website we could not find any mention of this waiting period. So, after we turned to reviews we concluded that the estimated funding time is about two weeks.
This is based on experience many people had while working with the company and about the average time it takes for mortgage companies to fund a loan.
Do They Charge Mortgage Origination Fees?
Camino Real Mortgage Bankers does not charge mortgage origination fees. This is one of the reasons why many homebuyers who are looking for a lender choose them.
Keep in mind that this is by no means a good strategy for choosing a lender. Many phony ones will try to lure you into working with them by telling you they do not charge any origination fees. The moral of the story is that even these fees may be very well worth it if you are working with a good and reliable lender.
Does Camino Real Mortgage Bankers Charge Prepayment Fees?
Again, we can’t say for certain if the Camino Real Mortgage Bankers charge any prepayment fees. This is because nowhere on their website do they mention anything on this topic.
Overall, we wouldn’t be surprised if they actually did charge a fee. Just make sure to always ask your loan officer if there are any fees associated before signing the loan.
What Mortgage Programs Are Available?
There are a variety of mortgage programs available from Camino Real Mortgage Bankers. Whether you are a first-time home buyer or looking to refinance your existing home, their team claims they can help you find the right program to fit your needs.
Their offer includes:
- Conventional mortgage
- Jumbo mortgage
- Non-owner occupied
- Other low/no down payment
- FHA 203(k)
The lender also claims to have a number of programs available for borrowers with less-than-perfect credit.
What Property Usage Types Does Camino Real Mortgage Bankers Allow?
Camino Real Mortgage Bankers offers financing for a variety of property usage types.
- Single-family homes
- Multi-family homes, condominiums
How Do People Rate Customer Service and User Experience?
Through this review, we talked about how Camino Real Mortgage Bankers have very little to no information regarding them on their website but also online. Generally speaking, they mostly have bad ratings except on some websites, where there are only good reviews.
We can’t be certain if that is really the case, but truth be told, there is a very big possibility they are fake. This is because we compared them to many other reviews, where clients have complained about the company breaking the agreements, not responding to emails or phone calls, and in general, being very sketchy.
With this said, we do advise you to find another lender that is actually a reputable one.
Contacts of Camino Real Mortgage Bankers
Out of the information we gathered on their website, we saw that they have an email address and a phone number. Also, their working hours are from Monday to Saturday from 8:30 am to 7:30 pm.
You can also lookup on their website for the other phone number of their employees and also their emails. Here we will provide you with their main phone number and email address.
Availability of Camino Real Mortgage Bankers
If you’re in the market for a mortgage, you may have come across Camino Real Mortgage Bankers. They’re a direct lender that offers a variety of mortgage products, including FHA and conventional loans.
The company is headquartered in California and has been around since 1991. Additionally, the only state they operate in is California
Camino Real Mortgage Bankers Summary
- Camino Real Mortgage Bankers is a mortgage lender based in San Fernando, California.
- They offer a few different mortgage types including: Conventional, FHA, Jumbo, Non-owner occupied, Other low/ No down payment, and FHA203(k).
- Unlike many mortgage brokers you will usually come across, this one does not provide some of the most basic info on their website which is generally considered to be a red flag
- On top of that, they do not have accreditation from BBB or any other regulatory body.
FAQs About Loan Company
1. Is Camino Real Mortgage Bankers a direct lender?
Yes, Camino Real Mortgage Bankers is a direct lender that offers a wide variety of loan types.
2. Who owns Camino Real Mortgage Bankers?
Unfortunately, we could not find who owns this company.
3. What credit score does Camino Real Mortgage Bankers use?
While browsing the reviews we found that the lender usually requires a credit score of 580 or more.