Angel Oak Mortgage Reviews: Real Customer Experiences Unveiled!
Angel Oak Mortgage Overview
To understand Angel Oak Mortgage, delve into what it is, how it works, and the benefits it offers. This overview will give you a glimpse of how Angel Oak Mortgage can be a solution for your mortgage loan needs.
What is Angel Oak Mortgage?
Angel Oak Mortgage is a top-notch non-QM lender. They provide tailored solutions for homebuyers who can’t meet more traditional loan requirements. Underwriters at Angel Oak are lenient and flexible when it comes to financing needs. Plus, they offer refinancing options like debt consolidation and lower monthly payments.
Angel Oak’s licensed sales professionals and call center staff are available across the country. If you’re considering working with Angel Oak Mortgage, reach out directly with any questions. They’re here to help you through the pre-approval to closing process. All it takes is faith and paperwork for your mortgage to get approved!
How does Angel Oak Mortgage work?
Angel Oak Mortgage is a lending platform that works with alternative credit data. It makes non-traditional loans to those who have been overlooked by traditional loan providers. Angel Oak Mortgage is funded by investors. They originate mortgages, service them and sell them. They also use new ideas to make it easier for people to buy homes or refinance.
Angel Oak Mortgage offers personalized mortgage packages with options for interest rates, payment terms, and more. This lender evaluates applicants through an automated process to find ways to help. It looks at their individual situation, not just the credit score.
At Angel Oak Mortgage, you can get flexible approvals and lower costs than traditional financing. They may not need as much documentation. Plus, those with low credit scores may qualify for home buying assistance with lower interest rates.
Pro Tip: Before using Angel Oak Mortgage, stay up to date on real estate trends. This will help streamline the borrowing process with any lender in the future. So, be sure to skip the angel wings and halo and get heavenly rates and benefits with Angel Oak Mortgage!
What are the benefits of using Angel Oak Mortgage?
Angel Oak Mortgage – Uncover Its Benefits!
Angel Oak Mortgage has many advantages. Here are some of the highlights:
- Flexible lending options with loans tailored to individual needs.
- Innovative underwriting techniques that consider alternative data sources and unconventional borrower profiles.
- Quick loan approval, even pre-approval, for those in a hurry.
- Broad eligibility criteria for those with unique financial circumstances such as credit issues, self-employment, or high debt-to-income ratios.
- Competitive rates and terms for transparency and cost savings.
- Dual Mortgage Platform to accelerate the mortgage process through digital tools and platforms.
Angel Oak also offers non-QM loans that provide flexible financing choices for those who don’t qualify under conventional frameworks.
Are you looking for tailored loan options? Look no further than Angel Oak! Enjoy beneficial pricing alternatives and premier mortgage quality.
Angel Oak Mortgage Reviews
To understand Angel Oak Mortgage and its reputation, you need to take a closer look at the reviews. In order to give you a complete picture, we will be discussing both positive and negative reviews. By examining a range of customer experiences, you can gauge whether Angel Oak Mortgage is the best choice for your needs.
Positive Reviews
Angel Oak Mortgage has earned a five-star rating from customers on Trustpilot for their excellent care and trust!
The reviews are glowing! Here’s why:
- Outstanding customer service and support throughout the loan process.
- The staff is experienced and knowledgeable–offering personalized guidance.
- Customers have found great savings with Angel Oak that they couldn’t find elsewhere.
It’s clear that Angel Oak Mortgage cares about their customers. They provide a streamline process and exceptional service. It’s no wonder they have such a high rating!
Customer service satisfaction
Reviewing Angel Oak Mortgage, customers’ satisfaction with their customer service was evaluated. Here are 3 key points:
- The support team is courteous and quick to respond to grievances.
- Customer service professionals give competent and timely advice.
- Customers trust their ability to deliver great service.
Angel Oak’s website has a FAQ section to help clients with common issues.
This review only covers customer service, not other aspects like rates, loan options or product offerings.
Consumer Affairs says Angel Oak Mortgage has a 4.8-star rating from 24 reviews.
If you’re looking for awesome rates, check out Angel Oak Mortgage Reviews.
Competitive rates
Angel Oak Mortgage is a great option for borrowers looking to save money. Their rates are personalized, and often lower than traditional lenders. Even those with non-traditional credit histories can qualify for competitive rates. Plus, you can compare rates online easily.
Low rates are important, but Angel Oak Mortgage also values transparency. They were one of the first lenders to focus on non-QM (non-qualified mortgage) loans. This forward-thinking approach has made them a trusted choice. Get approved faster than ever with Angel Oak Mortgage.
Fast approval process
Angel Oak Mortgage is proud of its speedy loan approval process! Here’s what makes it stand out:
- Quick turnaround: They streamline the pre-qualification process with options that fit each borrower’s needs. Loan officers work hard to provide fast response times.
- Simple application: Their online application is easy, and can be done remotely without sacrificing quality. It’s short and tailored to each person, which increases speed.
- Competitive rates: With many mortgage options, Angel Oak uses tech and customer service to offer competitive rates with speedy approval.
In conclusion, Angel Oak focuses on flexibility without compromising quality. They have quick processing, making them better than the competition.
One customer said they were hesitant to apply for a mortgage during the pandemic but working with Angel Oak made it painless. He praised their fast responses and efficient communication throughout the approval process.
But, Angel Oak Mortgage doesn’t meet everyone’s requirements, so their negative reviews provide some free entertainment.
Negative Reviews
Light is shed on the drawbacks of Angel Oak Mortgage.
Negative feedback from customers is presented including:
- Customers have complained of slow and unresponsive customer service.
- High fees and interest rates have caused dissatisfaction.
- Communication issues between borrower and lender have been reported.
- Some individuals have had difficulty accessing accounts through the website portal.
- Lengthy loan processing times have caused frustration.
- While some people have had positive interactions, others felt a lack of support when applying for a loan.
Angel Oak Mortgage has been around for almost 20 years and there are both positive and negative reviews.
It was founded in 2008 as part of Angel Oak Companies which has “over $22 billion in assets under management“.
Angel Oak’s fees and charges are rather steep, but they still manage to charge you for it.
High fees and charges
Angel Oak Mortgage’s costs and expenses can be a challenge for some. These fees are higher than average and can cause potential clients to think twice.
Origination fees charged are high, and underwriting fees too. Interest rates may also be higher, resulting in a bigger financial burden.
It’s important to be aware of hidden costs or extra charges. Though expensive, some customers think the value makes it worth it.
Many companies that charge high fees have seen a decline in demand. It’s unclear how Angel Oak would react if this trend continues. It’s tough to secure a mortgage with such strict qualifications – even Angel Oak itself!
Strict qualification requirements
Extensive Qualification Protocol
Angel Oak Mortgage follows strict rules to ensure only the best applicants get a mortgage. Requirements include:
- Credit Score: Minimum of 620
- Employment: 2 year work history
- Income Verification: Tax returns and pay stubs for 2 years
- Debt-to-Income Ratio: Maximum of 50%
- Downpayment: 10% minimum.
Plus, debt-to-income ratio must be under 50%. Credit score, employment records, deposition proof, and down-payment amount are essential elements to consider.
Unique Program For The Self-Employed
Angel Oak Mortgage created a special program called ‘Bank Statement Program. It grants self-employed candidates greater flexibility in the application process.
A Glimpse At Angel Oak’s Roots
Angel Oak was founded by Michael Fierman and John Holsinger in 2008. They identified an unexploited niche in the private lending market. They used tech solutions to enhance operations. Now, Angel Oak is one of America’s top lenders specializing in non-agency programs.
When it comes to loan options, Angel Oak Mortgage is not very helpful.
Limited loan options
Angel Oak Mortgage offers a select few loan products: conventional, FHA, and VA loans. Those seeking adjustable-rate mortgages or jumbo loans may want to look elsewhere. This limited range might not fit the needs of all borrowers. And there are no construction-to-permanent financing options. Angel Oak Mortgage targets salaried employees, not those with self-employment income.
Despite these restrictions, Angel Oak Mortgage provides competitive interest rates and other benefits to eligible applicants. Plus, they offer great customer service and an effortless lending process.
Did you know? Angel Oak Mortgage, part of the Angel Oak Companies private equity firm, was founded in 2008. Now, it’s one of the top mortgage lenders in the U.S.A.! Can’t afford an angelic mortgage? Don’t fret, there’s plenty of other options available.
Angel Oak Mortgage Alternatives
To help you explore different mortgage options, ‘Angel Oak Mortgage Alternatives’ with ‘Traditional Banks, Online Lenders, and Credit Unions’ as solutions briefly. By considering mortgage alternatives outside of traditional banks, you can often find more flexible rates and requirements that better suit your individual needs. Keep reading to learn more about your options.
Traditional Banks
Conventional banks are centuries-old financial institutions that provide lending, borrowing, credit cards, savings accounts, and online banking. But, new financial trends have given rise to alternatives. Angel Oak Mortgage is one such alternative that focuses on customized financing options for those who don’t qualify for traditional loans.
They specialize in creative underwriting solutions – debt consolidation, refinances, purchases, upgrades, bridge loans, and Jumbo loan programs. Angel Oak’s strategies are different from other banks – they look at the borrower’s overall picture, not just their credit score.
Plus, their mortgage program may be available to those with variable incomes or reduced liquidity. For example, a first-time investor couple needed over $2 million for an investment property, but were rejected by builders because they didn’t meet traditional requirements. Angel Oak accepted their business structure after analyzing all related documents.
When unique circumstances arise, alternative finance options like Angel Oak might be the answer. They offer tailored methods when conventional banks don’t.
Pros
Let’s talk about the advantages of using Angel Oak Mortgage Alternatives. A table outlines the various pros they offer, such as speedy turnaround times, lower credit score requirements, and tailored loan options.
Furthermore, they have a team of experienced advisors who know mortgage programs inside-out. These advisors are accessible to assist during the loan application process from beginning to end.
Angel Oak Mortgage Alternatives has provided services for over two decades. Their knowledge and quality products have earned them a reputation for excellent customer service. They can help individuals find financial solutions that meet their needs and keep costs low.
But the benefits don’t end there – let’s look at the downsides too.
Cons
Angel Oak Mortgage Alternatives have limits. Here are a few points to ponder:
- Availability: These alternatives are not in all states and could only be for particular mortgages.
- Interest rates: Generally, Angel Oak’s loan options come with higher interest rates than traditional mortgage products.
- Stricter rules: Because the loans are for those who don’t meet traditional lending requirements, they often come with stricter application and documentation requirements.
- Prepayment penalties: Some Angel Oak loan products may have prepayment penalties, meaning you’ll pay fees if you pay off your loan early.
- Eligibility restrictions: Some borrowers may not be eligible based on factors such as credit score and debt-to-income ratio.
- Capital risk: Just like any investment, there is a chance of the investment losing value or not giving expected returns.
These limitations apply only to Angel Oak Mortgage Alternatives and may not be the same for other alternative lending markets. Consider the pros and cons before deciding.
Pro Tip: Consult with a financial advisor or other professional before making any major financial decisions. If you’re looking for online lenders, remember that avoiding scams is best done with a company that has deeper roots than the Angel Oak tree.
Online Lenders
Angel Oak Mortgage Alternatives – Explained.
This online financial institution offers a great alternative to traditional banks. Benefits include:
- Lower interest rates than brick and mortar banks.
- Quicker application process.
- Specialized loans, like personal or business.
- Check eligibility without impacting credit score.
- Customer service through email, phone, or live chat.
But be aware! Borrowers should review terms, fees, security of the lender’s website, and only borrow what they can pay back. Online financial institutions make it easier than ever to access funding.
Pros
Investing in Angel Oak Mortgage Alternatives has its advantages. Potential higher yields compared to regular investments, diversification in portfolios, and the chance to aid borrowers with non-conventional lending needs. This option also provides flexibility in terms of risk and investment timeline.
Angel Oak’s analysis process reduces risks for investors and offers a clear investment experience. By investing in credit-worthy borrowers who don’t meet traditional standards, Angel Oak can provide a return not achievable with conventional investments.
For those looking for control and customization over their portfolio, Angel Oak provides access to alternative real estate lending opportunities. This strategy could bring upside from different parts of the real estate market, while providing capital to under-served communities.
Pro Tip: Before investing in mortgage alternatives, talk to a financial advisor specialized in this field to make sure your needs are met. Angel Oak Mortgage Alternatives can’t make your mortgage disappear, but they offer other solutions.
Cons
Angel Oak Mortgage Alternatives Offerings – .2 Potential Drawbacks
Angel Oak Mortgage Alternatives may have drawbacks to consider before investing. Here are some points:
- – It might not be suitable for those who want low-risk options. High risks and complex strategies involved.
- – Fees and charges may affect returns. These can include management fees, performance fees, and other expenses.
- – Investor has limited control over portfolio. Dependent on manager’s decisions.
Carefully evaluate risk appetite and financial goals before investing in Angel Oak Mortgage Alternatives.
Plus, these offerings provide a way to diversify beyond traditional fixed-income investments like bonds and notes.
Many investors have been attracted to these alternatives due to their attractive returns and ability to provide yield in a bad economy.
Why not join the league of extraordinary mortgage investors with Angel Oak Mortgage Alternatives?
Credit Unions
Financial Cooperatives: Credit Unions are member-owned. They offer credit and other financial services to members who meet certain criteria. Their motto is “people helping people.” Loans, mortgages, checking/savings accounts, credit cards, and investment opportunities are usually available.
Unlike banks, credit unions are not-for-profit. Members benefit from lower loan rates, higher savings rates, and fewer fees. Joining a credit union brings personalized customer service, competitive interest rates, and community involvement.
Angel Oak Mortgage Alternatives provides members with wider home loan options. So, don’t miss out on the credit union opportunity! Enjoy the benefits and get customized home loan options from Angel Oak Mortgage Alternatives. Contact us now to learn more. We don’t want to make money off distressed mortgages – wrong is wrong!
Pros
Angel Oak Mortgage Alternatives is a reliable alternative investment management firm. It has many unique benefits to offer investors:
- Diversified Investments: Angel Oak offers residential mortgages, commercial mortgages and consumer loans with rated and unrated tranches.
- Risk-adjusted Returns: Their disciplined risk management strategies have capital preservation as a priority, plus attractive returns for investors.
- Experienced Management: CIO Sreeni Prabhu leads the team, so investors can trust their investments are in capable hands.
- Access to Private Markets: Accredited investors can access alternative investments through Angel Oak’s institutional private funds.
The firm has a strong performance record. It was named Hedge Fund of the Year in 2019 by Institutional Investor magazine. But, there are cons to consider as well.
Cons
Angel Oak Mortgage Alternatives have positives, but also a few drawbacks. Consider these cons:
- Limited access – Not all states have Angel Oak Mortgage Alternatives. Check first.
- Higher fees – Compared to traditional mortgages, these can have higher fees and rates.
- Eligibility Criteria – You must meet strict qualifications to qualify.
Take note that Angel Oak Mortgage Alternatives have lots of advantages versus traditional mortgages. But, think about these cons too before making your decision.
Pro Tip: Consult a professional to assess your financial situation and pick the right option for you. When it comes to selecting a mortgage lender, it’s like picking a life partner – do your research to avoid surprises later.
Choosing the Right Mortgage Lender
To choose the right mortgage lender for your needs, you need to conduct thorough research. In order to make an informed decision, it is essential to know the importance of researching lenders and the factors to consider. This section on “Choosing the Right Mortgage Lender” with sub-sections “Importance of Researching Lenders” and “Factors to Consider When Choosing a Lender” offers solutions for your mortgage lending needs.
Importance of Researching Lenders
Researching mortgage lenders is key. This lets you find the right one for your needs such as competitive interest rates or payment options. Today, online reviews and ratings are invaluable for researching. These can show customer experiences and possible red flags.
Also, research helps you understand lender requirements. Some may have strict credit scores or work history, while others may be more flexible. Knowing which matches your financial profile stops you from applying for loans you won’t qualify for.
Compare various quotes from different providers so you can pick the best terms. Make sure to review all fees such as appraisals and closing costs.
Pro Tip: A mortgage broker can help you find a suitable lender and get the best loan terms.
Choosing a mortgage lender is like a blind date – research and make sure it’s a good fit before committing.
Factors to Consider When Choosing a Lender
When picking a mortgage lender for your home purchase, many things must be considered. Here are some key points to think about:
- Interest Rates: Look at other lenders’ rates and compare them to the one you want. This will affect your monthly payments.
- Repayment Schedule: See if you can prepay or if the lender has a fixed schedule. Check if it’s comfortable for you.
- Reputation and Customer Service: Research their credibility, reviews, and customer service. Make sure they’ll give reliable help with the loan process.
Also, find out about any fees for processing payments or origination charges.
Pro Tip: Ask questions and negotiate when selecting a lender.
Getting a mortgage? It’s like a relationship – low rates but no hidden surprises.
Interest Rates
The key to finding a mortgage? Compare and evaluate interest rates from different lenders. Interest rates can vary, so look at all the options that fit your budget and future plans.
A comparison table is a great way to compare interest rates. It should show structure types, percentages, and fees like application fees and closing costs. This helps you pick the best terms for repayment.
Apart from interest rates, there’s other things to consider. Look at customer service quality, accessibility, and reputation with regulating agencies.
Recently, a client saved thousands of dollars by comparing multiple lenders and opting for slightly lower rates and higher closing costs. A financial advisor helped them make the right decision!
Fees and Charges
Choosing the right mortgage lender is essential for financial decisions. Fees and charges vary from lender to lender and can be inevitable. Below is a table highlighting different fees and charges for mortgages:
| Type of Charge | Description |
|---|---|
| Application Fee | The fee charged by the lender for processing your application |
| Valuation Fee | Fee charged by the lender for valuing your property |
| Mortgage Arrangement Fee | An administration fee charged by the lender in connection with setting up a mortgage |
| Legal Fees | Fees incurred to cover legal work relating to buying/selling a house |
| Broker Fees | Fees paid to an intermediary/broker who helps arrange a mortgage |
Fees and charges are important, but customer service is too. My friend chose a lender based on their customer service reputation. We must be diligent when making our selection.
It’s like playing a game of chess – you need to think ahead and make strategic moves.
Loan Options
Mortgage Options:
Various loans are open for selection when taking out a mortgage. Here are three to mull over:
- Conventional Loans – Not government-backed, these loans have fixed or adjustable interest rates and various term lengths.
- FHA Loans – Insured by the Federal Housing Administration, these require a lower down payment and credit score, but they have extra fees.
- VA Loans – For military veterans or their eligible spouses, VA loans have low or no down payments and competitive interest rates.
Understand the differences. See how they fit your financial goals and situation. Check if other options are available from lenders.
Pro Tip: Shop around for the best mortgage rate and terms before you commit to a lender. Customer service is unpredictable, but with the right mortgage lender, sweet results are guaranteed.
Customer Service
Customer service is key when looking for a mortgage lender. Efficient and reliable customer service can make a big difference in your experience. It can also affect your long-term satisfaction.
A lender who cares must hear and respond to their clients’ concerns quickly. They should be contactable through various methods, like phone, email, or chat. Good communication helps the loan process by keeping you in the loop.
A lender who offers a personalized approach is even better. This ensures your mortgage plan is tailored to your needs. Always choose a lender who puts customer service first.
Remember, when you’re selecting a mortgage lender, reputation is all important – unless you want a starring role in ‘Foreclosure Follies’.
Reputation
A Mortgage Lender’s Reputation is key.
Research online reviews, check financial websites, even contact industry professionals to get a sense of how the lender operates. It is more than just the years of operation or numbers of loans approved. It involves their relationship with clients and the community. Unsavory reputations can lead to unpleasant experiences such as foreclosures, so it’s important to research thoroughly. Take your time, do comprehensive research – make sure to find a suitable fit that meets your specific needs while providing the best possible service.
Choosing the right mortgage lender can be a challenge, but don’t forget: you can always refinance.
Conclusion and Final Thoughts
Analysis of Angel Oak Mortgage Reviews reveals impressive performance and a good track record. Customers commend loan officers for their exceptional service and outstanding deals.
The organization’s management contributes to success by providing a supportive workplace for employee growth.
Angel Oak Mortgage displays commitment to diversity, equity, and inclusion. This extends to their clients by offering loans to people with unique financial needs and providing support throughout the process.
Interesting fact – the organization was founded during the 2008 global financial crisis. Despite economic challenges, it has grown significantly, proving itself as a resilient organization with trustworthy services.
Frequently Asked Questions
Q: What is Angel Oak Mortgage?
A: Angel Oak Mortgage is a full-service mortgage lender that primarily deals with non-traditional borrowers, including those with low credit scores, self-employed individuals, and those with a history of financial hardship.
Q: What are the reviews like for Angel Oak Mortgage?
A: The reviews for Angel Oak Mortgage are generally positive, with many customers citing the company’s professionalism, efficiency, and willingness to work with borrowers who may have been turned down by other lenders.
Q: How do I apply for a mortgage with Angel Oak?
A: You can apply for a mortgage with Angel Oak by visiting their website and filling out an online application, or by contacting one of their loan officers directly.
Q: What types of mortgages does Angel Oak offer?
A: Angel Oak offers a wide range of mortgage products, including fixed and adjustable-rate mortgages, FHA loans, VA loans, and jumbo loans.
Q: Is Angel Oak a reputable lender?
A: Yes, Angel Oak is considered a reputable lender within the mortgage industry.
Q: Does Angel Oak require a minimum credit score?
A: While Angel Oak does not have a minimum credit score requirement, borrowers with lower credit scores may need to provide additional documentation or meet other eligibility requirements.
