Ally Bank
4.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
A mortgage broker, HomePlus Mortgage can help connect you with virtually any kind of loan option (provided you qualify), including products for real estate investors. The broker only works with borrowers in some states, however. One highlight: Past customers have given it solid reviews for their experience.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Undisclosed
Nationwide availability
Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, North Carolina, Oregon, Tennessee, Texas, Utah and Washington
Min. down payment
Undisclosed
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.
Fast closings
Offers loans that do not require income verification or DTI ratios
Excellent BBB rating
No mortgage rates online
Only available in some states
HomePlus Mortgage is a broker, so its rate offers vary by lender. 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.
As a broker, HomePlus Mortgage can connect you with a lender that provides conventional loans as well as some government-backed 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.
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.
HomePlus Mortgage offers both rate-and-term and cash-out refinancing options. You’ll need to complete a form for a rate quote and an estimate of costs.
You can apply for a mortgage with HomePlus Mortgage in person at a branch location, online or by phone at 800-810-7587 (800-810-PLUS). 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.)
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.4 stars out of 5
4.4
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 3.9 stars out of 5
3.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
---|---|---|
Loans offered Conventional, FHA, VA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required Undisclosed |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans |
Down payment Undisclosed |
Down payment 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans |
Nationwide availability Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, North Carolina, Oregon, Tennessee, Texas, Utah and Washington |
Nationwide availability All U.S. states |
Nationwide availability Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C |
5.0
343 ratings
This lender has 0 recent reviews.
99% of customers would recommend this lender.