Founded in 1993 in Troy, Michigan, Flagstar Bank has several branches and loan centers across the United States. The company currently has $12.5 billion in assets.

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The Good

Low Interest Rates
Competitive Closing Costs
Mobile App

Low Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Flagstar Bank, the interest rate comes out to be 3.99 percent, which is the lowest disclosed rate out of all the home loan companies we've reviewed.

Competitive Closing Costs

Flagstar Bank charges closing costs of 2 to 5 percent of the total loan amount, which is slightly lower than industry average.

Mobile App

Flagstar Bank provides its borrowers with a mobile app that is compatible with iOS and Android devices.

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The Bad

Undisclosed Information

Undisclosed Information

Flagstar Bank has not disclosed minimum credit score requirements on its corporate website, making it difficult for borrowers with less-than-perfect credit to have an idea of whether or not they've got a shot at qualifying for a loan.

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The Bottom Line

Flagstar Bank offers low interest rates, competitive closing costs, and a mobile app. However, the company has not disclosed credit score requirements on its website.

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User Reviews

Star Rating

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9 Reviews

Review Breakdown

5 grade

56%

4 grade

22%

3 grade

11%

2 grade

1 grade

11%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Steven Whites Salt Lake City, UT

This mortgage company is hands down the best company I have used for making my mortgage payments. They do not hurry up and sell your loan off onto another company, hence having to resign up on yet another website to put your payment info in, etc. No cons really as of yet. I've been changed over to this company for almost a year now and am excited to keep them as they are very accommodating.

4 years ago

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Patrick L Sugrue Ooltewah, TN

We have been with Flagstar since 2016. They have a good process for our mortgage payments the statements arrive with plenty of time to pay them and they accept our e-payments from our C. U. I gave the 4 stars since we were notified there was a data breech with our information. They did offer service to manage the credit reports and were responsive regarding that. All in all, we think they do a good job. We don't have access to any of their in house services since they aren't located in our state. I have called their office a couple times and the response time was reasonable and the people friendly and competent.

5 years ago

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Luke Swierczynski Troy, MI

I have a credit card through them so when I got an email about mortgage rates at an all time low I gave them a call. They were both slow and not well priced. Took them a long time to get me started in their process even after responding to their email to get started. Finally got through the beginning of their process and got what I would consider not a competitive offer. Called a local lender and had an estimate same day for less so I went with their competitor. Based on the experience I wouldn't reach out again, but if they had a loan program specifically for me I might consider the amount of time it'd take to process.

4 years ago Edited February 2, 2022

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Bob Nakon Pinckney, MI

One rarely needs to contact their mortgage company. That said, when you do need an answer about your mortgage, you need to speak to a knowledgable person . Flagstar Bank people are there to help when I need them and that is a good feeling.

5 years ago Edited October 15, 2021

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Rebecca Wilhelm Ponte Vedra, FL

Flagstar is an easy bank to work with when it comes to my mortgage. They are always available to answer questions, help in times of need and are proactive in being supportive.

5 years ago

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Squeaky Chicago, IL

Skeevy, horrid organization that "lost" my paperwork every 90 days when I tried to apply for relief during the Great Recession. No one answered the phone for more than a year. Voicemail boxes were purposely full so messages could not be left. Lied repeatedly in writing to me and to my attorney. Should be destroyed by the federal government.

8 years ago

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George Homestead, FL

Marvelous. Good customer service. Always open to help

6 years ago

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Alfredo Heredia

Provide a standard service. Website could be improved to make it easier to use

8 years ago

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Marlene Taylorsville, UT

My loan was sold to them and the payment went down by $100.

8 years ago