NationsChoice Mortgage overview
NationsChoice Mortgage is a mortgage banker serving borrowers in Arizona and California. While it’s primarily known as an online lender, it does have two brick-and-mortar locations in the states it serves. Founded in 1994 by mortgage industry veteran Chad Fisher and headquartered in Gilbert, Arizona, the lender gained some recognition in 2009 when, following the recession of 2008, it became the first lender to successfully navigate the U.S. government’s “Hope for Homeowners” loan program. According to the NationsChoice Mortgage website, the lender generates more than $1 billion annually in residential mortgages. Among the benefits of working with this lender, it can provide an online preapproval within 15 minutes; closings on a refinance typically take between 20 and 25 days from the date you apply; and it offers a $1,000 rate guarantee.
Borrowers looking for a quick preapproval and competitive pricing on a variety of loan products
- Rate-and-term, cash-out and streamline refinancing
NationsChoice Mortgage offers some no-cost loans, but according to CEO Chad Fisher, because “each loan is tailored to the client,” you must begin working with a mortgage consultant to determine which loan product you might qualify for, along with any discounts, points and fee structures.
NationsChoice Mortgage does not advertise mortgage rates on its website. To receive a rate quote, you’ll need to fill out an online form with information about the loan and property; you’ll also be asked for your name and contact information, despite the lender’s website stating “No personal info required.” Once submitted, you’ll be directed to a thank you page with instructions to wait for a loan officer’s call.
NationsChoice Mortgage is an A+-rated, accredited business with the Better Business Bureau.
With NationsChoice Mortgage, you can get a loan preapproval quickly online (provided you qualify) and then apply for the mortgage anytime, 24/7. The application takes less than 20 minutes to complete, according to the lender. You can also lock your rate online (for 30, 45 or 60 days). If you have questions, the lender can be contacted through email, over the phone or online.
Minimum borrower requirements
NationsChoice Mortgage follows underwriting guidelines for federally-backed loans. That means borrowers can put as little as 3 percent down on a conventional loan and have a maximum debt-to-income ratio, or DTI, of 50 percent with certain loans. That means the sum of your monthly debts (including the new mortgage payment) cannot exceed 50 percent of your gross monthly income.
Refinancing with NationsChoice Mortgage
NationsChoice Mortgage offers rate-and-term, cash-out and streamline refinancing, but you’ll need to fill out a form online to learn current refi rates.
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Breakdown of NationsChoice Mortgage overall review score
- Affordability: 14.75/15
- Availability: 12/15
- Borrower experience: 8/10
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.