Lenders will heavily scrutinize your credit score, credit history, income, and employment status before moving forward with the origination process. This loan limit tends to vary between states and can range from $453,100 to $679,650 depending on the home’s precise location.ĭue to the high loan amounts, jumbo mortgages typically feature strict eligibility guidelines. This specialty loan helps homebuyers purchase properties that exceed the maximum conforming limits set by the Federal Housing Finance Agency, which currently stands around $484,350. This mortgage type is great for borrowers who plan to move within five years or who expect a significant income boost. This makes it a solid choice for homebuyers looking to invest in property over the short term. Once the initial term has elapsed, adjustable-rate loans will adjust according to market performance. Borrowers can select a fixed-rate term of five, seven, or 10 years, during which their interest rates and monthly payments will not fluctuate. In contrast to fixed-rate mortgages, this variable lending option features low starting rates that will automatically adjust after an initial rate-locked period. Fixed-rate mortgages will not fluctuate even during large-scale downturns in the housing market. Eligible borrowers can lock in consistent interest rates and monthly payments for the full life of the loan, which can be negotiated as 15 or 30 years.Īlthough fixed-rate loans typically feature higher interest rates than their adjustable-rate counterparts, they provide maximum stability. This mortgage type is heavily geared toward homebuyers who plan to commit to a single property long term. However, BBMC does excel in its commitment to help moderate-to-low income borrowers find affordable financing solutions and competitive interest rates. This lender does not provide any specialty home loans for first-time homeowners, nor does it provide any discount programs. Current BBMC Mortgage RatesīBMC offers a standard selection of conventional fixed and adjustable-rate mortgages, along with several government-backed programs, including FHA, VA, and USDA loans. BBMC is a mortgage banker that helps borrowers find affordable mortgage and refinance rates across all 50 states. In 2018, BBMC reached a merger agreement with Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank, and has begun transitioning its services and assets over the past year. Provides inadequate information on credit score requirements, down payment minimums, and debt-to-income standards on its websiteīBMC Mortgage was founded in 2009 as a division of Bridgeview Bank Group, serving as its national home lending firm for almost 10 years.Formally accredited by the Better Business Bureau in 2012, with a BBB score of A+. ![]() Facilitates FHA loans with down payments as low as 3.5 percent.Website can be confusing to navigate due to BBMC’s ongoing merger.Offers a standard variety of conventional and government-backed mortgages, including fixed- and adjustable-rate, jumbo, FHA, VA, and USDA loans.Recently acquired by Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank.Overall, this business activity is not expected to impact BBMC’s product offerings or its origination process significantly. This acquisition has caused a good deal of disruption to the company’s website, which will sometimes redirect users to Mutual of Omaha Bank. Synergy One Lending acquired BBMC in 2018, which is an owned subsidiary of the Mutual of Omaha Bank. Despite its strong performance, the company will soon be taken over by new management as part of an ongoing merger. If you’re looking for a fully online home financing experience, BBMC has the financing options and streamlined interface you’re looking for.īBMC was formally accredited by the Better Business Bureau in 2012, earning an A+ BBB rating for its customer-focused approach to home lending. BBMC’s commitment to moderate-to low-income borrowers and homebuyers with limited credit histories makes it unique among its competitors. The company offers a standard selection of home loan products, including conventional fixed and adjustable-rate mortgages, along with government-backed programs like FHA, VA, and USDA. BBMC Mortgage has worked alongside homebuyers across the country for just under ten years, yet in that short time, it’s earned a positive reputation as a national online lender.
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