Triumph Lending Review: A Near Perfect 5-Star Rated Lender

Posted on February 2nd, 2021

One of the highest-rated mortgage companies on LendingTree goes by the name “Triumph Lending,” which is a division of its larger parent company Network Funding, LP.

The Texas-based direct lender boasts an incredible 5-star rating out of 5 from more than 1,100 customer reviews, meaning they must be doing something right.

They also feature an elephant in their logo, which explains the choice of image above.

Much of their lending appears to take place in The Lone Star State, so if you live in Texas, they could be a good choice if customer service is important to you.

Triumph Lending Fast Facts

  • Direct-to-consumer mortgage lender
  • Founded in 1998, headquartered in Houston, TX
  • A division of parent company Network Funding, LP
  • Offer home purchase loans and mortgage refinances
  • A LendingTree Certified Lender (top-10 in customer satisfaction)
  • Licensed to do business in six states (most active in Texas)

Triumph Lending a direct-to-consumer mortgage lender that seems to live online, meaning you can apply for a home loan remotely from their website.

The Houston-based company actually got its start as a wholesale mortgage lender, meaning they worked exclusively with mortgage brokers, as opposed to the general public.

Later, Triumph transformed into what they describe as a “hybrid retail mortgage origination company,” meaning they likely have both a retail and wholesale lending division, and/or can broker out loans when necessary.

What this means to homeowners and prospective home buyers is you can work with them directly to obtain a mortgage by calling them up or visiting their website.

They were founded in 1998 by Rex Chamberlain (current CEO) and Greg “Buzz Baker (president), who also run parent company Network Funding, LP.

At the moment, they appear to be licensed to do business in the following states: Arizona, Colorado, Florida, Illinois, Texas, and Virginia.

How to Apply with Triumph Lending

  • You can call, request a quote online, or simply apply immediately via their website
  • Their digital application allows you to apply in either English or Spanish
  • They embrace the latest technology but believe there’s no substitute for one-on-one interaction
  • Borrowers can manage their loan from start to finish via the online portal

You’ve basically got three options here. You can simply call them up on the phone to speak with a licensed loan officer and obtain pricing and loan options.

Or you can fill out a short quote request form on their website and wait for a loan officer to call you back.

Alternatively, you can visit their website and click on “Apply Now” and begin immediately by creating an account.

My recommendation is to always get pricing first, then decide if the company is competitive enough to follow through with the application. After all, you don’t want to waste your time or theirs.

Triumph says they offer an “all-online mortgage application,” which I assume means they use a digital platform that allows you to link financial accounts, scan/upload documents, and eSign disclosures.

You also get paired with a dedicated loan officer, processor, and closing team who will guide you step-by-step from start to finish.

Applicants can manage their loan 24/7 via the secure online borrower portal, which provides real-time updates and current loan status.

Based on their many positive testimonials, it sounds like they make it super easy to apply for a home loan.

Loan Programs Available at Triumph Lending

  • Home purchase loans
  • Home renovation loans
  • Refinance loans: rate and term and cash out
  • Conforming loan backed by Fannie Mae and Freddie Mac
  • Jumbo home loans
  • FHA loans
  • VA loans
  • USDA loans

Triumph Lending offers both home purchase loans and mortgage refinance loans, including rate and term refis and cash out refis.

If you’re buying or currently own a fixer-upper, you can also apply for a home renovation loan.

You can get a conforming loan backed by Fannie Mae and Freddie Mac, or a jumbo loan if your loan amount exceeds local loan limits.

They have the full slate of government-backed loan programs available, including FHA loans, USDA loans, and VA loans.

With regard to loan types, you can get a fixed-rate mortgage such as a 30-year or 15-year fixed, or a hybrid adjustable-rate mortgage, including a 5/1 ARM or 7/1 ARM.

They lend on all the usual property types, including single-family residences, condos/townhomes, and 1-4 unit investment properties.

Triumph Lending Mortgage Rates

While they do say they’ve got the “most competitive rates and terms on the market” right on their website, they don’t actually reveal their mortgage rates anywhere.

Some of the bigger banks and lenders will show you daily mortgage rates just to give you an idea of pricing, which is a nice touch.

Unfortunately, this isn’t the case with Triumph Lending. So if you want to get pricing, you’ll either need to call or submit a free rate quote request on their website.

This is probably the best way to get started as you can determine how their pricing stacks up to other mortgage companies out there.

As always, be sure to compare both the interest rate offered along with the closing costs, since you need to get an apples-to-apples comparison, and cannot do so without both.

Triumph Lending Reviews

Where Triumph Lending really seems to shine is in customer satisfaction. In fact, they’re nearly perfect based on their reviews.

Per LendingTree, they’ve got a 5-star rating out of 5 from over 1,100 reviews, with all 5-star reviews expect for two, which are 4-star reviews. That’s pretty impressive.

Additionally, they are a “Certified Lender,” which is defined as having demonstrated organizational commitment to employee development while providing “exemplary service” to LendingTree customers.

They also landed in the top-10 for customer satisfaction on the LT platform in both the second and third quarter of 2020.

On Zillow, it’s the same story – a near-perfect 4.99-star rating out of 5 from more than 350 reviews.

As I scanned through the reviews, I noticed that many of them highlighted the fact that the interest rate received was lower than expected, as were the closing costs in a lot of cases.

They’ve also got a 4.5-star rating on Google from about 15 reviews and a 5-star rating on Yelp from about 25 reviews.

While they’re not an accredited company with the Better Business Bureau, they do have an ‘A+’ rating based on their complaint history.

This means they’re generally good about resolving any customer issues that may come up quickly and competently.

Triumph Lending Pros and Cons

The Good

  • You can get started directly from their website
  • Offer a digital mortgage application using the latest tech
  • Can apply for a mortgage in both English or Spanish
  • Plenty of loan programs to choose from
  • Amazing customer reviews (nearly perfect ratings)
  • A+ BBB rating
  • Free mortgage calculator on their website

The Not

  • Do not publicize mortgage rates or lender fees
  • Not licensed in all states

(photo: Neil Ransom)

Source: thetruthaboutmortgage.com

Is a Fixer-Upper Home Worth the Investment?

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Disclaimer

Buying fixer-upper homes is currently a popular investment in the housing market, especially since lower-priced houses increase housing confidence in home buyers. On the one hand, it is a great way to purchase a home below market value and sell it for more than you paid. On the other hand, it often seems to be more work than people anticipate, and sometimes the final product doesn’t end up being worth as much time, effort, and money as people put into it.

So, is a fixer-upper home worth it? The answer depends on a variety of factors and your current situation. Thankfully, we have a list of pros and cons as well as tips and recommendations if you’re trying to decide if a fixer-upper home is the right decision for you.

The Pros

  • You have more creative leeway. You can build, renovate, and design the house the way you want.
  • You can decide what places in the home you want to spend more money on (i.e., a better kitchen or a better bedroom).
  • You have the opportunity to make the home worth a great deal more than you paid.
  • You can likely flip the home for more money
  • Fixer-upper homes are typically 8% below the market value.
  • You will pay less in property taxes because they are calculated based on your home’s sale price.
  • If you have a home warranty, you can save money on replacing and repairing broken appliances and systems.

The Cons

  • Most fixer-upper homes are not move-in ready.
  • Renovations are costly.
  • You also don’t have an exact total of what everything will cost, making the financial bottom line uncertain.
  • Fixer-upper homes can be a risk. You never know when things are going to go wrong, so you have to anticipate possible complications.
  • If you need to make structural changes, you’ll need a building permit, which is around $1,000, according to HomeAdvisor.
  • It can take months or even longer to finish a fixer-upper.

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Do a Home Inspection

If you are interested in a fixer-upper home, you want to begin with a home inspection. The inspector will likely be able to determine whether the home is worth the investment or not, depending on the severity of the necessary renovations.

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Note that if the necessary improvements in the house are structural, such as roof and/or wall issues, it’s likely not worth the investment. These type of renovations are complicated and extremely expensive. They are also not typically noticeable by potential buyers, so they fail to raise the value of your home enough to make up for the money you invested. However, if you have a written report from your home inspector listing the major issues and the estimated repair costs, you might be able to get the seller to lower the cost of the house to account for the added repairs you’ll have to do.

Get an Estimate of Renovation Costs

Deciding if a fixer-upper home is worth it is heavily influenced by the estimated cost of renovations. As stated above, home inspectors can often help you with this. Note all of the necessary renovations and how much they will cost by using a home inspector or a contractor; it’s better to over quote this than under quote. Then you want to subtract this from the home’s projected market value (after repairs and renovations). You can estimate a home’s market value by researching the neighboring homes’ values. Finally, you need to deduct 5 to 10 percent more for possible complications and other possibilities.

Determine If You Need Permits

Depending on your area, you might need permits to do certain renovations. If you build without obtaining the proper permits, you could have difficulty selling the house in the future. Make sure you have the money to get the required permits before committing to remodeling.

Identify the Skills You Have and What You Can DIY

Part of purchasing a fixer-upper is having to do much of the work on your own. Decide if you have the skills to do the necessary renovations. If you can do most of the repairs by yourself, figure out what you can DIY and hire someone to do the rest. If you’re doing most of the labor, all you need are the parts and equipment for the renovations, and you won’t have to waste money paying someone else.

If you don’t have the ability to do a large chunk of the workload yourself, consider staying away from a fixer-upper home. Hiring someone to do most of the work for you will likely cost more than the renovations are worth in value.

Make Sure You Have the Time—and the Motivation

Fixer-upper homes require a considerable amount of time. If you think you’re too busy to manage the home renovations, consider going with a move-in ready home instead. Especially if you delay pressing repairs, you could risk losing money and value in your home.

Along with a time sacrifice, fixer-uppers require motivation to deal with such a huge project. Ensure you have the motivation and determination to finish renovations before committing to a fixer-upper home. You don’t want to take the plunge and buy the home just to get burnt out halfway through and regret your decision.

Check Financing Options

Buying a fixer-upper home is more financially complicated than your typical finished home; you will need money for the routine down payment and closing costs, but you will also need money for the home repairs and any possible complications in the renovation process.

If you don’t have enough money for the renovations up front, there are borrowing options such as the 203(k) loan that is meant for home repair, improvement, and reconstruction. A multitude of other loan options can ease the financial difficulty.

Avoid Being House Poor

Being house poor is when you spend the majority of your income on your home ownership. This can include your mortgage payment, property taxes, utilities, maintenance costs, etc. If choosing a fixer-upper home is going to take the majority of your money, you’re most likely better off to wait until you have additional income to handle the financial burden.

Take into account your debt-to-income ratio (DTI) when deciding if a fixer-upper home will make you house poor. Your DTI is all of your monthly debt payments divided by your gross monthly income. Generally, a 36 percent or lower DTI is ideal.

Plan for Complications

With fixer-upper homes comes unpredictability. There are unexpected issues and costs that can leave you scrambling if you’re not prepared. Although you can’t predict the future, you can still take precautions so you are as prepared as possible if something goes wrong, whether that be additional expenses, time constraints, etc. You don’t want to be left in a tough spot because you assumed everything would go as planned.

The Bottom Line

Fixer-upper homes can be a great home investment, but a great deal of responsibility and financial burden comes with it. Make sure you have the resources and the time to manage such a project. If you do, use the above tips in your fixer-upper journey. If not, maybe consider a move-in ready home or you could postpone the fixer-upper project until you are more prepared.

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Finally, ‘Fixer Upper’ Is Back! Watch Chip and Jo Tackle One Hot Mess of a House

At long last, Chip and Joanna Gaines and their smash hit show “Fixer Upper” have returned, although with some changes. For one, the show is now called “Fixer Upper: Welcome Home”—and the season premiere has them faced with renovating the messiest house we’ve ever seen them tackle.

In the episode “A Neglected Home for Newlyweds,” Chip and Jo meet Laney and Lucas, an engaged couple in Waco, TX, who have bought a house filled, quite literally, with trash. The Gaineses will need to work hard to give the couple the honeymoon home they deserve, and have a $150,000 renovation budget to do it.

Here’s how they whip this wreck of a house into shape, which suggests that this season of “Fixer Upper” will be filled with surprises and inspiration galore.

Use indoor windows for a creative way to open up sightlines

This window cleverly connects the office to the kitchen.
This window cleverly connects the office to the kitchen.

Discovery+

The house includes a large front room, which Lucas plans to use as an office.

While workspaces are normally private, Jo and Chip want to open up this space and improve the home’s sightlines. So they install industrial windows into the office that look into the kitchen and living room.

While some designers might have busted down the office walls to give the whole house an open layout, these windows are a creative alternative to demolition.They make the office feel less isolated while still giving Lucas the quiet and privacy he’ll need when working.

When the room is finished, Joanna is happy with not only the function, but also the clean, industrial design.

“The industrial window looks amazing, and I think the idea of trying to bring in a little bit of that industrial feel to this, really kind of modern, minimal space, feels really unique,” Joanna says.

A dark stone fireplace lends an industrial look

Joanna Gaines needed to bring some style into this living room.
Joanna Gaines needed to bring some style into this living room.

Discovery+

When Chip and Jo first see Lucas and Laney’s new house, they’re not only shocked by the mess, they’re also disappointed by the old-fashioned design.

The living room is especially dated, with a fireplace that desperately needs a refresh. Jo plans to update the feature with a sleek, dark stone that’s perfect for Laney’s industrial tastes.

Laney wanted wood storage in her new fireplace, even if it wasn't in the original design plans.
Laney wanted wood storage in her new fireplace, even if it wasn’t in the original design plans.

Discovery+

Yet instead of keeping the slab looking plain and minimalist, Laney makes a change to Jo’s design, requesting a cubby for wood storage. This doesn’t necessarily go with the industrial look Jo planned for, but this designer is willing to make a change. In the end, the wood ends up making the fireplace look even cozier than before.

Centered windows give a room balance

Chip and Jo realized, at the last minute, this window wasn't centered.
Chip and Jo realized, at the last minute, this window wasn’t centered.

Discovery+

Chip and Jo want to give this young couple a cozy dining space, so they design a built-in banquette with midcentury modern charm. However, in the middle of renovation, they realize that the window isn’t centered on the wall, making the space feel awkward.

They know that the wonky window will make the new table look strange, so they put in the extra effort to move the window. They finish the room with the banquette, a midcentury-inspired light fixture, and a beautiful wood table. The furnishings look great and they’re all perfectly centered—giving the room a balanced look.

This centered window makes the space look larger.
This centered window makes the space look larger.

Discovery+

When the dining space is finished, Joanna explains that the new window placement makes the space feel so much bigger.

“This window is really close to this door here, and everything was, like, shoved this way, so we had to center your window,” she says. “Now, I feel like the space was really tiny, but now you’ve got space.”

Use wood paneling as an accent wall

This bedroom was a catastrophe when Jo and Chip found it!
This bedroom was a catastrophe when Jo and Chip found it!

Discovery+

Laney loves simple, Scandinavian looks, but also digs midcentury modern style. So for the bedroom, Joanna installs a feature wall that works for both styles.

“I like the idea of this really cool focal wall, really minimal but highly textural,” Joanna says.

The wood paneling gives this bedroom that midcentury modern look Laney and Lucas love.
The wood paneling gives this bedroom that midcentury modern look Laney and Lucas love.

Discovery+

She uses vertical wood paneling, which are reminiscent of paneling from midcentury homes, while choosing a light color and a simple black handle for the hidden bathroom door, which is in line with Scandinavian design.

The feature wall ends up looking gorgeous. It brings so much style to the room while seeming versatile enough to work with almost any style.

Dark colors in the bathroom add a moody vibe

This bathroom was covered in wallpaper.
This bathroom was covered in wallpaper.

Discovery+

Laney says she likes dark tones, so Joanna wants to give Lucas and Laney’s master bathroom a moody makeover in dark green. She chooses a deep green paint color, then pairs it with green tile and wood vanities, and lightens it all up with light floors and counters.

When the room is painted and nearly finished, it looks great, but Joanna isn’t satisfied with the ceiling.

“When I walked into the bathroom, I really love what’s going on with all the textures and the pattern and the colors. Then when I look up, when I see the white ceiling, it’s almost like we stopped,” Joanna says. “The ceilings are kind of cut in a weird angle, and I don’t want to highlight that.”

So she has the ceiling painted dark green to match the walls.

While Chip is concerned this will make the space feel too dark, once the room is finished, it’s clear that painting was the right choice. The darker ceiling gives the space a cozy but glamorous feel that highlights the beautiful tiles and clean, white bathtub.

This dark green color makes the white finishes stand out.
This dark green color makes the white finishes stand out.

Discovery+

Source: realtor.com

7 Insider Secrets About House Flipping To Put You on the Path to Profitability

Is 2021 the year you’re going to buy a real estate investment property? If you have your sights set on flipping a house for a big profit, you likely know how much work is involved. Sure, popular real estate reality shows like “Flip or Flop” and “Flipping Across America” make fix-and-flip investing look like a feasible endeavor, but you’re wise to the magic of TV, right?

The truth is that flipping a house is rife with challenges, from financial setbacks to breakdowns in communication with your construction crew. Plus, low interest rates mean properties are flying off the market, especially in up-and-coming neighborhoods.

So how can house-flipping newbies compete today? By learning from those with more experience. We spoke to successful home flippers about what they wish they had known when starting out. Hopefully their tips below will help you minimize pain and maximize profits.

1. Stick to your maximum allowable offer

Our experts all agree that buying a fix-and-flip investment should not be an emotional decision. There are certain formulas that every house flipper needs to calculate in order to make a profit.

“Real estate investing is a numbers business, and if the deal doesn’t make sense when you crunch the numbers, you should be able to walk away,” says Hayden Lyon of Cowtown Home Buyers, a real estate investment firm in Fort Worth, TX.

“Stick to your maximum allowable offer. Going above your MAO is just asking for trouble,” says Ryne Lambert, co-founder of Sell My House, a real estate investment firm in Green Bay, WI.

The general rule when determining your MAO is not to pay more than 70% of the property’s after-repair value, or ARV, minus repair estimates. For example, if the property’s ARV will be $150,000, you would subtract the costs to flip (including the cost of a loan, repairs, and other fees) and then multiply that number by 70%. That will give you the MAO you should make on the property.

However, Lambert recommends a more exact formula: “We calculate MAO as ARV minus rehab estimates, selling costs, and minimum gross profit,” he says. “Our detailed formula makes our offer more competitive for sellers while still providing us a nice profit.”

2. Build a buffer into your renovation budget

Anyone who’s undertaken repairs on their house or an investment property knows things rarely go as planned. Permit delays, bad weather, and unforeseen expenses can all throw a wrench in the works—and revise your bottom line.

That’s why Lambert advises new investors to build a buffer of up to 25% into their rehab estimate.

3. Don’t always go with the cheapest contractor

Finding the right contractor can help keep renovation costs in check—but right does not always mean the least expensive.

“When I was new, I thought in order to keep as much profit margin in the flip as I could, I needed to choose the lowest contractor bid,” says Jonathan Faccone of Halo Homebuyers, a real estate consultant in Bridgewater Township, NJ.

“You do have to manage costs prudently, but going with the lowest contractor bids usually end up costing you more in the long run,” says Faccone. “Be cautious about choosing the cheap price and, instead, go with the contractor who offers the best quality and most professional work for your money.”

4. Make sure the contractors have a clear scope of work

You may be able to head off issues with contractors—including plumbers, electricians, and general contractors—by ensuring they present a clear scope of work for the project, experts advise.

“The scope of work usually includes working with the city to obtain permits, ordering materials and equipment, and confirming the house plans. This section will save you a lot of time and money on the back end of the project,” says Shawn Breyer of Breyer Home Buyers, a real estate investing firm in Atlanta.

Most importantly, start building relationships with contractors in the areas where you invest, so you know whom you can trust for any project.

5. Provide a quality product

As fast as homes are selling today, the market is filled with many discerning buyers.

“Often, the ultimate buyer of a flip expects the home to compare with existing homes—or even new construction—in quality and value,” says Greg Kurzner, a Realtor ® for ERA Atlantic Reality in Alpharetta, GA.

Lyon agrees: “Focus on value-add renovations and amenities. Research shows buyers want a nice kitchen and bathrooms. Of course, everything should be functional and up to code, but you want to create an instant emotional connection for potential buyers.”

6. Get your own finances in order before you start

Several investors pointed out the importance of running your blossoming home-flipping company as a business—because it is. That means tracking all of your expenses so you can make better decisions for greater profits. Be extremely organized, and document every purchase order, utility bill, and closing fee that’s involved in the project.

It’s also important to have your own financial house in order before you start.

“If all goes well, you’re about to start making money in large chunks. If you lack proper discipline, you’ll wind up worse than when you started,” says Billy Ross, CEO at RFTA Properties, a residential real estate investment company in Winter Park, FL.

7. Expect to put time and money into marketing

James Fitzgibbons of Ledge Real Estate Solutions, in Windermere, FL, says he wishes he had spent more time in his early years learning how to market homes efficiently.

“We have a wrapped car that we drive around town,” he says. “We’ve driven for dollars, and we’ve used direct mail marketing. Today, we advertise online through Google and Facebook. All of these methods have potential if done right.”

Source: realtor.com