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State Farm Home Loans

in Home Purchase Mortgages from State Farm · NMLS ID #139716

Unaffiliated

State Farm Home Loans

Unaffiliated

in Home Purchase Mortgages from State Farm · NMLS ID #139716

SuperMoney Net Recommendation Score -75

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -75, equating to 1.5 on a 5 point rating scale.

-75

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

1 user recommends
0 users are unsure
7 users don't recommend
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Highlights
Community Rating Strongly not recommended
Loan Amount Up to $424,100
Loan Term (Years) Up to 30 years
Credit Score Range N/A
Number of Reviews 8

State Farm Home Loans Review

State Farm Home Loans is offered by State Farm (NMLS #139716), a financial services company founded in 1922 and based in Bloomington, IL. State Farm Home Loans is available in 50 states (and Washington, DC).

Key Takeaways
  • Only offers one mortgage pogram. State Farm Home Loans only provides
  • 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. State Farm Home Loans offers and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, State Farm Home Loans 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.
State Farm Home Loans Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
State Farm mortgage FAQ

How much can you borrow via State Farm?

State Farm mortgage allows borrowers to apply for loan amounts of up to $424,100. 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 State Farm mortgage?

State Farm 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 State Farm 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.

State Farm mortgage offers home loans with APRs starting at 3.487% .

Does State Farm mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, State Farm mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, State Farm mortgage offers the following mortgage types:

What property usage types does State Farm mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. State Farm mortgage allows the following property usage types: 

  • Primary home

What is the customer service phone number?

The customer service number for this business card is (800) 782-8332.

What is the support contact email?

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

How do people rate the customer service and user experience?

Overall, this business credit card is strongly not recommended based on community reviews that rate customer service and user experience.

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Message From Our Editor

What We Love About State Farm Mortgage

The mortgages from State Farm range from fixed-rate mortgages to jumbo mortgages and adjustable-rate mortgages, so consumers have several choices. The company also offers mortgage refinancing services so homeowners can pay off their loans faster, drop their monthly payments, and gain access to equity more quickly. State Farm also offers a Moving Made Simple program for no cost to help with finding and buying the perfect home.

What Could State Farm Do Better?

Not everyone who applies for a mortgage with State Farm will get the best rate possible. Some may want to go with a different lender for that reason. The company also has less than stellar online reviews, which show that not everyone is happy with their mortgage through them. State Farm also does not offer an online pre-qualification process.

State Farm Backstory

State Farm dates back to 1922, when the company first began to offer car insurance policies. It has grown since that time and now offers a wide variety of financial services and insurance policies for people across the United States. State Farm Group is the largest insurer of property-casualty in the U.S., with 30 operations centers, 343 claim offices, 18,000 agents, and more than 70,000 employees.

Besides providing mortgages for homes, State Farm also offers auto loans, credit cards, and other financial services.

The Verdict

State Farm offers several different mortgage types for customers who want to buy a home, but you might find lower rates elsewhere. There is no pre-qualification process online. However, you can start the application on the State Farm website or over the phone.

The company is well-known and reputable but has poor customer reviews, so it’s a good idea to shop around before choosing them. The first step most people should take is looking at various options to see how they compare in terms of the total cost, customer service, closing time, and other details.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Intended Use Primary Home
Primary Residence
APR Starting at 3.487%
Loan Amount Up to $424,100
Loan Term Up to 30 years
Interest Rate Types Offered N/A
Mortgage Programs N/A
Terms 7, 10, 15, 20, 25 & 30 year

State Farm Home Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -75, equating to 1.5 on a 5 point rating scale.

-75

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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