CFBank Mortgage Review 2020
By Diane Costagliola
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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.
NMLS: 409132
Bankrate Score
4.4
4.5
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.
Founded in 1882, CFBank is based in Columbus, Ohio, and has six brick-and-mortar locations around the state. Its mortgage products are available nationwide, and once assigned a loan officer, borrowers will be able to customize mortgage options that work best for them, including loans or without points or closing costs. CFBank offers a variety of mortgage options, ranging from interest-only and no-money-down loans to construction and lot loans. To get started, borrowers fill out an online rate quote form and rates are sent within a few seconds or minutes. They are then assigned an operations professional to help complete the loan application and upload documents, and a loan officer. Borrowers can select a customized mortgage that works best for them and lock in their rate. Borrowers typically complete the loan application within 48 to 72 hours and the closing within 25 to 30 days (some as little as 10 days). According to John Fearon, president of the Residential Mortgage Division, several CFBank loan officers are top ranked in the country, and CFBank is always working to further enhance and modernize the loan application process and website for the best customer experience.Nationwide availability
Available in all U.S. states
Minimum credit score
620 for conventional loans
Loan types
Conventional, jumbo, no money down, interest-only, construction, lot, bridge and investor loans
Pros
- Borrowers are assigned a loan officer to work with via phone, email or text
- Ability to customize mortgage (e.g., with or without points or closing costs)
- Potential borrowers receive rate quote within 13 seconds, on average, after initial online inquiry
Cons
- Brick-and-mortar locations are limited to Ohio
- Some questions on the initial rate quote application may be difficult for new borrowers to accurately answer, such as credit score range, down payment amount and home purchase price, or fixed- or adjustable-rate mortgage
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CFBank overview
Loan types
- Conventional
- Jumbo
- No money down
- Interest-only
- Construction
- Lot
- Bridge
- Investor loans
Lender fees
There are no underwriting or origination fees. Borrowers pay appraisal report fee and credit report fee.
Minimum borrower requirements
CFBank follows Freddie Mac underwriting guidelines. This means that for a conventional loan, borrowers should have a credit score of at least 620 (CFBank prefers 640) and at least 3 percent for a down payment. A down payment of less than 20 percent will result in private mortgage insurance (PMI). Freddie Mac guidelines also specify a debt-to-income ratio (DTI) of 45 percent or less.
Get started with CFBank
Borrowers can apply online.Hours
CFBank consumer rating and reviews
89% recommended
Customer Service Rating