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Homenda Mortgage Review: A Hassle-Free Home Loan with $0 Lender Fees


Today we’ll check out “Homenda Mortgage,” a mortgage lender that works exclusively in the state of California.

While that might appear limiting, note that the Golden State alone accounts for about 20% of national home loan volume.

Honing in on just one state also allows the company to be laser-focused and better organized, with less overhead and faster turn times.

They put their money where their mouth is too, promising no lender fees of any kind, along with a low mortgage rate.

So if you’re a California homeowner, or prospective home buyer, you may want to include them in your home loan search.

Homenda Mortgage Fast Facts

  • Direct-to-consumer mortgage lender
  • Offers home purchase loans and mortgage refinances
  • A division of Bay Equity Home Loans
  • Launched in 2021, headquartered in Corte Madera, CA
  • Do not charge lender fees and claim to offer low rates
  • Only licensed to do business in the state of California

Homenda Mortgage is a new direct-to-consumer mortgage lender based in Corte Madera, California.

They are actually a division of Bay Equity Home Loans, which funded nearly $10 billion last year.

The company appears to be a techy, discount lending arm that’s a bit more lightweight than its parent company.

This means a smaller lending menu and loan programs that are offered solely for California properties.

Their goal is to provide a hassle-free mortgage with as much transparency as possible. And that starts by allowing you to price a loan online with all the details listed.

This differs from other lenders that require you to call someone, provide your contact information, or sign up before receiving those all-important figures.

How to Apply with Homenda Mortgage

To get started, simply cruise over to the Homenda website and click on purchase or refinance. They don’t have branches so you’ll be working remotely.

From there you’ll be dropped right into their loan pricing engine, which provides real-time mortgage rates and fees.

Just enter some basic details like your property value, loan amount, and zip code, and you’ll be able to see today’s rates in seconds.

If you like what you see, you can print a copy of the details so you have it handy, and then click on “Apply Now” to submit a loan application.

First, you’ll be asked to register, then you can begin filling in the digital application. Their app is powered by Floify.

It allows you to complete the application from any device, verify assets by providing your bank’s login credentials, and easily eSign disclosures.

Once submitted, a loan officer will get in touch to discuss the details of your loan and notify you of any additional paperwork requests.

Throughout the process, you’ll be able to check loan status at any time by logging on to the online borrower portal.

It’s also possible to simply call them directly or fill out a short contact form if you want someone to reach out to you.

All in all, they pride themselves on offering a simplified loan process that is secure and transparent.

You should enjoy the latest and greatest technology available in the industry.

Loan Programs Offered by Homenda

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • Fixed-rate options: 30-year and 15-year loan terms
  • Available on primary residences, second homes, and investment properties

As mentioned, Homenda appears to be a lightweight, digital lending division offered by its parent company Bay Equity, LLC.

So their product menu is limited to core stuff like conforming loans backed by Fannie Mae and Freddie Mac, jumbo loans, and FHA loans.

The obvious, big programs missing include VA loans and USDA loans.

However, they do offer both home purchase loans and refinance loans, including cash out refinances.

That means they should be able to assist most homeowners and home buyers out there, assuming they live in California.

In terms of specific loan programs, they only seem to offer fixed-rate mortgages, including the 30-year fixed and 15-year fixed.

You should also be able to get a mortgage on all major property types, such as a condo/townhome, investment property, and so on.

Homenda Mortgage Rates

One great thing about Homenda Mortgage is their transparency when it comes to mortgage rates and lender fees.

While service and overall competency are obviously super important, loan pricing is at the top of the list as well.

After all, the mortgage will likely be with you for quite some time, whether it’s a decade or 30 years.

So getting a good rate with limited fees is paramount. The good news is Homenda Mortgage does not charge a loan origination fee.

They also don’t charge an underwriting fee, loan processing fee, application fee, or a so-called administration fee.

The only closing costs you should see relate to any discount points paid or third-party fees like escrow and title. Almost a free mortgage!

In terms of their interest rates, they’re also very competitive and you can generate real-time quotes on their website without signing up or speaking to anyone.

If you like what you see, you can get in touch with a loan officer to proceed with an application. Or simply apply online on your own.

Homenda Mortgage Reviews

Because the company is very new, they don’t have a ton of reviews online or elsewhere. However, there are still a couple hundred you can read to get a feel for their customer service.

On Zillow, Homenda Mortgage has a very impressive 4.99-star rating out of a possible 5 from about 230 customer reviews.

That’s pretty much as close to perfect as you can get. And a good chunk of the reviews indicated a lower interest rate and lower closing costs than expected.

While the lender itself isn’t Better Business Bureau accredited, their parent company Bay Equity, LLC is, and currently holds an ‘A+’ rating. So you should be in good hands.

To sum things up, Homenda appears to be aggressively priced when it comes to rates and is often one of the cheapest options on the Zillow Mortgage Marketplace.

When combined with their lack of lender fees, they may be hard to beat.

If the company can deliver on the customer service front as well, they might be a good option for your home loan needs, whether it’s a purchase or a refi.

Homenda Mortgage Pros and Cons

The Good

  • Offer a digital mortgage experience
  • Can apply online without a human
  • Claim to offer low mortgage rates
  • Can price a loan on their website without signing up
  • Do not charge loan origination fees or any lender fees
  • Excellent customer reviews
  • Parent company has an A+ BBB rating

The Maybe Not

  • Only do business in the state of California
  • Limited menu of loan programs
  • No physical locations

(photo: Marco Verch, CC 2.0)

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