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Opportunity Bank mortgage review

Offers a wide range of home loan options, including agricultural loans and first-time homebuyer programs, but it’s only available in Montana.

  • Choose this lender for a variety of home loans.
  • Choose another lender if you want a fully digital lender.
  • A good option for first-time homebuyers.
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Details

Loan products offeredConventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance
Minimum credit scoreConventional: 620
FHA: 580
Minimum down payment (Conventional)3%
State availabilityOnly available in: MT
NMLS #412554

Opportunity Bank requirements

To learn if you’re eligible for an Opportunity Bank home loan, visit the company’s website. Basic eligibility for a mortgage or home equity loan with Opportunity Bank includes:

  • Residency in Montana
  • Two years’ history of employment
  • A FICO credit score of 620 or highe
  • No history of bankruptcy in the past two years

Documentation

When applying for a mortgage with Opportunity Bank, be prepared to provide the following information and documents:

  • State-issued ID
  • Employment information
  • Current housing information and residence history
  • Most recent pay stubs, tax returns and W-2s
  • Most recent 1099s if self-employed
  • Best estimates of income, assets, liabilities and expenses
  • Recent bank statements

Costs and fees

Opportunity Bank charges an administration fee on its home loans, which is generally under $1,000. Additionally, you should expect to budget about 1% to 4% of your loan amount in closing costs, which typically include:

  • A credit report
  • Appraisal
  • Home inspection
  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Title insurance
  • Taxes

Opportunity Bank doesn’t charge an application fee on its HELOCs, but you will be responsible for paying applicable third-party fees.

How to apply for a mortgage with Opportunity Bank

To get started applying for a home loan with the company:

  1. Go to Opportunity Bank’s website, select the Lending tab and then choose Mortgage Lending.
  2. Choose a loan officer and select Apply with [lender name] on the next page.
  3. Create a new account and log in to the account. Then hit Apply Now.
  4. Enter the loan information, coborrower information if any, your personal information, Social Security number, residence information, expenses, assets, employment and income information.
  5. Authorize a credit check and enter your liabilities and other expenses. Then, consent to the electronic disclosures and answer the declaration and demographic questions.
  6. Review and submit the application and wait for a loan officer to contact you about next steps.

What types of mortgages can I get through Opportunity Bank?

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

Other mortgage products Opportunity Bank offers

Opportunity Bank also offers these specialized types of mortgages:

  • Agricultural loans. Choose from real estate loans, lines of credit and mortgage or contract refinances.
  • Montana Board of Housing loans. Opportunity Bank offers first-time homebuyer programs through the Montana Board of Housing. These may include:
    • -Regular Bond Program. A 30-year, low-interest rate mortgage geared towards first-time homebuyers who meet specific income requirements.
    • -Special Programs through Habitat for Humanity, Community Land Trusts and NeighborWorks. These programs offer first mortgages at reduced rates for borrowers who earn less than 80% of the area’s median income.
    • -Montana Veterans’ Home Loan Program. Provides first mortgages to Montana residents with a history of current or previous military service.
    • -Down Payment Assistance. Can be combined with any Montana Board of Housing loan to help cover the cost of the down payment.
  • HELOCs. An adjustable-rate revolving line of credit with variable limits depending on the home value. Tax breaks may be available for certain uses.
  • Mortgage refinancing. A new mortgage to replace your current mortgage so you can reduce your interest rate and monthly payment, change the term length and eliminate PMI when your home’s equity reaches 20%.

How Opportunity Bank’s mortgage products compare to other lenders

Compared to other lenders, Opportunity Bank offers a wide range of home mortgage options, including purchase and home equity loan products and first-time homebuyer programs through the Montana Board of Housing. The bank also offers mortgage refinancing and agricultural loans and lines of credit for farmers and ranchers.

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Opportunity Bank reviews and complaints

As of June 2021, Opportunity Bank has a limited number of online customer reviews. Two reviewers gave the credit union a 3 out 5 rating on Yelp, and one customer praised the “comfort level” and relationships of Opportunity Bank over larger banks.

Opportunity Bank is not accredited with the Better Business Bureau (BBB) and has no business rating (NR). There are zero customer reviews about Opportunity Bank on the BBB website and no complaints registered in the past three years.

Opportunity Bank pros and cons

Opportunity Bank might be a good choice for your mortgage and refinancing needs, but weigh the perks and drawbacks first.

Pros

  • Agricultural loans. Opportunity Bank offers a range of loan options for borrowers in the agricultural and livestock industry, including lines of credit and equipment loans.
  • Mobile app. The bank’s app is favorably rated by many customers for being convenient and easy to use. The app allows you to view your home loan balance and make a payment with your smartphone.
  • Personalized service. Some customers mention receiving more personalized service with Opportunity Bank over larger national banks.

Cons

  • Website lacks information. The Opportunity Bank website has little to no information about specific loan types offered, programs, fees or interest rates.
  • No online prequalification. It’s not possible to view your available interest rates until you fill out the online loan application involving a hard credit check or until you speak with a loan officer.
  • Few online reviews. We could only find a few online reviews, which don’t give much insight into the service levels at the bank.

What is Opportunity Bank?

Founded in 1922 and headquartered in Helena, Montana, Opportunity Bank is a community bank with 23 full-service retail branches across the state and $1.3 billion in assets. In addition to mortgages, the bank provides a full suite of banking, agricultural and digital services to its customers.

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Review by


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.

Expert review

Opportunity Bank may be a good option for Montana residents looking for a first-time homebuyer program with down payment assistance or an agricultural loan or line of credit. But there aren’t any details about loan types or interest rates online and no quick prequalification process on the website. You’ll need to fill out the online application first or call a loan officer in your area to get started.

If Opportunity Bank doesn’t have what you’re after, compare more lenders to find the right one for you.

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