Colin Robertson

Ought to You Get a Mortgage from the Nation’s Largest Homebuilder?

If you happen to’re fascinated by shopping for a house or refinancing an present mortgage, you might have come throughout Eagle House Mortgage in your journey.

They’re extra prone to come up if buying a house since they’re a direct mortgage lender owned by Lennar, which is now the nation’s largest homebuilder because of its acquisition of CalAtlantic in April 2018.

Briefly, Eagle House Mortgage acts as the house builder’s financing division, although when you purchase a house from Lennar you don’t have to make use of them.

It’s simply that debtors usually use the builder’s finance division versus an outdoor mortgage lender seeing that it’s the best and most blatant alternative, and normally the trail of least resistance.

There might also be some synergies to utilizing affiliated corporations, whether or not it’s a particular incentive or only a quicker loan course of, figuring out a house buy with their builder is on the road.

In 2019, they supplied residence loan financing to greater than 34,000 households seeking to buy a house. Let’s uncover extra about Eagle House Mortgage.

Eagle House Mortgage Quick Information

  • Retail consumer-direct mortgage lender based in 1981
  • Subsidiary of Lennar Corp., nation’s largest homebuilder
  • Firm headquarters positioned in Miami, Florida
  • Closed greater than 34,000 residence buy loans in 2019
  • Greater than 1,500 workers nationwide
  • A top-30 mortgage lender general that makes a speciality of new residence buy financing
  • Does most of their enterprise in Florida and Texas

The place Is Eagle House Mortgage Licensed?

First issues first, you need to be certain that the corporate is definitely licensed to do enterprise within the state the place you reside, or are buying a house.

Sadly, they’re solely licensed in lower than two dozen states and never nationwide. This clearly has to do with Lennar and its communities, that are positioned in simply 21 states.

As suspected, Eagle House Mortgage is licensed in 21 states, together with: AZ, CA, CO, DE, FL, GA, IL, IN, MD, MN, NJ, NV, NC, OR, PA, SC, TN, TX, UT, VA, WA.

Now if Lennar decides to construct new houses in extra states, there’s probability Eagle House Mortgage will transfer into these states as good.

So if and if you’re keen on shopping for a Lennar residence, anticipate Eagle House to be a possible mortgage supplier.

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Eagle House Digital Mortgage and Eagle Categorical Shut

  • You may apply on-line or by telephone with their digital mortgage app powered by Mix
  • Or go to a neighborhood department workplace when you desire a face-to-face assembly
  • Use their loan officer listing when you’ve been referred to somebody particular
  • And benefit from their Eagle Categorical Shut with e-signing capabilities to fund your loan shortly

The corporate has the tagline, “Paperless. Easy. Awesomeness.” It’s in reference to their digital mortgage expertise, which I assume is each quick and straightforward on the setting.

They are saying you may get pre-qualified in as little as 10 minutes through their digital mortgage course of that’s powered by fintech firm Mix.

You merely fill out a loan utility on their web site versus having a loan officer stroll you thru it. After all, you are able to do that too when you want a serving to hand.

Their digital course of additionally permits you to hyperlink financial institution accounts and different monetary info so it may be securely added to your utility for extra correct figures and quicker processing.

Those that are extra old style have the choice of utilizing the corporate’s department listing to discover a native workplace for a telephone name or face-to-face assembly.

And when you’re already working with somebody or have been referred, you need to use the loan officer listing on their web site to search out that particular person.

In the case of closing your property loan, Eagle House additionally affords a digital course of generally known as “Eagle Categorical Shut” that features on-line closings and distant signatures for paperwork.

You may assessment and e-sign a lot of your closing paperwork earlier than attending your closing appointment, and obtain them as a substitute of printing all of them out.

The method could be quicker whereas additionally supplying you with time to assessment every part together with your loan officer, as a substitute of feeling overwhelmed on the closing desk.

Eagle House Mortgage Mortgage Choices

  • Primarily targeted on residence buy financing but additionally supply refinance loans
  • Mortgage sorts embrace typical and authorities (FHA, VA, USDA)
  • Provide fixed-rate mortgages and adjustable-rate mortgages in various phrases
  • Jumbo loans and reverse mortgages are additionally out there
  • Their loan officers are well-educated on out there down fee help (DPA) applications
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Eagle House Mortgage has tons of obtainable loan choices, together with each typical loans and authorities loans.

You will get a mortgage backed by Fannie Mae or Freddie Mac, or an FHA loan, USDA loan, or VA loan.

With regard to residence buy financing, their loan officers are well-versed within the many down fee help (DPA) applications that could be out there through your native or state authorities.

Eagle House Mortgage says it has many DPA choices out there to assist clients turn out to be householders, seeing that down fee is commonly the most important hurdle towards homeownership.

These could also be within the type of a second mortgage (or perhaps a third mortgage), or a grant which may not must be repaid and might sometimes be used towards each the down fee and shutting prices.

These buying or refinancing a costlier property may also get authorized for a jumbo loan through Eagle House Mortgage.

Within the refinance division, they provide each price and time period refinances and money out refinances, the latter of which can be utilized to faucet into residence fairness when you want cash for different functions.

Additionally they supply the “Pupil Mortgage Debt Mortgage Program,” the place they are going to contribute as much as 3% of the acquisition worth to repay a borrower’s pupil loans once they purchase a brand new residence from Lennar.

Lastly, they provide reverse mortgages to debtors aged 62 or older who want to faucet fairness with out taking up month-to-month mortgage funds.

The one loan choices they appear to be missing are renovation loans and residential fairness loan/line applications.

With regard to loan sort, you may get a fixed-rate mortgage or an adjustable-rate mortgage with varied loan phrases, they usually supply financing on main residences, second houses, and funding properties.

They largely appear to originate 30-year constant mortgages, with some 15-year constant mortgages and a smaller proportion of ARMs.

Eagle House Mortgage Charges

When it comes to how aggressive they’re, they don’t make many mentions of their mortgage charges or lender charges on their web site.

Nevertheless, they not too long ago posted a limited-time promotion pitching “our lowest historic price,” which was a 2.5% mortgage price.

It’s unclear what sort of mortgage it’s, however I assume it’s a 30-year constant since that appears to be their go-to loan program for his or her clients.

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Now that promotion apart, I can’t say with any certainty how they stack up in opposition to different mortgage lenders on the market.

In the end, you’d should take the time to buy round. However as talked about, many Eagle House Mortgage clients are possible shopping for Lennar-built houses, so they might need to preserve every part in-house, no pun meant.

Keep in mind, you possibly can at all times use an outdoor lender if shopping for a brand new residence from a developer, so it’s clever to put aside a while for comparability purchasing.

Eagle House Mortgage Evaluations

The corporate appears to be very good regarded, with a 4.94 ranking out of 5 on Zillow primarily based on roughly 1,600 evaluations.

Most of the buyer evaluations point out the rate of interest was decrease than anticipated, and much say the charges/closing prices had been additionally decrease than anticipated.

In order that they appear to be well-liked and aggressive pricing-wise, assuming these clients shopped round with different lenders.

Whereas they aren’t an accredited enterprise, they do have an A+ ranking with the Higher Enterprise Bureau, which seems to be primarily based on the dearth of buyer complaints at present filed in opposition to the corporate.

As at all times, buyer experiences will fluctuate, particularly at a really giant firm. However as famous, their loan officers will possible be extremely incentivized to shut your loan if it’s additionally a Lennar-built residence.

Meaning there’s probability they’ll do all they will to get your property loan to the end line.

Eagle House Mortgage Professionals and Cons

The Good Stuff

  • Can apply instantly on-line through a digital mortgage utility
  • Plenty of loan choices and down fee help (DPA) applications to select from
  • If additionally shopping for a house from Lennar they is perhaps fast and devoted to closing on time
  • Eagle Categorical Shut permits you to e-sign many loan paperwork
  • Nice buyer evaluations on Zillow
  • Free mortgage calculators on website

The Doable Unhealthy Stuff

  • No point out of mortgage charges or lender charges
  • Not licensed in all states
  • No residence fairness loan merchandise out there
  • Is likely to be higher suited to purchases relatively than refinances