Arvest Central Mortgage Home Loans

Arvest Central Mortgage Home Loans Review

Arvest Central Mortgage Home Loans are offered by Arvest Bank, a bank founded in 1961 and based in Fayetteville, AR. Arvest Central Mortgage Home Loans are available in 50 states (and Washington, DC).

Key Takeaways

• 3 different mortgage programs offered. Arvest Central Mortgage Home Loans offers FHA, VA, jumbo, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Standard interest rates types. Arvest Central Mortgage Home Loans offers adjustable-rate mortgages and fixed-rate mortgages.
• Only primary residences considered. Arvest Central Mortgage Home Loans does not offer financing for vacation homes or investment properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Arvest Central Mortgage Home Loans has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
• Good credit required. You will need a credit score of at least 680 to qualify.

Arvest Central Mortgage Home Loans Pros & Cons

arvest central mortgage FAQ

How much can you borrow via Arvest Bank?

arvest central mortgage allows borrowers to apply for loan amounts of up to $2,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with arvest central mortgage?

arvest central mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Arvest Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, arvest central mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, arvest central mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What is the customer service phone number?

The customer service number for Arvest Central Mortgage Home Loans is (800) 366-2132.

What is the support contact email?

The support contact email for is mymortgage@arvest.com.