Last Updated: 04/18/2025
Federal Savings Bank Home Mortgage
Unaffiliated
Last Updated: 04/18/2025
SuperMoney User Recommendation Score +38
Mostly recommended13 total votes
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Highlights
Community Rating
Mostly recommended
Credit Score Range
N/A
Amount Range
Up to $3,000,000
Loan Term (Years)
N/A
Number of Reviews
Federal Savings Bank Home Mortgage Review
Federal Savings Bank Home Mortgage is offered by The Federal Savings Bank (NMLS #411500), a bank founded in 2011 and based in Chicago, IL. Federal savings Bank mortgage are available in 50 states and Washington, DC.
Key Takeaways
- Only two mortgage programs offered. Federal Savings Bank Home Mortgage provides FHA VA 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.
- Only primary residences considered. Federal Savings Bank Home Mortgage 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.
Federal Savings Bank Home Mortgage Pros & Cons
| Pros | Cons |
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Federal savings Bank mortgage FAQ
How much can you borrow via The Federal Savings Bank?
Federal savings Bank mortgage allows borrowers to apply for loan amounts of up to $3,000,000. 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 mortgage rates does The Federal Savings 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, Federal savings Bank mortgage may charge a loan origination fee .
What mortgage programs are available?
Besides conventional mortgages, Federal savings Bank 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%.
What property usage types does Federal savings Bank mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Federal savings Bank mortgage allows the following property usage types:
- Primary home
What is the customer service phone number?
The customer service number for Federal Savings Bank Home Mortgage is (877) 788-3520.
What is the support contact email?
The support contact email for is contactus@thefederalsavingsbank.com.
How do people rate the customer service and user experience?
Overall, this business is mostly recommended based on community reviews that rate customer service and user experience.
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Other Services by The Federal Savings Bank
Reverse Mortgages
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Mortgage Refinance
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7 Reviews
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +38, or 3.8 on a 5-point rating scale.
+38
-1000+100
No one recommends
Everyone recommends
Federal Savings Bank Home Mortgage Community Reviews
Would you recommend Federal Savings Bank Home Mortgage to your friends?
CM
Chris M.
Mar 24, 2023
May or may not recommend
Saif was very professional and thorough explaining what to expect from beginning to end. I’ll be going back.
BZ
Bobby Z.
Mar 24, 2023
May or may not recommend
They have many products to chose from, great Customer service low rates and frees!
Stefanie M.
Mar 23, 2023
May or may not recommend
Had a great experience with this company on my refinance. They took time to break down all of my options to meet my needs and the process was seamless! I would highly recommend them to my friends and family.
JV
Joel V.
Mar 22, 2023
May or may not recommend
I had an excellent experience working with Richie Duncan to get approval on my mortgage loan. From start to finish, he was professional, knowledgeable, and responsive. He took the time to explain the loan process and answer all of my questions, making me feel more confident and comfortable. Richie also went above and beyond to help me find the right loan program that fit my needs and budget. He was ...Show More
SC
Shirley C.
Mar 22, 2023
May or may not recommend
I had a wonderful experience with their construction loan team, I didn’t yet have land picked out or an agent, so they found me an agent and helped me secure the land contract and got my builder approved, we break ground in a few weeks and got a 9-12 month build time approved for my construction loan in California. I can't say enough good things about them, I also read ...Show More
MM
Matthew M.
Mar 22, 2023
May or may not recommend
Plenty of people take the time to complain, but very few take the time out to say when things are done right, and that’s what I want to do here today! Thank you sincerely Ritchie Duncan from Federal Savings Bank for all of your help with our loan! With the constant fluctuation of rates, and the uncertainty of the market, you “held our hand” every step of the way and ...Show More
DR
Dax R.
Mar 22, 2023
May or may not recommend
Great experience from start to finish, everyone involved made the process stress free and actually enjoyable. Thanks again for the outstanding service and getting my family into the home of our dreams.
PW
Patrick W.
Feb 6, 2023
May or may not recommend
The worse bank company ever trying to get re-financing. They will call and pretend to be your best friend. They will tell you things that will not happen. We were to close on a certain month only to find out that we had to wait another six months. The appraisal has expired and we are out $500.00. "This is how these people treat Veterans" Please don't waste your time only ...Show More
Brandon M.
Nov 7, 2022
May or may not recommend
I had a fantastic experience with The Federal Savings Bank, back in April I started a refinance, and then just a few months back I started a construction loan with them. Both times, rates, and fees were lower, and the customer service has been excellent. Outside of a few delays from my builder, this was outside of the banks control. I appreciate their transparency, competitive nature, and their great staff ...Show More
ET
Esra T.
Jul 21, 2021
May or may not recommend
They are deceptive in the tactics that they use to obtain your personal information to refinance your mortgage. When a company does good honest business, they don't need to use deception to obtain your information.
JB
J B.
Jan 6, 2021
May or may not recommend
The Federal Savings Bank was great, they were able to quickly and easily get all of the paperwork that I needed for my mortgage sorted out. The process was very simple and easy as far as mortgages go. They explained what each and every document was and walked me through filling them out.
U
Anonymous
Dec 12, 2020
May or may not recommend
Do your research, was recommended by family. I started a home loan for a second home. Told them I wanted to take equity from my home, which was a VA loan, to use as down payment, with extra money for repairs on second home. 1 month later, still nothing. Talked me into a conventional refi, which went good but process was slow, took over 2 months. The day after closing, ...Show More
MH
Mari H.
Jul 27, 2020
May or may not recommend
Run as fast as you can and as far as you can from this bank. I regret every minute that I agreed to refinance my mortgage with this bank. They operate in to speed: slow and slower, and I am not even sure if it is going to happen or not.
They talk sweet to get your business and that is it.
Its been 4 months and my refinance is not ...Show More
Showing 13 of 13 reviews
