Most mortgage lenders offer both home purchase loans and refinances. But Direct Access Funding is all about the refis.
In fact, the Southern California based lender refers to itself as a the “refinance division” of its parent company.
Seeing that most refinances are driven by the desire to obtain a lower mortgage rate, there’s a good chance their pricing is competitive.
They say they’ve got the best refinancing rates period and quality customer service to boot, which their reviews seem to back up.
So if you’re an existing homeowner looking for a better mortgage, they could be worth looking into. Let’s dig into the details.
Direct Access Funding Fast Facts
A direct-to-consumer mortgage lender that offers home refinance loans
Founded in 1998, headquartered in Irvine, California
The refinance division of Absolute Home Mortgage Corporation
Licensed to do business in 15 states and the District of Columbia
Their parent company funded $2 billion in home loans last year
Claim to offer the best mortgage refinance rates
As the name implies, Direct Access Funding is a direct-to-consumer mortgage lender based in Irvine, California, which is in the heart of Orange County.
Instead of a physical branch network, they work remotely with customers from a central call center to help you process and close your loan.
The company is located near many other mortgage lenders, including CashCall Mortgage, ClearPath Lending, loanDepot, and Watermark Home Loans.
As noted, they dabble only in mortgage refinancing, meaning their target market is existing homeowners as opposed to home buyers.
They are actually a division of Absolute Home Mortgage Corporation based out of Fairfield, New Jersey, which originated about $2 billion in home loans last year.
They’re currently licensed to do business in 15 states and the District of Columbia.
Those states include Arizona, California Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, and Virginia.
How to Apply with Direct Access Funding
To get started, you can call them on the phone or simply visit their website and begin on your own.
Your best move might be to get in touch with a licensed loan officer first to discuss mortgage rates, lender fees, and overall eligibility.
Once you get the information you need to proceed, you can fill out their digital mortgage application online.
It allows you to complete the form 1003 electronically, eSign disclosures, and upload supporting documents via a secure portal.
Once your loan is submitted, you’ll be able to manage your loan online from start to finish.
It’s unclear if the processing and underwriting of your loan is completed in-house or at their parent company’s headquarters.
Regardless, their goal is to make refinancing stress-free and they employ the latest technology and solutions to make that happen.
Because they focus on existing homeowners only, the process should be faster than traditional banks and lenders.
Loan Programs Offered by Direct Access Funding
Rate and term refinances
Cash out refinances
Streamline refinances
No cost refinances
Conforming loans backed by Fannie Mae and Freddie Mac
FHA loans
Fixed-rate mortgages in various loan terms
Direct Access Funding seems to be solely focused on mortgage refinances for existing homeowners.
This includes rate and term refinances, cash out refinances, and streamline refinances.
They can also structure your loan as a no cost refinance through the use of lender credits so nothing needs to be paid out of pocket.
In terms of loan types, I believe they only originate conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans.
It’s unclear if they offer VA loans or jumbo loans as well.
You can get a fixed-rate mortgage such as a 30-year fixed or a 15-year fixed, and possibly an adjustable-rate mortgage too.
They lend on primary residences, second homes, and investment properties, including condos/townhomes.
All in all, their product menu isn’t vast but should cover most of the population.
Direct Access Funding Mortgage Rates
While they claim to have the “best” mortgage rates for a refinance loan, they don’t list their rates online. At least not on their website.
However, you might find them on third-party websites alongside other lenders in mortgage rate tables.
My assumption is their rates are very competitive since they’re a branchless, refinance-only lender.
And because refis are generally pursued to save money, they will need to beat your existing rate to earn your business.
But do take the time to compare their quote to other lenders to be sure. And also ask about any lender fees, such as a loan origination fee or application fee.
I’d classify them as a low-cost mortgage lender because of their lightweight business model (lack of branches and advertising), which is a good thing if you’re looking for lowest possible rate/fee.
Direct Access Funding Reviews
On Experience.com, Direct Access Funding has an impressive 4.91-star rating out of a possible 5 from over 1,000 customer reviews.
You are able to filter the reviews by loan officer to see how certain individuals have performed in the past. If a certain person stands out, be sure to ask for them when calling in.
Over at Google, they have an even better 4.9-star rating from nearly 200 reviews, which is pretty close to perfection.
Lastly, they’ve got a 4.9 rating on Bankrate from 15 reviews, with 100% of reviewers indicating they’d recommend the company to others.
Their parent company Absolute Home Mortgage Corp. is an accredited company with the Better Business Bureau (since 2013) and currently holds an ‘A+’ rating based on complaint history.
All of these reviews give them some legitimacy, even if they’re not a household name like some of the larger lenders out there.
In closing, Direct Access Funding seems to be a streamlined refinance shop that could be a good fit for an existing homeowner looking for a lower mortgage rate or cash out.
They’re probably best suited for those with plain vanilla loan scenarios (e.g. W-2 employee, conforming loan amount, single-family residence).
If that’s you, they might be able to beat your existing mortgage rate and save you money each month.
But those with more complex loan scenarios (self-employed borrowers, investors, jumbos) may want to look elsewhere.
Direct Access Funding Pros and Cons
The Pros
Can apply for a home loan online in minutes without a human
Offer a digital mortgage application (paperless process)
Say they offer the best refinance rates
Excellent reviews from past customers
Parent company is accredited, A+ BBB rating
The Cons
Not licensed in all states
No branch locations
Only offer refinancing products (not home purchase loans)
While it’s hard to compare the current possible housing crisis to the very real one experienced about a decade ago, there are fears of negative market impact due to COVID-19.
We’ve already seen listing prices fall, along with a big jump in delistings, where home sellers pull their properties off the market.
And home purchase mortgage applications continue to plummet, especially in large metros like LA, NY, and Seattle, per the MBA.
Meanwhile, real estate brokerage Redfin revealed via an SEC filing that it was laying off 7% of its workforce, which could result in roughly 236 job losses.
Then we have Wells Fargo curtailing its mortgage menu, and ARMs pricing higher than fixed-rate mortgages.
The number of mortgages in forbearance has also surged 1000%, and is likely to get a lot worse the longer this goes on.
The real estate and mortgage industry certainly isn’t operating as usual, and it’s even reminiscent of times back in the early 2000s.
Temporary Inability to Pay the Mortgage?
The housing crisis a decade ago was driven by shoddy financing
Such as stated income, option ARMs, interest-only loans, and so on
This potential crisis is being driven mostly just by loss of income due to COVID-19
As long as it’s temporary it shouldn’t create too many problems for the housing market
This time around, the number one issue is inability to make mortgage payments due to loss of income or unemployment as a result of coronavirus.
Either companies have laid off staff due to a loss of business, or small business owners have taken a hit because they’ve had to close up shop.
Others might just be experiencing a temporary loss of income or a pay cut while companies navigate the uncertain waters ahead.
Whatever the situation, the problem seems to center around capacity to pay, as opposed to being overleveraged, or holding a home loan with some creative financing terms like interest only or an exploding ARM.
Homeowners could mostly afford their monthly mortgage payments before this unforeseen event took place, unlike the crisis that took place in the early 2000s.
Back then, borrowers took out mortgages they couldn’t afford, and serially refinanced them as their inflated home values grew.
Today, many homeowners have a sizable equity cushion, partially because cash out refinance volume has been very low, and also because home prices have risen a ton over the past decade.
This puts them in a much better position than those homeowners from 2006 who purchased a property with zero down financing and stated their income on the application.
That’s the good news. The bad news is many housing markets were already vulnerable before COVID-19 hit, and thus could see some an uptick in foreclosures if this plays out for a long period of time.
Almost Half of the 50 Most Vulnerable Counties Are in Florida and New Jersey
14 of the highest risk counties can be found in New Jersey
Several are also located in the NYC suburban area
Another 10 are in Florida, mostly in the central and north part of the state
Others are scattered along the Mideast coast
So where are the potential foreclosure hotspots, once any coronavirus-related moratoria disappear?
Well, a new “Special Coronavirus Market Impact Report” released by ATTOM Data Solutions found that half of the most vulnerable counties reside in Florida and New Jersey.
They rank market risk by looking at three main factors:
– Percentage of housing units receiving a foreclosure notice in Q4 2019 – Percentage of homes underwater (LTV 100 or greater) in Q4 2019 – Percentage of local wages required to pay for major homeownership expenses
As we know from the prior mortgage crisis, payment default was driven by homeowner equity to some degree, with underwater borrowers often throwing in the towel because they had nothing to lose.
This was further exacerbated if they didn’t have the money to make mortgage payments, or if they were simply overextended.
Finally, if a foreclosure notice was already received before the coronavirus pandemic took place, it’s clearly a bad sign for a situation that likely just got worse.
As for which counties are on alert, there are 14 in New Jersey, such as Camden and Ocean, along with five in the New York City suburban area: Bergen, Essex, Passaic, Middlesex, and Union counties.
And there are 10 counties in Florida, mostly in the northern and central portions of the state, including Clay, Flagler, Hernando, Lake, and Osceola counties.
Additional New York counties include Orange, Rensselaer, Rockland, and Ulster.
There are also a handful of counties in the top 50 in Delaware, Louisiana, Maryland, North Carolina, South Carolina, and Virginia.
Only Seven Risky Housing Markets in the Midwest and West
The housing markets in the Midwest and West appear to be stronger overall
The only high-risk markets are in Illinois, mostly the Chicago metro
Along with Shasta County, CA, which is just south of Oregon
And Navajo County, AZ, in the northeast part of the state
Things appear to be a lot better in the Midwest and West, with just seven counties total landing in the top-50 most vulnerable list.
Every single Midwestern county can be found in Illinois, including Kane, Lake, McHenry, Tazewell, and Will.
Most are in the Chicago metropolitan area, a region that has never really seen massive amounts of home price appreciation since the crisis.
In terms of the West, only two counties made the top-50, including Shasta County, CA and Navajo County, AZ. Both aren’t major metros.
The report also revealed that counties where median home prices range from $160,000 to $300,000 account for 36 of the most vulnerable counties.
Meanwhile, counties with median home prices below $160,000 or above $300,000 made up just 14.
This is because those with median prices below $160,000 are among the most affordable, while those priced above $300,000 have some of the highest home equity amounts, and thus the lowest foreclosure rates.
The takeaway here is that most of the country looks pretty good overall with regard to housing market risk.
That could change depending on how long things play out, but there are plenty of mortgage relief programs available, including a 6-12 month forbearance via the CARES Act.
As long as this is somewhat temporary, and most homeowners get back to work, it should be a momentary blip.
If you live or work in Delaware, it’s important to find the right bank for your unique goals. Fortunately, there are plenty of options at your disposal.
In addition to its beautiful beaches, affordable housing, and historical landmarks, the First State is home to many reputable banks that are member FDIC for your peace of mind and ideal for your personal or business finances.
13 Best Banks in Delaware
While some have local branches throughout the state, others are online only. To make your search for the ideal financial institution a bit easier, we’ve done the heavy lifting for you and listed the best banks in Delaware below.
1. The Bank of Delmarva
The Bank of Delmarva is a small community bank with branches in Ocean City, Salisbury, and Sussex County. Its lineup of personal banking accounts and services includes the best checking accounts, savings accounts, money market accounts, CDs, and IRAs.
If you’re a small business owner, rest assured that it offers business loans, commercial products, and merchant services. Compared to other banks in the state, it offers low fees and competitive interest rates. Plus, it’s earned stellar reviews for its customer service. We can’t forget the intuitive mobile app you can use to manage your banking while you’re out and about.
2. Chime
Chime is a digital bank redefining traditional banking norms. With no physical branches, Chime stands out by providing a simple yet intuitive suite of financial products, all managed from their highly rated mobile app. The bank offers a fee-free1 checking account, a savings account, and a secured credit card.
The checking account, with no minimum balance and no overdraft fees, is particularly impressive. Its standout feature, SpotMe5, allows qualifying users to overdraw by up to $200 without fees. Meanwhile, the savings account is made appealing with an automatic savings feature, making it simple to save without thinking.
Notably, Chime gives the benefit of receiving paychecks up to two days early2 with direct deposit setup, a major plus for budgeting and financial planning. Its secured credit card is also a boon, helping users build credit over time through responsible usage and consistent payments.
3. TD Bank
TD Bank is a solid pick for a national bank with a handful of locations in the First State. With TD Bank, you can expect a plethora of products and services, no fees on international transactions, and a highly rated mobile banking app.
From personal and business checking accounts and savings accounts to personal loans, IRAs, and mortgages, TD Bank truly offers it all. If you open an account, you might qualify for a generous bonus. Also, if you’re a student or young adult, you won’t have to worry about monthly maintenance fees or service fees. You might also be able to waive these fees if you maintain a high balance in your accounts.
4. M&T Bank
M&T Bank has many locations in Delaware in cities like Wilmington and New Castle. Even if you don’t live in an area with a physical M&T location, you can enjoy digital banking and conveniences like Zelle transfers and mobile deposits. When it comes to checking accounts, M&T Bank offers four options.
The EZ Choice Checking is your best bet for a basic, free checking account while MyWay Banking is a checkless account that doesn’t charge overdraft fees. MyChoice Plus is an interest-bearing account, just like MyChoice Premium, which offers competitive rates on loans and other products.
In addition to these noteworthy checking accounts, you’re sure to appreciate M&T’s large ATM network and no monthly fees.
5. Artisans’ Bank
Artisans’ Bank has served Delaware since 1861. Today, it has 12 branch locations in the First State as well as two commercial lending offices. Artisans’ list of personal banking products includes checking accounts, savings accounts, money market accounts, debit cards, and branded credit cards with cash back rewards.
The bank also serves small businesses in Delaware with small business banking products such as business bank accounts, business credit cards, and business loans. Even though Artisans’ is a local bank with a physical presence, it offers online banking services so you can manage your accounts online.
6. Capital One
Capital One is a large bank with a reputation for no minimum deposit requirements or monthly maintenance fees. While there are no Capital One branches in Delaware, the bank is worth considering if you prefer online banking. You can apply for and manage personal and business accounts online.
Speaking of accounts, its flagship account is the 360 Performance Savings that makes it a breeze to earn interest on your hard earned money. In addition to an impressive interest rate, there is no minimum balance required so you can open an account with any amount. Other perks there is a highly rated mobile app and free credit card monitoring.
7. Axos Bank
Axos Bank is a digital bank with competitive interest rates on checking and savings accounts, which are free of monthly fees and ATM fees. Even if you live in Delaware, you can perform your banking through Axos online or via the intuitive mobile app, which comes with mobile check deposits, fund transfers, and mobile bill pay.
The bank’s checking accounts offer rewards while the savings accounts stand out for their ATM cards. Speaking of ATMs, Axos Bank will reimburse you for ATM fees on many of its accounts. In addition to its personal banking products, Axos specializes in new mortgages, mortgage refinancing, HELOCs and home equity loans, car loans, personal loans, and managed investment portfolios.
8. Barclays Bank
Barclays Bank operates in Wilmington. It’s a global bank that serves all U.S. states with several banking products. Even though there is only one branch in Delaware, it offers an online portal and a highly rated mobile app so you can bank from anywhere.
As a customer, you’ll enjoy benefits like a high interest rate on high-yield savings accounts and CDs. If you do open a CD with Barclays, you’ll also reap the benefits of low withdrawal penalties. In addition, the bank’s customer service line is available seven days a week to answer any questions or concerns you might have.
9. Community Bank Delaware
Community Bank Delaware is exactly what it sounds like: a community bank based in Delaware. Since it’s locally owned and managed, it focuses on personalized customer service and community support.
At this bank, you’ll find checking accounts, personal savings accounts, time deposits, personal loans, personal credit cards, mortgages, and home equity loans. Community Bank also serves local small business owners with products to support their business operations, such as checking accounts, business savings accounts, business credit cards, and merchant services.
Additional banking solutions include online banking, wire transfers, cashiers checks, night depositary services, direct deposit, and safe deposit boxes.
10. PNC Bank
PNC Bank is a national bank with over 30 branches in cities such as Dover, Bear, Wilmington, and Newark. Its deposit accounts and other products are designed to meet all your banking needs. Virtual Wallet Spend is a combination checking and a long term savings account with a generous sign-up bonus and features like online bill pay, free mobile banking, and a debit card.
While there is a monthly maintenance fee, you can avoid this monthly fee if you maintain a direct deposit balance. PNC also offers loans, such as mortgages, home equity lines of credit, auto loans, personal loans, student loans, and refinancing products. With the PNC mobile app, you’ll be able to manage your accounts while you’re on the go.
11. Ally Bank
Ally Bank is an online bank with competitive rates on savings accounts, money market accounts, and CDs. Thanks to its low overhead costs, Ally doesn’t charge monthly maintenance fees or impose minimum balance requirements.
You can access your money and make cash transactions at more than 43,000 ATMs through the Allpoint network, which Ally has joined. If you have certain savings goals, you’ll love Ally’s “buckets” feature. With the buckets, you’ll be able to organize your funds and receive personalized recommendations that allow you to save.
12. Wells Fargo
Wells Fargo is one of the largest banks in the U.S. with no shortage of physical branches and ATMs throughout Delaware so you can easily deposit cash. Just like most large banks, Wells Fargo offers a full suite of banking products, such as checking accounts, savings accounts, credit cards, home loans, personal loans, and auto loans.
Investment and retirement accounts as well as wealth management services are available too. You can invest on your own or take advantage of a financial advisor that will help you come with a personalized financial plan. Whether you’re an individual or a small business owner, you’re bound to find what you’re looking for at Wells. If you open an account, you may be eligible for a cash sign on bonus.
13. WSFS Bank
WSFS Bank is a regional bank and a subsidiary of a financial services company called WSFS Financial Corporation. Based in Delaware and Greater Philadelphia, WSFS Bank is known as one of the oldest banks in the country.
It offers a wide range of personal banking services, like checking accounts, savings accounts, credit cards, loans, and wealth management. Its certificates of deposit (CDs) feature competitive interest rates you might not be able to find elsewhere and the WSFS Bank Philadelphia Union Visa® Debit Card comes with contactless pay and access to more than 670 ATMs in Delaware and Philadelphia.
At WSFS Bank, you can also take advantage of business banking services, like SVP management, cash management, and merchant services.
Delaware Banking Options
There are three main types of banks in Delaware, including national banks, community banks, and online banks. Here’s a brief overview of each one.
National Banks
National banks are large banks that can be seen throughout Delaware and other states. These banks typically offer a long list of products for individuals and business owners, such as checking accounts, savings accounts, retirement accounts, credit cards, and mortgages. Some examples include TD Bank, Wells Fargo, and PNC Bank.
Community Banks
Community banks are designed to serve local communities in Delaware. You’ll find that these banks prioritize personal customer service. Community Bank Delaware and the Bank of Delmarva are two community banks in the First State.
Online Banks
Online banks operate online and don’t have physical locations in Delaware. Since their overhead costs are lower than banks with brick-and-mortar branches, online banks usually provide lower fees and higher interest rates. Chime, Axos Bank, Ally, and UK-based Barclays Bank are great online banking options in Delaware.
Bottom Line
Delaware has plenty of banks and other financial institutions to help you meet your financial goals. Before you choose one, consider your priorities and weigh the pros and cons of all your options.
If you like an in-person banking experience, a community bank might make sense. On the flip side, if you prefer online and mobile banking, an online bank is likely the way to go. Good luck with your search for the best bank in Delaware.
Frequently Asked Questions
How do Delaware banks keep my money safe?
Most banks insure your deposits up to 250,000 with the FDIC or Federal Deposit Insurance Corporation. Other services like fraud protection can also give you some peace of mind for your linked accounts.
What are the most popular banks in Delaware?
The banks with the most branches in Delaware include PNC Bank, M&T Bank, and WSFS Bank. If in-person banking is important to you, these banks should definitely be on your radar.
Can I open a bank account in Delaware as a non-resident?
Yes. In most cases, you can open an interest earning account or business savings account even if you don’t live in Delaware. You’ll likely need an Individual Taxpayer Identification Number (ITIN).
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
A country house built in 1690 in Old Lyme, CT, is the oldest home on the market this week on Realtor.com®.
Offering “peek-a-boo” views of the Connecticut River, this charmer boasts period details like wide-plank flooring, wood paneling, and built-in bookshelves.
Other vintage gems to hit the market this week include a property with history in New Hampshire, an affordable Colonial in Connecticut, and a pre-Revolutionary War farmhouse in New York.
Scroll down for a full look at this week’s 10 oldest homes.
Price: $615,000 Year built: 1690 Country charmer: This 2,802-square-foot dwelling has been thoughtfully updated.
The cozy family room has a fireplace and lots of built-ins. The dining room features wood-paneled walls, an exposed-beam ceiling, and wide-plank flooring. The bedrooms are upstairs, with the primary featuring windows that overlook the backyard.
The 3-acre property comes with two barn-style garages, including one with a sauna, and the stone patio is equipped with a pizza oven.
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Price: $629,000 Year built: 1700 Charter Sycamore Farm: This restored, stone farmhouse offers built-in cabinets, a wood-burning stove with a wood mantel, and detailed millwork.
The four-bedroom home has a living room with wide-plank flooring and a fireplace. The dining room features a wood-burning stove, wainscoting, and built-in cabinetry. The family room has a wood-beamed cathedral ceiling with skylights, an exposed brick wall, a wood-burning stove, and a built-in bar. The updated kitchen features French doors that open to a multilevel deck.
The oversized primary bedroom upstairs boasts a cathedral ceiling, a walk-in closet, and a sitting area.
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Price: $699,000 Year built: 1702 Stoney Croft Farm: This four-bedroom Cape has been updated over the years and offers 2,640 square feet of living space.
It features “wide-plank chestnut floors, exposed wooded beams, a center chimney, beehive oven, and five fireplaces,” according to the listing.
The kitchen has custom cabinets, soapstone countertops, and stainless-steel appliances. A modern, two-story addition offers a bright and airy den, which opens to an oversized patio designed for entertaining. Two primary bedrooms have their own private bathroom.
The 69-acre lot comes with a stable with a hayloft, and a carriage garage with storage space.
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Price: $1,998,000 Year built: 1714 Cedar Hill Farm: This 75-acre parcel is anchored by a sprawling farmhouse with four bedrooms and 3.5 bathrooms.
The original brickwork and woodworking, as well as wide-plank flooring, run throughout the 3,500 square feet of living space. A guest suite with a separate entrance can be found at the back of the house.
“This land was originally settled by John Bigger and the property was known as Bigger Plantation,” the listing notes.
The property also comes with a one-bedroom guesthouse and a one-bedroom cottage. There are two wooden bridges and multiple outbuildings, including a carriage barn, a six-stall horse stable, and an indoor riding arena.
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Price: $895,000 Year built: 1720 Bartlett Homestead: This four-bedroom beauty is the former home of Mary Bartlett, wife of Josiah Bartlett, the second person to sign the Declaration of Independence.
The 3,644-square-foot space features period highlights, including exposed-beam ceilings, three fireplaces, wide-plank flooring, and built-in cabinetry.
The updated kitchen offers high-end appliances, custom cabinets, and a large center island with seating. The sunroom is surrounded by windows and opens up to a roomy patio. The former root cellar nearby has been transformed into a stunning wine cellar.
The 4.7-acre property includes a skating pond and a barn with stables.
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Price: $1,100,000 Year built: 1720 Sweet stone home: This adorable abode on 33 acres comes with lots of charm and character.
A look back at the three-bedroom home’s history can be found throughout the 3,610 square feet of living space. There are preserved, wide-plank floors, a built-in window seat, arched ceilings, and wood-paneled walls.
Restored to its original grandeur, the dwelling also features a living room with an original fireplace. Another fireplace can be found in the dining room.
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Price: $925,000 Year built: 1725 Expanded antique: This three-bedroom home offers exposed beams, wide-plank floors, and three fireplaces.
The 3,946 square feet of living space includes a modernized kitchen with skylights, a wood stove, custom cabinets, and stainless-steel appliances. The cozy living room has a stand-alone fireplace, and the two-story addition offers extra space for entertaining.
The primary suite comes with a gas fireplace, built-in shelves, a soaking tub, and access to a private terrace.
The home has an attached four-car garage, and there’s a chicken coop on the 1-acre parcel.
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Price: $1,795,000 Year built: 1726 Hidden Pond: Offering views of the Delaware River Valley, this three-bedroom farmhouse has been thoughtfully preserved.
The beamed family room features wide-plank flooring and built-in bookcases. The formal living room has a fireplace, and the first-floor office comes with a private entrance. The newly renovated kitchen has a large center island, Mexican terra-cotta flooring, and French doors, which open to the terrace. The bedrooms are upstairs.
The 73-acre property includes a one-bedroom stone cottage, two barns, a tack room, and other outbuildings. The grounds feature beautiful landscaping, and there’s also a pond, stream, and pool.
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Price: $399,900 Year built: 1730 Three-bedroom Colonial: This affordable abode is one of the oldest homes in town. It comes with wide-board chestnut flooring and three fireplaces.
The structure will need some restoration work. The cozy living room has a walk-in fireplace, the library features built-in bookcases, and the bedrooms have arched ceilings.
The 5-acre property is surrounded by a nature preserve, the listing notes.
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Price: $2,395,000 Year built: 1759 Nord Farm: This stunning, pre-Revolutionary War farmhouse features historic details and luxurious amenities.
The New England-style, 3,360-square-foot home comes with restored chestnut flooring, original wood-beam ceilings, an original staircase, and five fireplaces. Luxury appointments include stone flooring, a built-in dog bed, and a chef’s kitchen with a marble-top island and high-end appliances.
The primary suite is upstairs and has original beams and flooring, and the family room could be used as an additional bedroom.
The 11-acre property includes an original barn, which is being used as a gardening shed that features a full-size golf simulator.
Do you want a low mortgage rate and a good experience to boot while obtaining a home loan? While that basically sounds impossible, a company called “Loan Factory” might be worth looking into.
That’s the dual promise they make to prospective clients, and they appear to put their money where their mouth is.
They say their rates are on average $1,000 less than their competitors, and instead of hiding them, you can find them right on their website without logging in.
What makes them unique from big banks and lenders is the fact that they’re a mortgage broker, which gives them access to lots of different rates.
This allows them to shop and negotiate on your behalf so you don’t have to. If that sounds good, read on to learn more.
Loan Factory Fast Facts
Mortgage broker that offers home purchase and refinance loans
Founded in 2006, headquartered in San Jose, CA
Licensed to do business in 40 states and the District of Columbia
25 physical branches located throughout the country
Have funded $10.1 billion in home loans since inception
Their CEO was the #1 loan originator in 2020 per Scotsman Guide rankings
As noted, Loan Factory is a mortgage broker, or middleman between you the homeowner (or home buyer) and a wholesale lender.
They work as a liaison to help you secure financing, whether it’s a home purchase loan or a mortgage refinance.
The company got their start back in 2006 and are headquartered in San Jose, California.
Loan Factory is helmed by CEO Thuan Nguyen, who just happened to be Scotsman Guide’s Top Originator for 2021 with a whopping $2 billion in loan volume.
Some 96% of that volume consisted of mortgage refinance loans, so that’s probably their bread and butter product.
At the moment, the company is licensed in 40 states and the District of Columbia.
Those states include Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin.
How to Apply with Loan Factory
Your first step might be visiting their website to check daily mortgage rates. Simply enter some basic info and you’ll be off to the races.
If you like what you see among the rates listed, click on “Apply Now” next to the corresponding rate to begin your loan application.
They say it takes about five minutes to complete, at which point you’ll be instructed to upload supporting documentation, such as tax returns, bank statements, and pay stubs.
Once they receive your paperwork and your loan is submitted to a partner lender, a loan officer will reach out and you’ll be eligible to lock your mortgage rate.
After locking the rate, they will send you an email confirmation that clearly details your rate and if there is any cost (discount points) or cash back associated (lender credit).
At that time, you’ll need to pay for a home appraisal, which will be conducted while an underwriter reviews your loan file.
You can log on to their website at any time to check your progress, and they automatically update your status as you go.
It’s also possible to simply create an alert and receive daily pricing updates after you view rates, or click on “Qualify Me” to run your own little mortgage pre-qualification online.
If you’re the type who prefers to work face-to-face, they’ve got about 25 branches scattered across the country. You can also call them directly to get started.
Either way, much of the loan process can be conducted paperlessly from a smartphone or computer.
Loan Programs Available at Loan Factory
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Conforming loans backed by Fannie Mae and Freddie Mac
The main draw of going with Loan Factory is pricing, namely low mortgage rates and limited fees.
As mentioned, they say they beat other lenders by $1,000 on average, which means a lower combination of rate/fee.
So if a lender offers a rate of 3.25% with $2,500 in fees, they might have the same rate with just $1,500 in fees.
They’re able to offer competitive pricing for a number of reasons, the main one being that they have 37 wholesale lender partners to shop with.
Those lenders include the likes of Rocket Mortgage, UWM, loanDepot, PennyMac, Freedom Mortgage, OnQ Financial, AmeriSave, and many more.
Additionally, Loan Factory may receive volume discounts from their partners, and they employ salary-based loan officers as opposed to commission-based ones.
Reduced overhead thanks to a reliance on technology and limited advertising means they can pass savings onto their customers.
They also apparently “cut their profit” so borrowers can obtain lower rates. This would imply taking lower commissions on the back end. In other words, they make less per loan but make up for it on volume.
From what I saw, their rates were indeed on the low end, and you can see for yourself on their website without the need to sign up or log in first.
Loan Factory Reviews
On Google, Loan Factory has perfect 5-star reviews across most if not all of their physical branches.
Simply check out a branch near you and you’ll likely see a 5-star rating. Collectively, they’ve got nearly 6,000 reviews on Google at last glance.
Over at Zillow, they’ve got a near-perfect 4.98-star rating out of a possible 5 from roughly 400 customer reviews.
A good number of those reviews indicate that both the interest rate and closing costs were lower than expected, a testament to their strong pricing.
They’ve also got a 4.9-star rating on Facebook from 150 reviews, and a 4.9 rating on LendingTree from about 60 reviews, along with a 97% recommended score.
You can also check out Yelp reviews for branches near you, which also tend to be highly rated.
Lastly, they are an accredited business with the Better Business Bureau, and currently hold an ‘A+’ rating based on complaint history, of which they’ve had just one in the past 12 months.
Somewhat amazingly, they also have a 4.99/5 rating on the BBB website, which is impressive given reviews via the BBB are typically poor.
To sum things up, Loan Factory seems to be all about low pricing and quality service, which means they could be a really good fit for an existing homeowner looking to refinance.
I’d consider them a streamlined, no-frills discount lender that is best suited for those with straightforward loan scenarios in search of the lowest price.
If you want a more boutique experience, you may want to consider alternatives.
Loan Factory Pros and Cons
The Good
No application fee
Can shop your rate with 37 different lenders at once
Their loan officers are salaried (not commissioned)
Appear to offer low mortgage rates (and you can see them online)
Offer a digital mortgage application and loan process
Also have brick and mortar branches in several cities nationwide
Excellent customer reviews across all ratings sites
A+ BBB rating, accredited business
Free mortgage calculator and mortgage glossary on their website
Some staff speak Cantonese, Filipino, Hindi, Korean, Mandarin, Spanish, and Vietnamese
When it comes to college towns in New Jersey, the Garden State boasts a bountiful harvest.
From the ivy-covered halls of Princeton University to the bustling city streets of Newark, each of the college towns featured below provides a unique blend of culture, history and educational excellence. In this article, we’ll take a closer look at some of the best college towns in New Jersey and the attributes that set them apart from the rest. Pick your favorite spot and find your new apartment community in a New Jersey college town.
You can’t have a conversation about college towns in New Jersey without talking about Princeton. This picturesque town, home to the prestigious Princeton University, is the epitome of collegiate charm. Nestled in the heart of New Jersey, this historic town is steeped in tradition and teeming with intellectual energy.
From the moment you set foot in Princeton, you’ll be surrounded by a palpable sense of history and knowledge. The storied campus of Princeton University, with its Gothic architecture and sprawling greens, is a sight to behold in and of itself. However, the town has much more to offer than just its prestigious school. Princeton’s bustling downtown is lined with quaint shops, cozy cafes and a variety of eateries, perfect for students and longtime locals alike.
For those interested in the arts, Princeton’s McCarter Theatre Center and the Princeton University Art Museum are must-visits. Overall, Princeton is a charming and inspiring college town that will leave you with a newfound appreciation for higher education and American history.
Home to Rutgers University, Piscataway is another one of the many vibrant college towns in New Jersey. This town is brimming with energy and enthusiasm, thanks to its diverse population and the university’s dedication to research and innovation.
Located near the Raritan River, Piscataway offers a variety of recreational opportunities. Students can unwind by taking a walk along the scenic riverfront, or visit one of the town’s many parks for a day of picnicking and relaxation. The Rutgers Gardens, a sprawling 180-acre botanical garden, is a great place to escape the hustle and bustle of campus life and soak up some natural beauty.
Foodies will appreciate the diverse dining options in Piscataway, ranging from mouthwatering international cuisine to comfort food at local diners. The town also has a thriving arts scene, with the Zimmerli Art Museum and the Rutgers Geology Museum offering unique and engaging exhibits. Overall, Piscataway provides a dynamic and enriching environment for students and visitors alike.
Newark is home to several colleges and universities, including Rutgers University-Newark, the New Jersey Institute of Technology and Seton Hall University. With such an eclectic mix of educational institutions, it’s no surprise that this bustling metropolis is a hub of intellectual activity.
In Newark, you’ll find a vibrant arts scene, anchored by the New Jersey Performing Arts Center and the Newark Museum of Art. The city also boasts an impressive selection of dining options, from gourmet restaurants to casual eateries, where you can savor the flavors of cuisines from around the world. Don’t forget to stop by the historic Ironbound District, known for its rich Portuguese and Brazilian heritage, and sample some of the delicious fare at the area’s many restaurants and cafes.
Newark is not just a center for the arts and gastronomy; it’s also a great place for sports enthusiasts. The Prudential Center, home to the NHL’s New Jersey Devils and various concerts and events, is a popular destination for locals and visitors alike. For those who prefer the outdoors, the beautiful Branch Brook Park offers a stunning display of cherry blossoms in the spring, as well as plenty of space for jogging, biking and so much more.
Situated on the banks of the Delaware River, Camden is home to Rutgers University-Camden and the Cooper Medical School of Rowan University. Despite its reputation as a city facing various challenges, Camden is a college town on the rise with a rich history and a promising future.
One of the city’s most significant attractions is the Adventure Aquarium, where visitors can get up close and personal with aquatic life. The nearby Camden Waterfront, with its stunning views of the Philadelphia skyline, offers a picturesque setting for a leisurely stroll. Another notable destination is the Battleship New Jersey Museum and Memorial, a fascinating exhibit that pays homage to the state’s proud naval history.
Camden is also home to a burgeoning arts scene, as shown by the city’s many colorful murals and the thriving Rutgers-Camden Center for the Arts. With its combination of history, culture and scenic beauty, Camden is an underrated and unconventional college town in New Jersey.
Madison is a picturesque town that houses Drew University and the College of Saint Elizabeth. This charming, tree-lined town is known for its historic architecture, quaint downtown and strong sense of community.
Downtown Madison is filled with unique shops, cafes and restaurants, providing a welcoming atmosphere for students and locals alike. The town’s commitment to the arts is evident in the Shakespeare Theatre of New Jersey, located on the Drew University campus, which offers engaging productions for theater lovers of all ages.
Nature enthusiasts will be delighted by the nearby Great Swamp National Wildlife Refuge or the close proximity to picnicking in one of the town’s many parks. With its rich history, vibrant arts scene and beautiful surroundings, Madison is a hidden gem among college towns in New Jersey.
Located just across the Hudson River from Manhattan, Hoboken is home to Stevens Institute of Technology, a prestigious engineering school. This lively city offers a unique blend of urban excitement and small-town charm, making it one of the most distinctive college towns in New Jersey.
Hoboken’s waterfront boasts stunning views of the New York City skyline, as well as numerous parks that pepper the waterfront area. The city’s vibrant downtown is packed with trendy boutiques, delectable restaurants and lively bars, making it a popular destination for students and young professionals.
As the birthplace of Frank Sinatra, Hoboken has a strong musical heritage that is still evident today. The city hosts various live music events throughout the year, and local bars and clubs often feature up-and-coming musicians. With its close proximity to New York City and its own unique charm, Hoboken is an undeniably exciting and dynamic college town.
Nestled at the foot of the Watchung Mountains, Montclair is home to Montclair State University, one of New Jersey’s largest public universities. This picturesque town is known for its vibrant arts scene, diverse dining options and beautiful natural surroundings.
Art lovers will appreciate the Montclair Art Museum, which showcases an impressive collection of American and Native American art. The town is also home to numerous art galleries and performance spaces, including the Wellmont Theater and the Studio Playhouse, which host a variety of concerts, plays and other live events.
Montclair’s downtown is filled with eclectic shops, cafes and restaurants, offering a taste of cuisines from around the globe. For the outdoorsy types, the town’s many parks and nature reserves provide ample opportunities for hiking, biking and taking in the stunning vistas in peace.
There’s a new apartment in a New Jersey college town just for you
From the charming streets of Princeton to the lively waterfront of Hoboken, the best college towns in New Jersey perfectly cater to students, residents and visitors alike. Each of the towns mentioned above boasts its own unique blend of history, culture and natural beauty, making them perfect destinations for those seeking both intellectual stimulation and a taste of the quintessential college-town atmosphere.
Whether you’re a prospective student, a curious visitor or a lifelong resident, we encourage you to explore these enchanting college towns in New Jersey and discover the boundless opportunities for growth, inspiration and fun that they each have to offer.
Some of the largest banks call America home. These banks are backed by the Federal Deposit Insurance Corporation (FDIC) and offer a variety of products and services. If you prefer a big bank over regional banks or a smaller, community bank, you’ve come to the right place.
Below we’ve compiled a list of the largest banks in the U.S. Once you read through it and perform some of your own research, you should be able to choose a bank or two that meets your needs.
How to Measure Bank Size
First, let’s discuss how to measure the size of a bank. We can do so by looking at the number of customers, number of branches, and number of employees.
But perhaps the best way to measure bank size is by focusing on the total assets under management. This figure shows the actual size of a bank, regardless of how many employees, branches, or ATMs it has.
In our list of the largest banks in the U.S. below, you’ll find that we include each bank’s total assets so you can get a better idea of just how large it is.
Bank Services
We also thought it would be a great idea to briefly discuss how banks work and what they can do for you as a customer. Banks have been around since at least the 14th century. They offer a safe place for individuals and business owners to park their cash and work on various financial goals.
While every bank has their own unique lineup of services, most of them provide checking accounts, savings accounts, and loan services. Some go the extra mile with credit cards, wealth management services, and other conveniences.
Types of Banks
In addition, it’s wise to go over the types of banks at your disposal. The most common types of banks you’ll find include:
Retail banks: Retail banks serve the public and typically have branches and main offices. They provide a wide range of services, like checking and savings accounts, mortgage and loan services, auto financing, CDs, and individual retirement accounts (IRAs). Retail banks may be regional banks operating in various states.
Commercial banks: Also known as corporate banks, commercial banks gear their offerings to small business owners and larger corporate entities. In addition to the usual banking services, they may offer cash management, employer services, and commercial real estate services.
Investment banks: Investment banks are designed for corporate clients with complex needs, like mergers and acquisitions. These clients are large corporations, governments, and hedge funds.
Central banks: Central banks are not available to the public. Instead, they’re an independent institution that oversees the money supply and monetary policy in the country. The Federal Reserve Bank is the central bank in the U.S.
Banks vs. Credit Unions
While banks are quite popular, some customers use credit unions instead. While credit unions also offer banking services, like checking and savings accounts, they’re not for profit institutions that are managed by their customers or members.
Compared to banks, credit unions tend to deliver more personalized service. But they also provide fewer services and have fewer branches and ATMs. A credit union can make sense, depending on your unique goals.
20 Biggest Banks In The U.S.
Here’s an overview of the largest banks in the U.S.
1. JPMorgan Chase & Co.
Total Assets: $3.381 Trillion
Headquarters: New York City, New York
If you focus on consolidated assets, JPMorgan Chase earns the spot as the largest bank in the U.S. This investment bank is also a holding company for subsidiaries, including Chase Bank. Chase, which is J.P. Morgan’s consumer banking division, has more than 4,700 branches in the U.S. plus more than 30 branch locations abroad.
According to Chase, almost half of the households in the U.S. are Chase customers. It attracts digital savvy customers that value online banking and products with artificial intelligence (AI). In addition to consumer banking, JPMorgan Chase is a combined bank that offers commercial banking, asset and wealth management, and investment banking.
Chase offers some of the most popular cash back and travel credit cards that can earn you valuable rewards through their program, Chase Ultimate Rewards. Using these credit cards for everyday purchases can earn you travel points, cash back, and other benefits.
2. Bank of America Corp.
Total Assets: $2.440 Trillion
Headquarters: Charlotte, North Carolina
Bank of America is a multinational bank with nearly 66 million customers and small business clients across the globe. It has a few divisions, including Merrill, Bank of America Securities, and Bank of America Private Bank.
As a Bank of America customer, you can enjoy access to a wide variety of products and services as well as access to more than 4,000 branches and more than 17,000 ATMs.
Just like most big banks, Bank of America prides itself on a robust mobile app, the Zelle payment solution, and other intuitive digital tools. Its various service lines include consumer banking, corporate banking, credit cards, insurance, investment banking services, institutional banking, mortgage loans, private banking, private equity, and wealth management.
3. Citigroup
Total Assets: $1.720 Trillion
Headquarters: New York City, New York
Citigroup, which is widely known as Citi, is an investment bank and financial services firm. When Citigroup merged with Travelers Group in 1998, it became a major player in the financial space. Citibank, Citigroup’s retail banking division has more than 700 branches in the U.S. and over 1,800 branches outside the U.S.
Most of the U.S. bank branches are in Florida, California, New York, and Washington DC. Citibank manages over 138 million bank accounts and has 65,000 fee-free ATMs across the country. Over the years, it has earned high rankings for its digital money management tools, including one that shows customers a financial wellness score.
4. U.S. Bancorp
Total Assets: $582.25 Billion
Headquarters: Minneapolis, Minnesota
The parent company of U.S. Bank, Bancorp’s locations are mainly in the Midwest. It offers personal and business banking with more than 3,000 branches and 5,000 ATMs. Over the years, Bancorp has worked to become a responsible financial provider and earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list.
As a Bancorp customer, you can access information about your accounts through Google Home and Amazon Alexa. You may also download the handy mobile app to make mobile deposits and perform other services, like transactions via Zelle.
5. PNC Financial Services Group
Total Assets: $534.35 Billion
Headquarters: Pittsburgh, Pennsylvania
PNC is short for Pittsburgh National Corporation. PNC Financial Services is the bank holding company of PNC Bank, which has more than 2,000 branches across 21 states. It stands out among other large banks for its unique customer perks and products for individuals and business owners. The Virtual Wallet tool, for example, lets you manage your money online or on your mobile device.
You can keep your checking and savings accounts together or just stick to one type of account, depending on your particular needs. In addition to traditional banking services, PNC offers mortgages, home equity lines of credit, auto loans, personal loans and personal lines of credit, student loans, and student loan refinancing.
6. Wells Fargo
Total Assets: $1.71 Trillion
Headquarters: San Francisco, California
Wells Fargo made its debut in 1852 when it was first opened by investing partners, Henry Wells and William Fargo. It was initially designed as a bank and express delivery service for gold. Eventually, Wells Fargo expanded as a consumer bank to serve all types of customers with various banking needs. It is admired for its long list of offerings and the Wells Fargo mobile app that helps customers track their spending and simplify their bills.
While Wells Fargo has focused on consolidating and prioritizing digital banking services in recent years, it still has about 4,700 locations and more than 12,000 ATMs around the U.S.
In addition to personal and small business banking, Wells Fargo supports commercial banking, investing and wealth management, and investment banking.
7. Truist Financial Corporation
Total Assets: $532.08 Billion
Headquarters: Charlotte, North Carolina
Compared to the other large commercial banks on this list, Truist is fairly new. It was formed in 2019 as the result of one of the largest bank merger between BB&T and SunTrust.
Truist is made up of three major divisions, including Truist Bank, Truist Securities, and Truist Insurance Holdings. These divisions employ over 37,000 people that work in consumer and commercial banking, investment banking, mortgages, and insurance.
It offers a variety of noteworthy perks, such as no overdraft fees, a $100 negative balance buffer, and automatic upgrades. The bank also places a lot of emphasis on community involvement and giving back.
8. Goldman Sachs Group, Inc.
Total Assets: $501.91 Billion
Headquarters: New York City, New York
Goldman Sachs was founded in 1869 by Marcus Goldman, a German American shopkeeper. Its original purpose was to help merchants and small businesses with short-term funding. Eventually, Samuel Sachs joined Goldman in 1882. Today, Goldman Sachs has a reputation as a leading global investment banking, management, and securities firm.
In the fall of 2016, Marcus by Goldman Sachs, its online banking division made its debut and began to offer numerous financial products, like savings accounts, certificates of deposit, credit cards, and loans.
In addition to these offerings, Goldman Sachs provides asset management services, mutual funds, investment banking and management, prime brokerage, commodities, and commercial banking.
9. Charles Schwab Corporation
Total Assets: $407.90 Billion
Headquarters: San Francisco, California
Charles Schwab is a multinational financial services firm with a focus on investment accounts, such as individual retirement accounts (IRAs) and brokerage accounts.
You’ll find an extensive selection of funds with low expense ratios as well as commission-free stock and ETF trades. While there are over 360 Charles Schwab branches with financial consultants, you can take advantage of its services online.
Schwab also offers a high-yield checking account. Whether you’re new to investing or consider yourself a veteran, you can benefit from Charles Schwab.
10. TD Group U.S. Holdings
Total Assets: $405.22 Billion
Headquarters: Wilmington, Delaware
While TD Bank has roots in Canada, it’s been in the U.S. market since 2007 when it acquired Commerce Bancorp. There are more than 1,100 branches and 700 ATMs across fifteen U.S. states and Washington D.C.
TD Bank offers the typical lineup of banking products and services but is known for its branch convenience. Most branches have long hours, are open on the weekends, and provide curbside pickup for new debit cards.
If you prefer in-person banking, TD Bank is certainly worth exploring. Many of its accounts come with generous sign up bonuses and access to comprehensive online banking features, such as online bill pay, Zelle, and remote check deposit.
11. Capital One Financial
Total Assets: $388.44 Billion
Headquarters: McLean, Virginia
Since it was established in 1988, Capital One bank is one of the newer large banks on our list. In only a few decades, the bank has grown significantly, thanks to its credit card offerings in the early 90s.
Once 2016 came around, Capital One was named the third-largest credit card issuer in the U.S. These days, Capital One continues to offer credit cards as well as digital services through Capital One 360.
Capital One 360 stands out for its Capital One’s 360 Performance Savings account, which comes with no minimum opening deposit and no minimum balance requirements.
It also has a mobile banking app with mobile check deposit, customized alerts and notifications, Zelle, free credit score monitoring via CreditWise, and more. There are about 775 branches, 2,000 ATMs, and nearly 30 Capital One cafes.
12. Bank of New York Mellon
Total Assets: $365.10 Billion
Headquarters: New York City, New York
Bank of New York Mellon came about after a 2006 merger between Mellon Financial Corporation and The Bank of New York. The Bank of New York was originally founded in 1784 by Alexander Hamilton, the first Secretary of the Treasury of the U.S. Bank of New York Mellon is now one of the largest securities firms in the word.
It specializes in a number of solutions and services for corporations, insurance companies, banks, brokers, dealers, and other reputable clients in the financial industry. In addition, the bank offers private investment and wealth management services for wealthy clients.
13. State Street Corporation
Total Assets: $296.43 Billion
Headquarters: Boston, Massachusetts
State Street Corporation was founded in 1792 as a financial services and asset management company. It has more than 40,000 employees and a global presence in over 100 markets.
Its offerings include investment research and trading, investment management, and securities lending for clients, such as insurance companies, pension funds, and asset owners.
14. Citizens Financial Group
Total Assets: $226.53 Billion
Headquarters: Providence, Rhode Island
Citizens Financial Group, Inc. has been around since 1828. It owns Citizens Bank, its retail division and offers credit cards, deposit accounts, personal loans, student loans, refinancing, and a number of other financial services. Citizen Bank mainly operates in the Northeast and Midwest.
In addition to more than 2,700 ATMs, there are over 1,100 branches in New England states as well as Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey. The bank provides extended call center hours, a streamlined online experience, and a highly rated mobile app.
15. Silicon Valley Bank
Total Assets: $211.82 Billion
Headquarters: Santa Clara, California
Silicon Valley Bank made its debut in 1983. Today, it serves as a full-service commercial bank for technology and life sciences companies. Aside from traditional banking services, Silicon Valley Bank offers foreign exchange, venture capital, and treasury management services.
It has supported innovation for several well-known tech companies, including Google and Facebook. Many people give it credit for establishing Silicon Valley.
16. Fifth Third Bank
Total Assets: $205.55 Billion
Headquarters: Cincinnati, Ohio
Fifth Third Bank is a subsidiary of Fifth Third Bancorp and known as one of the largest banks in the Midwest. It has approximately 1,100 branches that span across Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee, and West Virginia.
As a customer, you can enjoy access to more than 50,000 ATMs across the country and no opening deposit requirements for checking and savings accounts.
In addition to deposit accounts, Fifth Third Bank financial institutions offer mortgages, auto financing, personal loans, insurance, and investing products. Products and services are available to business customers as well.
17. First Republic Bank
Total Assets: $197.91 Billion
Headquarters: San Francisco, California
First Republic Bank is a premier private bank with more than 80 branches across the country. Its vast lineup of products and services includes checking accounts, savings accounts, money market accounts, IRAs, CDs, and wealth management.
Business customers can take advantage of business loans, business lines of credit, commercial real estate loans, and small business loans. The bank focuses on philanthropy and constantly supports programs related to art and education.
18. Morgan Stanley
Total Assets: $191.35 Billion
Headquarters: New York City, New York
Morgan Stanley’s roots date back to 1935. Today, the bank is a reputable, multinational investment management and financial services company. It has over 700 locations in every state as well as Washington D.C.
Its investing division includes three portfolios, including the impact portfolio, market-tracking portfolio, and performance-seeking portfolio. Whether you’re a beginner investor or wealthy client, Morgan Stanley may be a solid pick.
19. KeyBank
Total Assets: $184.67 Billion
Headquarters: Cleveland, Ohio
KeyBank was founded in 1825 and is now considered a community bank with a presence in 15 states. It has more than 40,000 ATMs in its network and 1,000 full-service branches. The bank also partners with the AllPoint Network of over 40,000 ATMs nationwide.
Its standard services include checking accounts, savings accounts, home loans and mortgages, lines of credit, credit cards, investing, insurance, and debt consolidation. In 2021, KeyBank acquired several digital businesses including digital platform XUP Payments and GradFin, a student loan counseling fintech.
20. Ally Bank
Total Assets: $182.2 Billion
Headquarters: Sandy, UT
While it’s based in Utah, Ally Bank is an online only bank with a long list of digital banking solutions. Its deposit accounts come with no monthly maintenance fees or minimum balance requirements.
The bank also pays high yields on CDs and savings accounts than traditional banks with brick-and-mortar banks. As a customer, you can enjoy 24/7 customer services and access to more than 43,000 ATMs through the Allpoint network.
Bottom Line
As you can see, there are many large banks in the United States. Each one has its own unique perks and priorities. To choose the right bank, consider your location, needs, and preferences.
If you’re looking for personal banking services and prefer a digital platform, Goldman Sachs and its Marcus division may be the way to go. But if private wealth management is your top priority, you may be better off with Bank of New York Mellon. Best of luck in your search for the perfect large bank.
Largest Banks in the U.S. FAQs
What is a bank?
Put simply, a bank is a financial institution that can legally accept checking and savings deposits and distribute loans. Some banks also offer additional services like certificates of deposit (CDs), individual retirement accounts (IRAs) and wealth management.
What is the largest bank in the world?
The Industrial and Commercial Bank of China is the largest bank in the world. The bank’s assets add up to $4.324 Trillion.
What are the ten largest banks in the U.S.?
Ranked in total asset value, the ten largest banks in the U.S. include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, PNC, Truist Bank, Goldman Sachs, Charles Schwab, and TD Group.
How do I choose a bank?
To choose the right bank, focus on what you’re looking for. For more personalized service, you might want to explore a community bank. But if you prefer branch locations across the country and a long list of offerings, one of the large banks on this list might be a better fit.
Is my money safe in a bank?
Your money is safe as long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC). An FDIC-insured bank typically insures up to $250,000 per depositor. Note that you don’t have to purchase FDIC insurance. As long as you’re a customer at a bank that offers it, you’ll receive it automatically.
How does a commercial bank differ from a retail bank?
A commercial bank offers a variety of products and services to both individuals and businesses. Retail banks, on the other hand, focus their offerings to individual customers. If you own a business, you’d be better off with a commercial bank that can serve the financial needs of your organization.
Do online banks exist?
Absolutely! In today’s day and age, online banking is more popular than ever before, among larger banks and smaller banks. While some banks offer in-person and online services, other banks, like Ally Bank, solely operate online with no branch locations.
What are some other large banks not on this list?
Other big banks you might want to consider include First National Bank, Huntington Bank, Provident National Corporation, America Bank, and HSBC Bank USA.
With a name like “NJ Lenders Corp.,” there’s no question who they’re focused on; folks in the Garden State!
What’s more interesting is the fact that something like 70% of their mortgage loans are derived from previous customer referrals.
In other words, they constantly get recommended by friends and neighbors, instead of having to rely solely upon advertising.
And when you focus so heavily on one geographical area, you definitely want to get it right.
So far, they seem to be accomplishing their goals, as evidenced by their thousands of 5-star reviews. Read on to learn more.
NJ Lenders Corp. Fast Facts
Retail, direct-to-consumer mortgage lender
Offers home purchase loans and refinances
Founded in 1991, headquartered in Little Falls, NJ
Funded roughly $5.5 billion in home loans last year
More than 80% of business done in home state of New Jersey
Also active in New York, Massachusetts, and Florida
Currently licensed in 14 states and the District of Columbia
NJ Lenders Corp. is a direct-to-consumer mortgage lender with branches in three states, mostly located in New Jersey.
They got their start way back in 1991, which if you’re not keeping track is more than 30 years ago.
Since that time, they’ve grown from a modest single office into a multi-billion-dollar mortgage originator.
They’ve closed more than 100,000 mortgage loans, with loan volume exceeding $40 billion.
Last year, they funded a solid $5.5 billion in home loans, which was probably their biggest annual production on record.
Business was split nearly equally between purchase loans and mortgage refinances.
At the moment, they’re licensed in 16 states, including Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, along with Washington D.C.
As noted, they are laser-focused on New Jersey, with the state accounting for more than 80% of overall volume.
But they’re also active in the states of New York, Massachusetts, and Florida, and originate home loans across much of the East Coast.
They were the fifth largest mortgage lender in the state of New Jersey, only topped by Rocket Mortgage, Wells Fargo, Chase, and loanDepot.
How to Apply for a Mortgage with NJ Lenders Corp.
While they have physical branches in New Jersey, New York, and Pennsylvania, there’s a good chance you’ll work remotely with a loan officer.
The good news is they have a solid website and loan application process, which is mostly paperless.
In fact, you can download their free smartphone app and complete much of the process from the palm of your hand.
Their digital app is powered by SimpleNexus, one of the leaders in the fintech space.
It allows you to complete the application digitally from any device, eSign documents, upload paperwork, and snag same-day pre-approvals.
Once your loan is submitted, you’ll gain access to secure, real-time updates as your loan progresses forward.
NJ Lenders Corp. said they built a better operations platform by keeping 95% of their files in-house.
This allows them to control the entire underwriting and loan closing process, improving both efficiencies and speed.
If you’re a home buyer, you can take advantage of their “Home Buyer’s Edge” program, which goes beyond a basic mortgage pre-qualification.
It provides a full credit approval that involves a complete review of your income, assets, and credit by a loan underwriter.
This gives home sellers peace of mind your offer can actually close in the event of a bidding war.
All in all, they appear to offer the latest tech and a solid operations setup to keep loans moving quickly to the closing table.
To get started, simply head over to their website and click on “get a rate quote” or “find a loan officer.”
Home Loan Programs Offered by NJ Lenders Corp.
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
First-time home buyer loans
Non-warrantable condo financing
Reverse mortgages
Interest only home loans
NJ Lenders Corp. offers an excellent selection of loan programs, including harder-to-find options like interest-only home loans and non-warrantable condo financing.
You can get a home purchase loan, renovation loan, or refinance loan, including a cash out refinance.
They offer the full suite of government loans (FHA/USDA/VA), along with both conforming loans and jumbos.
And they’ve got first-time home buyer loans with low down payment requirements, as well as reverse mortgages for seniors.
You can get a home loan on all major property types, from single-family homes to condos/townhomes and investment properties.
NJ Lenders Corp. Rates
The only area where more information would be helpful is pricing.
They don’t publicize their mortgage rates online, nor is there a lender fee section on their site.
This means you’ll need to fill the mortgage rate quote request form on their website, or simply call in to get connected with a loan officer.
Generally, it’s best to get pricing and check eligibility before completing a loan application anyway.
NJ Lenders Corp. does say their goal has always been to offer competitive mortgage rates and fees, and they wrote “best mortgage rates” on their website homepage.
So as an independent mortgage banker there’s a good chance they offer low rates. But always take the time to shop around, and compare offers.
Also inquire about any fees charged, such as a loan origination fee or separate costs for underwriting and processing, if applicable.
NJ Lenders Corp. Reviews
On Experience.com, NJ Lenders Corp. has an excellent 4.88-star rating out of a possible 5 from more than 20,000 customer reviews.
You can filter by loan officer on that site if you want to fine-tune your search.
Over at Zillow, it’s a superior 4.98-star rating from 3,300+ reviews, pretty much as close to perfection as you can get.
Many of those reviews indicate that the interest rate and/or fees and closing costs were lower than expected.
They’ve also got a 4.8-star rating on Google from more than 600 reviews.
Lastly, while not accredited with the Better Business Bureau (BBB), they do hold an ‘A+’ rating based on complaint history.
To summarize, NJ Lenders Corp. has thousands of excellent customer reviews, uses the latest tech, and has tons of loan programs to choose from.
The only real question mark relates to loan pricing. If it’s also good, they could be an excellent choice for either a home purchase or a refinance.
NJ Lenders Corp. Pros and Cons
The Good
Can apply for a home loan online or via smartphone
Many physical branches in the state of New Jersey
Offer a digital loan process powered by SimpleNexus
Lots of loan programs including interest-only, reverse, etc.
Offer fully underwritten credit approvals to give home buyers an edge
Thousands of excellent customer reviews across ratings websites
A+ BBB rating
Free smartphone app
Free mortgage calculators, guides, and glossary online
On average, it costs $23,890 a year to attend an out-of-state school versus $9,410 for an in-state school. That’s $14,480 more per year you could pay — just to attend a college in a different state than where you grew up.
Source: Giphy.com
Over four years, you could end up paying $60,000 more than someone who attends school in-state. So, what are some ways you can lower the cost of out-of-state tuition? Here are seven of our biggest tips.
What’s Ahead:
1. Research Regional Reciprocity Programs
Many schools have “regional reciprocity agreements” or “tuition exchange programs” that let you attend certain out-of-state colleges for in-state rates.
For instance, 18 colleges in Georgia offer in-state tuition to residents of border states. This includes Alabama, Tennessee, North Carolina, South Carolina, and Florida.
On a much broader scale, several states have banded together to create regional reciprocity programs that give you reduced out-of-state tuition at hundreds of public and private schools.
The four biggest regional reciprocity programs include:
Midwest Student Exchange — Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, and Wisconsin.
The New England Regional Student Program — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Academic Common Market — Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Western Undergraduate Exchange — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the Commonwealth of the Northern Mariana Islands.
Some schools will offer in-state tuition to any student in a neighboring state, while others may require you to meet certain criteria — such as having a specific high school GPA or declaring a certain major.
MU30 Tip: Already have a few colleges in mind? Look on their websites or contact financial aid to see if they have any tuition exchange or reciprocity programs in place.
2. See If You Qualify for a Tuition Waiver
In some cases, you may be able to get a tuition waiver that allows you to attend an out-of-state college at a reduced rate. Tuition waivers are usually granted to students with special circumstances:
You (or someone in your immediate family) is a veteran or active duty military member.
You were valedictorian or a high achiever.
You’re enrolled in a special degree program, such as STEM or health care.
You work for the school you wish to attend.
You were or are a part of the foster care system.
You’re a nontraditional student.
You’re of Native American heritage.
You have a financial hardship.
To see if you qualify, search for the phrase “tuition waiver” on your favorite schools’ websites. This should pull up a list of all the tuition waivers currently available. (For example, I found 13 waivers on the University of Washington’s website.)
3. Apply for Out-of-State Scholarships
There are several scholarships specifically for students who are attending college out-of-state. These scholarships can help you cover the costs of tuition, room and board, and other expenses.
To find out-of-state scholarships, start by checking with your college’s financial aid office. There’s a good chance the school has scholarships earmarked for nonresidents.
From there, do a scholarship search using a tool like the College Board Scholarship Search or Fastweb. You may find some private scholarships to help lower your out-of-pocket costs.
Read more: Scholarships and Grants: How To Score Free Money for College
MU30 Tip: Does your parent or guardian work in higher education at one of these Tuition Exchange member schools? If so, you can apply for a reciprocal scholarship that lets you attend hundreds of schools in the U.S., Canada, Greece, Morocco, the United Arab Emirates, and Switzerland at a free or reduced rate!
4. Think About Becoming a Resident Assistant
If you’re planning on attending college out-of-state, one way to lower your costs is to become a resident assistant (RA). RAs typically receive free or reduced-cost housing in exchange for their duties, which can include things like leading tours and organizing social events.
So while you may not get a tuition discount, it could help you save on housing while you’re there.
To become an RA, start by talking to your college’s housing office. They should be able to tell you about any open RA positions and their requirements. You may also need to fill out an application and go through an interview process.
5. Negotiate Out-of-State Tuition With the Financial Aid Office
It’s not widely advertised, but you can technically negotiate the cost of tuition and fees with the financial aid office. In fact, doing so could save you anywhere from 5% to 15%. On a four-year degree that costs $60,000, that’s a savings of $3,000 to $9,000.
Beyond negotiating, the financial aid office is also a way to find out what types of aid are available to you as an out-of-state student.
Read more:
6. Become an In-State Resident
This tip may seem a little far-fetched, but hear me out. If you’re taking a gap year, for instance, and have time to establish residency in the state where you want to attend college, it could be worth it.
Every state has different requirements for residency, but you’ll typically need to live there for at least a year before you can apply for in-state status.
Start by researching the requirements for the state you want to move to, then get working on completing them. This could include getting a job or an apartment in the state, getting a driver’s license, and more.
7. Look for Schools With Lower Out-of-State Tuition Rates
If all else fails and there’s no way for you to get reduced out-of-state tuition, another option is to simply look for schools that charge lower rates for out-of-state students.
MU30 Tip: Want to see which colleges have the lowest tuition rates? Check out this affordability calculator from the U.S. Department of Education.
Once you have out-of-state tuition rates for different colleges, you can start to compare your options and make a decision about which school is the best fit for you.
Read more: Not Enough Financial Aid? Here are 10 Ways To Pay for College
Bottom Line
Out-of-state tuition can be costly, but there are ways to minimize costs without racking up a ton of student loan debt. Use these tips to see how much you can save.
Featured image: Alexander Lukatskiy/Shutterstock.com
On average, it costs $23,890 a year to attend an out-of-state school versus $9,410 for an in-state school. That’s $14,480 more per year you could pay — just to attend a college in a different state than where you grew up.
Source: Giphy.com
Over four years, you could end up paying $60,000 more than someone who attends school in-state. So, what are some ways you can lower the cost of out-of-state tuition? Here are seven of our biggest tips.
What’s Ahead:
1. Research Regional Reciprocity Programs
Many schools have “regional reciprocity agreements” or “tuition exchange programs” that let you attend certain out-of-state colleges for in-state rates.
For instance, 18 colleges in Georgia offer in-state tuition to residents of border states. This includes Alabama, Tennessee, North Carolina, South Carolina, and Florida.
On a much broader scale, several states have banded together to create regional reciprocity programs that give you reduced out-of-state tuition at hundreds of public and private schools.
The four biggest regional reciprocity programs include:
Midwest Student Exchange — Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, and Wisconsin.
The New England Regional Student Program — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Academic Common Market — Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Western Undergraduate Exchange — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the Commonwealth of the Northern Mariana Islands.
Some schools will offer in-state tuition to any student in a neighboring state, while others may require you to meet certain criteria — such as having a specific high school GPA or declaring a certain major.
MU30 Tip: Already have a few colleges in mind? Look on their websites or contact financial aid to see if they have any tuition exchange or reciprocity programs in place.
2. See If You Qualify for a Tuition Waiver
In some cases, you may be able to get a tuition waiver that allows you to attend an out-of-state college at a reduced rate. Tuition waivers are usually granted to students with special circumstances:
You (or someone in your immediate family) is a veteran or active duty military member.
You were valedictorian or a high achiever.
You’re enrolled in a special degree program, such as STEM or health care.
You work for the school you wish to attend.
You were or are a part of the foster care system.
You’re a nontraditional student.
You’re of Native American heritage.
You have a financial hardship.
To see if you qualify, search for the phrase “tuition waiver” on your favorite schools’ websites. This should pull up a list of all the tuition waivers currently available. (For example, I found 13 waivers on the University of Washington’s website.)
3. Apply for Out-of-State Scholarships
There are several scholarships specifically for students who are attending college out-of-state. These scholarships can help you cover the costs of tuition, room and board, and other expenses.
To find out-of-state scholarships, start by checking with your college’s financial aid office. There’s a good chance the school has scholarships earmarked for nonresidents.
From there, do a scholarship search using a tool like the College Board Scholarship Search or Fastweb. You may find some private scholarships to help lower your out-of-pocket costs.
Read more: Scholarships and Grants: How To Score Free Money for College
MU30 Tip: Does your parent or guardian work in higher education at one of these Tuition Exchange member schools? If so, you can apply for a reciprocal scholarship that lets you attend hundreds of schools in the U.S., Canada, Greece, Morocco, the United Arab Emirates, and Switzerland at a free or reduced rate!
4. Think About Becoming a Resident Assistant
If you’re planning on attending college out-of-state, one way to lower your costs is to become a resident assistant (RA). RAs typically receive free or reduced-cost housing in exchange for their duties, which can include things like leading tours and organizing social events.
So while you may not get a tuition discount, it could help you save on housing while you’re there.
To become an RA, start by talking to your college’s housing office. They should be able to tell you about any open RA positions and their requirements. You may also need to fill out an application and go through an interview process.
5. Negotiate Out-of-State Tuition With the Financial Aid Office
It’s not widely advertised, but you can technically negotiate the cost of tuition and fees with the financial aid office. In fact, doing so could save you anywhere from 5% to 15%. On a four-year degree that costs $60,000, that’s a savings of $3,000 to $9,000.
Beyond negotiating, the financial aid office is also a way to find out what types of aid are available to you as an out-of-state student.
Read more:
6. Become an In-State Resident
This tip may seem a little far-fetched, but hear me out. If you’re taking a gap year, for instance, and have time to establish residency in the state where you want to attend college, it could be worth it.
Every state has different requirements for residency, but you’ll typically need to live there for at least a year before you can apply for in-state status.
Start by researching the requirements for the state you want to move to, then get working on completing them. This could include getting a job or an apartment in the state, getting a driver’s license, and more.
7. Look for Schools With Lower Out-of-State Tuition Rates
If all else fails and there’s no way for you to get reduced out-of-state tuition, another option is to simply look for schools that charge lower rates for out-of-state students.
MU30 Tip: Want to see which colleges have the lowest tuition rates? Check out this affordability calculator from the U.S. Department of Education.
Once you have out-of-state tuition rates for different colleges, you can start to compare your options and make a decision about which school is the best fit for you.
Read more: Not Enough Financial Aid? Here are 10 Ways To Pay for College
Bottom Line
Out-of-state tuition can be costly, but there are ways to minimize costs without racking up a ton of student loan debt. Use these tips to see how much you can save.
Featured image: Alexander Lukatskiy/Shutterstock.com