![]() Additionally, Mello Smartloan can digitally conduct title clearance, which is often one of the more time-intensive steps of the underwriting process. Its loan products include conventional mortgages, government-backed loans and refinances.Ĭustomers who use the lender’s Mello Smartloan online technology can expect to reduce their closing time by 17 days by reducing paperwork and digitally connecting and verifying assets, income and debt. LoanDepot is one of the largest non-bank mortgage lenders in the U.S., with more than 150 branches across the country and a robust online presence. This can help borrowers who might not have a long credit history or had a prior bankruptcy show a good track record with on-time payments in areas that are not usually counted in traditional credit data.īank of America offers fixed- and adjustable-rate conventional and jumbo mortgages (ARMs), FHA loans and the Affordable Solution Mortgage, which requires just 3% down and no private mortgage insurance. Alternative credit data takes into account payments you make that are not traditionally included in credit reports. The lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications. ![]() The lender’s average closing time is between 30 to 45 days, which is about the industry average.īank of America requires a minimum credit score of 620. A long preapproval time is a disadvantage in a competitive seller’s market, where buyers are bidding against several other people and need to be ready with financing in order to make an offer. ET.īank of America’s mortgage preapproval time takes 10 days, which is a lengthy amount of time compared to other lenders. Borrowers can schedule an appointment online.Ĭustomer support via phone is available Monday through Friday, 8 a.m. Bank of America operates in all 50 states. There are no geographic restrictions for getting a Bank of America home mortgage.īorrowers can apply online or in person. Their Affordable Loan Solution mortgage requires a low down payment of just 3% and no private mortgage insurance, which can save budget-minded borrowers hundreds of dollars per month.įor existing customers, there are several discounts available, including a $600 closing-costs discount. Borrowers also can connect with a lending specialist online.īank of America offers lower-than-average mortgage rates and the convenience of applying in-person or online. This provides customers with online applications, electronic signatures for documents and online rate locks. There are more than 5,000 branch locations in the U.S., in addition to its online mortgage options, which includes the Bank of America Digital Mortgage Experience. For jumbo loans, the minimum credit score is 700.īank of America is a big bank lender that offers mortgage and refinance loan products, along with full banking services. In some cases, closing can be as short as 30 days.īorrowers must have a minimum credit score of 620. The average closing time is 45 days, which is about the industry average. Preapproval takes between 20 to 30 minutes. Customer support by phone is available Monday through Thursday from 8 a.m. PNC has branches for borrowers more comfortable with a brick-and-mortar experience in the following states: Alabama, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.īorrowers can apply online or in person at a bank location. PNC also offers a full digital pre-approval application, where borrowers may apply online and receive approval in a matter of minutes. It also connects unique budgets, real-time rates and loan products with a real estate listings search to help prospective home buyers better understand how much house they can afford. Home Insight combines a home affordability analysis, a monthly payment estimator that accounts for insurance and taxes and the ability to search for available home listings. ![]() In addition, the customer can invite real estate agents into the process to monitor progress. It also allows customers who have applied for a loan to follow along with the approval process and upload supporting documents. PNC also offers an innovative online experience called Home Insight, which provides a deep dive into the homebuying process, enabling customers to determine the mortgage payment they can afford and start shopping for homes with real-time rate quotes and loan products. PNC Bank operates in all 50 states and provides a wide range of mortgage products, including specialty loans for low- and moderate-income borrowers.
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