CNB Mortgage Company Review: A Detailed Analysis Of The Lender
Are you looking for a financial institution to provide you with the best mortgage services possible? In this detailed CNB Mortgage Company review, we’ll dive into the company’s services, take an in-depth look at its customer service, and tell if they are a good and legitimate lender.
Whether you’re shopping around for a new mortgage or simply seeking a better understanding of mortgages in general, this guide will help set you on the right path. So, read on as we give you all the tools you need to make an informed decision about CNB Mortgage Company’s services.
CNB Mortgage Company offers a wide range of mortgage products, including fixed-rate and adjustable-rate loans, FHA and VA loans, USDA loans, and jumbo loans. Their loan terms start from 5 years and go up to 15 and 30 years. The most popular ones are 15 and 30-year loan terms.
|Loan Amount||Up to 1.500.000$|
|Loan Terms(Years)||5- 30 years|
|Credit Score Range||650-840|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, FHA, USDA, VA, Other low/ no down payment, construction C2P, Jumbo|
|Employment Statuses Considered||Employed full-time or part-time, self-employed, retired|
|Intended Use||Primary Home, secondary home, investment|
|Joint Loan Applications Accepted||N/A|
|Property Type||Single family home, multi-family home, townhome, manufactured/ mobile home.|
|Verification Documents Required||Proof of Identity, recent pay stubs, recent bank statements, social security number|
How Much Money Can You Borrow from CNB Mortgage Company?
Generally speaking, when it comes to borrowing money, we all want to know how much we can actually get. Of course, all lenders have different limits, with some offering more than others.
In the case of CNB Mortgage Company, their borrowing limits go up to $1,5 million since they offer jumbo loans. Either way, we do recommend you consult with a loan officer before applying for any amount.
CNB Mortgage Company Pros & Cons
When it comes to choosing a mortgage company, there are a lot of factors to consider. The same thing applies to CNB Mortgage Company. There are both pros and cons you need to consider and weigh out before making a decision.
One of the biggest pros they offer is the flexibility to work with borrowers with fair credit. On top of that, they offer a wide array of loan options.
With that said, they do have a lot of cons. The major one is them not being accredited by BBB or HUD. Also, they haven’t disclosed anywhere on their website the average interest rate they offer. All of this is a major red flag and raises the question: are they even a real and legit company?
- A wide array of loan options
- High borrowing limit
- Possibility to get a loan with a fair credit
- Not BBB accredited
- No HUD accreditation
- High origination fees
- High prepayment fees
- No interest rates disclosed
What is the Longest Loan Term You May Obtain from CNB Mortgage Company?
CNB Mortgage Company offers loan terms from 5 to 30 years. Committing to this loan for such a long period of time will ensure you have the lowest monthly payments and that’s why it’s so popular among borrowers.
However, keep in mind that a longer term also means you’ll pay more in interest over the life of the loan. That’s why it’s important to take into consideration multiple factors before deciding on the right term.
What Mortgage Rates Do CNB Mortgage Company Offer?
CNB Mortgage Company interest rates come in a variety to meet the needs of their customers. For those looking for a fixed-rate mortgage, CNB Mortgage Company offers loans with terms of 10, 15, 20, and 30 years. They also offer adjustable-rate mortgages (ARMs) with 3/1, 5/1, 7/1, and 10/1 terms. ARMs have an introductory rate that is fixed for a certain number of years before adjusting annually thereafter.
Unfortunately, nowhere on their website has it been disclosed how big their interest rates actually are. The only thing mentioned is like we mentioned above, a big variety of them. With this said, we do advise you to stay away from this lender.
What is the Estimated Funding Time?
CNB Mortgage Company’s funding time is estimated to be around 10-14 days. This includes the time it takes for the initial application to be processed and the subsequent funding to be completed.
The company states that they work with a number of different lenders, so the actual time may vary depending on which lender is used.
Do They Charge Mortgage Origination Fees?
CNB Mortgage Company does charge mortgage origination fees.
While this may sound like a big disadvantage to you, keep in mind that these charges may lead to lower interest set by the lender. We could not find the exact percentage CNB Mortgage Company has set, most of the lenders typically charge around 1% of the loan amount in origination fees.
Lastly, not having to pay this fee can save you a lot of money, so it’s definitely worth considering when shopping around for a mortgage lender. On top of that, CNB Mortgage Company closing fees are also very high.
Does CNB Mortgage Company Charge Prepayment Fees?
CNB Mortgage Company does also charge prepayment fees. For those who are unfamiliar, this is a fee paid by a borrower in case they want to repay their outstanding balance ahead of time.
While the total amount you will pay in these fees will vary depending on the loan type you took out and the amount you have left to pay, they can add up and cost you quite a bit of money.
What Mortgage Programs Are Available?
While conducting this CNB Mortgage Company review, the only good thing we could find about them is their good variety of loan options. These options include the following:
- VA loans
- FHA loans
- USDA loans
- Jumbo loans
- Conventional loans
- Construction C2P loans
- Other low/no down payment loans
What Property Usage Types Does CNB Mortgage Company Allow?
Generally speaking, a lot of lenders these days offer multiple property usage with the money borrowed. Here, we will list all the property usages CNB Mortgage Company offers for their clients.
- Single-family home
- Multi-family home
- Manufactured/ mobile home
How Do People Rate Customer Service and User Experience?
Now comes the fun part of this CNB Mortgage Company review and that’s their customer reviews. Honestly, they are a sketchy-looking company and many customer complaints about them confirm that.
Not only are they not providing all the information needed on their website, but they also like to change agreements after they have been signed as many people have stated. Also, their customer support by many customers has been graded poorly.
Overall, their score is 3.0, but in our honest opinion, that’s too much. We do advise you to stay away from them and find a good and reputable lender. Feel free to contact us for more information and help in choosing a good lender.
Contacts of CNB Mortgage Company
In comparison to tiger lenders, CNB Mortgage Company operates only in one state which is Tennessee. You can go to their website for more loan information regarding the loan options they offer.
We will provide you with their phone number, email, and working hours. Their working hours are from Monday to Saturday from 8 am to 4 pm. You can reach their employees via this phone number (714) 698-0577. Or on their email address [email protected]
Although, we advise you to stay away from them altogether.
Availability of CNB Mortgage Company
CNB Mortgage Company is based in Sevierville, Tennessee. They are only operating in that state and nowhere else. Although they work from Monday to Saturday, considering they are only available at one place doesn’t work for everyone.
You can reach them via phone number and email. In general, we don’t advise working with this company, since there is not much information regarding them anywhere. All of this raises a big suspicion of them not being a real mortgage lender.
CNB Mortgage Company Summary
- CNB Mortgage Company is a mortgage bank based in Sevierville, Tennessee.
- This mortgage bank allegedly offers both conventional and government-backed mortgages such as FHA, USDA, and VA.
- The company charges origination fees as well as high closing costs and prepayment fees, which makes it a high-fee lender.
- They do not have BBB or HUD accreditation which is a red flag for a mortgage company. That’s why we advise you to stay away from them
FAQs About Loan Company
1. Where is Cnb Mortgage?
CNB Mortgage Company is based in 200 Forks of the River Parkway Sevierville, Tennessee.
2. Does CNB Mortgage Company pay their employees well?
There is no way for us to know this for sure but judging by online reviews, it seems like they do not.
3. Is CNB Mortgage Company a good company?
This company does not have BBB or HUD accreditation so we can’t recommend you work with them.