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Draper & Kramer Mortgage Corp. mortgage review

This Chicago-based fintech lender offers a wide range of home loans and is highly rated by customers, but it’s not available in Hawaii or Utah.

Draper & Kramer Mortgage Corp. is the residential mortgage division of Draper and Kramer, with over 125 years of experience in the real estate industry. The company offers a wide selection of home loan options, including a Lender Paid Mortgage Insurance (LPMI) program that doesn’t require PMI on your mortgage, even if your down payment is less than 20%.

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Conventional: 620

Minimum credit score

3%

Minimum down payment (Conventional)

Not available in: HI, UT

State availability

Details

Loan products offeredConventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Reverse, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityNot available in: HI, UT
NMLS #2551

Review by


Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.

Expert review

If you’re looking for a highly-rated, established lender that offers an online application and mobile app, Draper & Kramer Mortgage Corp. could be a good choice. If you’d like to apply, either call the company or start an online application. Because Draper & Kramer doesn’t advertise its current rates online, you may want to call and get prequalified first before doing a full application.

Draper & Kramer Mortgage Corp. requirements

To find out if you meet the requirements for a Draper & Kramer Mortgage Corp. mortgage, call the company or apply online.
Basic eligibility for a loan with Draper & Kramer Mortgage Corp. includes:

  • Residency in any state except Hawaii or Utah.
  • Employment history for the past two years.
  • A FICO credit score of at least 620 or higher.
  • No history of bankruptcy in the last two years.

Documentation

While everyone’s situation is different, here’s the basic documentation you’ll need to apply for a mortgage from Draper & Kramer Mortgage Corp.

  • Photo identification
  • Social Security card (for FHA loans only)
  • Residence information for the last two years
  • Your landlord’s contact information, if currently renting
  • Employment history for the past two years and, if necessary, a letter to explain gaps
  • Most recent 30 days’ pay stubs
  • Most recent two years’ W-2 and/or 1099 forms
  • Most recent two years’ tax returns (not required in all cases)
  • For Social Security or disability recipients, your award letter and a copy of the most recent check
  • Most recent two monthly or quarterly account statements for your bank and investment accounts
  • Other documentation

If you’re self-employed, you’ll also need:

  • Most recent two years’ business federal income tax returns.
  • A year-to-date P&L statement and current balance sheet.

Costs and fees

We contacted Draper & Kramer Mortgage Corp. to request fee information but received no response. However, you can expect to pay around 2% to 5% of your home’s total price in fees, including application, origination and third-party fees.

How to apply for a mortgage with Draper & Kramer Mortgage Corp.

To apply for a mortgage with Draper & Kramer Mortgage Corp., either call the company or start an online application.
Here’s how to start an application on the website.

  1. Visit the Draper & Kramer Mortgage Corp. website and select Apply Now. You’ll be asked to enter a loan officer’s name, but you can proceed without one.
  2. Enter your email. You may be asked to verify it with a code.
  3. Create an account by entering some information about yourself.
  4. Authorize a credit check and enter your Social Security number to continue the application. Be aware that this can affect your credit score.

After completing the application, a loan officer will contact you.

What types of mortgages can I get through Draper & Kramer Mortgage Corp.?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by Draper & Kramer Mortgage Corp.

Draper & Kramer Mortgage Corp. also offers these specialized types of mortgages:

  • Mortgage refinancing. With a Draper & Kramer Mortgage Corp. refinance loan, you can lower your interest rate, shorten your loan’s term, consolidate debts or pay off expenses.
  • Renovation loans. A loan that allows you to purchase a fixer-upper or refinance your existing home for remodeling. You have up to six months to complete the renovation project.
  • Non-warrantable condos. An option to finance non-warrantable condominiums. If needed, Draper & Kramer can work with your condo development to make it eligible for FHA and Fannie Mae.
  • Lender Paid Mortgage Insurance (LPMI) programs. Lets you put down less than 20% on conventional loans without having to purchase private mortgage insurance (PMI).

How Draper & Kramer Mortgage Corp.’s mortgage products compare to other lenders

Compared to other lenders, Draper & Kramer Mortgage Corp. offers more types of loans than average, including reverse mortgages and HELOCs. What differentiates Draper & Kramer Mortgage Corp. from other lenders is the breadth and depth of the company’s real estate experience and its track record of positive customer reviews.

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Draper & Kramer Mortgage Corp. reviews and complaints

As of July 2022, Draper & Kramer has a 4.98 out of 5 rating on Zillow from over 1,700 customers who report receiving excellent service from their loan officers. Draper & Kramer is accredited with the Better Business Bureau (BBB) and has an A+ rating with only three complaints closed in the past three years — an exceptional track record compared to many other lenders.
Customers report being thrilled with their loan officers’ service and professionalism, as well as their honesty, care and communication. As of this writing, we couldn’t find any major negative feedback, except for a complaint related to an unrefunded appraisal fee.

Pros and cons of Draper & Kramer Mortgage Corp.

Pros

  • Customer ratings. Draper & Kramer Mortgage Corp. consistently gets high ratings from customers, with only a few complaints registered online.
  • DK Xpress mobile app. Lets you apply for a loan, send your documents electronically, eSign your forms, check your loan’s status and communicate with your loan officer.
  • Homebuyer Privileges Discount Program. Receive discounts from national companies, including savings valued up to $7,500 on moving services, furniture, appliances and more.

Cons

  • Not available in all states. Draper & Kramer Mortgage Corp. loans are not available for borrowers in Hawaii or Utah.
  • Cost and fees not listed. The Draper & Kramer Mortgage Corp. website doesn’t include what it charges for origination or application fees.
  • Interest rates not listed. The Draper & Kramer Mortgage Corp. website doesn’t advertise its current interest rates online.

What is Draper & Kramer Mortgage Corp.?

Founded in 1893 and headquartered in Chicago, Draper and Kramer Mortgage Corp. is a family-owned company that serves clients nationwide. The company has $300 million in active real estate developments, $1.3 billion in assets under management and $6 billion in annual commercial and residential mortgage loan production.

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