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AnnieMac Home Mortgage Review 2018

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by Chris Thompson Updated
AnnieMac Home Mortgage

AnnieMac Home Mortgage Overview

AnnieMac Home Mortgage calls New Jersey home, but it offers mortgages throughout 40 states and Washington, D.C. There are branches to support its customers in 22 of those states. The company is more than 200 employees strong, indicating its growth in the mortgage industry in recent years.

For 2017, the U.S. Department of Agriculture named AnnieMac its “Lender of the Year.” Over those 12 months, the company lent about $14 million to USDA loan borrowers. According to the USDA, some of AnnieMac’s locations have become renowned for their work in the community, with its office in Wall, New Jersey receiving the most recognition.

Today's Rates

National Average Rates

Product Today Last Week Change
30 year fixed 4.68% 4.69% -0.01
15 year fixed 4.17% 4.19% -0.02
5/1 ARM 4.29% 4.12% +0.17
30 yr fixed mtg refi 4.65% 4.63% +0.02
15 yr fixed mtg refi 4.16% 4.17% -0.01
7/1 ARM refi 4.44% 4.39% +0.05
15 yr jumbo fixed mtg refi 4.35% 4.26% +0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Regions Served by AnnieMac Home Mortgage

Does AnnieMac Home Mortgage Operate in My Area?

AnnieMac Home Mortgage originates home loans in 40 states and Washington, D.C. These states include Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin.

Only a fraction of those states have branches, though, as there are locations in Arizona, California, Colorado, Connecticut, Delaware, Florida, Indiana, Massachusetts, Maryland, Minnesota, Mississippi, North Carolina, New Hampshire, New Jersey, Nevada, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin.

What Kind of Mortgage Can I Get With AnnieMac Home Mortgage?

Fixed-rate mortgage: Those who select a fixed-rate mortgage will have access to the same interest rate for the duration of their loan’s term. This level of predictability is unmatched from any other style of mortgage and is therefore an especially solid option for those who plan to stay in their new home for at least 10 years. Speaking of mortgage terms, AnnieMac offers these loans in 30-, 25-, 20-, 15- and 10-year lengths.

Adjustable-rate mortgage: Adjustable-rate mortgages, or ARMs, provide the chance for applicants to receive a lowered interest rate. After this opening period of time, AnnieMac’s market index will dictate how your interest rate will change. Titles for ARMs are broken into two numbers. The first describes how many years the initial rate will last, and the second is how often after that time it will alter. If you’re interested in these mortgages, this lender utilizes 7/1, 5/1 and 3/1 ARMs.

Conventional interest-only loan: These unique loan options are similar to ARMs in that your payments will be lower initially. But instead of simultaneously paying parts of your loan’s interest and principal balance, it allows you to only pay towards your loan’s interest for five or 10 years. Depending on what you choose for this introductory period, you’ll pay off your principal balance for the remaining life of your mortgage.

Jumbo loan: If you’re purchasing a single-family home and your loan is larger than $453,100, a jumbo mortgage is required. At AnnieMac, they come in 30-, 20-, 15- and 10-year fixed-rate terms, as well as 10/1, 7/1 and 5/1 adjustable-rate terms. Should you need a jumbo loan, be prepared to receive a higher interest rate than you would with a conventional loan.

FHA loan: Backed by the Federal Housing Administration, FHA mortgages come with the premier benefit of a 97% loan-to-value capability, meaning your down payment could be as small as 3% of your new home’s price. These also offer discounts on private mortgage insurance (PMI) and have lower credit score requirements for approval. These are usually fixed-rate loans with 15- or 30-year terms.

VA loan: Current and former U.S. military members and their surviving spouses can take advantage of the cheap down payment and low credit score perks of a Department of Veterans Affairs-insured VA loan. AnnieMac offers these in 30-, 25-, 20- and 15-year fixed-rate and 5/1 and 3/1 adjustable-rate terms, and loans can pay for as much as 100% of your home’s value, leaving you with a $0 down payment.

USDA loan: The U.S. Department of Agriculture created and sponsors USDA loans to attract new homeowners to rural areas where there was otherwise not much attention. To do this, it has included a $0 down payment, which is usually only left for VA loan applicants. At AnnieMac, USDA loans are usually set as 30-year fixed-rate terms, with an up to 6% seller assist option to help with closing costs and other extraneous fees.

Renovation and construction loan: Whether you want to remodel your current home or build the home of your dreams, AnnieMac has mortgage offerings to accommodate. These are almost always fixed-rate loans, with terms ranging up to 30 years.

Refinance loan: Refinancing is a lifeline for many Americans that want to restructure the length of their current mortgage or lower their monthly payments. Conventional and jumbo fixed-rate and adjustable-rate, VA, FHA and USDA mortgages are all options for prospective refinance customers at AnnieMac.

What Can You Do Online With AnnieMac Home Mortgage?

Although AnnieMac does have its fair share of branch locations, you can take care of just about anything through its website. In fact, pre-qualification, pre-approval, your application itself and your mortgage dashboard are all accessible through your computer.

Mortgage lenders don’t typically have their own apps, but AnnieMac does for both Apple and Android mobile phones. Through this, you, your real estate agent and your loan officer can communicate to each other and get real-time updates regarding your application. All documentation is available here as well, and you can set up notifications to remind you to make payments or lock your rate, among other things.

If you want to do some learning about home loans, interest rates, trends in the mortgage market and more, AnnieMac has its own blog that’s full of relevant information. Stories here are usually posted monthly, so it could be worthwhile to keep an eye out for updates, especially for customers of the company.

Would You Qualify for a Mortgage From AnnieMac Home Mortgage?

Because most of the mortgage offerings at AnnieMac are either government-backed or a standard loan, many of the stipulations you need to meet to qualify are well established. This means that for most loans, a FICO® credit score of at least 620 is generally expected. However, since jumbo loans are obviously larger, these credit requirements become more stringent, with a score of 720 needed in most instances.

What’s the Process for Getting a Mortgage With AnnieMac Home Mortgage?

Prospective customers of AnnieMac typically begin their relationship with the lender by trying to get pre-qualified, pre-approved or both for the mortgage of their choice. You’re welcomed to visit a professional at one of AnnieMac’s locations, but you can also initiate the process online from the comfort of your own home.

You will need to provide some documentation when filling out the applications listed above. Recent W-2 forms, any self-employment tax returns, pay stubs and bank statements will likely be asked for to back up your stated financial capabilities to pay for your down payment, closing costs and other fees.

Once you’ve been approved, everything becomes about managing your loan and paying your monthly mortgage payments. AnnieMac conveniently supplies four avenues to do this through: online, over-the-phone, in-person or via mail.

How AnnieMac Home Mortgage Stacks Up

Nothing about the loan selection at AnnieMac Home Mortgage stands out from the ever-growing pack of lenders, but it definitely meets all the necessities for most customers. The same goes for its credit score requirements, making it no tougher to get approved here than anywhere else.

One area where AnnieMac particularly places itself at the top of the market is the terms it offers on fixed- and adjustable-rate loans. Having five different iterations of a fixed-rate loan is impressive, along with the use of a 3/1 ARM, as a good portion of lenders stop after the 5/1 ARM.

Tips for Your Mortgage Search

  • If you think you’ve done enough research into the different types of loans, lenders, interest rates and mortgage programs you’re eligible for, think again. Because of the financial ramifications a lackluster mortgage can have on your money, it’s important that whatever you decide to go with in the end is exactly what’s best for you.
  • A plan for the future is as important to someone’s financial success as anything else, but building a concise and detailed incarnation of one is easier said than done. The SmartAsset financial advisor matching tool takes your answers to a series of simple questions about your current financial state and formulates which three advisors in your area can help you the most.
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