City First Mortgage Review: A Detailed Analysis Of The Lender
Are you considering buying a home but need a mortgage in order to afford it? If that’s the case, there is a probability that you have heard of City First Mortgage Services, but how much do you really know about them?
In this article, we will take an in-depth look at City First Mortgage Services LLC, from its services and offerings to customer reviews. We’ll also explore some of the pros and cons of using them for your mortgage needs. Read on for our comprehensive City First Mortgage Services review to help you decide if they are right for you.
City First Mortgage Services is a comprehensive mortgage banker that offers a wide range of mortgage products and services to homebuyers and homeowners in the United States. The company has been in business for over 20 years and is headquartered in Bountiful, UT.
|Up to $10,000,000
|10,15,20 and 30-year terms.
|Credit Score Range
|No Origination Fee
|Yes from 0.5 to 1%.
|Conventional, FHA, Jumbo, USDA, Non-owner occupied, Construction (C2P), Reverse mortgage.
|Employment Statuses Considered
|Home purchasing, refinancing, construction.
|Joint Loan Applications Accepted
|Investment property, primary residence, seconds homes, vacation homes, construction
|Verification Documents Required
|Tax returns and pay stubs
How Much Money Can You Borrow from City First Mortgage?
When shopping for a loan, there is always a budget and a limit you need to set before actually putting your name on the dotted line. Of course, every lender has a different limit so it’s important to check before you apply.
So, how much can you borrow from City First Mortgage corporation? That depends on a few factors, including the value of your home and your credit history. However, their maximum allowed money to borrow goes up to $10 million.
City First Mortgage Pros & Cons
There are many things to consider when taking out a mortgage, and each person’s situation is different. However, there are some general pros and cons of City 1st Mortgages that you need to weigh out first.
One of their biggest pros is that they have been in business for over 20 years and they provide their services in 10 different states. On the other hand, they are not a BBB-accredited business and that presents a major red flag. So, be very careful of this.
Long time in business
A wide array of services
Available in 10 different states
Big loan limit
Not BBB accredited
No HUD accreditation
High origination fees
High closing costs
What is the Longest Loan Term You May Obtain from City First Mortgage?
You may obtain a loan from City First Mortgage with a term of up to 30 years. The length of your loan term will depend on various factors, including your credit history, employment status, and income.
Additionally, they offer 10, 15, or 20-year loan terms which may be more suitable for borrowers who want to get out of debt faster.
What Mortgage Rates Do City First Mortgage Offer?
When it comes to interest rates, all lenders are different. In the case of City First Mortgage Services, they offer average interest rates that are based and calculated on the loan term you are looking for.
Generally speaking, they are considered a high-fee lender and their interest rates start from 6.17% and go up to 7.74%. Make sure to first check the interest rates before you sign the loan agreement.
What is the Estimated Funding Time?
The estimated funding time for City First Mortgage Services is 14 days from the date of application. Although this may vary depending on the type of loan and other factors.
Keep in mind that this is quite standard for any mortgage loan, as there is a larger sum of money that needs to be issued.
Do They Charge Mortgage Origination Fees?
Although these fees can add hundreds or even thousands of dollars to the cost of your loan, with them mortgage companies may be able to offer you a lower interest rate or a smaller down payment.
City First Mortgage charges from 0.5 to 1% of a loan amount in origination fees.
Does City First Mortgage Charge Prepayment Fees?
Prepayment fees are charges assessed by a lender when a borrower repays their loan before the end of the loan term. City First Mortgage does charge prepayment fees.
Because of this and also their origination fees, they are considered a high-fee lender. The amount you will need to pay for the prepayment fee depends on the loan type and size. Make sure to check with your loan officer how much that is going to be.
What Mortgage Programs Are Available?
There are a variety of mortgage programs available through City First Mortgage Services. Programs are available for both purchase and refinance transactions, and can be tailored to meet the needs of almost any borrower. Some of the more popular programs offered by City First include:
No matter what your financial situation or goals may be, City First Mortgage Services claims to have a program that can help you achieve your dreams of homeownership.
What Property Usage Types Does City First Mortgage Allow?
First City Mortgage Services offers a wide array of options their customers can choose from when it comes to money borrowing. These options include borrowing money for the following property usage:
- Investment property
- Primary residence
- Vacation homes
- Seconds homes
How Do People Rate Customer Service and User Experience?
City First Mortgage Services reviews are primarily good. Although there are some complaints made regarding them being a high-fee lender, there is nothing major.
Generally, clients are satisfied with their customer service and their loan options. Because of that, City 1st Mortgage reviews score is 3.9. Their score is not perfect and there is room for big improvement. So, in case you want to work with a better-rated mortgage banker, feel free to contact us at any time, we will gladly help.
Contacts of City First Mortgage
Considering that City First Mortgage Services operate in 10 different states, with their offices in different locations, it’s best to go to their website and check the location you need. Of course, you can reach them over their website directly by sending them an inquiry.
In case you would like to reach one of their representatives, we will provide you with their main branch phone number and email.
Availability of City First Mortgage
City First Mortgage Services offers a variety of mortgage products in 10 states across the US.
These states include:
For more information regarding their exact office location in the state you are from, you can go to their website.
City First Mortgage Summary
- City First Mortgage Services is a mortgage bank based in Bountiful, UT, and has been in business since 1993.
- They provide their services in 10 US states: California, Colorado, Florida, Idaho, Nevada, Oregon, Texas, Utah, Wyoming, and Washington.
- They are not a BBB-accredited business which is a big red flag.
- This mortgage bank has many mortgage programs including conventional mortgages, government-backed loans like FHA and USDA, jumbo mortgages Non-owner occupied, construction (C2P), and Reverse mortgage.
- Lastly, the company is categorized as a high fee meaning you will encounter origination fees and large closing costs.
FAQs About Loan Company
1. How is City First Mortgage Services rated?
The majority of their reviews are good and the company has an overall rating of 3.9 stars out of 5.
2. Where is City First Mortgage Services?
City First Mortgage Services is based in Bountiful, Utah with an address of 750 S Main St.
3. Is City First Mortgage a good company to work with?
The company does not have BBB of HUD accreditation so we cannot recommend working with them.