BBMC Mortgage Rates Review: Overview, Facts, Features, Plans, Pros and Cons

BBMC Mortgage has only been working with homeowners across the country for a little over ten years; still, in that time, it has established a solid reputation as a nationwide online lender. BBMC delivers the financing alternatives and streamlined the interface that you're looking for if you're searching for a completely online home finance experience. The company provides a standard range of home loan products, including fixed and adjustable-rate mortgages and government-backed programs such as FHA, VA, and USDA. BBMC stands out among its competitors for its devotion to moderate-to-low-income borrowers and homebuyers with minimal credit histories. In 2012, the Better Business Bureau formally accredited BBMC, awarding them an A+ rating for its customer-focused approach to home lending. Despite its excellent performance, the company is about to be taken over by new management as part of a merger. In 2018, Synergy One Lending purchased BBMC, a wholly-owned Mutual of Omaha Bank subsidiary. The company's website has been severely disrupted as a result of the takeover, with users being redirected to Mutual of Omaha Bank on occasion. Overall, this business action is unlikely to substantially impact BBMC's product offers or origination process.

BBMC Mortgage facts

Synergy One Lending, a subsidiary of Mutual of Omaha Bank, has purchased the company.
Fixed- and adjustable-rate, jumbo, FHA, VA, and USDA loans are among the conventional and government-backed mortgages available.
Due to BBMC's current merger, the website can be challenging to browse.
FHA loans with down payments as low as 3.5 percent are possible.
The Better Business Bureau granted formal accreditation in 2012, with an A+ rating.
Its website provides insufficient information on credit score requirements, down payment minimums, and debt-to-income ratios.

Overview

BBMC Mortgage was established in 2009 as a branch of Bridgeview Bank Group and has been the company's national home lending firm for nearly a decade. BBMC merged with Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank, in 2018 and has been gradually migrating its services and assets over the previous year. BBMC is a mortgage banker that assists borrowers in all 50 states in discovering affordable mortgage and refinances rates.

BBMC loan specifics

BBMC provides a regular assortment of fixed and adjustable-rate mortgages and government-backed programs like FHA, VA, and USDA loans. This lender does not offer any particular house loans for first-time buyers or any discounts. However, BBMC stands out for its dedication to assisting moderate-to-low-income borrowers in obtaining affordable financing and competitive interest rates.

Fixed-Rate Loans

This mortgage is designed for people who want to buy a home and stay in it for a long time. Eligible borrowers can lock in constant interest rates and monthly payments for the loan's entire term, which might be 15 or 30 years. Fixed-rate loans often have higher interest rates than adjustable-rate loans, but they provide the most stability. Even during large-scale housing market downturns, fixed-rate mortgages will not fluctuate.

Adjustable-Rate Loans

This variable financing option, unlike fixed-rate mortgages, has low starting rates that adjust automatically after an initial rate-lock period. Borrowers can choose a fixed-rate term of five, seven, or ten years to lock in their interest rates and monthly payments. Adjustable-rate loans adjust based on market performance after the initial period has ended. This makes it an excellent choice for homebuyers who are looking for a short-term investment. This loan is ideal for borrowers who want to relocate within five years or anticipate a significant increase in income.

Jumbo Loans

This specialty loan assists homebuyers in purchasing residences that exceed the Federal Housing Finance Agency's maximum conforming limitations, which are now around $484,350. This loan limit varies by state and can range from $453,100 to $679,650, depending on the exact location of the residence. Jumbo mortgages have tight qualifying requirements due to the significant loan amounts. Before moving forward with the origination process, lenders will thoroughly examine your credit score, credit history, income, and employment status.

FHA Loans

This government-backed scheme, unlike traditional mortgages, features low down payment requirements and flexible credit score restrictions. The US Department of Housing and Urban Development (HUD) backs FHA loans. They were created to assist first-time homebuyers and borrowers with less-than-ideal credit scores in obtaining cheap mortgages. Qualified buyers can put down as little as 3.5 percent and use gift cash to cover upfront charges and closing costs. This mortgage program is best suited to borrowers with a low-to-moderate income and a poor credit history.

VA Loans

This no-money-down home loan program, which the Department of Veterans Affairs federally insures, is available to eligible military veterans and service members. For VA loans, interest rates, monthly payment amounts, closing fees, and credit score requirements are all lower than average. Applicants must present documentation of their military service in order to be considered. This option is unique because it does not require borrowers to obtain mortgage insurance, regardless of how little money they put down upfront.

USDA Loans

This government-backed mortgage is designed for borrowers with moderate-to-low incomes who want to buy a home in the country or suburbs. These mortgages demand no down payment and have liberal credit score restrictions. Homebuyers who do not satisfy the requirements for traditional mortgages might consider applying for a USDA loan. The US Department of Agriculture started this initiative to encourage homeownership in impoverished areas of the country. They set stringent income limits to ensure that low-income borrowers get first attention.

BBMC Mortgage customer experience

BBMC Mortgage is a national online lender that focuses on giving low-income customers inexpensive interest rates who may not be able to qualify for traditional loan programs. The organization does not have any physical locations and instead provides a quick and straightforward online loan application and origination process. Homebuyers interested in dealing with BBMC can reach out to a lending agent via phone, email, or the company's website form. If you've opted to work with BBMC for your home finance needs, use the company's online pre-qualification tool, which requires personal information such as your name, address, phone number, and Social Security number. FAQ pages, current articles, mortgage calculators, and a step-by-step guide to the application process are all available on the BBMC website to help you understand the mortgage process. The website allows borrowers to compare rates, browse home loan packages, and apply for a mortgage directly. Unlike most lenders, BBMC is upfront about the implications for credit scores and down payment requirements and offers several helpful negotiating tactics. Unfortunately, due to the company's recent purchase activities, many of the links on its website will lead you to Mutual of Omaha Mortgage's website. While the majority of home loan products are the same, this website integration may cause delays in your research and application.

BBMC lender reputation

BBMC Mortgage, which Synergy One Lending will shortly absorb, earned a solid reputation in its nine years of operation. In 2012, the Better Business Bureau fully accredited BBMC and gave them an A+ rating. BBMC, on the other hand, has a 2.5-star customer review rating and has received 41 complaints.

BBMC Mortgage qualifications

The home loans offered by BBMC Mortgage have various qualifying requirements, but there are a few places where they overlap that you should be aware of. The company's standard fixed-rate and adjustable-rate mortgages, for example, have the same qualification conditions, requiring down payments of at least 10% to 20%. Homebuyers must also enroll in mortgage insurance if their down payment is less than 20%, resulting in higher-than-expected monthly payments. Borrowers who cannot afford a substantial down payment may look into one of BBMC's government-backed programs, as an FHA loan can be obtained with as little as 3.5 percent down. The lack of precise credit score requirements posted on the company's website is one disadvantage of buying with this lender. According to BBMC's rate projections, a score of 780+ is substantially above the industry average. The average credit score, according to FICO, is about 740, while some lenders are ready to work with clients with lower scores. Fortunately, homebuyers with credit scores as low as 500 can qualify for an FHA loan. As a result of the accompanying financial risks, their claimed interest rate will almost certainly be significantly above average. It's unclear if BBMC takes non-traditional credit history into account when evaluating program eligibility or interest rates. Another disadvantage is that BBMC makes no mention of loan-to-value or debt-to-income criteria, which may force borrowers to apply in order to learn more formally. The related agency's website has information about this lender's government-backed initiatives, so be sure to do your homework before applying. BBMC Mortgage is best suited to borrowers with moderate-to-low incomes who may not qualify for typical home loans from other lenders. The combination is unlikely to dramatically alter its offerings or online lending approach. The impact of the Mutual of Omaha Bank's takeover of the company is yet to be assessed.