Fidelity Bank Mortgage Review 2020
Editor’s note: The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.
Headquartered in Wichita, Kan., Fidelity Bank is a regional bank that offers retail mortgage lending. It started as a mortgage lender in 1905 and expanded into full-service banking in the 1940s.
Today, Fidelity Bank has branches in Wichita, Overland Park and Derby, all in Kansas, and operates in Oklahoma City, Edmond and Tulsa, Okla., as Oklahoma Fidelity Bank.
Working with Fidelity Bank
Fidelity Bank is a regional lender with a national reach. It’s licensed to lend in all 50 states and originated $330 million in mortgages in 2019. The company has loan officers available at three branch offices: Wichita, Overland Park and Oklahoma City.
Fidelity Bank borrowing requirements
Fidelity Bank doesn’t have an across-the-board minimum credit score requirement. Instead, it varies by loan product. It also offers manual underwriting, which provides more flexibility when it comes to qualifying for a home loan.
Fidelity Bank provides mortgages for the following property types:
- Single-family homes
- Multifamily homes
- Double-wide manufactured homes
- Vacation/second homes
- Rental properties
- New construction
- Planned unit developments (PUDs)
Fidelity Bank mortgage products
- Conventional loans. Fixed-rate conventional mortgages are available with terms up to 30 years. It also offers adjustable-rate mortgages with initial fixed-rate terms of five, seven or 10 years.
- Home Possible® loans. Freddie Mac’s Home Possible mortgage program offers a 3% minimum down payment to borrowers who meet income requirements.
- HomeReady® loans. HomeReady is a Fannie Mae mortgage program that assists lower-income homebuyers.
- FHA loans. Fidelity Bank offers fixed- and adjustable-rate mortgages insured by the Federal Housing Administration (FHA).
- VA loans. Qualified veterans, service members and surviving spouses can apply for a loan with no down payment requirement. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA).
- USDA loans. The U.S. Department of Agriculture (USDA) backs these loans, which have no down payment requirement for those who qualify.
- Jumbo loans. Fidelity Bank offers jumbo loans for those who need loans that exceed the conforming conventional loan limits.
- Construction loans. You can build a home and finance it with one loan through Fidelity Bank’s construction-to-permanent home loan.
- Rate-and-term refinance loans. These loans allow you to refinance your mortgage for better terms.
- Cash-out refinances. As long as you qualify, Fidelity Bank offers cash-out refinances with a maximum loan-to-value ratio of 90%.
Home equity products
- Home equity line of credit (HELOC). Fidelity Bank offers HELOCs for up to 95% of your home’s value.
- Home equity loan. It also offers home equity loans for up to 95% of your home’s value.
Fidelity Bank special mortgage programs
- Medical and Dental Loan Program. This loan offers medical and dental professionals adjustable-rate mortgages with no down payment requirement on loans up to $750,000.
- Equity Builder Home Loan. This mortgage program allows you to make a down payment of 1% of the purchase price or $1,000, whichever is greater. You must also have two months of principal, interest, taxes and insurance in reserve, and a credit score of 700 for a 15-year term or 720 for a 20-year term.
The mortgage application process
- How to apply. Borrowers can apply online or in person with one of Fidelity Bank’s loan officers.
- Disclosure process. You can choose whether to sign disclosures in person or online using Fidelity Bank’s secure portal.
- Submitting loan for approval. You can submit your documents online for Fidelity Bank to review. Your loan officer or loan processor will let you know if additional information is needed.
- Final approval. Once you’ve completed your home inspection and submitted all required documents, and Fidelity Bank has your home appraisal, it’s sent for final approval.
- Closing. Borrowers can choose the time and place for closing. The process from application to closing typically takes 30 days if you’re buying a home and 45 days if you’re refinancing. Fidelity Bank doesn’t offer digital closings.
- Servicing. Fidelity Bank services its own mortgages, and you can make payments online using the Fidelity Mortgage Manager. For questions about your loan, call (800) 304-6161.
Communication during the process
Your loan officer is your primary point of contact throughout the process, but you may also interact with a loan processor. To get in touch with a loan officer, call Fidelity Bank mortgage customer service at (800) 304-6161, Monday through Friday from 8 a.m. to 5 p.m. CST.
Pros and cons of a Fidelity Bank mortgage
- Personal service. You have a consistent point of contact (your loan officer) throughout the loan process.
- Loan variety. Fidelity Bank offers a wide range of mortgages to meet most situations, including construction-to-permanent loans.
- Special programs. The Medical and Dental and Equity Builder loan programs make loans accessible to a wider range of borrowers.
- No digital closings. You must close in person, which could be challenging depending on your circumstances.
- No rates posted on its website. You have to contact Fidelity Bank directly to find out its mortgage rates.
- Limited branches with loan officers. Loan officers are only available at three branch locations.