Bell Bank Mortgage Reviews

Bell Bank Mortgage offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate mortgages offer predictable monthly payments, which is why they're the most common type of mortgage.

You may consider an ARM if you plan to own your home for only a short time, as you’ll save money during the introductory low-rate period. There are some drawbacks to consider with an ARM, so you’ll want to consult with a loan advisor to see if it’s a good fit for your situation.

Bell Bank does not publish minimum rates online; you’ll have to connect with a Bell loan officer. Your debt-to-income (DTI) ratio, as well as your credit score and other factors, will greatly impact your interest rates. Generally speaking, the lower your DTI ratio, the better the interest rate you'll get.

To start the preapproval process, contact a Bell Bank loan officer in your area, whom you can find through the lender’s website. A loan officer will walk you through the next steps and gather basic financial information to evaluate your eligibility for a mortgage.

During the process, Bell Bank may ask for authorization to pull your credit report and request documentation about your finances. Be prepared to provide details such as:

• Employment history for the past two years
• Residence history for the past two years
• Recent pay stubs covering a 30-day period
• W-2 forms from the past two years (or 1099s and K1s, if applicable)
• Federal tax returns from the past two years

Bell Bank states that applicants typically receive a preapproval decision within 24 to 48 hours of applying.

Bell Bank Mortgage application features

Bell Bank offers conventional (with fixed or adjustable rates), FHA, VA, USDA and jumbo loans. The lender also offers various loans to assist borrowers with building or renovating homes, such as one-time close (OTC) new construction loans, lot loans and home rehab loans. Bell also offers specialized doctor and dentist loan programs.

In addition, Bell offers several affordable mortgage products, including:

• Bell Moving Forward Advantage: A program for minority borrowers applying for their first mortgage who may not qualify under traditional credit terms
• Bell Moving Forward Down Payment Assistance: A down payment assistance program that provides eligible borrowers with up to a 4% monthly payment loan to help with down payment and closing costs
• Bell Moving Forward 140: A conventional first mortgage program for borrowers who currently live in or move to an eligible minority census tract, with income limits up to 140% Area Median Income (AMI)
• Bell HomeAssist: A first mortgage program that offers a lower interest rate for first-time homebuyers who meet income requirements

Refinancing

Bell Bank Mortgage offers both rate-and-term refinances, which replace your existing mortgage with new terms, and cash-out refinances, which allow you to borrow against your home equity.

HELOC and home equity loans

Bell Bank has both home equity line of credit (HELOC) and home equity loan options for borrowers looking to tap into their home’s equity for funding.

Home equity loans are best used when you need the funds upfront (like for consolidating high-interest credit card debt into one payment). HELOCs are better when you need consistent access to funds (for emergencies, to pay medical bills, etc.).

Bell Bank does not publish detailed borrower requirements on its website. However, the lender offers several low-down-payment conventional loan options to qualified borrowers.

Freddie Mac Home Possible and Fannie Mae HomeReady programs allow eligible low- to moderate-income borrowers to purchase a home with as little as 3% down. These loans can be paired with Bell’s Moving Forward down payment loan, which may reduce the borrower’s upfront investment to just 1% down.

As with most lenders, the exact requirements for approval will depend on factors such as your credit score, income, debt-to-income ratio and loan type. Credit score requirements for government-backed mortgages can vary by lender, so you should consult with a loan officer to learn more about these options.

National mortgage requirements by type

If you’re wondering what type of home loan you can afford, here’s an overview of typical credit score and down payment requirements for common loan types.

For more information on other loan types, see our guide on jumbo loans.

Bell Bank doesn’t disclose its lender fees until you apply. However, the company states that most home loans are eligible for no origination fees (these fees are often 0.5% to 1% of the loan amount).

Origination fees are part of closing costs, which altogether can add up to around 2% to 5% of the loan total. These costs may include appraisal fees, insurance premiums, real estate taxes, title fees and other fees. After you’ve been preapproved, you can expect to receive a Loan Estimate, which details all of the estimated closing costs.