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CMG Financial mortgage review 2024

Aly J. Yale
·Freelance writer
Updated 7 min read

The Yahoo view: CMG Financial offers a wide range of loan products and home-buying resources to borrowers nationwide, and it is one of the best USDA loan lenders and best refinance lenders out there. It’s not very transparent about its interest rates, though, and its total loan costs are higher than industry medians.

CMG Financial is a mortgage lender offering a variety of loan options to borrowers throughout the U.S. It offers loans for first-time buyers, existing homeowners, medical professionals, investors, and more. It also offers down payment and closing cost assistance options, a 1% down payment program, and a down payment crowdfunding option.

On the downside, CMG isn’t very up-front about its rates, and its total loan costs are relatively high.

CMG Financial logo 3.4/5

Key benefits

  • Lots of loan options, including more specialized products like non-QM loans and medical professional mortgages.

  • Offers down payment and closing cost assistance options, including giving you $2 for every $1 raised toward your down payment through the HomeFundIt crowdsourcing platform (up to 1% of your loan or $2,000, whichever is less).

  • The Better Business Bureau gives it an A rating.

Need to know

  • Available in all 50 states and Washington, D.C.

  • To see customized interest rates, you must apply for preapproval.

  • You can apply online, with a loan officer, or via the mobile app.

CMG Financial offers the following types of home loans:

  • Conventional loans

  • FHA loans

  • VA loans

  • USDA loans

  • Jumbo loans

  • Renovation loans

  • Reverse mortgages

  • HELOCs

  • Purchase loans

  • Refinancing

  • Cash-out refinancing

  • 1% down mortgages

  • Fixed-rate mortgages

  • Adjustable-rate mortgages

  • Construction loans

  • Non-QM loans

  • Second home loans

  • Investment property loans

  • Buydowns

  • Manufactured home loans

  • Medical professional loans

CMG Financial does not offer the following types of home loans:

  • Interest-only loans

  • Land loans

  • Energy-efficient mortgages

  • ITIN mortgages

  • Bridge loans

  • Home equity loans

Learn more: How do investment property loans work?

CMG Financial has a lot to offer first-time homebuyers. Its loan programs run the gamut, and there are temporary rate buydowns, a variety of down payment and closing cost assistance options, and even a 1% down payment option that is great for first-timers who haven’t been able to save much yet.

Buyers also get access to helpful guides, calculators, and online tools, and CMG’s HomeFundIt program can help them crowdsource money for their down payment. (The company will even donate $2 for every $1 you raise on your own.)

Read more: Best mortgage lenders for first-time home buyers

CMG Financial offers two options for tapping your home equity: cash-out refinancing and home equity lines of credit (HELOCs). Cash-out refinances replace your old mortgage loan with a new, larger one. Since this also replaces your interest rate and term, it’s not always the best option for borrowers, especially ones with already low interest rates. If that’s the case, CMG’s HELOC is an option.

CMG Financial’s HELOC allows you to tap your home equity in as few as five days. You can borrow up to $400,000, and no appraisals are required. You’ll need a minimum credit score of 620 to qualify if you’re getting the line of credit on your primary residence.

CMG Financial may charge an origination fee for its HELOCs, which can be as much as 4% of your initial limit. There are also potential annual fees ($60 starting the second year of your term), credit report fees (up to $200), processing fees (up to $1,500), document preparation fees (up to $200), and administration fees (up to $2,500). There can also be third-party charges, such as appraisal fees.

Dig deeper: Cash-out refinance vs. HELOC

CMG Financial doesn’t have sample or advertised rates you can view anywhere. You have to get preapproved online and view your personalized rates that way — and a preapproval results in a hard credit pull, impacting your credit score.

Our analysis shows that CMG Financial’s rates are on par with industry medians, though its loan costs were higher. We’ll dive more into this below.

Yahoo Finance uses 2023 Home Mortgage Disclosure Act data of 10 million home loan applications to score mortgage lenders on issued mortgage interest rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).

For example, with mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate a lender granted lower-than-median home loan interest rates to borrowers in 2023.

With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2023. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2023.

What this means: CMG Financial offered a roughly average mortgage rate of 6.625% and a higher-than-median total loan cost of $8,062.50 to borrowers in 2023.

CMG Financial’s mortgage application can be completed entirely online. You can also contact a loan officer to start the process or apply through the CMG Financial mobile app.

CMG’s mortgage preapproval and application processes are one and the same. In fact, the lender says “Getting preapproved with CMG Financial means we actually start underwriting your loan. By the time you’re approved, all we need is the appraisal to finish up your loan.”

Again, you can do this with a loan officer, online, or via the mobile app. Make sure you have your financial information and documents on hand when you apply.

CMG offers a wide variety of online tools and resources. There are eight calculators that cover everything from mortgage payments to how buying down your rate will affect your loan. There is also a robust YouTube channel, a blog, buying and refinancing guides, and more. Its online payment center and mobile app make applying for and managing your loan easy too.

Learn more: Use Yahoo Finance’s free mortgage calculator

  • It offers many affordable options. CMG has government-backed loans, down payment assistance, a 1% down program, a HELOC, and more, giving it 5 stars in our Affordability category.

  • Its online resources are comprehensive. The lender offers a robust suite of online tools and educational resources, giving it 5 stars for its online features.

  • Reviews are positive. At the time of writing, CMG boasts 4.73 out of 5 stars with the Better Business Bureau from over 500 customers.

  • Its rates and fees could be better. Our analysis found that CMG’s interest rates are on par with industry medians, but its loan fees are higher.

  • It lacks transparency around rates. CMG doesn’t offer sample rates, and you have to apply for preapproval to see customized rates, giving it a 2 in this category.

CMG Financial and Rate (previously Guaranteed Rate) offer nearly the same loan products, though CMG has a USDA loan, whereas Rate does not. Both offer 1% down programs, but Rate’s same-day mortgage approval is a standout. Rate is also more transparent about its interest rates.

Rate mortgage review

CMG Financial offers more loan options than Pennymac. The lender has construction, non-QM, and medical professional loans, as well as a HELOC. Pennymac’s home equity loan is the only option not offered by CMG. That said, Pennymac is very transparent about its interest rates and has a plethora of assistance programs and buyer incentives.

Pennymac mortgage review

CMG Home Loans — or CMG Financial — is a legitimate mortgage lender offering loans in all 50 states, plus Washington, D.C. It is a privately held company based in San Ramon, Calif.

CMG Financial is a nationwide mortgage lender. The CMG stands for Christopher M. George, who established the company in 1993.

No, CMG Financial is a mortgage lender. The company offers a number of mortgage loans, but it does not offer banking accounts or products.

Methodology:

Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.

Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

This article was edited by Laura Grace Tarpley.