EverBank Financial Corp. (NYSE: EVER) is a savings and loan holding company based in Jacksonville, Florida. The company offers mortgage products, including loans for prospective homebuyers and refinancing products for existing homeowners. The following is a summary of EverBank Financial Corp. and an assessment of its mortgage products, rates and customer feedback.

About EverBank

EverBank Financial Corp. was established as First Alliance Bank of Jacksonville, Florida in 1961. After a merger with EverBank in 2002, the bank assumed its current name and established a larger national presence. It merged with other banks in the first decade of the 21st century; as of April 2016, it operated a lending network in all 50 states. In addition to its consumer mortgage business, the bank offers personal and business banking and investment and commercial financing products. As of Dec. 31, 2015, EverBank had $26.6 billion in total assets and $24.7 billion in total liabilities. The company had a market cap of $1.89 billion as of April 29, 2016.

Mortgage Products Offered

EverBank offers four categories of loans: traditional, jumbo, FHA/VA and preferred equity line. The traditional loan category includes fixed-rate loans and adjustable-rate mortgages (ARMs) over both 15-year and 30-year terms. A fixed rate loan has an interest rate that remains the same throughout the life of the loan. Borrowers who want predictable monthly payments prefer fixed-rate loans. An ARM has a low fixed rate for an initial period of time. However, at the end of this initial period, the rate on the loan adjusts to reflect market rates and may be much higher. As for the terms of the loans, borrowers who want lower monthly payments prefer 30-year loans, while borrowers who want to save on interest prefer 15-year loans.

EverBank's jumbo loans are for borrowers purchasing more expensive properties. The loans range from $417,000 to $3 million, depending on location, and typically have higher rates than conventional loans.

The FHA loans are for borrowers who have limited incomes and limited credit histories. Typically, these are first-time homebuyers who want smaller down payments. FHA loans have down payments as low as 3.5%, but the bank typically requires mortgage insurance for these loans. EverBank offers VA loans to qualified veterans, reservists, active duty personnel and eligible family members. VA loans have low and no down payment options, and flexible credit requirements.

The preferred equity lines are for borrowers who want to maximize cash flow. These loans offer borrowers the ability to access 90% of their credit line at closing and make interest-only payments for the first 10 years.

Mortgage Rates

EverBank publishes rates for its 15-year and 30-year fixed rate loans. As of April 29, 2016, the bank offered a rate of 3.500% and an APR of 3.635% on its 30-year fixed-rate loans. The company offers a rate of 2.75% and an APR of 2.913% on its 15-year fixed-rate loans. These loan terms are based on a borrower purchasing a home in Jacksonville, Florida, for a loan amount of $180,000 and a loan-to-value ratio (LTV ratio) of 75%, with a credit score of 740 and a 45-day lock period. EverBank offers a jumbo rate of 3.625% and an APR for 3.665% for 30-year fixed-rate loans, and a rate of 3.250% and an APR of 3.353% for 15-year fixed-rate loans. Jumbo loan rates are based on a borrower purchasing a home in Jacksonville, Florida, for a loan amount of $700,000 and LTV ratio of 70%, with a credit score of 740 and a 45-day lock period.

What Consumers Are Saying

EverBank has mixed reviews from consumers, who offer mostly poor reviews on MyBankTracker.com. Of the 30 reviews on the site, 18 reviewers gave the bank a one-star rating out of a possible five stars. Three gave two stars, two gave three stars, two gave four stars and five gave five stars. On DepositAccounts.com, 18 reviewers gave the bank an average rating of 2.5 stars out of five.

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