TowneBank Mortgage Reviews: Find out What Customers Are Saying!
TowneBank Mortgage Overview
TowneBank Mortgage: Options for Every Budget! From ramen noodles to yachts – they have it all. Competitive rates, personalized customer service, and fast approvals make them a trusted name in the industry. Experienced professionals guide customers through each step of the process.
FHA, VA, conventional loans, and more to fit all financial situations. Plus, online tools to apply and check progress quickly.
TowneBank is committed to their communities, with involvement in various organizations and events throughout Virginia and North Carolina.
A happy customer shared their experience: “I was impressed with the personal attention I received. My loan officer helped me navigate and find the right loan product for my needs.”
TowneBank Mortgage provides exceptional service – leaving customers satisfied and confident in their home buying journey.
TowneBank Mortgage Loan Options
To understand the various mortgage loan options, explore fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, and USDA loans as solutions in TowneBank Mortgage Reviews. These options cater to diverse financial situations and help you choose a plan that suits your needs.
Fixed-Rate Mortgages
Are you seeking a mortgage with steady payments? TowneBank’s ‘Stable-Priced Home Loans’ could be ideal for you. This is known as a fixed-rate mortgage, where the principal and interest stay the same throughout the loan’s life.
Take a look at Table 1 for the typical fixed-rate mortgages offered by TowneBank. These rates assume you have great credit and are buying a property in Virginia Beach or Richmond. The interest rate will be constant for the full duration of the loan.
| Loan Type | Interest Rate | Length (Years) |
|---|---|---|
| 30-Year Fixed | 3.25% | 30 |
| 20-Year Fixed | 2.75% | 20 |
| 15-Year Fixed | 2.50% | 15 |
This offers peace of mind as you can plan your budget without wondering about changes to the interest rate. If you have any long-term plans, our fixed-rate loan options might be perfect for you.
Get a low fixed-rate mortgage with great customer service today! Make contact or visit one of our locations in Virginia Beach or Richmond to see what we can do for you. Why stay still when you can have an adjustable rate that keeps you on your toes?
Adjustable-Rate Mortgages
Adjustable-rate loans are a financing option that give borrowers a lower starting mortgage rate. Banks and lenders will usually provide an ARM for a set period, then adjust the rate based on the market. This type of loan is perfect for those who think their income or finances will get better over time.
Take a look at the adjustable-rate mortgage loan options TowneBank has to offer. These loans come with flexible terms and lower initial rates, making them ideal for buyers looking to save.
| Loan Option | Loan Term | Interest Rate | Initial Payment |
|---|---|---|---|
| 5/1 ARM | 5 years | Starting at 3.25% | Lower payment and increased rate after 5 years |
| 7/1 ARM | 7 years | Starting at 3.50% | Lower payment and increased rate after 7 years |
| 10/1 ARM | 10 years | Starting at 3.75% | Lower payment and increased rate after 10 years |
Remember, adjustable-rate mortgages come with risks. The interest rate may rise after the fixed period ends. But if you plan to move out or refinance before that, you can benefit from the lower upfront costs.
Pro tip: Before deciding if an adjustable-rate mortgage is right for you, consider your short and long-term financial goals. Why settle for a regular loan when you can go jumbo like a giant sandwich?
Jumbo Loans
Jumbo Mortgage Financing is the way to purchase high-value properties. These loans go beyond the limits set by Fannie Mae and Freddie Mac. Usually, Jumbo Mortgage Loans are over $548,250 in most places.
Take a look at the table to learn more about TowneBank:
| Loan Type | Interest Rates* | Down Payment Requirements |
|---|---|---|
| Jumbo Fixed Rate Mortgages | Interest Rates start from 4.125% | Minimum down payment of 20% on loan amounts up to $1 Million; For loan amounts more than $1 Million, contact us. |
| Jumbo Adjustable Rate Mortgages | Possible to get lower rates than fixed rates. | The minimum down payment is the same as for Jumbo Fixed Rate Mortgages. |
TowneBank’s jumbo mortgage loans offer flexibility in repayment and adjustable options.
For example, a couple from Virginia wanted a big house and they invested in a $3 million property. They had their savings, but not enough for the down payment. When they contacted TowneBank about their situation, the specialists offered custom-tailored financing with low-interest rates and good terms. After looking at all the options and factoring in their income and lifestyle, they chose the best one for them.
TowneBank wants to help clients achieve financial success by providing solutions that fit their needs in a changing market. With team members and offices across the US, TowneBank is a reliable lending partner for Jumbo Mortgage Loans.
If you want a loan approved by the government, check out FHA loans – they’re like the healthy green smoothie of the mortgage world.
FHA Loans
FHA loans are mortgages backed by the Federal Housing Administration. They help people with low-to-moderate incomes buy homes. Down payments and credit score requirements are lower than traditional loans. Also, FHA loans offer more flexible income and debt-to-income ratio terms.
First-time homebuyers and those with credit issues appreciate this loan. It can be used to purchase single-family homes, multi-unit properties (up to 4 units), and even condos.
Pro Tip: TowneBank Mortgage is a reliable lender to use when applying for an FHA loan. They’ll guide you and make sure you meet all the requirements. VA loans offer a great way to say ‘thank you for your service’ too.
VA Loans
TowneBank has a prime mortgage option for eligible veterans and their families. This is called a VA loan. It helps them buy or refinance a home without a down payment or mortgage insurance premiums. Plus, VA loans have competitive rates, minimal closing costs, and flexible underwriting standards.
Reservists and National Guard members can also apply after six years of service. There’s no set credit score requirement, but lenders may have one.
Pro Tip: VA loans are backed by the government. So they let you qualify with less than conventional loans. Get ready to make your dream home come true with TowneBank’s USDA loans.
USDA Loans
Are you in need of a low-interest home loan for a rural area? TowneBank has you covered with USDA-backed mortgages! These loans come with no down payment and are insured by the US Department of Agriculture. Plus, they have competitive rates and flexible repayment terms. Credit scores don’t even matter, and you may even be able to get help with closing costs! Just one thing – these loans can’t be used to buy income-producing properties or investment homes.
Still not sure? Swing by your local TowneBank branch and chat with their experienced mortgage professionals. They’ll help you every step of the way, from application to closing.
One family was feeling a bit stuck because their credit score was too low for a conventional loan. But then they found out about TowneBank’s USDA loans. They were able to get the funding they needed, with an affordable rate and manageable monthly payments. They even got to put down roots in their rural community – so exciting!
TowneBank Mortgage Rates and Fees
Understanding TowneBank Mortgage Rates and Fees with its various sub-sections like Interest Rates, Closing Costs, Origination Fees, and Prepayment Penalties, is significant for you as a prospective homebuyer to determine the affordability of the mortgage terms and choose the most suitable option to save money in the long run.
Interest Rates
TowneBank Mortgage has various rates to suit borrowers. Credit score, loan term, and type all affect the interest rate. Fixed or adjustable rate? TowneBank has competitive rates for both.
No hidden fees at TowneBank. Check their website or contact a loan officer to view current market rates.
Plus, TowneBank gives personalized advice on choosing the right mortgage product.
Pro Tip: Explore TowneBank’s mortgage products. Pick one that meets your financial goals and needs. Why pay for a gym membership when the thought of closing costs can give you a heart-stopping workout?
Closing Costs
Closing fees associated with mortgages are must-have costs that must be paid on the last payment. These fees are known as “settlement costs.”
- Origination fees include expenses from the lender for underwriting, processing, and admin personnel.
- Third-party charges like title insurance, appraisal, and credit reports are included too.
- Prepaid interest payments are collected as a partial payment between loan funding and the first mortgage repayment.
- Taxes and escrow payments include land transfer taxes, stamp duty charges, and local duties.
Also, you may have other closing costs due to your situation. Read all contract documents carefully.
Do your research beforehand and get quotes from multiple lenders to find lower fees. Negotiate with your chosen lender to reduce or remove fees! Just think of origination fees as paying for the debt privilege for 30 years.
Origination Fees
Applying for a TowneBank mortgage comes with a cost. These are called origination fees. They cover expenses like underwriting and processing. The amount varies, usually between 0.5% to 1% of the loan.
Some lenders might offer lower origination fees. But, they might make up for it in other areas. This could be interest rates, closing costs, or prepayment penalties. Compare all these factors before deciding.
TowneBank also charges extra fees. Like application fees, appraisal fees, credit report fees, and third-party services charges. These add up to form the total cost of the loan.
When making decisions, consider all the costs. Compare rates and terms from multiple sources. This can save you thousands in the long run. Make sure you select the right loan provider for your needs. Don’t forget about prepayment penalties – they’re real.
Prepayment Penalties
Beware of Imposing Charges!
TowneBank imposes prepayment penalties if you pay your mortgage early. The amount depends on the outstanding principal balance and the number of years left till maturity. It varies and could change over time. Contact an advisor for guidance!
Sufficient Funds?
Understand the agreement’s terms and conditions to be prepared for potential penalty fees. Find out when the penalty period starts and ends, how much the fee might be, and what could trigger it.
Be Informed!
To avoid losing out, talk to a TowneBank Mortgage specialist. Read reviews for an understanding of their policy on prepayment penalties – like watching a horror movie!
TowneBank Mortgage Reviews and Customer Satisfaction
To learn about TowneBank Mortgage reviews and customer satisfaction, explore customer reviews and ratings along with the quality of service, response time, and support. These factors determine the level of satisfaction with mortgage services. So, let’s dive into the sub-sections, and see how TowneBank manages to satisfy its customers.
Customer Reviews and Ratings
Customers are loving TowneBank Mortgage – here’s why! They have an efficient application process with speedy approval, knowledgeable loan officers, various programs to fit different financial situations, flexible payment plans, and unbeatable customer service. Plus, their website offers resources to help borrowers understand the home-buying process and calculate payments. Pre-qualifying before applying for a mortgage is a must for those wanting to understand their spending limits. All this means TowneBank Mortgage will make you feel like you’re living in a rom-com, with them as the love interest!
Quality of Service
TowneBank Mortgage has made a name for themselves delivering superior quality services. Their clients have been wowed with exceptional service tailored to their individual needs. They prioritize building lasting customer relationships. And they go beyond standard offerings with customized, courteous service.
Client satisfaction is their priority. TowneBank Mortgage also provides comprehensive loan options and speedy processing times. This has earned them high levels of positive mentions and accolades on review platforms. It’s like TowneBank Mortgage is faster than The Flash!
Response Time and Support
TowneBank Mortgage gives fast help and trustworthy support. Here’s what you’ll get:
- Quick responses through multiple communication channels like email, phone, or fax.
- A detailed documentation system that lets you track progress and connect with agents.
- Flexible schedules to get help when it works for you.
- First-time homebuyer counseling that teaches you about the process.
You’ll also find helpful resources on their website. Before you apply, have all your documents ready. Fill out forms honestly and correctly. And choose automatic payment methods like online banking and direct debits.
Apply for TowneBank Mortgage now – and prepare for rejection from two sources!
Applying for a TowneBank Mortgage
To apply for a TowneBank mortgage, you need to follow a specific process that includes pre-qualification, documentation, loan application, and loan approval. Each sub-section of this process is crucial in ensuring that you meet the requirements to secure a mortgage. In this section, we will guide you through each of these sub-sections, providing you with valuable insights on how to apply for a TowneBank mortgage successfully.
Pre-Qualification Process
Mortgage Eligibility Check.
Before applying for a TowneBank Mortgage, it’s important to go through a mortgage eligibility check. To do this, you’ll need to gather your financial info and submit an application. The bank will review your credit score, income, employment history, debt-to-income ratio, and other criteria.
If you meet the requirements, you’ll get a pre-qualification letter. This will tell you how much you can borrow. With this, you can start searching for properties in your budget range.
Remember, pre-qualification isn’t a guarantee of approval. The bank will do more checks during the loan processing.
TowneBank provides guidance and support to help you get mortgage ready. They’ll help you fix credit issues and build up savings for down payments. Seeking help early can help secure your dream home.
A first-time home buyer in Virginia Beach was able to get his dream home with the help of TowneBank. He went through the mortgage eligibility check early and got tips on improving his credit score and finances. This enabled him to get loan approval and buy his first house with ease. You’ll need more paperwork for this mortgage than to prove you’re not a robot on a website.
Required Documentation
When applying for a mortgage with TowneBank, you will need to provide certain paperwork. Here is a list:
- Proof of income such as W-2s or pay stubs for the past two years.
- Tax returns and documents of current assets like savings and retirement accounts from the previous two years.
- Copy of your driver’s license or other government-issued identification.
Your loan officer may need extra documents depending on your situation. Talk to them to know exactly what to bring.
Have all documents ready before starting the application. This will help it run smoothly and avoid delays or confusion.
Remember to get proof of rent payment if you currently rent a property. This will give a more complete picture of your finances.
Lenders now require more evidence of borrowers’ financial situations before approving a mortgage loan. But don’t worry, TowneBank makes it easier than trying to interpret that text from your ex!
Application Process
Thinking of applying for a TowneBank mortgage? The process is quick and simple – it only takes around 30 minutes. You’ll need to have your financial info ready, like income, expenses, and credit score. Submit your application and a loan officer will get back to you within two business days.
Be sure to have documents like pay stubs, bank statements, and tax returns. If the loan officer requests extra info, provide it. A decision will be made in five business days. TowneBank has various mortgage options to fit your needs – whether you’re a first-time homebuyer or refinancing. Don’t miss out on this top-rated lender!
Apply for a TowneBank mortgage today and get one step closer to homeownership. Our team is here to help you throughout the process. Start building equity in your dream home now!
Loan Approval Process
At TowneBank Mortgage, our approval process has multiple steps. We begin by gathering your personal and financial details – like assets, income, debts, and credit score.
Then, a loan officer will review everything to see if you meet the requirements.
Our team of underwriters examines the application carefully to confirm your ability to repay the loan. They assess your debt-to-income ratio, job history, and creditworthiness. If you pass, we’ll issue a pre-approval letter with the amount you can borrow. Now you’re ready to start your home-buying journey with confidence.
Every borrower’s situation is unique, so our mortgage process may vary. But our goal stays the same: to make sure everyone comprehends the approval process and is well-prepared.
Need help with your mortgage? TowneBank’s customer support is here for you. Get personalized consultation and reach successful homeownership!
TowneBank Mortgage Customer Support
To access TowneBank Mortgage customer support services with ease, this section provides you with the necessary information on how to get in touch with the customer support team. This includes their contact information, hours of operation, and online resources and support.
Contact Information
Looking for help from TowneBank Mortgage? Reach out to their customer support team! Here’s how:
- Call 1-844-982-2265.
- Send an email to customerservice@townebankmortgage.com.
- Check out the ‘Contact Us’ page on their website & submit your query.
- Connect on Facebook & Twitter.
- Visit one of their branches & meet someone in person.
Need more specific help? Their experts are just a call away. And if you’re after quick answers, their website has an FAQ section.
Did you know TowneBank is a community bank, founded in 1998? They have great customer service & their Customer Support is available 24/7!
Hours of Operation
TowneBank Mortgage offers great customer support! Monday to Friday, 8:30 AM to 5:30 PM EST are their operational hours. The customer services stay closed on weekends and national holidays.
Customers can email after business hours for a quick response. Response time through emails may vary from telephonic communication. For urgent queries or complaints, a live chat session is available or customers can check the frequently asked questions section on their website.
Townebank Mortgage lender scored 4.42 out of 5 in Overall Satisfaction on Bankrate.com. Don’t worry about mortgage help – TowneBank’s got your back with online resources and support – no therapist is needed, just a chatbot!
Online Resources and Support
Those in need of online resources and support related to TowneBank Mortgage have plenty of options. Their website has tools to help customers manage accounts, access info on mortgages, refinancing, and more. Payments and account statements can be accessed with the online portal. Educational materials are available too, like FAQs, loan calculators, and budgeting tips. The platform is easy to navigate and provides lots of useful info.
TowneBank also offers a “Mortgage Experts” program. This pairs customers with experienced mortgage specialists who can answer any questions they have about the process. This personalized support helps customers throughout the sometimes complex experience.
A recent J.D. Power survey shows that TowneBank Mortgage ranks highly for overall customer satisfaction among mortgage lenders in the Southeast region of the US. So, if you’re looking for a mortgage, TowneBank’s customer support has you covered – no annoying hold music or robotic answering machines!
Conclusion
Analyzing ToweBank Mortgage reviews showed high-quality services. Customers reported satisfactory loan experiences and good customer service.
The online application process is fast and easy.
However, some may find their interest rates a bit high. But the benefits of working with TowneBank outweigh any drawbacks.
One customer received expert advice from a loan officer on how to better their credit score before applying – proof of TowneBank’s commitment to their client’s success.
Frequently Asked Questions
1. How do I access TowneBank Mortgage reviews?
To access TowneBank Mortgage reviews, you can visit our website and browse through the customer reviews section. You can also check out third-party review sites like Yelp or Zillow for additional reviews and ratings.
2. Can I trust TowneBank Mortgage reviews?
Yes, you can trust TowneBank Mortgage reviews since we only publish genuine and unbiased feedback from our customers. We take pride in providing excellent mortgage services and strive to maintain high levels of customer satisfaction.
3. How do I leave a review for TowneBank Mortgage?
You can leave a review for TowneBank Mortgage on our website or through third-party review platforms like Google, Yelp, and Zillow. Your feedback is highly appreciated and helps us improve our services for future customers.
4. What types of mortgages does TowneBank Mortgage offer?
TowneBank Mortgage offers a wide range of mortgage options to fit the needs of various customers. Our mortgage programs include conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, and more.
5. Are there any fees associated with TowneBank Mortgage?
Yes, TowneBank Mortgage charges certain fees like origination fees, appraisal fees, and credit report fees. However, these fees are disclosed upfront during the mortgage application process and vary depending on the type of loan and the borrower’s financial situation.
6. Does TowneBank Mortgage offer refinancing options?
Yes, TowneBank Mortgage offers refinancing options to help customers lower their monthly mortgage payments, shorten their loan terms, or access their home’s equity. Our mortgage experts can guide you through the refinancing process and help you choose the best option for your financial goals.
