Greenlight Financial Services Mortgage Review(s) and Rates

Greenlight Financial Services, a direct-to-consumer mortgage lender based out of Irvine, California has been a BBB accredited business since 2001. Because they are an online operation with no physical branches they have the ability to offer slightly better mortgage rates than larger brick and mortar institutions. They attribute their success of weathering the financial collapse to three elements – excellent customer service, competitive rates, and efficient loan processing.

Types of Mortgage Loans and Refinance Products Available at Greenlight Financial Services:

- Fixed Rate Mortgages including: 30 year fixed rate mortgages, 20 year fixed rate mortgages, 15 year fixed rate mortgages and 10 year fixed rate mortgages.

- Adjustable Rate Mortgages including: 10/1 ARM, 7/1 ARM, 5/1 ARM, and 3/1 ARM.

- Conforming Jumbo Mortgages including: 30 year fixed rate jumbo mortgages, 20 year fixed rate jumbo mortgages, 15 year fixed rate jumbo mortgages and 10 year fixed rate jumbo mortgages.

- Government Mortgage Loans including: FHA 30 year fixed rate mortgages, and FHA 15 year fixed rate mortgages.

BBB Business Review and Rating for Greenlight Financial Services:

On a scale of A+ to F, the BBB has given Greenlight Financial Services a rating of A+.

Within the last 3 years there have been 18 complaints against Greenlight Financial Services. Of these 18 complaints all 18 have been closed and 17 were closed within the last year. The majority of the complaints (9) came from advertising and/or sales issues. 6 complaints were derived from problems with the product and/or service. 2 complaints came from billing and/or collection issues and 1 complaint came from guarantee and/or warranty issues.

Mortgage Rates provided by Greenlight Financial Services:

(Mortgage and refinance rates listed below accurate as of October 11, 2011. Visit our mortgage center for updated rates, closing costs and fees from lenders throughout the country.)

- 30 year fixed rate mortgage on loan up to $417k featuring an APR of 3.935 and 4.299 depending on points.

- 15 year fixed rate mortgage on loan up to $417k featuring an APR of 3.421 and 3.84 depending on points.

- 20 year fixed rate mortgage on loan up to $417k featuring an APR of 3.811 and 4.066 depending on points.

- 10 year fixed rate mortgage on loan up to $417k featuring an APR of 3.371 and 3.729 depending on points.

- 10/1 ARM on loan up to $417k featuring an APR of 3.446 and 3.923 depending on points.

- 7/1 ARM on loan up to $417k featuring an APR of 3.421 and 2.928 depending on points.

- 5/1 ARM on loan up to $417k featuring an APR of 3.171 and 2.826 depending on points.

- 3/1 ARM on loan up to $417k featuring an APR of 2.920 and 2.791 depending on points.

- FHA 30 year fixed rate mortgage featuring APR of 3.922%

- FHA 15 year fixed rate mortgage featuring APR of 3.332%

Greenlight Financial Services is included in our database of mortgage and refinance rates available to consumers throughout the country. To view updated rates scroll through out mortgage tables. Rates on these tables are updated daily.

Company and Contact Info for Greenlight Financial Services:

Number of Employees: 185

License Number: 6038216

Joann Pham – Owner/CEO

Justin Helwig (Production Supervisor)

Rolando Pena (Controller)

Bac Pham (Broker)

Alyce Sumita (Compliance Manager)

Marie Reich (Contact)

If you have experience in obtaining a home loan or refinancing your mortgage through Greenlight Financial Services, please share your experience in the comment section below.

Loan Depot Mortgage Review(s) and Rates

Loan Depot was one of the original pioneers of the ‘direct lenders’ phenom that exploded when the internet began allowing consumers to apply for loans online with a faster approval process and lower mortgage rates. Within the last 25 years Loan Depot has also built and launched two similar start-ups that later merged with Lending Tree and E-Trade.

Loan Depot aims to separate itself from the other various direct mortgage lenders by providing a vast array of online resources for mortgage education which consumers can use before applying. Many of these tools, however, are similar to what other online mortgage lenders provide such as calculators, loan comparisons and graphic illustrations. Their most original online tool being their “videoDepot.” They’ve compiled an entire library of videos dedicated to educating consumers on loan programs and the loan process. So if you’re in the market for your first mortgage, this can be very helpful.

They offer a wide range of mortgage products. Among these are: fixed rate mortgages, adjustable rate mortgages, FHA loans, interest-only loans, jumbo loans and home equity loans. Their most popular product is their 30 year fixed rate mortgage. As of September 2011, their 30 year fixed rate mortgage provides and APR of 4.00%.

Mortgage Rates Provided by Loan Depot:

(Rates accurate as of September 2011.)

- 30 year fixed rate mortgage featuring an interest rate of 3.75% and an APR of 4.0%.

- 15 year fixed rate mortgage featuring an interest rate of 3.75% and an APR of 3.937%.

- 5 year adjustable rate mortgage featuring an interest rate of 3.0% and an APR of 3.139%.

Adjustable Rate Mortgages: If you anticipate a significant increase in your income or property value in the next several years, plan on staying in your home short-term, or would like to significantly lower your payment, an ARM might be right for you. Adjustable Rate Mortgages (ARMs) have interest rates that change at a pre-determined frequency.

FHA Loans: Insured by the Federal Housing Administration (FHA), these loans are government-assisted alternatives to conventional financing, and were originally offered for first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience, and are even popular options for homeowners looking to refinance.

Interest Only Loans: If you need to lower your mortgage payment as much as possible or if you have a financial plan that requires that you pay less in interest over the next few years than an interest-only loan might be a good fit for you.

Loan Depot has received somewhat low ratings from users with an average rating of between 1 and 3 stars out of 5. The reviews and complaints users have left on various consumer review websites as well as the BBB haven’t been particularly flattering. However, one must take into account that when everything goes smoothly with a mortgage application and home loan process there is a less likely chance of that individual writing a review than one who had a negative experience. Studies have shown the individual with the negative experience is more likely to voice his/her opinion than one who had a positive experience.

Golden 1 Credit Union Mortgage Review(s) and Rates

Golden 1 Credit Union, based out of Sacramento California, is one of the largest credit unions in the country by both assets and members – 6th largest by assets and 4th largest by members. They were founded by a group of California state employees in 1933.

Like most credit unions, Golden 1 is a membership financial cooperative which is owned by its members. Therefor Golden 1 has no shareholders to report to and profits garnered can be returned to their members in the form of higher savings rates and lower loans rates.

Who Can Obtain a Mortgage or Home Loan through Golden 1 Credit Union?

Anyone who lives or works in 34 of California’s 58 counties is eligible to join. Golden 1 also serves California state employees, members of CalPERS and CalSTRS, and employees of thousands of organizations and businesses throughout the state. Family members of Golden 1 members are also eligible to join.

Types of Mortgages Available through Golden 1:

They offer a wide range of home loan and mortgage products and financing to their members. They offer both fixed rate mortgages and adjustable rate mortgages as well as FHA loans and home equity loans. If eligible a FHA loan can be obtained through Golden 1 with as little as 3.5% down.

Golden 1 Credit Union Mortgage Rates:

(Rates accurate as of September 2011. Please visit golden1.com for updated rates and information.)

- 30 year fixed rate mortgage featuring an APR of 4.322%.

- 15 year fixed rate mortgage featuring an APR of 3.50%.

- FHA 30 year fixed rate mortgage featuring an APR of 5.061%.

- FHA 15 year fixed rate mortgage featuring an APR of 3.987%.

Home Equity Loan Rates through Golden1:

- “Equity My Way Line of Credit” featuring an APR of 4.50%.

- 15 year fixed rate equity loan featuring an APR of 6.99%.

Do you have experience in obtaining a home loan or mortgage through Golden 1 Credit Union? If so, please share you experience by leaving a comment.

Colorado Federal Savings Bank Review(s) and CD Rates

Colorado Federal Savings Bank, based out of Greenwood Village, CO, was established in 1990. They still operate just one branch but can accept deposits online from customers throughout the country. They have 18 employees and they are federally insured by the FDIC (FDIC # 33111). They are the tenth largest bank in Colorado and the 636th largest in the United States. Colorado Federal Savings Bank claims to have one the highest capital ratios in the banking industry with a solid financial balance sheet.

Colorado Federal Savings Bank Health & Statistics:

Currently, Colorado Federal Savings Bank controls roughly $1.04 in assets – with $391.89 million in loans, $665 million in deposits and $102.24 million in equity capital.

Profit Margin Break Down – Net interest margin of 2.18%. Return on Assets 0.60%. Return on equity 5.5%, with $10.75 million in interest income.

CD Rates offered through Colorado Federal Savings Bank:

(Rates accurate as of September 2011. Visit our CD rates center for updated APY’s from around the country.)

- 6 month CD yielding 0.95% APY with a minimum deposit of $5000 required.

- 12 month CD yielding 1.15% APY with a minimum deposit of $5000 required.

- 18 month CD yielding 1.20% APY with a minimum deposit of $5000 required.

- 24 month CD yielding 1.30% APY with a minimum deposit of $5000 required.

- 3 year CD yielding 1.60% APY with a minimum deposit of $5000 required.

- 5 year CD yielding 2.15% APY with a minimum deposit of $5000 required.

Terms and Conditions:

CFSB will only allow transfers to and from your original linked account. It is our policy not to change linked accounts. It is recommended you link a checking account that you intend to keep open.

An Online Certificate of Deposit offers a higher fixed interest rate for a specific term, for this single deposit account. This is a great choice for the depositor wishing to lock in a higher interest rate in exchange for accessibility of funds during the chosen term of the investment.

These accounts offer a variety of terms to choose from. This will allow the investor to pick from several terms with different maturity dates. The funds are not accessible (without a penalty) until the term has expired.

The account will automatically renew at maturity upon the expiration of the redemption grace period.

The minimum opening deposit is $5,000.00.
No monthly service fees.
Each depositor is FDIC insured to at least $250,000.

To start earning, simply complete an application online, fund your account and watch your money grow.

Early Withdrawal Penalty for withdrawals prior to maturity date, 3 months penalty on Certificate Term is one year or less and 6 months penalty for a certificate term over one year.

AloStar Bank of Commerce Review(s) and CD Rates

AloStar Bank of Commerce, based out of Birmingham, Alabama was originally founded to supplement the “bedrock” of the American economy by focusing it’s efforts on two major segments of the US population – deposit savers and businesses.

Important Note about AloStar Bank: AloStar Bank was formerly Nexity Bank. They are just one of several online FDIC-insured banks that have changed their name after the 2008 bank collapse due to negative consumer associations with their brands as well as problematic and/or failed businesses. When Nexity Bank went under in April, AloStar Bank was formed to take over all of their assets.

By making their bank CDs available across the country (48 states) through online CD accounts, AloStar Bank of Commerce can attract consumers from varying geographic locations with their above average CD rates and ease of account opening and funding. With their depositors cash they then fund businesses with $5 million to $150 million in revenue who need a variety of commercial lending products.

They are the 9th largest bank in Alabama (despite being able to service savers throughout the nation) and the 774th largest bank in the United States.

CD Rates available at AloStar Bank of Commerce:

(Rates accurate as of September 2011. Compare these rates with the best CD rates of 2011. AloStar Bank of Commerce provides varying yields on their certificates of deposit depending on the consumer’s deposit amount. A minimum deposit of $1,000 is required to open one of their CDs.)

- 30 day CD 0.26% APY with a minimum deposit of $1,000 required.

- 90 day CD yielding 0.76% APY with a minimum deposit of $1,000 required.

- 6 month CD yielding 1.05% APY with a minimum deposit requirement of $1,000. * Avg. rates for 6 month CDs currently sit at roughly 0.45% APY.

- 9 month CD yielding 1.03% APY with a minimum deposit of $1,000 required.

- 12 month CD yielding 1.27% APY with a minimum deposit of $1,000 required.

- 24 month CD yielding 1.37% APY with a minimum deposit of $1,000 required.

Team Behind AloStar Bank of Commerce:

The financal executives in charge with setting forth the direction of AloStar are Michael Gillfillan and Andrew McGhee. Together, Gillfillan and McGhee have 66 years of experience in banking and private equity.

Gillfillan spent 26 years at Wells Fargo and ended his tenure as chief credit officer and vice chairman. Most of his experience lies in bank governance and commercial finance management.

McGhee was a co-founder at Archway Equity Partners, an Atlanta-based private equity firm, in 2008. Before that he spent 12 years with SunTrust Bank and served as their managing director of three business units before becoming vice president.

If you have experience in banking with the newly formed AloStar Bank of Commerce, please share by leaving a comment below!

Ultima Bank of Minnesota CD Rates and Review(s)

Ultima Bank of Minnesota is a relatively small community bank with some decent rates on their CDs (certificates of deposit) and savings accounts. However, most of us will probably not be eligible to take advantage of these products as Ultima Bank operates in Minnesota with just 2 branches and 25 full time employees. In the state of Minnesota they are just the 176th largest banking institution (for both banks and credit unions serving the state) and they control roughly $88 million in assets. Ultima Bank is a subsidiary of the holding company Financial Services of Winger Inc. which was established in 1904.

Like many small rural banks, Ultima Bank frequently offers “specials” or “promotional” savings account and CD features interest rates that are well above the national averages.

Ultima Bank of Minnesota CD Rates:

(Rates accurate as of July 2011. Visit Ultimabank.com for updated rates, terms and conditions.)

This week’s “Special Offers” from Ultima Bank:

- 12 month CD yielding 1.05% APY with a minimum deposit requirement of $1,000.

- 24 month CD yielding 1.35% APY with a minimum deposit requirement of $1,000.

UltimaBank uses the daily balance method to calculate the interest rate on your CD. They also impose a penalty for early withdrawal and your funds will automatically be reinvested into the CD if you don’t give them notice within 10 days of its maturity.

First Internet Bank Mortgage Review(s) and Rates

First Internet Bank of Indiana (or simply First Internet Bank) was one of the original pioneers in online banking. They were among the first to form a state chartered, FDIC insured institution which operates solely online. The bank was founded in 1997, incorporated in 1998 and then open to the public in 1999. It’s primarily involved in retail banking (via the internet) and investment in securities.

First Internet Bank came on our radar this week by offering some noteworthy mortgage rates for both fixed and adjustable rate mortgages. Among it’s mortgage product line are 30 year fixed, 15 year fixed, 5 year adjustable, jumbo loans, VA and FHA mortgages along with home equity loans.

Today’s Mortgage Rates – First Internet Bank:

(Rates accurate as of July 2011. Visit their website at firstib.com for updated rates and mortgage information.)

- Conventional 30 year fixed rate mortgage providing an APR of 4.327% with 0.376% points.

- Conventional 30 year fixed rate mortgage providing an APR of 4.421% with 0.00% points.

- Conventional 15 year fixed rate mortgage providing an APR of 3.417% with 0.605% points.

- Conventional 15 year fixed rate mortgage providing an APR of 3.458% with 0.030% points.

- Conventional 5 year adjustable rate mortgage providing an APR of 2.905% with 0.435% points.

- Conventional 5 year adjustable rate mortgage providing an APR of 2.923% with 0.119% points.

To put the APR’s above in perspective, the current national average for 30 year fixed rate mortgages sits at roughly 4.49%. The current national average for 15 year fixed rate mortgages sits at roughly 3.62% and the current national average for 5 year ARM’s sits at roughly 3.01% APR.

If you have experience in obtaining a mortgage or refinancing an existing home loan with First Internet Bank, please share by leaving a comment!

Teachers Federal Credit Union Mortgage Rates and Review(s)

If you happen to be in the market for a home loan or are looking to refinance an existing loan you may want to stop by your local Teachers Federal Credit Union. They are currently boasting some of the lowest interest rates (and APR’s) on both fixed rate mortgages and adjustable rate mortgages in their area. Unfortunately for many people however, membership to Teachers Federal Credit Union (TFCU) is a tad exclusive and available only to residents of Long Island, NY as well as their extended family members.

A message from TFCU:

“TFCU is a not-for-profit, member-owned financial institution which exists to serve our members. This means unlike other financial institutions, we have fewer fees and more favorable rates, adding up to a great financial deal. At TFCU, the people we do business with are not customers, they are members. When you open an account at TFCU, you actually own a share of the credit union, so in essence, it is your credit union.”

Mortgage Rates available at Teachers Federal Credit Union:

(APR’s accurate as of June 2011.)

Fixed Rate Mortgages

- 10 year fixed rate mortgage on home loans valued at $417,000 or lower featuring an APR of 3.18%.

- 15 year fixed rate mortgage on home loans valued at $417,000 or lower featuring an APR of 3.50%.

Jumbo Mortgages

- 15 year fixed rate mortgages on home loans above $417,000 featuring an APR of 3.69%.

- 20 year fixed rate mortgages on home loans above $417,000 featuring an APR of 4.31%.

- 30 year fixed rate mortgages on home loans above $417,000 featuring an APR of 4.54%.

Terms and Conditions:

APR based on $165,000 Conventional loan assuming the highest credit rating. Your actual rate may vary depending on your specific terms. The maximum loan amount for conforming mortgage for a primary residence single unit home is $417,000. Mortgages above that amount are considered jumbo mortgages. Mortgages at or below that amount may be considered conforming so long as other Fannie Mae criteria are met. Rate quotes are not guaranteed.
The rates displayed are subject to change without notice. Additional factors that may not have been considered may affect your final rate. This is not a commitment to make a loan, nor is it a guarantee that you will receive these rates or points if you are approved for the loan. Maximum Loan to Value for this program is 75%. Rates can be locked in only after your completed loan application is received.

MetLife Bank’s Mortgage Review(s) and Rates

Metlife Bank, primarily known for it’s insurance division, became a federally chartered bank in 2001 and offers consumers a wide range of banking products ranging from home loans, mortgages, reverse mortgages, mortgage refinancing as well as bank CDs and online savings accounts. Their banking division is rated amongst the top 100 commercial banking institutions in the United States and in 2008 created a special home financing division called MetLife Home Loans.

Metlife Bank’s Traditional Home Loan Packages:

- Fixed rate home loans and mortgages (30 year fixed rate mortgages, 15 year fixed rate mortgages, etc.)

- Adjustable rate loans (ARMs)

- Flexible mortgage products for first time home buyers

- FHA and VA loans

- Jumbo mortgages and home loans (up to $2 million)

- Financing for new construction

Recently they’ve also been giving special attention to reverse mortgages. MetLife Bank claims to be dedicated to helping homeowners age 62 or older make the most out of this important mortgage option. As a member of the National Reverse Mortgage Lenders Association (NRMLA), Metlife Bank adheres to the highest ethical standards in the industry.

Types of Fixed Rate Mortgages offered through MetLife Bank:

• A conforming mortgage loan is eligible for purchase by Freddie Mac and Fannie Mae^® two government-sponsored enterprises. They may repackage it as a security and sell it to investors. A non-conforming loan is for a larger amount and is often called a Jumbo loan.
• Jumbo — loan amounts exceed the conventional loan limits that also provide a fixed interest rate for the term of the loan.
• Interest-only — your monthly payments only apply to the interest payment, and not to the principal and interest payment of your loan, for a specified period of time (e.g. 5 or 10 years). After that time period, payments are applied to both interest and principal. While making interest-only payments, principal is not reduced. At the end of the interest-only payment period, your monthly payment will increase, possibly substantially, because you will then be required to pay down the outstanding principal on the loan along with the monthly interest due for the balance of the term.

Types of adjustable rate mortgages offered

Many of the loan programs available as fixed rate loans are also available as ARMSs. For example:

• FHA loans are government-sponsored programs that help more homebuyers qualify for a home loan, often with as little as 3.5 percent down payment.
• VA loans are loan programs sponsored by the Veteran Administration and designed specifically for military veterans.
• Jumbo loan amounts exceeds the conventional limit that also provide lower initial payments.
• Interest-only Adjustable Rate Mortgages are also available. You make interest-only payments for a specified period of time during which the interest rate is subject to change based on the ARM terms. You will not reduce your principal balance during the interest-only period. Once the interest-only period is over, you will make principal and interest payments. (Your payment will increase, possibly substantially, because you will be making payments to the outstanding principal and monthly interest due.) The interest rate is subject to change based on the ARM term.

MetLife Bank Mortgage Reviews:

MetLife Bank has no BBB rating at this time.

If you have experience in the home loan or refinance process with MetLife Bank, please share by leaving a comment!

E-Loan Mortgage Review(s) and Rates

E-Loan was first established in 1997 as a nationwide financial services company functioning purely online. They originally specialized in providing consumers with home loans and mortgage refinancing, and in 2006 moved into the online savings and CD arena as well. Although they are a wholly owned subsidiary of Banco Popular North America, a New York state chartered bank, they are simply an online operation with just 4 full time employees (according to the BBB).

They offer a number of fixed rate and adjustable rate mortgage plans as well as low downpayment mortgages (below 20%) and FHA loans. If you’re looking for vacation or real estate investment loans they can service these requests as well with specialized loans for mortgage investors. Their most common mortgage product are their fixed rate mortgages. They offer terms of 40, 30, 20 and 15 years. Their FHA loans are guaranteed by the government and offer low down payment options and more flexible guidelines than traditional mortgages.

They also work in conjunction with LendingTree which offers some of the lowest mortgage rates online.

Recent Recognition for E-Loan’s Mortgage Division:

• Rated #1 Mortgage Web Site for Fifth Consecutive Time (May 2008)
  Keynote WebExcellence has once again ranked E-LOAN as the number one mortgage web site. The Keynote Scorecard uses 200+ expert-determined criteria to measure a websites’ ability to meet mortgage best practice guidelines. E-LOAN was ranked number one for the functionality of its web site.
• E-LOAN Ranked #1 for Customer Respect (November 2006)
  The Customer Respect Group, an international research and consulting firm that focuses on how companies treat their online customers, reported that the E-LOAN Customer Respect Index (CRI) Rating was the highest among all financial services firms in their independent survey. E-LOAN led the overall ranking with a consumers’ trust index score of 7.9 compared to the industry average of 5.7.
• Ranked #3 in Privacy (August 2005)
  The Customer Respect Group placed E-LOAN at #3 of 464 major corporations in matters of protecting privacy. E-LOAN was the only financial company to make the top ten.
• Safest Places on the Web (Computerworld: April 2005)
  E-LOAN was listed as one of the “Top 20 Safest Sites” in the April 2005 edition of Computerworld Magazine. Consisting of websites that met or exceeded certain criteria for protecting private information, E-LOAN joined the ranks of companies like eBay, Apple and Yahoo.

E-Loan Mortgage and Refinance Rates 2011:

(Rates accurate as of June 2011. Visit ELoan.com for updated rates and information).

- 30 year fixed rate mortgage featuring an APR of 4.51%.

- 15 year fixed rate mortgage featuring an APR of 3.61%.

- 5/1 ARM (adjustable rate mortgage) featuring an APR of 3.08%.

If you have experience in the home loan process with E-Loan, please share by leaving a comment!