The pandemic took a toll on the U.S. employment market, with unemployment hitting a record high of 14.7% in April 2020.
For those still relying on unemployment, there’s another news item taking shape. A growing number of states have decided to end the extra $300 a week in unemployment assistance that was part of the American Rescue Plan. Here’s what you need to know if you’re affected by this change.
What’s Ahead:
Which states are affected?
For more than a year, if you were unemployed, you were able to apply to receive an extra $300 a week in unemployment compensation. This was part of the American Rescue Plan, which was designed to help Americans through the worst pandemic in a century.
But as more consumers are vaccinated, local governments are taking another look at the need for those extra payments. Some states have opted to end them altogether. In those states, eligible unemployed residents will go back to receiving the standard weekly unemployment payment.
Your first question is probably whether your state is affected. The problem is, the list is still growing. But as of today (June 3, 2021), 24 states are ending unemployment benefits. They are, in alphabetical order:
Alabama
Alaska
Arizona
Arkansas
Florida
Georgia
Idaho
Indiana
Iowa
Mississippi
Missouri
Montana
Nebraska
New Hampshire
North Dakota
Ohio
Oklahoma
South Carolina
South Dakota
Tennessee
Texas
Utah
West Virginia
Wyoming
If you’re receiving extra unemployment or Pandemic Unemployment Assistance (PUA), which is designated for freelancers and contract workers, it’s important to check into your state’s status. In most of the above states, both the $300 extra unemployment and PUA are ending early.
The $300 in extra weekly aid wasn’t going to last forever. It was set with a 2020 expiration date, which was extended to 2021. The original aid expired in December, but that expiration date was pushed back to September 6, 2021. If the remaining states don’t opt-out of the extra unemployment, those who qualify will continue to receive the boost in unemployment until September.
Each state that has chosen to opt-out has set its own deadline for ending unemployment. Below is a list of the end dates for each state:
June 12: Alaska, Iowa, Mississippi, Missouri.
June 19: Alabama, Idaho, Nebraska, New Hampshire, North Dakota, West Virginia, Wyoming.
June 26: Arkansas, Florida, Georgia, Ohio, Oklahoma, South Dakota, Texas, Utah.
June 27: Montana.
June 30: South Carolina.
July 3: Tennessee.
July 10: Arizona.
July 19: Indiana.
States offering incentives
If your state is on the above list, there might be some good news. In some states, governments are offering extra money for those who accept employment. Those states include:
Arizona: employees can qualify for a Return to Work Bonus of $2,000 for full-time work or $1,000 for part-time work after eight consecutive weeks of employment. You’ll need to begin this work between May 13 and Sept. 6.
Montana: eligible employees can qualify for a one-time, $1,200 Return to Work Bonus after completing four full weeks of paid work.
New Hampshire: through June 19, currently unemployed workers can qualify for a bonus of $500 for part-time employment and $1,000 for full-time employment.
Oklahoma: the Return to Work incentive offers eligible workers $1,200 after six weeks of full-time work.
Unemployment benefits cutoff
There’s another cutoff that applies to pandemic-era unemployment recipients. Each state has specific timeframes for collecting unemployment. In many states, six months is the limit. But during the pandemic, this cutoff was extended, with some states allowing people to claim unemployment for a full year or longer.
The pandemic has now passed the one-year mark, though, which means that the deadline might be approaching for many unemployed individuals. Whether you’re in a state that’s cutting off extended benefits or not, it’s important to pay close attention to your benefits’ end date. You may be able to apply for an extension, but there’s no guarantee your state unemployment office will grant it.
Getting back to work
Unfortunately, for many workers, heading back into the workforce isn’t as simple as landing a job. Daycares and schools face the same staffing shortages as many businesses, which means that parents have nowhere to send their children when they go back to work.
There’s also the issue of the lingering pandemic. Even in areas where vaccines are readily available, some employees are still concerned for their personal safety. For some, permanent remote work may be the only option. But when that isn’t available, workers face the tough choice of health versus paying the bills.
For those who are in the states that haven’t yet cut off unemployment benefits, there’s still a little time to sort things out. But if you’re in one of the states ending extra payments, it’s important to know what your options are.
What to do next
If your state is on the above list, you’re probably wondering what options you have. Here are a few things to do if you’ll soon be without that extra $300 a week.
Check with your unemployment office
Just because you’re reading online that your extra unemployment benefits are ending, that doesn’t mean there aren’t other options. Unemployment compensation is decided on a case-by-case basis, using laws set at the local level. Contact your local unemployment office and find out if there are options available to you.
Consider remote work
This obviously won’t be an option for everyone. But the good news is, the pandemic has made employers more open to remote work than ever. You can often search local job sites and find plenty of opportunities where you can work from home most of the time. There are also plenty of work-from-home opportunities in this list, but you can also search online for “remote work” or “work-from-home jobs” and find some options.
Look for a bridge job
If you’re able to work at least part-time, consider a bridge job. These jobs are designed solely to get you through until things return to normal. At that point, you’ll (hopefully) be able to land your dream job. In addition to letting you pay your bills, a bridge job also helps reduce those gaps in your resume that can be concerning to future employers.
Consider summer childcare options
Parents do have one thing working in their favor: it’s summertime. The need for remote learning is put on hold for now, and there are childcare opportunities that don’t exist in the fall and winter months. If your local daycares are understaffed, consider enrolling your children in a summer camp. Local organizations like the YMCA and Boy Scouts often have summer camp opportunities, for example.
Summary
In most states, the $300 in extra weekly compensation will continue for now. But it’s important to prepare for it to possibly end soon. Stay in touch with your local unemployment office and make sure you’re aware of all your options. Even if the extra $300 cuts off, you’ll likely still be eligible for a weekly unemployment check while you continue to look for work.
North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
Attention Zillow shoppers, if you’ve used their mortgage marketplace to compare mortgage rate quotes, you may have come across Semper Home Loans.
The direct-to-consumer mortgage lender seems to advertise quite a bit on the Zillow platform and often takes the top spot in the listings with its seemingly low rates and APRs.
Let’s learn about this mortgage company to determine if they’re the best fit for your home loan needs.
Semper Home Loans Quick Facts
Direct-to-consumer mortgage lender founded in 2005
Headquartered in Providence, Rhode Island
Currently licensed in 40 states and Washington D.C.
Funded roughly $300 billion in 2019 via the retail channel
Offer home purchase financing, mortgage refinances, and home renovation loans
In 2005, Semper Home Loans was founded by current president Matthew Sullivan, a 20+ year mortgage industry veteran.
The company is located in Providence, Rhode Island, but also has branch locations in several states, including Arizona, California, Florida, New York, Oregon, Texas, and so on.
They funded roughly $300 billion in home loans via the direct-to-consumer retail channel last year, with a home purchase loan share of roughly 60%.
Semper Home Loans helps both prospective home buyers obtain mortgage financing, and existing homeowners looking to refinance their mortgages.
At the moment, they appear to be licensed in 40 states, including: Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., and Wyoming.
How to Apply for a Mortgage with Semper Home Loans
They offer a digital mortgage application called HomeEasy powered by Ellie Mae
Allows you to apply remotely from smartphone or computer without any human interaction
Borrowers can securely upload paperwork, eSign documents, and link financial accounts
Those who want a hands-on approach can call or request a free consultation with a loan officer
One thing I like about Semper Home Loans is the fact that you can apply for a mortgage right from their website without any human interaction.
Many of today’s homeowners want to go it alone, and Semper Home Loans appears to let you do just that if you wish.
They provide a digital mortgage application powered by Ellie Mae that makes it easy to get the ball rolling from just about anywhere.
Once at the application page on their website, simply click on “Create Account” to begin the mortgage application process.
Like a traditional mortgage application, you’ll be required to plug in various personal and financial information.
You can complete the app from any device, such as a smartphone, and do so via a paperless process that should make it a lot quicker, more secure, and more accurate.
Borrowers have the ability to securely upload paperwork, eSign documents, run their own credit reports, and verify assets by linking accounts.
After you’re approved, you can make contact with your loan officer at any time and receive status updates as your loan progresses to the funding table.
If you prefer a more hands-on approach, you can schedule a free consultation with a Semper Home Loans loan originator or simply call them up directly.
Loan Types Offered by Semper Home Loans
Home purchase loans
Refinance loans including rate and term, cash out, and streamline
Renovation loans such as the FHA 203k
Conventional loans backed by Fannie Mae and Freddie Mac
Jumbo home loans that exceed conforming loan limits
FHA loans, USDA loans, and VA loans
Fixed-rate and adjustable-rate mortgage options available
Semper Home Loans Mortgage Rates
Semper Home Loans does not publicize its mortgage rates on its own website, which is a slight negative but not necessarily a bad thing.
Some mortgage companies like to advertise their interest rates everywhere (see Intelliloan), while others choose to keep their rates to themselves.
It’s understandable why a lender wouldn’t post them on their website since advertised rates are very limited and come with lots of assumptions.
In other words, if you have a different credit score, property type, loan amount, or transaction type, the rate you see might be nothing close to what you actually qualify for.
That being said, they do seem to advertise quite a bit on Zillow, so if comparing mortgage rates there, you might see their rates to get a better idea of pricing.
I came across them on Zillow and they topped the rankings for lowest mortgage APR and mortgage rate for a sample loan scenario, thanks in part to charging just $1 in lender fees.
To that end, you can probably get a no cost refinance with the company as well if you want to keep closing costs low or nil.
Semper Home Loans Reviews
On Zillow, they enjoy a 4.91-star rating out of 5 possible based on over 1,000 customer reviews.
A good portion of their past customers said both the interest rate and closing costs were lower than expected.
And many of the reviews remarked about the great rates or how low the rates were that they offer.
They are an accredited company with the Better Business Bureau, and have been since inception in 2005. They currently have an A+ BBB rating.
Semper Home Loans has a 2.5-star rating out of 5 on the BBB website, but it’s based on just six reviews, so not a large sample size. And the reviews on the BBB website tend to be customer complaints.
They have a 4.4-star rating on both WalletHub and Birdeye as well based on about 100 customer reviews each.
All in all, they appear to be well-liked by their customers, though like all mortgage companies have their share of issues and unpleasant experiences.
Semper Home Loans seems to be a good choice for a borrower looking for convenience and low rates, who may not need any hand-holding from their lender.
Semper Home Loans Pros and Cons
The Pros
Appear to offer low mortgage rates with $1 lender fees Offer a digital mortgage application that allows you to apply from anywhere Can apply for a home loan without contacting a human first Excellent reviews from past customers A+ BBB rating Some of their loan officers also speak Portuguese and Spanish Free mortgage calculators on site
The Cons
Not licensed in all 50 states Don’t list mortgage rates or lender fees on their website Limited branch locations They don’t service their home loans
One mortgage lender that’s been around a while, but is beginning to shake things up is Loan Simple.
As the name suggests, they’re all about simplicity, whether it’s simple talk or a simple loan process.
They consider themselves a boutique mortgage lender, striving for relationships and quality customer service over sheer volume.
However, they still managed to fund half a billion in home loans in 2019 via the retail channel, with even more slated for 2020 and beyond.
One thing I like about Loan Simple is their effort to increase mortgage literacy by offering free classes powered by EverFi.
So they actually want you to know more about mortgages before/when you apply, which is a rarity in this industry or any other for that matter.
Additionally, they donate to charities they care about each time a loan funds, including Feeding America, Water.org, and the World Wildlife Fund.
Loan Simple Quick Facts
Direct mortgage lender located in Englewood, Colorado
Founded by Roland Dozois more than 20 years ago (son Jason is current CEO)
Licensed to lend in 30 states nationwide
Launched a wholesale lending division in late 2020
Donate to charities for each loan funded
Also a licensed loan servicer
Loan Simple did about half a billion in loan volume last year, which makes them one of the smaller fish, but a growing one.
They did more than half their total loan volume in their home state of Colorado, so if you’re from the Centennial State, you’ve likely heard of them.
Another big mortgage lender in Colorado is Cherry Creek Mortgage, FYI.
A good chunk of their remaining volume came from the states of Arizona, California, and Texas, but they’re also expanding in other states nationwide.
About two-thirds of their loans were used to finance a home purchase, with the remaining mortgage refinances.
Aside from operating a retail lending channel, they also recently launched a wholesale lending division for mortgage brokers, and they service their own loans.
Where Is Loan Simple Available?
At the moment, they appear to be licensed to do business in 30 states nationwide.
Those states include Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Some notable missing states include Alaska, Connecticut, Hawaii, Massachusetts, New Jersey, New York, and North Carolina.
Hopefully they’ll continue to roll out to new states in the near future.
Getting a Mortgage with Loan Simple
To get started, you literally click on “Get Started” from their website. From there, you select a state where they do business and you’ll see a corresponding list of loan officers licensed there, along with any branch locations.
Once you select a loan officer, you can apply for a home loan right on their website. Like many other lenders, they utilize fintech company Blend for their digital mortgage application.
It allows you to complete most of the process online from your computer or smartphone in just minutes.
You can e-sign documents, scan and upload paperwork, see personalized mortgage rates, track loan progress, and receive status updates.
Loan Simple says they’re big on technology and their overarching goal is to keep things simple, hence their name and slogan, “The Simple Way to Home.”
So you should expect a fast and easy home loan experience if you choose to go with Loan Simple, complemented by a human touch.
Types of Mortgages Offered by Loan Simple
Home purchase loans and mortgage refinance loans
Conforming loans backed by Fannie Mae and Freddie Mac
FHA loans, USDA loans, and VA loans
Jumbo home loans
Fixed-rate and adjustable-rate mortgage options available
What’s somewhat strange is the lack of a lending menu on then Loan Simple website. They don’t appear to mention what types of loans they offer anywhere.
Perhaps they took this whole simple thing a little too seriously…
Fortunately, we can look at their HMDA data to see that they offer all the typical stuff you’d expect from a big mortgage lender like home purchase loans and mortgage refinances, likely including cash out refinances.
They appear to originate mostly conventional loans, such as those backed by Fannie Mae and Freddie Mac, along with jumbo loans that exceed the conforming limit. It’s unclear how high you can go in the jumbo department.
Loan Simple also does a good share of FHA loans, along with VA loans and some USDA home loan lending, so all major loan types are covered.
Most of their borrowers tend to go with the 30-year fixed, like most other lenders, though they also offer the 15-year fixed, 5/1 ARM, 7/1 ARM, and so on.
While it’s unclear if they offer construction or home renovation loans, there’s a good chance they do the latter at least.
They don’t seem to offer any sort of second mortgages, such as home equity loans or lines.
Hopefully they’ll update their website so we know exactly what they offer to their customers.
Loan Simple Mortgage Rates
Unfortunately, they do not publicize their mortgage rates on their website or elsewhere as far as we know.
As a result, it’s unclear how competitive their interest rates are compared to other lenders. The same goes for lender fees, which aren’t disclosed on their website.
The one hint we have about their pricing comes from their Zillow reviews, which are generally favorable, and many customers have remarked about rates/fees being lower than anticipated.
But you’ll need to get in touch with a loan officer in order to get pricing, then you can shop their rate and closing costs with other lenders to determine where they stand.
Loan Simple Reviews
On Zillow, they’ve got a 4.95-star rating out of 5, which is pretty darn close to perfection. It’s based on over 600 customer reviews.
Many customers indicated that the interest rate and closing costs were lowered than expected, and overall there a lot of positive comments.
They are accredited with the Better Business Bureau, and currently enjoy an A+ rating with the company.
At the moment, there are no customer complaints, but they have a 1-star rating based on five customer reviews. Typically, BBB customer reviews aren’t very good because they’re complaint-driven.
Loan Simple Pros and Cons
The Good Stuff
Can apply for a home loan directly from their website
Also have brick-and-mortar branches in select states
Offer a digital loan process via Blend technology
Excellent reviews from past customers
A+ BBB rating
Donation to a charity for every loan closed
Offer free mortgage literacy classes
They service their own loans
The Maybe Not-So-Good Stuff
Not licensed in all states
Do not publicize their mortgage rates or lender fees
Website is a little too simple
Lacks information regarding available loan types, calculators, etc.
Supplemental Security Income (SSI) is a government program that provides monthly income to people with limited resources and low incomes and who are blind, have a qualifying disability or are 65 or older. The maximum monthly SSI benefit is $914 per person ($1,372 for a couple) in 2023
.
The Social Security Administration (SSA) sets the maximum SSI benefit each year. The amount increases in step with Social Security’s cost-of-living adjustment formula.
2023 SSI benefit amounts
Monthly SSI benefit
Annual SSI benefit
Individuals living alone
Individuals living in another household
Couples living alone
Couples living in another household
SSI overview
Congress created SSI in 1974. The Social Security Administration administers SSI. In May 2023, SSI paid benefits to about 7.5 million people.
Forty-four states have programs that provide additional amounts, called supplements, to SSI recipients (Arizona, Arkansas, Mississippi, North Dakota, Tennessee and West Virginia don’t; nor do the Northern Mariana Islands)
. In some states, the SSA administers these additional payments. Qualifications and details for those programs vary by state.
Advertisement
Fees
0%
management fee
Fees
0.25%
management fee
Fees
0.25%
with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.
Account minimum
$0
Account minimum
$500
Account minimum
$0
$10 to start
Promotion
Free
career counseling plus loan discounts with qualifying deposit
Promotion
Get $50 customer bonus
when you fund your first taxable Investment Account
Promotion
None
no promotion available at this time
Paid non-client promotion
Paid non-client promotion
Paid non-client promotion
How to qualify for SSI
To qualify for SSI, you must have limited income and limited resources, and you must meet residency requirements. You must also be 65 or older, blind or disabled
. Each of these qualification hurdles has specific rules.
Limited income
To qualify for SSI, your monthly qualifying income can’t exceed $914 (the largest monthly SSI benefit amount this year). The Social Security Administration may reduce your SSI benefit if you have income from other sources.
Here are some things to know about how the Social Security Administration looks at income:
Earned income — from a job or self-employment, for example — is considered income.
Some earned income doesn’t trigger a benefit reduction, though. For example, the first $65 of earned income doesn’t count against the $914 SSI income limit, and only half of income above the first $65 counts against the $914 income limit
. For example, if you earn $500 a month, the Social Security Administration might reduce your monthly SSI benefit by $217.50.
Unearned income, such as Social Security retirement payments, pension income and dividends from investments, are also considered income. Unearned income typically reduces the SSI benefit dollar for dollar. For example, $500 in monthly pension income could reduce your SSI benefit by $500.
Unearned income also has exemptions. Supplemental Nutrition Assistance Program (SNAP) benefits, tax refunds, home energy financial assistance, state assistance, college financial aid, loans, disaster aid and tribal payments typically don’t count against the income limit.
Things or services you get for free or at a discount, including free or below-market rent, are considered income, even if you got them from family or friends. This kind of support, called in-kind support, can reduce SSI by a maximum of $324.66 per month. In-kind support doesn’t always reduce SSI payments dollar for dollar; the amount depends on a variety of factors, including the type of support you receive and its estimated value.
If a spouse, parent or other essential person with whom you live receives income but doesn’t receive SSI, it can reduce your SSI payments. The reduction isn’t dollar for dollar. Instead, a complex formula determines the reduction amount.
Limited resources
To qualify for SSI, the value of any cash, stocks and personal property you own can’t exceed $2,000 ($3,000 for couples)
.
Like income, there are exemptions. Common examples include a house you own (as long as you’re living in it), one vehicle and household goods.
Residency
To qualify for SSI, you must:
Be a U.S. citizen or national. There are some exceptions, including for some refugees.
Live in a U.S. state, Washington, D.C., or the Northern Mariana Islands.
Not leave the U.S. for more than a month or 30 consecutive days.
Blindness
You may qualify for SSI if you meet the preceding financial and residency criteria and you have20/200 vision or less in your better eye or a narrow field of vision (in technical terms, the Social Security Administration defines this as the widest diameter of your visual field subtending an angle of 20 degrees or less).
Disability
You may qualify for SSI if you meet the preceding financial and residency requirements and you have a disability. The Social Security Administration defines a disability as a physical, mental, emotional or learning impairment that is likely to last for at least one year or can be expected to lead to death.
If you are younger than 18, the disability must severely limit your ability to function.
If you are 18 or older, the disability must prevent you from finding “substantial gainful activity,” which is often, but not exclusively, employment or running a business. If you work and earn more than $1,470 per month, the Social Security Administration likely won’t consider you to have a qualifying disability.
The Social Security Administration doesn’t decide whether you have a qualifying disability; state agencies called Disability Determination Services (DDS) do. The local DDS reviews your application and decides your medical eligibility. In some circumstances, DDS may contact your doctors, teachers, therapists and relatives to learn more about your condition. The agency may also pay for a medical test to determine whether you have an eligible disability.
If customer satisfaction is your thing, and you happen to need a home loan, you might want to check out Royal United Mortgage.
The company recently topped LendingTree’s customer satisfaction rankings for four consecutive quarters, and have consistently ranked in the top-10 for the past six years.
Another thing that makes them unique is the fact that they offer home equity lines of credit (HELOCs), and a lot of them at that, based on their HMDA data. Let’s learn more.
Royal United Mortgage Fast Facts
Privately-held, employee-owned retail mortgage lender licensed in 32 states
Founded in 2008, headquartered in Indianapolis, Indiana
Funded roughly $1 billion in home loans during 2019 via consumer direct channel
Ranked a top-10 mortgage lender by LendingTree since 2014
Began 2020 as LendingTree’s #1 lender in customer satisfaction for 4th quarter in a row
Most of their business comes from the states of Florida, Indiana, and Texas
Royal United Mortgage is a relatively young company, around since 2008, which is right around the time the mortgage crisis and Great Recession took place.
But they’ve made it through some tough times and mustered over a billion in home loan volume last year.
They’re a privately-held, employee-owned direct-to-consumer mortgage lender, meaning they operate remotely without branches.
At the moment, they seem to be licensed to do business in 32 states, including Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Royal United Mortgage Loan Process
They offer a digital mortgage application powered by Ellie Mae
You must first get in touch with a loan advisor to get started
Prospective can call them up directly or fill out a short contact form on their website
Claim to have some of the fastest turn times in the industry thanks to in-house processing and underwriting
To get started, they ask that you either call them up or fill out a short contact form on their website.
Once you connect with a so-called trusted loan advisor, they’ll go over your goals and guide you through the loan process, including an overview of available loan options.
They appear to offer a digital mortgage application powered by Ellie Mae that should allow you to link financial accounts and/or upload key documents.
Additionally, once conditionally approved for a loan, you can check loan status at any time or opt-in to real-time notifications regarding loan progress.
Because they use in-house loan underwriters and processors, they say they’re able to offer some of the fastest turn times in the industry, typically only 2 to 3 weeks (how long does it take to get a mortgage).
All in all, pretty straightforward, though it would be nice if you could apply without having to take the extra step of speaking to a human.
Loan Types Offered by Royal United Mortgage
Home purchase loans and refinance loans
Rate and term and cash out refis (debt consolidation)
Home improvement loans
Conforming loans backed by Fannie/Freddie
FHA loans and VA loans
Home equity lines of credit (HELOCs)
One drawback to Royal United Mortgage is their somewhat limited menu of loan programs.
While they appear to have most of the basics, they’re missing a few major loan types, including jumbo loans and USDA home loans.
That leaves us with conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans and VA loans.
The good news is that should cover most of the homeowner population.
They seem to focus on mortgage refinances, including rate and term refis and cash out refis for debt consolidation.
They also say they’ve got home renovation loans, though it’s unclear if they’re talking about the FHA 203k and/or the Fannie Mae HomeStyle.
One silver lining is they offer home equity lines of credit (HELOCs), which not all lenders offer these days. So you can tap into your equity without touching your first mortgage.
While they do offer home purchase financing, it seems to make up a small portion of their overall loan volume, maybe just north of 10%.
Interestingly, it is HELOCs that tend to make up the most of their business.
They lend on primary residences, second homes, and investment properties.
Royal United Mortgage Rates
For one reason or another, Royal United Mortgage does not publicize its mortgage rates.
This isn’t uncommon, as many banks and lenders tend to keep their interest rates to themselves.
However, since they don’t advertise their rates, we have no way of knowing how competitive they are in the pricing department relative to other mortgage lenders.
The same goes for their lender fees, which don’t seem to be listed on their website anywhere. This means we don’t know if they charge points or a loan origination fee.
So be sure to get all that information early on before you spend too much time with them in case their rates/fees aren’t to your liking.
Royal United Mortgage Reviews
As noted, they were ranked 1st by LendingTree for customer satisfaction from the second quarter of 2019 through the first quarter of 2020.
That’s four consecutive first place rankings, which seems like a pretty big feat. Additionally, they have roughly 9,000 customer reviews on LendingTree with a 4.9 out of 5-star rating.
Some 98% of former customers recommend using Royal United Mortgage, per the LendingTree website.
They have been Better Business Bureau accredited since 2008 and currently hold an A+ rating with the company.
At the time of this writing, Royal United Mortgage has nearly 400 customer reviews on the BBB website with a 4.5/5 rating.
Like all other mortgage lenders, they have complaints too, which are inevitable when you’re dealing with a large number of customers in the mortgage industry.
But all in all, they appear to be well received by their customers, which is a good sign.
Royal United Mortgage Pros and Cons
The Good
Offer a digital mortgage application powered by Ellie Mae
Ranked #1 by comparison service LendingTree
Excellent customer reviews across multiple review sites
A+ BBB rating and an accredited business
Offer home equity lines of credit (HELOCs)
Free mortgage calculators and mortgage glossary on site
The Maybe Not as Great
Not licensed to lend in all states
You have to contact them before applying for a home loan
If you live in California, you may have seen or heard commercials for Intelliloan, a mortgage company that boldly advertises its mortgage rates every chance they get.
Unlike many other mortgage lenders out there, who don’t even mention their interest rates or lender fees, Intelliloan puts it out there for everyone to see.
Of course, leading with your mortgage rates isn’t so easy, since they can change daily and quite significantly from month-to-month.
This might explain why Intelliloan is constantly updating the mortgage rates in its commercials – fortunately, they’ve been moving in the right direction lately, lower.
Intelliloan Fast Facts
Direct-to-consumer mortgage lender located in Costa Mesa, CA
Founded in 1993 by Darryl Preedge
Licensed to do business in 33 states nationwide
Specialize in low mortgage rates with no lender fees
Seem to do much of their business in their home state of California
First a little brief history on Intelliloan, which opened its doors back in 1993 in Downey, California.
It was founded by Darryl Preedge, who had worked for a lender for three years before venturing out to open his own mortgage shop.
The company started with just three employees, but has since grown into a national mortgage lender licensed to do business in 33 states.
At the moment, they don’t appear to lend in Alabama, Alaska, Hawaii, Indiana, Kansas, Kentucky, Missouri, Montana, Nebraska, New York, North Carolina, Ohio, West Virginia, or Wyoming.
They seem to do most of their home loan lending on the West Coast, particularly in California.
Applying for a Mortgage with Intelliloan
Intelliloan is a direct-to-consumer mortgage lender, meaning you work with them online or by phone remotely.
They say it takes about 15 minutes to get your mortgage approval started. And that process begins by filling out a short lead form on their website.
From there, they’ll ask you to create an Intelliloan account and you’ll need to provide some basic contact information.
Then you’ll proceed to fill out a loan application with the help of a loan specialist.
Alternatively, you can use the chat/text feature on their website to begin, which allows you to speak to a specialist right away if you have questions.
Or you can simply call them up on the phone to get started.
It’s unclear if they offer a digital loan application after that point, but it appears to be pretty no-frills and direct.
They say they’re big on customer service and satisfaction, so hopefully that’s demonstrated in the loan process from start to finish.
Loan Types Offered by Intelliloan
Home purchase and mortgage refinance loans
Conforming loans backed by Fannie/Freddie
Government home loans including FHA loans and VA loans
Jumbo home loans up to $3 million loan amounts
Reverse mortgages for those 62 and older
Fixed-rate options: 30-year fixed and 15-year fixed
ARM options: 5/1, 7/1, and 10/1 ARMs
Intelliloan offers all the typical stuff you’d expect from a mortgage lender, including home purchase financing and mortgage refinancing.
Their bread and butter is probably refinance loans since they offer super low mortgage rates, a key decider for those looking to refinance an existing home loan.
But they also offer home purchase financing on primary residences, second homes, and investment properties. And they’ll get you pre-approved so you can shop with confidence.
In terms of loan type, they offer conventional conforming loans backed by Fannie Mae and Freddie Mac, along with government home loans including FHA loans and VA loans.
They don’t appear to offer USDA loans, and it’s unclear if they offer construction or renovation loans.
It seems they are focused on straightforward vanilla stuff that isn’t too complicated, which allows them to close loans fast and offer low rates.
In fact, they mention in their fine print that they’re not currently accepting applications from self-employed borrowers, nor will they accept conforming loan amounts below $200,000.
However, they do offer jumbo loan financing with loan amounts as high as $3 million, and cash out as high as $500,000.
Additionally, aside from fixed-rate options, they offer adjustable-rate mortgages that are fixed for the first 5, 7, or 10 years.
And they’ve got ARM options for both FHA loans and VA loans.
Homeowners aged 62 and older can take advantage of their reverse mortgage offering as well.
Intelliloan Mortgage Rates
As noted, Intelliloan isn’t shy about advertising its mortgage rates. In fact, just about every advertisement I’ve seen from them features a mortgage rate and/or mortgage APR.
So they lead with their pricing, which is a good sign if the lowest price/rate is what you’re after when purchasing a home or refinancing an existing mortgage.
Right on their homepage you’ll see “today’s rates,” which at last glance looked pretty darn good.
For example, on the day of this post they were offering a 30-year fixed at 2.325% (2.49% APR) and 15-year fixed at 1.75% (1.99% APR). Yes, that low.
The assumptions were a $300,000 loan amount a single family, owner-occupied property in the state of California. Minimum 740 FICO and 60% loan to value (LTV).
If you don’t fit all those criteria, expect a higher mortgage rate. But still, those advertised rates look pretty enticing.
They advertised similarly low rates for high-cost conforming loans and FHA/VA loans.
Intelliloan Rate Protection Promise
Intelliloan also offers a Rate Protection Promise that provides up to three years of so-called mortgage rate protection.
Simply put, if fixed interest rates fall below your current fixed rate on a previously closed Intelliloan mortgage, you can refinance to that lower fixed rate on a 15- or 30-year mortgage.
This can be exercised at any time after the first 100 days from loan closing up until the third anniversary of the loan closing.
You won’t have to pay any non-recurring closing costs (e.g. lender fees, appraisal fee, credit report fee, escrow, title, recording, notary, courier, etc.), but you will be responsible for any recurring closing costs such as prepaid interest, property taxes, insurance premiums, HOA dues, and so on.
Basically, it’s a no cost refinance if fixed mortgage rates happen to fall significantly in the three years that follow your original transaction with Intelliloan.
Of course, you can always shop around with other lenders, and may find that another can beat them on rate and offer it without closing costs.
Either way, you need to re-qualify for the loan, so it’s not totally automatic, it’s just a discounted refinance.
Intelliloan Reviews
On LendingTree, they have a 4.9-star rating out of 5 based on more than 500 reviews, with a 98% recommendation rating.
On Google, they’ve got nearly 200 reviews and a 4.5-star rating out of 5, which is obviously very good. Most former customers seem to be very happy with their service and rates.
On Yelp, they’ve got a 4.5-star rating based on about 200 reviews as well. It appears most of their customers refinanced an existing mortgage, which seems to be their top offering.
Similarly, they have an excellent 4.93-star rating out of 5 on the Better Business Bureau website based on over 200 reviews, which is pretty unheard of.
Usually, customers head over to the BBB to complain about a company, but that doesn’t appear to be the case here.
They are an accredited business with the BBB since 1999, but only have a B+ rating at the moment thanks to 13 complaints filed against the business.
All in all, they appear to be a mortgage lender focused on offering the lowest rates possible to borrowers who have fairly straightforward loan scenarios. If that’s you, they might be able to offer you an excellent rate.
But if you’re self-employed or have a complicated loan scenario, they may not be the best fit.
Intelliloan Pros and Cons
The Good
Appear to offer very low mortgage rates with limited or no lender fees
Excellent reviews on several ratings sites
BBB accredited company since 1999
Offer most major home loan types
Can apply for a mortgage directly from their website
Intelliloan Rate Protection Promise allows you to refinance without lender fees
The Maybe Not Good
Not licensed in all 50 states
Do not offer USDA loans
May not offer construction/renovation financing or home equity loans/lines
May not be a good fit for those with complex loan scenarios
If you live in Montana or surrounding states, you may have come across Mann Mortgage, a Kalispell, Montana-based mortgage lender.
They appear to be one of the main mortgage players in the Treasure State, having closed over $300 million in home loans there just last year.
The company also does quite a bit of volume in nearby states, with a big focus on home purchase financing. Let’s discover more about this small town, tech-savvy mortgage lender.
Mann Mortgage Fast Facts
Direct-to-consumer retail mortgage lender based in Kalispell, Montana
Founded in 1989 by North Dakota native Don Mann
Funded roughly $1.1 billion in home loans last year
Much of their loan volume comes from Montana and the Pacific Northwest
Currently licensed in 21 states and the District of Columbia
Offer home purchase loans, rate and term refis, and cash out refis
Mann Mortgage got its start all the way back in the late 1980s, founded by North Dakota native Don Mann.
He modeled the eponymous business after 1950s era farming co-ops, whereby resources were pooled to keep lending “personal and local.”
Today, the company boasts 500+ employees across 55 branch locations, and funded more than $1 billion in home loans in 2019.
A good chunk came from the company’s home state of Montana, along with the nearby states of Idaho, Oregon, and Washington.
At the moment, they are licensed in the following states: Alaska, Arizona, California, Colorado, District of Columbia, Hawaii, Idaho, Maryland, Minnesota, Montana, Nevada, New Mexico, North Carolina, North Dakota, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Roughly 70% of the company’s 2019 loan volume was home purchase mortgages, with the remainder split almost evenly between rate and term refinances and cash out refis.
Getting a Home Loan with Mann Mortgage
They offer a digital mortgage solution known as SimpleApp powered by Ellie Mae
Allows borrowers to apply for a home loan from anywhere including desktop, smartphone, or tablet
Can securely upload documents or link financial accounts to quickly complete the process in less than 10 minutes
Borrowers are also able to visit a branch or get on the phone with one of their loan officers
They say you can apply for a home loan in 10 minutes or less thanks to their online mortgage application known as SimpleApp.
Once at their website, you simply click on “Apply Now,” at which point you’ll be asked to select your state.
Then you select a branch location and you’ll be sent to their digital mortgage application powered by Ellie Mae.
It allows you to input all of your information quickly and securely, compare loan options and loan rates, upload documents, link financial accounts, and save your progress as you move along.
You can opt-in to receive status updates and reach out to a loan officer at any time if you need assistance.
Their goal is to streamline the mortgage application process while also providing human support if and when you need it.
Mann Mortgage also has a loan officer directory and branch locator on their website if you’ve been referred to someone specific or prefer to get in touch with a loan officer first.
In summary, you’ve got options when it comes to applying for a mortgage, whether you’re tech savvy or not.
Loan Types Offered by Mann Mortgage
Mann Mortgage Rates
For one reason or another, Mann Mortgage does not display their mortgage rates on its website.
This is completely normal and ultimately some lenders do and some don’t. It doesn’t mean their rates are good or bad or average, it’s just that they don’t advertise them.
As such, you’ll need to either apply for a mortgage or get in touch with a Mann Mortgage loan officer to receive pricing.
I generally recommend that you get pricing before applying with a certain mortgage lender just to ensure they offer low rates and fees.
The same goes for their lender fees – there isn’t any mention of them on their website, so again you’ll need to inquire about things like a loan origination fee, underwriting and processing fees, and so on.
The good news is they seem to be very well-liked and have excellent customer satisfaction, so there’s a good chance their interest rates and fees are competitive, otherwise former customers probably wouldn’t be so positive.
But always put in the time to shop around if you want to be absolutely sure you’re getting the best deal out there.
Mann Mortgage Reviews
The company has over 14,000 reviews on SocialSurvey with a 4.89-star rating out of 5, which is beyond excellent.
Mann Mortgage also landed in the top-10 for medium-sized mortgage lenders in terms of customer satisfaction.
On Zillow, they have an even better 4.96-star rating out of 5 based on over 700 customer reviews, which often say the mortgage rate was lowered than expected.
On LendingTree, they have a 4.7-star rating out of 5 on about 60 reviews, with 92% of customers recommending them.
While they aren’t a Better Business Bureau accredited company, they do have an A+ BBB rating, which is based on complaint history (none at the time of this writing).
All in all, Mann Mortgage appears to offer a good mix of technology with a local, small business feel that hopefully isn’t too corporate or bureaucratic.
If you live in one of the states they’re licensed in, they could be a good fit for your home loan needs.
Mann Mortgage Pros and Cons
The Pros
Digital mortgage application powered by Ellie Mae
Excellent customer reviews across several ratings websites
Physical branch locations for those who prefer face-to-face consultation
Lots of loan programs to choose from
A+ BBB rating
The Cons
Not licensed in all states
Do not advertise mortgage rates or lender fees
Will likely transfer servicing rights to a different loan servicer
A Movement representative did not return a request for comments.
A spokesperson for loanDepot said, “Inducing individuals to breach contractual prohibitions against employee solicitation and misuse of confidential information in order to steal business and customer relationships crosses the line into unfair competition, and we will continue to vigorously protect our interests.”
The California-based lender claims employees in Virginia, Pennsylvania, and Florida left the company to join Movement after an “orchestrated” move and “all-expenses-paid recruiting trips,” including to Movement’s headquarters in South Carolina. Additional Maryland, Washington, D.C., and Delaware employees also transitioned to the retail competitor.
In some cases, Movement offered a $125,000 signing bonus to loanDepot loan originators to come to the company, the lawsuit claims.
“To date, several loanDepot branches have been effectively gutted and loanDepot has lost at least 25 employees at the hand of Movement’s predatory raiding,” the lawsuit states.
The lawsuit follows: “In the weeks leading to their departures, the former employees accessed and misappropriated confidential and trade secret documents about loanDepot’s business, its employees, and its clients; information that, in the hands of Movement, was used to convert customers to Movement and away from loanDepot.”
loanDepot has ongoing arbitrations with certain of the former employees.
The lender seeks damages and permanent injunctive relief against Movement for misappropriation of trade secrets, aiding and abetting breaches of fiduciary duty, unfair competition, unjust enrichment, unfair trade practices, and tortious interference with loanDepot’s contracts and prospective economic advantage.
That’s not the Orange County, California-based lender’s only poaching legal battle.
Since April 2022, the company filed three lawsuits against CrossCountry Mortgage in New York, California and Illinois.
In early June, a judge in the N.Y. case ruled in favor of loanDepot in a preliminary injunction by prohibiting CrossCountry and employees who switched companies from using data they obtained from their prior employer. It follows a decision from a judge in the Chicago lawsuit. However, according to the judge, as loanDepot has not shown an “actual and imminent” risk of irreparable harm, its request for a preliminary injunction against the solicitation of loanDepot’s employees was denied. The judge mentions “loanDepot is likely to succeed on the merits of its Defend Trade Secrets Act claim.”
Building equity in a home takes time, and the amount of equity you’ve built can impact the amount you can borrow. If you need substantial funds for home improvements, education expenses or debt consolidation, Spring EQ home equity loans are an attractive option. Spring EQ reviews praise its ability to provide homeowners with access to a larger percentage of their home’s equity compared to many other lenders.
Unlike many other mortgage lenders who cap the amount of equity you can access at 85%, Spring EQ lets you borrow up to 95% of your home’s equity. We selected Spring EQ as one of the best home equity loan providers in large part because of its generous equity allowance. Its interest rates are also competitive, and its flexible terms make Spring EQ a good choice for many homeowners.
Spring EQ HELOC pros and cons
Before applying, you should consider the pros and cons of a home equity line of credit (HELOC).
Access to up to 95% of your equity
Flexible loan terms
Low minimum credit score
Not available in all states
Appraisal and title insurance required for some loans
No online payment option
Pros explained
Access to up to 95% of your equity
Spring EQ allows jmyou to access up to 95% of your home’s equity. In contrast, most lenders limit you to 85%. This 10% difference might seem small, but it can translate to a significant amount of funds when dealing with home values. With Spring EQ, you can tap into a higher percentage of your home’s worth, empowering you to accomplish more with your loan.
Flexible terms
Spring EQ provides a range of flexible terms. You can repay your loan in increments of five to 30 years, or choose up to 10 years of interest-only payments. If you’re planning to do major home improvements, you can take advantage of this flexibility to avoid taking out a home improvement loan.
Low minimum credit score
Spring EQ offers home equity loans and home equity lines of credit with various credit score requirements. You’ll only need a minimum credit score of 640 to qualify for a home equity loan. If you want to take out a HELOC, you’ll need a credit score of 680. However, to borrow up to 95% of your home’s equity with a Spring EQ home equity loan, you will need a credit score of 700 or higher.
Cons explained
Not available in all states
Spring EQ does not offer home equity products to residents in Alaska, Hawaii, Idaho, Massachusetts, Missouri, Nevada, New York, North Dakota, South Dakota, West Virginia, Wyoming or Utah.
Appraisal and title insurance required for some loans
Spring EQ’s appraisal requirements depend on several factors, including how long you’ve owned your home and the date of your last appraisal report. You may be able to use a previous appraisal if it was done within the last 12 months. However, if your loan is over $175,000, you’ll need a full interior appraisal. If your loan is over $250,000, you’ll need title insurance as well.
No online payment option
Spring EQ doesn’t give you the option to make online payments, but that may be an option soon. For now, you can make a phone payment, set up recurring payments or mail in a payment.
Spring EQ HELOC offerings
Home equity loans
Spring EQ offers fixed-interest home equity loans with repayment terms from five to 30 years. You can access up to 95% of your home’s value with a loan amount of up to $500,000 without the need to refinance. With same-day approval and an average fund availability of 21 days, you’ll have quick access to your money.
Home equity lines of credit
Spring EQ also offers a home equity line of credit (HELOC) with a variable interest rate and a term of 30 years. With a HELOC, you can make interest-only payments for the first 10 years. One downside to Spring EQ’s HELOC is that you must take an initial draw of at least $50,000, which is higher than many other lenders. Your debt-to-income ratio must be 45% or lower, and the minimum credit score is 680 to qualify for a HELOC.
Home purchase loans
Although Spring EQ is primarily known for its HELOC and home equity loans, it also offers home purchase loans. The interest rates and loan terms for a home purchase loan will depend on your profile as a borrower. If you’re self-employed, you’ll need to provide more extensive documentation of your income. You’ll have to meet the underwriting guidelines for verifying your credit profile and debt-to-income ratio.
Home refinance loans
Spring EQ also offers traditional refinance loans if you prefer to refinance instead of taking out a home equity loan or HELOC. The guidelines and terms for refinancing are similar to those for a home purchase loan.
Spring EQ HELOC pricing
Spring EQ doesn’t list its minimum interest rate, nor does it publicly disclose its fees. However, in addition to applicable administration fees, you’ll have to pay for an appraisal and title insurance if needed.
Spring EQ HELOC financial stability
Spring EQ is a Pennsylvania-based home lending company that specializes in home equity loans and home equity lines of credit (HELOCs). It was established in 2016 and is accredited by the BBB with a rating of A+. It’s in good standing with the Department of Banking and Securities in Pennsylvania with a current license.
Spring EQ HELOC accessibility
Availability
Spring EQ’s loan products are not available in the following states:
Alaska
Hawaii
Idaho
Massachusetts
Missouri
Nevada
New York
North Dakota
South Dakota
West Virginia
Wyoming
Utah
In addition to residing in one of states that Spring EQ offers services in, you’ll need to meet certain underwriting guidelines, including:
Minimum credit score of 640 for home equity loans
Minimum credit score of 680 for HELOC
Minimum credit score of 700 for 95% equity loans
Documentation of income and other information in your application
Debt-to-income ratio of 45% or less (total monthly debt payments divided by total monthly gross income)
Contact information
Spring EQ can be contacted by:
Phone: Call Spring EQ at 1-855-463-7407 or 1-888-978-9978.
Mailing address: Mail a check or send any documents to Spring EQ, ATTN: Servicing, 100 W. Matsonford Road, Building 5, Suite 100, Radnor, Pennsylvania 19087.
Corporate address: Send corporate mail to 1 West Elm St., Suite 450, Conshohocken, Pennsylvania 19428.
User experience
Spring EQ offers preapproval based on your online application almost instantly, although your terms will depend on verification of the provided information. Submit an application on the website, or get in touch with a loan officer by calling 1-877-972-8873.
To apply for a loan, you’ll need to provide the following information:
Date of birth
Phone number
How much you want to borrow
Details of your financial history, including income, debts and past history of bankruptcies or defaults
Details about co-borrowers
Information about the property, including whether it’s your primary residence, how much you owe on it and if there are any liens on it
Once you’ve submitted this information, you’ll get prequalified for a loan amount. This is a preliminary step and isn’t binding until you submit the formal application and your information is verified. You can finish applying online or ask to be connected with a loan officer. After you submit a formal application, you’ll be asked to submit verifying documentation. You’ll generally have your funds available within 21 business days.
Ads by Money. We may be compensated if you click this ad.Ad
Spring EQ HELOC customer satisfaction
Spring EQ reviews reveal an average customer satisfaction rating of 4.3 with the Better Business Bureau (BBB), indicating that most customers are satisfied with its service. Of its 193 customer reviews, only 42 are complaints, and 26 complaints have been closed in the past 12 months. Spring EQ responds promptly to customer reviews and provides a contact person to assist with complaints.
One customer complained that the lending guidelines changed during their application process, making them ineligible for a loan. Another complained that they received more of a draw on their HELOC than requested. Yet another complained the rate and payment were higher than expected. Given that Spring EQ responds promptly to all complaints and that many of the complaints were ultimately closed, it has an A+ rating with the BBB.
Some of the negative Spring EQ reviews mention that representatives didn’t communicate well, gave them a loan amount that was less than expected or took too long to approve their loan. However, most of the reviews are positive, with praise for the professional loan officers and the easy, convenient process.
Spring EQ HELOC FAQ
Is Spring EQ legit?
chevron-down
chevron-up
Spring EQ is a legitimate loan originator. They’ve been in business for seven years, have an A+ rating from the Better Business Bureau and have an up-to-date license with the Department of Banking and Securities in Pennsylvania.
Who owns Spring EQ?
chevron-down
chevron-up
Spring EQ is a privately owned company. It’s a limited liability corporation (LLC) based in Pennsylvania. While it’s not always possible to find out who owns an LLC, one of the investors is Saluda Grade Ventures. Jerry Schiano is a co-founder and chief executive officer, and James Curt is the senior vice president.
What is Spring EQ?
chevron-down
chevron-up
Spring EQ is a loan originator, so it facilitates the process of acquiring a loan. Loan originators are involved in the initial stages of the loan process, and their responsibilities include:
Evaluating the borrower’s credit history, income, debts and other financial information to determine their ability to repay the loan
Informing the borrower of the various loan options available, including interest rates, loan terms and other conditions
Assisting the borrower in completing the loan application and gathering all the necessary documentation
Coordinating with underwriters, appraisers and other professionals to process the loan application (including verifying the information provided by the borrower and assessing the property value if the loan is secured by real estate)
Acting as the main point of contact for the borrower, keeping them informed on the status of the loan application and answering any questions they may have.
Coordinating the closing process, ensuring that all documents are in order and that the funds are disbursed to the borrower or the seller in case of a mortgage.
How long does Spring EQ take to underwrite?
chevron-down
chevron-up
From approval to disbursement of funds, the entire process takes 21 days on average. However, the exact amount of time it takes will depend on various factors such as how quickly you provide documentation and if you need an appraisal or title insurance.
How we evaluated Spring EQ HELOC
To review Spring EQ, we considered the following criteria:
Pros and cons: We assessed the overall pros and cons of Spring EQ, including the features it offers and how it compares to other home equity loan originators.
Pricing: We evaluated how transparent Spring EQ is regarding interest rates, initiation and service fees, closing costs and additional costs such as appraisals.
Offerings: We examined the types of loans offered, the flexibility in terms, the minimum and maximum loan amounts and the borrowable amount of home equity.
Customer experience and satisfaction: We looked into complaints and reviews filed with the Better Business Bureau to evaluate how happy customers were with Spring EQ.
Accessibility: We checked the eligibility requirements, the application process, the minimum required credit score, what states Spring EQ services and how easy it is to contact them.
Summary of Money’s Spring EQ HELOC review
Spring EQ is a great option to access more of your home’s equity than you can with traditional lenders. They make the preapproval and application process convenient and quick. However, coverage is currently limited, so you must own property in one of the states they service. Additionally, they could be more transparent about both interest rates and fees associated with home equity loans and lines of credit.