About
Arvest Mortgage, until november 2022, a subsidiary of Arvest Bank, Arvest Central Mortgage Company, is the home lending division of Arvest Bank, a regional bank headquartered in Fayetteville, Arkansas, with branches in Arkansas, Kansas, Missouri, and Oklahoma.
Arvest Mortgage provides a range of mortgage loan options, including conventional, FHA, VA, and USDA loans, as well as refinancing and home equity products. They also offer online tools and resources to help customers find the right loan and navigate the homebuying process. Arvest Mortgage has been recognized for its customer service and has received high ratings from independent ratings agencies.
In November 2022, Arvest Central Mortgage Company merges with the parent company - Arvest Bank.
Key Features
- Multiple loan options. Arvest Mortgage offers a range of loan options, including conventional, FHA, VA, and USDA loans, as well as refinancing and home equity products. This means customers can find a loan that suits their individual needs and financial situation.
- Online tools and resources. Arvest Mortgage provides online tools and resources to help customers with the homebuying process. This includes a mortgage calculator, homebuyer's guide, and mortgage checklist to help customers prepare for the application process.
- Competitive rates. Arvest Mortgage offers competitive interest rates on its mortgage loans. This can help customers save money over the life of their loan.
- Local expertise. Arvest Bank has branches in four states, which means customers can work with local loan officers who have expertise in the local housing market.
- Strong customer service. Arvest Mortgage has been recognized for its strong customer service. The bank has received high ratings from independent ratings agencies, which can provide customers with confidence in their lending experience.
Pros and Сons
Pros
- Range of loan options. Arvest Mortgage offers a variety of loan options, which can be helpful for borrowers who have unique financial situations or credit profiles.
- Competitive rates. The bank offers competitive interest rates, which can help borrowers save money over the life of their loan.
- Local expertise. With branches in four states, Arvest Mortgage loan officers have expertise in the local housing market and can provide personalized guidance to borrowers.
- Online tools and resources. Arvest Mortgage provides online tools and resources to help borrowers understand the homebuying process and navigate the mortgage application process.
- Strong customer service. Arvest Mortgage has a good reputation for customer service and has received high ratings from independent ratings agencies.
Cons
- Limited geographic reach. Arvest Mortgage is only available in Arkansas, Kansas, Missouri, and Oklahoma, which may be a disadvantage for borrowers who live outside these states.
- Limited availability of specialty loans. Arvest Mortgage does not offer specialty loans such as construction loans or reverse mortgages, which may be a disadvantage for borrowers who need these types of loans.
- Limited online application process. While Arvest Mortgage provides online tools and resources, the actual mortgage application process is not fully online, which may be inconvenient for some borrowers.
Products
- Conventional loans. These are traditional mortgages that are not backed by a government agency. They are available in fixed-rate and adjustable-rate options.
- FHA loans. These loans are backed by the Federal Housing Administration and offer low down payment options and more flexible credit requirements.
- VA loans. These loans are available to eligible veterans, active-duty service members, and surviving spouses. They offer 100% financing and flexible credit requirements.
- USDA loans. These loans are backed by the U.S. Department of Agriculture and are available to borrowers in eligible rural areas. They offer 100% financing and low-interest rates.
- Jumbo loans. These are mortgages that exceed the limits set by Fannie Mae and Freddie Mac, and are typically used to finance more expensive properties.
- Refinancing loans. Arvest Mortgage offers refinancing options for borrowers who want to lower their monthly payments or shorten the term of their loan.
- Home equity loans and lines of credit. These products allow homeowners to tap into the equity they have built up in their homes to pay for major expenses.
It's important to note that loan availability may vary depending on the state and location of the property. Arvest Mortgage loan officers can provide more information on which loan products are available in specific areas.
Reliability
Arvest Mortgage is a wholly owned subsidiary a division of Arvest Bank, which is a regional bank that has been in business for over 50 years. The bank has a strong reputation for reliability and stability, with a strong financial position and a history of prudent lending practices. Arvest Bank has received high ratings from independent ratings agencies, including an A+ rating from the Better Business Bureau and a 4-star rating from Bauer Financial. Additionally, Arvest Mortgage has received positive reviews from customers for its customer service and ease of the loan application process. Overall, Arvest Mortgage appears to be a reliable and trustworthy lender with a strong track record of serving its customers.
Funding a Loan
The steps to funding a loan with Arvest Mortgage typically include:
- Prequalification. The borrower submits an application and provides basic financial information, such as income, debt, and credit score. The lender then reviews the application and determines if the borrower meets the basic criteria for the loan.
- Loan application. The borrower submits a complete loan application, including documentation such as pay stubs, tax returns, and bank statements. The lender reviews the application and documentation and verifies the borrower's income, assets, and other financial information.
- Loan processing. The lender orders an appraisal to determine the value of the property and underwrites the loan to ensure that the borrower meets all of the loan requirements. This process may involve requesting additional documentation or information from the borrower.
- Loan approval. If the loan meets all of the underwriting requirements, the lender issues a loan approval and sends the borrower a loan commitment letter outlining the terms of the loan.
- Closing. The borrower signs the loan documents and pays any closing costs or fees associated with the loan. The lender then funds the loan and the borrower takes possession of the property.
- Servicing. After the loan is funded, the borrower makes regular payments to the lender to pay back the loan. Arvest Mortgage services its loans, which means that the borrower will make payments directly to the bank and work with the bank if any issues or questions arise during the life of the loan.
It's important to note that the exact steps may vary depending on the loan officer, product and the borrower's individual circumstances. Arvest Mortgage loan officers can provide more detailed information on the loan process for specific loan products.
Additional Services
Arvest Bank, the parent company of Arvest Mortgage, offers a range of financial products and services in addition to mortgage loans, including:
- Personal banking. Arvest Bank offers checking and savings accounts, credit cards, and personal loans.
- Business banking. The bank offers a range of products and services to help businesses manage their finances, including checking and savings accounts, loans, and merchant services.
- Investment services. Arvest Bank offers investment services, including financial planning, retirement planning, and brokerage services.
- Insurance services. The bank offers a range of insurance products, including home, auto, and life insurance.
- Wealth management. Arvest Bank offers wealth management services, including trust and estate planning, private banking, and investment management.
- Online banking. The bank offers online and mobile banking services, which allow customers to manage their accounts, pay bills, and transfer funds from their computer or mobile device.
Overall, Arvest Bank provides access to a range of financial services beyond just mortgage loans, which may be convenient for customers who prefer to work with a single provider for their financial needs.
Terms and conditions
The terms and conditions for Arvest Mortgage loans may vary depending on the specific loan product and the borrower's individual circumstances. However, here are some general terms and conditions that borrowers can expect:
- Loan amount. The amount of the loan will depend on the type of loan and the borrower's financial situation, but Arvest Mortgage offers loans ranging from several thousand dollars to several million dollars.
- Loan term. The length of the loan term will depend on the type of loan and the borrower's preference, but terms typically range from 10 to 30 years.
- Interest rate. The interest rate will depend on the type of loan, the borrower's credit score and financial history, and market conditions. Arvest Mortgage offers both fixed-rate and adjustable-rate mortgage loans.
- Down payment. The amount of the down payment required will depend on the type of loan and the borrower's financial situation. Some loans, such as VA and USDA loans, offer 100% financing, while others may require a down payment of up to 20%.
- Fees. Borrowers should expect to pay various fees associated with the loan, such as application fees, appraisal fees, and closing costs. These fees will vary depending on the loan product and the location of the property.
- Repayment. Borrowers will be required to make regular monthly payments to repay the loan, which will be based on the loan amount, interest rate, and loan term.
It's important to note that these terms and conditions are general and may vary depending on the specific loan product and the borrower's individual circumstances. Arvest Mortgage loan officers can provide more detailed information on their website about the terms and conditions for specific loan products.
Arvest Mortgage vs Union Home Mortgage
Arvest Mortgage and Union Home Mortgage are both mortgage lenders, but there are some differences between the two companies that borrowers may want to consider when choosing a lender. Here are some key differences.
Company size and reach. Arvest Mortgage is a division of Arvest Bank, which is a regional bank with branches in four states (Arkansas, Oklahoma, Missouri, and Kansas). Union Home Mortgage, on the other hand, is a national lender with branches in over 40 states.
Loan products. Arvest Mortgage offers a range of loan products, including conventional, FHA, VA, and USDA loans, as well as jumbo loans and construction loans. Union Home Mortgage also offers these types of loans, as well as specialized loan products such as renovation loans and doctor loans.
Loan processing and servicing. Arvest Mortgage processes and services its loans in-house, which means that borrowers work directly with the bank throughout the life of the loan. Union Home Mortgage, on the other hand, may sell its loans to other lenders or servicers, which means that borrowers may not have as much control over the servicing of their loan.
Customer service. Both Arvest Mortgage and Union Home Mortgage have received positive reviews for their customer service, with high ratings from independent rating agencies and customer reviews. However, some borrowers may prefer working with a regional bank like Arvest Mortgage if they prefer a more personalized and local approach to banking.
Overall, both Arvest Mortgage and Union Home Mortgage are reputable lenders with a range of loan products and good customer service. The choice between the two may depend on factors such as location, loan product availability, and personal preference for working with a regional bank or a national lender. It's important for borrowers to compare rates, terms, and fees from multiple lenders to find the best option for their individual needs.
Arvest Mortgage vs Specialized Loan Servicing
Arvest Mortgage and Specialized Loan Servicing (SLS) are different types of companies within the mortgage industry. Arvest Mortgage is a mortgage lender, while SLS is a mortgage servicer. Here are some key differences between the two.
Loan origination. Arvest Mortgage originates loans and works directly with borrowers to provide financing for their home purchases or refinancing needs. SLS, on the other hand, does not originate loans, but instead acquires the servicing rights to loans from other lenders or investors.
Loan servicing. After a borrower has obtained a mortgage loan, the loan will typically be serviced by a third-party servicer like SLS. Loan servicing involves collecting payments from the borrower, managing escrow accounts, and handling other administrative tasks related to the loan. Arvest Mortgage services its loans in-house, which means that borrowers work directly with the bank throughout the life of the loan.
Customer service. Both Arvest Mortgage and SLS have received mixed reviews for their customer service. Arvest Mortgage has generally received positive reviews for its customer service, with high ratings from independent rating agencies and customer reviews. SLS, on the other hand, has received mixed reviews, with some customers complaining about poor communication and difficulty in resolving issues.
Range of services. Arvest Mortgage offers a range of loan products, including conventional, FHA, VA, and USDA loans, as well as jumbo loans and construction loans. SLS does not offer loan origination services, but instead specializes in loan servicing for a range of loan types.
Overall, Arvest Mortgage and SLS are different types of companies within the mortgage industry, with different roles in the mortgage process. Borrowers may work with both companies at some point at different stages of the mortgage process. It's important for borrowers to compare rates, terms, and fees from multiple lenders and servicers to find the best option for their individual needs.
Arvest Mortgage vs American Financing
Arvest Mortgage and American Financing are both mortgage lenders, but there are some differences between the two companies that borrowers may want to consider when choosing a lender. Here are some key differences.
Company size and reach. Arvest Mortgage is a division of Arvest Bank, which is a regional bank with branches in four states (Arkansas, Oklahoma, Missouri, and Kansas). American Financing is a national lender with branches in multiple states.
Loan products. Arvest Mortgage offers a range of loan products, including conventional, FHA, VA, and USDA loans, as well as jumbo loans and construction loans. American Financing also offers these types of loans, as well as specialized loan products such as renovation loans, reverse mortgages, and debt consolidation loans.
Loan processing and servicing. Arvest Mortgage processes and services its loans in-house, which means that borrowers work directly with the bank throughout the life of the loan. American Financing also services its loans in-house, but may outsource some processing functions to third-party vendors.
Customer service. Both Arvest Mortgage and American Financing have received positive reviews for their customer service, with high ratings from independent rating agencies and customer reviews. However, some borrowers may prefer working with a regional bank like Arvest Mortgage if they prefer a more personalized and local approach to banking.
Overall, both Arvest Mortgage and American Financing are reputable lenders with a range of loan products and good customer service. The choice between the two may depend on factors such as location, loan product availability, and personal preference for working with a regional bank or a national lender. It's important for borrowers to compare rates, terms, and fees from multiple lenders to find the best option for their individual needs.
Arvest Mortgage vs Churchill Mortgage
Arvest Mortgage and Churchill Mortgage are both mortgage lenders, but there are some differences between the two companies that borrowers may want to consider when choosing a lender. Here are some key differences.
Company size and reach. Arvest Mortgage is a division of Arvest Bank, which is a regional bank with branches in four states (Arkansas, Oklahoma, Missouri, and Kansas). Churchill Mortgage is a national lender with branches in multiple states.
Loan products. Arvest Mortgage offers a range of loan products, including conventional, FHA, VA, and USDA loans, as well as jumbo loans and construction loans. Churchill Mortgage also offers these types of loans, as well as specialized loan products such as renovation loans, doctor loans, and FHA 203(k) loans.
Loan processing and servicing. Arvest Mortgage processes and services its loans in-house, which means that borrowers work directly with the bank throughout the life of the loan. Churchill Mortgage also processes and services its loans in-house, and prides itself on its streamlined process and quick loan closings.
Customer service. Both Arvest Mortgage and Churchill Mortgage have received positive reviews for their customer service, with high ratings from independent rating agencies and customer reviews. However, Churchill Mortgage has won numerous awards for its customer service, including being named a Top Workplace by The Tennessean for several years in a row.
Overall, both Arvest Mortgage and Churchill Mortgage are reputable lenders with a range of loan products and good customer service. The choice between the two may depend on factors such as location, loan product availability, and a person or personal preference for working with a regional bank or a national lender. It's important for borrowers to compare rates, terms, and fees from multiple lenders to find the best option for their individual needs.
