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Vylla Mortgage Reviews:
Is Vylla Mortgage Legit?
Scam Risk is here to help you protect yourself and fight back
By: Scam Risk - Expert Reviewer
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Table of Contents
Overview: What Is Vylla?
Vylla was started in 2018 as a subsidiary of Carrington Holding Company. It’s primary purpose is to provide financing to consumers directly by blending the housing market and mortgage sides under the same umbrella, and also provide title and escrow services to help people during during the home buying process avoid the common pitfalls of homeownership.
This way, consumers can get a real estate agent to help find and finance the home they want at comfortable mortgage rates, even with low credit scores or very little in the form of a down payment.
Vylla takes pride in its efforts to help homeowners reach their goal by providing them with a wide range of mortgage information during the home buying process; however, first time home buyers should be cautious as many people have reported erroneous and expensive blunders with the organization.
Vylla and their partners make it a point to work with a buyer that has a mediocre credit score. They will consider you despite sub credit and offer you comparable loan options based mostly on your capability to pay back various loan types .
For instance, they will consider rent history and bank statements in order to show the owner as a low risk for a home loan even to the point of offering a competitive interest rate.
A Review Of Loans That Vylla Offers?
Mortgage Lenders
Vylla offers all kinds of mortgages to choose from in the United States, even a mortgage for a low credit customer. They also offer a simplified website for their users with anemic credit and simple dreams to find the home they want, as well as a way for more affluent customers to find the properties and appropriate jumbo loans to fit their needs.
Use Vylla to find the right mortgage lenders offering the loan types, such as…
Home Loans
Consider Vylla a loan super-store warehouse that matches providers with consumers. As long as you have a credit score of at least 620 with a down payment at 3%, you should be good to go.
For modest, low credit homeowners, this is a great solution. On the other hand, people seeking a jumbo loan will need to have 5% down and a 680 credit score, but those getting a government financing (USDA, VA loans) only need a 500 credit score.
Low Credit Home Loans
This financing type doesn’t really fall into a specific category like a VA Loan… but a mortgage by Vylla, with a bad credit score is considered to a specialty.
Conventional Loans
This refers to adjustable and fixed rate standard home loans for homes under $484,275.
VA
Vylla goes out of their way to take care of servicemembers with $0 down VA Fianancing.
USDA
Vylla offers USDA home buyers this alternative if the home is in the rural countryside and the borrower’s income fall within specific parameters.
Jumbo
Vylla offers these home loans (not backed by Fannie Mae or Freddie Mac) to individuals seeking more than $484,350.
FHA
One of the more common financing types offered by Vylla is the Federal Housing Administration backed option. A qualified borrower would need about 3.5% for a down payment and meeting a specific income threshold.
Refinancing
Vylla offers a wide array of packages for homeowners seeking to refinance a current mortgage. So if you’re looking to cash out or reduce your payment, mortgage refinancing with Vylla could be the answer.
How Vylla Works
There are two services that Vylla is broken into…
- Home Loan
- Home Search
Home Search:
This looks similar to other home search websites. After a Vylla user clicks “Start You Search”, they’ll be taken to the https://www.vyllahome.com/ site.
Next, enter the desired zip code and click “Search”.
If it’s your first time to the site, start by zooming in and out of the map and click the homes you like for its information. You can even filter based on your budget.
After you found a home, you’ll contact a Vylla Real Estate Agent who will kick off the home buying process
Home Loan Search:
To kick off your Vylla home or loan search, click “Start The Process” at https://www.vylla.com/. Then pick either Refinance of Purchase.
Purchases:
Click “Purchase” for 3 more options.
- Start Loan Inquiry: Allows you to send your personal records to a loan agent
- Monthly Payment: Search for financing within your budget.
- Purchase Price: Search for financing for a home you already found.
- The final two options: Vylla asks you a few question about your credit score, income and the down payment you can provide.
Refinancing
Click “Refinance” to see the following options:
- Get cash out
- Reduce Loan Term
- Lower Monthly Payment
Vylla will then ask you a few more questions before showing your loans:
- Type of residence
- Use of residence
- Location
- The estimate value
- Your credit score
- Loan balance
Note: New Vylla users may be shocked at the sheer number of home loan offers available.
What Is The Application Process Like?
The application process with Vylla is designed to be smooth operation:
- Go to https://www.vylla.com/ and click on “Start the process”.
- Look for a financing by affordability, desired monthly payment or home purchase price. Select your financing based on the home purchase price.
- List out the information of the homes that interest you, along with your income, current debts, or past financial difficulties including what you can provide for a down payment.
- Review the loans that Vylla suggests for you, then save your options.
- Set up a time with a home specialist to go over your application
Vylla Closing Costs
There is no application fee, but Vylla does charge an underwriting fee of $599. You’ll also pay other lender fees since Vylla does not provide direct lending. So you can expect anywhere from 2-6% of the total for closing.
Of course eligibility varies based on the lender you work with. Qualifications will be based on the following credit score factors:
- Scores of at least 620 for conventional (requiring 3% down)
- 680 for a Jumbo Loan (requiring 5% down)
- 500 for all others (FHA loans requiring 3.5%, VA and USDA loans requiring as little as $0)
Vylla Customer Service
Vylla’s website is a perfect tool with informative articles and FAQs, but if you can’t find the answer you need, a customer service rep is ready at the bat to help you.
Vylla also has an online chat feature, with is the perfect way to contact them, but you may have to search for it.
However, the Vylla support hotline number is pretty easy to find. Just know that it’s a toll free number that goes to Carrington Mortgage Services, but you’ll still get stellar service.
If you call Monday through Friday, the wait time is usually no more than 5 minutes.
Vylla Pros
So you’ll run into other lenders that will charge an underwriting fee for 0.5% or more of the loan you’ll get, but Vylla only charges a $599 for all the loans they offer… which is a deal on financing for $2.5 million or more. Here is a list of other benefits:
- Various research tools: Key in your details, search by purchase price and monthly payment and see which loans are right for you. Some will look tempting to jump on right away to do your due diligence.
- Various loan options: You can choose from conventional loans, with favorable rates and terms for up to 30 years for applicants meeting eligibility requirements for FHA, VA, and USDA loans. And down payments can range from 5% for Jumbo Loans to $0 for government backed loans.
- Down Payments: You likely won’t need any more than 3% down on a conventional loan or 5% for a Jumbo loan. For an FHA loan, you’re looking at about 3.5% down and nothing down for VA and USDA loans.
- Low credit scores: So you’re not going to be able to get conventional if your credit score much lower than 620, but if you have at least a 500 or higher, then a government loan will work.
Vylla Cons
You’ll need to sign up for an account at Vylla in order to get anywhere. You should start getting a good deal of follow-up emails. It’ll be a bit of a pain at first, but not compared to the other listed below:
- Doesn’t cover the entire US: Unfortunately Vylla doesn’t have a license for lending in Hawaii, Nevada, Massachusetts, New York, Utah and North Dakota.
- Bad Customer Reviews: Every so often you come across the occasional BBB customer complaint regarding bad customer service, incorrect reporting, and erroneous blunders that has had adverse affects on borrower’s credit.
- No Online Loan Officer: Unfortunately, you can’t complete the loan process online with Vylla and directly get funding from lenders. You’ll have a lending specialist do this for you.
- Carrington Mortage Services (the customer service side of the business) has a BBB rating of B-, but with a bit of research you can find customer reviews that indicate a few instances of faulty communication and out of the blue payment hikes, including those who’s mortgages were sold to Carrington.
Carrington Mortgage Services
Carrington Mortgage Services, LLC (aka “Carrington” or “CMS”) is a spin off of Carrington Holding Company, LLC (aka “CHC”) which is a company ultimate purpose is to work hand-in-hand with each other in order to offer a wide array of mortgages for real estate and services for just about all avenues of single family real estate deals in the country from coast to coast.
The center for operations for Carrington is in California and control three loan servicing branches that offer an all-in-one mortgage loan one-stop-shop for investors and borrowers.
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Here’s what I mean…
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How Do I Make Money From This?
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Where Do I Start?
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I know you’re probably chomping at the bit for more information about this program…
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We will be happy to hear your thoughts
Things We Liked:
- They offer many ways to find a home loan
- Vylla is a great option for low credit borrowers
- There are several types of loan programs to choose from with reasonable terms
Things We Didn't Like:
- The home loan preapproval process is virtually non-existant.
- Vylla programs are only available in some states
- The loan process is only available offline
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