Guide to Arvest Central Mortgage [Review]

Guide to Arvest Central Mortgage [Review]

While boasting little in the way of technology, Arvest Central Mortgage nonetheless bears consideration for borrowers intent on the human touch.

Arvest Central Mortgage company is the mortgage-focused subsidiary of Arvest Bank. Its parent bank has over $17 billion in assets and is focused primarily on serving communities in Arkansas, Oklahoma, Missouri, and Kansas.

Arvest is a mortgage lender that is laser-focused on delivering excellent service to its constituent communities. While its primary geographic footprint is in the four above mentioned midwestern states, Arvest Central Mortgage is (as of this writing) able to lend in all states except Delaware, Rhode Island, Maryland, New Hampshire, and New York.

Loan Products

Arvest Central Mortgage works with all ranges of buyers, even if they have previous or current credit issues. As with many mortgage lenders, Arvest has a depth of expertise in FHA loans that enable it to lend to borrowers with lower incomes or low credit scores that prevent them from accessing conventional mortgages.

Conventional Mortgage

Conventional loans offer fixed and adjustable terms and are the most commonly used type of mortgage in the United States. Unlike some of the other mortgages that Arvest offers, conventional mortgages generally require better credit scores and relatively higher down payments compared to FHA loans.

Arvest’s conventional mortgage programs are best for borrowers with good credit scores and the ability to put more money down when compared to FHA mortgages.

FHA Loans

FHA loans’ most appealing feature is that borrowers need only put down as little as 3.5% of the purchase price of the home. Though conventional wisdom says that 20% down is a must when buying a home, an FHA loan boasts a far lower requirement because they are backed by the Federal Housing Administration.

The FHA’s guaranty of the mortgage enables lenders to loosen qualification standards and enable a greater swath of Americans access to home ownership.

VA Loans

Arvest Central Mortgage is a VA-approved lender and can thus offer mortgages backed by the Veterans Administration. These loans are geared towards veterans, servicemembers, and family of servicemembers and are designed to enable this constituency easy access to home ownership.

Because of the VA guaranty, VA loans enable loan-to-value ratios of up to 100%. That means that a VA loan through Arvest Central could result in a borrower’s ability to buy a home with no down payment required.

Conclusion

While Arvest is a capable lender that focuses on customers, it remains to be said that the company does not offer much that is unique. This is not to say that we don’t recommend the lender. We do. Arvest is well-worth talking to if you’re in the market for a home mortgage.

That being said, their loan products are workmanlike and not particularly exciting. If you’re looking for anything other than a run-of-the-mill lending experience, you may want to consider looking elsewhere. Arvest is not the place to, for instance, find an incredibly tech-forward experience that minimizes the need to actually interact with another human. Still, if you’re looking for friendly people who want nothing but the best for you, look no further than Arvest.

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