Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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Flagstar Bank joined up with New York Community Bank in 2022, with some of its mortgage operations a casualty of the merger. The bank is still one of the largest home loan lenders, however, and a worthy option to consider. Depending on where you live, it might be easier to apply for a loan online — the bank’s mortgage offices are limited to about half of U.S. states.
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Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 580 for FHA loans
Nationwide availability
All U.S. states except Texas
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Flagstar Bank provides a variety of mortgage options for borrowers, including conventional loans, jumbo loans, government-backed loans and construction and renovation loans. The bank’s mortgage division operates online and through retail mortgage offices in 12 states.
Convenient online application
Online portal to view recent transactions and manage payments
Rates somewhat higher compared to other lenders
Mortgage branches not in every state
Flagstar Bank’s mortgage rates aren’t the lowest compared to Bankrate’s averages, but it also doesn’t charge lender fees, which could save you some money at closing.
Flagstar Bank caters to a variety of borrowing needs, offering conventional and FHA, VA and USDA loans, as well as jumbo products and home equity and refinancing solutions. The bank can also help with construction financing if you’re building or renovating a home. To qualify, you’ll need to meet minimum credit score standards based on loan type. Notably, the bank accepts just 10 percent down on a jumbo loan, assuming you qualify otherwise.
Flagstar Bank has been in business since 1987, with an estimated $1 trillion in loan originations since then. It has an A+ from the Better Business Bureau, but less than favorable reviews on both the BBB and Trustpilot. The bank also ranked near the bottom of the J.D. Power mortgage originator satisfaction survey for 2021. (Flagstar wasn’t ranked in J.D. Power’s 2022 survey.) If you’re buying a home and interested in a mortgage through Flagstar, you can expect an approval in 48 hours (provided you qualify) and to close in an average of 35 days. The bank’s online learning center includes a variety of articles about the basics of borrowing. The lender also has an app that allows customers to monitor their accounts, and it offers e-signature for some documents.
- Red Ventures staffer (Bankrate parent company)
You can apply for a mortgage with Flagstar Bank in person at a branch location, online or by phone at 866-809-4582 Here are some tips to prepare for the process:
Flagstar Bank offers both rate-and-term and cash-out refinancing options.
Rating: 4.6 stars out of 5
4.6
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states except Texas |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
NMLS: 417490
4.2
23 ratings
This lender has 23 recent reviews.
91% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?