Flagstar Bank Mortgage Review 2022: Variety of Home Loans
* The minimum credit score and down payment are for compliant mortgages
Overall rating of the lender
Advantages and disadvantages
Flagstar Bank Mortgage Rates
Flagstar Bank charges relatively low mortgage rates. The lender makes it easy to customize your rates online to get a good idea of what you’ll pay. Enter your purchase price, down payment amount, zip code and more to see a personal rate.
Seeing a personalized mortgage rate makes it easy to compare
and choose a company.
Flagstar Bank Mortgage Comparison
We compared Flagstar Bank to two other mortgage lenders that offer loans in all 50 states: Movement Mortgage and Fairway Independent Mortgage Corporation.
Flagstar Bank vs. motion mortgage
You will prefer Movement Mortgage over a reverse mortgage or a condominium loan. But Flagstar offers HFA mortgage and home equity options in some areas of the United States.
The move mortgage might be the best solution if you don’t have a credit score. In these cases, Movement may accept alternative data in place of a credit score, such as proof that you are paying utility bills.
Flagstar Bank v Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation offers reverse mortgages, but apart from that Flagstar offers many other types of home loans.
Fairway accepts other types of credit if your credit rating is low or if you have none at all. Flagstar Bank asks you to show a credit score when you apply.
How Flagstar Bank Mortgages Work
Flagstar Bank has branches in California, Indiana, Michigan, Ohio and Wisconsin, and offers mortgages in all 50 US states.
You can get the following types of home loans from Flagstar:
- HFA (also known as Government Bond Programs; this is available in Arizona, California, Connecticut, Idaho, Michigan, Nevada, Ohio, New Mexico, Virginia, Washington, and Wisconsin)
- Fixed rate
- Adjustable rate
- Construction loans
- Renovation loans
- Home equity and HELOC loans (only available in Michigan at this time)
Flagstar does not offer reverse mortgages.
You can choose between regular rate and term refinancing or cash flow refinancing. You can also streamline refinancing your FHA, VA, or USDA mortgage.
Some lenders allow you to apply with alternative data, such as proof that you are paying your bills on time, whether your credit score is low or zero. Flagstar does require a credit score, however.
To contact customer service, call Monday through Thursday 8:00 a.m. to 10:00 p.m. ET, Friday 8:00 a.m. to 8:00 p.m. ET, or Saturday 10:00 a.m. to 5:00 p.m. ET.
Is Flagstar Bank Trustworthy?
Flagstar Bank has no public controversy.
The Better Business Bureau gives Flagstar an A- rating. A high BBB score indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB rating, however, does not guarantee that you will have a smooth relationship with a mortgage lender. You can always read customer reviews online or ask friends and family about their experiences with Flagstar Bank.
Mortgage rates by state
Compare your Flagstar Bank mortgage rate to your state’s rates by clicking on the links below.
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