Are you looking to refinance your home? Perhaps you’re considering a mortgage. However, you may not have great credit.
Many are in the same situation, but many lenders will work with applicants of all financial backgrounds. Top Flite Financial has a solid reputation and works with borrowers who don’t have the best financial history.
Consider Top Flite Financial Inc. if you have a credit score in the 500s or 600s. Best of all, the mortgage lender reviews are overwhelmingly positive.
This article will explain why Top Flite Financial Inc. could be your next option for mortgages and refinancing. Let’s explore.
Who is Top Flite Financial?
Top Flite Financial is a national lending company that lends to consumers. They’re licensed in many states and have branches throughout the nation. Its founding started in Michigan in 2002, but its loan division is in Sant Louis.
The company prides itself on potential borrowers through life-changing circumstances (i.e. job changes or financial hardship). Regardless, the company helps borrowers from all walks of life.
What are Top Flite Financial‘s Specialties?
This firm provides a wide array of mortgages. Note the following Top Flite offerings:
- Fixed-rate mortgages
- Home equity loans
- FHA loans
- USDA loans
- HARP loans
- Jumbo loans
- Purchase loans
- First-time mortgages
- Revise-mortgage loans
Overall, this firm offers loans for most properties, including manufacturing and modular homes. Most notably, Top Flite specializes in loans for consumers who have lower credit scores.
Top Flite typically serves applicants, such as:
- Applicants with heavy student loan debt
- Applicants with high credit card debt
- Applicants suffering through unexpected financial difficulties
- Applicants who are self-employed and cannot provide standard income documentation
Moreover, they work with applicants with past financial difficulties. In addition, this lending institution can help borrowers who cannot obtain a loan or mortgage from other lenders.
Its loan officers use a manual underwriting process, where loan officers review supplementary documents to assess creditworthiness. A manual approach is a good option if you don’t have great credit.
How Do I Qualify for a Top Flite Loan?
The score and standards depend on the loan type.
- Examples: Borrowers must have a minimum score of 500 to qualify for a cash-out refinance loan or a debt consolidation program. If you have a score between 500 to 579, you must put down a 10% down payment on FHA loans.
Regardless of the loan type, you must show a stable employment history and a record of timely payments. With that, you can apply online to see if you’re eligible for the loan of your choosing. Top Flite will also pair you with the appropriate loans matching your credit profile.
The system will convey if you qualify for a 15-year or 30-year loan. Also, you’ll know if you qualify for an FHA loan or a VA loan. Additionally, you can know the payment amount in advance, in addition to the fees and interest associated with your loan.
How Do I Apply for a Top Flite Loan?
If you’re satisfied with the loan calculations, you’ll apply through the app or the company website. You can also apply over the phone or in person. If applying over the phone, be ready to fax or send your documentation to the loan officer.
If applying online, you can upload your income statements. The digital application will ask questions like:
- How much you’re borrowing
- What type of collateral you have (i.e. stocks or bonds)
- Down payment amount
- Co-borrow information (if applicable)
- Personal and bank account information
After you apply digitally, the company will assign a loan officer to your application. If you pre-qualify, your loan officer will begin the process of ordering a property appraisal and/or securing a suitable interest rate.
What are the Pros and Cons of Top Flite?
Overall, the pros outweigh the cons. Its online application system is accessible and gives you a firm idea of what you’ll pay. The system also offers a refinance analysis tool that gives you a good grasp of your new payment plan.
The company’s willingness to work with borrows with less-than-stellar credit is a bonus for many applicants who cannot obtain financing through a credit union or bank. It’s a great option if you’re contending with low income or poor credit history.
Even though the company lists all of its loan products, the loans don’t have detailed descriptions. Therefore, you must submit an inquiry to get more information on the loan package.
Finding the company online is cumbersome, as the various branches have different websites. Further, the branches may offer different loan products.
Should I Refinance with Top Flite?
When refinancing, Top Flite offers a refinancing analysis option that gives you a more thorough understanding of your new terms. The low minimum score of 500 also makes it more accessible for applicants with lower credit scores.
For FHA borrowers, Top Flite will contact you about refinancing options and getting you into a standard mortgage with a better rate. Best of all, the institution doesn’t charge lending fees for FHA refinancing. This lender is also a good option for a jumbo refinance, as you can get a refinance up to $3 million.
Are Top Flite Reviews Favorable?
In terms of customer satisfaction, Top Flite has an ‘A+’.The firm also ranks high in the following areas:
- Customer responsiveness
- Interest rates
- Closing costs and fees
You’ll also find a litany of positive reviews from consumers online.
Top Flite Financial: What’s the Verdict?
Top Flite Financial is a company that works with customers who don’t have the best credit or income. Other lenders may take advantage of poor-credit applicants with high-interest fees and hefty monthly payments. However, Top Flite aims to give customers a fair rate, regardless of the circumstance.
If you need a fresh start or are trying to recover from past financial mistakes, Top Flite will work with you, so long as you have a stable employment history and a good payment record.
Interested in learning more about mortgage pre- approval? Click here to learn about your financial options.