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ConsumerDirect Mortgage Review 2018

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by Lauren Perez Updated
ConsumerDirect

ConsumerDirect Mortgage Overview

ConsumerDirect, a division of FirstBank, offers a variety of mortgage and refinance options. You can open a standard 30-year fixed-rate mortgage, an adjustable-rate mortgage (ARM), a VA mortgage loan and more. You can also refinance your existing mortgage with ConsumerDirect Mortgage to snag better rates and save some money on monthly payments. 

ConsumerDirect Mortgage works to make the home loan process easier for its customers whether it’s an FHA or VA loan or another type of loan. The goal is to help people get to a “better place” with a new mortgage. ConsumerDirect provides tools and resources to help you understand your mortgage options so you can make the most informed decision. 

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

Does ConsumerDirect Mortgage Operate in My Area?

ConsumerDirect Mortgage operates largely online but serves all 50 states. There is one branch in Delray Beach, Florida and one in Charlotte, North Carolina. 

To get in touch with a ConsumerDirect Mortgage representative, you can reach out over the phone, through email or with a request form online. 

What Kind of Mortgage Can I Get With ConsumerDirect? 

Fixed-rate mortgage: Fixed-rate mortgages keep the same rate throughout the life of the loan. Fixed-rate mortgages are better options for those who plan to stay in their new homes for years to come. ConsumerDirect offers both 15-year and 30-year mortgage terms. The 15-year fixed-rate mortgage offers a lower interest rate, but higher monthly payments. This is because you must pay off the same loan in a shorter period of time. By contrast, the 30-year mortgage offers lower monthly payments. 

Adjustable-rate mortgage: An ARM offers a low starting interest rate for a set number of years, depending on the terms of the loan. After this term, the mortgage rate fluctuates according to its index. This means you don’t have to be stuck with one rate throughout the whole life of the loan. But while this potentially allows you to snag lower rates, it also poses the chance of higher rates as well. 

Jumbo loan: A jumbo loan covers loan amounts that exceed government housing loan limits. For 2018, that limit comes in at $453,100, also known as the conforming loan limit. The conforming loan limit can vary depending on your location. Any loans larger than the given amount for your area are considered jumbo loans. 

Refinance: Even if you open a fixed-rate mortgage, that doesn’t mean you have to be stuck with the same rate forever. You can try to refinance your mortgage to take advantage of a better rate. You can also change the term of your loan or switched your fixed-rate mortgage to an ARM (or vice versa). Refinancing can help make your mortgage more affordable with smaller monthly payments. 

FHA loans: ConsumerDirect FHA loans require a low down payment of 3.5%. This opens up the opportunity to get a mortgage to people who may not be able to meet the standard 20% down payment amount. FHA loans are insured by Federal Housing Administration (FHA), which protects lenders in the event of a borrower defaulting on payments. 

VA loans: VA mortgage loans offer an affordable homebuying option for veterans or their surviving spouses. When you buy a home with a VA loan, you typically won’t have to worry about a down payment, better interest rates and more benefits. The U.S. Department of Veterans Affairs (VA) guarantees VA loans.

HARP loans: The Home Affordable Refinance Program (HARP) is a federal program that helps you refinance your underwater mortgage. 

What Can You Do Online With ConsumerDirect Mortgage?

You can do a ton online with ConsumerDirect Mortgage. With only a couple branches available, most of its programs and tools operate online. This means you’ll apply for your loans and refinances online, provide your information online and more. The website is also full of loan information.

Once you’re a ConsumerDirect Mortgage customer, you can also easily log into your account online to access your accounts. 

Would You Qualify for a Mortgage From ConsumerDirect?

To qualify for a mortgage, you’ll need a debt-to-income ratio of 28/36. This ratio indicates that no more than 28% of your money total income can go towards housing and no more than 36% of your monthly income can go toward your total monthly debt. Don’t forget that taking on a mortgage will include those monthly payments in your total monthly debt. 

It may be more difficult to qualify for a fixed-rate loan than for an ARM loan. This is due to the flexibility that ARM loans provide.

You can easily call ConsumerDirect to get a live rate quote without a hard credit inquiry which will keep your credit score unaffected. You won’t have to fill out an application for this either. 

What’s the Process for Getting a Mortgage With ConsumerDirect?

To get started, you’ll need to fill out the Mortgage Qualifier application for the loan you’d like to open. Each loan (fixed-rate, ARM, VA loan, etc.) will have its own link. This will help you get your mortgage pre-approval letter. In this request form, you’ll need to provide your zip code, the type of property you wish to buy, your credit score, current property purchase situation and more. 

After this step, ConsumerDirect mortgage will provide you with loan options based on your answers and financial scenario. With this information, you’ll be able to compare all your mortgage options like interest rates and term lengths. That way, you can choose the best mortgage option for yourself. 

How ConsumerDirect Mortgage Stacks Up

ConsumerDirect Mortgage’s best feature is its wide range of mortgage products available. You can open a 30-year fixed mortgage, 15-year fixed mortgage, adjustable-rate mortgage, FHA loans, VA loans, jumbo loans and HARP loans. You can also refinance your mortgage with ConsumerDirect. No matter what product or service you choose, ConsumerDirect will provide you with helpful information and step-by-step guidance to help you towards the right loan. 

You will find it difficult to find specific rates, amount limits or credit score requirements on the lender’s website. You’ll need to give customer service a call or submit your information in an application to get the most accurate rates and options available to you. 

Tips for Saving Towards a Mortgage 

  • Before putting money down for your mortgage, you should determine what kind of loan you’re looking for. It helps to do your research on the kinds of mortgages available to help you figure out what you’ll need. 
  • A mortgage is one of the biggest expenses you can face, so it’s important to start saving as early as you can. A handy savings tool to get you closer to your dream home is a certificate of deposit, or CD. A CD comes in various lengths, usually ranging from three months to five years, which allows for great customization depending on your home buying timeline. You’ll want to make sure you open an account with a great CD rate to maximize your savings and get you to your down payment faster. 
  • If you don’t know where to start with your home-buying savings, maybe you could use the help of a financial advisor. The right advisor can help you set up your savings specifically with your future mortgage plans in mind. Our advisor matching tool can help you find that right advisor for you right in your area. We’ll ask a few questions to get a better idea of your finances and preferences and then we’ll connect you with qualified advisors to get you started. 

 

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