Direct Home Lending Mortgage Review 2023

How Bankrate scored Direct Home Lending

To determine Direct Home Lending’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Direct Home Lending’s website offers an online quote tool outlining rates and fees for various loan terms. The rates are very competitive compared to Bankrate’s averages (provided you’re a well-qualified borrower).
• Availability: This lender works with borrowers in a limited number of states, so check before you apply.
• Borrower experience: You can initiate a request for a rate quote and apply for a mortgage via the Direct Home Lending website.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Availability. What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience. Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

You can see purchase or refinance rates and fees through Direct Home Lending’s online quote tool simply by filling out fields with the ZIP code of the property, the purchase price, down payment amount and your credit score range.

Availability: 5/5

Direct Home Lending isn’t available in all states; it currently operates in Arizona, California, Colorado, Connecticut, Florida, Georgia, Oregon, Pennsylvania, South Carolina, Texas and Washington. The lender offers conventional mortgages, jumbo loans and VA and FHA mortgages. It also offers loans on investment properties as well as reverse mortgages for older homeowners.

Borrower experience: 4.9/5

Direct Home Lending isn’t accredited by the Better Business Bureau, but has an A+ rating from the organization. In the online application process with this lender, you can look through the details of each loan, including fees and points, apply directly and get conditionally approved within minutes. The lender offers 24-hour approvals and closes most loans within 30 days, and also advertises 14-day purchase closings.

How to apply for a mortgage with Direct Home Lending

You can apply for a purchase loan or refinance on Direct Home Lending’s website or app. You can also call 800-575-3468. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Direct Home Lending

You can use Direct Home Lending’s online refinance quote tool to see rates and fees, or call or email the lender’s Fast Lending team, who can advise you on which mortgage refinancing program meets your needs.