Colonial Mortgage Service Company of America: A Detailed Analysis Of The Lender
If you’re in the market for a mortgage, you know how hard it is to find a good and reputable lender. That is why in this Colonial Mortgage Service Company of America review, we’ll take an in-depth look at them and evaluate their products, customer service, and other important aspects so that you can make an informed decision.
Founded in 1997, Colonial Mortgage Service Company of America is a mortgage lender headquartered in Pennsylvania. The company offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, FHA and VA loans, jumbo loans, and more. Colonial Mortgage also offers a number of resources to help borrowers through the mortgage process, including online tools and educational articles.
|Loan Amount||Up to $2,500,000|
|Loan Terms(Years)||From 5 to 30 years|
|Credit Score Range||600-740|
|No Origination Fee||Up to $5,000|
|Mortgage Programs||Conventional, Jumbo, Super Jumbo, Non-owner occupied, FHA, VA, USDA|
|Employment Statuses Considered||Yes|
|Intended Use||Home buying, refinance and debt consolidation|
|Joint Loan Applications Accepted||N/A|
|Property Type||Residential, rental|
|Verification Documents Required||Yes|
How Much Money Can You Borrow from Colonial Mortgage Service Company of America?
Many people are curious about how much money they can borrow from the Colonial Mortgage Service Company of America. The answer to this question depends on a few factors, including your credit score, employment history, and monthly income.
If you have good credit, steady employment, and a decent income, you may be able to borrow up to $500,000 from Colonial Mortgage Service Company of America. However, if you have bad credit or are self-employed, you may only be able to borrow up to $250,000.
But the maximum amount allowed to borrow, considering they offer jumbo loans, is up to $2.5 million.
Colonial Mortgage Service Company of America Pros & Cons
We all know that there are both pros and cons to any company, and Colonial Mortgage Service Company of America has both. We will list them down below and it’s very crucial to weigh them out before making a decision.
There are some benefits of working with CMSCA, including its big variety of loan options. On top of that, they are considered a low-fee lender and they offer average interest rates.
On the other hand, they are not BBB and HUD accredited which can present a big problem for the company. Also, they had complaints made against them in the past and they even had to pay a fee for fake advertising with the Pennsylvania Department of Banking.
- Low fee lender
- Good interest rates
- The wide array of loan products
- Good loan terms
- No BBB accreditation
- No HUD accreditation
- Had complaints in the past
- Made fake advertising
What is the Longest Loan Term You May Obtain from Colonial Mortgage Service Company of America?
The longest loan term you can decide to obtain from Colonial Mortgage Service Company of America is 30 years.
That’s quite a long time to make mortgage payments, but it also means that your monthly payments will be lower than with a shorter-term loan. Of course, you shouldn’t overlook the fact that you’ll pay more interest over the life of the loan, so take into consideration shorter-term options like 20 or 15-year terms.
By choosing them you will need to pay more on the monthly basis but this will ensure you’ll be out of this debt faster.
What Mortgage Rates Do Colonial Mortgage Service Company of America Offer?
Colonial Mortgage Service Company of America’s interest rates are considered average or below average. In general, this is very important when it comes to choosing a lender since you don’t want to overpay your loan.
Their interest rates start from 2.5% and go up to 5.64%. Just make sure to speak with a loan officer before you sign any documentation.
What is the Estimated Funding Time?
When you are ready to apply for a mortgage with Colonial Mortgage Service Company of America, the process is simple. All you need to do is gather your most recent bank statements, pay stubs, and tax returns.
Once you have these documents, you can complete an online application or contact a loan officer to begin the process.
The funding time for a mortgage will vary depending on the type of loan you choose and your financial situation. For example, if you are applying for a conventional loan, the funding time may take up to 30 days.
However, if you are applying for an FHA loan, the funding time could be as little as 10 days. Ultimately, the length of time it takes to fund your mortgage will depend on a number of factors.
Do They Charge Mortgage Origination Fees?
Origination fees are just one of many fees that you may be charged when you take out a mortgage. As for Colonial Mortgage Service Company of America, they do charge these fees but just up to $5,000.
These fees are paid by the borrower, but sometimes they are rolled into the loan itself. In either case, it is important to ask your lender about origination fees before you agree to a loan.
Other common fees include appraisal fees, title insurance, and closing costs. Colonial Mortgage Service Company of America closing costs are from $ 1,000 to $5,000. Be sure to ask your lender about all of the fees associated with your loan so that you can be prepared for them.
Does Colonial Mortgage Service Company of America Charge Prepayment Fees?
Colonial Mortgage Service Company of America does not have this information disclosed on their website so we cannot say for sure if they charge the prepayment fees.
For all of those who are unfamiliar, these fees are paid by the borrowers who want to pay off their outstanding balance ahead of time and are usually assessed depending on the loan type and loan term you have.
What Mortgage Programs Are Available?
There are a variety of mortgage programs available through Colonial Mortgage Service Company of America. These programs include:
- Conventional mortgage
- Jumbo loan
- Super Jumbo
- Non-owner occupied
Each type of loan has its own set of terms and conditions, so it’s important to compare all of the options before deciding on a loan that best fits your needs.
What Property Usage Types Does Colonial Mortgage Service Company of America Allow?
Colonial Mortgage Service Company of America is a mortgage lender that offers a variety of loan products to suit the needs of borrowers.
They allow a number of different property usage types, including:
- Single-family homes
- Multi-family homes
- Vacation homes
This flexibility makes CMSCA a good choice for borrowers who may be looking to purchase a home for investment purposes or who want to use their home as a vacation rental property.
How Do People Rate the Customer Service and User Experience?
Even though Colonial Mortgage Service Company of America had some trouble in the past, their reviews are very good. Many customers praise their customer service and say they are fast with responding and as well as nice.
Customers also praise them for a big variety of loan options and loan terms. In general, Colonial Mortgage Service Company of America has a high customer satisfaction rating of 4.75.
If you want to work with more lenders, feel free to reach us. We are here to help.
Contacts of Colonial Mortgage Service Company of America
If you’re looking for more information on Colonial Mortgage Service Company of America, here are some helpful contacts:
E-mail: [email protected]
Phone number: (215) 661-1200
418 Stump Road
Availability of Colonial Mortgage Service Company of America
Colonial Mortgage Service Company of America has its headquarters at 418 Stump Road
Montgomeryville, PA. Besides operating in Pennsylvania, they also operate in the following states:
- New York
Colonial Mortgage Service Company of America Summary
- Colonial Mortgage Service Company of America is a mortgage broker based in Montgomery, Pennsylvania.
- They offer a wide variety of both conventional and government-backed loans.
- Their overall online ratings are good but they do not have BBB or HUD accreditation.
- The company operates in 6 different states.
FAQs About Loan Company
1. Does Colonial Mortgage report to credit bureaus?
Unfortunately, we could not find whether or not this mortgage banker reports to credit bureaus.
2. Is Colonial Mortgage legit?
Colonial Mortgage is a legit company based in Pennsylvania.
3. Is Colonial Mortgage Service Company of America a good company?
Even though they have good reviews, they do not have BBB or HUD accreditation so we cannot for sure say they are a good company.