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.

Record Setting Day for Mortgage Rates

Mortgage rates fell today for the first time ever below 4.0%.

And thanks to the Fed and their new plan to sell off short term securities in exchange for purchasing longer term ones – a move that effectively lowers both long term mortgage rates and savings rates – mortgage rates could fall even further.

So if you happen to be in the market for a new home loan or are contemplating refinancing your existing loan, you’ll currently be met with spectacularly low rates. According to our database of 30 year fixed rate mortgages, today’s APR’s are as low as 3.83% in Los Angeles as well as 3.87% in New York.

However, even though rates hit a record low today, it has been no secret that they’ve been free-falling for a few years now. Most mortgage shoppers that have been sitting on the fence, reluctant to pull the trigger on a loan, have undoubtedly been weary of jumping into the market because each week has seemed to have featured a new all time low.

Contrary to the low rates though is the overall affect on home sales. In general home sales have been sluggish since the housing market collapse of ’07 and ’08, but 2011 is actually turning out to be the worst year in well over a decade.

This move by the Fed to indirectly lower rates across the board could turn out to be a stimulating one for the economy as a whole, but more home owners are going to need to be approved for refinancing. It does little good to have record low mortgage rates when only the most immaculate of credit scores can take advantage of them.

Affinity Plus Federal Credit Union Mortgage Promotional Offer

After covering two mortgage promotions earlier this week, we were yet again notified of another noteworthy offer this time from Affinity Plus Federal Credit Union of Minnesota (thanks to BankVibe.com reader Alesky for submitting this one!).

Before we dive into the features, terms and conditions of the new home loan and mortgage promotion though, we want to first reveal their membership eligibility checklist as it’s fairly exclusive.

Who Can Join?

Anyone employed by the state of Minnesota, the University of Minnesota, or anyone involved in organizations that receive funding from the State of Minnesota – including most schools, community colleges, private and public universities, nursing homes and hospitals, counties, cities, municipalities and nonprofit groups. You may also join if you happen to live, work or attend church in the following cities: Roseville, Arden Hills, Mounds View, Shoreview, St. Anthony, and New Brighton.

Affinity Plus Federal Credit Union Mortgage Promotion:

(Rates and bonus available as of October 2011. Visit our mortgage center for updated mortgage rates and products from around the country.)

For any APFCU member looking to either refinance their current mortgage or obtain a mortgage for a new home, they can do so with APFCU waiving all closing costs (equivalent to several thousands in savings). The only catch with this option is that your APR will increase by 0.25%. If you’d rather not have the APR increase on your mortgage rate then you can still receive a discounted closing cost by $1,499 with absolutely no rate hike.

This offer is valid through the Fall with an undetermined official end date.

Terms and Conditions:

- Offer valid on 1st mortgage products only.

- All loans subject to approval.

- Rate adjustments may apply.

- $1,499 closing costs include the use of Affinity Plus Title.

- Price subject to change with outside title company.

- Payment example:$150,000 loan at 5.00% APR, with closing cost paid by the member on a 360 month term, principle and interest payments are $805.34 monthly. Escrow, taxes and insurance will increase your payments.

Visit a local Affinity Plus Federal Credit Union branch to apply.

Pentagon Federal Credit Union Mortgage Rates and Bonus Offer

After we covered the closing cost bonus and mortgage rate “matching” promotion by NFCU yesterday, we were tipped off by BankVibe.com reader Jaimie on a similar (and equally valuable) promotion by Pentagon Federal Credit Union.

The only downside to PFCU’s mortgage rate promotion is that it applies solely to 5/5 adjustable rate mortgages and they’re a tad exclusive on who can qualify. Below are the details.

Details of Pentagon Federal Credit Union Mortgage Promotion:

- Pentagon Federal Credit Union will pay up to $100k in closing costs!

- The $100,000 closing credit includes: appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee. It does not include: escrows, interest, home owner’s insurance or owner’s title insurance.

- Closing cost offer only good for 5/5 Adjustable Rate Mortgages (ARMs).

- You must use one of their “preferred title companies” to get closing cost credits.

- Closing cost offer is limited to $100,000 per loan.

- If application is withdrawn or does not close, the borrower pays all applicable fees.

- For New York properties borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit of up to $100,000.

Pentagon Federal Credit Union Mortgage Rates:

(Below are the NFCU’s 5/5 adjustable rate mortgages that can combined with their promotion. Visit penfed.org for complete list of mortgage products and APRs. Mortgage rates accurate as of October 2011. Visit our mortgage rate center for the lowest rates on home loans from around the country.)

- 5/5 ARM mortgage featuring APR of 3.135% for first 60 months.

About NFCU:

Pentagon Federal Credit Union has well over 1 million members and can service members in all 50 states. Anyone who has served in the military (or is related to someone who has) is eligible for membership. Originally federally chartered in 1935, NFCU now controls over $15 billion in assets. And although they only have physical branches in the Washington, D.C. area, Hawaii, New York, Texas, and North Carolina (as well as a few branches overseas) they can conduct business online and over the phone.

Navy Federal Credit Union Mortgage Rates + Promotions

If you happen to be eligible to join Navy Federal Credit Union AND are looking to refinance your mortgage or thinking of applying for a new home loan, then you may want to check out NFCU’s current closing cost promotion + rate match offer.

Navy Federal Credit Union will throw down on your closing costs!

For a limited time, Navy Federal Credit Union is paying up to $2,500 of their members closing costs when they refinance their mortgage or obtain a new home loan with them.

They are pretty flexible with this offer too. They’ll let you use this $2,500 towards closing costs or as a credit for fees paid outside of closing (i.e., appraisal fee, credit report, etc.). This is ideal for those who expect closing costs to be lower than the $2,500 promotional offer.

Think you can obtain a better mortgage rate elsewhere? Take Advantage of NFCU’s Rate Match Offer!

Navy Federal Credit Union apparently has a great deal of confidence in their mortgage rates. For a limited time NFCU is also featuring a “Rate Match Offer” which means exactly what it implies. If you find a better mortgage rate from a neighboring credit union or bank, you can present it to a Navy Federal Credit Union employee and they will match the interest rate. If they can’t they will give you $250 in cash after closing costs as consolation.

Current Mortgage Rates offered through Navy Federal Credit Union:

(The rates featured below are accurate as of October 2011. Compare these rates to the lowest mortgage rates from around the country.)

- 30 year fixed rate mortgage featuring an APR of 4.031%.

- 30 year fixed rate jumbo mortgage featuring an APR of 4.157%.

- 15 year fixed rate mortgage featuring an APR of 4.454%.

- 15 year fixed rate jumbo mortgage featuring an APR of 4.581%.

Navy Federal Credit Union is one of the largest credit unions in the United States by both members and total assets. If you’re looking to join the institution you may be tough out of luck unless you’ve worked in the military, national defense or certain government agencies. Check with NavyFederal.org for exact qualifications for membership.

Navy Federal Credit Union leaped in popularity within the last 70 years, growing from less than a dozen members to over 3 million. They were originally founded in 1933.

Looking to Refinance a Jumbo Mortgage? Act Quickly.

Many consumers in the market for jumbo loans (mortgages between $417,000 and $729,750) may need to act quickly to lock in loans as they could get priced out of the market come October 1st.

In many regions throughout the US jumbo loans will tighten their range from the current $417k – $729k to $417k – $625,500. And anyone looking to obtain a mortgage or refinance an existing mortgage with a loan value between this range will be affected.

We’ve heard mortgage brokers across the US (and specifically those operating in high priced neighborhoods) are reaching out to there clients to make them aware of the coming change this Fall, and it appears many consumers are completely unaware of the modification. However, here at BankVibe.com, we’ve seen an increase in internal searches and information requests for jumbo mortgage refinancing, so it also seems that those who ARE aware of these coming changes are taking action.

The people who will feel this impact the most are those living in high cost areas such as New York, San Francisco, Seattle, Los Angeles, etc. For example, the San Francisco real estate market had a median home price of $775,000 last month, so anyone looking to refinance or purchase a home in that area after October 1st may be in for a rude awakening if they haven’t already prepared for this change.

Roughly 200 counties throughout the US will be affected by the new jumbo loan limits according to the National Association of Home Builders.

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!

Massachusetts Credit Union Mortgage Rates – Best APR’s

After getting word on some mortgage rates offered in the state of Massachusetts which feature APR’s that beat the national average by healthy margins, we thought we’d create a post dedicated to the lowest mortgage rates in MA offered through credit unions. As a comparison, we’ve noted the lowest mortgage rates from small community banks in Massachusetts as well.

The products that we’re covering are 30 year fixed rate mortgages and 15 year fixed rate mortgages. The banks and credit unions offering these products also have a wide range of refinance rates and new home loan rates with different terms that you can review by visiting their individual website.

Lowest Mortgage Rates in Massachusetts offered through Credit Unions:

(Rates accurate as of July, 2011.)

- Financial Resources Federal Credit Union, based out of Raynham, MA, has a 30 year fixed rate mortgage with an APR of 4.538% assuming 20% down on new home loans valued at $417,000 or less.

- Freedom Federal Credit Union, based out of Turners Falls, MA, has a 30 year fixed rate mortgage with an APR of 4.631% assuming 20% down on new home loans valued at $417,000 or less.

Lowest Mortgage Rates offered by Massachusetts Community Banks:

(Rates accurate as of July 2011.)

- Nantucket Bank, a division of Sovereign Bank located in Nantucket, MA, has a 30 year fixed rate mortgage going for 4.50% with a 20% down payment.

- Sovereign Bank located in Worcester, MA, has a 30 year fixed rate mortgage going for 4.50% with a 20% down payment.

- North Shore Bank (a cooperative bank) located in Salem, MA, has a 30 year fixed rate mortgage featuring an APR of 4.583% assuming 20% down.

- Pentucket Bank located in HaverHill, MA, has a 15 year fixed rate mortgage featuring an APR of 3.765% assuming 20% down.

- United Bank located in Worcester, MA, has a 15 year fixed rate mortgage featuring an APR of 3.671% assuming a 20% down payment.

If you live in Massachusetts and recently obtained a new home loan (or refinanced an existing loan) with lower APR’s than what we’ve listed above, please share by leaving a comment!

Lowest Fixed Rate Mortgages in California – Best APR’s

Since we were forwarded a couple of fixed rate mortgage deals out of California that deserve mentioning this weekend, we figured we’d devote a post to highlighting the most attractive APR’s in CA. These fixed rate mortgages are available in certain parts of California BUT may also be available in neighboring states. You’ll have to contact the institution directly to see if you’re eligible.

Keep in mind the mortgage rates we’re covering assume a home loan or home refinance of $417,000 or less. Jumbo mortgages are provided but you’ll have to visit the bank (or credit union’s) website for their APRs.

Top California Fixed Rate Mortgages:

(Rates accurate as of June 2011.)

- Mechanics Bank (Walnut Creek, CA) has a 30 year fixed rate mortgage with an interest rate of 4.875% assuming a down payment of 20%.

- USE Credit Union (San Diego, CA) has a 30 year fixed rate mortgage with an interest rate of 4.59% assuming a down payment of 20%.

- First Technology Federal Credit Union (Santa Rosa, CA) has a 30 year fixed rate mortgage with an interest rate of 4.50% assuming a down payment of 20%, 0.125% in points and 0.50% origination fees.

- Mechanics Bank (Walnut Creek, CA) also has a 15 year fixed rate mortgage with an interest rate of 3.750% assuming a down payment of 20%.

- US Bank National Association (Rancho Santa Margarita, CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00% in origination fees.

- Wells Fargo (multiple locations in CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00 origination fees.

If you live in California and have locked in a better interest rate on a fixed mortgage lately, let us know about it 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.