One True Loan overview
Good for: Borrowers looking for flexible loan options and convenience with 24/7 real-time rate quotes
One True Loan is an online mortgage broker based in Orange, California, offering loans in three states (California, Idaho and Oregon). The broker boasts a proprietary loan origination and processing system specifically optimized to increase speed and efficiency while reducing costs. After submitting your income and asset documentation, a One True Loan mortgage advisor can provide you with a preapproval letter within one to two days. The broker offers the basic slate of mortgage options, plus some special programs, including Flex-Term, which allows you to refinance your loan and select your amortization term; the 100% Gift Program, which allows you to use gift money to help with the purchase of a home; and Pay Advantage, which gives borrowers the lowest payment with the least amount of money down and no mortgage insurance. The average closing takes 21 to 30 days, according to the broker.
- Rate-and-term, cash-out and streamline refinancing
One True Loan is a mortgage broker, so 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.
One True Loan’s up-to-the-minute mortgage rates are available through its 1-Click Quote feature online. To see rates, the tool requests information about the location of the property, loan purpose, loan amount, property value and whether you want to use escrow impounds to include your taxes and insurance in your mortgage payment — no personal information is required. After you click to see your rates (which you can easily view side-by-side), you can download the loan estimate and compare it against competitors.
One True Loan is a Better Business Bureau-accredited business with an A+ rating, five out of five stars and no customer complaints.
Borrowers can obtain a prequalification or preapproval or apply for a loan through One True Loan’s website, which allows you to submit documents and e-sign where applicable. There are also email and text capabilities for direct communication with the broker.
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 Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA). Requirements 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: 680 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
Refinancing with One True Loan
One True Loan offers rate-and-term, cash-out and streamline refinancing. To apply for a refinance, you can fill out an application online, print the application or call the broker directly. The broker does not require an application fee or appraisal deposit. Like with purchases, you can run quotes and view refinance rates with the broker’s 1-Click Quote feature.
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Breakdown of One True Loan overall review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 13/15
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.