Mortgages

Top US Mortgage Providers

When applying for a mortgage on a home, a customer needs to take into account a multitude of things in order to choose the best company. Not only are there many different types of mortgages, but the interest rates may vary between lenders and the payment periods and levels of customer service may likewise be different. So, let us examine the top three providers in the United States, compare what each offers and consider any drawbacks as well.This conglomerate has been rated as the number one provider in the United States by Forbes. As they are a large company, they can provide options for any region of the country, which is an advantage for those who may be wary employing the services or a regional firm. One of the benefits of Citigroup is that their rates are transparent.

Citigroup

They provide information on the base rate while also informing the borrower on what additional fees may accrue, thus giving a true value for the total annual payment. Citigroup offers current mortgage rates of 3.862% for a 30 year fixed-term plan while providing rates of 3.197% for a 15 year fixed-rate plan. Their customer service offers 24/7 support. However, one drawback noted is that this company is less-than-helpful with many customer complaint issues and thus, solving a payment problem or finding the correct department to speak to may present a challenge. So, the main benefits that Citigroup offers are:

  • A nationwide, well-known company
  • Transparent interest rate policies
  • Competitive rates
  • 24/7 support

A major drawback can be:

  • Inexperienced and/or unavailable staff members

Bank of America

As with Citigroup, Bank of America is a large corporation that has existed for some time in the mortgage and reverse mortgage business. Bank of America stresses transparency and offers which is known as a "Clarity Commitment Document", therefore making clear the terms of a client's mortgage policy. They also offer a number of different plans and payment options depending on the needs of the homeowner. Additionally, they offer an online tool that can help homeowners keep track of the status of their mortgage, repayment dates, the amount left to pay and the interest rate attached alongside an amortization calculator to help decide what the best package may be. Their customer service is said to have a considerably well-trained customer support branch as well. However, at 30 year fixed-interest rates of 3.820%, these are significantly higher than may competitors and their mortgage application process can be lengthy in comparison to other providers. Succinctly, some of the pros are:

  • A variety of products offered
  • An online amortization calculator
  • Online tools to keep track of a mortgage plan
  • Well-trained customer support

Some cons can be:

  • Higher fixed interest rates
  • Lengthy mortgage application and approval process

Ameritrust

This third provider has consistently ranked in the top five lenders in the United States. It is said that the lender takes a more "hands on" approach than their competitors. They offer a high level of client engagement and their staff can provide clarity in the mortgage process. They offer a variety of plans including a 1 year ARM at a rate of 4.730% and extended to a 30 year fixed-rate mortgage at current mortgage rates of 4.010%. However, these rates are notably higher than their competitors. Additionally, Ameritrust is only licensed to operate mainly out of the east coast. So, some of the pros are:

  • A customer-friendly approach
  • A variety of options
  • A high level of transparency

A few negatives are:

  • High fixed rates
  • Limited operations

These are the three companies that have been rated as some of the best in the United States. As with any major financial decision, it is important to weigh all benefits and risks when applying for a mortgage or a reverse mortgage to help decide which plan suits the best.

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