Filo Mortgage Review: No Lender Fees, Ever

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Today we’ll check out “Filo Mortgage,” a newish mortgage company that says it specializes in amazingly low interest rates, world class service, and industry-leading technology.

Those are basically the three big things most borrowers are looking for in a mortgage lender, and if they can deliver on those promises, they could be a good option for both a new home buyer or an existing homeowner looking to refinance.

They also back up their pricing with a Low-Rate Guarantee and say they can close loans super-fast, often in just a few week’s time.

It all sounds pretty good so let’s take a moment to learn more about them.

Filo Mortgage Fast Facts

  • Direct-to-consumer mortgage lender that offers home purchase and refinance loans
  • Founded in 2019, headquartered in Fort Washington, PA
  • Currently licensed to do business in 22 states
  • Say they don’t charge lender fees ever
  • Aim to close most loans in as little as 3 weeks
  • Offers a $1,000 Low-Rate Guarantee

Filo Mortgage is a direct-to-consumer mortgage lender that offers home purchase loans and refinance loans.

The company only got its start back in 2019, so they’re relatively young but looking to grow quickly, with some 70+ loan originators already employed.

They essentially operate a call center and operations center, meaning borrowers will work remotely to get their loan closed, as opposed to visiting a physical branch location.

At the moment, they’re licensed in 22 states, including Alabama, Arizona, California, Connecticut, Colorado, Florida, Illinois, Georgia, Louisiana, Maryland, Michigan, Minnesota, Missouri, North Carolina, New Jersey, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington.

The company is big on transparency, and to that end says its loans never have any points or lender fees, ever!

Their staff is also available 7 days a week, 365 days a year to ensure they offer a first-class experience and quick loan closings, often in just three weeks.

As for their name’s meaning, my guess is it’s a combination of the words finance and low, not the delicious dough used to make pastries.

How to Apply with Filo Mortgage

  • Fill out a rate quote request form on their website or call them directly
  • If you like what you hear, you can apply over the phone or online in just minutes via a digital application
  • Borrowers are able to eSign disclosures and upload necessary paperwork to generate a conditional approval
  • They offer one intuitive place to manage and upload all your mortgage information

To begin, you can either call them directly or fill out a short rate quote request on their website.

They also offer the ability to schedule a call at a time that is convenient for you.

At that point a representative, presumably a loan officer, will help you decide on a loan program, discuss interest rates, and determine eligibility.

If you like what you hear, you can proceed to fill out their digital loan application, which apparently only takes seven minutes to complete on average.

Most tasks can be performed electronically, whether it’s linking your bank account or employment information, eSigning disclosures, or uploading paperwork.

It then only takes one day to get a loan commitment from Filo Mortgage, and perhaps better yet, the average number of days to close a loan is just 22.

And you’ll be able to track the entire loan process via their online borrower portal to ensure you never miss a thing.

Filo says it leverages user-friendly technology to keep their expenses low and make the entire process easy.

Loan Programs Offered by Filo Mortgage

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Conforming loans
  • FHA Loans
  • VA loans
  • Fixed-rate mortgages: loan terms from 10 to 30 years available
  • Adjustable-rate mortgages: 5, 7, and 10/1 ARMs available

Filo Mortgage offers home purchase financing to buyers and mortgage refinancing to existing homeowners, including cash out refinances.

You can get a conventional loan backed by Fannie Mae or Freddie Mac, or a government-backed loan like a FHA loan or VA loan.

They don’t appear to offer USDA loans, and it’s unclear if jumbo loans are available.

But they lend on all residential properties from 1-4 units, including single-family homes, townhomes/condos, investment properties, and PUDs.

You can get either a fixed-rate mortgage from a 10-year fixed to a 30-year fixed, or an adjustable-rate mortgage, including a 5/1, 7/1, or 10/1 ARM.

At the moment, they do not offer second mortgages, such as HELOCs.

Veterans may qualify for a $0 down VA loan

Filo Mortgage Rates

One nice thing about Filo Mortgage is you’ll find their mortgage rates right on their homepage.

No need to log in or provide your contact info first. Simply visit their website and click on today’s rates from the top menu to see their mortgage rates.

They list a 15-year, 20-year, and 30-year fixed mortgage rate, along with the points/fees required for said rate.

From what I saw, they offered very competitive interest rates and they were listed with $0 lender fees and no points, which seems to be their preferred setup.

In other words, the rate and APR should be the same, and they’re basically no cost loans that don’t require any lender fees or mortgage points, which is a big plus if you don’t want to pay attention out-of-pocket.

As noted, they don’t charge lender fees, though you can elect to pay discount points if you want an even lower rate.

The company also offers its so-called “Filo Mortgage Low-Rate Guarantee” that will put $1,000 in your pocket if another lender is offering a more competitive price.

Specifically, they’ll match the other lender’s pricing and credit you $1,000 at closing, which sounds like a pretty good deal and a testament to their low rates.

To qualify, simply find a lender with lower total lender costs (interest rate, points and fees) for the same conforming, conventional mortgage program on a primary home, whether it’s for a refinance or a home purchase loan.

Then send that Loan Estimate (LE) to Filo Mortgage so they can verify the pricing and terms – it must be received within one calendar day from the date Filo issues its initial locked LE.

All the more reason to put in the time to shop around with other lenders in case you do come across a better deal.

Filo Mortgage Reviews

At LendingTree, the company has a stellar 4.9 out of 5 rating from more than 600 reviews, with a 97% recommended score.

On Zillow, Filo Mortgage has a nearly perfect 4.96-star rating out of 5 from over 100 customer reviews, many of which say the interest rate and/or closing costs were lower than expected.

On Google, they have a 4.7-star rating from about 500 customer reviews, which shows how consistent they’ve been to date.

Lastly, they have a 4.7/5 rating on the Better Business Bureau website, a really strong score given it being a place customers typically go just to complain.

And they are an accredited business with the BBB (since early 2020), and currently hold an ‘A-‘ score based on complaint history.

In summary, Filo Mortgage appears to offer the latest technology, excellent customer service, and low mortgage rates with no lender fees, making them a suitable choice for both a home buyer or existing owner looking to refi.

They also have their Low-Rate Guarantee in place if you happen to find better pricing elsewhere while rate shopping.

The only real downsides are that they don’t lend in all states and may not offer every available loan program.

Filo Mortgage Pros and Cons

The Pros

  • They openly advertise their mortgage rates
  • Do not charge lender fees
  • Offer a low-rate guarantee if you find a better price
  • Can apply online via a digital mortgage application
  • Say the average loan closes in just 22 days
  • Excellent customer reviews
  • Lots of loan programs to choose from
  • A- BBB rating, accredited business

The Cons

  • Only licensed in a handful of states currently
  • No physical locations
  • Do not offer second mortgages or USDA loans

(photo: Warren LeMay)

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