An in-depth analysis of the lender Dragas Mortgage Company

When looking for a lender, it might be hard to find a good and reliable one. In this article, we’ll give you an honest Dragas Mortgage Company review and look at their products, services, customer service, and more. We’ll also compare it to other lenders so you can make an informed decision about whether or not Dragas is the right fit for your needs.

Dragas Mortgage Company offers FHA loans, VA loans, conventional loans, and VHDA loans. They were founded in 1970 and are headquartered in Virginia Beach, Virginia.

If you are considering applying for a mortgage with Dragas Mortgage Company, we encourage you to read this honest review first.

How Much Money Can You Borrow from Dragas Mortgage Company?

To be honest, Dragas Mortgage company looks a bit sketchy. There is not much information on their website and when we say not much, there is not even an address on it. So, when it comes to the maximum amount you can borrow, we can’t tell you exactly.

With this said, it looks like they are not a good and legitimate company. We do advise you to look for a real and reputable lender.

Dragas Mortgage Company Pros & Cons

When it comes to home loans, there are a lot of options out there. It can be difficult to know which company to go with. We’ve done the research for you and we will give all the pros and cons Dragas Mortgage Company offers.

When it comes to the pros, they don’t have that many. Besides being in business for over 50 years, the only other pro is that they offer good loan terms. But when it comes to the cons, they have a lot of them. 

Yes, they are registered in HUD but they don’t have a BBB accreditation even though their file was opened in 1978. That is a long time of operating with no accreditation. On top of that, their website lacks basic information and also once you click on their logo, it takes you to another website that is written in Latin and has an address in Denver, Colorado. Their ratings are also very bad.

Pros:

• Many years in business 
• Registered in HUD
  

Cons:

• Not BBB accredited 
• No interest rate disclosed 
• Sketchy looking website 
• No address information
• High fee lender

What s the Longest Loan Term You May Obtain from Dragas Mortgage Company?

In case you are looking to finance a home through Dragas Mortgage Company, you may be interested as to what the longest loan term you can obtain is.

The answer to this is 30 years. This loan term gives borrowers plenty of time to make their monthly payments and still have their homes paid off within a reasonable time frame.

Additionally, a 30-year loan term should ensure you the lowest monthly payment you can get. But, if you want to get out of debt faster, this broker also offers a 15-year term.

What Mortgage Rates Do Dragas Mortgage Company Offer?

The Dragas Mortgage Company interest rates are nowhere disclosed on their website. We were also unable to find anywhere any answer to what their interest rates generally are.

This is a very major red flag since it shows they are not open with their potential clients and are most likely going to scam you. That’s why it’s best to stay away from them and actually find a good lender.

What is the Estimated Funding Time?

When you decide to take out a mortgage it’s only normal to wonder how long the funding process will take. Unfortunately, like many other important details, this one is also missing on the Dragas Mortgage Company’s website.

All we can tell you is that the wait time with a reliable and good company should take about 7 to 14 days if you get approved.

Do They Charge Mortgage Origination Fees?

Judging by Dragas Mortgage Company reviews it seems like they do charge origination fees. In fact, on multiple websites and reviews, you can see they are being categorized as “high-fee lender “.

Even though you may think this isn’t such a big deal, keep in mind that these fees can be more than 1% of the loan amount and that will surely add up to other costs this lender charges.

Does Dragas Mortgage Company Charge Prepayment Fees?

Dragas Mortgage Company also charges prepayment fees. These are fees some lenders will add to your payments in case you decide to pay off your loan early.

While we cannot tell you the exact amount you will need to pay, as they are calculated based on the loan type you took out and the remaining payments you need to make, we can assure you the cost will be high.

Lastly, Dragas Mortgage Company’s closing costs are also very high so we suggest you avoid this lender altogether.

What Mortgage Programs Are Available?

There are several mortgage programs available through Dragas Mortgage Company including:

• Conventional loan 
• VHDA
• FHA
• VA

This non-existent variety ensures that there is a low possibility for borrowers to find something that fits their needs. Additionally, even a wide variety doesn’t mean anything if the company isn’t transparent and you essentially don’t know anything about your lender.

What Property Usage Types Does Dragas Mortgage Company Allow?

Considering that Dragas Mortgage Company doesn’t actually offer that much variety when it comes to their loan options, the property usage is minimum. 

It includes the following:

• Primary residence 
• Secondary residence 
• Vacation homes

How Do People Rate the Customer Service and User Experience?

While we were conducting this Dragas Mortgage Company review, we came upon many customer ratings. And to be honest, they are not good. A lot of people are complaining about their customer service, saying they are very bad and not helpful at all.

On top of that, a lot of users also complained about the company changing the loan agreement and not notifying them about it. It’s safe to say that customer satisfaction is non-existent with this company. Their rating of only 2.3 shows that. So, make sure to stay away from this sketchy lender.

In case you are interested in working with a reliable and reputable lender, feel free to reach us at any time. We are glad to help and assist you.

Contacts of Dragas Mortgage Company

Dragas Mortgage Company contacts are very limited. There is only one number provided on their website. There is no email and no address, the only option they offer besides the phone number is to fulfill an inquiry and then they will reach you.

Here is their phone number:
(757) 499 4303

Availability of Dragas Mortgage Company

As we have previously mentioned many times, there is no actual address on the Dragas Mortgage Company website. Luckily, we have managed to find their address and they are located at 4532 BONNEY ROAD, SUITE A, VIRGINIA BEACH, VA 23462.

This insinuates they are only available in Virginia and nowhere else. Either way, we advise you to look for another lender that is not as sketchy as Dragas Mortgage Company.

Dragas Mortgage Company Summary

• Dragas Mortgage Company is a mortgage broker operating from Virginia Beach, VA operating since 1970.
• They are not BBB accredited but they are registered in HUD. 
• A lot of information is missing on their website, including an actual address and an email address.
• The company allegedly offers the following loans: FHA, VA, conventional, and VHDA loans.

FAQs About Loan Company

1. What is Dragas Mortgage Company’s official website?

Their official website is https://www.dragasmortgage.com/.

2. How many employees are working at Dragas Mortgage Company?

Unfortunately, all the information about the company is limited so we were able to find only 4 employees working for sure.

3. Is Dragas Mortgage Company a good lender?

Dragas Mortgage Company does not have a BBB accreditation so we would not recommend you work with them.