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1 min read Nov 25, 2022

3 Best Mortgage Lenders in Arkansas

3 Best Mortgage Lenders in Arkansas

Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Arkansas and assess which is ideal for home buyers amidst sporadically rising interest rates.

Reviews: 3 Best Mortgage Lenders in Arkansas

1. Ally Bank, Arkansas

Best for First-time Buyers

Ally Mortgage

Mortgage Lender- Ally bank
  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  •   3.75/5 (1,030 reviews)

Ally Bank is an online bank founded in 2009 in Detroit. Formally known as GMAC. Ally provides conventional banking products and services and charges no lender fees.

  • Pre-Approval Speed: 3 minutes
  • Credit Score: 620 for all typical loans and 700 for Jumbo loans
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 35-45 days
  • Types of Loans:
    • Conforming
    • Jumbo
    • Refinance

What You Need to Know about Applying for a Mortgage from Ally,com

  • How to apply: After completing the online application, upload, sign, and submit the required documents. Application to closing can take weeks to months. Only in-person closings are allowed.

Ally Bank has 3.75 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Ally.com is available in 45 states and Washington, D.C. Home loans from Ally are not available in the states of Hawaii, Massachusetts, New Hampshire, Nevada, and Virginia.

2. Wells Fargo, Arkansas

Best for Variety of Products

Wells Fargo

Wells Fargo Mortgage Lender
  • Min. Credit Score: 600
  • 📍 Coverage: 45 markets
  • 4 Stars  4/5 (2,775 reviews)

Wells Fargo is one of the four largest banks in the United States, and it provides services such as home equity loans and home equity lines of credit

  • Pre-Approval Speed: Undisclosed
  • Credit Score:600
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 30-90 days
  • Types of Loans:
      • Conventional loans
      • Federal Housing Administration (FHA) loans
      • Department of Veterans Affairs (VA) loans
      • U.S. Department of Agriculture (USDA) loans
      • Jumbo loans
      • Refinance loans
      • Cash-out refinance (certain loan products)
      • Fixed-rate loans
      • Adjustable-rate loans
      • Construction loans
      • Union Plus mortgage

What You Need to Know about Applying for a Mortgage from WellsFargo.com –

  • How to apply: You can apply for a mortgage from Wells Fargo online, by calling, or by visiting a local consultant.

Wells Fargo has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Wells Fargo are available in all 50 states.

3. Bank of America, Arkansas

Best National Bank

BOA

logo image
  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4 Stars 4/5 (2,204 reviews)

Bank of America is the biggest national bank and has processed over thousands of home mortgages.

  • Pre-Approval Speed: 20 minutes
  • Credit Score: 620
  • Interest Rate: Lower than National Average (7%)
  • Days to Close: 30 to 45 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA loans

What You Need to Know about Getting a Mortgage from Bank of America

  • How to apply: online via bankofamerica.com

Bank of America Mortgage has 4 out of 5 stars on Consumer Affairs.

Near-Nationwide Coverage: Bank of America processes mortgages in 42 states.

What is a Mortgage?

A loan taken to buy a house is a mortgage. The borrower will make payments to the mortgage lender periodically, and the property serves as the collateral. The common types of mortgages are:

  • Fixed-rate mortages: Interest rate remains constant throughout the term of the loan
    • 5-year fixed-rate mortgages
    • 15-year fixed-rate mortgages
  • Adjustable-rate mortgages: Interest rate is fixed for a period of time, and then changes based on the prevailing interest rates once a year.

Related:

Arkansas Mortgage Lenders

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