BankPlus mortgage review
Claims to offer competitive rates on its home loan products, but it’s only available in Mississippi, Alabama and Louisiana.
- Choose this lender for potentially competitive rates
- Choose another lender if you want a fully digital mortgage.
- A good option for mobile home loans.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Only available in: AL, LA, MS|
To find out if you’re eligible for a BankPlus mortgage, visit the company’s website. Basic eligibility for a mortgage or home equity loan with Bank Plus includes:
- Residency in Mississippi, Alabama or Louisiana
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
When applying for a mortgage with BankPlus, be prepared to provide the following information and documents:
- Photo identification
- Pay stubs for the most recent 30 days
- W-2s for the most recent two years
- Tax returns for the most recent two years
- If self-employed, tax returns for the most recent two years and if applicable, K-1s for each business
- Most recent two months’ bank statements for all accounts
Costs and fees
BankPlus’ origination fees depend on the loan amount. For loans of $25,000 or less, there is no origination fee. For loans above $25,000, the origination fee is calculated by multiplying the loan amount by the term by .001. For example, if your loan is $100,000 with a 30-year term, the origination fee is: $100,000 x 30 x .001 = $3,000.
Additionally, you should expect to budget about 1% to 4% of your loan’s total amount for closing costs, which typically include:
- A credit report
- A home inspection
- Private mortgage insurance (PMI)
- Homeowner’s insurance
- Title insurance
How to apply for a mortgage with BankPlus
To get started applying for a home loan with the bank:
- Go to the BankPlus website, navigate to the Borrow tab and select Home Mortgages. From here, you’ll be directed to the BankPlus mortgage website.
- Select Apply to Purchase, then select Create Account.
- Provide your name and contact information and select a username to create the account. Then, log in to the account to start the application.
- Enter the loan information, your personal information, coborrower information (if any), current housing information, income, assets, employment information and authorize a credit check.
- Enter your liabilities and expenses, consent to the electronic disclosures and answer the declaration and demographic questions. Review the application and submit it.
- Upload any required documents and wait to be contacted by a loan officer within three to five business days.
Alternatively, call a BankPlus branch in your area and ask to speak with a loan officer to get the process started over the phone.
What types of mortgages can I get through BankPlus?
Other mortgage products BankPlus offers
BankPlus also offers these specialized types of mortgages:
- Mobile home loans. BankPlus offers mortgages for mobile homes with or without land.
- HELOCs. An adjustable-rate, revolving line of credit that can tap into your home’s equity and be used for any purpose.
- Home equity loans. Allows you access to your equity with a fixed-rate, lump-sum loan with regular monthly payments and variable term lengths.
- Mortgage refinancing. Replaces your existing loan with a new loan so you can lower your interest rate, change your term length and eliminate private mortgage insurance (PMI).
How BankPlus’s mortgage products compare to other lenders
Compared to other lenders, BankPlus offers a solid range of home mortgage options, including conventional, jumbo and government-backed loans as well as home equity loans and HELOCs. And unlike many lenders, the BankPlus offers mobile home loans for borrowers who don’t require a high loan amount.
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BankPlus reviews and complaints
As of August 2021, BankPlus has a 3.9 out of 5 rating on WalletHub from 44 customers. BankPlus is not accredited with the Better Business Bureau (BBB), and it has an A+ business rating with two customer reviews and eight complaints closed in the past three years.
Unfortunately, there aren’t many comprehensive reviews about BankPlus on WalletHub and other sites. Most customers left a rating without posting any information about their experiences, and there are no published details regarding complaints on the BBB website.
Of the customers that left reviews, most complained of poor service and excessive overdraft fees on bank accounts. We couldn’t find any reviews that mentioned the bank’s mortgage services.
Our own experience with the bank revealed it’s challenging to reach a loan officer directly, and you may have to wait for a call back.
BankPlus pros and cons
BankPlus could have what you’re looking for, but weigh out the pros and cons first.
- Competitive rates. BankPlus claims to offer competitive rates on its home loans, but it depends on your credit score, length of time on the job and your residence history.
- Mobile home loans. BankPlus offers mobile home loans, which are not offered by all lenders and may be harder to find.
- Mobile app. The BankPlus mobile app allows you to make your mortgage payment from your smartphone.
- Limited state availability. BankPlus only offers mortgages in Alabama, Louisiana and Mississippi.
- Limited branch availability. The majority of BankPlus’ branches are in Mississippi, with limited locations in Alabama and Louisiana.
- Website lacks information. The BankPlus site doesn’t list information about the specific loan types offered, fees or interest rates.
What is BankPlus?
BancPlus Corporation, which was founded in 1909 as Citizens Bank & Trust Company (CB&T), is the holding company of BankPlus. The bank is headquartered in Belzoni, Mississippi and has grown to include locations in Alabama and Louisiana. The bank offers a range of financial products and services and has more than $4.5 billion in total assets.
Kat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice, realestate.com.au, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.
BankPlus may be a good option for borrowers in the South looking to work with a brick-and-mortar lender or who want a mobile home loan. But it’s impossible to find information on loan details, rates or fees on its website. You’ll need to start an application or contact a loan officer for more information.
The bank doesn’t appear to offer the fastest service either. We found it challenging to reach a loan officer over the phone and close times range from four to six weeks. While this is normal in the industry, you might find a nonbank or digital lender a bit speedier.
If BankPlus doesn’t have what you’re after, compare more lenders to find the right one for you.