Community Mortgage Corporation: A Detailed Analysis Of The Lender

Are you thinking about getting a mortgage but unsure which lender to choose from? If so, you’ve come to the right place. In this article, we will explore all the facts about Community Mortgage Corporation and provide our honest reviews on their services.

We’ll also cover everything from their rates and customer service to their financial stability and more. So if you want the real facts read this Community Mortgage Corporation review.

Community Mortgage Corporation’s goal is to provide families with the best possible mortgage experience by creating a simple, efficient, and transparent process. They offer a wide range of loan programs including Conventional, FHA, VA, and USDA loans. They also have an extensive network of Community Mortgage Loan Officers who are passionate about helping families achieve their homeownership dreams.

The company has been in business for over 35 years and is headquartered in Cordova, Tennessee. They are a proud member of the Better Business Bureau and have an A+ rating. They are also accredited by the U.S. Department of Housing and Urban Development.

How Much Money Can You Borrow from the Community Mortgage Corporation?

When it comes to borrowing money from Community Mortgage Corporation, it really depends on your individual circumstances. The amount of money you can borrow will be based on factors such as your credit score, employment history, and overall financial situation.

With that said, the maximum allowed borrowing amount is up to $1 million. In case you are looking for that amount or more, make sure to consult with a loan officer.

Community Mortgage Corporation Pros & Cons

Like any other lender, Community Mortgage Company has both pros and cons to it that you should weigh out carefully. 

One of the biggest benefits working with Community Mortgage Corporation brings is that they are both BBB and HUD accredited. On top of that, they also have branches in many states. 

But, on the other hand, they do charge origination and closing fees. Their website is also very basic and it doesn’t provide the best customer experience.

Pros:

• BBB accredited 
• HUD accredited 
• No prepayment fees 
• Long time in business
  

Cons:

• Closing costs 
• Origination fees
• Very little information on their website 

What is the Longest Loan Term You May Obtain from Community Mortgage Corporation?

At Community Mortgage Corporation, they offer a variety of loan terms to suit the borrower’s needs. Their longest loan term is 30 years, and they also offer shorter terms of 15 or 20 years.

Of course, to find out which loan term would suit you the best, we do recommend you consult with one of their loan officers.

What Mortgage Rates Do Community Mortgage Corporation Offer?

Community Mortgage Corporation offers a variety of mortgage rates to meet the needs of its customers. Their interest rates are competitive with other lenders in the industry, and they offer a variety of options to fit the unique financial needs of their borrowers.

Community Mortgage Corporation interest rates start from 2.5% and go up to 7.17%. Generally speaking, this is considered an average interest rate placement.

What is the Estimated Funding Time?

While we couldn’t find the exact time frame, we found that it can take anywhere from a few days to a few weeks to get your funding through Community Mortgage Corporation.

The entire process is incredibly fast, and you can get started on your home loan as soon as you’re approved.

Keep in mind that the average wait time is about two weeks no matter the lender you choose.

Do They Charge Mortgage Origination Fees?

Community Mortgage Corporation states on its website that they do charge mortgage origination fees.

This can be a big disadvantage for homebuyers who are working with a tight budget. But, this broker does offer a variety of other benefits, including competitive interest rates, a wide range of loan products, and personalized service.

Additionally, Community Mortgage Corporation closing costs are also charged and can be anywhere from $1,000 to $5,000.

Does Community Mortgage Corporation Charge Prepayment Fees?

Prepayment fees are charges assessed by a lender when a borrower pays off their loan before the end of the loan term. These fees are designed to compensate the lender for interest that would have been earned if the borrower had kept the loan until maturity.

Community Mortgage Corporation does not charge prepayment fees on any of its mortgage products. This can save you a lot of money if you plan on making extra payments and getting out of debt sooner.

What Mortgage Programs Are Available?

There are not that many mortgage programs available through Community Mortgage Corporation. Here is what they provide:

• Conventional mortgage 
• FHA
• VA
• USDA

So, as you can see, with this broker you can either get a conventional or government-backed loan. Lastly, all of these loans are available with a fixed or adjustable interest rate so you can choose the one that fits you best.

What Property Usage Types Does Community Mortgage Corporation Allow?

Community Mortgage Corporation (CMC) is a mortgage lender that allows a few different types of properties. 

These include:

• Primary residence 
• Secondary residence 
• Condominium 
• Townhouse 
• Single-family houses 
• Multi-family houses 
• Vacation homes 
• Investment properties

How Do People Rate the Customer Service and User Experience?

When it comes to the Community Mortgage Corporation customer ratings, they have very positive feedback. Many clients rate their customer services as excellent, with many stating they are fast and friendly.

Overall, we can say that customer satisfaction with Community Mortgage Corporation is amazing and their score of 4.87 can confirm that.

In case you want to find more good and reliable lenders near you, feel free to reach us. We can find a suitable lender for you.

Contacts of Community Mortgage Corporation

Community Mortgage Corporation is operating in more than just one state. They are available in Tennessee, Mississippi, Alabama, Arkansas, Florida, Georgia, and Kentucky.

With that said, you can go on thor website and search for the nearest office and see the exact location and phone number. Since they have many offices, we will list down below their headquarters phone number and email on which you can reach them.

142 Timber Creek Drive Cordova, Tennessee
(901) 759-4400

Their working hours are from Monday to Friday from 8:30 am to 5 pm.

Availability of Community Mortgage Corporation

If you’re looking to get a mortgage from a Community Mortgage Corporation, you may be wondering about their availability. Well, the good news is that they are available in 7 states across the US. Here is a list of states:

• Tennessee
• Mississippi
• Alabama
• Arkansas
• Georgia 
• Florida
• Kentucky

But what if you don’t live in one of these states? If that’s the case, we recommend you contact their customer service department. We are sure they will be more than happy to help you get set up with a mortgage company in your area.

Community Mortgage Corporation Summary

• Community Mortgage Corporation is a mortgage broker based in Cordova, Tennessee, and has been in business since 1988.
• They provide their services in 7 states across the US.
• The company has a BBB accreditation and an A+ rating.
• Community Mortgage Corporation offers both conventional and government-backed loans.
• Their website lacks a lot of information so in case you want to work with them, we suggest you contact the customer service representative.

FAQs About Loan Company

1. Does Community Mortgage report to credit bureaus?

Unfortunately, we don’t have that kind of information regarding the Community Mortgage Corporation company.

2. Is Community Mortgage legit?

Yes. Community Mortgage Corporation is a legit and accredited company both by HUD and BBB.

3. Is Community Mortgage Corporation a good company?

This corporation has a BBB accreditation and holds an A+ rating.