At this time we’ll try “First Centennial Mortgage,” a family-owned and operated mortgage lender primarily based out of Aurora, Illinois.
They’re one of the crucial energetic mortgage lenders within the Prairie State, solely overwhelmed out by main depositories like Chase and U.S. Financial institution, together with mortgage behemoth Assured Charge.
The corporate was based by brothers Steven and David McCormick within the mid-Nineteen Nineties, and each are at present executives working with the lender.
Their benefit is being the “good measurement,” sufficiently big to supply all of the mortgage packages you could possibly ask for, however sufficiently small to ship distinctive customer support with out the paperwork.
They’ve been named one of many Prime 100 Mortgage Firms in America by Mortgage Govt Journal, and a fastest-growing personal firm by Inc. Journal for 5 years operating.
First Centennial Mortgage Quick Details
- Direct-to-consumer retail residential mortgage lender
- Gives dwelling buy loans, refinances, and renovation loans
- Based in 1995, headquartered in Aurora, IL
- Licensed to do enterprise in 17 states nationwide
- Funded $5 billion in dwelling loans final yr
- Roughly two-thirds of general quantity got here from dwelling state of Illinois
First Centennial Mortgage is an unbiased, direct-to-consumer retail mortgage lender positioned simply west of Chicago.
In addition they have branches in a dozen different states the place they do enterprise, so it’s attainable you could possibly work with them at an workplace in case you stay close by.
However chances are high you’ll work remotely with one among their mortgage officers as they lean on know-how fairly a bit to get their loans closed.
In the meanwhile, they’re licensed in 17 states, together with Arizona, California, Colorado, Florida, Illinois, Indiana, Maine, Michigan, Minnesota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington, and Wisconsin.
The corporate funded a large $5 billion in dwelling loans final yr, and are a top-20 mortgage lender volume-wise in Illinois.
Practically two-thirds of their general quantity comes from their dwelling state, so in case you stay there, chances are high you’ve heard of them.
Final yr, roughly 63% of their whole manufacturing consisted of mortgage refinances, with the rest dwelling buy loans.
So that they might be an acceptable selection for each a house purchaser or an current house owner on the lookout for new mortgage phrases.
For the previous six years, they’ve been acknowledged as a “Prime Office” by the Chicago Tribune. Hopefully comfortable workers equates to comfortable clients.
Learn how to Apply with First Centennial Mortgage
It’s tremendous straightforward to get began with First Centennial Mortgage, whether or not you’re shopping for a house or refinancing an current mortgage.
Their declare to fame is named “go,” a digital mortgage software that permits you to spend much less time fumbling round with paperwork and extra time doing what you take pleasure in.
It’s powered by fintech firm Mix, a frontrunner within the digital mortgage house.
And you’ll formally apply for a house mortgage with out even chatting with anybody, assuming you wish to work with First Centennial Mortgage.
When you create an account utilizing e mail and a password, you’ll be able to carry out most software steps digitally, together with the linking of your monetary accounts utilizing login credentials.
It’s also possible to securely add any obligatory paperwork and begin and cease from any gadget you see match.
When you apply, you’ll be capable of test the standing of your software at any time, and message your mortgage officer with any questions.
All in all, they make it very easy to use for a mortgage and observe your progress due to their use of the newest mortgage know-how.
A mortgage officer may stroll you thru all of the steps and evaluation your monetary info to make sure you don’t get misplaced alongside the way in which.
And as talked about, they’ve brick-and-mortar workplaces in lots of the states the place they do enterprise, so it is likely to be attainable to work face-to-face.
Mortgage Packages Provided by First Centennial Mortgage
- Residence buy loans
- Refinance loans: charge and time period, money out, streamline
- Residence renovation loans: FHA 203k and Fannie Mae HomeStyle
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Mounted-rate mortgages: 15, 30 and different mortgage phrases accessible
- Adjustable-rate mortgages: 5, 7 and 10 yr choices
- State Bond Packages
One factor that stands out about First Centennial Mortgage is their expansive mortgage program menu.
They’ve one thing to go well with nearly everybody, whether or not you’re a first-time dwelling purchaser who wants monetary help or an investor who wants a jumbo dwelling mortgage.
FCM gives State Bond Packages that present below-market rates of interest to eligible dwelling patrons, that are sponsored by state or native Housing Finance Companies (HFAs).
It’s also possible to get a government-backed mortgage similar to a VA mortgage or USDA mortgage in case you don’t have down fee funds.
Those that already personal a house can make the most of a refinance to acquire a decrease mortgage charge or get money out.
And in case you’ve bought your eye on a fixer-upper, they provide each the Fannie Mae HomeStyle mortgage and the FHA 203k mortgage.
Each fixed-rate and adjustable-rate mortgages can be found in a wide range of completely different mortgage phrases to suit all targets and budgets.
First Centennial Mortgage Charges
Whereas they’re massive on lending choices, there isn’t a lot pricing info on their web site.
As such, you’ll have to get in contact with a mortgage officer to get the newest mortgage charges. Whilst you’re at it, inquire about any lender charges, similar to a mortgage origination charge.
This info doesn’t seem like publicized, so it’s onerous to understand how aggressive they’re.
Nevertheless, they might provide glorious pricing, as indicated by their many constructive evaluations. And since they’re not an enormous financial institution, however nonetheless a big firm, pricing could also be sturdy.
All the time take the time to assemble a number of mortgage quotes from completely different banks, lenders, and mortgage brokers to make sure you get the very best mortgage APR.
First Centennial Mortgage Critiques
Over at SocialSurvey, the corporate has a stellar 4.90-star ranking from 2,400+ buyer evaluations. Be sure you filter by mortgage officer to search out some really distinctive to work with.
On Zillow, First Centennial Mortgage has a near-perfect 4.97-star ranking out of 5 from greater than 1,000 buyer evaluations.
Fairly just a few of their newer evaluations point out that the shopper obtained a decrease rate of interest and/or decrease closing prices than anticipated. In order that’s signal in case you’re on the lookout for a deal.
They’ve additionally bought a 4.7-star ranking on Google from about 120 evaluations, and a 4.9 on Fb from roughly 50 evaluations.
The corporate is an accredited enterprise with the Higher Enterprise Bureau (BBB) and at present holds an ‘A+’ ranking primarily based on buyer grievance historical past.
Ultimately look, they’ve had six complaints previously three years, together with 4 previously 12 months.
To summarize, FCM could also be a sensible choice for all sorts of debtors, whether or not you’re a first-timer, seasoned investor, or any person in between due to their intensive product menu.
Simply make sure to examine their pricing to different corporations to make sure you get a fantastic deal in your mortgage.
First Centennial Mortgage Professionals and Cons
- Digital mortgage software powered by Mix
- Even have bodily branches in lots of states
- Can apply for a house mortgage on-line in minutes
- Tons of various mortgage packages to select from
- Stellar buyer evaluations throughout rankings websites
- A+ BBB ranking, accredited enterprise
- Acknowledged as a “Prime Office” by the Chicago Tribune
- Free mortgage calculators and mortgage glossary on web site
The Perhaps Not
- Aren’t licensed in all states
- Don’t disclose mortgage charges or lender charges
(photograph: Gary Todd)