HomeLend Mortgage Review 2023

How Bankrate scored HomeLend Mortgage

To determine HomeLend Mortgage’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: HomeLend Mortgage doesn’t charge lender fees, which could save you some money at closing.
• Availability: HomeLend works with borrowers in the most populated states, but it’s not available in all states. It has a diverse set of loan offerings for different kinds of borrowers.
• Borrower experience: If you qualify, you can get a preapproval in 15 minutes from this lender.

• 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: 3/5

HomeLend Mortgage doesn’t charge any lender fees. It doesn’t publicly display its rates online; however, you can complete a custom rate quote form with information about your credit score, employment status and other factors to get a personalized estimate of your borrowing costs.

Availability: 5/5

HomeLend Mortgage operates in less than half of U.S. states, including California, Florida, New York and Texas. The lender provides conventional loans as well as some government-insured loans (FHA and VA), along with refinancing should rates drop. It also offers jumbo loans.

Borrower experience: 4.5/5

HomeLend Mortgage has been in business for more than 20 years. The lender is accredited by the Better Business Bureau and has an A+ rating from the organization. You can submit a request for a custom rate quote on HomeLend’s website to get an estimate of your mortgage costs, and you can apply for your loan online, too. The lender typically issues preapprovals in 15 minutes. You can lock your rate, sync your bank accounts, upload documents and sign them electronically via the lender’s portal, as well. There’s also a calculator to help estimate your monthly payments.

How to apply for a mortgage with HomeLend Mortgage

You can apply for a purchase loan or a refinance through HomeLend’s website, or by calling 888-749-9595.

Here are some tips to prepare for the process:

• 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.
• 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.
• 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 HomeLend Mortgage

You can refinance your current mortgage with HomeLend through a rate-and-term refinance, or you can tap your home’s equity with a cash-out refinance. The lender’s website doesn’t offer much information about refinancing options, but you can get a custom rate quote. As with purchase, there are no lender fees for refinancing.