Today we’ll take a deep dive into “HomeLend Mortgage,” a company that refers to itself as a “top-tier lender specializing in digital mortgages.”
They pride themselves on their decades of experience coupled with their use of the latest, superior technology.
This allows them to close loans a full three weeks faster than the industry average, per the monthly ICE Mortgage Technology report.
In short, they like to keep things simple because they believe mortgages don’t need to be complicated.
That approach has resulted in thousands of 5-star reviews from their customers and billions in funded loans over the past few years.
Let’s discover more about them.
HomeLend Mortgage Fast Facts
- Direct-to-consumer mortgage lender
- Offers home purchase financing and mortgage refinances
- Founded in 1998, headquartered in Parsippany, NJ
- A dba of parent company Kwik Mortgage Corp.
- Licensed to do business in 23 states
- Does not charge lender fees
HomeLend is a direct-to-consumer mortgage lender, meaning they operate a call center to match loan officers with prospective customers.
If you’re comfortable working remotely, as opposed to in-person, they could be a good choice for either your home buying or refinance needs.
They are actually a dba of Kwik Mortgage Corporation, which was recently named one of Inc.’s 5000 Fastest-Growing Private Companies in America.
That company funded about $1.3 billion in home loans last year, with roughly half of its volume coming from the state of New Jersey.
At the moment, they’re currently licensed in 23 states, including California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
How to Apply with HomeLend Mortgage
- You can give them a call or simply visit their website to get started
- Their digital mortgage application is powered by Blend
- Allows you to securely connect or upload bank statements, pay stubs, tax returns, and more
- Borrowers can eSign disclosures and safely track progress via their secure mobile-friendly portal
You’ve got three main options. Either call them on the phone or visit their website.
If you land on their website, you can request a mortgage rate quote via their online form, or simply click “Apply” to get started on your application immediately.
Either way, you’ll be paired with a licensed loan officer who will be your guide throughout the loan process.
They are big on technology, with a digital mortgage application powered by Blend.
It allows you to connect financial accounts, e-sign documents, and upload paperwork in a matter of minutes.
HomeLend Mortgage aims to get you pre-approved in about 15 minutes, and close your loan three weeks faster than the other guys.
They use both in-house loan processors and loan underwriters to keep your file moving.
Loan Programs Offered by HomeLend Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Conventional loans backed by Fannie Mae and Freddie Mac
- 3% down options including HomeReady and HomePossible
- FHA loans
- VA loans
- Jumbo loans
While HomeLend does provide home purchase loans, they appear to focus on mortgage refinances.
That means they might be better suited for an existing homeowner who is looking for a lower mortgage rate. Or perhaps some cash out.
Their parent company did about 90% of their business in refis last year, which tells me that’s their specialty.
This is a good thing for existing homeowners who want a fast, streamlined loan process.
However, they do offer 3% down options HomeReady and HomePossible for home buyers with little set aside for down payment.
In terms of loan types offered, you can get a conventional loan backed by Fannie Mae or Freddie Mac, an FHA loan, VA loan, or jumbo loan.
They don’t offer USDA loans, which are geared toward home buyers in rural parts of the country.
Both fixed-rate and adjustable-rate loan programs are available in a variety of different loan terms.
Borrowers can obtain a 30-year fixed or a 15-year fixed, or an adjustable-rate mortgage such as a 5/1 or 7/1 ARM.
HomeLend Mortgage Rates
While HomeLend claims to provide home loans with the lowest interest rates and closing costs possible, you won’t find their mortgage rates on their website.
For whatever reason, they don’t list them online, so you’ll need to call or fill out a “custom rate quote” form on their website to obtain pricing.
I have seen their rates in the wild on third-party websites like Bankrate, so you might come across them if actively shopping.
From what I observed, they were priced pretty aggressively, though their low rates often required mortgage points be paid.
The good news is they don’t charge lender fees. So you shouldn’t have to worry about any lender, application, underwriting, or other junk fees.
However, I did see some of their rates accompanied by a $2,500 loan origination fee on Bankrate, so be sure to inquire about that.
I would characterize that as a lender fee, though it might only apply to loans that are priced well below market.
So if you opt for a market rate, you should be able to avoid that fee and any others a different lender may charge.
Regardless, always put in the time to comparison shop with other banks, lenders, and mortgage brokers to ensure you don’t miss a better deal.
HomeLend Mortgage Reviews
HomeLend Mortgage comes highly rated, with a stellar 4.9-star rating on Google from about 360 customer reviews.
Similarly, they have a 4.84-star rating out of 5 on Zillow from roughly 250 reviews, many of which say the interest rate and/or fees were lower than expected.
Over at Bankrate, they’ve got a 4.8-star rating from 80 reviews, with 98% saying they’d recommend them to others.
They also have a 4.8-star rating at LendingTree from a small sample size of 23 reviews, with a 96% recommended ratio.
Lastly, their parent company is Better Business Bureau (BBB) accredited and has been since 2010. They currently have an ‘A+’ BBB rating.
To sum things up, HomeLend Mortgage could be a good choice for an existing homeowner looking to refinance their home loan.
They appear to offer low rates with limited fees, along with the latest technology available.
HomeLend Mortgage Pros and Cons
The Good
- Do not charge any lender fees
- Offer a digital mortgage application
- Can apply without speaking to a human
- Get pre-approved in just 15 minutes
- Say they close loans 3 weeks faster than most lenders
- Good selection of loan programs to choose from
- Excellent reviews from past customers on all ratings sites
- A+ BBB rating, accredited business
- Free mortgage calculator
- Some of their staff speak Filipino, Hindi, and Spanish
The Maybe Not
- Not licensed in all states
- Do not list mortgage rates on their website
- Do not offer USDA loans
- No branch locations
- May not service your loan after closing