Nations Lending Mortgage Review 2021
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Nations Lending is a national mortgage lender headquartered in Independence, Ohio. The company was founded in 2003, operates in several branch locations across the United States and expresses a mission to “treat every customer like a person, not a number.”
Working with Nations Lending
Nations Lending offers mortgage loans in all 50 U.S. states and the District of Columbia. The company has more than 90 branches and more than 800 employees nationwide.
Prospective mortgage borrowers have the option of applying online, through the mobile app, over the phone or in person.
For those who prefer in-person service, Nations Lending has branches available in the following 23 states:
Nations Lending borrowing requirements
The minimum credit score required for a mortgage through Nations Lending varies by loan type. Nations Lending doesn’t publish information online about the property types that are eligible for its home loans.
Nations Lending mortgage products
- Conventional loans. Nations Lending provides conventional loans, which typically require a minimum 620 credit score and 3% down payment.
- Jumbo mortgages. If you’d like a mortgage for a luxury home that exceeds conforming loan limits, you’ll need a jumbo mortgage. Be prepared to make a larger down payment, though — perhaps 20%.
- FHA loans. You can qualify for a loan backed by the Federal Housing Administration (FHA) with a credit score as low as 500, though you’ll need a minimum 10% down payment. To put down the 3.5% minimum, you’ll need at least a 580 score.
- VA loans. Military service members, veterans and eligible spouses may qualify for a loan backed by the U.S. Department of Veterans Affairs (VA). No down payment is required, but you may need a minimum 620 credit score.
- USDA loans. The U.S. Department of Agriculture (USDA) insures home loans for borrowers in designated rural areas. USDA loans typically don’t require a down payment, though there are income limits.
- Construction loans. Nations Lending provides financing for home construction, for those who prefer a brand-new home.
Nations Lending doesn’t provide details about its available mortgage refinance products on its website.
Nations Lending special mortgage programs
While Nations Lending doesn’t offer any specialized mortgage programs, it does promote a “five-year rate guarantee.” Should mortgage interest rates drop within five years of a loan closing, this program allows borrowers to refinance at that lower rate without paying new origination or appraisal fees.
The mortgage application process
- How to apply. Nations Lending has an online mortgage application process, which can be accessed via desktop or the mobile app. Borrowers also have the option to apply over the phone or visit a local branch to apply in person.
- Disclosure process. Nations Lending allows borrowers to upload supplemental application documents and e-sign documents through its online platform.
- Submitting loan for approval. At this point in the process, the mortgage adviser locks the mortgage rate and orders a home appraisal.
- Final approval. The mortgage adviser collects any additional information or paperwork necessary for the underwriting team to finalize the loan.
- Closing. Once the application has been finalized, it’s time to sign paperwork and close on the home. Depending on state requirements, the closing may take place at the offices of the escrow company, the real estate agent or an attorney.
- Servicing. Nations Lending retains mortgage servicing rights for 96% of the loans it originates, so borrowers will most likely make payments and manage their mortgage through the company’s servicing department.
Communication during the process
Throughout the process, your mortgage adviser will be your main point of contact. However, you can reach customer support by calling 888-434-4690.
Pros and cons of a Nations Lending mortgage
- Licensed to operate in all 50 states and the District of Columbia
- Provides a five-year mortgage rate guarantee to new customers
- Provides a digital mortgage application process
- No available home equity loan or home equity line of credit products
- Website lacks detailed information on all available mortgage products and repayment terms