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.

The company may offer lower rates compared to the national average for the same loan type. At the time of publishing, Strong Home Mortgage offered a starting rate as low as 6.75% on a 30-year fixed-rate mortgage for borrowers with very good credit (score of at least 740).

Strong Home Mortgage also offers both fixed and adjustable-rate (ARM) mortgages. While fixed-rate mortgages are the most common type of loan, ARMs are another option in high-interest rate environments. You may be able to secure an adjustable rate today that’s lower than a fixed rate alternative. Keep in mind, however, that an adjustable rate could reset to a higher rate in five or seven years, and you might need to refinance to a fixed rate or another ARM.

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.

If you prefer to speak to a loan officer before you begin the application, you can request a quote from Strong Home Mortgage’s website and enter your contact information. A loan officer will reach out to you directly.

Whether you apply online or with a loan officer, be prepared to answer personal questions about your financial situation. It may be helpful to have the following documents handy when you apply: a recent pay stub, your prior year’s tax return or W2 and bank account statements. You’ll also upload these financial statements into the loan application portal.

Once you’ve submitted the completed application, you could receive a pre-qualification decision within one to two business days. In addition, you could be “clear to close” in 30 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 (with fixed or adjustable rates), jumbo, FHA and VA loans. Most mortgage loans have either 15- or 30-year terms. 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.

Strong Home Mortgage specializes in cash-out refinances, which accounted for a little over half of its total loan originations last year (52%), according to HMDA data. Another 40% of loan originations were for home purchases.

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 6.875% for borrowers with very good credit (scores between 740 and 779). VA and FHA refinance options have starting rates at 6.25% for borrowers in a similar credit score range.

HELOC and home equity loans

Strong Home Mortgage provides both home equity loans and HELOC options. With either option, you’ll 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 discloses many of its borrower requirements on its website. Conventional loans typically have higher credit score requirements than government-backed mortgages, like FHA loans or VA loans. You’ll need at least a 620 to qualify for a conventional loan with Strong Home Mortgage. 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.

The origination fees are a portion of the closing costs you’ll pay for a new loan. For reference, total closing costs generally average about 2% to 5% of the home’s purchase price. After you’re pre-approved for a mortgage loan, you’ll receive a document that estimates each of the potential closing costs, including origination fees.

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.

When compared to other online mortgage lenders, like Rocket Mortgage and Better Mortgage, Strong Home Mortgage has a similar array of loan options available. Starting rates appear to be competitive with other nationwide lenders. However, companies like Rocket Mortgage are available in all 50 states, whereas Strong Home Mortgage is only available in 29 states. It may be worth getting a rate quote from the company if you live in one of the states it services.

Strong Home Mortgage is a legitimate mortgage lender, originating over $10 billion in home loans in 2021. The company’s loan officers have an average of over 20 years of experience in the industry, according to its website.