Strong Home Mortgage Reviews

Strong Home Mortgage offers loan products for both premium homebuyers (which likely means borrowers with excellent credit) and first-time homebuyers. For borrowers with good to excellent credit (scores of 670 or above), it may be worth getting a rate quote from the company, as it offers competitive rates. However, for borrowers with less-than-average credit, you may want to consider applying with lenders such as Flagstar Bank, Benchmark Mortgage or New American Funding, which may have more programs available to fit your needs.

Strong Home Mortgage publishes starting rates on its website for both home purchases and refinances. You can also adjust rate information by plugging in the specific components of your loan scenario, like credit score, purchase price and down payment. At the time of publishing, Strong Home Mortgage offered a starting rate as low as 6.49% on a 30-year fixed-rate mortgage for borrowers with very good credit (score of at least 740).

You can apply for a home loan 100% online by visiting Strong Home Mortgage’s website and clicking on “Apply Now.” You’ll start by creating an account and indicating the type of loan you’re applying for.

Once you’ve submitted the completed application, you could receive a pre-approval decision within two business days. In addition, you could be “clear to close” in 28 days or less, according to the company’s website.

Strong Home Mortgage application features

Strong Home Mortgage offers a variety of home loans, including conventional, jumbo, FHA and VA loans. Terms are flexible, ranging from 10 to 30 years. The company also has refinancing options available for borrowers looking to cash out equity or lower their monthly payments. Currently, it does not originate USDA loans.

Refinancing

Strong Home Mortgage offers refinancing for both conventional loans and government-backed mortgages, like FHA and VA loans. Refinances are generally in 15- or 30-year terms. There are cash-out refinances available also for each loan type, which allows you to get cash from your equity. At the time of publishing, Strong Home Mortgage’s refinance rate offerings for conventional loans start at 5.5% for borrowers with very good credit (scores between 740 and 779).

HELOC and home equity loans

Strong Home Mortgage provides both home equity loans and HELOC options. With either option, you’ll likely need at least a 680 credit score and at least 15% equity in your home in order to qualify. Home equity loan terms can vary, usually between 5- to 30-year terms. HELOCs generally have a 10-year draw period followed by a 20-year repayment period.

Strong Home Mortgage does not disclose its borrower requirements on its website. Conventional loans have higher credit score requirements than government-backed mortgages, like FHA loans or VA loans. You typically need a minimum credit score of 620 to qualify for a conventional loan. FHA loans tend to be a popular choice for first-time homebuyers because the minimum credit score is 500.

Down payment requirements also vary among loan types. VA loans have no down payment requirements unless the home’s appraised value is less than its sales price. With conventional loans, you’ll need to put down at least 3%. Down payment requirements are higher on FHA loans (at 3.5%), which can vary based on your credit score.

Strong Home Mortgage requirements by type

Strong Home Mortgage does not list the origination fees it charges on home loans. However, many lenders charge between 0.5% and 1% of the loan amount in total origination fees, which can include application and underwriting fees.

Even if fees are not disclosed upfront, you can still assess the costs associated with a new loan by looking at the annual percentage rate (APR) options. The APR includes fees, like origination fees, to the stated interest rate. Strong Home Mortgage lists the APR in its rate quotes.

Strong Home Mortgage does have programs available for first-time homebuyers with average credit scores. It also offers a $6,000 on-time closing guarantee, which can be helpful if your closing is delayed by the lender.

Strong Home Mortgage is a legitimate mortgage lender with over 40 years of experience in the industry.. The company is transparent about its starting rates and offers free rate quotes online. It's $6,000 closing guarantee ensures that your mortgage closes in a timely manner.