An In-Depth Analysis of the Lender Highlands Residential Mortgage Ltd
Are you looking to purchase a home? But do you also want to find a good and reputable lender? Then you are in the right place. Read our Highlands Residential Mortgage Ltd review to learn more about this mortgage banker and what they offer.
In this review, we will discuss everything you need to know about their home loan products and how they can help with your next move. We will review the different types of loans offered by Highlands Residential Ltd as well as the terms and conditions that must be met in order to qualify. Additionally, we will explain the process of applying for and obtaining a loan from them.
When it comes to home loans, Highlands Residential Mortgage Ltd offers everything starting from conventional loans, VA loans, FHA loans, USDA loans, fixed rate and adjustable rate loans, renovation loans, and new construction loans.
|Loan Amount||Up to $1,000,000|
|Loan Terms(Years)||10, 15, 20 and 30 year|
|Credit Score Range||N/A|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, FHA, VA, USDA, Renovation loans, New construction|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase, refinancing or construction|
|Joint Loan Applications Accepted||N/A|
|Property Type||Residential, investment|
|Verification Documents Required||Tax returns and pay stubs|
How Much Money Can You Borrow from Highlands Residential Mortgage Ltd?
Highlands Residential Mortgage Ltd offers a variety of home loan products that can be tailored to fit your needs. You can borrow up to 80% of the value of your home, subject to credit approval.
If you are a first-time homebuyer, you may be able to take advantage of government programs that offer down payment assistance or low-interest rates. Highlands Residential Mortgage Ltd has a team of experienced mortgage professionals who can help you navigate the home loan process and find the right loan for your situation.
Overall, the maximum allowed borrowing amount with them is up to $1 million. But we do advise you to consult with your loan officer before putting your name on the dotted line.
Highlands Residential Mortgage Ltd Pros & Cons
If you’re thinking about applying for a home loan from Highlands Residential Mortgage Ltd, it’s important to know both the pros and cons of working with this particular lender.
One of the biggest advantages of working with Highlands Residential Mortgage Ltd is that they are both BBB and HUD-accredited company. They also provide amazing services and they have a wide array of loan options.
On the other hand, they don’t have interest rates disclosed anywhere on their website and you need to pre-qualify in order to get at least an estimate of how much they are. Also, your mortgage may be transferred to a third-party loan servicer after closing.
- BBB Accredited
- HUD accredited
- Good loan terms
- A wide array of loan options
- No prepayment fees
- No interest rates disclosed
- A mortgage might be transferred to a third party after the closing
What is the Longest Loan Term You May Obtain from Highlands Residential Mortgage Ltd?
The longest loan term Highlands Residential Mortgage Ltd offers is 30 years. This loan term gives the borrower the lowest monthly payments and the most time to pay off the mortgage, making it the most popular choice.
But, keep in mind that with a longer loan term, you will pay more in interest over the life of the loan. So, in case you can afford to pay a little more, shorter loan terms of 10, 15, or 20 years may be a better option.
What Mortgage Rates Do Highlands Residential Mortgage Ltd Offer?
Highlands Residential Mortgage Ltd rates are not disclosed on their website. In order to actually get any insight regarding the interest rates they offer you will need to pre-qualify to get an idea of what they offer.
This is a major downside since they are not fully transparent with their potential clients. After we did the prequalification this is the estimate we got. Their interest rates start from 6.34% and go up to 7.49%. All in all, this is considered average in comparison to other lenders of this type.
What is the Estimated Funding Time?
According to Highlands Residential Mortgage Ltd reviews, the estimated funding time for a home loan is 10-15 business days. This timeframe may be shorter or longer depending on the type of loan, amount, and some other factors.
In order to get an accurate estimate of your loan’s funding time, once you submit your application, contact your lender directly.
Do They Charge Mortgage Origination Fees?
Mortgage origination fees are charged by lenders in order to cover the costs associated with originating a mortgage loan. These fees can vary depending on the lender but typically range from 0.5% to 1% of the loan amount.
For example, on a $200,000 loan, a lender could charge an origination fee of $1,000. Some lenders may also charge additional fees, such as application or processing fees.
But in the case of Highlands Residential Mortgage Ltd, we couldn’t find the exact number or even the estimate of these fees depending on the loan amount.
Does Highlands Residential Mortgage Ltd Charge Prepayment Fees?
Prepayment fees are charges that a lender may assess if a borrower pays off their loan before the agreed-upon term is up. These fees can vary from lender to lender, so it’s important to ask about them upfront.
As we said many times already, Highlands Residential Mortgage Ltd did not disclose whether or not they charge any prepayment fees for their loans. So, in this case, you should definitely ask about this before you submit your application or commit to anything.
What Mortgage Programs are Available?
There are a couple of different mortgage programs available from Highlands Residential Mortgage Ltd. Here they are:
- Conventional mortgage
- Renovation loans
- New construction loans
This is a great variety that can satisfy the needs of many borrowers. Each program also has its own advantages and disadvantages, so it’s important to speak with a loan officer to determine which program is right for you.
What Property Usage Types Does Highlands Residential Mortgage Ltd Allow?
Highlands Residential Mortgage Ltd allows for a variety of property usage types, including:
- Primary residences
- Secondary residences
- Vacation homes
- Investment properties
- New construction
How Do People Rate the Customer Service and User Experience?
Highlands Residential Mortgage Ltd has a long history of satisfied customers, and the ratings prove that. A lot of clients praise their customer support team, with a lot of them saying that they are very helpful and available whenever they need them.
On top of that, a lot of clients are happy with the Highlands Residential Mortgage services and their loan officers. Many clients state that their loan officers walked them through the whole process and as well helped them understand everything and made everything easy.
Overall, their rating of 4.8 shows that people are very much satisfied with them and happy to work with them as well. In case you are interested in working with other reputable and high-rated lenders, don’t hesitate to reach us. We are here to help you find the lender that will make your dreams of owning a house a reality.
Contacts of Highlands Residential Mortgage Ltd
If you’re looking for more information on home loans from Highlands Residential Mortgage Ltd, here are some helpful contacts:
Corporate office location:
950 W Bethany Dr., Suite 800, Allen, TX 75015
Toll Free: 866-912-7511
They are open from Monday to Friday from 8:30 AM – 5:00 PM.
Availability of Highlands Residential Mortgage Ltd
In case you are looking to work with Highlands Residential Mortgage Ltd, you will be happy to hear they are licensed in 33 states and have offices in each one of them. Here is the list of states they operate in:
- New Jersey
- New Mexico
- North Carolina
- South Carolina
Highlands Residential Mortgage Ltd Summary
- Highlands Residential Mortgage Ltd is a direct lender offering different loan products.
- This includes both conventional, government-backed, and those intended for construction and renovation.
- They are a relatively new company that opened in 2010 but have both BBB and HUD accreditation.
- They are based in Allen, Texas, and offer their services in 33 states across the US.
- Overall, their online rating is great with 4.8 out of 5 stars.
FAQs About Highlands Residential Mortgage Ltd
1. How to Contact Highlands Residential Mortgage Ltd?
You can contact the company by dialing this number 469-402-1200, and there are also toll-free and fax numbers.
2. Does Highlands Residential Mortgage Ltd Perform as an Agency or a Lender?
Highlands Residential Mortgage Ltd does perform as a lender providing their customers with loans directly.
3. Does Highlands Residential Mortgage Ltd Accept People with Bad Credit?
Unfortunately, we could not find this information on their website, so we are unable to answer this question.