Greenlight Financial Services is a mortgage lender that is HUD and FHA approved. Loans obtained through Greenlight are backed with a low rate and fee guarantee. Greenlight can also refinance current loans at lower interest rates to help you save money on your monthly mortgage payments.
Their pre-approval process can be completed in as fast as 24 hours, and with many loan
programs they are often able to accommodate any financial situations. If you are strapped for cash and cannot pay the upfront costs, they can also structure loans to include these initial fees. Interested customers can call their loan consultants to obtain a personalized rate quote or may submit information directly through the online form located on the Greenlight Financial Services homepage.
Some loans may require an additional premium for Private Mortgage Insurance. This a protective measure lenders take to protect themselves from borrowers who cannot meet the initial down payment requirement necessary to qualify for a conventional loan. This insurance is also beneficial for individuals who want to take advantage of the most competitive interest rates. Without it, individuals typically have no option but to borrow money at a high interest rate throughout the entire duration of the loan.
Most of the online complaints relate to the initial procedures of the loan process, mainly customers having difficulties getting all the necessary documents together. It is important to note that with tightened lending standards all financial institutions are requiring more documentation and disclosure from their borrowers.
Some applicants believed Greenlight mislead them. They thought they were on their way to obtaining a loan, but after the application process, they ended up not being approved. Because Greenlight has a 45 day rate lock, applicants who receive their final loan approval after this period may find that their initial low rate guarantee is no longer applicable.
Mortgage interest rates are lower than they have been for quite some time. There are many programs, whether it is through Greenlight Financial or not, available to help people obtain a loan or refinance their existing loan.
Always read the final closing documents prior to signing off on them. Make sure that the information within the documents coincides with your initial loan terms agreed upon. Remember not to settle for a loan that you are not comfortable with or have hesitations about.