ConsumerDirect Mortgage

• Competitive Mortgage Rates
• Loan Process
• Multiple Mortgage Loan Types
• Lender Credit
• Refinance and Home Equity Options

Competitive Mortgage Rates 

ConsumerDirect mortgage rates are competitive within the industry and the company makes it is easy for potential customers to quickly estimate their mortgage rate. Simply complete ConsumerDirect's prequalification application and then compare various rates and terms from multiple lenders. You can compare fixed-rate mortgages and variable-rate mortgages, allowing you to see an estimate of what your mortgage monthly payment could be.

Keep in mind that the interest rate you will receive will be dependent on a variety of factors, such as your credit history and debt-to-income ratio (DTI). The lowest advertised rates are typically only available to those with excellent credit and financial health.

Loan Process

ConsumerDirect's online process makes it easy to understand, apply for, and choose a loan option. The steps are: 

1. Fill out a mortgage pre-qualification letter request application online.
2. Receive options based on personal criteria and scenario.
3. Compare mortgage interest rates and terms.
4. Choose which offer you want to pursue with a mortgage officer.

This easy and transparent process is a plus for first-time homebuyers. Once the online process has been completed, a mortgage officer or lender will work with you in order to figure out the best rate based on the information that you provided.

Multiple Mortgage Loan Types

ConsumerDirect offers a variety of loan types and mortgage rate flexibility to prospective borrowers:

• Fixed Rate Mortgage — the interest rate and monthly payment never change. Typical loan terms are 10, 15, 20 or 30 years, but the payment term can be adjusted to meet your needs.
• Adjustable-Rate Mortgage (ARM) — the interest rate changes after a fixed period. ARMs can be set for 5, 7, or 10 years.
• FHA Loan — designed to help borrowers with low to moderate income get a loan for a down payment as low as 3.5%.
• VA Loan — service members, veterans, and family members can get a home loan without a down payment.
• Jumbo Loan — specifically for loan amounts that are over conforming loan limits, and often require an excellent credit score and a large down payment. 

Lender Credit 

This company is unique in that 99 percent of the loans it funds pay a lender credit towards your third-party closing costs, ultimately lowering your closing costs.

The lender credit amount depends on your interest rate and other personal loan qualification factors, but ConsumerDirect could pay anywhere from $400 to $2,000 of your closing costs.

Refinance and Home Equity Options

In addition to mortgages for a home purchase, the company provides traditional rate and term refinancing, as well as cash-out refinancing, which uses the equity in your home to help pay off high-interest debt.

This can be appealing to many who are seeking to pay off their mortgage loan as soon as possible and who are not wanting to be trapped by steep lender fees for a different refinance option.

• Not Licensed in Maryland
• No USDA Loans
• Lack of Financial Tools
• ConsumerDirect Mortgage Reviews

Not Licensed in Maryland

ConsumerDirect Mortgage is licensed to lend in all 50 states, except for Maryland. However, not all loan products and options will be available in every state in which the company is licensed.

No USDA Loans

While ConsumerDirect does offer FHA loans and VA loans, two popular government-backed loan products, the company doesn't offer USDA loans. If you are buying a rural property, a USDA loan can be a good loan option, providing low down payment options for qualifying homebuyers.

Lack of Financial Tools 

The ConsumerDirect website is lacking in educational resources to improve the customer experience. It does provide the basic mortgage calculator and refinance calculator, but top companies showcase a variety of other financial tools for open access, such as affordability calculators, amortization calculators, debt-to-income ratio calculators and refinance calculators. 

If you are a first-time homebuyer, extra financial tools and educational resources can be beneficial as you navigate buying your first home.

ConsumerDirect Mortgage Reviews

From the ConsumerDirect Mortgage reviews on Best Company it is a bit difficult to tell if customers are satisfied with their experience. Most of the ConsumerDirect Mortgage reviews are very polarizing in sharing both positive and negative experiences. Most of the ConsumerDirect Mortgage reviews are exclusively five star or one star reviews.

It should be noted that the amount of reviews on ConsumerDirect Mortgage's company profile is fairly small, however due to the variance in reviews it is recommended to call one of ConsumerDirect Mortgage's customer service representatives in order to address any concerns that you may have.