Anchor Home Mortgage Review 2024

Anchor Home Mortgage overview

Anchor Home Mortgage is an online mortgage broker with one brick-and-mortar location that originates loans for over 50 lenders and banks. The brokerage was established in 2008 and is headquartered in Alpharetta, Georgia.

Pros and cons of Anchor Home Mortgage

How Bankrate scored Anchor Home Mortgage

• Affordability: This broker charges a flat underwriting fee.
• Availability: Anchor Home Mortgage works with borrowers in Florida and Georgia only. If you’re in one of these states, you might find better deals working with a broker than going at it alone.
• Borrower experience: You might find a more hands-on experience working with a broker, especially one with high marks like Anchor Home Mortgage.

Affordability: 6.2/10

Anchor Home Mortgage is a broker that works with several lenders, so you won’t find current mortgage rates on its website. It typically charges a $1,050 underwriting fee.

Availability: 6.8/10

Anchor Home Mortgage can connect you to conventional, FHA, VA and USDA loan options, provided you live in one of the two states it works in: Florida or Georgia.

Borrower experience: 7.9/10

Anchor Home Mortgage has been in business for more than 10 years and is accredited by the Better Business Bureau with an A+ rating. The broker’s website offers a convenient online application and a range of calculators to help you understand the costs of homebuying and homeownership. Its partner rates, however, aren’t available online.

How to apply for a mortgage with Anchor Home Mortgage

You can apply for a mortgage with Anchor Home Mortgage online or by phone at 678-679-7000. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Anchor Home Mortgage

Anchor Home Mortgage offers both rate-and-term and cash-out refinancing options.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.