Anchor Home Mortgage Mortgage Review 2020
By Erik J. Martin
About our reviews
Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
Bankrate Score
4.1
4.3
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Anchor Home Mortgage is an online mortgage broker with one brick-and-mortar location that originates loans for over 50 lenders and banks. The company was established in 2008 and is headquartered in Alpharetta, Georgia. “We’ve served over 20,000 customers, and we pride ourselves on closing in under two weeks and offering some of the best mortgage rates available,” says president Chris Stockhoff. “Our skilled lending professionals are committed to finding the right loan for your particular needs.”Nationwide availability
Available in Florida and Georgia
Minimum credit score
620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 660 for home equity loans; 680 for HELOCs
Loan types
Conventional fixed-rate and adjustable-rate (ARM), jumbo, FHA, VA, USDA, home equity loans, home equity lines of credit (HELOCs); refinancing options include rate-and-term refinancing, cash-out refinancing, streamline (VA/FHA)
Pros
- Working with a broker, customers have access to more lender, loan and rate options
- Closings typically within 14 days
- Website provides helpful resources including loan calculators, forms and glossary
Cons
- Doesn’t offer construction loans
- Doesn’t offer land/lot loans
- Doesn’t offer rehab loans
- Only available in two states
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Anchor Home Mortgage overview
Loan types
- Conventional fixed-rate and adjustable-rate (ARM)
- Jumbo
- FHA
- VA
- USDA
- Home equity loans
- Home equity lines of credit (HELOCs)
- Refinancing including rate-and-term refinancing, cash-out refinancing, streamline (VA/FHA)
Lender fees
Anchor Home Mortgage charges a single underwriting flat fee between $495 and $1,050, depending on the loan product and purpose.
Minimum borrower requirements
Anchor Home Mortgage adheres to the conforming loan requirements and underwriting guidelines for mortgages approved by GSEs Fannie Mae, and Freddie Mac, as well as those backed by the FHA, VA and USDA. Requirements will vary based on the loan and borrower. In general, minimum FICO scores, minimum down payment and maximum debt-to-income ratio (DTI, the percentage of your monthly gross income used to pay debts) can range from, respectively:
- Conforming loans up to $510,400: 620, 3% down, 50% DTI
- High balance (in all counties) loans up to $765,600: 680, 10% down, 45% DTI
- Jumbo loans up to $3.5 million: 680, 10% down, 45% DTI
- FHA loans: 580, 3.5% down, 57% DTI
- VA loans: 640, 0% down, 57% DTI
- USDA loans: 640, 0% down, 43% DTI
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Get started with Anchor Home Mortgage
Borrowers can apply in person in the Alpharetta, Georgia, office, online or by phone. If you apply online, a representative will contact you.Hours
Anchor Home Mortgage consumer rating and reviews
81% recommended
Customer Service Rating