VIP Mortgage Review: A Top-10 Arizona Mortgage Lender

Posted on November 18th, 2020
VIP Mortgage Review: A Top-10 Arizona Mortgage Lender

If you live in State 48, there’s a pretty good chance you’ve heard of “VIP Mortgage,” either because you’ve been a customer or you’ve seen one of their ads.

Regardless, they are a major mortgage force in Arizona, having closed billions in home loans there just last year alone.

In fact, they were a top-10 mortgage lender in Arizona based on total volume, only falling behind the biggest mortgage lenders out there like Chase, loanDepot, Quicken Loans, and Wells Fargo, along with fellow Arizona lender NOVA Home Loans.

So it’s clear they’ll be a consideration for you if buying a home or refinancing a mortgage in Arizona. Let’s learn more about the company.

VIP Mortgage Fast Facts

  • Direct-to-consumer retail mortgage lender located in Scottsdale, Arizona
  • Founded by Marine veteran Jay Barbour in 2006
  • 20+ brick and mortar branches and hundreds of licensed loan officers nationwide
  • Funded more than $2 billion in home loans last year
  • More than 80% of total loan volume came from their home state of Arizona
  • Currently licensed in 24 states including Hawaii

VIP Mortgage funded more than $2 billion in home loans last year, with a whopping $1.76 billion coming from the state of Arizona.

They did another $130 million or so in the state of Colorado, with the remainder coming from a variety of states, mostly located on the West Coast.

At the moment, they appear to be licensed to do business in 24 states, including:

Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, New Mexico, North Carolina, Ohio, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin.

The company has physical branches in Arizona, California, Colorado, Hawaii, Indiana, Texas, Washington, and Wisconsin.

How to Apply with VIP Mortgage

  • You can apply for a home loan directly from their website
  • Or schedule a consultation first with one of their loan officers
  • They offer a digital mortgage loan experience powered by Floify
  • It allows you to complete most tasks remotely via smartphone or computer

While they seem to prefer that you speak to a loan officer first to go over your goals and available options (a loan officer directory is on their website), you can freely apply on your own as well.

If you visit their website, you can simply click on “apply,” at which point you’ll be asked if you’re already working with a loan officer.

Assuming the answer is yes, simply enter their name and it will populate. If no, you’ll be piped over to their digital loan application.

It appears they use Floify’s digital mortgage product, which lets borrowers fill out the app from anywhere on any device.

Additionally, borrowers can review and eSign disclosures from a web-based portal, link financial accounts, and scan/upload supporting documentation.

Once your loan is submitted, you can access the borrower portal at any time to see your to-do list, check loan status, or get in contact with your lending team.

They make it easy to apply and monitor your loan status from start to finish.

Loan Types Offered by VIP Mortgage

  • Home purchase loans and refinance loans
  • Home renovation and construction loans
  • Conventional conforming loans backed by Fannie Mae and Freddie Mac
  • Government loans: FHA/USDA/VA
  • Jumbo loans
  • Reverse mortgages
  • HUD-184 loans (for Native Americans)
  • Down payment assistance programs
  • “Inclusive Loan”
  • Various fixed-rate and adjustable-rate mortgage options available

VIP Mortgage offers tons of different home loan programs, including home purchase loans, refinance loans, renovation loans, and construction loans.

Don't let today's rates get away.

Additionally, you can get a reverse mortgage if 62 and older, or a HUD-184 loan if a Native American.

They’ve also got a proprietary loan program called the “Inclusive Loan” that is geared toward home buyers who experienced a recent foreclosure, short sale, or bankruptcy.

In terms of loan programs, you can get a conventional loan, including conforming loans and jumbo loans, or a government-backed loan such as an FHA loan, USDA loan, or VA loan.

VIP offers both fixed-rate and adjustable-rate mortgages with various loan terms, including a 30-year fixed, 15-year fixed, 5/1 ARM, 7/1 ARM, and so on.

So you shouldn’t be at all limited when it comes to loan choice if you choose to go with VIP Mortgage.

VIP Mortgage Rates

Like many other mortgage lenders, VIP Mortgage chooses not to advertise their mortgage rates on their website.

While there are many reasons not to advertise rates, such as the extra work it takes and the fact that such rates are just ballpark estimations, they can be helpful to get a feel for pricing.

Nonetheless, you can still easily get loan rates if you contact a loan officer directly. And it should be a more accurate quote since you’ll need to provide them with specific loan details first.

It’s also unclear what they charge in the way of lender fees, such as a loan origination fee, underwriting, processing, and so on.

You’ll need to inquire with them directly to determine that. Once you obtain that key information, be sure to shop around with other lenders to see how competitive they are.

VIP Mortgage Reviews

On SocialSurvey, VIP Mortgage has a 4.90-star rating based on nearly 16,000 reviews from its past customers.

The company also landed in SocialSurvey’s Top 10 list for customer satisfaction in the medium lender division back in 2018

They have a 4.96-star rating out of 5 on Zillow, based on roughly 1,100 customer reviews. That’s clearly beyond excellent and a testament to their exceptional customer service.

A good proportion of the reviews on Zillow indicated that the interest rate received was lower than expected, if you’re curious about pricing.

VIP Mortgage is an accredited business with the Better Business Bureau (BBB) and currently enjoys an A+ rating. They also have a 4.33-star rating on the BBB website, which is quite high.

VIP Mortgage Pros and Cons

The Good

  • You can apply for a home loan directly from their website without human assistance
  • They offer a digital mortgage loan process
  • Tons of different loan programs to choose from
  • Excellent customer reviews
  • A+ BBB rating, accredited since 2008
  • Lots of free mortgage calculators on site

The Maybe Not Good

  • Not licensed in all states
  • Do not disclose mortgage rates or lender fees on their website

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