One True Loan Mortgage Review 2023

Breakdown of One True Loan overall score

• Affordability: One True Loan is a broker that works with various mortgage lenders, so you’ll have access to some of the most attractive rates and terms.
• Availability: The broker operates in just 10 states, primarily in the West.
• Borrower experience: The broker has received high marks from customers on Bankrate and the Better Business Bureau, and can get you approved relatively quickly.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 5/5

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 a quote and compare it against competitors.

One True Loan is a broker, so lender fees vary depending on your loan scenario and credit strength. If you’re eligible, you can receive a lender credit to help offset fees. You’ll see costs and fees when you run a quote.

Availability: 4.8/5

One True Loan can connect you with a standard conventional mortgage, as well as jumbo options and some government-insured loans. The broker is also equipped to help with refinancing when the time comes. Its credit score requirements are notably lower than those of other brokers and lenders — most conventional loans require at least 620, and many lenders look for a score of 700 or higher for a jumbo loan.

Borrower experience: 4.6/5

One True Loan hasn’t been around as long as some other shops, with $350 million in loan volume since its founding. The broker is a Better Business Bureau-accredited business with an A+ rating.

You 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. Its customer service hours are Monday through Friday from 8 a.m. to 5:30 p.m. PT.

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 doesn’t 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.

Alternatives to One True Loan

• Better mortgage review – Offers online convenience with no commissions or fees
• Chase Home Lending review – If you prefer a bank or direct lender available in all states
• LowRates.com mortgage review – Offers a range of mortgage products with some of the lowest rates and no hidden fees