Homebridge Financial Services Mortgage Review 2023

How Bankrate scored Homebridge Financial Services

To determine Homebridge Financial Services’ 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: It won’t be easy to do an at-a-glance comparison of rates from Homebridge Financial Services with those of other lenders. Its lender fees typically total $1,225.
• Availability: This lender is available in most states and offers a diverse set of loan programs, including non-QM products for borrowers with unique credit or financial circumstances.
• Borrower experience: You can start an application with HomeBridge online, but most of the lending process happens offline.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a 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. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

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

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. You won’t find mortgage rates from Homebridge Financial Services advertised on the lender’s website. To see rates and other information about how much a loan might cost, you’ll need to complete a form and wait for a loan officer to contact you. While the lender doesn’t charge an origination fee, its other fees typically total $1,225. There might also be a fee for rate-lock extensions, which could be partially refunded in some cases.

Availability: 4/5

This factor can make the overall mortgage application process smoother or more challenging. Homebridge Financial Services provides conventional loans as well as government-insured loans through the FHA, VA and USDA programs. It also offers options to refinance your existing mortgage, as well as construction and renovation mortgages and loans on investment properties. It operates in all states but Utah.

Borrower experience: 3.7/5

Know what to expect when you work with a specific lender. Homebridge Financial Services has been in business for more than 30 years. The lender has an “Excellent” rating on Trustpilot (4.8 out of five stars) and an A- from the Better Business Bureau. Notably, the lender’s regional branches regularly host educational events, and it offers some useful online tools, including mortgage payment and rent versus own calculators, but doesn’t allow you to go through most of the lending process online. To get started, you’ll need to fill out a form on the lender’s website detailing the type of loan you want and the home you’re looking to buy or refinance. A loan officer will then reach out to you to follow up — there’s no way to get a preapproval or apply for a loan online.

How to apply for a mortgage with Homebridge Financial Services

If you’re interested in a mortgage with HomeBridge, you can begin the purchase loan or refinance application process via the lender’s website or by calling 888-266-4930.

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 Homebridge Financial Services

Homebridge Financial Services can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can start the refinancing process through the lender’s website or via its call center.