An In-Depth Analysis of the Lender First Bank Mortgage
Deciding which mortgage lender is right for you and your family can be a daunting process, especially when it comes to reviews. How do you know whom to trust? Who can you rely on to give an honest assessment of the services they provide? With that in mind, we have made this First Bank Mortgage review to help you get to know them better.
First Bank Mortgage LLC offers a wide range of mortgage products, including fixed-rate and adjustable-rate loans, FHA loans, VA loans, USDA loans, conventional loans, and construction loans. They also offer a variety of refinancing options.
One thing to note is that First Bank Mortgage is currently not offering home equity lines of credit (HELOCs). This may be something to consider if you’re looking for a lender who offers this type of loan product.
|Loan Amount||Up to $1,500,000|
|Loan Terms(Years)||10, 15, 20 and 30 year terms|
|Credit Score Range||N/A|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, FHA, VA, USDA, Construction, Refinancing loan|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||N/A|
|Property Type||Residential and investment|
|Verification Documents Required||N/A|
How Much Money Can You Borrow from FBT Mortgage?
When it comes to taking out a loan, there are many factors that come into play when deciding how much money you are eligible for. Many lenders look at your crest score, credit rating, your debt to income ratio, and many other things.
All of this affects how much money you will get. In the case of American First Bank Mortgage, the maximum available loan amount is $1.5 million.
FBT Mortgage Pros & Cons
There are a lot of things to consider when you’re shopping for a mortgage, and it can be tough to know where to start. First Bank Mortgage has both pros and cons that you should be aware of and carefully weigh out before making a decision.
The biggest benefit of working with them is that they offer a wide array of different loan options. On top of that, they have been in business since 2001 and they have good loan terms.
But on the other hand, the business is not BBB or HUD accredited, which can present major issues. They also haven’t disclosed any interest rates on their website.
- Long years in business
- A wide array of loan options
- Good loan terms
- Not BBB accredited
- Not HUD accredited
- No interest rates disclosed
- Have origination fee
What is the Longest Loan Term You May Obtain from FBT Mortgage?
When it comes to mortgages, longer loan terms generally mean lower monthly payments. So if you’re looking for this perk, you might be wondering what the longest loan term is that you can get from First Bank Mortgage.
The answer is 30 years. So, if you qualify for a 30-year mortgage, your monthly payments will be lower than they would be with any other type of mortgage from this lender, but you will also pay a lot more in interest over the life of the loan.
Besides this option, the lender also offers 10, 15, and 20-year terms that might be worth looking into if you can afford to pay a bit more every month.
What Mortgage Rates Do FBT Mortgage Offer?
First Bank Mortgage offers a variety of mortgage rates to meet the needs of its customers. Whether you’re a first-time home buyer or looking to refinance, here are the rates you can expect.
For a 30-year term, a conventional loan for purchasing First Bank Mortgage interest rate will be around 6.58%, and 7,18% for an FHA loan. VA and USDA loans have lower rates of 6,24% and 6,50%
As for refinancing, the interest rates you are likely to get will be around 6,49%.
What is the Estimated Funding Time?
As the broker’s website is quite vague, we could not find the time frame for issuing a loan to the borrowers. All we can say is that on average, it takes around two weeks to get the funds once your application has been approved.
Additionally, the estimated funding time really depends on a number of factors, but if you’re careful about choosing the right type of mortgage and you have a good credit score, you should be able to get funded relatively quickly.
Do They Charge Mortgage Origination Fees?
When you’re shopping for a mortgage, it’s important to understand all of the fees associated with the loan. Mortgage origination fees are charged by lenders for processing a loan application and originating the loan. These fees can vary significantly from lender to lender, so it’s important to compare fees when shopping for a mortgage.
In the case of First Bank Mortgage, they charge both origination fees and closing costs and these fees range from $1,000 and go up to $5,000. Overall, this is considered an average cost that many other lenders have as well.
Does FBT Mortgage Charge Prepayment Fees?
When it comes to mortgage prepayment fees, First Bank Mortgage does not charge any fees. This is good news for those who are looking to refinance their home or pay off their mortgage early.
There are many benefits to refinancing your home, such as getting a lower interest rate or a shorter loan term. However, some lenders will charge a prepayment fee in order to recoup some of the costs associated with the loan.
Fortunately, First Bank Mortgage does not charge any prepayment fees, so you can take advantage of these benefits without having to worry about any extra costs.
What Mortgage Programs are Available?
There are many mortgage programs available to potential home buyers. Here is the list of the mortgage programs they offer:
- Conventional loan
- VA loan
- USDA loan
- FHA loan
- Construction loan
What Property Usage Types Does FBT Mortgage Allow?
There are a number of different property usage types that First Bank Mortgage allows. This includes
- Primary residences
- Second homes
- Vacation home
- Investment Properties
Each type of property has its own set of rules and guidelines that must be followed in order to be approved for financing.
For instance, investment properties must be used for business purposes only and can not be owner-occupied. Second homes must be used as personal residences for the majority of the year, and can not be rented out for extended periods of time.
Primary residences must be the borrower’s principal place of residence and can not be used as an investment property or vacation home.
How Do People Rate the Customer Service and User Experience?
We all know that the reviews and ratings are not always going to be perfect and that is okay. Especially because every experience is different from one another. In the case of First Bank Mortgage, their reviews are really a mix of good and bad ones.
Generally speaking, people are happy with their customer service saying they are always there to help. On the other hand, many people didn’t like that the loan officers didn’t care much about their financial problems. Luckily, there are no serious complaints made against the business.
Overall, customer satisfaction with First Bank Mortgage is considered average with a rating of 3.5 that shows that. There is a lot of room for them to grow and improve their ratings.
And in case you would like to work with a better-rated lender, don’t hesitate to reach us. We are more than happy to assist you in finding the lender that will suit you the best.
Contacts of FBT Mortgage
If you’re considering a First Bank Mortgage, it’s important to get the facts before you make a decision. We’ve gathered information about the company’s contact information, products, and services so you can make an informed choice.
Office address: 6911 Washington Avenue, Suite B, Ocean Springs, Mississippi
Phone number: 1-888-344-0422
Fax number: (662) 332-4888
Email: [email protected]
Availability of FBT Mortgage
First Bank Mortgage has many locations all over the USA. Down below we will list all of them:
FBT Mortgage Summary
- FBT Mortgage is a mortgage broker based in Ocean Springs, Mississippi.
- They have been in business since 2001, but have no BBB or HUD accreditation for providing mortgage services.
- The company offers a few different mortgage programs including both conventional and government-backed.
- Their website is quite vague and missing a lot of information, so we would recommend you work with a more transparent firm.
FAQs About Loan Company
1. Where is FBT Mortgage’s headquarters?
First Bank Mortgage is headquartered in Ocean Springs, Mississippi, with an address of 6911 Washington Avenue, Ste B.
2. How many employees are working in First Bank Mortgage?
According to Linkedin, this company has between 11 and 50 employees.
3. Is FBT Mortgage a good lender?
As FBT Mortgage has no BBB or HUD accreditation for providing mortgage services, we cannot say they are a good company to work with.