Exchange Bank Home Mortgage

Exchange Bank Home Mortgage Review

Exchange Bank Home Mortgage are offered by Exchange Bank of Milledgeville (NMLS #401817), a bank founded in 1903 and based in Milledgeville, GA. Exchange Bank Home Mortgage are available in 1 state across the USA.

Key Takeaways

• 5 different mortgage programs offered. Exchange Bank Home Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. Exchange Bank Home Mortgage only offers fixed-rate mortgages.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Exchange Bank Home Mortgage does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Exchange Bank Home Mortgage.

Exchange Bank Home Mortgage Pros & Cons

Exchange Bank Home Mortgage FAQ

What is the maximum loan term you can get with Exchange Bank Home Mortgage?

Exchange Bank Home Mortgage offers mortgages with a maximum term of 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 Exchange Bank of Milledgeville 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, Exchange Bank Home Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Exchange Bank Home 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).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• 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 property usage types does Exchange Bank Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Exchange Bank Home Mortgage allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Exchange Bank Home Mortgage is (478) 452-4531.

What is the support contact email?

The support contact email for is servicing@exch.bank.