A big hurdle many face is figuring out what to do with a shared mortgage.

A popular choice for many is refinancing after a divorce.

This means one person takes on the full financial load of the home, and the other person’s name gets taken off the mortgage.

But here’s the thing: not everyone can refinance after a split.

Maybe your credit score took a hit, your income changed, or other money matters got in the way.

If you’re in this boat, knowing what other paths you can take is super important. So, let’s chat about what you can do if refinancing isn’t in the cards for you.

Navigating these waters can be tricky, but it’s all about making smart choices.

Do your homework, and don’t be shy about seeking advice from the pros.

Ready to dive in? Let’s talk about your next steps if you can’t refinance post-divorce.

Understanding the Refinance Process after Divorce

Navigating a divorce is already a handful, and figuring out the whole refinancing thing can add another layer of stress.

Refinancing is about swapping out your old mortgage for a new one, often with a fresh set of terms and maybe even a new lender.

If you’re considering refinancing post-divorce, it’s like applying for your first mortgage.

You’ll need to get the green light from a lender, which means sharing details about your income, what you own, and your credit score.

And let’s be real: divorce can shake up your finances, so getting approved for a new loan might not be a walk in the park.

One big thing?

Make sure the new loan is just in your name. You don’t want any future money mix-ups with your ex.

Sometimes, you might need to strike a deal with your ex about covering the mortgage payments for a bit, especially if you’re waiting for your credit score to bounce back.

Now, if you’re looking to get your ex’s name off the mortgage, there are two main routes: refinancing or getting a release of liability.

This release is a fancy piece of paper saying someone’s off the hook for paying back the loan. But heads up: not every lender is on board with this, so you’ll want to check in with yours.

When you’re on the hunt for a new loan, don’t rush.

Different lenders have different deals. You might snag a better interest rate or terms by shopping around, saving you a good chunk of change in the long run.

In a nutshell, refinancing after a divorce can be a big move towards financial independence and cutting ties with your ex.

It’s all about knowing your options and teaming up with a lender that’s got your back.

So, even though it’s a tough time, you can make it through the refinancing maze with the right info and support.

Implications on Mortgage and Home Ownership

Joint Mortgage Challenges

Divorce is tricky, and when you throw a joint mortgage into the mix, it gets even trickier.

If you can’t refinance, both you and your ex are still on the hook for that loan, no matter what you agreed upon during the divorce.

This can mess with your financial ratios and make it harder to get new loans down the road.

It’s a good idea to chat with your lender and keep the lines of communication open so your credit doesn’t take a hit.

Splitting Home Equity and Ownership

When it comes to divorce, splitting up home equity is another hurdle.

You’ll need to agree on the home’s value and how much equity each of you gets. If you want to take over the house, one way is to get your ex to sign a quitclaim deed, which hands over the ownership reins to you.

Or, you could just sell the house and split whatever money you make.

Impact on Real Estate and Title

If refinancing isn’t in the cards and one of you wants to keep the house, you’ll need to make sure the title gets transferred.

This means the person keeping the house becomes the legal owner.

You can use a quitclaim deed or other legal tools to do this.

But tread carefully. How you handle this can have long-term effects on your property investments and who really owns what.

Financial Considerations

The Debt Dilemma

Divorce can be a financial minefield, especially when it comes to shared debts. Think about it: any debts you both took on during the marriage, like a mortgage, car loans, or those pesky credit card balances, are on both of your shoulders. If you don’t refinance, you both could still be tied to that mortgage, which can lead to some sticky financial situations.

If refinancing isn’t an option post-divorce, it’s vital to hash out who’s handling what. This might mean selling the house, clearing shared debts, or setting up a game plan for the mortgage payments.

Effect on Credit and Qualification for Refinance

Not being able to refinance can throw a wrench in your credit score. If both names are still on the mortgage, one person’s money missteps can drag down the other’s credit. Late or missed payments? That’s going to leave a mark on both of your credit reports.

Then there’s the whole debt-to-income (DTI) ratio thing. When you’re looking to refinance, lenders want to know you can pay back what you borrow. They’ll look at your income versus your debts. Things like alimony and child support? They’re part of the equation and can affect your chances of refinancing.

Influence of Income and Alimony

Post-divorce, your income situation can make or break your refinancing efforts. If your paycheck has shrunk since the split, refinancing might be a tall order. Now, alimony and child support can swing both ways when it comes to refinancing.

• As a payer: Alimony and child support payments increase your debt-to-income ratio, possibly making it more difficult to qualify for refinancing.
• As a recipient: These payments can be considered as part of your income, which may improve your debt-to-income ratio and make it easier to qualify for refinancing.

To wrap it up, if refinancing isn’t on the table after your divorce, you’ve got some financial homework to do. From shared debts and credit scores to income changes and alimony, there’s a lot to consider. Keeping the lines of communication open with your ex can help both of you sidestep any financial pitfalls.

The Buyout Option

If you cannot refinance your house after your divorce, you might want to think about a home buyout.

Here’s the gist: one spouse buys the other out of their share of the house. This means one person gets to keep the house and the other gets to move on without any ties to the property or its mortgage.

First things first, you’ll want to know what the house is worth. This usually means bringing in a pro to appraise the place. Once you’ve got that number, figure out your home equity by taking the home’s value and subtracting what’s left on the mortgage. Then, it’s decision time: can you afford to buy out your ex’s share and handle the mortgage on your own?

Crunching the Numbers on Mortgage and Settlement

Before you dive headfirst into a buyout, take a hard look at the numbers.

Can you really handle the mortgage payments solo?

Think about your financial situation after the divorce, including your income and any new expenses.

If you’re feeling good about taking on the mortgage, sit down with your ex and hash out the details.

This buyout agreement can be part of your divorce settlement, where you promise to keep up with the mortgage payments.

In some situations, a cash-out refinance might come into play.

This is when you refinance for more than you owe on the house and use the extra cash to pay off your ex.

But remember, your lender has to be on board with a home buyout.

They’ll want to see that you’ve got the means to cover the mortgage, which might mean showing them your income and credit score.

In a nutshell, a home buyout is a big decision. By understanding the ins and outs and doing some number crunching, you can figure out if it’s the right move for your post-divorce finances.

Alternatives to Refinancing

Diving into Home Equity Loans and LTV

If refinancing post-divorce feels like a closed door, don’t worry; there are other doors to open.

One avenue to consider is home equity loans, which let you borrow based on your home’s value.

How much can you borrow?

That’s where the loan-to-value (LTV) ratio comes in. It’s a percentage, usually between 80-90%, of your home’s value determining the loan amount.

Then there’s the home equity line of credit (HELOC).

Think of it like a credit card but for your home’s value. Instead of getting a big chunk of change upfront, you get a credit line you can tap into, often up to the full value of your home.

It’s a bit more nimble than a home equity loan and usually comes with fewer upfront costs.

Considering Mortgage Assumption and Selling the Home

Another path is mortgage assumption.

It’s a bit like passing the mortgage baton.

Your ex takes over the mortgage payments and becomes the main person responsible for the loan.

No need for the whole refinancing song and dance.

But a heads up: your lender has to give the green light, and it doesn’t work for every kind of loan.

If these options don’t pan out, selling the house might be the way to go.

It’s a clean break.

You sell the house, split the money based on your divorce agreement, and both move on.

Before you plant that “For Sale” sign, though, it’s a good idea to get a feel for what your house is worth in the current market.

A chat with a real estate pro can give you some clarity.

In short, if refinancing isn’t in the cards, you’ve still got some solid options on the table.

Whether it’s tapping into home equity, passing the mortgage torch, or selling the house, there’s a path forward.

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Frequently Asked Questions

How can I remove my name from a joint mortgage after divorce?

Removing Your Name from a Joint Mortgage Post-Divorce

Navigating the aftermath of a divorce can be tricky, especially regarding shared financial responsibilities like a joint mortgage. If you’re looking to remove your name (or your ex-spouse’s name) from a joint mortgage, here’s a breakdown of your options:

1. Refinancing the Mortgage:

• What it is: This involves taking out a new mortgage to replace the old one. The new mortgage will only have your name, effectively removing the other party from any obligations related to the property.
• How it works: You’ll need to apply for a new mortgage, just like you did for the original one. This means undergoing a credit check, providing proof of income, and possibly undergoing a property appraisal.
• Pros: It gives you a clean break from your ex-spouse in terms of property ownership and financial obligations.
• Cons: Refinancing might come with fees, and there’s no guarantee you’ll qualify for a new loan, especially if your financial situation has changed post-divorce.

2. Signing a Release of Liability:

• What it is: It’s a legal document that frees one party from any future responsibility related to the mortgage.
• How it works: The party who wants to keep the property will need to contact the mortgage lender and request a release of liability for the other party. The lender will then assess if the remaining party can handle the mortgage payments on their own.
• Pros: It’s a quicker process than refinancing and might not require a full credit check or property appraisal.
• Cons: Not all lenders offer this option. Even if they do, they might not approve the request if they believe the remaining party can’t handle the mortgage payments on their own.

In both scenarios, it’s essential to keep open communication with your ex-spouse and ensure all agreements are documented. It’s also a good idea to consult with a financial advisor or attorney to understand the implications of each option fully.

What options exist if I’m unable to refinance my home after divorce?

When refinancing isn’t an option after a divorce, it can feel like you’re stuck in a tight spot. However, there are several alternative routes you can consider:

1. Speak with Your Lender:

• What it is: Discussing your situation directly with your mortgage lender.
• How it works: Lenders often have programs or solutions for individuals facing financial hardships or significant life changes. They might offer loan modifications, repayment plans, or other alternatives.
• Pros: This can provide temporary relief or a more manageable payment plan.
• Cons: Not all lenders will be flexible, and some might require proof of financial hardship.

2. Selling the Property:

• What it is: Putting the home on the market and selling it.
• How it works: Once the property is sold, the proceeds are used to pay off the existing mortgage. Any remaining funds can be divided between you and your ex-spouse based on your divorce agreement.
• Pros: It provides a clean break and frees both parties from the mortgage.
• Cons: If the housing market is down, you might not get the desired amount for the property. Additionally, selling can come with fees and commissions.

3. Negotiating a Buyout:

• What it is: One spouse pays the other for their share of the home’s equity.
• How it works: Determine the current value of the home and the amount of equity. The spouse keeping the home would then compensate the other for their share, either as a lump sum or through a payment plan.
• Pros: One party can retain the home, and the other receives compensation for their share.
• Cons: The buying spouse needs to ensure they can afford the home’s ongoing costs on a single income.

4. Renting Out the Property:

• What it is: Turning the home into a rental property.
• How it works: If both parties agree, the home can be rented out to tenants. The rental income can be used to cover the mortgage payments and any surplus can be split between the parties.
• Pros: It can provide an income stream and potentially allow the property to appreciate in value.
• Cons: Being landlords can come with its own set of challenges, and both parties need to be on board with decisions related to the property.

5. Legal Agreements:

• What it is: Drafting a legal agreement regarding payment responsibilities.
• How it works: If one spouse continues living in the home without refinancing, a legal agreement can outline who is responsible for the mortgage payments, maintenance, and other costs.
• Pros: Provides clarity and protection for both parties.
• Cons: Requires both parties to adhere to the agreement, and there might be potential disputes down the line.

In all these scenarios, it’s wise to consult with financial and legal professionals to ensure you’re making informed decisions that protect your interests.

How can I handle a mortgage buyout if I can’t refinance?

A mortgage buyout can be a practical solution when one spouse wants to retain the home after a divorce. If refinancing isn’t an option, here’s how you can navigate the buyout process:

1. Determine the Buyout Amount:

• Start by getting an appraisal to determine the current market value of the home.
• Calculate the home equity by subtracting the outstanding mortgage balance from the appraised value.
• The buyout amount would typically be half of this equity, but it can vary based on your divorce agreement.

2. Negotiate a Payment Plan:

• Installment Payments: The spouse buying out can agree to make monthly or quarterly payments to the other until the agreed-upon amount is fully paid.
• Lump-Sum Payment: If the buying spouse has savings or other assets, they might opt to pay the entire buyout amount at once.

3. Personal Loan:

• If the buying spouse doesn’t have the funds readily available, they might consider taking out a personal loan to cover the buyout amount.
• Pros: Personal loans can be processed quickly, and you won’t need to use the home as collateral.
• Cons: Interest rates might be higher than mortgage rates, and the loan term might be shorter, leading to higher monthly payments.

4. Home Equity Loan or Home Equity Line of Credit (HELOC):

• Another option is to borrow against the equity you have in the home.
• Pros: Interest rates are typically lower than personal loans, and you might have a longer repayment period.
• Cons: The home is used as collateral, meaning the lender could take the property if you default on the loan. Additionally, there are often fees associated with these loans.

5. Legal Documentation:

• Regardless of the method chosen, it’s essential to have a legal agreement drafted that outlines the terms of the buyout. This protects both parties and clarifies payment amounts, schedules, and other responsibilities.

6. Other Considerations:

• If the mortgage has a “due-on-sale” clause, the lender might require the loan to be paid in full upon transferring ownership. It’s essential to check with your lender before proceeding with a buyout.

While these are potential solutions, consulting with financial and legal professionals is important to ensure you’re making the best decision for your unique situation.

What are the consequences of not refinancing after a divorce?

Consequences of Skipping Refinancing Post-Divorce

Not refinancing a joint mortgage after a divorce can lead to several complications. Here’s a deeper dive into the potential consequences:

1. Shared Financial Responsibility: Even if one party has agreed to make the mortgage payments, both parties remain legally responsible for the loan. If the paying spouse defaults or misses payments, the lender can pursue both individuals for the debt.
2. Credit Score Impact: Late or missed payments will negatively affect the credit scores of both parties, even if only one person was supposed to be making the payments. A tarnished credit score can make it harder to secure loans, credit cards, or even rentals in the future.
3. Potential for Legal Disputes: If disagreements arise over mortgage payments, it can lead to legal battles between the ex-spouses. This not only strains the relationship further but can also result in additional legal fees and stress.
4. Difficulty in Future Borrowing: As long as your name is on the joint mortgage, it counts towards your debt obligations. This can affect your debt-to-income ratio, making it challenging to qualify for new loans or credit.
5. Lack of Control Over the Property: If one spouse remains in the home but both names are on the mortgage, the non-resident spouse has limited control over the property. They remain financially tied to the home without any say in its maintenance, potential rental, or sale.
6. Complications in Equity Division:As the property’s value changes over time, disputes can arise over the division of home equity if the property is sold in the future.
7. Potential Tax Implications: Depending on the divorce agreement and local regulations, there might be tax implications related to mortgage interest deductions or when the property is eventually sold.

Given these potential consequences, it’s important to consider your options post-divorce carefully. Engaging with both a divorce attorney and a financial advisor can provide guidance tailored to your situation, helping you navigate the complexities and minimize risks.

Can contempt of court apply if I don’t refinance the house after divorce?

If you don’t stick to a court’s decision about splitting property, like refinancing your home, you could find yourself in hot water.

Not following the rules in your divorce papers might lead to hefty fines or other not-so-fun consequences.

If refinancing gives you a headache, it’s smart to chat with your divorce lawyer. They can guide you on tweaking the court’s decision or exploring other ways to sort things out.

How does bad credit impact refinancing a home after divorce?

If your credit’s taken a hit, refinancing your home after a divorce can be a tough nut to crack.

Lenders might see you as a bit of a gamble and might either hike up the interest rates or give your application the thumbs down.

To boost your credit score, try to pay your bills on the dot, cut down on what you owe, and steer clear of applying for new credit.

Can’t refinance because of a less-than-stellar credit score? It might be time to look into other paths like buying out the mortgage or putting the house up for sale.

The post What Happens If I Can’t Refinance After Divorce? appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Quicken Loan Mortgages
• Quicken Loan’s Mortgage Process
• Quicken Loan’s Pros & Cons
• What States Does Quicken Loan Offer Mortgage Services?
• Quicken Loan’s Available Mortgage Types & Programs
• Quicken Loan’s Mortgage Fees & Rates
• Quicken Loan’s Customer Service
• Quicken Loan’s Borrower Qualifications & Requirements
• Quicken Loan’s Online Reputation

Quicken Loans is one of the country’s best-known mortgage providers. This Detroit-based lender originally started offering mortgages via traditional channels, but quickly moved to an online platform that streamlines the entire application process. You can access both conventional home loans and refinancing loans via the Quicken Loans platform.

With over 30 years of experience in the industry, and a strong customer service record, it’s easy to see why this online lender is one of the most popular options on the market.

Our Review of Quicken Loan Mortgages

Quicken Loans is known for its easy-to-use online mortgage application. However, the company still uses an extensive network of ‘bankers’ that you can reach via phone. In many cases, you will need to speak to one of these specialists to get your loan approved.

If you want a completely online experience, you can use Quicken Loans’ subsidiary, Rocket Mortgage. This is a new Quicken brand that has grown rapidly in recent years, but it still provides fewer loans than Quicken Loans.

Still, there’s no doubting that this is one of the most accessible and best mortgage platforms in the country. You can also access pre-approvals and other useful tools that help you to improve your chances of purchasing your next home.

In this Quicken Loans review, we’ll be taking an in-depth look at the various components that make this mortgage lender such an influential player in the home loans industry.

Quicken Loan’s Mortgage Process

The Quicken Loans mortgage process is one of its primary selling points. Users have the choice between applying online or calling a banker via the Quicken Loans telephone number. Both options provide seamless application features that make it easy to get financing for your next home.

To apply for a loan, head to the Quicken Loans website and begin filling out the company’s online application. Eventually, you will be asked to choose between calling Quicken Loans or heading to their partner company, Rocket Mortgage, to complete an online application.

Quicken Loans claims that the vast majority of its clients still use its hotline for over-the-phone loan applications. Still, Rocket Mortgage’s online application is the perfect solution if you don’t feel like speaking to someone as part of the process.

Rocket Mortgage is able to obtain most of your financial details by liaising with leading financial institutions, which means you probably won’t have to waste time collecting documents and submitting them to the lender. This saves you considerable time and streamlines the process.

Quicken Loan’s Pros & Cons

Now that you know plenty about Quicken Loans and the company’s mortgage process, it’s essential to take a closer look at the pros and cons of this unique platform.

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Quicken Loan Offer Mortgage Services?

If you’re shopping around for mortgages, you’ll find that many mortgage providers do not operate in all 50 states. This is typically due to different mortgage licensing requirements in different areas of the country.

Fortunately, Quicken Loans offers mortgage products to clients in all 50 states. This means that no matter where you live in the U.S., you’ll be able to use the Quicken Loans website to apply for your next mortgage.

Quicken Loan’s Available Mortgage Types & Programs

Quicken Loans offers mortgages and mortgage refinancing. If you’re seeking a mortgage via this lender, you’ll benefit from a broad range of lending products. The company offers both fixed-rate and variable loans, as well as 15-year and 30-year terms.

For those who need non-traditional mortgages, you can access FHA loans, VA loans, and USDA loans. Jumbo loans are also an option at Quicken Loans.

Unfortunately, unlike other lenders in this space, you won’t be able to access HELOCs or other home equity loans via Quicken Loans.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Quicken Loan’s Mortgage Fees & Rates

Quicken Loans’ rates will vary significantly depending on your financial background and the type of loan you’re applying for. Some loan products at Quicken Loans have rates as low as 3.375%, but many will be higher than this.

Additionally, you will need to pay an origination fee on your loan, and this will also vary depending on the loan you apply for. In most cases, the origination fee is around .5%. While this can vary, Quicken Loans does state that it never charges more than 1% for origination fees.

Quicken Loan’s Customer Service

It’s preferable to work with lenders that offer extensive customer service options. You should be able to get in touch with your lender immediately if you have questions or if you’re experiencing problems.

Fortunately, Quicken Loans offers support via telephone and a live chat portal. You can contact the company’s team between 7:00 AM and 12:00 AM on weekdays. On weekends, hours are reduced.

Quicken Loan’s Borrower Qualifications & Requirements

If you want to apply for a loan from Quicken, you will need a FICO score of 620 or higher. If you are applying for an FHA loan, the threshold is lowered to 580. Unfortunately, this is not a lender that is willing to accept non-traditional credit histories. Thus, you will need a solid credit background to apply.

The amount of money required for a down payment will depend on the mortgage product you’re interested in. For example, government-backed loans, such as FHA loans, require much lower down payments than traditional mortgages.

Quicken Loan’s Online Reputation

A lender that is unreliable or has poor customer service can make your life extremely stressful. For this reason, it’s always important to gauge a lender’s online reputation before you apply for a loan or enter into a contract. To determine if Quicken Loans has a strong online reputation, we took a look at some of the world’s leading consumer watchdog groups to check for recurring complaints.

Quicken Loans has managed to achieve the Better Business Bureau’s highest consumer rating — an A+. This means that one of the leading consumer watchdog groups considers this lending platform to be an extremely credible source for mortgages.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Quicken Loans Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of LoanDepot Mortgages
• LoanDepot’s Mortgage Process
• LoanDepot’s Pros & Cons
• What States Does LoanDepot Offer Mortgage Services?
• LoanDepot’s Available Mortgage Types & Programs
• LoanDepot’s Mortgage Fees & Rates
• LoanDepot’s Customer Service
• LoanDepot’s Borrower Qualifications & Requirements
• LoanDepot’s Online Reputation

LoanDepot is a mortgage lender that was founded by Anthony Hsieh, the same entrepreneur that founded LoansDirect.com. Technically, LoanDepot is an online mortgage lender. However, most customers need to make a phone call or contact a local loan officer at some point during their mortgage application process. Either way, LoanDepot is known for simplifying the process and will help you to purchase your new home.

Our Review of LoanDepot Mortgages

At LoanDepot, you’ll have access to a wide range of mortgage products and competitive rates. While the company’s origination fees can be somewhat high, you won’t have to pay any lending fees if you choose to work with LoanDepot to refinance your home.

Since this lender makes the application process so easy, and provides loans to all 50 states, it’s not hard to see why it has grown into one of the industry’s biggest competitors and one of our best mortgage lenders.

If you’re wondering if LoanDepot is the best partner for your next home loan, it would be wise to take a look at the core features of this lender. In what follows, we will explore these features in detail.

LoanDepot’s Mortgage Process

While LoanDepot has an online application portal that can help you get started on your loan, don’t assume that you can complete the entire application online. When you first visit the LoanDepot mortgage website, you will enter key details about yourself and the type of loan you’re applying for.

While this might seem like an application, it’s actually just a tool to collect your basic information. This provides a seamless transition to the next stage. You will either be contacted by a LoanDepot loan officer over the phone or be instructed to visit one in person to get your quote.

Keep in mind that while LoanDepot has loan officers in most regions of the country, they don’t have as extensive of a network as some of their competitors.

LoanDepot’s Pros & Cons

If you’re comparing multiple lenders, it’s always a good idea to weigh the pros and cons of working with each company. Here are the advantages and disadvantages of choosing LoanDepot as your next home loan partner:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does LoanDepot Offer Mortgage Services?

It’s sometimes hard to find lenders that operate in all areas of the country. As each state has its own licensing requirements, many online lenders don’t have a presence in all 50 states. So, does LoanDepot have the ability to lend money in your state of residence?

Yes. Fortunately, LoanDepot is licensed to lend in all 50 states. In fact, the company completed its licensing for the last of the 50 states in 2012.

LoanDepot’s Available Mortgage Types & Programs

At LoanDepot, you can access both home mortgages and home-refinance loans. The company offers fixed and variable interest rate loans. You can choose between 10, 15, 20, and 30-year terms. Additionally, you have the option to choose between fixed and adjustable jumbo loans.

For those who are interested in government-backed loans, LoanDepot is authorized to offer VA and FHA loans to their clients.

Unfortunately, there are still a few loans you won’t be able to access if you choose to work with LoanDepot. You will not be able to borrow using USDA loans or any type of home equity loan (including HELOCs).

Have a house to sell before moving? Read our guide here. (March 30, 2024)

LoanDepot’s Mortgage Fees & Rates

It’s hard to find details about rates that aren’t dependent on a particular credit score. For example, you can find interest rate quotes before applying, but they’ll only be applicable to you if you have an excellent credit score.

Unfortunately, you will have to pay a substantial origination fee if you want to obtain a loan from LoanDepot. Origination fees can range anywhere from 1% to 5%, depending on the type of loan you’re applying for. This rate is quite high when you consider there are some online lenders that no longer charge any origination fees.

Still, LoanDepot does offer a few benefits in terms of fees. If you decide to refinance your loan at a later date, you can do so through LoanDepot without having to pay any lender fees or associated charges. This bonus is an excellent incentive that allows you to keep your refinancing under the same lender without needing to pay extra money.

LoanDepot’s Customer Service

If you’re going to work with an online lender, it’s essential to choose a provider that has excellent customer service features. Fortunately, LoanDepot clients can contact the lender via telephone or an online contact form.

If you want to reach LoanDepot over the phone, you will need to call between 5 AM and 7 PM (PST) during weekdays. Additionally, the telephone lines are open from 8 AM to 3 PM (PST) on Saturdays. You will not be able to get in touch with LoanDepot on Sundays.

While these are typical customer service hours, some other lenders now offer 7-day customer service access.

LoanDepot’s Borrower Qualifications & Requirements

As with most significant lenders in the mortgage industry, you will need a credit score of at least 620 to apply for a loan at LoanDepot. Additionally, if you want to take advantage of the lender’s most competitive rates, you will need to have a much higher credit score than the minimum number.

For some government-backed loans, you will only need a deposit of around 3.5%. This being said, if you apply for a traditional loan, you will be expected to pay a much larger down payment.

Don’t apply for a LoanDepot loan if you are not eligible for their financing — it will only further damage your credit score.

LoanDepot’s Online Reputation

If you’re seeking to work with the best mortgage lender on the market, you will want to find a firm that has an excellent reputation with its customers. If past clients have had bad experiences with a particular lender, there’s a high chance that you will too.

By searching through some of the leading consumer watchdog groups, we were able to assess if LoanDepot had a strong reputation with clients. The Better Business Bureau awarded LoanDepot an ‘A’ rating. This classification is the second-highest rating that the bureau issues to companies.

While LoanDepot does have a good reputation online, it is worth noting that legal action was brought against the company by the Department of Business Oversight. Fortunately, this matter has been resolved.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Guaranteed Rate
• Lending Tree
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post LoanDepot Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Costco Mortgages
• Costco’s Mortgage Process
• Costco’s Pros & Cons
• What States Does Costco Offer Mortgage Services?
• Costco’s Available Mortgage Types & Programs
• Costco’s Mortgage Fees & Rates
• Costco’s Customer Service
• Costco’s Borrower Qualifications & Requirements
• Costco’s Online Reputation

Costco is well-known for being one of the largest retailers in the United States. The company operates a subscription-based business model that allows customers to purchase goods at wholesale prices in its warehouse-style stores. In recent years, Costco has expanded its services to include home mortgages.

Costco Mortgage Services provides a range of loan products to customers throughout the United States. While Costco is not the direct lender, it places its clients into partnerships with some of the nation’s largest mortgage providers. It is currently headquartered in the state of Washington.

Our Review of Costco Mortgages

Costco Mortgage Services provides home loans to customers throughout various parts of the United States, partnering with First Choice Loan Services to facilitate the loans. Nonetheless, First Choice is not the only lender. Indeed, there is a wide array of lenders that one can choose from.

While you don’t have to be a Costco member to take advantage of the company’s loan platform, a membership can save you a substantial amount on fees.

So, should you head to Costco Mortgage Services next time you’re ready to purchase a house? Let’s find out by exploring the critical elements of this retail giant’s home loan platform.

Costco’s Mortgage Process

If you want to apply for a loan, you can head to the Costco Mortgage Services website and begin the application. Once you select what type of loan you wish to apply for, a portal will appear on the left-hand side of the main page. Here you can enter your details and compare rates from multiple lenders.

Once you decide which rates you prefer, you can select up to four lenders and have them send you quotes. The lenders will use the contact information you have already provided. Unfortunately, this is not a platform that allows you to complete your entire application online.

You will need to have your credit score ready (and a few other key details) to take advantage of this application portal. Alternatively, you’re welcome to call Costco Mortgage Services to discuss the loan application.

Costco’s Pros & Cons

Looking at a concise list of pros and cons can help you better assess the strength of a lender. Below, let’s explore the strengths and weaknesses of Costco Mortgage Services:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Costco Offer Mortgage Services?

Unlike other lenders, Costco Mortgage Services connects you with multiple mortgage providers. This means that each lender will have different licenses and geographical restrictions. Fortunately, there are lenders on Costco Mortgage Services’ list that are eligible in all 50 states. So you won’t have to worry about being unable to use this platform.

Costco’s Available Mortgage Types & Programs

At Costco Mortgage Services, you have plenty of choices when it comes to mortgage products. Because the service is actually a marketplace for multiple lenders, you benefit from all the different mortgage products offered by the platform’s third-party lending partners. Clients have access to conventional loans, jumbo loans, fixed-rate loans, variable-rate loans, FHA loans, USDA loans, and VA loans.

In addition to these mortgage products, property owners are also welcome to access home refinancing loans on the Costco Mortgage Services platform.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Costco’s Mortgage Fees & Rates

The rates that you pay will depend on your credit history and the lender that you partner with. Fortunately, you will find that many of the lenders offer interest rates below 4% if you have a solid credit history. It only takes a few clicks of your mouse to see some quotes in your area, so make sure to use the Costco application portal to check the latest rates.

In terms of origination fees, Costco members have their fees capped: $350 for Executive Costco and $650 for Gold Start Costco. Considering that some lenders charge more than 1% of the total value of the loan, this is a huge bonus. It might even be worth signing up for a membership to take advantage of this offer, depending on how much the origination fee will be.

Costco’s Customer Service

If you obtain a mortgage through Costco Mortgage Services, you might need to get in touch with the company’s customer support team. Fortunately, you can use an online contact form or call their customer service office directly.

For those who prefer to call, you can reach them from 9 AM to 9 PM (EST) on weekdays, and 12 PM to 4 PM (EST) on Saturdays. They are not available on Sundays.

Costco’s Borrower Qualifications & Requirements

As Costco Mortgage Services is a mortgage marketplace, it doesn’t set the standards for borrower qualifications. In most cases, lenders will want a 620-credit score (or higher) to consider you for a conventional loan.

On the other hand, if you’re looking for a government-backed loan (VA, USDA, or FHA), you might be able to get away with having a lower credit score.

Still, make sure to speak with your partner lender to ensure that you’re eligible for the type of loan that interests you. If you apply for a loan you’re not eligible for, it can damage your credit score when you get rejected.

Costco’s Online Reputation

It’s wise to avoid any lender that has a bad reputation with previous borrowers. No matter what interest rates a lender offers you, make sure you listen to the experiences of previous customers. Many lenders will try and charge you sneaky fees or perhaps they provide horrible customer service. If so, you will want to stay away, no matter how good their numbers may look.

We checked with various consumer watchdog groups to find out if Costco had a solid reputation with its client base. The overwhelming majority of reviews were quite positive. While there were some negative comments, it’s safe to say that this is a credible and well-regarded lender.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Credible
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Costco Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Better.com
• Better.com’s Mortgage Process
• Better.com’s Pros & Cons
• What States Does Better.com Offer Mortgage Services?
• Better.com’s Available Mortgage Types & Programs
• Better.com’s Mortgage Fees & Rates
• Better.com’s Customer Service
• Better.com’s Borrower Qualifications & Requirements
• Better.com’s Online Reputation

Better.com is an online lender that has grown significantly in recent years. The company’s founder started the firm because he found the process of applying for a home loan to be way too long and difficult. Thus, Better.com’s primary aim is to improve the overall application process and to make online home loans more accessible to American families.

Despite only opening its doors in 2014, Better.com has managed to secure an extensive client list. The company’s no-commission structure ensures that its agents are committed to meeting your needs instead of increasing their paycheck.

Our Review of Better.com

All in all, Better.com provides an easy-to-use application process to its online clients. While you can’t yet access this platform in all 50 states, those who can access it will love the low-fee structure that avoids unnecessary charges. This is why Better.com makes one of our top mortgage lenders list.

The company offers a network of loan officers and a strong customer support team that makes the online application even easier. Better.com’s clients also benefit from transparent and competitive interest rates.

In our review of Better.com, we’ll explore all the key elements associated with this popular lending service. Is it the perfect partner for your next home loan? Read on to find out.

Better.com’s Mortgage Process

Better.com’s mortgage process makes it a serious competitor in the online mortgage industry. The company is proud to boast an application that doesn’t require any human intervention. In 2016, Better.com managed to process its first mortgage without the help of any agents or phone calls.

However, you can get assistance from agents over the phone if you need help. This means that the process can be as hands-on or hands-off as you want it to be. To start applying for a loan at Better.com, head to the company’s website and input your details into the application portal.

After inputting some core details, Better.com uses a soft credit check to gauge your creditworthiness. Next, you’ll be given a range of mortgage options, and Better.com will partner you with a loan officer to help you finish the application. It’s at this stage that you can receive an official estimate and determine if this is the right platform for your next home loan.

Better.com’s Pros & Cons

In order to get a clear understanding of Better.com’s strengths and weaknesses, let’s take a closer look at the pros and cons associated with this platform:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Better.com Offer Mortgage Services?

Lending across various states can be a complicated issue for many finance companies. As different licenses have different requirements depending on the state, many lenders aren’t able to operate in every corner of the country. So, will you be able to obtain a mortgage from Better.com in your state?

At present, you’ll find that Better.com only offers access to its loans in 36 states. You can find an updated list of available states on the Better.com website.

Better.com’s Available Mortgage Types & Programs

Better.com offers two primary types of loans: purchase loans and refinance loans. If you’re looking to buy a new home, you will be able to access traditional loans, jumbo loans, and FHA loans. At present, Better.com does not offer VA or USDA loans — you will need to work with another online lender if you want access to either of these products.

You can access both fixed-rate and variable rate loans. Better.com also offers 30-year, 20-year, and 15-year terms to its client base. Unfortunately, you won’t be able to access HELOCs or unique lending products via this lender.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Better.com’s Mortgage Fees & Rates

Better.com keeps a constantly updated list of rates on its website. A quick glance at the latest rates shows that the interest rates available to you will vary depending on the mortgage product that you’re accessing. For example, the 30-year fixed rate is currently 3.750%, while the 20-year fixed rate is 3.625%. Either way, it’s clear that Better.com offers rates that are comparable to other online lenders.

One feature that really sets Better.com apart is the fact that it doesn’t charge any origination fees. The company is firmly dedicated to avoiding hidden fees or charges. In fact, they don’t even pay their own agents any commissions on mortgages.

Better.com’s Customer Service

Better.com offers robust customer service features that help you get in touch with the company’s team if you run into any problems. Interacting with a lender that offers this kind of assistance dramatically improves the entire loan application experience.

If you want to get in touch with Better.com, you can choose to call the customer service team or send them an email. You can also directly contact your loan officer for additional information.

Better.com’s Borrower Qualifications & Requirements

To apply for a Better.com loan you will need a credit score of 620 (or higher). This is a pretty standard credit score threshold that you will find associated with many other large lenders. Keep in mind that if you want to access the best rates available at Better.com, you will need a much higher score than the bare minimum of 620.

Better.com’s Online Reputation

You should never work with a lender that doesn’t have a strong reputation with its past clients. Unfortunately, many lenders have terrible reputations, so it’s wise to double-check if a lender has a positive track record before you make any financial commitments.

We explored some of the most reputable consumer watchdog groups to help determine if Better.com had a strong reputation with previous clients. What we found was very promising: The Better Business Bureau has awarded Better.com an A+ rating. On top of this, there were numerous positive reviews from past customers that enjoyed Better.com and its application process.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Costco
• Credible
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Better.com Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Zillow Home Loans
• Zillow’s Mortgage Process
• Zillow’s Pros & Cons
• What States Does Zillow Offer Mortgage Services?
• Zillow’s Available Mortgage Types & Programs
• Zillow’s Mortgage Fees & Rates
• Zillow’s Customer Service
• Zillow’s Borrower Qualifications & Requirements
• Zillow’s Online Reputation

If you’re in the market for a home in America, there’s a good chance that you’ve heard of Zillow. This company is one of America’s largest online real estate platforms. While they are best-known for providing access to online real estate listings, Zillow recently purchased a mortgage business to open its own lending platform.

Zillow only purchased its home loan department in early 2019. However, it has grown into a massive platform because of its access to online listings. The original name of its mortgage company was Mortgage Lenders of America. Zillow itself first opened its doors in 2004 and is headquartered in Seattle, Washington.

Our Review of Zillow Home Loans

While Zillow Home Loans is a relatively new company, there seems to be a lot of promise for the platform. Not only is it backed by an extremely reputable real estate website, it also benefits from extensive data that its parent company has collected for more than 15 years.

You’ll find most major types of mortgages at Zillow Home Loans, and you’ll also benefit from a wide array of calculators and other resources.

Zillow operates a mortgage marketplace for those who are looking to buy a property via the company’s website. And this new mortgage endeavor is a bold move to increase the company’s footprint in the real estate industry.

So, should you trust this new lender to provide you with financing for your next property purchase? Let’s dive deep into the details about Zillow’s home loan company.

Zillow’s Mortgage Process

If you want to apply for a loan from Zillow Home Loans, head to the company’s website and select ‘Get Started.’ Next, you’ll be asked to answer questions about your desired home price, income, credit history, name, contact information, and more.

It might feel like you’re filling out an application. But you’re actually just inputting necessary information to help the Zillow Home Loans team contact you to complete your application. You will need to enter your phone number and email so the company can get in touch with you about your loan.

In reality, this is slightly disappointing. While many lenders have similar processes, it’s deceptive that Zillow Home Loans appears to offer an online application that is just a glorified contact form.

Either way, if you want a better understanding of mortgages and their related costs, it’s also a good idea to play with the company’s mortgage calculators before you get started.

Zillow’s Pros & Cons

There are advantages and disadvantages associated with any lender. So, what are the strengths and weaknesses of Zillow Home Loans? Let’s find out below:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Zillow Offer Mortgage Services?

As with any financial product, mortgages are heavily regulated. This means that a lender will need to apply for individual licenses in each state if it wants to offer loan services to clients. Unfortunately, Zillow Home Loans does not have licensing in all 50 states.

At present, there are seven states where you can’t use Zillow Home Loans:

• Hawaii
• Maine
• New Jersey
• New York
• Vermont
• West Virginia
• Wyoming

Make sure to check regularly to see if Zillow Home Loans updates their licenses. They keep a list of eligible states on their website.

Zillow’s Available Mortgage Types & Programs

You can find both home mortgages and refinancing products via Zillow Home Loans. In terms of mortgages, the product offering is quite simple. You have a choice between four different types of loans: conventional, VA, USDA, and FHA.

In terms of conventional loans, the company only appears to offer fixed-rate mortgages to its clients. One of the primary benefits of Zillow Home Loans is its government-backed loan features. You can access low down payments, flexible terms, and the possibility of avoiding private insurance.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Zillow’s Mortgage Fees & Rates

Unfortunately, Zillow Home Loans doesn’t offer extensive information about its rates or fees. This lack of transparency is actually unusual for mortgage lenders. Most lenders prefer to advertise their best rates for different loan types.

The lack of information about rates and fees is likely due to how new the Zillow Home Loans platform is. Hopefully, the lender will rectify this in the future.

Zillow’s Customer Service

You have a lot riding on your mortgage, so it’s critical to work with a lender that you can get in touch with quickly. Fortunately, Zillow Home Loans has a phone number (888-852-2212) you can call if you have any questions or need any assistance with the company’s loans.

Alternatively, you can fill in an online contact form for assistance, or send written correspondence to the listed address.

Zillow’s Borrower Qualifications & Requirements

Regrettably, there is not a lot of information available about Zillow Home Loans’ qualifications or requirements. Because this is a new lender, it doesn’t appear to have determined its parameters.

It’s often a good idea to clarify basic requirements with a lender before you submit an application. You don’t want to damage your credit score for a mortgage application that you’re not eligible for. Fortunately, because Zillow Home Loans has to call you to complete your application, you can ask about minimum credit scores on the phone.

One loan feature that Zillow Home Loans is extremely clear about is its low down payments. If you obtain a VA loan, you can apply for a 0% down payment. Additionally, you can source conventional loans with as little as 3% down. This is one of the lowest conventional down payments in the industry.

Zillow’s Online Reputation

While Zillow Home Loans hasn’t been around for ages, it has been reviewed by some of the country’s leading consumer watchdog groups. Take advantage of this information. It’s always a good idea to determine if a lender has a good reputation before you make a commitment.

Zillow Home Loans currently has an A+ rating with the Better Business Bureau (BBB). Considering that this is the highest rating that the BBB provides, it’s safe to say that the lender is a reputable company.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans

The post Zillow Home Loans Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Credible Mortgages
• Credible’s Mortgage Process
• Credible’s Pros & Cons
• What States Does Credible Offer Mortgage Services?
• Credible’s Available Mortgage Types & Programs
• Credible’s Mortgage Fees & Rates
• Credible’s Customer Service
• Credible’s Borrower Qualifications & Requirements
• Credible’s Online Reputation

Credible is a financial marketplace that connects customers to top lenders from around the country. Credible itself is not a direct lender. Instead, it provides would-be borrowers with multiple quotes from different lenders. This streamlined comparison process can help customers find the rate they’re looking for without unnecessary legwork.

Credible originally started as a student loan comparison tool. In 2018, the platform unveiled its new home refinancing comparison tool. Eventually, the company began offering both mortgages and home refinancing comparisons via its platform.

At present, the company is headquartered in San Francisco.

Our Review of Credible Mortgages

Credible offers a unique opportunity to compare multiple rates without the need to contact separate lenders. Moreover, you won’t have to worry about paying any commissions. They only charge fees to lenders. With a strong customer support team and a world-class reputation, it’s easy to see why this platform is growing in popularity.

So, should you use the Credible.com marketplace to find your next home loan? Let’s explore the finer details to find out.

Credible’s Mortgage Process

If you want to apply for a loan using Credible’s marketplace, all you have to do is head to the company’s website. Here, you can submit some basic information to get a pre-approval from multiple lenders. You will then be redirected to a panel that displays interest rate information and loan details from numerous financial institutions.

It’s up to you to decide which lender is best suited to your financial situation. After you select a lender (and a rate), you will submit your online identification and verification documents to begin the process of finalizing the loan.

As you can see, you can complete the entire process online. This streamlined process is what makes Credible one of the most attractive lenders in the industry.

Credible’s Pros & Cons

If you’re trying to determine if you want to use Credible, it’s essential to understand the platform’s strengths and weaknesses. Below, let’s explore its advantages and disadvantages:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Credible Offer Mortgage Services?

Not every lender can provide loans in all 50 states. You need to make sure that the lender you’re interested in can provide you with financing before you waste time filling out their application. Unfortunately, Credible is not a lending platform that is licensed in every state.

Below are the states where Credible is not licensed:

• AZ
• HI
• MO
• NV
• NY
• UT
• RI
• WA
• WV

Check back regularly to see updates as the company expands its licensing.

Credible’s Available Mortgage Types & Programs

If you want to obtain a mortgage through credible, you can access traditional mortgages and refinancing loans. Additionally, you can access ‘cash out’ refinancing loans that help you pull equity out of your home. This ‘cash out’ option is a popular mortgage product with borrowers who are looking to benefit from the equity in their homes.

You should also be able to access FDA, USDA, VA, and jumbo loans via the Credible.com platform. Because Credible partners with a broad range of lenders, you will benefit from a full suite of different mortgage product options.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Credible’s Mortgage Fees & Rates

It’s impossible to tell what mortgage rates and fees you will pay if you use the Credible platform. This is because it is a marketplace, rather than a direct lender. The primary benefit of the platform is that it will provide you with multiple quotes that you can compare instantly.

Credible does not charge any lender fees to borrowers. While the platform does charge a fee to its partner lenders, you won’t need to worry about paying any additional costs.

Credible’s Customer Service

Credible has an online chat portal, email, and social media channel that you can use to contact the company’s customer support team. Additionally, you can call Credible at 855-413-9441.

It’s nice to know you have multiple channels at your disposal if you want to get in touch with their team.

Credible’s Borrower Qualifications & Requirements

If you apply for a loan through Credible, you’ll find that most of its partner lenders require a credit score of at least 620. While this is a fairly common minimal threshold, if you’re seeking an FHA loan, you might be able to obtain a loan with a credit score as low as 500.

Additionally, you’ll most likely need a debt-to-income ratio of below 45%. Also, the required down payment varies depending on the type of loan you’re applying for: conventional loans might need a 20% down payment, while government-backed loans require significantly less.

Credible’s Online Reputation

Customer satisfaction is critical for any business. If you want to ensure that you’re working with a reputable lender, you need to do your own research on the company. In many ways, this is the first step you should take to determine if you want to apply for a loan with a particular provider.

Credible has been given the Better Business Bureau’s (BBB) highest rating — an A+. The BBB is perhaps the most trusted consumer watchdog group in the country, so this rating is a strong indication of the company’s integrity.

This being said, it’s important to note that Credible is a marketplace. Your experience with this platform will be mostly dependent on the lender that you partner with. Make sure to perform thorough research on your lender before you commit.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Credible Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Guaranteed Rate Mortgages
• Guaranteed Rate’s Mortgage Process
• Guaranteed Rate’s Pros & Cons
• What States Does Guaranteed Rate Offer Mortgage Services?
• Guaranteed Rate’s Available Mortgage Types & Programs
• Guaranteed Rate’s Mortgage Fees & Rates
• Guaranteed Rate’s Customer Service
• Guaranteed Rate’s Borrower Qualifications & Requirements
• Guaranteed Rate’s Online Reputation

Guaranteed Rate is an online lender that has blossomed into one of the internet’s most prominent mortgage providers. This lender provides a range of home loans and mortgage refinancing options. You can apply for a loan using the company’s website, or you can call a loan officer to walk you through the process (or to answer any questions you might have).

The company initially opened its doors in 2000. It is currently headquartered in Chicago, Illinois.

Our Review of Guaranteed Rate Mortgages

Guaranteed Rate offers a wide array of mortgage and refinancing products. The company is primarily focused on using its online platform to help its clients streamline the application process. To be sure, this lender’s application portal is a tad bit slow to reveal its interest rates. However, there are still plenty of positives associated with the company.

Should you work with Guaranteed Rate to obtain a mortgage or refinance your current home? Let’s explore everything you need to know about this innovative online lender.

Guaranteed Rate’s Mortgage Process

While Guaranteed Rate formerly boasted that it was the only lender that provided an entirely online application, this is no longer the case. There are now a few other lenders that offer similar services. Nonetheless, Guaranteed Rate’s mortgage application process is still quite impressive.

If you want to apply for a mortgage using the Guaranteed Rate platform, head to the company’s website and select the button that says ‘Buy a Home.’ You will be asked about a range of preferences and the type of home loan you’re looking for. You’ll need to enter information about your credit score, zip code, and other basic details.

Eventually, you will be shown some sample rates and loans. It’s at this point that you can decide to apply for a loan. While this process can be slightly annoying, as you don’t see the real rates upfront, it is still miles better than applying for a loan using a traditional application.

The home refinancing application is equally simple. But if you find yourself stumped at any stage of the process, you can always contact the Guaranteed Rate team for assistance. They’re more than happy to help with any application.

Guaranteed Rate’s Pros & Cons

If you’re going to work with a lender, you need to understand the pros and cons of their services. Below, let’s take a look at the strengths and weaknesses of Guaranteed Rate.

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Guaranteed Rate Offer Mortgage Services?

If you haven’t applied for a mortgage before, you might not realize that lenders need an individual license for each state. This means that some lenders are geographically restricted. They can only provide loans in certain regions.

Fortunately, Guaranteed Rate offers its services in all 50 states. This means that you’ll be able to access the company’s lending products in all areas of the United States. A lender that offers services nationwide is actually relatively rare.

Guaranteed Rate’s Available Mortgage Types & Programs

If you’re looking for a lender that can offer a broad range of products, you’ll be pleased to know that Guaranteed Rate has plenty of available options. At Guaranteed Rate, you can access traditional mortgages and refinancing loans. You can also choose between fixed-rate, adjustable-rate, and jumbo loans.

If you want to access a government-backed loan, you’ll find the three primary government loans on Guaranteed Rate’s platform: VA, FHA, and USDA.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Guaranteed Rate’s Mortgage Fees & Rates

It’s always a good idea to understand a lender’s rates and fees before you apply for a loan. While Guaranteed Rate is slightly vague about its rates, it does offer some sample rates on its website. Technically speaking, you can access interest rates as low as 3.375% for some fixed loans.

Unfortunately, there also appears to be a funding fee that costs over $1,200, so you will need to factor this into the cost of your loan.

Guaranteed Rate’s Customer Service

If you need to get information about your loan (or a payment to your lender), you need a strong customer service team that is responsive and easy to reach.

Fortunately, you can contact Guaranteed Rate via phone or email if you need assistance with any of their services. For phone inquiries, you can call between the hours of 8:30 AM and 7:30 PM (CST) on weekdays. Saturday hours are from 9:00 AM to 2:00 PM (CST).

Guaranteed Rate’s Borrower Qualifications & Requirements

If you want to apply for a mortgage at Guaranteed Rate, you will need to meet some basic requirements. Guaranteed Rate has a minimum credit score requirement of 620. This score is typically the credit score that you need to apply for a mortgage with most lenders.

Additionally, you will need a healthy debt-to-income ratio and enough money to cover a down payment. The amount you need for a down payment depends on the type of loan that you’re trying to obtain. For example, FHA loans require 3% down payments, while conventional loans may require around 20%.

If you’re trying to obtain a VA loan, Guaranteed Rate has some options in place that allow you to avoid a down payment altogether. You may also be exempt from purchasing certain forms of private insurance.

It’s important to avoid applying for a mortgage if you don’t meet the minimum requirements. In fact, applying for a mortgage and being rejected can harm your credit score.

Guaranteed Rate’s Online Reputation

Some lenders have excellent interest rates and other attractive features, but they still often have a poor customer satisfaction rating. It’s best to steer clear of such lenders. Don’t ignore the opinions of previous clients. If you see some common trends in the negative reviews that you read, there is probably a reason for it: they’re more than likely true.

We performed some research on Guaranteed Rate to discover their track record and the quality of their customer service. Our conclusion? Guaranteed Rate is a top-rated lender with its clients. Indeed, the Better Business Bureau provided this lender with an A+ rating, the highest rating that is offered by this leading consumer watchdog.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Guaranteed Rate Mortgage Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Veterans United Home Loans
• Veterans United’s Mortgage Process
• Veterans United’s Pros & Cons
• What States Does Veterans United Offer Mortgage Services?
• Veterans United’s Available Mortgage Types & Programs
• Veterans United’s Mortgage Fees & Rates
• Veterans United’s Customer Service
• Veterans United’s Borrower Qualifications & Requirements
• Veterans United’s Online Reputation

Veterans United is one of the top mortgage providers that is primarily committed to providing VA loans to US Military veterans. In fact, the company provides more VA loans than any other lender in the United States. Veterans United also offers a wide array of other traditional and government-backed mortgages.

The company first began offering loans in 2002 and is located in Columbia, Missouri.

Our Review of Veterans United Home Loans

As the largest lender of VA loans in the country, Veterans United is considered a worthy partner for many US Military veterans. In addition to other lending products, the company offers 24/7 customer support and free credit counseling. Additionally, clients of Veterans United benefit from transparent rates and a strong consumer reputation.

So, if you think Veterans United might be the right partner for your next home loan, it’s time to check them out in greater detail. We’ll explore all the key components of this unique lender.

Veterans United’s Mortgage Process

If you want to apply for a mortgage via Veterans United, you can start by heading to the company’s website. In fact, you can obtain a pre-approval entirely online by using the company’s online application portal. This firm is one of the few lenders that offer this feature without any hidden surprises.

Alternatively, you can call Veterans United to speak with a loan officer and begin the application process. Veterans United also offers in-store consultations at 28 locations throughout the country. With three different ways to apply for a loan (online, phone, or in-store), this is one of the most versatile lenders in the country.

Veterans United’s Pros & Cons

Weighing up strengths and weaknesses is one of the best ways to see if a particular lender is the best fit for your situation. Here are the pros and cons of Veterans United:

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Veterans United Offer Mortgage Services?

If you’re going to research a mortgage lender, you need to start by making sure they offer financing in your region. Due to different regulations in various parts of the country, lenders must apply for licenses in each of the 50 states.

Fortunately, Veterans United is one of the few lenders that offers its services in all 50 states. That being said, if you want to contact a Veterans United branch, you’ll find that the company has locations in less than half of the states.

Veterans United’s Available Mortgage Types & Programs

It goes without saying that VA loans are the primary focus of Veterans United. As a company that is committed to helping veterans, it’s no wonder that they specialize in government-backed financing. Nonetheless, Veterans United still offers a range of other lending products.

You can also access traditional (conventional) mortgages directly through Veterans United. Additionally, Veterans United offers jumbo loans to customers who are seeking up to $1.5m in financing. And if you want other government-backed loans, you’ll find that they also issue FHA and USDA loans to its client base. Moreover, you can refinance VA loans and other mortgage products via Veterans United.

The website also offers an online loan calculator that can help paint a clearer picture of your financing options.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Veterans United’s Mortgage Fees & Rates

Again, the rates that you are offered will depend on the type of loan that you’re trying to acquire. At present, if you’re applying for a VA loan via Veterans United, you can obtain a 30-year fixed interest rate that is very competitive. The company keeps a regularly updated list of its rates on its website.

But the interest rate isn’t the only fee that you will pay. Additionally, you will need to pay an origination fee. Unfortunately, there is also a funding fee that you will need to pay to obtain a Veterans United loan. The rate you pay will depend on your down payment and the type of service that you provided to the US Military.

Veterans United’s Customer Service

Veterans United is one of the few mortgage lenders that offer 24/7 customer support to its client base at 1-800-884-5560. Given that many lenders offer limited customer service hours, this is a massive benefit if you’re looking to work with a lending partner that is always a phone call away.

Additionally, the company’s Lighthouse Program offers credit counseling services to people who want to build their credit and work towards homeownership. This counseling is an entirely free service.

Veterans United’s Borrower Qualifications & Requirements

While Veterans United is primarily focused on providing VA loans, it still has strict eligibility requirements that you must meet if you want to apply for a loan via its platform. In most cases, you will need a minimum credit score of 620 to apply for a loan. If you have yet to build a credit history, you might be able to show bills that you’ve paid on time as evidence of your trustworthiness as a borrower.

For VA loans, you will also need to have relevant qualifications from the US military. This eligibility will vary depending on your department and the type of service that you carried out. While down payments can vary significantly depending on your loan type, there are some instances where Veterans United offers 0% down payments.

Instead of pure debt-to-income eligibility requirements, Veterans United is also willing to look at ‘residual income’ to determine if you’re eligible for one of the company’s loans. This different eligibility measurement tool is a great benefit to some individuals who might not have the best debt-to-income ratio at the time of applying.

Veterans United’s Online Reputation

If you’re going to enter into a long-term mortgage contract with a lender, you need to be sure they have a strong reputation with clients. Some simple due diligence can save you from major headaches in the future. Fortunately, Veterans United is well regarded by many of the nation’s top consumer watchdog groups.

We took a closer look at their Better Business Bureau (BBB) page to see how they were rated amongst consumers. The BBB has issued Veterans United with an ‘A’ rating, which is the second-highest rating the watchdog group assigns. The company also has some of the most positive consumer feedback that we’ve seen with any mortgage lender.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Guaranteed Rate
• Lending Tree
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Zillow Home Loans

The post Veterans United Home Loans Review appeared first on ISoldMyHouse.com.

Table of Contents

• Our Review of Lending Tree
• Lending Tree Mortgage Process
• Lending Tree Pros & Cons
• What States Does Lending Tree Offer Mortgage Services?
• Lending Tree Available Mortgage Types & Programs
• Lending Tree Mortgage Fees & Rates
• Lending Tree Customer Service
• Lending Tree Borrower Qualifications & Requirements
• Lending Tree Online Reputation

Lending Tree is a revolutionary lending marketplace that acts as a middleman between borrowers and lenders. Instead of providing direct finance, Lending Tree hosts an extensive network of brokers and direct lenders that will offer mortgages to potential customers.

Lending Tree was founded in 1996 in North Carolina and is now a publicly-traded company.

Our Review of Lending Tree

Overall, Lending Tree offers an accessible platform that makes it easy to find multiple mortgage quotes at the same time. Instead of manually filling out applications at numerous lenders, Lending Tree allows you to input core details and receive offers from various lenders.

If you’re looking for a customer-focused lender that provides an easy-to-use platform and strong comparison tools, this is undoubtedly a great option and should not be a surprise that Lending Tree made our list of best mortgage lenders. Of course, your experience with Lending Tree will be largely determined by the lender that you’re partnered with, so it’s impossible to predict your satisfaction with the process ahead of time — without already knowing your partner lender. Nonetheless, in what follows, we will take an in-depth look at the core components of this unique lending marketplace so you can decide if Lending Tree is a good fit for your needs.

Lending Tree Mortgage Process

If you want to find a mortgage using the Lending Tree marketplace, you will need to start by heading to their website. You can begin by clicking on ‘Home Loans’ and then selecting the type of loan you’re looking for (and entering your zip code).

After entering some basic information, Lending Tree will provide you with offers from up to five different lenders. You can compare rates, negotiate with lenders, and assess terms before you make a final decision on applying for a loan from a particular lender. You can also access calculators and other tools to help you gauge your expected costs.

As mentioned previously, Lending Tree is not providing you with funding to purchase a home. Instead, it is a gateway that allows you to access financing from various brokers and direct lenders. Also, keep in mind that the quotes that you receive won’t necessarily be your final rate. You might end up paying more or less once you complete a formal application with your lender.

Lending Tree Pros & Cons

There are positives and negatives associated with all modern lending platforms. Here are some pros and cons associated with Lending Tree.

Need to learn how to buy a house? Read our guide here. (March 30, 2024)

What States Does Lending Tree Offer Mortgage Services?

Many lenders are restricted from offering mortgages in certain jurisdictions. So, can you apply for a mortgage in the Lending Tree marketplace? At present, it appears you can use Lending Tree in all 50 states. In fact, the company’s website provides information regarding the average mortgage rates in each state.

Lending Tree Available Mortgage Types & Programs

Because Lending Tree isn’t a direct mortgage provider, they’re able to offer a wide range of home loan products to their users. The products available to you depend on which lending partners (on the marketplace) are willing to offer you a loan. You can obtain both fixed and variable interest mortgages via Lending Tree.

There are many government-sponsored mortgages available: FHA loans, VA loans, and USDA loans. In addition to traditional mortgages, you can also access jumbo loans, refinance loans, home equity loans, and reverse mortgages.

Have a house to sell before moving? Read our guide here. (March 30, 2024)

Lending Tree Mortgage Fees & Rates

Lending Tree’s mortgage fees and rates are primarily dependent on the lenders that you choose to work with. As Lending Tree is simply a marketplace that matches you with potential lenders, they don’t actually set the interest rates that are offered by lending partners. Instead, the rate that you’re offered will be determined by your creditworthiness, income, mortgage type, and a host of other factors.

While it’s impossible to predict what interest rate you’ll be offered at Lending Tree, rates do start from just over 3% APR. Still, one of the primary benefits associated with Lending Tree is that you’re offered quotes from multiple lenders. You’ll be able to view a broad range of interest rates and fees.

Lending Tree Customer Service

Lending Tree offers convenient customer support options to borrowers that use its platform. If you need to get in touch with customer service, you can either fill out an online form or call the company’s office at 800-813-4620.

Customer service hours are 8 AM to 9 PM (EST), Monday through Friday. Weekends have reduced hours. Lending Tree also accepts written correspondence to its head office in North Carolina.

Lending Tree Borrower Qualifications & Requirements

At Lending Tree, you will need a minimum of a 600-credit score to apply for a loan. You also need three years of credit history and a debt-to-income ratio below 40%. The debt-to-income threshold may be lower if you are married.

If your current credit score and income are better, you’re more likely to be offered a broad range of mortgage products or reduced interest rates.

Lending Tree Online Reputation

If you’re going to work with an online lending platform, it’s a good idea to find out if they are reputable. Never trust your money with a company that isn’t verifiable online. To gauge the online reputation of Lending Tree, we took a look at reviews and complaints on some of the industry’s leading consumer watchdog groups.

On the Better Business Bureau (BBB), Lending Tree has been issued an A+ rating. While there are some minor customer complaints, it’s clear that Lending Tree has established itself as one of the industry’s most reputable partners.

Because the company itself doesn’t provide lending services, your experience will be largely dependent on the lender that you choose to work with. Be sure to do your research on partner lenders before applying for a loan or accepting a finance offer.

More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!

• Better.com 
• Costco
• Credible
• Guaranteed Rate
• LoanDepot
• Quicken Loans
• Rocket Mortgage
• Veterans United Home Loans
• Zillow Home Loans

The post Lending Tree Mortgage Review appeared first on ISoldMyHouse.com.