One True Loan Mortgage Review 2021

By Erik J. Martin

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

One True Loan

4.1

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Loans offered

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)
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Nationwide availability

Available in California, Idaho and Oregon
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Min. credit score required

620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 620 for VA loans

Pros 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

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62 reviews

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Knowledge
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5.0
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5.0
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5.0

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.

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Refinancing made better

Allan and Grace Banez | Yorba linda, CA | 4/21/2020

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Fantastic Experience

Tash | Eugene, OR | 5/7/2020

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Highly Recommend

Jan | Portland, Oregon | 5/19/2020

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Exceptional service!

TRANG T. | CA | 9/9/2020

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Exceptional service and experience

TRANG | CA | 9/16/2020

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Repeat Customer - Still Impressed

Josh Cruz | Downey, CA | 12/14/2020

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Best rates and seamless transaction

Phil | Idaho | 1/15/2021

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Excellent service, great rates and low fees

Steve P | Idaho | 2/27/2021