Reliant Home Funding Mortgage Review 2023

Breakdown of Reliant Home Funding overall score

• Affordability: Reliant Home Funding gives borrowers browsing online a transparent look at its competitive rates. Like many lenders, it charges an origination fee.
• Availability: Reliant Home Funding is available to borrowers in more than 20 states, primarily on the East Coast. It has a plethora of loan options to suit an array of needs.
• Borrower experience: Reliant prides itself on convenience and customer service, offering fast preapprovals and closings.

• 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

Reliant Home Funding displays mortgage rates on its website and updates them regularly. Each quote includes the rate, APR and cost of points, so you’ll have a clear understanding of how much you’ll pay for a particular loan offer. Note: The lender charges a $1,295 underwriting fee.

Availability: 5/5

Reliant Home Funding has a deep suite of loan products, including conventional and government-insured loans with both fixed and adjustable rates, in addition to construction and home renovation financing. Its refinance options include rate-and-term, cash-out and streamline, and it also offers reverse mortgages.

To be eligible for a conventional loan through Reliant, the lender requires at least 3 percent down and a minimum credit score of 620. FHA loan borrowers need a down payment of at least 3.5 percent, but can have a credit score as low as 580. To get an adjustable-rate mortgage (ARM), you must put down at least 5 percent and a higher credit score (700-plus). VA loans have no blanket credit or down payment requirement.

Borrower experience: 4.8/5

Reliant Home Funding is a family-run operation, established in 2010 and with $1.1 billion dollars funded since. It has an A+ rating from the Better Business Bureau (although it isn’t BBB-accredited).

With Reliant, you can get preapproved or prequalified online via the lender’s website, usually within 24 hours. If you want to move forward with the loan, you can complete the entire process online, as well, including signing required documents. Closings average about two weeks.

You can also use Reliant’s app, RHF Go, to compare loan options, calculate savings if you’re looking to refinance, submit documents, check your loan’s status and more. In addition, the lender’s website features a handy mortgage calculator, which you can use to learn more about how much yours might cost.

If you have questions about a mortgage, Reliant’s team is available Monday through Friday from 9 a.m. to 6 p.m. ET.

Refinancing with Reliant Home Funding

Reliant Home Funding offers refinancing options, including to reduce your interest rate and monthly payment or cash out some of your home’s equity. You can refinance completely online just like applying for a mortgage to purchase a home, but you won’t be able to view fees upfront through the lender’s website.

Alternatives to Reliant Home Funding

• Rocket Mortgage review – Offers a similarly 100-percent online experience
• Better mortgage review – Doesn’t charge fees and offers 24/7 access to support
• Ally Bank mortgage review – Good if you’re looking for a full online banking and home loan experience