Dollar Bank is a regional bank with over 90 offices in three U.S. states. Founded in 1855 as “Pittsburgh Dollar Savings Institution,” it didn’t shorten its name to Dollar Bank until 1986.
At this time, they began offering an increased amount of services, including credit cards, lines of credit, and term loans. In March 2016, Dollar Bank was the largest independent mutual bank in the U.S.
Table of Contents
Key Points of Dollar Bank
- Founded in 1855, but did not become a lender until 1986
- Currently the largest independent mutual bank in the U.S. as of early 2016
- Offers a variety of mortgage products, from traditional fixed-rate loans to no closing cost refinance loans
- A large variety of educational resources to help borrowers in the process of taking out a mortgage, as well as refinancing and buying a home
- Only 35 complaints closed in the last 3 years on the Better Business Bureau site
- The bank’s headquarters is a Pittsburgh landmark and is on the U.S. Register of Historic Places
Overall Review of Dollar Bank
Even though Dollar Bank is only available in three U.S. states, it offers a wide variety of financial services to its customers. It has served primarily as a bank for over 150 years, but it has grown in recognition in the mortgage lender and credit industries.
Dollar Bank offers plenty of different types of mortgage lending products, such as fixed rate, adjustable rate, VA, and FHA loans. No matter what kind of loan is right for you, you can rest easy knowing that Dollar Bank’s customer support can help you at every stage of the borrowing process.
Dollar Bank Loan Specifics
Dollar Bank’s mortgages are mostly comparable to other offerings in the industry. Their home loan options include:
Fixed Rate Loans
Fixed-rate loans from Dollar Bank are meant for homebuyers who plan on living in the space for an extended period. These types of mortgages typically have higher initial interest rates than adjustable-rate mortgages.
However, many buyers like the security of a fixed payment and interest rate, as it gives them a predictable number to budget. Dollar Bank offers fixed-rate loans in 30-year, 20-year, and 15-year increments of time, as well as in the form of Federal Housing Administration (FHA) loans.
Adjustable Rate Loans
Adjustable rate mortgages are best for homebuyers who plan on moving or refinancing in the next five or so years. These loans come with lower monthly principal and interest payments. It’s worth being aware of the fact that adjustable-rate mortgages have a fixed rate for only a specific amount of years.
After that time, rates adjust with industry standards. Adjustable rate loans with Dollar Bank have a rate cap, which keeps the costs from rising too high. There are plenty of choices you can make when choosing what type of ARM you’d like, including:
- 7-year ARM
- 5-year ARM
- 3-year ARM
- Construction Mortgage
- FHA 5-year ARM
The U.S. Department of Veterans Affairs helps veterans, current members of the U.S. Armed Forces, and their spouses get affordable mortgages. Qualified individuals may be able to get a loan worth 100 percent of the home’s purchase price.
However, this program has a maximum limit of $203,000 for no money-down loans. If you choose not to put a down payment on the home, you will typically have a higher-than-average interest rate to make up for these costs.
Dollar Bank offers plenty of mortgages through the Community Reinvestment Act. This option allows buyers to pay as little as 3 percent down on the home and even gives grants to first-time buyers. CRA mortgages make it easier to buy a house for qualifying homebuyers.
No Closing Cost Refinance Mortgages
With these loans, Dollar Bank will pay your closing costs, which can save you hundreds of dollars. You can qualify for terms up to 30 years with fixed rate security for 15, five, or three years.
Interest Only ARMs
Dollar Bank offers mortgages with much lower monthly payments than other types of loans, which puts more cash back into your hands. You can get a five-year or three-year interest-only ARM with Dollar Bank.
Overview of Dollar Bank Mortgage Options
|Fixed Rate Loans||Stable Payments for Long-Term Homeowners in 30, 20, 15-Year Options and FHA|
|Adjustable Rate Loans||Lower Initial Payments for Short-Term Homeowners; Options: 7, 5, 3-Year ARMs with Rate Caps|
|Construction Mortgage||Financing for Home Construction Projects|
|VA Loans||Supports Veterans, Active-Duty, Spouses; Up to 100% Coverage with a $203,000 Limit for No Money Down Loans|
|CRA Loans||As Low as 3% Down Payment, Grants for First-Time Buyers, Aids Qualifying Homebuyers|
|No Closing Cost Refinance Mortgages||Dollar Bank Covers Closing Fees, Terms Up to 30 Years, Fixed Rates for 15, 5, or 3 Years|
|Interest Only ARMs||Lower Monthly Payments in 5 or 3-Year Interest-Only ARM Options|
Dollar Bank Mortgage Customer Experience
Dollar Bank operates in only three U.S. states but has plenty of online resources that allow potential borrowers to do some research before getting a mortgage. Dollar Bank makes it easy and convenient to find mortgage rates online with the following materials:
- Mortgage calculators that help you estimate how much you would pay for certain types of loans to see how much you can afford on a home’
- Helpful videos that walk you through the mortgage process and answer any overarching questions you have about buying and refinancing a home
- An online tool that allows you to get a free quote online after filling out a short form, without having to input your Social Security Number
- A resource center with articles describing different types of loans, which can help you gain insight into the mortgage market as a whole and the benefits of working with Dollar Bank
If you are interested in a loan with Dollar Bank, you can fill out the online application or contact a mortgage sales representative directly over the phone.
Customer reviews on WalletHub and Bankrate seem to be mostly positive about Dollar Bank. However, these reviews do not only reflect the mortgage offerings.
Many reviews are about the banking and credit services the bank provides. J.D. Power does not include information for Dollar Bank on its Primary Mortgage Originator Rankings, and the CFPB does not have consumer complaint information for this bank.
Dollar Bank Lender Reputation
Dollar Bank has been around for about a century and a half, meaning it has garnered a plethora of both positive and negative reactions.
However, the bank has only offered mortgages for about 20 years, so it seems that a majority of its reputation comes from its other financial services.
The CFPB has never filed a complaint against Dollar Bank. The bank has 12 complaints on the BBB, although it is not currently accredited.
Dollar Bank Mortgage Qualifications
Qualification requirements for Dollar Bank are standard in comparison to other mortgage lenders. It does not mention the income requirements for borrowers or their credit score requirements. However, when applying for a mortgage with the bank, they request that borrowers have the following information available to see what they can afford:
- Current monthly mortgage payment (if applicable)
- Total annual income
- Current monthly debt, excluding existing mortgage, insurance, and utility costs
- An estimate of monthly insurance and tax costs for the new home
|Income Requirements||Down Payment Requirements||Credit Score Requirements|
|None specified||0-20%, based on loan type||None specific; credit score will affect monthly costs|
Dollar Bank Contact Information
- Homepage URL: https://www.dollar.bank/Personal
• Company Phone: 1-800-828-5527
• Headquarters Address: 340 Fourth Ave, Pittsburgh, PA 15222
- States Serviced:
Dollar Bank Mortgage Review
Product Name: Dollar Bank Mortgage
Product Description: Dollar Bank Mortgage is a lending division of Dollar Bank, offering a range of mortgage solutions for homebuyers and homeowners looking to refinance. With its extensive history and commitment to personalized service, the bank caters to various mortgage needs, from first-time home buying to investment properties. They prioritize transparent and competitive rates, ensuring clients understand and are satisfied with their mortgage terms.
Summary of Dollar Bank
Established as a prominent mortgage lender under Dollar Bank, Dollar Bank Mortgage presents an array of loan options tailored to diverse financial situations and housing goals. Whether clients are stepping into the homebuying journey, seeking to tap into their home’s equity, or wanting to explore refinancing opportunities, the bank’s experienced loan officers guide them through every phase. Utilizing a blend of digital tools and in-person consultations, Dollar Bank Mortgage strives to simplify the lending process while offering competitive rates, making homeownership achievable for many.
Cost and Fees
- Wide Range of Mortgage Options: Whether fixed-rate, adjustable-rate, or specialized loans, Dollar Bank Mortgage provides a vast selection to fit various needs.
- Historical Reputation: With its long-standing history, Dollar Bank has built a strong reputation in the financial sector, giving clients confidence in their mortgage decisions.
- Personalized Consultations: The bank emphasizes one-on-one interactions to ensure clients have clarity and are matched with the right mortgage product.
- Transparent Fee Structure: Dollar Bank Mortgage is known for its clarity in charges, ensuring no hidden fees or unexpected costs for clients.
- Limited Geographic Reach: Dollar Bank primarily serves specific regions, which might limit its accessibility for potential clients outside these areas.
- Potential for Longer Processing Times: Some users have reported longer-than-average wait times during the mortgage approval process.
- Less Competitive Rates for Certain Products: While many of their rates are competitive, some products might have slightly higher rates compared to other lenders.
- Online Platform Limitations: Their digital platform, though functional, may not be as advanced or user-friendly as some of the newer, tech-focused lenders.