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2019 Military Pay Charts – Officer & Enlisted Pay Scales (2.6% Raise)

The 2019 military pay charts go into effect on January 1, 2019. You will see the corresponding income in your … Read More

2019 Military Pay Charts

2018 Veterans Day Free Meals and Discounts – Over 100 Free Meals!

Happy Veterans Day! Veterans Day is celebrated this year on Sunday, Nov. 11, 2018. The Federal Holiday will be on … Read More

Free Tax Filing and Preparation for Military Members

One of the little-known benefits of being in the military is access to free tax filing and preparation services. There … Read More

free tax preparation for military

Veterans Benefits Guide – How to Unlock Your Veterans Benefits

There are hundreds of benefits available to military veterans. From health care to education and training, to housing assistance and … Read More

US Mliitary Veterans Benefits Guide

How to Get a Military ID Card – Eligibility, ID Card Facility Locator, Required Documents, and More

A military ID card or dependent ID is a valuable card which can unlock a variety of valuable benefits, such … Read More

by Ryan Guina, Last updated: February 18, 2019

Flagstar Bank Review| Tailor-made Home Loans

Are you looking for an FHA, construction, or renovation loan? If so, Flagstar Bank could be your ideal lender.

If you’re in the military, you can also access VA loans through Flagstar, whether you’re funding the purchase of a new home or refinancing your current one.

Below, we explore what all options Flagstar Bank has to offer you in regard to home loans.

Read on to find out if it has the best solution for your needs.

Flagstar Bank Overview

Flagstar Bank LogoFounded in 1938 as a financial institution, Flagstar Bank was chartered in 1987 as a federal savings bank.

Headquartered in Troy, Michigan, today the bank is a leading mortgage loan provider, offering a wide range of financial services and products to its customers through its website, mobile app, and over 100 branches in Michigan and California.

Flagstar Bank is rated A- by the Better Business Bureau. It’s a top-10 lender in the country when it comes to home equity products, based on loan volume. It also makes our list of the best VA loan providers.

Flagstar offers fixed-rate home equity loans and adjustable-rate home equity lines of credit, giving you the opportunity to choose which one best suits your needs.

The bank offers credit lines from $10,000 to $1 million. Besides its numerous physical locations and online platforms, Flagstar also has an extensive network of over 1,700 brokers and lenders across the United States.

Now, let’s look a little closer at some of the home loans you can get from Flagstar Bank.

Flagstar Home Loan Options

From fixed-rate mortgages to renovation loans, you have a wide range of loan options to choose from to meet your personal goals. Let’s expound on the various types of home loans Flagstar Bank offers, so you can be able to make an informed choice:

Fixed-rate Mortgage

Flagstar offers 15-year and 30-year fixed-rate mortgages. With a fixed-rate mortgage, your rate doesn’t change from the opening of the loan until it’s fully paid off.

It’s advisable to choose the 30-year fixed-rate mortgage. You’ll repay your loan over 30 years, translating to smaller monthly payments.

Moreover, Flagstar can work with you to tailor-make a mortgage option for you if both the 15-year and 30-year mortgage options aren’t suitable.

Adjustable-rate Mortgage (ARM)

With ARM, your rate will be changing after a given period. Flagstar offers 5/1 ARM, 7/1 ARM, and 10/1 ARM. The first figure denotes the number of years it takes before the initial rate is adjusted.

The second figure indicates how often your rate will change after the initial adjustment. That means your rate will be changing once a year.

Mortgage Refinance

If you want to make changes to your existing home loan, you’ll have to refinance it. Refinancing allows you to reduce your rate, reduce or increase the loan term, or switch from one loan type to another.

Flagstar also offers a cash-out refinance, which can help you cover home improvement costs or clear other loans.

Multiple Property Loans

 If you already have 7-10 financed properties, you can benefit from Flagstar’s Multiple Property loans. The loan can either be fixed or adjustable.

The Federal Housing Administration (FHA) Loans

These loans are designed to help people with low income or bad credit purchase homes. You can get a 10 to 30-year FHA fixed rate loan from Flagstar. You’ll need to raise a down payment of at least 3.5%.

You also have the option of opening a 3-year or 5-year FHA Adjustable Rate mortgage with Flagstar.

VA Loans

As you may already know, these loans are backed by the Veterans Administration and provided through banks and lenders like Flagstar.

They allow veterans and active-duty personnel to buy or refinance a home.

Flagstar offers both 3-year and 5-year VA adjustable rate mortgages.

VA loans come with exceptionally low interest, zero dollar in downpayment, and no required PMI.

Construction Draw loans

If you want to build a new home from scratch instead of purchasing an existing one, you can benefit from a Flagstar Construction Draw loan.

You can finance a new main home up to $3 million and secondary homes up to $2.5 million.

Flagstar One-Close Loans

With this type of loan, you can construct and finance your new property all with only one application and one closing.

That means you’ll incur just a single set of closing costs, have a simple schedule, and make interest-only payments over the course of the construction period.

Flagstar Renovation Loans

With a Flagstar Renovation loan, you not only can cover home renovation costs, but you can also buy a home and renovate it.

When the loan closes, the funds are escrowed in an interest-earning account.

Any funds that remain once the renovations are complete can be used to pay down the principal of the renovation loan.

Flagstar Mortgage Application Process

To apply for a Flagstar mortgage online, go to Flagstar’s Home Loans page and click the “Apply Now” button.

You’ll need to provide some basic information, including:

  • Contact details
  • Type of loan
  • Purchase or refinance
  • Loan amount
  • Desired down payment

Once you submit the details, you can choose to be called by a mortgage loan officer or to proceed and complete the entire application process online.

It is worth noting that even if you choose to complete the entire application online, a loan officer will still be assigned to you to guide you through the process.

Moreover, Flagstar Banks allows for online document uploading, electronic signature, and online loan process tracking.

Flagstar also provides a few mortgage calculators, which can help you evaluate and understand various home loan options.

With these calculators, you can easily determine the loan amount you qualify for, your down payment, how much you’ll pay monthly, and other aspects of your loan.

What We Like About Flagstar

  • Federal Loans: Offers all federal government-backed loans, including FHA, VA, and USDA loans
  • Equity: Offers home equity lines of credit and home equity loans
  • Construction: Offer a selection of construction loans and takes pride in renovation loans expertise

What We Don’t Like About Flagstar

  • Usability: The mobile app has limited functionality
  • Fees: Charges a $1,000 origination fee, which is higher compared to other lenders in its class

Alternative to Flagstar

While most mortgage lenders offer similar options and features, each lender usually has something unique. So, if Flagstar doesn’t seem to meet your needs satisfactorily, you might want to look at what alternative VA lenders have to offer.

Take loanDepot, for instance. loanDepot is one of the leading non-bank lenders in the home loans market. It offers mortgages in all 50 states and has funded over $100 billion in mortgages since its inception in 2010.

You might also consider J.G. Wentworth for your next home loan. With a robust offering of VA loans, USDA loans, FHA loans, and refinancing options, J.G. Wentworth is an excellent choice. You can also choose between fixed and adjustable-rate mortgages.

It’s all about comparing quotes to decide what your best choice is.

Final Thoughts on Flagstar Bank

Flagstar Bank gives you access to a wide range of mortgage options besides its numerous bank account offerings.

You can open several different home loans, from a fixed-rate mortgage to a USDA-backed rural development loan.

If none of the traditional loans suit your needs, Flagstar can work with you to tailor-make a fixed-rate loan with a term that is convenient for you.

The bank can also help finance your home renovation or construction.

by Ryan Guina, Last updated: February 14, 2019

J.G. Wentworth Review| Streamlined Home Loans

You can get a home loan with just about any lender. However, some mortgage lenders are better than others. J.G. Wentworth is one of the best mortgage lenders on the market today, offering VA loans and among a variety of other lending options. However, the best mortgage lender normally depends on your individual needs, so let’s take a deeper … Read the Rest

by Ryan Guina, Last updated: February 13, 2019

loanDepot Review- Competitive Rates and Quick Service

Are you thinking about purchasing a new home? If so, you have no doubt thought about home loans. Buying a home is very exciting, but getting the right home loan tends to take away from the excitement. More often than not, that depends on the type of lender you choose. Military personnel have access to a range of lending options, and … Read the Rest

by Ryan Guina, Last updated: February 4, 2019

H&R Block Review – Features, Fees, and Military Discounts

Preparing and filing your own taxes can be challenging to someone who is not a tax professional. Military taxes, in particular, can be quite complex. There are additional complications to deal with when filing taxes if you are in the military, such as multiple pay types like combat pay that is tax-exempt, residency in more than one state within … Read the Rest

by Ryan Guina, Last updated: January 31, 2019

ezTaxReturn Review – Software for Simple Tax Returns

Are your military tax returns fairly straightforward? Then this ezTaxReturn review is just for you. The ezTaxReturn software offers a quick and simple way to file your federal and state tax returns. It’s very easy to use, and it will have you ready for your refund in no time. In addition to marketing itself to filers with simple tax … Read the Rest

by Ryan Guina, Last updated: February 18, 2019

TaxAct Review

Does tax season give you sleepless nights? Don’t feel alone; most people have some idea of how to fill in their tax returns, but they worry about the details. There always seem to be sneaking suspicions that something is not quite right. Did I make a mistake on the form? Did I submit what I was supposed to? Did I claim all the deductions I … Read the Rest

by Ryan Guina, Last updated: February 18, 2019

FreeTaxUSA Review – Free Military Tax Filing

Filing federal and state tax returns can be challenging, especially if your tax situation is unique. Hiring the services of a professional can be costly, and you may not want to prepare and file your tax returns completely on your own for fear of wasting time and making mistakes. FreeTaxUSA’s tax preparation and filing services are geared … Read the Rest

by Ryan Guina, Last updated: January 23, 2019

E-file Review | E-file Features, Versions, and Cost

As a service member, your tax situation may be unique, especially since you may have residencies in multiple states, and different forms of payment that may be tax-exempt, for example, combat or special duty pay. You may also receive income from rental properties or investments. E-file one of the most affordable tax software solutions available … Read the Rest

by Ryan Guina, Last updated: January 23, 2019

Liberty Tax Review

Benjamin Franklin once remarked that only two things were inevitable in life: death and taxes. For many people, preparing one’s own taxes can be a challenging, confusing, or expensive endeavor. Those challenges increase when you're in the military as you introduce multiple types of pay and frequent relocations to the equation. Fortunately, … Read the Rest

by Stephanie, Last updated: January 17, 2019

Space-A Travel Guide – Everything You Need to Know to Take a Flight on a Military Hop

Looking for a way to save money on travel? Flying space-available (Space-A) on a military flight is a great way to stretch your income. You can fly to and from U.S. military bases all over the world while spending next to nothing on airfare. Of course, it’s not as simple as calling a military passenger terminal and “booking” a flight. Flying … Read the Rest

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Popular Articles

  • Veterans Service Organizations - VA Benefits Claims Help
  • Home Depot and Lowe's 10% Military Discounts
  • Free Tax Filing and Preparation for Military Members
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Military Benefits – ID Cards

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  • How to Replace Lost Military Service Records
  • How to Replace Lost Military Medals, Awards, and Decorations
  • Thrift Savings Plan
  • New Military Retirement Plan Benefits? Big Changes Proposed

Recent Articles

  • Flagstar Bank Review| Tailor-made Home Loans
  • J.G. Wentworth Review| Streamlined Home Loans
  • loanDepot Review- Competitive Rates and Quick Service
  • H&R Block Review – Features, Fees, and Military Discounts
  • ezTaxReturn Review – Software for Simple Tax Returns
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