HomePlus Mortgage Review 2023

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.

• 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: 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

• Old National Bank mortgage review – Wider availability and closing cost assistance options
• CFBank mortgage review – No underwriting or origination fees, and loan options with no closing costs
• First Mortgage Direct review – No lender fees and the option to pay points for a lower rate (which is also an option through HomePlus)