Flagstar Mortgage Company and Its Types of Services

Flagstar Mortgage Company and Its Types of Services

Some people have hard times finding suitable loan programs for them. Flagstar Mortgage Company provides various mortgage loan programs tailored to suit customers’ needs.

There are times when people consider taking mortgage for certain financial reasons. Taking mortgage can be risky, especially because people are using their property as collateral. To get the best experience while taking a mortgage loan, prospective mortgagor must pick a trusted mortgage company. Flagstar Mortgage Company is a company with more than twenty years expertise in handling mortgage fund.

Flagstar Mortgage Company is a division under Flagstar Bank that runs lending home operations. Flagstar Bank offers various financial services, such as credit card, savings, money market, investment, and educational savings. However, the bank is better known as mortgage loan provider. The company’s headquarter is located in Troy, Michigan. It has branches and loan centers in various states in the country. Its assets worth around $16.9 billion and is one of the biggest savings banks in United States.

Types of Mortgages at Flagstar Mortgage Company


Mortgages types are very varied. When taking a mortgage, borrower has to decide which mortgage plan that suits their purpose and financial situation. Usually this decision is discussed beforehand with professionals working at loan providing company or bank. Flagstar Mortgage Company offers five types of mortgage loans to accommodate customers according to their backgrounds.

The first type of loan offered is fixed-rate mortgage. In this type of mortgage, interest rate does not fluctuate during the decided mortgage term. This mortgage company provides three alternatives of such mortgages: 30 years fixed mortgage with 4.478% interest rate and 4.611% APR, 15-year fixed mortgage with 3.828% interest rate and 4.057% APR, and customized fixed mortgage.

Adjustable rate mortgage is the second type of loan offered by this loan provider. Borrower pays lower installment than in fixed-rate mortgage for a certain period. When that period ends, the interest rate is raised according to annual percentage rate. Flagstar Mortgage Company provides three choices of adjustable rate mortgage: 5/1 adjustable rate with 3.912 % interest rate and 4.563% APR, 7/1 adjustable rate with 4.196% interest rate and 4.605% APR, and 10/1 adjustable rate with 4.141% interest rate and 4.492% APR.

Government or state-provided mortgages are also made available at Flagstar Mortgage Company. There are veteran administration (VA) loans that target veterans and active personnel. Types of VA loans offered at this company are VA fixed rate, VA adjustable rate, and VA interest rate reduction refinance. It also offers loans supported by Federal Housing Administration (FHA), which are FHA fixed rate, FHA 203(k), FHA adjustable rate and FHA 203(h) loans. There are also USDA loans for lower income citizens for houses in rural area. In addition to those loan programs, the company also takes part in state Housing Finance Agency loans and offers the programs in Michigan, Connecticut, and Wisconsin.

Flagstar Mortgage Company also administers specialty loans and construction and renovation loans. Specialty loans are designed for professionals with high income prospects or people who plan to buy properties priced above common loan sizes. Meanwhile, people who are looking to construct their own houses or simply want to renovate houses can utilize construction and renovation loans.

As a company with years of experience, Flagstar Mortgage Company definitely understands customers’ needs. Customers taking mortgages do not need to worry because this mortgage company will be able to accommodate their conditions with suitable mortgage plans.

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