Most mortgage lenders offer both home purchase loans and refinances. But Direct Access Funding is all about the refis.
In fact, the Southern California based lender refers to itself as a the “refinance division” of its parent company.
Seeing that most refinances are driven by the desire to obtain a lower mortgage rate, there’s a good chance their pricing is competitive.
They say they’ve got the best refinancing rates period and quality customer service to boot, which their reviews seem to back up.
So if you’re an existing homeowner looking for a better mortgage, they could be worth looking into. Let’s dig into the details.
Direct Access Funding Fast Facts
- A direct-to-consumer mortgage lender that offers home refinance loans
- Founded in 1998, headquartered in Irvine, California
- The refinance division of Absolute Home Mortgage Corporation
- Licensed to do business in 15 states and the District of Columbia
- Their parent company funded $2 billion in home loans last year
- Claim to offer the best mortgage refinance rates
As the name implies, Direct Access Funding is a direct-to-consumer mortgage lender based in Irvine, California, which is in the heart of Orange County.
Instead of a physical branch network, they work remotely with customers from a central call center to help you process and close your loan.
The company is located near many other mortgage lenders, including CashCall Mortgage, ClearPath Lending, loanDepot, and Watermark Home Loans.
As noted, they dabble only in mortgage refinancing, meaning their target market is existing homeowners as opposed to home buyers.
They are actually a division of Absolute Home Mortgage Corporation based out of Fairfield, New Jersey, which originated about $2 billion in home loans last year.
They’re currently licensed to do business in 15 states and the District of Columbia.
Those states include Arizona, California Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, and Virginia.
How to Apply with Direct Access Funding
To get started, you can call them on the phone or simply visit their website and begin on your own.
Your best move might be to get in touch with a licensed loan officer first to discuss mortgage rates, lender fees, and overall eligibility.
Once you get the information you need to proceed, you can fill out their digital mortgage application online.
It allows you to complete the form 1003 electronically, eSign disclosures, and upload supporting documents via a secure portal.
Once your loan is submitted, you’ll be able to manage your loan online from start to finish.
It’s unclear if the processing and underwriting of your loan is completed in-house or at their parent company’s headquarters.
Regardless, their goal is to make refinancing stress-free and they employ the latest technology and solutions to make that happen.
Because they focus on existing homeowners only, the process should be faster than traditional banks and lenders.
Loan Programs Offered by Direct Access Funding
- Rate and term refinances
- Cash out refinances
- Streamline refinances
- No cost refinances
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- Fixed-rate mortgages in various loan terms
Direct Access Funding seems to be solely focused on mortgage refinances for existing homeowners.
This includes rate and term refinances, cash out refinances, and streamline refinances.
They can also structure your loan as a no cost refinance through the use of lender credits so nothing needs to be paid out of pocket.
In terms of loan types, I believe they only originate conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans.
It’s unclear if they offer VA loans or jumbo loans as well.
You can get a fixed-rate mortgage such as a 30-year fixed or a 15-year fixed, and possibly an adjustable-rate mortgage too.
They lend on primary residences, second homes, and investment properties, including condos/townhomes.
All in all, their product menu isn’t vast but should cover most of the population.
Direct Access Funding Mortgage Rates
While they claim to have the “best” mortgage rates for a refinance loan, they don’t list their rates online. At least not on their website.
However, you might find them on third-party websites alongside other lenders in mortgage rate tables.
My assumption is their rates are very competitive since they’re a branchless, refinance-only lender.
And because refis are generally pursued to save money, they will need to beat your existing rate to earn your business.
But do take the time to compare their quote to other lenders to be sure. And also ask about any lender fees, such as a loan origination fee or application fee.
I’d classify them as a low-cost mortgage lender because of their lightweight business model (lack of branches and advertising), which is a good thing if you’re looking for lowest possible rate/fee.
Direct Access Funding Reviews
On Experience.com, Direct Access Funding has an impressive 4.91-star rating out of a possible 5 from over 1,000 customer reviews.
You are able to filter the reviews by loan officer to see how certain individuals have performed in the past. If a certain person stands out, be sure to ask for them when calling in.
Over at Google, they have an even better 4.9-star rating from nearly 200 reviews, which is pretty close to perfection.
Lastly, they’ve got a 4.9 rating on Bankrate from 15 reviews, with 100% of reviewers indicating they’d recommend the company to others.
Their parent company Absolute Home Mortgage Corp. is an accredited company with the Better Business Bureau (since 2013) and currently holds an ‘A+’ rating based on complaint history.
All of these reviews give them some legitimacy, even if they’re not a household name like some of the larger lenders out there.
In closing, Direct Access Funding seems to be a streamlined refinance shop that could be a good fit for an existing homeowner looking for a lower mortgage rate or cash out.
They’re probably best suited for those with plain vanilla loan scenarios (e.g. W-2 employee, conforming loan amount, single-family residence).
If that’s you, they might be able to beat your existing mortgage rate and save you money each month.
But those with more complex loan scenarios (self-employed borrowers, investors, jumbos) may want to look elsewhere.
Direct Access Funding Pros and Cons
The Pros
- Can apply for a home loan online in minutes without a human
- Offer a digital mortgage application (paperless process)
- Say they offer the best refinance rates
- Excellent reviews from past customers
- Parent company is accredited, A+ BBB rating
The Cons
- Not licensed in all states
- No branch locations
- Only offer refinancing products (not home purchase loans)
- No mention of lender fees