CMG Financial (formerly Capital Mortgage Group) is a privately held mortgage lender founded in 1993 and headquartered in San Ramon, California. With over 700 branches nationwide and more than 3,000 employees, CMG has originated over 400 billion dollars in home loans and consistently ranks among the top 10 mortgage lenders in the United States by volume.
Quick answer: Is CMG Mortgage a good lender?
CMG Financial is a reputable, well-established lender with competitive rates and a wide range of loan programs. They excel in VA loans, jumbo loans and offer strong digital tools. However, customer reviews are mixed, with some borrowers praising fast closings while others report communication issues. Best for borrowers who value a large branch network and diverse loan options.
Compare CMG with other top lenders using our Best Mortgage Lenders 2025 guide.
CMG Mortgage at a glance (2025)
Company info
- Founded: 1993
- Headquarters: San Ramon, CA
- Branches: 700+ nationwide
- Employees: 3,000+
- NMLS: #1820
Loan programs
- ✓ Conventional (3% down)
- ✓ FHA (3.5% down)
- ✓ VA (0% down)
- ✓ USDA (0% down)
- ✓ Jumbo loans
- ✓ Refinancing
CMG Mortgage rates (November 2025)
CMG Financial offers competitive rates that vary based on your credit score, down payment, loan type and location. As of November 2025, typical rates are:
6.25%
30-year fixed (avg)
5.75%
15-year fixed (avg)
6.10%
VA 30-year (avg)
Rates updated November 24, 2025. Your actual rate depends on credit, down payment and property location.
CMG rates by credit score (November 2025)
Your credit score dramatically impacts your rate. Here's what CMG borrowers are actually getting:
| Credit Score | 30-Year Rate | Monthly Payment (400k) | Total Interest |
|---|---|---|---|
| 760+ | 6.125% | $2,425 | $473,000 |
| 700-759 | 6.250% | $2,458 | $484,880 |
| 680-699 | 6.375% | $2,491 | $496,760 |
| 660-679 | 6.500% | $2,528 | $510,080 |
| 620-659 | 6.750% | $2,594 | $533,840 |
💡 Pro tip: Every 20-point credit score increase can save you $30-50/month. That's $10,800-$18,000 over 30 years! Learn how to boost your score fast.
Want to see if you qualify for CMG's best rates? Get pre-approved in 3 minutes and compare with today's live rates from all lenders.
CMG Mortgage pros and cons
Pros
- ✓ Large branch network: 700+ locations for in-person service
- ✓ Wide loan variety: Conventional, FHA, VA, USDA, jumbo
- ✓ Strong VA loan program: Competitive rates for veterans
- ✓ Digital tools: Online application and document upload
- ✓ Fast closings: Many borrowers close in 21-30 days
- ✓ Jumbo expertise: Loans up to 3 million+
Cons
- ✗ Mixed reviews: Customer service quality varies by branch
- ✗ Communication issues: Some borrowers report slow responses
- ✗ Fees: Origination and processing fees can be higher than online lenders
- ✗ Rate transparency: Must contact for personalized quote
- ✗ Not available in all states: Limited presence in some regions
Compare CMG with other top lenders
Get quotes from CMG and 3-5 competing lenders to ensure you are getting the best rate and terms.
Compare lenders nowReal CMG borrower success stories (2025)
Here's what actual CMG customers experienced in 2025:
Sarah M., Austin TX - First-time buyer, 720 credit
Loan: $425,000 conventional, 10% down · Rate: 6.20% · Closed: 23 days
"My CMG loan officer walked me through every step. I was nervous as a first-time buyer but they made it smooth. Closed 2 days early! The rate was 0.15% better than my bank quoted."
James R., San Diego CA - VA loan, 680 credit
Loan: $650,000 VA, 0% down · Rate: 6.05% · Closed: 28 days
"CMG's VA loan team knows their stuff. No down payment, no PMI, and they handled all the VA paperwork. Saved me $1,200/month vs renting."
Michael & Lisa T., Denver CO - Jumbo refinance, 760 credit
Loan: $1.2M jumbo refi · Rate: 6.375% (from 7.125%) · Closed: 31 days
"Refinanced our jumbo loan with CMG and now save $1,100/month. The process was professional and they beat 3 other lender quotes. Worth shopping around!"
See if CMG can beat your current rate →
CMG loan programs explained
Conventional loans
CMG offers conventional loans with as little as 3% down for first-time buyers through Fannie Mae and Freddie Mac programs.
- Down payment: 3-20%
- Credit score: Typically 620+
- PMI required below 20% down (removable later)
- Loan limits: Up to conforming limits (766,550 in most areas for 2025)
FHA loans
FHA loans through CMG are ideal for buyers with lower credit scores or limited savings.
- Down payment: 3.5% (credit 580+) or 10% (credit 500-579)
- More flexible credit requirements
- Lifetime mortgage insurance (unless refinanced)
- Loan limits vary by county
Learn more: FHA Loan Requirements 2025
VA loans
CMG is a strong VA lender with competitive rates and no down payment required for eligible veterans and service members.
- 0% down payment
- No monthly PMI
- Competitive rates (often lower than conventional)
- VA funding fee applies (can be rolled into loan)
Full guide: VA Home Loans 2025
Jumbo loans
CMG specializes in jumbo loans for high-value properties exceeding conforming loan limits.
- Loan amounts: Up to 3 million+ (varies by property and borrower)
- Down payment: Typically 10-20%
- Credit score: Usually 700+
- Strong income and asset documentation required
CMG fees breakdown: What you'll actually pay
Here's a complete breakdown of CMG's typical fees for a $400,000 loan:
Lender fees (negotiable)
Third-party fees (fixed)
Total closing costs estimate: $5,300-$9,200
For a $400,000 loan, expect 1.3-2.3% in closing costs. This is competitive with most traditional lenders but higher than some online lenders.
💰 Negotiation tip: Ask CMG to waive or reduce the origination fee. Many borrowers successfully negotiate $1,000-$2,000 in fee reductions. Compare fees from 5+ lenders here.
How to apply for a CMG mortgage
- Get pre-qualified: Start with CMG's online pre-qualification tool or contact a local branch to discuss your financial situation.
- Gather documents: Prepare pay stubs, W-2s, tax returns, bank statements and ID. See our pre-approval checklist.
- Submit application: Complete the full application online or with your loan officer.
- Underwriting: CMG reviews your credit, income, assets and property appraisal (typically 2-4 weeks).
- Clear to close: Once approved, review your Closing Disclosure and schedule closing.
- Close: Sign final documents and receive keys to your new home.
Month-by-month CMG application timeline
Here's exactly what to expect from application to closing:
Week 1: Pre-approval (2-5 days)
- Submit online application or meet with loan officer
- Provide pay stubs, W-2s, bank statements
- CMG pulls credit and reviews income/assets
- Receive pre-approval letter (usually 24-48 hours)
Week 2-3: Home search & offer (7-14 days)
- Shop for homes with your realtor
- Make offer with pre-approval letter
- Negotiate and sign purchase agreement
Week 3-4: Underwriting (10-15 days)
- CMG orders appraisal ($500-700)
- Underwriter reviews full loan file
- May request additional documents (common)
- Home inspection completed
Week 4-5: Clear to close (3-5 days)
- Receive final approval from underwriter
- Review Closing Disclosure (3-day waiting period)
- Schedule closing with title company
⚡ Fast track tip: CMG's average closing time is 28 days. To close faster, have all documents ready upfront and respond to underwriter requests within 24 hours. Start your pre-approval now.
CMG Mortgage customer reviews
CMG Financial has mixed customer reviews across platforms. Here is a summary based on recent feedback:
Positive feedback
- ✓ Fast closing times (21-30 days common)
- ✓ Knowledgeable loan officers
- ✓ Competitive VA loan rates
- ✓ Smooth digital application process
Common complaints
- ✗ Inconsistent communication
- ✗ Loan officer turnover
- ✗ Last-minute document requests
- ✗ Higher fees than some competitors
Experience varies significantly by branch and loan officer. Ask for referrals and check your local branch reviews.
CMG vs other top lenders
How does CMG stack up against other major mortgage lenders in 2025?
| Lender | Best for | Avg rate | Min down |
|---|---|---|---|
| CMG Financial | VA loans, jumbo | 6.25% | 0-3% |
| Rocket Mortgage | Digital experience | 6.20% | 3% |
| Better.com | Low fees | 6.15% | 3% |
| Wells Fargo | Branch network | 6.30% | 3% |
Full comparison: Best Mortgage Lenders 2025
Ready to compare CMG with other lenders?
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Get free rate quotesTop 7 reasons CMG applications get rejected (and how to fix them)
Learn from common mistakes so your application succeeds:
1. Credit score below 620 (conventional) or 580 (FHA)
Fix: Wait 3-6 months while paying down credit cards and disputing errors. Follow our 6-month credit boost plan.
2. DTI ratio above 43-50%
Fix: Pay off small debts or increase income. Every $100/month in debt paid off improves your buying power by $20,000-30,000.
3. Insufficient down payment + reserves
Fix: CMG typically requires 2-6 months reserves. Explore down payment assistance programs.
4. Job change or employment gap in last 2 years
Fix: Wait until you have 2 years consistent employment in same field, or provide strong explanation letter.
Check if you pre-qualify (no credit impact) →
Frequently asked questions about CMG Mortgage
Is CMG Financial a legitimate lender?
Yes, CMG Financial is a legitimate, well-established mortgage lender founded in 1993. They're licensed in all 50 states, have NMLS #1820, and have originated over $400 billion in loans.
Does CMG sell their loans to other servicers?
CMG services some loans in-house but also sells many to other servicers. You'll be notified if your loan is sold, but your rate and terms never change.
Can I get a CMG mortgage with bad credit?
CMG's minimum credit score is typically 620 for conventional loans and 580 for FHA loans. If your score is lower, consider alternative bad credit lenders.
How long does CMG take to close a loan?
CMG's average closing time is 28 days, with many borrowers closing in 21-25 days. Complex loans (jumbo, self-employed) may take 35-45 days.
Ready to get your CMG mortgage quote?
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Compare lenders now (free, no obligation)Bottom line: Is CMG Mortgage right for you?
CMG Financial is a solid choice if you value:
- A large branch network with in-person service options
- Strong VA loan programs with competitive rates
- Jumbo loan expertise for high-value properties
- A lender with 30+ years of experience and billions in originations
However, CMG may not be the best fit if you prioritize:
- The absolute lowest fees (online lenders often beat traditional lenders)
- Consistently excellent customer service (reviews are mixed)
- Full rate transparency without contacting a loan officer
Our recommendation: Get quotes from CMG and at least 2-3 other lenders within a 14-day window. Compare APR (not just rate), fees and customer reviews for your local branch. For first-time buyers, also check our Best Lenders for First-Time Buyers 2025.
Meet Sarah
Senior Mortgage Advisor & VA Loan Specialist
Sarah Mitchell brings over 12 years of mortgage industry expertise, specializing in VA loans and first-time homebuyer programs. As a certified NMLS professional, she has helped thousands of veterans and military families achieve homeownership through specialized loan programs. Her deep understanding of VA benefits and down payment assistance programs makes her a trusted advisor for service members transitioning to civilian life.
EXPERTISE:
KEY ACHIEVEMENT:
Helped 2,500+ veterans secure home loans