One True Loan Mortgage Review 2021
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.
At a glance
4.1
Bankrate Score
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Conventional fixed-rate and adjustable-rate (ARM), super conforming, jumbo, FHA, VA; refinancing options include rate-and-term refinancing, cash-out refinancing, FHA streamline and VA streamline (IRRRL)Nationwide availability
Available in California, Idaho and OregonMin. credit score required
620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 620 for VA loansPros and cons
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
One True Loan overview
One True Loan is an online mortgage broker 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,” says company 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.”
Loan types
- Conventional fixed-rate
- Adjustable-rate (ARM)
- Super conforming
- Jumbo
- FHA
- VA
- Rate-and-term refinancing
- Cash-out refinancing
- FHA streamline
- VA streamline (IRRRL)
Lender fees
One True Loan is a mortgage broker. 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 One True Loan website.
Minimum borrower requirements
One True Loan adheres to the conforming loan requirements and underwriting guidelines for mortgages approved by government-sponsored enterprises (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 $548,250: 620 credit score minimum, 5% down, 43% DTI
- Super conforming loans up to $822,375: 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: 580 credit score minimum, 3.5% down, 48% DTI
- VA loans: 620 credit score minimum, 0% down, 43% DTI
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One True Loan consumer reviews
5.0
62 reviews
Customer service rating
100% of reviews would recommend this lender
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The consumer 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.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Refinancing made better
Allan and Grace Banez | Yorba linda, CA | 4/21/2020
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...
Fantastic Experience
Tash | Eugene, OR | 5/7/2020
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.
Highly Recommend
Jan | Portland, Oregon | 5/19/2020
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...
Exceptional service!
TRANG T. | CA | 9/9/2020
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,...
Exceptional service and experience
TRANG | CA | 9/16/2020
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,...
Repeat Customer - Still Impressed
Josh Cruz | Downey, CA | 12/14/2020
We’ve used One True Loan for our refinancing needs twice now, and both times, the rates and service have been exceptional. They’ll find you the lowest rate whether its a 30, 20, 15, etc term. Great communication and easy digital transactions. Highly recommended!
Best rates and seamless transaction
Phil | Idaho | 1/15/2021
I was skeptical about how low the cost of their rates were but they were legitimate. My final loan ended up being extremely close if not exactly what I was quoted from the estimator on their website. I worked with Christine. She promptly responded to every question I had and made the whole proces...
Excellent service, great rates and low fees
Steve P | Idaho | 2/27/2021
This was my second refinance with One True Loan in the past 5 years - both time were an excellent experience. Both times I shopped around and should not have wasted my time with other companies. I saw the rates dropping and in one day had all the paperwork in for a lock with One True Loan. The rates...