Leading.com Mortgage

Leading.com Mortgage Review

Leading.com Mortgage are offered by Finance of America Mortgage LLC, a direct lender founded in 1994 and based in Horsham, PA. Leading.com Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 5 different mortgage programs offered. Leading.com 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.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $5,000,000 with Leading.com Mortgage.
• Standard interest rates types. Leading.com Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Leading.com 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.
• Origination fees of up to 5%. This is on the high end when compared to the other lenders SuperMoney tracks. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• High maximum LTV ratio. Leading.com Mortgage has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered.
• High maximum DTI ratio. Leading.com Mortgage has a maximum debt-to-income ratio of 50%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

Leading.com Mortgage Pros & Cons

Leading.com Mortgage FAQ

How much can you borrow via Finance of America Mortgage LLC?

Leading.com Mortgage allows borrowers to apply for loan amounts of up to $5,000,000. 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 Leading.com Mortgage?

Leading.com Mortgage offers mortgages with terms ranging from 15 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 Finance of America Mortgage LLC 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.

Leading.com Mortgage offers home loans with APRs starting at 3.406% .

Do they charge mortgage origination fees?

Yes, Leading.com Mortgage may charge a loan origination fee of 2% to 5% of the loan amount.

What mortgage programs are available?

Besides conventional mortgages, Leading.com 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 ($548,250 as of 2021).
• 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 Leading.com Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Leading.com Mortgage allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Leading.com Mortgage is (800) 355-5626.

What is the support contact email?

The support contact email for this business credit card is customerrelations@financeofamerica.com.