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HomePlus Mortgage Review 2023

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At a glance

HomePlus Mortgage
Editor's take

HomePlus Mortgage is good for borrowers interested in no closing cost-loans or a quick closing.

Bankrate Score
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4.7
Rating: 4.7 stars out of 5
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Bankrate Score

Customer Rating
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5.0
Rating: 4 stars out of 5

343 ratings

Mortgage Percent

Loans offered

Conventional, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bank statement and no-doc loans; debt service coverage ratio (DSCR) loans

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

Available in Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington

At a glance

HomePlus Mortgage

4.7

Rating: 4.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bank statement and no-doc loans; debt service coverage ratio (DSCR) loans

Location

Nationwide Availability

Available in Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington

Credit Good

Min. credit score required

Undisclosed

HomePlus Mortgage overview

HomePlus Mortgage is a mortgage broker headquartered in San Diego, California, with branches in California and Texas. The broker, founded in 1999, offers online preapprovals in 48 hours and closings in an average of 24 days. In addition to standard loan options, you can find programs through this broker that don’t require income verification or a maximum debt-to-income (DTI) ratio.

Pros and cons of HomePlus Mortgage

Pros
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    Fast closings

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    Offers loans that do not require income verification or DTI ratios

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    Excellent BBB rating

Cons
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    No mortgage rates online

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    Only available in some states

Our Editor’s Take on HomePlus Mortgage

HomePlus Mortgage is good for borrowers interested in no closing cost-loans or a quick closing.

How Bankrate scored HomePlus Mortgage

  • Affordability: HomePlus Mortgage is a broker, which means you could have access to more competitive rates with varying fee structures.
  • Availability: This broker only works with borrowers in some states. It has a diverse set of loan offerings for different kinds of borrowers, including investors.
  • Borrower experience: You can initiate a request for a rate quote and apply for a mortgage via the HomePlus website. Its loan officers are available outside of working hours, if needed.

Affordability: 5/5

HomePlus Mortgage doesn’t display mortgage rates publicly on its website. For a quote, you’ll need to complete a form with your information online. While the broker doesn’t explicitly list its fee structure online, its website does indicate that it offers zero-origination fee loans. Typically, brokers don’t charge borrowers fees, but the lenders they work with do.

Availability: 4.8/5

As a broker, HomePlus Mortgage can connect you with a lender that provides conventional loans as well as some government-insured loans (FHA and VA), along with options to refinance your existing mortgage. Notably, it’s also equipped to work with borrowers with unique credit or financial circumstances, offering access to non-qualifying (non-QM) loans, including bank statement loans, no-doc loans and debt service coverage ratio (DSCR) loans. Depending on the type of loan, you might not need to provide proof of income or meet a specific DTI ratio limit.

Borrower experience: 4.6/5

HomePlus Mortgage has been in business for more than 20 years. The broker is accredited by the Better Business Bureau and has an A+ rating from the organization.

As a borrower, you can expect to get preapproved within 48 hours (assuming you’re eligible for a loan), and you can apply easily online when you’re ready. After you apply, a loan officer will be in touch within 24 hours, and a paper copy of your application will be mailed to you within three business days. However, the broker doesn’t offer e-closings; all final loan documents must be signed in person in front of a notary.

If you have questions about a loan, HomePlus Mortgage is available Monday through Friday from 8 a.m. to 6 p.m. PT. Your loan officer is also available after-hours or on weekends as needed.

Refinancing with HomePlus Mortgage

You can refinance your current mortgage with HomePlus Mortgage. You’ll need to complete a form for a rate quote and an estimate of costs.

Alternatives to HomePlus Mortgage

HomePlus Mortgage customer ratings and reviews

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5.0

Rating: 4 stars out of 5

343 ratings

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This lender has 0 reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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1 star
98%
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1%

99% of customers would recommend this lender.