Flagstar Bank Mortgages Reviews
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About Flagstar Bank Mortgages
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Flagstar Bank (NMLS #417490) is a full-service bank and mortgage lender that offers a wide variety of purchase and refinance loans, including conventional, government-backed and jumbo home loans. The company provides loans to borrowers in all 50 states, and you can apply for its mortgages online, in person or over the phone.
- Wide range of home loans
- Down payment and closing cost assistance
- Available in all 50 states
- Limited information about rates and fees
Flagstar Bank rates
Flagstar Bank doesn’t post its current mortgage rates on its website. Instead, you’ll need to request a quote online to view its starting rates. The rate request includes questions about your desired loan type (purchase or refinance), home purchase price, loan amount, down payment amount and ZIP code.
For example, for a $300,000 home with a 20% down payment of $60,000 in the Tulsa, Oklahoma area, its annual percentage rates (APRs) range from 5.280% to 5.734% for a 15-year loan and 5.844% to 6.585% for a 30-year loan as of March 14, 2026.
Keep in mind that mortgage rates vary depending on factors like the borrower’s credit score and debt-to-income (DTI) ratio. Borrowers with high credit scores and low DTI ratios typically get the best rates.
Flagstar Bank loan types
Flagstar Bank offers a wide variety of loans, including conventional (with fixed or adjustable rates), government-backed and jumbo loans. It also offers refinance loans, home equity loans and home equity lines of credit (HELOCs).
Purchase loans
Flagstar Bank offers both conventional fixed-rate mortgages and adjustable-rate mortgages (ARMs), plus jumbo loans. Its government-backed loans include Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), U.S. Department of Agriculture (USDA) and state housing finance agency (HFA) loans.
It also offers flexible loans for people with low incomes, along with low down payment and closing cost assistance programs.
Refinance loans
Flagstar Bank offers term- and rate-based refinance loans and cash-out refinances.
Home equity loans and HELOCs
Flagstar Bank offers home equity loans and home equity lines of credit. Its HELOCs are offered in all 50 states, but its home equity loans may not be offered in all states.
Flagstar’s HELOCs have a 10-year draw period and a 20-year repayment period, and its limits range from $10,000 to $1 million. Its home equity loans are available in loan amounts ranging from $10,000 to $1 million, and borrowers can choose between 10-, 15- and 20- year loan terms. The company also offers a 0.25% rate discount to loan or line of credit borrowers who set up autopay with an eligible Flagstar account.
Flagstar Bank application process
Flagstar Bank allows you to prequalify online, and you can check rates and speak to a loan officer before you begin your application. You can also move straight to the loan application and complete it online.
For the application, you’ll need to provide information about your estimated purchase price, down payment amount and credit score. Be prepared to answer questions about your assets and income since Flagstar Bank will use this information to determine your loan amount. The company may also ask that you upload certain financial documentation, including pay stubs and tax returns.
Flagstar Bank Mortgages application process features
The table below shows some of Flagstar Bank’s application process features:
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Publishes rates online | Limited |
| Offers rate lock | |
| Offers prequalification | |
| Certified approval letter | |
| State availabiity | 50 |
| Number of physical branches | 340 |
Flagstar Bank requirements
Flagstar Bank doesn’t publish borrower requirements on its site, but typical requirements for a conventional loan include a credit score of at least 620 and a 3% minimum down payment. Government-backed mortgages, like FHA, VA and USDA loans, typically have lower credit score requirements, though most lenders require a credit score of at least 580 for FHA loans and 620 for VA and USDA loans.
Typical mortgage requirements by loan type
The table below shows typical mortgage requirements by loan type.
| Loan type | Min. credit score | Min. down payment | Compare with other lenders |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 or 580 | 3.5% or 10% | FHA lenders |
| VA | Set by lender, typically 580 or 620 | 0% | VA lenders |
| USDA | Set by lender, typically 620 | 0% | USDA lenders |
» RELATED: Best jumbo loan lenders
Flagstar Bank cost and fees
Flagstar Bank doesn’t publish its fees online, but you can expect to pay an origination fee, which typically ranges from 0.5% to 1% of the loan amount. You’ll also need to pay closing costs, which typically range from 2% to 5% of the loan amount. These costs usually include fees like appraisal fees, real estate taxes, attorney fees and mortgage insurance premiums.
Flagstar Bank also offers various closing cost and down payment assistance programs. Some of these include Fannie Mae’s HomeReady and Freddie Mac’s Home Possible loans. The company also provides its own programs, like the Flagstar Gift program, which gives eligible first-time homebuyers up to 3% of the home’s purchase price or up to $7,500 or $15,000 (varies by location) to use toward a down payment or closing costs.
FAQ
Is Flagstar Bank legit?
Yes, Flagstar Bank is a legitimate bank. It’s a member of the Federal Deposit Insurance Corp. (FDIC) and it’s licensed with the Nationwide Multistate Licensing System (NMLS).
Where are Flagstar Bank mortgages available?
Flagstar Bank mortgages are available to borrowers in all 50 states. The bank operates in-person branches in New York, California, New Jersey, Florida, Ohio, Michigan, Indiana, Arizona and Wisconsin.
Is Flagstar Bank a good mortgage lender?
Whether Flagstar Bank is a good mortgage lender for you depends on what type of loan you’re looking for and your borrower criteria. It offers a wide range of home loans, along with several down payment and closing costs assistance programs. But it isn’t transparent about its rates, fees or borrower requirements, so it’s difficult to compare it to other mortgage lenders when shopping for home loans.
Flagstar Bank Mortgages Reviews
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Reviewed Sept. 27, 2024
Updated on 10/13/2024: I've submitted several Corporate complaints as well as a BBB complaint and a complaint with this web site. Consumer Affairs. I have not received a call back from any of the concerns made. I did receive a letter dated August 26th, 2024 from Darlene **, office of the president that stated I would be provided an update or resolution with 10 business days. Well, as of 34 business days have come and gone, I still have yet to hear from anyone. Unreal to say the least. For anyone looking to use this company, my suggestion would be to find another company to do your business with. Many companies out there want you as a customer...These clowns could care less!!!
Original Review: I just can't believe what I'm experiencing with this company. And I'm a brand new customer. From the looks of the comments, I'm not the only one either. 73% are 1 star or less. That is a terrible customer rating... How many of those 73% have told a family member or friend about the experiences? I know that I have. And if I could give a zero, I would for sure. I have a serious issue with my mortgage and have complained about it and called for a more than 3 months and have not received a call back to discuss. From anyone!!!
I'll try and make a terrible long story short. My mortgage got bought/sold to Flagstar a few months ago and I was the last to know. And nobody from this company called to let me know that. NOBODY. I had to find out myself. They should have called to welcome me as a new customer and to make sure my transition was smooth. And Flagstar did NOTHING! I had my payment on auto and when that didn't go through my other mortgage company, I called to get the news that Flagstar was now my mortgage bank. I won't get into the details, but this company lies, harasses their customers with door hangers, don't give your information needed to make good decisions, and definitely don't respond to any concerns.
I'll finish with this, to the potential customer looking for a mortgage bank.. run, run, run. A lot of banks out there want you as a customer. This lender could care less about you as a customer. Loan Depot was my previous mortgage lender, and they are great at customer service and actual do a fantastic job giving information and actually leading the customer to making good decisions and cares about one's livelihood and well-being.
Reviewed Sept. 16, 2024
Updated on 10/29/2024: Worst experience I have ever had selling my home! The Loan Assumption Department does not care about its customers and does not like to respond, nor the managers, nor the manager's manager! You can't get a hold of anyone who is willing to help or do more than the absolute minimum. The whole department in Michigan is rude to not only buyers and sellers, but to agents as well. Flagstar loan assumption department had been talking and corresponding with my agent from day 1 without my written consent (with proof of email documentation), but then because my agent asked to speak with a manager to file a complaint about the loan processor's poor communication, neglect, and zero (0) responses to me, myself as seller, from the several voicemails I left for Ashley ** to call me back....
Instead, my agent was told by Ashley's manager, Cathleen **, that she is not allowed to even speak with my agent without my written consent filled out on form provided on Flagstar Mortgage website! Which is completely contradicting! Considering that I received email from Ashley ** explaining to me that the reason she did not return MY VOICEMAILS to call ME back about MY ACCOUNT, is because she had been corresponding with MY AGENT (who is not on the account) instead! But in fact WAS NOT SUPPOSED to without me filling out and signing Authorization Form First....??!!
I have just now, well over a month later, had Mr. **, from the Office of the President/ Flagstar Mortgage, reach out to me regarding my complaint... and requested, yet again, for the 3rd time, a copy of ALL emails, correspondence, transactions and requests that transpired during the sale of my home (to, by and between my agent, Robert **, any third party requests made for inspections, reports, data, in house processes, etc... that pertained to the sale of my property and transfer of assumable loan), and was told that he would gather that information and have it sent to me.
I have yet to receive a returned phone call from him or his office, I have yet to receive any documents that I have requested, which is my civil right as a consumer! I would like answers given to me immediately! Flagstar Mortgage has cost me a lot of time off from work, and money, major losses and caused me and my children severe mental anguish, due to their neglect and disregard for professionalism, or ethical practices which nearly left me us homeless!
Not to mention, as I am seeking remediation to this serious matter, I was told now told on 10/28/2024 by agent that Flagstar made yet another mistake of sending refund check for homeowners insurance refund to my ex-husband (co-seller) and was told it should have gone to the buyers instead!!?? Even though I had received confirmation letter stating that our loan has been successfully transferred to new buyers and we have been lawfully released of any further mortgage responsibilities pertaining to subject property.
At this point, I have no other choice but to escalate this matter and take it to the Office of the Comptroller of Currency, the Federal Trade Commission, the BBB, the OAG and whomever else it takes to get some kind of assistance and remediation. It is unfortunate that Flagstar could not respond or even try to provide me with any assistance to handle this in a timely and more professional manner. I feel absolutely neglected, disregarded, cheated, robbed and bold face lied to as a consumer who trusted Flagstar Mortgage with my home loan. I will not stop until I find justice. As an American taxpayer who works hard, pays taxes, pays ridiculous amount of interest to companies who are hired to do a service, and who has been cooperative and timely throughout the process of any requests made from me, it makes me wonder why I am not treated with the same respect...
Original Review: This mortgage company caused me, as the seller, a lot of damages and losses due to violating several RESPA laws and regulations. They treated the buyers terrible and told them to not call them again! The loan assumption department manager, Cathleen ** was extremely rude to my real estate agent! And they were very rude in emails! They did not care about my sensitive case. Not ONE time did Ashley ** return any of my voicemails that I had left over the course of 7 days. They did not order disaster report until last minute, causing more delays.
We were supposed to close on 9/12/2024 on sale of our home, and because of their negligence, we have to close on 9/19/2024. Which cost me a ridiculous amount of money and fees, not to mention ruined my credit! I am a domestic violence survivor and did not need any further issues. Would never recommend this company to anyone! Me and my realtor fully intend on seeking remediation for our damages.
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Reviewed Aug. 31, 2024
I gave them 1 star because 0 isn't an option. Ever since my GOOD mortgage company sold my mortgage to Flagstar, they have screwed up my payments left and right. They keep applying my payment to principal only, and then threaten me with late fees for "non-payment." More time on the phone, stressing about this stuff I shouldn't need to stress about. You all have your money!! Why can't you apply it correctly? I pray that my mortgage is sold off to a company that can keep this stuff straight.
Reviewed Feb. 1, 2024
I am in awe by the lack of communication and utter disrespect for their clients. I was preapproved for a loan, and chose to use them for a loan on an investment property. I submitted all paperwork required in a timely manner, but can't say the same for the bank. Everything was delayed, no communication even when my representative consistently reached out to them, leading me to have to request an extension from the seller because I still had no information from the bank about the appraisal, loan, nothing at all. It was complete crickets. The seller agreed to extend two more weeks. A week before the second date for closing, I get an initial disclosure from the bank with all the estimates, with the information incorrect.
I finally get the appraisal three days before closing, and two days before closing, we hear from the bank to say that items needed to be fixed in the home, and another inspection had to be done to make sure everything is up to their standards before they would give us the fundings. TWO DAYS BEFORE THE SECOND CLOSING DATE! The seller was angry, and refused any extensions to clear up the absolute mess the bank made due to their complete lack of communication and incompetence. To throw salt on the wound, we are also out of our escrow money, again due to the bank's incompetence.
Reviewed Jan. 3, 2024
We received a letter in the mail saying that to start this year off we needed 100 more into escrow. They did not give us an option just to pay the hundred and on top of that when they added it to our loan instead of it being $10 a month more it raise our payment $20 a month more which is actually $240. I don't like a mortgage lender automatically making decisions for me. There should be options in this situation. And not only that but I guess Flagstar Bank has something to do with the Lakeview mortgage or something or they've sold it again. I don't even know what's going on at this point. One thing is for certain. I will never use Rocket mortgage again cuz they're the ones that got me in this nightmare.
Reviewed Dec. 27, 2023
I purchased my house in approximately February of 2021. My disclosed payment, including escrow, at that time was $1577. My first payments were actually $1398 due to some unknown adjustments. My newest bill including escrow is $1954. This equates to a $400 a month increase due to their mis-management of my escrow in 2 years. This increase should not be allowed as their disclosure was false and my monthly payments should not have increased by that amount. I understand escrow can change year to year but at $400 a month is not acceptable. They continue to mis-manage the escrow, I always have a large shortage which last year I had to have reduced by extending the payments and now it has gone up again. I would not do business with them.
Reviewed Nov. 18, 2023
They acquired my mortgage 12/2022. It has been nothing but problems since that day. I begging my old lender to please get my loan back. And I have no idea how to get away from them. They acquired my loan with the terms I had with Cardinal Financial. Well they have collected escrow for my flood policy all year. Now have removed my flood policy from my escrow and refuse to pay my flood policy. Then send me a letter that it was voluntarily removed. I have all the documents and recorded calls with me begging them to pay my flood insurance. I never once gave anyone permission to remove my grandfathered in very inexpensive flood policy that they are trying to make me lose.
I am already receiving treatment for PTSD and they are causing so much unnecessary stress to my life. I have never had high blood pressure. But every time I have to deal with them, when I get to my treatments. My blood pressure is through the roof. Other than that my BP is normally perfect. If anyone has any idea how to get away from this bank. PLEASE LET ME KNOW! Without refinancing because my interest rate is a lot lower than they are running today. Definitely the worst bank I had ever dealt with. Praying my attorney can get them where the sun don't shine their pockets!
Reviewed Nov. 11, 2023
Flagstar Bank is the absolute worst. Our mortgage was sold to this and the website interface is not only terrible, I constantly have to have some other form of 'verification' every single time I log in. I have my mortgage set to auto-pay, which I guess is a nice feature. Our home value skyrocketed and instead of dropping our PMI when I put in our request, they told me I'd have to make a check payable to them for $190 to have someone come out inspect the property. I would rather burn $190 than give them another cent. I will NEVER voluntarily refinance or use this company again in the future. I will also resubmit a request to drop PMI every single month until they finally do it. Let them pay someone to continue to review my documentation.
Reviewed Oct. 29, 2023
Pretty sure the people who rated Flagstar Bank a 5 are employees. I’ve never read a good review of Flagstar Bank, and have never written a good review for Flagstar Bank either. Horrible bank, to call it a bank is like saying the Grand Canyon is a ditch. Awful company, rude staff working from their homes, can you hear the dogs and the babies crying. Please, do not use this place for your mortgage if you can help it. Read all of the reviews in other sites, which give it a zero at best.
Reviewed Oct. 25, 2023
Had to share my experience. Made a payment, took 18 days to process (No one could explain to me why it took so long, customer service rep very unprofessional...) which would cause a late fee to occur and possible bad credit reporting for my account. Make sure when you make your payments on their website that you screen shot the payment, it's called police and protect when making your payments. I am reading the reviews and I see there are so many others having the same problem,,,, If you speak to customer service rep before ending the call make sure the notes are accurate concerning your conversation.... Police and Protect your account.... You can not make this up.....IJS.
Flagstar Bank Mortgages Company Information
- Company Name:
- Flagstar Bank
- Website:
- www.flagstar.com