While you may have not heard of “McGlone Mortgage” before, they’re making waves with their superior customer service, something that can often be elusive in the mortgage biz.
The Appleton, Wisconsin-based direct lender has some of the highest marks in the industry when it comes to borrower satisfaction, and says it’s able to offer low rates and fees at the same time thanks to technology.
Their philosophy is “Customers for Life,” with referrals from past customers and local real estate agents having delivered the majority of the company’s business.
In other words, they want to make you happy so you tell your friends and family to use them too, which could save them money on advertising dollars and keep more money in your own pocket.
In case you’re wondering, the surname McGlone is of Irish descent, and almost sounds like “loan.” So perhaps the individual that started the company was destined to dish out home loans.
McGlone Mortgage Fast Facts
- Direct mortgage lender that offers refis and home purchase loans
- Founded in 1999, headquartered in Appleton, Wisconsin
- A dba of parent company Homestead Funding Corp.
- Licensed to do business in 44 states and the District of Columbia
- Excels in customer satisfaction with near-perfect ratings
McGlone Mortgage is a direct-to-consumer retail mortgage lender headquartered in Appleton, Wisconsin that offers home purchase financing and refinance loans.
They’ve been doing business since 1999, which is a lifetime for a mortgage lender.
The company operates as a dba of its parent Homestead Funding Corp., which is based out of Albany, NY.
Homestead funded about $2 billion in home loans last year, but it’s unclear how big McGlone Mortgage.
While their parent company mostly lends in its home state of New York, McGlone is licensed to do business in 44 states and the District of Columbia.
They don’t appear to be available in Alaska, Arkansas, Hawaii, Missouri, Nevada, or Ohio at the moment.
How to Apply with McGlone Mortgage
- They offer a digital home loan process powered by SimpleNexus
- It allows you to complete the loan application electronically from any device
- You can also download their free mortgage app to take advantage of mobile document scanning
- After submission, you can get updates as you go and message your loan officer instantly if you have questions
McGlone Mortgage prides itself on customer service and to that end makes it super simple to apply for a home loan.
You’ve got the option of applying from their website or via their free smartphone app, or by simply calling them up on the phone directly.
Those who prefer to work with someone specific can peruse their online loan officer directory first, then get in touch via their displayed contact information.
It’s also possible to fill out a short lead form on their website, at which point a loan officer will reach out to you.
Regardless of how you proceed, you’ll eventually land in their digital mortgage application powered by SimpleNexus that lets you complete most tasks electronically.
For example, you’ll be able to scan/upload paperwork, eSign disclosures, digitally verify income/assets, and receive real-time updates as your loan progresses.
All of it can be accessed via the online borrower portal 24/7 for maximum convenience.
Additionally, prospective home buyers can generate pre-approval letters on the fly that can be shared with real estate agents from a mobile device.
Loan Programs Offered by McGlone Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Home renovation loans: FHA 203k or Fannie Mae HomeStyle
- Conforming loans backed by Fannie Mae and Freddie Mac
- Government-backed loans: FHA/USDA/VA
- High balance / super conforming loans
- Jumbo home loans
- Energy Efficient Mortgages
- HomeReady (Fannie’s 3% down loan program)
- State Bond Programs for first-time buyers
- Fixed-rate and adjustable-rate options available in a variety of loan terms
Aside from excelling in customer satisfaction, McGlone Mortgage also offers an impressive menu of loan programs.
And they lend on all major property types and occupancies, including condos/townhomes, second homes, investment properties, and multi-unit properties.
You can get a conventional loan backed by Fannie or Freddie, a jumbo loan that exceeds the conforming loan limit, or a government loan including an FHA loan, VA loan, or USDA loan.
Those who already own a property can apply for a rate and term refinance, a cash out refinance, a streamline refinance, or a home improvement loan, including the FHA 203k or the Fannie Mae HomeStyle Renovation.
They also offer Energy Efficient Mortgages (EEMs), along with a jumbo mortgage up to 85% LTV that doesn’t require private mortgage insurance.
Lastly, state bond programs are available in select states that allow first-time home buyers to apply for a grant to help with down payment and/or closing costs.
In terms of specific loan programs, you can get a fixed-rate mortgage such as a 30-year, 15-year, 20-year, or 10-year fixed, or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.
McGlone Mortgage Rates
One area where McGlone could potentially improve is when it comes to pricing transparency.
They don’t list their mortgage rates on their website, which while not indicative of whether their rates are high, low, or just plain average, doesn’t give us much to go on.
However, you might come across their interest rates in mortgage comparison tables on websites such as Bankrate, so keep an eye out when shopping your rate.
The same goes for lender fees, which don’t appear to be mentioned on their website. It’s unclear if they charge underwriting or processing fees, or a loan origination fee.
Although I have seen them advertise on Bankrate and list what appeared to be a flat origination fee of $1,895.
As always, take the time to shop around and obtain several mortgage rate quotes before deciding on a lender. Otherwise you’re doing yourself and your wallet a disservice.
McGlone Mortgage Reviews
On Bankrate, McGlone Mortgage has a pretty amazing 5-star rating out of a possible 5 from nearly 1,300 customer reviews.
And on top of that, 100% of customers who reviewed the lender would recommend them to others.
It’s the same story over at Zillow, where the company enjoys a 4.98-star rating from over 1,000 customer reviews.
A whole lot of those reviews indicate that both the interest rate and fees/closing costs were both lower than expected. That might explain the high level of satisfaction.
Additionally, they’ve got a 4.8-star rating from about 200 customer reviews on Google, and a 4.5-star rating from 30 reviews on Yelp.
One of the reviews even mentions a customer receiving a gift package containing Wisconsin’s finest cheese. Sounds pretty above the beyond if you ask me.
The mortgage company is also an accredited business with the Better Business Bureau (since 2015) and currently boasts an ‘A+’ rating based on complaint history.
They even have a perfect 5-star rating on the BBB website, which is relatively unheard of since most people generally go there just to complain.
In summary, McGlone Mortgage could be a good choice for both home buyers and existing homeowners looking to refinance thanks to their exceptional customer satisfaction and perceived low rates/fees.
While they might not be a household name, they’re certainly legit if you take the time to read their thousands of highly positive customer reviews.
McGlone Mortgage Pros and Cons
The Pros
- Can apply online via their digital mortgage platform
- Also offer a free smartphone app
- Tons of home loan programs to choose from
- Near-perfect customer reviews across all major ratings websites
- A+ BBB rating, accredited business since 2015
- Free mortgage calculators on their website
The Cons
- Not licensed in all states
- Do not list mortgage rates or lender fees
(photo: Marcus Murphy)
