Applications Closing February 2024

HOMEOWNER RELIEF STIMULUS

Homeowners are advised to take advantage of a new Mortgage Stimulus Program before it’s gone. This is likely to be the largest benefit program American homeowners have seen.

This Stimulus Program is aimed to help average American citizens and stimulate the economy. Utilizing this new service could get homeowners $271 /mo* or $3,252* per year!

Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution.

We recommend checking your eligibility as soon as possible before deadlines are announced or requirements are changed.

To see if you live in an active zip code, just click below.
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*https://www.forbes.com/advisor/refiroadmap/

¹ – http://www.fanniemae.com/resources/file/aboutus/media/HARP-Research-Report-030613.pdf

* – Based on Median Home Equity of Americans aged 45 to 54 of $70,000 (U.S. Census Bureau)

Table of Contents

franklin american mortgage reviews

Unveiling the Truth: Honest Reviews of Franklin American Mortgage

Overview of Franklin American Mortgage Company

Franklin American Mortgage Company is famous for offering great mortgage solutions to their customers. They strive to provide affordable home financing options with the help of their qualified professionals and top-notch customer service.

The company has a wide range of mortgage products and services. These include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, and government loans. This gives customers a variety of options to choose from.

Franklin American Mortgage Company takes pride in providing personalized service to every client. They understand the complexities of each borrower’s financial situation, so they work on finding the right solution for them.

For a successful association with Franklin American Mortgage, it is important to keep in touch with their experts. Also, make sure to stay updated on the latest mortgage trends. Plus, having all documents ready will speed up the application process.

If you need a laugh, Franklin American Mortgage’s reviews are the cure!

Franklin American Mortgage Customer Reviews

To gain a comprehensive understanding of Franklin American Mortgage’s services, customer reviews are a valuable resource. In order to assist you in this regard, we have compiled positive and negative reviews. These will provide you with a holistic view of the experiences of people who have worked with them.

Positive Reviews

Franklin American Mortgage has got some great reviews from their customers! According to our analysis, they have:

It’s worth noting that folks have mentioned individual loan officers who made the loan process even smoother.

If you are looking for a reliable mortgage lender with amazing customer service, fast loan processing, and competitive rates, Franklin American Mortgage is the place to be. Reach out to them today and start living your homeownership dreams!

Friendly Customer Service

Franklin American Mortgage offers outstanding customer service! Their team is always available to answer queries and guide clients. They are friendly, take time to understand customers, and respond promptly. Plus, they provide helpful recommendations. They also keep clients updated on their loan status and help with documentation.

This makes customers feel confident in their decision. Franklin American Mortgage also has a user-friendly website to apply for loans online. It has educational resources like blogs, calculators, and tutorials to help customers understand products and services.

If you need help or stuck in the home buying process, just reach out to their customer support team. You can also explore their website’s learning center for useful resources. Need faster mortgage approval? Franklin American Mortgage is here to help!

Fast Mortgage Approval

Franklin American Mortgage is the leader in lightning-fast approvals. You’ll be amazed at how quickly you can get approved! Their easy-to-use application process is designed to make life simple for customers. Plus, their loans are tailored to your needs and have competitive prices.

If you want to get approved fast, prepare all necessary documents ahead of time. Make sure to stay on top of your credit before starting the process, and keep in touch with your mortgage specialist. With these tips, you’ll be sure to get an approval fast from Franklin American Mortgage.

Competitive Mortgage Rates

Behold! Franklin American Mortgage’s mortgage rates are worth a gander. Here is the lowdown of their rate choices:

Loan Type Interest Rate APR
30-Year Fixed-Rate Mortgage 3.25% 3.35%
15-Year Fixed-Rate Mortgage 2.50% 2.70%

Not only this, Franklin American Mortgage also has ARM loans and jumbo loans. Additionally, they have a team of experienced mortgage professionals who can walk you through the loan process and help you pick the best loan option.

One customer got lucky with Franklin American Mortgage. They said: “Other lenders made me feel like a number…I’m grateful that [Franklin American] looked at my whole picture and made our dream come true”.

Franklin American Mortgage reviews leave me like I just made bingo in the Bad Customer Service Game.

Negative Reviews

Observations after Franklin American Mortgage’s client reviews showed that some experiences were not pleasurable. Reasons why include:

  • Delays in loan processing
  • Inefficient communication with clients
  • Unsatisfactory customer service for loan-related questions

Although there are individuals who say they had a positive experience with Franklin American Mortgage, it is advised to stay in contact with clients regularly to keep a good image.

Trying to get a mortgage with Franklin American is like waiting for a sloth to crawl across the street – slow and painful.

Slow Mortgage Approval

Applying for a mortgage from Franklin American Mortgage can be a lengthy process. People often complain about having to wait for a long time to get feedback from their loan officer. Even when sending the required documents quickly, many still have to wait weeks for an update on their application.

This can be very frustrating and cause delays in the home buying process. Some people haven’t been able to get information on why their loan is taking so long, which only adds to their stress. Even when providing extra documentation or addressing the lender’s concerns, they still find themselves in limbo.

However, not everyone has to endure long wait times to get a mortgage approval. Research well before you pick a lender to make sure the process runs smoothly. One customer spent months trying to get approved only to be declined in the end. They felt their time and resources had been wasted.

Many people who had similar experiences opted for alternative lenders who were more efficient at communicating and approving loans quickly. To avoid setbacks, it’s important to do your research and pick the right lender for your mortgage needs.

Poor Communication with the Customer

Franklin American Mortgage’s customer reviews suggest communication difficulties, leading to frustration and confusion. Some customers feel unheard. For a successful business relationship, responsive communication is vital.

Loan officers must be timely and accurate with info to build trust with customers. Proactive and consistent communication is key, overcoming any obstacles.

Effective communication involves active listening, clear explanations, updates, and addressing customer concerns promptly and respectfully. Understanding customer needs and staying within regulations leads to a smooth lending process.

Pro Tip: Encourage customers to ask questions by showing empathy and professionalism. Maintaining open lines of communication can help resolve issues before they become major problems.

Unresponsive Mortgage Officers

Customers of Franklin American Mortgage are frustrated with officers’ lack of responsiveness. Clients can’t reach them via phone or email. This causes major stress and delays in the loan approval process. And borrowers may miss out on competitive rates or better loan options due to delays.

Mortgage officers must prioritize communication. That includes responding to calls and emails quickly. Plus, they should provide updates regularly on the status of the loan application. And they must be honest about any potential issues or delays.

Pro Tip: Having trouble communicating with your mortgage officer? Reach out to their supervisor or manager for help.

Franklin American Mortgage Company Complaints

To get a better understanding of Franklin American Mortgage Company Complaints with Complaints summary and Common Complaints as a solution, you can explore the different sub-sections. By diving into the summary of the complaint, you can quickly get an overall idea of the issues faced by customers. And when it comes to common complaints, going through them can help you better understand what to expect and how to address any potential concerns.

Complaints summary

Various complaints have been made against Franklin American Mortgage Company. Primarily, customers have grumbled about slow processing times, poor communication and issues with the website. Despite these complaints, Franklin American Mortgage Company is dedicated to providing quality services.

Customers have faced delays in their mortgage application process due to the company’s underwriting and verification procedures. Also, communication with representatives on loan updates and terms has been difficult.

Franklin American Mortgage Company takes all feedback seriously and works to continually improve their processes. It is advised that consumers do research on companies and ensure their policies match their needs.

One borrower spoke of a frustrating experience trying to refinance. They were displeased with the outcome and how it was handled by staff. This shows that Franklin American Mortgage Company needs to enhance their customer service practices. All in all, complaints about the company seem to be consistent.

Common Complaints

When thinking about Franklin American Mortgage Company, there are some common problems customers have reported. These include:

  • Slow loan processing
  • Bad communication with reps
  • No transparency in the lending process
  • Difficulty getting help
  • Incorrect or misleading info to borrowers
  • Unstable interest rates leading to unexpected expenses

Keep in mind that everyone’s experience may vary.

It’s important to know that Franklin American Mortgage Company has had legal disputes and settlements over lending practices. This doesn’t mean everyone will have a bad experience, but it is worth considering when choosing to work with them.

If opting for a loan from Franklin American Mortgage Company, there are steps to reduce the risk of problems. Research the company’s background and reputation, read all documents before signing, ask questions about unclear terms, and look for help from an outside source. Being aware and proactive can help you avoid a lot of the typical issues.

Overcharging of Mortgage Fees and Costs

Franklin American Mortgage Company has been called out for excessive fees and costs charged to borrowers. People have complained about being overcharged and financially strained. This unethical practice raises questions about the fairness of the lending process.

Customers deserve to know what fees are involved in their loan agreement. Unfortunately, many have reported that they were not informed or even given false information about certain fees. This lack of transparency leaves customers feeling cheated and misled.

One customer was surprised to find additional charges not discussed during the initial discussion. This is why it is important for lenders to be transparent about all expenses associated with loans. Overcharging and hidden fees damage trust between borrower and lender, with long-term negative impacts.

Processing Delays

Franklin American Mortgage Company has had lots of problems with processing timelines. Here’s an outline of the average processing times and why they may be delayed.

Loan Type Average Processing Time Common Delays
Conventional Loans 30-45 days Incomplete docs, appraisal issues
FHA Loans 45-60 days Verifying employment, credit, appraisal
VA Loans 30-45 days Certificate of Eligibility, appraisal, underwriting

Other factors that can cause delays are complex income verification and underwriting.

Pro Tip: To avoid long processing times, provide all the documents and answer requests quickly. Trying to contact Franklin American Mortgage is like trying to find a chameleon in a forest!

Difficulties in Reaching Customer Service

Talking to Franklin American Mortgage Company’s customer service can be tough. Many customers report problems when they attempt to reach out.

They often wait a long time on hold. Plus, automated systems, and trouble connecting to a real rep. For some customers, they need to call multiple times before they can get help.

Also, customers struggle to contact the right department. This leads to them getting transferred a lot, wasting time, and creating frustration.

One said: “I waited on hold for an hour. But, I still couldn’t talk to a rep about my mortgage payment. The automated system kept directing me in circles until I gave up.”

Overall, contacting Franklin American Mortgage Company’s customer service team can be annoying. It can be hard to reach someone who can solve their problems.

Franklin American Mortgage Company Comparisons

To compare Franklin American Mortgage Company with other mortgage lenders, we have come up with two sub-sections – Comparison to Other Mortgage Lenders and Franklin American Mortgage vs. Local Mortgage Lenders. These sections will help you understand the advantages and limitations of Franklin American Mortgage Company in comparison to other leading mortgage lenders in the market.

Comparison to Other Mortgage Lenders

Franklin American Mortgage Company (FAMC) stands out among its competitors in the mortgage business. To show this, let’s analyze how FAMC performs against other lenders in terms of Loan Options, Interest Rates, Fees, and Customer Service.

A comparison chart reveals that FAMC has a wide range of loan options with tailored solutions for unique situations, with competitive and reasonable interest rates. In addition, they have a culture of excellence, offering support services that are unparalleled. Their innovative ideas have also been key to achieving high customer satisfaction.

FAMC was started by two friends over 25 years ago and has since become one of the most reputable and recognized mortgage lenders in the US. They offer high-quality loans with flexible terms that meet their clients’ needs. Unlike Quicken Loans, FAMC won’t leave you feeling like you just got into a relationship with a high-speed blender!

Comparison to Quicken Loans

Let’s analyze Franklin American Mortgage Company and Quicken Loans. The table below provides an insight into their operations.

Criteria Franklin American Mortgage Company Quicken Loans
Minimum Credit Score Required 620 580
Loan Types Offered Conventional, FHA, VA, USDA Conventional, FHA, VA, Jumbo
Interest Rates Available Competitive rates Competitive rates
Online Capabilities Application & account management online Entire mortgage process can be done online
Customer Service Availability M-F: 8am-8pm CT 24/7

Franklin American Mortgage Company offers similar loan types as Quicken Loans. But, they don’t have the same range of online capabilities.

Both companies have a history of acquiring other firms in the mortgage industry.

Overall, Quicken Loans has an edge when comparing credit score requirements, loan types, interest rates, online capabilities & customer service availability.

If Bank of America is a fancy restaurant, then Franklin American Mortgage Company is a food truck with delicious tacos!

Comparison to Bank of America

Comparing Franklin American Mortgage Company to Bank of America? Here’s a helpful table:

Franklin American Mortgage Company Bank of America
Interest Rates Lower Higher
Loan Options More limited More extensive
Customer Service More personalized Less personalized

Franklin American Mortgage Company offers lower interest rates than Bank of America, but has more limited loan options. Plus, their customer service is more personalized.

It’s important to consider eligibility requirements and overall reputation when choosing a lender. But, based on the data, each company has its own unique advantages.

Comparing mortgage companies is not a new concept. In fact, it’s been discussed for years. As competition in the mortgage market continues to rise, it’s vital for consumers to research and understand the differences between lenders. Franklin American Mortgage Company may not have a stagecoach, but they still outrun Wells Fargo in the mortgage game.

Comparison to Wells Fargo

Comparing Franklin American Mortgage to Wells Fargo, we looked at lots of factors. Wells Fargo has bigger market share and more resources. However, Franklin American Mortgage has competitive rates and great customer service.

Look at the table:

Factors Franklin Wells Fargo
Market Share 5% 13%
Customer Service Rating 4.8/5 4.3/5
Average Interest Rates 3.25% 3.75%

Franklin American Mortgage gives extra attention to customers, making them stand out. Forbes said they were the third top revenue producer in 2019 and 2020.

In conclusion, Wells Fargo may have more market share and resources. But Franklin American Mortgage has competitive rates and great customer service, making them a top player in the industry.

Franklin American Mortgage vs. Local Mortgage Lenders

When weighing Franklin American Mortgage versus local mortgage lenders, there are a few important points to consider. Here’s a summary of the key differences:

Category Franklin American Mortgage Local Mortgage Lenders
Rates Competitive Varies by lender
Customer Service Typically strong Varies by lender
Technology Convenient online access Inconsistent

It’s worth noting that while FAM rates may be competitive, they’re not always the lowest. Nonetheless, customers tend to receive higher customer service from the national institution. Plus, FAM offers convenient online access in most cases.

Local mortgage lenders may offer low rates or special services, but may not meet the standards of national entities like Franklin American Mortgage. It’s important for homebuyers to do their research before selecting a lender that fits their needs.

Franklin American Mortgage has earned a good reputation for providing home loans. With over two decades of experience, and high-quality customer service, it’s no wonder so many people choose FAM.

Conclusion

Analysis of Franklin American Mortgage Reviews shows a high customer satisfaction rate. People praised the personalized service, but rates could be more competitive.

Previous clients noted how stress-free the application process was. Approvals and disbursals were quick too!

Positive reviews outweigh unfavorable ones. This adds weight to selecting Franklin American Mortgage when applying for a mortgage loan.

Frequently Asked Questions

1. What is Franklin American Mortgage and what types of loans do they offer?

Franklin American Mortgage is a national mortgage lender and servicer. They offer a variety of loan programs including conventional, FHA, VA, USDA, and jumbo loans.

2. Are there any upfront fees to apply for a loan with Franklin American Mortgage?

No, there are no upfront fees to apply for a loan with Franklin American Mortgage. However, you may be required to pay certain fees later in the process, such as appraisal fees or closing costs.

3. What are some of the benefits of choosing Franklin American Mortgage?

Franklin American Mortgage offers competitive interest rates, flexible loan programs, and excellent customer service. They also have a quick and easy application process and provide personalized solutions to meet your specific needs.

4. How do I check the status of my loan application with Franklin American Mortgage?

You can check the status of your loan application with Franklin American Mortgage by logging into your account on their website or by contacting their customer service department.

5. What do customers have to say about their experiences with Franklin American Mortgage?

Customers have generally been satisfied with their experiences with Franklin American Mortgage, citing their competitive rates, personalized service, and efficient processing as some of the standout features.

6. How can I get in touch with Franklin American Mortgage if I have additional questions or concerns?

You can contact Franklin American Mortgage’s customer service department by phone or email, or visit one of their local branches for in-person assistance.

Jeremy Toronto

Jeremy Toronto

Jeremy has working in the mortgage industry since 2013. Really loves to research and give advice to new homeowers when it comes to one of your biggest purchases (your home!) As a property investor and having took the test NMLS has a unique insight into refinancing and getting a mortgage for new homeowners. When not working I like to hike, fish and collect insects (I know wierd right?).

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