Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
CityWorth Loans is a small-size mortgage lender working with borrowers mostly on the East Coast (plus Texas). It doesn’t offer as wide a loan variety as other large lenders, but it typically earns high marks from past customers for their experience. You won’t find a loan officer at a branch location, however; you’ll need to contact the lender online or by phone.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Loans offered
Conventional, FHA, VA, refinancing
Min. credit score required
620 for conventional loans, 580 for FHA loans
Nationwide availability
Florida, Georgia, Indiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia
Min. down payment
Undisclosed
3.4
Bankrate Score
Loans offered
Conventional, FHA, VA, refinancing
Nationwide Availability
Florida, Georgia, Indiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia
Min. credit score required
620 for conventional loans, 580 for FHA loans
CityWorth Loans is an online-only mortgage lender headquartered in Fairfax, Virginia. The lender offers conventional, FHA and VA loans and refinancing, including VA debt consolidation loans. It also offers a no-closing cost option in which you avoid paying upfront costs in exchange for a higher rate.
Lower-credit score loan availability
DubbleUpp program for peer-to-peer lending
Streamlined approval and underwriting process
No jumbo loans, HELOCs or home equity loans
Doesn’t offer immediate online preapproval; you have to speak to a loan advisor first
CityWorth Loans is a small-size mortgage lender working with borrowers mostly on the East Coast (plus Texas). It doesn’t offer as wide a loan variety as other large lenders, but it typically earns high marks from past customers for their experience. You won’t find a loan officer at a branch location, however; you’ll need to contact the lender online or by phone.
Affordability: CityWorth Loans offers no-closing cost loans, but they carry a slightly higher interest rate.
Availability: CityWorth operates in some states (but not all), and it has a limited product lineup compared to that of other lenders.
Borrower experience: The lender utilizes the Loanzify app to help guide you through the process, and you can begin your mortgage application via its website.
CityWorth Loans doesn’t display mortgage interest rates on its website; you’ll need to fill out an application to see what you might qualify for. The lender’s fees range from 1.5 percent to 3.5 percent of the loan amount. One potential perk: You might be able to get a no-closing cost loan (the tradeoff being a higher rate).
CityWorth Loans offers conventional, FHA and VA loans and refinancing, including VA debt consolidation loans. It doesn’t offer jumbo loans or home equity products. Its loans are available to qualified borrowers in Florida, Georgia, Indiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
CityWorth Loans has funded $1.7 billion in loans thus far, and has an A+ rating from the Better Business Bureau and a 4.6 out of five stars on Trustpilot.
As an online lender, you can expect convenience in your experience with CityWorth, which currently averages 24 days on loan approvals (according to the lender’s website). While its site is somewhat limited when it comes to educational information, it does explain the benefits of buying a home over renting and offers tips for first-time homebuyers, among other resources.
You can apply for a mortgage with CityWorth Loans online or by phone at 877-908-6250. Here are some tips to prepare for the process:
Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)
CityWorth Loans offers both rate-and-term and cash-out refinancing options. The lender doesn’t display its refi rates or fees online, however, so you’ll have to start the application process if you want to learn more about costs.
Rating: 3.4 stars out of 5
3.4
Bankrate Score
|
||
---|---|---|
Loans offered Conventional, FHA, VA, refinancing |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required 620 for conventional loans, 580 for FHA loans |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans |
Down payment Undisclosed |
Down payment 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans |
Nationwide availability Florida, Georgia, Indiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia |
Nationwide availability All U.S. states |
Nationwide availability Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C |