LoanFlight Review
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Mortgage loans can help you finance the perfect home or be used as a tool to access cash and save money. Finding a lender with lower interest rates and favorable terms can help you get the best out of the loan. LoanFlight is a mortgage company that has fair rates, no lender fees, and an experienced team.
They have a wide array of loan products to help you buy or refinance, including VA loans, conventional loans, and FHA loans. LoanFlight states that they do not spend high dollars on advertisements which helps them provide loans at fair pricing with no lender fees. In this article, we have discussed more on LoanFlight mortgage refinance loans, terms and requirements, the application process, and the pros and cons of the company.
| Mortgage types | Mortgage refinance, Mortgage purchase |
| Mortgage amount | $250k and up |
| Repayment terms | 15, 30 years |
| APR | 3.0%-4.5% |
| Minimum credit score | 620 |
| Lender type | Direct Lender |
LoanFlight Mortgage Loans: Pros
- Low rate lender
- Fast closing
- No lender fees or commission fees
- Accurate quotes, 100% online-based and available 24/7
LoanFlight Mortgage Loans: Cons
- Doesn’t offer home equity loans
- Only licensed in some states
- Does not publicize mortgage rates – you have to manually generate a quote
Application Process
LoanFlight states that they offer mortgage purchase and refinance loans at low rates and provide great personal attention to ensure that customers get the best service. The loan application process is simple and straightforward and you can apply directly from their website. Alternatively, you can call and speak to an agent during the loan application process. They have a digital mortgage application that has been powered by Blend and the company uses streamlined processes to keep the costs low.
The digital mortgage application allows you to complete the loan application from any device, save your progress, attach financial data, scan and upload the required paperwork. Their loan application requires the uploading of documents such as pay stubs, W2, among others. The lender will then assess your income, credit, asset evaluation, and property appraisal, to determine your credibility and the loan terms and rates.
After completing the application, the company also sends you personalized loan rates so that you can check what loan amount you are eligible for. All this happens without paying any lender fees and the rates are listed without a cost.
You will then receive an email after your loan is submitted and the online loan portal helps you follow up on the loan progress. The company states that they leverage technology along with an experienced team which enhances a seamless loan application process at low costs. This also enables them to pass the savings along to you.
It has been made easier by the use of technology which also enhances security during the entire application process. LoanFlight has a team of licensed loan officers who will help you lock your rate and choose a loan that will provide benefits customized for your needs. Their streamlined processes and technology will help you stay informed and notify you at every stage of the loan application process. They also help you close your loan and access the loan funds in as little as 3 weeks.
Terms & Requirements
LoanFlight states that they have low rates and flexible terms for their mortgage refinance customers but they do not show them on their website. This is a common trend in most mortgage companies, but getting a quote can relay the necessary information. Below is a discussion on the terms and conditions present at LoanFlight.
Mortgage Refinance Requirements
There are several factors that LoanFlight mortgage refinance agents evaluate when determining your loan terms and conditions. They include:
· Debt-to-income ratios
This refers to the maximum amount of exposure that the lender intends to accept when refinancing the loan. LoanFlight can tap into 97.5% of the value of your home, especially for creditworthy borrowers. They also compare a borrower’s monthly debt payments to income (such as auto and personal loans). The rule is that monthly mortgage payments should not surpass 1/3 of your gross monthly income. As such, borrowers with a high debt-to-income ratio may be subjected to higher down payment to qualify for the loan.
· Credit Score
This is an essential parameter for any lender when providing mortgage refinancing. It provides feedback on the creditworthiness of the borrower. People with a credit score of at least 620 can qualify for better rates and conditions at LoanFlight. This is because a lower credit score creates a higher risk to the lender. It is calculated based on the past payment history, total amount borrowed, length of credit history, and the types of credit established.
· Income
The lender must understand whether your employment check is sufficient enough to cover the monthly payments. It helps in determining the loan amounts, rates, and conditions for the refinance loan.
Mortgage Terms
LoanFlight does not disclose information regarding the mortgage terms. However, they state that their rates are among the lowest in the lending market. This has been influenced by several factors such as no expensive advertising, streamlined operations, leveraging technology, and fair pricing.
In addition, there are no lender fees and commission fees which are the main factor of high rates for most lenders. This has helped the company serve customers at low costs and there are numerous loan types such as home purchase, home refinance, conventional loans, FHA/VA, and Jumbo loan products.
Additionally, the loan terms are also driven by factors such as credit history. Borrowers with a good credit history will be subjected to better loan terms as opposed to those with poor records.
Repayment Terms
LoanFlight’s doesn’t disclose much about repayment terms, apart from the term being 15 or 30 years. The good news is that their quotes are accurate and they are 100% online-based and available 24/7. This will help you source information regarding their repayment terms in your prospective mortgage loan refinancing.
The first payment date is located on the documents you signed during closing. You should check on the document named “First Payment Letter.” In case of any inconveniences, you can email or call LoanFlight for further guidance regarding the repayment terms.
Privacy & Security
LoanFlght has received an ‘a’ rating from the Better Business Bureau and they have adopted standards that help maintain utmost privacy. The borrower’s personal information is retained for the purpose of service and query response and it is not disclosed to any third party. In addition, the information about your transactions such as payment histories, account balances, and other account activities remains within the company for lending purposes.
They have also imposed strict measures that govern the usage of data by employees within their company. Employees are mandated to treat customer data as confidential and strict adherence to data protection and confidentiality policies.
Customer Support
Borrowers with any questions can reach out via phone or email. Moreover, their website has a contact us option where you can fill out a form and the loan officer will reach out to you directly. By clicking “submit”, you will be contacted via automated technology. There are also phone numbers that are provided for marketing and customer service purposes. Their customer support team also helps you in the loan application process. This is intended to help you have a seamless experience during the application.
Final Thoughts
LoanFlight has proven to be a top-tier company in the lending market as they have garnered numerous positive reviews from a substantial number of served customers. They have zero lending and commission fees which help them serve customers at low costs. The company also has fair rates and an experienced team to guide you through the entire application process. However, LoanFlight does not publicize their mortgage rates and their services are only available in some states.
Address
201 N Franklin St Ste 3440
Tampa, FL, 33602-3669 United States
Disclaimer: TBA