Direct Home Lending Mortgage Review 2022

Direct Home Lending overview

Direct Home Lending, founded in 2006, is an online and brick-and-mortar lender that offers loans in Arizona, California, Colorado, Florida, Oregon, Pennsylvania and Washington. Legally known as PIC Capital, Inc., the lender offers 24-hour approvals and closes most loans within 30 days, and also advertises 14-day purchase closings. Direct Home Lending focuses highly on customer service, such as allowing you to pay off your loan at any time with no penalty or helping investment property loan borrowers find a real estate agent.

Good for

Borrowers in certain states looking for low-down payment loan options and online convenience

Loan types

• Conventional
• Jumbo
• FHA
• VA
• Fixed-rate
• Adjustable-rate
• Rate-and-term, cash-out and streamline refinancing
• Investment property
• Reverse mortgages

Lender fees 

Direct Home Lending’s lender fees vary depending on loan type and can include an underwriting fee. 

Rates

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. From there, you can look through the details of each loan, including fees and points, apply directly and get conditionally approved within minutes.

Online services

Direct Home Lending offers a digital mortgage experience that allows you to get prequalified and apply for a loan online. You can also get a free quote online to see rates and fees with no personal information necessary, and the lender’s website features a mortgage calculator. When you’re ready to apply, you can complete an online application in as little as 15 minutes and upload bank statements, e-sign disclosures and communicate with all parties involved in the transaction through Direct Home Lending’s digital mortgage platform.

Minimum borrower requirements

Direct Home Lending adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA). For conventional loans, these key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger a requirement for the borrower to pay for private mortgage insurance (PMI). Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.

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.

Not sure if Direct Home Lending is right for you? Consider these alternatives 

• Movement Mortgage review: Offers no-PMI loans
• Allied Mortgage Group review: Has flexible mortgage options like interest-only loans and loans for self-employed borrowers
• Optimum First Mortgage review: Can facilitate fast closings and offers a wide range of loan terms
• LowRates.com mortgage review: Offers a variety of loan types in the majority of U.S. states
• Ally Bank mortgage review: Can preapprove qualified borrowers in as little as three minutes

Breakdown of Direct Home Lending overall review score

• Affordability: 5/5
• Availability: 5/5
• Borrower experience: 5/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.