If you reside in Arkansas or a nearby state, chances are you’ve heard of Arvest Central Mortgage.
Or perhaps you already have a checking or savings account with their parent company Arvest Bank, the oldest in the state.
You may have also heard that the bank is owned by the Walton family, which incidentally owns Walmart.
If that’s not enough for you, the company happens to be the largest mortgage lender in the state of Arkansas too.
So it’s clear they’ve got quite the pedigree. Read on to learn more about them.
Arvest Central Mortgage Fast Facts
- Founded in 1997, headquartered in Little Rock, AR
- Operated by the largest and oldest bank in Arkansas
- Parent company owned by the Walton family (of Walmart fame)
- The #1 mortgage lender in the state of Arkansas (based on HMDA loan volume)
- Also very active in Oklahoma and Missouri
- Funded nearly $6 billion in home loans last year
- Licensed in 45 states and the District of Columbia
Arvest Central Mortgage is a direct-to-consumer retail mortgage lender with a network of physical branches in Arkansas, Kansas, Oklahoma, and Missouri.
They are a division of Arvest Bank, the oldest and largest bank in the state of Arkansas.
As mentioned, they are majority-owned by the Walton family, which also owns mega retailer Walmart.
At the moment, they lend in every state nationwide other than Delaware, Rhode Island, Maryland, New Hampshire and New York.
Last year, the company funded a solid $5.6 billion in home loans, with nearly 40% of that coming from their home state of Arkansas.
Additionally, they did nearly 20% of their business in nearby Oklahoma, where they were a top-5 mortgage lender overall.
Arvest is also active in Missouri, which accounted for more than 10% of their total loan production.
The company does a near-split of home purchase loans and mortgage refinances, making them suitable for prospective home buyers and existing homeowners.
How to Apply with Arvest Central Mortgage
You’ve got several options when it comes to applying for a home loan with Arvest Central Mortgage.
You can go the old-school route and visit a local branch for an in-person application.
Or you can try out their free mobile app called “Home4Me” if you want to approach it the more tech-heavy way.
They’ve also got a fully functional website where you can complete most loan tasks electronically, including the loan application itself.
Their website also features a loan officer directory if you’ve been referred or want to work with someone specific.
You can use the app or website to get pre-qualified for a mortgage, securely upload documents, eSign disclosures, and message your loan officer if and when you’ve got questions.
You can also access the borrower portal to check loan status and satisfy outstanding conditions 24/7.
Regardless of which method you choose, you’ll get a seamless experience across all devices as you make your way to the finish line.
All in all, Arvest Central Mortgage appears to provide a good mix of old-fashioned banking with the latest technology.
Loan Programs Offered by Arvest Central Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Home construction loans
- Renovation loans
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- USDA loans
- Jumbo loans up to $2.5 million loan amounts
- Physician loans
- Fixed-rate and adjustable-rate options available
Arvest Central Mortgage offers a wide array of loan programs, including home purchase, refinance, renovation, and construction loans.
You can get a conforming loan backed by Fannie/Freddie, a jumbo loan up to $2.5 million, or a government-backed loan, such as an FHA loan.
They also offer specialty programs like physician mortgages and non-conforming loans that don’t have to meet FHA or conventional property guidelines.
They lend on all types of properties, including single-family homes, condos/townhomes, and investment properties.
You can get a fixed-rate loan or an adjustable-rate mortgage in a variety of different loan terms.
Those who wish to tap their home equity can apply for either a home equity line of credit (HELOC) or a home equity loan.
They even offer an ARM home equity loan that features an adjustable rate after an initial fixed-rate period.
So you shouldn’t be limited when it comes to loan choice.
Arvest Central Mortgage Rates
Unlike many mortgage lenders, Arvest Central Mortgage does post its daily mortgage rates online.
They have sample rates for a conventional 30-year fixed, 15-year fixed, FHA 30-year fixed, and VA 30-year fixed.
From what I saw, their rates seemed competitive relative to other options. And they get kudos for transparency, as not all lenders even share their rates upfront.
At the same time, it’s unclear what lender fees they charge, such as a loan origination fee, or separate fees for underwriting and processing.
Be sure to find out when you receive your mortgage rate quote. Then compare their mortgage APR to that of other banks and lenders.
Arvest Central Mortgage Reviews
On Zillow, they’ve got a 4.99-star rating out of a possible 5 from nearly 1,800 customer reviews. That’s pretty much as good as it gets.
And it’s an impressive rating given their many reviews there.
Over at ConsumerAffairs they’ve got a not-as-good 4.1/5 rating from over 200 reviews. Still a solid rating however.
At the same time, they’ve got some poorer ratings, including a 2.7-star rating from just over 50 Google reviews.
And a 2.81/5 on the Better Business Bureau website from about 100 reviews. Those are smaller sample sizes, but still something to consider.
The good news is they are an accredited business with the BBB and currently hold an ‘A+’ rating.
I should note that because they are a mortgage lender and a loan servicer, some of the bad ratings might be tied to servicing as opposed to lending.
In the latest J.D. Power U.S. Mortgage Servicer Satisfaction Survey, they landed around the middle of the pack.
Take the time to read some reviews to get a feel for them before you proceed.
To sum things up, Arvest Central Mortgage offers a good combination of brick-and-mortar banking, the latest technology, and lots of loan programs.
They seem to be mostly well-liked by their customers, though there are some mixed reviews out there.
If their loan pricing is also on point, they could a consideration for your home loan needs.
Arvest Central Mortgage Pros and Cons
The Good
- Can apply for a home loan online or in person
- Offer a digital mortgage application process
- Publicize their daily mortgage rates online
- Lots of loan programs to choose from including home equity lines/loans
- Offer both fixed and adjustable-rate mortgages
- A+ BBB rating, accredited business
- Service 99% of the loans they originate after closing
- Free mortgage calculators and mobile app
The Maybe Not
- Do not lend in Delaware, Rhode Island, Maryland, New Hampshire or New York
- Mixed customer reviews across ratings websites
(photo: DM)
