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CMG Financial mortgage review
Get access to unique loan options through this lender, but you have to apply to see rates and fees.
CMG Financial offers the best of both worlds with branch locations across the US and a solid online and mobile presence — which means you never have to visit your loan officer in person, if you don’t want to. But comparing this lender to the others can be tough because you can’t get info on interest rates or lender fees without going through the preapproval process.
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Details
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
|---|---|
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Available in all states |
| NMLS # | 1820 |
CMG Financial requirements
You have to go through the preapproval process to learn CMG’s underwriting qualifications. But lenders typically look at your credit score, down payment and debt-to-income (DTI) to determine how much loan you can afford.
Documentation
CMG may require the following documents to process your application:
- Driver’s license or other government-issued ID
- W-2s or 1099s for two years
- Bank statements
- 30 days of paystubs
- Two years of your federal tax returns
Costs and fees
If you get preapproved, your loan information should include the estimated costs and fees associated with your loan, but you can expect to pay the following:
- Appraisal fee
- Title charges
- Closing fees
- State or local taxes
- Third-party fees
- Homeowners insurance
The company doesn’t disclose what kind of lender or underwriting fees it charges.
How to apply for a mortgage with CMG Financial
You can get preapproved for a loan from the CMG website or mobile app in just a few steps.
- Select or hit Apply Now or Get Started from one of the home loans pages and answer prompts about whether you’re working with a CMG Financial broker or real estate agent.
- Enter your email address and choose Continue.
- Enter your contact information to start an account.
- Answer prompts about the purpose of your loan and loan goals.
- Enter your personal information.
- Enter details about the home you want to purchase and answer prequalification questions.
- Step through the declarations and disclosure information.
- Authorize CMG Financial to run your credit report and issue your preapproval.
Once the lender processes your application, it may contact you to supply any needed documentation. If you’re using the mobile app, use your phone to scan in the documents and send them right away.
What types of mortgages can I get through ?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by CMG Financial
CMG offers the following additional mortgage loans.
- All In One mortgage. This unique loan lets you combine a mortgage, home equity line of credit, checking and savings accounts into one, allowing disciplined borrowers to pay down their mortgage faster and save on interest.
- 203(k) renovation loan. This loan allows you to finance a fixer-upper for the home’s value after the remodel and repair work is done.
- Fannie Mae Homeready loan. Borrowers with a 620 or higher credit score can finance a home with a 3% down payment and private mortgage insurance (PMI).
- Freddie Mac Home Possible mortgage. This loan allows borrowers with a 620 or higher credit score to put between 3% and 5% down on a fixed- or adjustable-rate loan.
- HomeFundIt. This crowdfunding platform allows friends and family in your network to gift money toward your down payment.
- Refinance. CMG Financial offers mortgage refinancing with a cash-out option. Choose whether to lower your payment, lessen your mortgage term or access your home equity.
How CMG Financial’s mortgage products compare to other lenders
This lender offers most standard loans but no home equity products. Instead, it has two special programs, the All In One loan, which is unique to CMG Financial, and the HomeFundIt app, which allows you to crowdfund your down payment.
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CMG Financial reviews and complaints
As of August 2021, CMG Financial isn’t accredited with the Better Business Bureau (BBB) but has an A rating for closing 70 customer complaints in the last three years. The BBB has 47 customer reviews on the lender averaging 2.21 stars out of 5. The lender fares better on Yelp, with 3.5 stars out of 5 from 42 reviews.
Customers mostly complained of poor customer service and mismanaged billing practices.
Pros and cons of CMG Financial
Pros
- Apply using your mobile app. CMG encourages you to use your mobile app to apply, scan in documents and keep in touch with your loan officer, which could streamline the process.
- In-house servicing and underwriting. This lender does all its underwriting locally to give you faster results on your application and services all its loans, so you don’t have to worry about it selling your loan to another bank.
- Low down payment options. If you don’t have much set aside for your down payment, CMG Financial has quite a few options available, even if you’re not a first-time homebuyer.
Cons
- No home equity products. CMG Financial doesn’t offer home equity loans or lines of credit (HELOCs).
- Not transparent about rates or lender fees. Until you apply for a loan, you can’t see what kind of rates you might qualify for. And CMG doesn’t list what kind of lender fees it charges or how expensive they might be.
What is CMG Financial?
CMG Financial is a privately held mortgage lender licensed in all 50 states and Washington, DC. The company was founded in 1993 and is headquartered in San Ramon, California. The lender also has a wholesale lending division, which provides loans to outside credit unions and mortgage brokers.
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert review
CMG Financial offers a wide variety of mortgage products, with some great low down payment options. Its focus on technology may help streamline the application process and keep you in contact with your loan officer without having to visit a branch.
But if you’re interested in accessing your home’s equity, the All In One loan product is your only option, which may not be a good fit for many borrowers. If that’s a dealbreaker, compare other mortgages to find the best loan for you.