Homebridge Financial Services Mortgage Review 2021

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At a glance

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3.4

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; investment property; reverse mortgages
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Nationwide availability

Available in all U.S. states except Utah
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Min. credit score required

640 for conventional loans; 680-700 for jumbo loans; 580 for FHA loans; 580 for VA loans; 580 for USDA loans

Pros and cons

Pros

  • Regional branches regularly produce educational events, ideal for first-time homebuyers
  • Known for offering home renovation loans including Fannie Mae’s HomeStyle Renovation, construction-to-permanent and FHA 203(k)

Cons

  • Must connect with a loan officer to apply
  • Doesn’t publish mortgage rates online

Homebridge Financial Services overview

Homebridge Financial Services is one of the largest privately held non-bank lenders in the U.S., funding more than $25 billion in home loans as of the close of 2020. The lender has more than 2,000 associates, more than 200 branches and two wholesale divisions. While the lender offers a variety of mortgage and refinancing options, it has carved out a reputation for servicing renovation mortgages; the U.S. Department of Housing and Urban Development (HUD) recognized the lender as the No. 1 lender in 203(k) renovation loans in 2019. The lender is committed to educating borrowers, and regional branches regularly offer educational events, including for first-time homebuyers. In addition, eligible borrowers can participate in the Homebridge Home Rewards program to receive a $595 gift card upon closing. Founded in 1989 as REMN, Homebridge Financial Services maintains its corporate headquarters in Iselin, New Jersey.

Good for

Borrowers exploring a wide variety of loan types or seeking rewards and rebates with closing

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Construction and renovation loans
  • Investment property
  • Reverse mortgages

Lender fees

Homebridge Financial Services’ lender fees total $1,225. However, the lender doesn’t charge an origination fee. There might be a fee for rate-lock extensions, which could be partially refunded.

Rates

You won’t find mortgage rates from Homebridge Financial Services advertised on its website. To see rates and other information about how much a loan might cost, you need to complete a form detailing your desired loan and wait for a loan representative to contact you.

Reputation 

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 a B+ from the Better Business Bureau. 

Online services

Homebridge Financial Services offers some useful online tools, including mortgage payment and rent vs. own calculators, but doesn’t allow you to go through most of the lending process online. To get started, you can fill out a form on Homebridge’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.

Minimum borrower requirements

Homebridge Financial Services offers a variety of loans, each of which has unique minimum borrower requirements. Borrowers must connect with a loan officer directly to learn the requirements.

FHA loans through Homebridge Financial Services require a 3.5 percent minimum down payment and a debt-to-income ratio (DTI) of no more than 57 percent. For conventional loans, the borrower must have at least a 3 percent down payment (depending on income) and DTI ratio of no more than 50 percent.

Refinancing with Homebridge Financial Services

Homebridge Financial Services offers refinancing, enabling borrowers to adjust the terms of their loan, lower their monthly payments or take equity out of their home. The lender doesn’t publish its refi rates or its fees on its website. To get more information about the cost of refinancing, you’ll need to complete a form and wait for a loan officer’s response.

Not sure if Homebridge Financial Services is right for you? Consider these alternatives

Breakdown of Homebridge Financial Services overall review score 

  • Affordability: 14.75/15
  • Availability: 9/15
  • Borrower experience: 5/10

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.

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Homebridge Financial Services consumer reviews

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Written by
TJ Porter
Contributing writer
TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.
Edited by
Mortgage editor