Are you considering applying for a mortgage or exploring financial services at Flagstar Bank? You’ve come to the right place! This comprehensive review will guide you through the ins and outs of Flagstar Bank’s mortgage offerings and additional financial services. By the end of this article, you’ll have a clear understanding of what to expect from this well-regarded financial institution.
Table of Contents
Short Summary
Flagstar Bank offers a wide range of competitively-priced mortgage loans, with loan types to meet customer needs and nationwide availability.
Customers can access checking accounts, savings accounts, CDs and credit cards for personal or business use.
Flagstar Bank provides comprehensive customer service support including phone/chat assistance as well as in person help if needed. Steps are available should an application be denied.
Flagstar Bank Mortgage Overview
Flagstar Bank, a subsidiary of Flagstar Bancorp, is a federal savings bank with total assets of $16,9 billion, making it the third-largest savings bank in the country. As a competitor to New York Community Bank, they offer a wide range of mortgage loans, including:
Fixed-rate loans
Adjustable-rate loans
Specialty loans
CRA loans
All of their loans come with competitive rates and are available nationwide.
With over 395 physical locations in nine states and a strong online presence, Flagstar Bank provides versatile and comprehensive mortgage services to meet diverse customer needs.
Loan Types
With various loan products at their disposal, Flagstar Bank is well-equipped to cater to a wide range of borrowers. Their mortgage loan offerings include:
Fixed-rate loans: provide stable monthly payments
Adjustable-rate loans: offer flexible terms that may initially have lower interest rates
Specialty loans: such as jumbo loans, cater to customers seeking larger loan amounts
CRA loans: designed to promote homeownership and financial well-being in certain communities
Flagstar Bank offers a wide range of loan types, including:
Mortgage loans with minimal down payment requirements
VA loans up to a maximum amount of $4 million
Jumbo cash-out refinancing with a maximum loan amount of $2.5 million
This allows Flagstar Bank to cater to diverse customer needs and financial situations.
Competitive Rates
Not only does Flagstar Bank offer various mortgage loan options, but they also provide competitive interest rates. They offer competitive rates on 30-year, fixed-rate conventional loans, compared to the national rate provided by Freddie Mac’s Primary Mortgage Market Survey. This makes them a great choice when looking to get a mortgage.
To receive a mortgage rate quote from Flagstar Bank, you simply need to provide information regarding the size and type of loan you are seeking. By offering competitive rates and a convenient rate quote system, Flagstar Bank ensures that potential borrowers can confidently compare their options.
Nationwide Availability
In addition to offering various mortgage loan options and competitive rates, Flagstar Bank:
Is licensed to lend in all 50 states
Makes their mortgage services accessible to a broad range of customers
Has a strong online presence that allows them to provide mortgage services to customers across the country
The average turnaround time for a conventional loan with Flagstar Bank is approximately 30 days, ensuring that the mortgage process is efficient and timely.
Flagstar Bank’s Additional Financial Services
Apart from mortgage services, Flagstar Bank also offers a wide range of additional financial products, such as:
Checking accounts
Savings accounts
CDs
Credit cards
These products cater to both personal and business needs, ensuring that Flagstar Bank is a one-stop-shop for all your financial requirements.
In the following sections, we will delve deeper into each of these financial services, as well as other services.
Checking Accounts
Flagstar Bank offers a variety of checking account options, each with their own fees and interest rates to accommodate different customer requirements. For instance, the SimplyChecking account requires a minimum deposit of $50 to open, while the SimplyPlus++ account requires a minimum deposit of $50 to open. Checking account offers an Annual Percentage Yield (APY) of 0.01% for balances under $1,000 and 0.02% for balances of $1,000 and above.
In terms of fees, Flagstar Bank assesses the following:
$36 fee for each instance of an overdraft or nonsufficient funds
Maximum combined number of these fees limited to three in a given day
$6 consecutive days overdrawn fee
By offering a range of checking account options, Flagstar Bank ensures that customers can choose the account that best suits their financial needs and preferences.
Savings Accounts
Flagstar Bank also offers a range of savings account options, such as high-yield savings, custodial accounts for minors, and money market accounts. The interest rate for their Simply Savings account is 0.10% per annum, while the minimum deposit required to open a Simply Kids Savings account is just $1.
For those seeking higher returns, the High-Yield Savings account comes with a monthly maintenance fee of $35. With a variety of savings account options, Flagstar Bank caters to the diverse needs of its customers, helping them save and grow their money.
CDs
For customers seeking a more stable and predictable investment option, Flagstar Bank provides Certificate of Deposit (CD) products with standard and preferred rates. The most competitive rates are offered on longer-term CDs with terms of 84-95 months, 96-107 months, and 108-120 months. To receive preferred rates, customers must maintain a minimum balance of $5,000 or more.
By offering CDs with various terms and competitive rates, Flagstar Bank provides customers with a secure and reliable investment option.
Credit Cards
Flagstar Bank offers a number of credit card options. These include cash-back rewards cards, balance transfer cards and secured credit cards. Their cash-back rewards cards, such as the Visa Platinum Card, Visa Max Cash Preferred Card, and Visa Everyday Rewards+. Card, offer customers the opportunity to earn rewards on their everyday spending.
The Visa Max Cash Secured Card provides a balance transfer option, while the Visa Secured Card is designed for those looking to build or repair their credit.
With a variety of credit card options, Flagstar Bank ensures that customers can find the right card to suit their financial needs and preferences.
Application Process for Flagstar Bank Mortgages
Applying for a mortgage with Flagstar Bank is a straightforward process that can be completed online, over the phone, by mail, or in person. In this section, we will guide you through the application process, including working with a loan officer and providing the required documentation.
Working with a loan officer is an important part of the process. They will help you understand.
Online Applications
Flagstar Bank allows customers to apply for mortgages online, streamlining the application process and making it more convenient. By completing a short contact form on their website, you can connect with a Flagstar loan officer who will guide you through the full loan application process.
Online applications save time and allow you to apply from the comfort of your own home, making the mortgage application process more accessible and efficient.
Working with a Loan Officer
Flagstar Bank provides personalized assistance through their loan officers who guide applicants through the mortgage process. A loan officer can help you with the following:
Prequalify for a mortgage
Provide an estimate of the loan amount you may be eligible to receive
Assist you in determining which type of loan is most suitable for you
By working with a loan officer, you can ensure that your mortgage application for home loans is tailored to your specific financial needs and goals.
Required Documentation
To apply for a mortgage with Flagstar Bank, you must provide documentation verifying your:
Employment
Income
Assets
Debts
This may include pay stubs, tax returns, bank statements, and other documents that evidence your financial history.
By providing all the necessary documentation, you can increase your chances of a successful mortgage application and expedite the approval process.
Fees and Charges Associated with Flagstar Bank Mortgages
When applying for a mortgage with Flagstar Bank, it’s essential to be aware of the fees and charges that may be incurred. In this section, we will break down the various fees associated with Flagstar Bank mortgages, including origination fees, rate lock fees, and prepayment penalties.
Origination fees are the fees charged by the lender for processing the loan. These fees can be expensive.
Origination Fees
While Flagstar Bank generally does not impose origination fees, they may charge processing and underwriting fees, as well as third-party service charges. Flagstar Bank charges for processing and underwriting may vary between $995 and $1,695, depending on the branch location.
It’s essential to factor in these fees when considering a mortgage with Flagstar Bank.
Rate Lock Fees
Flagstar Bank offers a rate lock for 30 to 90 days without any additional fee, ensuring that your mortgage interest rate remains stable during the specified period. This is especially beneficial for those considering adjustable rate mortgages. However, certain restrictions may apply, and supplementary fees may be incurred depending on the circumstances.
Be sure to consult with your loan officer to understand the rate lock fees and options available to you.
Prepayment Penalties
One of the advantages of a Flagstar Bank mortgage is that they do not charge prepayment penalties or monthly payment fees for mortgage loans. This means that you can pay off your mortgage ahead of its scheduled maturity date without incurring additional fees, providing you with more flexibility in managing your mortgage debt.
With this flexibility, you can make additional payments to reduce your principal balance and save on interest costs, while also benefiting from payment assistance if needed.
For more info, please visit Facts on Loan Service.
Customer Service and Support at Flagstar Bank
Customer service is a crucial aspect of any financial institution, and Flagstar Bank offers a variety of customer service options to support their customers’ needs. In this section, we will discuss the various customer service options available at Flagstar Bank, including phone and chat support, email and in-person assistance, and voice phone banking.
Phone and chat support are available 24/7, allowing customers to get help with their banking.
Phone and Chat Support
Flagstar Bank provides phone support at (800) 968-7700, (800) 393-4887, and (855) 372-5626, as well as chat support on their website. By offering both phone and chat support, Flagstar Bank ensures that customers can receive assistance promptly and conveniently. This makes it easier to address any questions or concerns that may arise during the mortgage application process.
Email and In-Person Assistance
In addition to phone and chat support, Flagstar Bank also offers email and in-person assistance for customers who prefer these methods of communication. To receive email support, customers can contact Flagstar Customer Service at (888) 248-6423. Alternatively, customers can visit one of Flagstar Bank’s numerous branch locations for in-person assistance.
By providing a variety of customer service options, Flagstar Bank ensures that their customers receive the support they need throughout the mortgage application process.
Voice Phone Banking
Flagstar Bank’s 24/7 voice phone banking service provides customers with the ability to:
Conduct a variety of banking transactions and inquiries over the phone with their voice
Transfer funds
Monitor balances
Track recent transactions
Make stop payments
And more.
To take advantage of this service, customers can call the Flagstar Bank phone banking number at (888) 248-6423. Voice phone banking provides an additional layer of convenience and accessibility for Flagstar Bank customers.
What to Do If Your Flagstar Bank Mortgage Application Is Denied
If your Flagstar Bank mortgage application is denied, don’t lose hope! There are several steps you can take to improve your chances of being approved in the future. Here are some tips:
Focus on enhancing your credit score by ensuring timely payment of bills.
Reduce credit card balances to lower your debt-to-income ratio.
Dispute any inaccuracies on your credit report to improve your creditworthiness.
Consider working with a credit counselor to develop a plan for improving your credit.
Save for a larger down payment to show your commitment to the loan.
Explore alternative mortgage options or lenders who may be more flexible with their requirements.
By taking these steps, you can increase your chances of being approved for a mortgage loan.
Next, consider strategies to decrease your debt and increase your income. You can prioritize paying off high-interest debt, establish a budget, and explore debt consolidation options. Pursuing a higher-paying job, launching a side hustle, or requesting a raise are all viable options to boost your income.
Finally, research alternative lending options, such as lenders that specialize in bad credit mortgages or government-backed loans. With persistence and dedication, you can improve your financial situation and increase your chances of being approved for a mortgage in the future.
Summary
In conclusion, Flagstar Bank offers a comprehensive range of mortgage and financial services to meet the diverse needs of its customers. With various mortgage loan options, competitive rates, and nationwide availability, Flagstar Bank is a reliable choice for those seeking a mortgage or exploring additional financial services. By providing excellent customer service and support, Flagstar Bank ensures that its customers receive the assistance they need throughout the mortgage application process. Remember, if your mortgage application is denied, don’t be discouraged – with perseverance and determination, you can improve your financial situation and achieve your homeownership dreams.
Frequently Asked Questions
Is Flagstar Bank a reputable bank?
Flagstar Bank has an A+ rating with the Better Business Bureau, customer ratings of 4.97 out of 5 on Zillow, and is estimated to have a trillion in loan originations since 1987.
All of this suggests that Flagstar Bank is a reputable bank.
What bank bought Flagstar Bank?
New York Community Bancorp, Inc. acquired Flagstar Bank, making it one of the largest regional banks in the country.
Is Flagstar a bank or a mortgage company?
Flagstar Bank is a bank that is authorized to lend in all 50 states, providing a variety of mortgage options for borrowers. It has retail home lending offices across many states and offers mortgage loans in all 50 states.
Flagstar Bank offers a wide range of mortgage products, including conventional, FHA, VA, and jumbo loans. It also offers adjustable-rate mortgages, home equity loans, and home equity lines of credit.
What is the minimum opening balance for Flagstar Bank?
Flagstar Bank requires a minimum opening balance of $50 for Simply checking accounts.
What types of mortgage loans does Flagstar Bank offer?
Flagstar Bank provides an array of mortgage loan options, including fixed-rate, adjustable-rate, specialty and CRA loans.
