Sage Mortgage Review 2023

How Bankrate scored Sage Mortgage

To determine Sage’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors.

• Affordability: Sage works with a variety of mortgage lenders, making it easy for you to shop around and get the best possible deal.
• Availability: Sage Mortgage is available in 25 states and offers conventional loans for both purchase and refinance.
• Borrower experience: Sage provides an all-digital experience and has an A+ rating from the Better Business Bureau.

• 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

Loan expensiveness is a deciding factor for many borrowers.  The affordability nature of loans differ from lender to lender, so comparing costs is key.

As a broker, Sage works with different mortgage lenders to find you the loan best for your needs. While it advertises a promotional rate on its website, your individual rate will vary based on the lender you work with, your credit score and other factors. You can obtain a personalized rate quote by completing a form on the broker’s website or through Bankrate or by contacting your loan officer directly.

Sage Mortgage fees can range from no fee at all to up to 3 percent of the loan amount.

Availability: 5/5

Availability factors can make the overall mortgage-application process smoother or more challenging. Sage Mortgage offers conventional loans for both purchase and refinances to borrowers in some 25 states. For conforming loans, you’ll need a minimum credit score of 660, but can have a maximum debt-to-income (DTI) ratio of 50 percent and a maximum loan-to-value (LTV) ratio of 90 percent.

Borrower experience: 4.7/5

Customer experience factors can help you know what to expect when you work with a specific lender. Sage Mortgage currently has an A+ rating from the Better Business Bureau.

When working with Sage, you might benefit from the company’s 100-percent digital experience, which includes the ability to apply, upload supporting documents and select product and pricing all in the same session. (The broker’s website has limited information, however.) If the lender supports it, borrowers can also e-sign documents. If you’re interested in working with Sage, you connect with the broker online or via email, text or chat.

How to apply for a mortgage with Sage Mortgage

At Sage Mortgage, you can get started with a quick online application. You can also set up a call with a loan officer to discover your options. The lender works with multiple wholesalers, making it easy to snag a competitive rate. Along with assisting you with finding a loan, the company can help you get prequalified in three minutes and secure a preapproval in one to two days. The typical closing takes 27 days.

Here is how the process generally works:

1. Run the numbers. Consider how much you can afford in a monthly home loan payment, factoring in payments on the principal, interest, taxes and insurance. Do whatever you can to raise your credit before you apply. A strong credit score can help you secure a competitive interest rate and save thousands over the life of the loan.

2. Complete the Sage Mortgage online application. You’ll answer a few questions about your home purchase plans and provide your contact information. Sage will conduct a soft credit check, which won’t affect your credit, so you can begin the prequalification process.

3. Shop around. Sage works with several mortgage lenders, so take advantage of this opportunity. Compare at least three offers to get the best deal you can.

4. Schedule an appraisal and home inspection. You’ll need to arrange for a home inspection and home appraisal. It’s important to check for any major issues and assess the home’s value before you close on the loan.

5. Close on the loan. It takes between an hour and an hour and a half to sign the closing documents at the title or escrow office. You should be able to access funds 2 to 3 days after your signing.

Refinancing with Sage Mortgage

You’ll find competitive refinance rates through Sage Mortgage, which works with multiple lenders to uncover your ideal loan with the lowest possible rate and fees. The broker displays a promotional refinance rate online, but this won’t necessarily be reflective of the rate you’d specifically qualify for.