Greenlight Loans is a leading direct lender based in Irvine, California. Greenlight’s main selling points are a fast funding process and top customer service. The company was founded in 2001 and is one of the fastest growing direct lenders in the country.
In 2013, Greenlight Loans was purchased by Nationstar Mortgage, one of the largest mortgage services in the country. Greenlight Loans has an A+ rating with the BBB.
What Are Greenlight Loans Mortgage Rates?
As of March 2016, Greenlight Loans offers rates ranging from 3.089% APR (10-year fixed) to 3.857% (30-year fixed). Borrowers who qualify for a HARP loan can qualify for rates ranging from 3.971% APR to 4.639% APR.
These rates assume a $315k loan, a credit score of 660, and a loan to value rate of 105%. Mortgage rates can change daily. Click the link above to check Greenlight Loans’s latest prices.
What Types Of Loans Does Greenlight Loans Offer?
Greenlight Loans offers fixed and ARM loans both for purchases and refinancing loans.
Greenlight’s fixed rate loans are best for buyers who are planning to stay in their home for many years and want the peace of mind of knowing their rate and monthly payments for the duration of the loan.
Adjustable-rate mortgages, or ARMs, are a good option for people who want a particularly low-interest rate for the short term and are willing to take the risk of interest rates rising in the future. ARMs are particularly suited to buyers who plan to resell in 5 years or less.
Terms range from 10 to 30 years
Greenlight also offers FHA, Homepath, FHA, and HARP Loans to eligible borrowers.
FHA loans are a good solution for borrowers who do not have the credit history to qualify for a regular 30-year loan or who do not have the funds to meet standard down payment requirements.
What Is Greenlight Loans’ Rating?
Greenlight is owned by Nationstar Mortgage, which S&P ranks the servicing giant as “above average” for its loan servicing and “average” as a residential special servicer. Moody’s ranks Nationstar as a Master Servicer of residential mortgages. This rating is based on Nationstar’s strong reporting and remittance processes, solid compliance and monitoring abilities, and below average servicing stability.
Customers give Greenlight Loans mixed ratings. Some clients praise the speed and convenience of its loans. Other clients complain about unnecessary delays and loss of documents.
How Does Greenlight Loans Compare To Other Lenders?
Greenlight Loans is a leading direct lender of mortgage loans, and it is backed by one of the largest mortgage servicers in the United States. Its rates are competitive, and it offers a broad range of mortgage products.
Greenlight Loans’ differentiators with other lenders are:
Faster service. Greenlight Loans uses technology that allows it to prequalify borrowers and sign documents online. Its loans can be funded within 30 days.
Customized mortgages. Greenlights adapts to borrowers needs by offering a wide selection of customizable home loans.
Personal attention. Greenlight assigns a dedicated mortgage professional that stays with borrowers throughout the entire loan application and funding process.