MetLife Bank’s Mortgage Review(s) and Rates

June 14, 2011 1 Comment »

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 from home loans, mortgages, reverse mortgages, mortgage refinancing to deposits 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!

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  • Angela

    This company has created a culture of antagonism and the effects are apparent in their worker’s treatment of metlife clients, the American consumer. Someone needs to train their CEOs and Board that this kind of customer treatment will diminish their industry survival.