CMG Financial mortgage review: Good for custom-length mortgages and first-time homebuyers

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CMG Financial mortgage loan at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loans: Yes
  • Adjustable rates: Yes (5/1, 3/6, 7/6, 10/6 ARMs)
  • Fixed rates: Yes (10, 15, 20, 25 and 30 years)

CMG Financial is an online mortgage lender that offers many different types of mortgages, term lengths and rate structures. But this lender isn’t upfront about rates and fees. You’ll need to chat with a live human to include CMG Financial in your mortgage shopping comparison list.

Pros

  • Available nationwide
  • Wide range of mortgage loans available
  • Options available for crowdsourcing a down payment

Cons

  • No upfront info on loan costs
  • Must contact a loan officer about rates

3 things to know about a CMG Financial mortgage loan

1. Wide range of mortgage products

CMG Financial offers an impressive range of mortgage loans including conventional loans with first-time-homebuyer-friendly options, VA loans, FHA loans, USDA loans, refinance loans and jumbo loans.

CMG Financial also has many loan length options. For example, many lenders offer 15- and 30-year mortgage terms. But CMG Financial offers five additional term length options for conventional loans, ranging from just 10 years to 30 years.

2. Options available for saving up a down payment and paying down mortgage faster

CMG Financial has a tool called HomeFundIt that your friends and family can use to contribute to your down payment. HomeFundIt is sharable on social media — and for first-time homebuyers who complete homebuyer education, CMG Financial will contribute $2 for every $1 you raise to go toward closing costs (up to 1% of the purchase price or $2,000, whichever is less).

If you’re looking to pay off your mortgage early, CMG Financial’s All In One Loan may be worth looking into. It’s a home equity line of credit, or HELOC, but it’s designed as a hybrid mortgage and checking account. CMG claims you can use this to pay your mortgage down faster since “all deposits” are applied to the loan principal balance. 

The CMG Financial site doesn’t have any fine-print terms and conditions on its website, so it’s crucial to ask for and know those terms before making any decisions.

3. Not transparent about loan costs

CMG Financial doesn’t list its rates or fees online. Generally, mortgage rates will vary based on a variety of factors including your credit and term length. If you want to know the possible range of rates and terms, you’ll need to contact a CMG Financial rep.

Who is a CMG Financial loan good for?

CMG Financial might be worth considering for first-time homebuyers or people looking for a range of loan options. You can apply for the most common types of mortgages through CMG Financial, and depending on mortgage type, you may be able to further customize your loan with term lengths ranging from 10 to 30 years.

For first-time homebuyers, CMG Financial offers many types of mortgages with low down payments. CMG Financial also offers ways to crowdsource your savings for a down payment and get extra help from friends, family and even CMG Financial itself. Homebuyer education courses may be required for down payment assistance.

How to apply for a CMG Financial mortgage

In general, you’ll need credit scores of 620 or better for most types of loans (though only 580 for FHA loans), and a debt-to-income ratio of around 45% or less. The specifics vary by loan type, but that’s roughly what you can expect.

When it’s time to reach out to CMG Financial to learn about rates and other details, the process is relatively easy. You can email the company, call them or contact an individual loan officer near you. You can also apply for a mortgage through the CMG Financial mobile app.

For most types of loans, you’ll need to be prepared with the following documents:

  • Copies of recent bank statements
  • Addresses for where you’ve lived for the past two years
  • Proof of identity, such as a driver’s license or Social Security card
  • Some sort of proof of income and/or employment, like pay stubs or tax returns

Some loans may have other requirements. For example, if you’re applying for a VA loan, you’ll need to have your VA Certificate of Eligibility, or COE.

Not sure if CMG Financial is right for you? Consider these alternatives

Before choosing a mortgage lender, it’s a good idea to consider multiple offers. Remember, you have a window of time where multiple hard credit inquiries by lenders are counted as a single inquiry for your credit scores. You typically have 14 days to shop around for lenders — though it could be longer depending on the scoring model. If you aren’t sure about CMG Financial, try comparing other lenders including:

  • Freedom Mortgage: If you’re in a hurry or you’d rather not have to talk to someone to get started, Freedom Mortgage offers a fast online preapproval process.
  • New American Funding: This mortgage lender posts potential mortgage rates on its website if you want to start comparison shopping.

About the author: Lindsay VanSomeren is a freelance writer living in Kirkland, Washington. She has been a professional dogsled racer, a wildlife researcher, and a participant in the National Spelling Bee. She writes for websites such a… Read more.