Fidelity Bank Mortgage Review

About Fidelity Bank

Fidelity Bank

Fidelity Bank is a locally owned community bank. Local ownership means local decision making – no long waits and layers of bureaucracy to get your loan approved.
At Fidelity Bank we specialize in what we call Right Size Housing Loans. What we mean by Right Size Housing Loans is that people's needs and circumstances change throughout their entire life. And we have the perfect loan to meet those needs.
So, whatever your circumstances we'll put together the perfect Right Size Housing Loan to meet your specific needs. Right Size Housing The Right Time to Right Size is Right Now!

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Working with Fidelity Bank

Fidelity bank has more than 30 mortgage offices in seven Southern states. All borrowers need at least a 640 credit score to borrow from Fidelity Bank, and Fidelity underwrites loans by measuring all your information against a set of guidelines. Most of Fidelity’s loans are sold, so the loan underwriting must meet investor standards. Fidelity issues loans for single-family homes, certain condos and multi-family homes up to four units.


Fidelity Bank mortgage products

Purchase

  • Conventional mortgages: Most buyers need 5% down and a good credit score to take out a conventional mortgage with Fidelity Bank.
  • Jumbo mortgages: Fidelity Bank offers jumbo mortgages up to $3 million. The jumbo loans are available as a fixed-rate or adjustable-rate mortgage. All adjustable-rate mortgages have fixed introductory rate periods ranging from five to 10 years. Following the introductory rate period, interest rates can fluctuate as often as once per year.
  • VA mortgages: Fidelity Bank emphasizes that the home seller may pay up to 4% of the loan amount toward the buyer’s closing costs. Fidelity doesn’t advertise a minimum credit score for VA mortgages, but the lender emphasizes that the loan could be available to qualified applicants with less-than-perfect credit.
  • FHA mortgages
  • FHA 203(k) mortgage
  • USDA mortgages
  • HomeReady®
  • HomeStyle®: At Fidelity Bank, repair costs are allowed up to 50% of the after-repair value of the house.
  • Construction: Fidelity Bank offers a single-close, construction-to-permanent mortgage.

 

Refinance

 

Home equity

  • Cash-out refinance
  • HELOC: Fidelity Bank offers variable-interest-rate HELOCs with borrowing limits ranging from $10,000 to $250,000. Lines remain open for 10 years. Fidelity does not advertise a home equity loan.

 


Fidelity Bank special mortgage programs

Purchase

  • The Doctor Loan. If you’re a doctor (including a medical resident), you may qualify for Fidelity Bank’s proprietary doctor loan to help you buy or refinance a primary home. This is a 0% down mortgage that doesn’t require mortgage insurance. Loans are available as fixed- or adjustable-rate mortgages for amounts up to $1.5 million.
  • Jumbo Renovation Loan. If your renovation project is too big for the Homestyle® loan, Fidelity Bank offers a proprietary jumbo renovation loan. This loan has limits of $2 million for primary residences or $1.5 million for secondary residences. During a six- to 12-month construction window, you’ll make interest-only payments on the loan. After that, you can choose between a 5/1 adjustable-rate mortgage or a 30-year, fixed-rate loan.

 

Homebuying grants

  • In addition to their proprietary loan programs, Fidelity Bank works with borrowers who want to take advantage of various types of homebuying grants. It specifically emphasizes grants available through the FHLBank of Atlanta, a cooperative bank that offers grants and other services to member institutions (including Fidelity Bank). If you’re a first-time homebuyer or you work in a public service capacity, you may qualify for the grant.

 


The mortgage application process

At Fidelity Bank, you can apply for a mortgage online or in person. During the application process, you may start working with a loan consultant to compare loan programs and decide which loan makes the most sense for you. Here’s what you will experience:

How to apply: To start an application, choose the Apply Now option on the left hand side of Fidelity Bank’s website. Once you enter personal information, you have to select a branch location that works for you. Then you’ll need to select a loan officer.

After that, you’ll start the true application process, which includes entering details about the home you want to buy and your personal information. This can all be done online. Applicants can also call a loan officer directly to start the loan application.

Disclosure process: Applicants at Fidelity Bank can start their application online, and they may submit documents online, too. Borrowers can also submit documents via fax or through an in-person meeting.

After you make an offer on a home, the value must be set by an independent appraiser.

Submitting loan for approval. Once the loan disclosure is complete, Fidelity Bank will move the loan to processing. Fidelity Bank’s loans are processed in-house, which means an employee  of the bank will verify that applicants have submitted everything that’s needed. Once processing is complete, the loan moves to underwriting.

Final approval. As long as applicants have all the appropriate documentation, a Fidelity Bank underwriter will submit the loan for a final approval.

Closing. After Fidelity Bank approves you for a loan, you’ll move toward closing. Before you sign the loan documents, Fidelity Bank will send them to you. You can review the documents and be sure the rate and terms were what you expected.

Borrowers will work with their real estate agent and attorney to decide when and where to close the loan. In general, the closing will take place at a real estate attorney’s office. You’ll need a cashier’s check or another form of certified funds to pay for closing costs. Once the funds are in place, borrowers will sign the loan documents to officially become homeowners.

Communication with Fidelity Bank

During the loan process, you’ll work entirely with Fidelity Bank employees. In general, your two points of contact will be a loan officer (who will help you decide on the best mortgage for your circumstances) and a loan processor. The loan processor is in charge of ensuring that all your documentation meets underwriting guidelines.

Fidelity Bank encourages all loan applicants to respond to requests for information within one day of receiving them.


Pros and cons of a Fidelity Bank mortgage

Pros

  • Online or in-person application. The Fidelity Bank website makes it easy to understand the exact documents you’ll need to apply for a mortgage. Plus, applicants can apply online or at one of more than 30 mortgage offices.
  • Renovation and construction loans. Some renovation or construction-to-permanent loans can be hard to find. However, Fidelity Bank offers several renovation loans, including a proprietary jumbo renovation loan.
  • Special grant options. Fidelity Bank is part of the FHLBank of Atlanta banking cooperative. As a member institution, Fidelity Bank can offer its customers grants that other lenders cannot. If you’re a first-time homebuyer, veteran, teacher, law enforcement officer or health care worker, you’re likely to qualify for one of these grants.

 

Cons

  • High credit score minimums. Fidelity Bank only lends to people with credit scores above 640.
  • Limited lending area. Fidelity Bank doesn’t underwrite mortgages across the nation. Its lending footprint is limited to the Southeast and Mid-Atlantic region.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.