One True Loan Mortgage Review 2020

By Erik J. Martin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

One True Loan

Bankrate Score

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3.3

User reviews
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( 58 )

5.0

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

One True Loan is an online lender that offers loans in three states. The company boasts a proprietary loan origination and processing system specifically optimized to increase speed and efficiency while reducing costs. Based in Orange, California, One True Loan was established in 2013. “Being a broker, we can find the most competitive pricing and rates for our customers,” said president Nate Khong, “and our website was built to be completely transparent, allowing consumers to get a quote with live rate options and exact lender credits and fees at any time of day.”

Nationwide availability

Available in California, Idaho and Oregon

Minimum credit score

620 for conventional loans; 680 for jumbo loans; 600 for FHA loans; 620 for VA loans

Loan types

Conventional fixed-rate and adjustable-rate (ARM), super conforming (loans between $510,400 and up to $765,600), jumbo, FHA and VA; refinancing options include rate-and-term refinancing, cash-out refinancing and streamline (VA/FHA)

Pros

  • 1-Click Quote feature provides real-time rate quotes 24/7
  • Lender credit available to eligible borrowers
  • Flex Term program lets you refinance without resetting your mortgage clock
  • 100% Gift program lets you use gift monies from family for the entire down payment
  • Pay Advantage loan allows up to 95 percent loan-to-value (LTV) with no mortgage insurance required

Cons

  • Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
  • Non-qualifying mortgages not available
  • Only available in three states

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

One True Loan overview

Loan types

  • Conventional fixed-rate and adjustable-rate (ARM)
  • Super conforming (loans between $510,400 and up to $765,600)
  • Jumbo
  • FHA
  • VA
  • Refinancing including rate-and-term refinancing, cash-out refinancing and streamline (VA/FHA)

Lender fees

Lender fees vary depending on your loan scenario and credit strength. Eligible borrowers can receive a lender credit to help offset fees. Lender credits and fees are shown when you run a rate quote on the website.

Minimum borrower requirements

One True Loan adheres to the conforming loan requirements and underwriting guidelines for mortgages approved by GSEs Fannie Mae and Freddie Mac, as well as those backed by the FHA and VA. Requirements will vary based on the loan and borrower. In general, minimum FICO scores, minimum down payment and maximum debt-to-income ratio (DTI, the percentage of your monthly gross income used to pay debts) can range from, respectively:

  • Conforming loans up to $510,400: 620 credit score minimum, 5% down, 43% DTI
  • Super Conforming loans up to $765,000: 620 credit score minimum, 5% down, 43% DTI
  • Jumbo loans up to $2.5 million: 620 credit score minimum, 5% down, 43% DTI
  • FHA loans: 600 credit score minimum, 3.5% down, 48% DTI
  • VA loans: 620 credit score minimum, 0% down, 43% DTI

Get started with One True Loan

Borrowers can apply online or by phone. If you apply online, a representative will contact you.

Hours

Monday - Friday: 8:30 a.m. - 5:30 p.m. PST Saturday: Closed Sunday: Closed  Contact: 800-604-4416

One True Loan consumer rating and reviews

5.0 reviews
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100% recommended

Customer Service Rating

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
0 out of 0 rates honored
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(58 reviews)
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The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 8 of 8 Reviews
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Mike P.
Oregon

11/25/2019

Great experience... Twice! (and then some)

I've worked with One True Loan (OTL) twice now, and they've been great both times! My first Refi with OTL was a conventional ReFi on a house that I lived in for ~20 years and which I planned to make into a rental in a year or two after I moved to another house. After moving to the new house and spen...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Aaron
OR

12/30/2019

Great Experience

I worked with Mo to get financing on a multifamily property. I have nothing but great things to say about his customer service i.e. his quick/efficiently manner in securing funding, his professional style and his ability to clarify every step of the process. Also very important, he was able to he...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Matt R.
Idaho

1/9/2020

Easy Transaction. Great Service

I have used One True Loan a couple of times and each time the process has been extremely easy. Mo has been my point of contact and he is very responsive and keeps the information flowing throughout the duration of the close. I have also found the cost benefit of One True Loan to be very competitive ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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James green
Albany, or

1/29/2020

2 week refinance unheard of!!!

I think it only took about 2 weeks from application to signing closing disclosure! Mo is #1 when it comes to mortgage company brokers. Most people are in the dark in what everything means when you get a loan or refinance but Mo takes the time to explain everything.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Allan and Grace Banez
Yorba linda, CA

4/21/2020

Refinancing made better

This whole refinancing was done accordingly and we were helped by Mo step by step. He guided us all the way, easy uploading and signing documents. One True Loan has great rates and credits compared to other lenders. I will surely contact them again for other financing needs. Thank you for suppor...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Tash
Eugene, OR

5/7/2020

Fantastic Experience

Mo is fabulous! He kept me informed every step of my refinance and reassured me when things slowed down due to the Covid 19 crisis that we were still good. Refi closed and I couldn't be happier with the terms and the service I received. Definitely recommend Mo and his staff.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jan
Portland, Oregon

5/19/2020

Highly Recommend

Working with Mo is a pleasure. This is our second refinance with Mo and I feel very comfortable placing my trust in Mo. I know he will get me the best deal and take care of everything. Mo is always available to answer all my questions with clarity and respect. I am very pleased with One True Loan an...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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TRANG
CA

9/16/2020

Exceptional service and experience

This was my first time refinancing and my experience with One True Loan was a lot more pleasant and smoother than when I first financed my home purchase. To start, One True Loan website has a very user-friendly interfaced that was easier to navigate than other websites. I was able to obtain a quote,...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes