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LAST UPDATED: March 16th, 2021
Savings Home Mortgage, founded in 2012 in New Jersey, seeks to serve all borrowers, whether they have perfect credit or not, and focuses on providing low rates and fees to help make the mortgage process more manageable and affordable.
When you apply for a Savings Home Mortgage loan, you will be connected with various lenders in the company's network, allowing you to choose the best lender to fit your needs. You can check your rates and closing costs with no obligation or impact to your credit score.
In addition to home purchasing, Savings Home Mortgage offers refinancing and cash-out refinancing, helping consumers save more money on their mortgages overall.
Continue reading for a complete review of this mortgage company, as well as Savings Home Mortgage reviews from real customers.
- No Obligation Rate and Closing Cost Analysis
- Loan Options
- Helpful Calculators
No Obligation Rate and Closing Cost Analysis
You can easily check your rates and closing costs with no obligations and with no impact to your credit score.
Savings Home Mortgage offers four loan types:
- Fixed Rate Mortgage Loan — Monthly payments remain the same for the entire loan term, and loan terms of 10, 15, 20, 25, or 30 years. Put as little as 5% down.
- Adjustable Rate Mortgage (ARM) Loan — Interest rate is fixed for the first 3, 5, or 7 years depending on your loan term and is then adjusted annually. Monthly payments are based on a 30-year repayment schedule.
- FHA Loan — Minimum 3.5% down payment required on purchase, with a minimum credit score of 620.
- VA Loan — Down payment as low as 0% with competitive interest rates for veterans and military families.
Other lenders have more loan options, such as a jumbo loan or USDA loan option, and so Savings Home Mortgage's options may be limiting to some borrowers. The loans outlined above are standard offerings that can cover the majority of borrowers' needs.
To help customers make purchasing decisions, Savings Home Mortgage offers four helpful calculators:
- Standard calculator — calculate monthly payments
- Affordability calculator — calculate how much house you can afford
- Refinance calculator — decide whether or not you should refinance your current mortgage
- Amortization calculator — calculate how much you will owe on your house in a specific amount of years
- Undisclosed Rates
- Limited Information on Website
- Limited State Availability
Because Savings Home Mortgage isn't a direct lender and instead connects borrowers with multiple lenders, the company does not disclose an interest rate range on its website. You can check your rates by prequalifying or using one of Savings Home Mortgage's calculators.
Limited Information on Website
Savings Home Mortgage's website lacks information such as rates, but it also has a limited FAQ section that may not be a helpful resource in answering all your questions. If you have specific concerns or questions about the company's services and/or products, you will have to email or call, which can be inconvenient.
Limited State Availability
Savings Home Mortgage's products and services are only available in three states:
- New Jersey
If you aren't a resident of the above mentioned states, you will need to look into other mortgage loan lender options.
The Bottom Line
If you live in Florida, New Jersey, or Pennsylvania, Savings Home Mortgage could be a good option for you, offering low competitive rates and flexible options by connecting borrowers with various lenders in its network. While this can help you compare and choose the best mortgage lender for you, you will not be obligated to choose one upon prequalifying if you feel that none of the options fit your needs.
You can also choose from various loan types, from conventional loans to VA loans, providing greater flexibility in your mortgage. It is important to note that while the FHA loan and VA loan options require minimal to no down payment, you are not required to make a 20 percent down payment even with a Savings Home Mortgage conventional loan — you can put down as little as 5 percent.
This can be helpful if you aren't able to put down a significant amount of money up front; although, you may be required to pay private mortgage insurance (PMI) if you put down less than 20 percent, but this will depend on your chosen lender's requirements.
In addition to home purchasing, Savings Home Mortgage also offers refinancing and cash-out refinancing, which can lower your current mortgage monthly payment by getting you a lower rate and more favorable terms on your current mortgage.
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