GreenLight Loans Reviews

Based on 1 Reviews

Category: Finance

GreenLight Loans is a mortgage loan company that specializes in first time purchase or refinance. They offer competitive interest rates and great customer service. This company works with you personally to customize the loan that is right for you. While building your loan package, they do one on one consulting to make the best offer for your home purchase with the best interest rate.

Pros

  • Low Interest Rate
  • The interest rates are so low that you will be able to afford your mortgage payment and insurance without breaking the bank. Rates starting at 2.897% apr; for qualified buyers, this is an outstanding rate in today’s market.

  • Refinancing Options
  • You can lower your monthly mortgage payment, get cash to spend how you wish, get financial relief even without equity and many other options with GreenLight Loans. They still offer a low apr for refinancing; this company can also have your paper work to you in 24 hours and finalized in 30 days.

Cons

  • Credit Score
  • GreenLight Loans has a standard credit score that they must abide by, and if your score falls under that - they can’t get you the loan you want. However, if you build your credit up to that score - they will do their best to work with you.

  • Not Local
  • They are not local to all areas, since they are based in california and texas. This means everything has to be done over the internet and the phone. However, this doesn’t necessarily mean they can’t help someone who does not reside in their local areas.

Features

  • Loan Options
  • They not only handle first time home buyer standard loans, they also offer fha loans and harp loans. Each loan service also has skilled employees to walk you through every step.

  • Always Looking For Best Apr
  • Apr changes on a regular basis, but GreenLight Loans is constantly searching for the best apr available. This way, you can worry more about family vacations instead of your mortgage payment each month.

Infomercial

Light 5 is a 30 year adjustable rate mortgage that offers lower payments. Greenlight gives you more buying power with light 5. For the first 5 years, you have a fixed rate loan; after the first 5 years, it becomes an adjustable rate loan. The rate then rises annually.

How It Works

The adjustable rate mortgage means your mortgage payment adjusts based on the apr at the time. If you start with a 3% apr and it goes up to a 5%, then your mortgage payment will go up to adjust to the difference. Thus, with the greenlight light 5 - your first 5 years will give you a lower fixed percent rate mortgage with a low payment.

How it's Different from Competitors

Most fixed rate mortgage companies start you with the rate you sign for on your mortgage loan papers and stay there for the remainder of your loan. Your payment never goes up and the interested rate never changes. For adjustable rate mortgages you start out with one apr, and each month, the payment due is adjusted to reflect the current market value apr. This means your interest can increase monthly, causing your payment to go up every month.

Alternatives

  • Standard Fixed Rate Fha
  • With a standard fixed rate fha, you get a low percentage rate / low down payment - which is usually 3.5% . This is fixed for the remainder of the loan period, which could be 15-30 years.

  • Quicken Loans
  • This is one of the largest mortgage loan companies in the world with fast approval and quick closing. They work with you to find the right loan for you - and work fast at getting you in your new home. Additionally, they have an a+ rating with the better business bureau.

Tips & Tricks

  1. Do Your Research
  2. Make sure you read over every piece of information that is offered to you and understand what you are reading. If you don’t feel comfortable, consult a lawyer that deals in contracts and real-estate.

  3. Decide Which Loan Is For You
  4. They have many different loan options for home purchasing - make sure you know what your terms are and which ones fit your needs. Once you’re in a loan, you are stuck with those terms until you can refinanced. You don’t want to get stuck with something that doesn’t suit your needs. Don’t let anyone pressure you into signing anything.

Frequently Asked Questions

  • How About Fixed Rate Loans?
  • Their loan process is an adjustable rate loan program that has fixed rate for the first 5 years. After that, it is an adjustable rate for the remainder of the loan.

  • What Is The Interest Rate?
  • The current interest rate is 2.897% , but this could change at any time. This rate is based on the economy and the market.

  • How Long Will It Take?
  • That all depends on how good your credit score is, and how fast the company can get the paper work they need. Some people have closed in as little as 30 days.

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