State Farm has evolved from a relatively small insurance shop into a full service financial institution. Their banking vertical (State Farm Bank) offers a wide range of mortgage and home loan products for consumers in all states except for Massachusetts, Rhode Island and the District of Columbia. Their product range includes the following: fixed rate mortgages, home equity loans, home refinancing, ARMs (adjustable rate mortgages), and jumbo mortgages (among others). And, depending on your circumstances, they may be able to tailor/customize a mortgage or home loan product to meed your individual needs.
Advantages of Applying for a home mortgage loan through State Farm Bank:
(as seen on their website – statefarm.com)
- You, your real estate agent and the seller will benefit from a pre-approval. It will give you the peace of mind that you will qualify for the home of your dreams and may enable you to close earlier.
- After you apply for your mortgage we will send you a package of information for your review and signature. You will also get the name and direct phone number of the State Farm Bank Mortgage Consultant who will work with you during the processing of your application.
- You will be requested to fax or mail back to the Mortgage Consultant the information on the enclosed instructions.
- After receiving the completed application and requested documentation a loan decision will be made and communicated to you within three business days.
- To close your loan, State Farm Bank will send your paperwork to the closing company assigned.
Current Mortgage Rates (Home Equity Rates) offered through State Farm Bank:
(rates accurate as of 9/2010)
State Farm Bank only lists home equity rates on their website. You must contact a rep for complete list of mortgage rates.
- 60 month home equity loan going for between 6.50% and 9.25% depending on loan amount and credit history.
- 61 to 120 month home equity loan going for between 6.50% and 9.00% depending on loan amount and credit history.
- 121 to 180 month home equity loan going for between 6.50% and 9.00% depending on loan amount and credit history.
Recent Mortgage Reviews:
One West Bank Mortgage Rates and Review – featuring APR’s below 5% as of (8/2010).
San Diego County Credit Union Mortgage Rates and Review – featuring APR’s below the current national average (as of 8/2010).
If you have experience with State Farm Bank’s home loan process, please share by leaving a comment!