An In-Depth Analysis of the Lender Graystone Mortgage
When it comes to the world of lenders, choosing the perfect lender for you can be a hard and daunting task. Luckily, we have made this Graystone Mortgage LLC so you can learn more about them.
Graystone Mortgage might have been a good option for you as a lender but unfortunately, they have closed in 2021. They were originally opened back in 1996 in Salt Lake City, Utah. They offered conventional loans, jumbo loans, FHA loans, VA loans, USDA loans, and reverse mortgages.
Unfortunately in late 2021, the company went out of business with no clear reason as to why.
|Loan Amount||Up to $1,000,000|
|Loan Terms(Years)||10,15,20 and 30 year terms|
|Credit Score Range||N/A|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, Jumbo, FHA, VA, USDA, Non-owner occupied, Other low/ No down payment, FHA 203(k), Reverse mortgage|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||N/A|
How Much Money Can You Borrow from Graystone Mortgage?
When it comes to home mortgages, one size does not fit all. And because of that, knowing the maximum allowed borrowing amount is important. With that said, there are many factors that come into play when getting approved for a certain amount.
In the case of Graystone Mortgage INC, before they closed they were offering jumbo loans with the maximum allowed borrowing amount of $1 million.
Graystone Mortgage Pros & Cons
There are a number of Graystone Mortgage pros and cons to consider if you’re thinking about using this type of financing for your home purchase. On the plus side, Graystone Mortgages used to have a big array of loan options. Another benefit Graystone Mortgage Corporation offered was fast approval time.
However, there are some potential drawbacks to keep in mind as well. For one, Graystone Mortgage Corp wasn’t a BBB or HUD-accredited company. This presented a lot of issues and as well might have been a reason they closed down.
- Used to have a wide array of loan options
- Used to have fast approval time
- They didn’t have prepayment fees
- They were not BBB accredited
- They were not HUD accredited
- They used to have origination fees
What is the Longest Loan Term You May Obtain from Graystone Mortgage?
If you are looking for a long-term loan from Graystone Mortgage, you may be able to obtain a loan with a term of up to 30 years. This is one of the longest loan terms that you can find from a mortgage lender, and it can provide you with lower monthly payments and a longer time to repay your loan.
However, the company has been closed for a year now so you will not be able to get a loan from them either way. We do suggest you find a lender that is legit and still operates.
What Mortgage Rates Do Graystone Mortgage Offer?
When it comes to the interest rates, we were unable to find anything regarding this. Since Graystone Mortgage is closed we are unsure what interest rates they used to offer.
Either way, it’s best to find a lender that still operates and is transparent with its clients. Also, make sure to work with a lender that has competitive rates, and don’t forget to shop around and compare different lenders.
What is the Estimated Funding Time?
We suspect that the estimated funding time for a Graystone Mortgage was between 10-14 days. As there is no way we can know the exact time due to this company being closed, we gave you an average needed to issue a loan once your application has been processed and approved.
However, it is important to remember that this is still an estimate and there are always potential delays that could occur so be aware of this when working with any other lender.
Do They Charge Mortgage Origination Fees?
We found that Graystone Mortgage did indeed charge mortgage origination fees. These charges are associated with issuing a loan to a borrower and lenders either charge them as a flat fee or a percentage of the total loan amount.
As costs can easily add up, it’s a good thing you can roll off these charges into the loan so you do not need to pay them upfront if you are unable to.
Does Graystone Mortgage Charge Prepayment Fees?
Before its closing, Graystone Mortgage did not charge prepayment fees. This certainly was a benefit for borrowers who needed or wanted to refinance their mortgage before the end of the loan term.
Lenders in general often set these prepayment fees in order to recoup their lost interest that occurs once you pay your outstanding balance ahead of time. As there are already many other costs you as a borrower must pay, we suggest you find a lender who does not charge any prepayment fees.
What Mortgage Programs Are Available?
There are several different loan programs this company offered before its closing. Here is the list:
- Non-owner occupied
- Other low/ No down payment
- FHA 203(k)
- Reverse mortgage
With so many options they surely could help almost any borrower. So, in case you are unsure which type would suit your situation best, we suggest you schedule a meeting with a loan officer of your chosen mortgage lender.
What Property Usage Types Does Graystone Mortgage Allow?
Graystone Mortgage offered many different types of mortgages which ensured many different property usages, including:
- Primary residences
- Second homes
- Investment Properties
- Vacation/seasonal homes
- Condo units
- Multi-unit dwellings.
How Do People Rate the Customer Service and User Experience?
Graystone Mortgage reviews are practically non-existent right now. All we know regarding their ratings is that in the past they used to have many complaints regarding the company itself and its customer service.
Many of their clients said that they faced issues with their loan officers, stating they have changed the loan agreement and as well missed the closing dates. On top of that, clients also said their customer support is rude and doesn’t do their job properly.
With all of this said, it’s not a surprise they went out of business. It also might have been the reason as to why they closed. Overall, their ratings when they have been in business were not so good.
And in case you are interested in working with a good and reliable lender, don’t hesitate to reach us. We are more than happy to assist you in finding the best mortgage lender that will suit you and your needs.
Contacts of Graystone Mortgage
Considering they are out of business, there is not much information about their corporate office anymore. Down below, we will list the information we were able to find.
Corporate office location:
1966 E 6200 S, Salt Lake City, Utah
Availability of Graystone Mortgage
Graystone Mortgage was a mortgage broker that offered a variety of home loan products, including fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans. The company was based in Salt Lake City, Utah, but also offered its services in these states:
- North Dakota
Graystone Mortgage Summary
- Graystone Mortgage was a mortgage broker based in Salt Lake City, Utah.
- They opened back in 1996 but went out of business in 2021 due to undisclosed reasons.
- They offered a variety of loan programs including FHA, VA, USDA, conventional, jumbo, reverse mortgage, refinance loan, and much more.
- The company never had BBB accreditation and we could not find enough online reviews to form an opinion about customer satisfaction.
FAQs About Graystone Mortgage
1. How to Contact Graystone Mortgage?
You can no longer contact this company as they have been closed for over a year.
2. What Services Does Graystone Mortgage Offer?
They provided a wide range of mortgage services back when they were still open.
3. How Can I Obtain a Loan at Graystone Mortgage?
You can no longer obtain a loan from this business as they are no longer open.