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This digital mortgage provider’s five-step, AI-driven process accesses your financial documents to give you a decision quicker than most lenders are able to manage. But you’ll have to give up your account credentials in exchange for the convenience of same-day approval.
620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: AR, AZ, DC, FL, KY, LA, MA, MD, MI, NC, OH, RI, SC, TN, TX, VA
State availability
Loan products offered | Conventional, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: AR, AZ, DC, FL, KY, LA, MA, MD, MI, NC, OH, RI, SC, TN, TX, VA |
NMLS # | 1799947 |
Beeline is not currently available on Finder
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If you’re looking for a smoother, technologically-driven approach to a conventional loan or refinance, Beeline might fit the bill. A relative newcomer to the lending market, Beeline cuts out the middleman to help you save on costs while providing quicker loan preapprovals.
Unlike traditional lenders, Beeline doesn’t charge any origination, processing or underwriting fees. It also offers a Price Pact which states that if it can’t beat another lender’s interest rate, it will pay half of your first month’s mortgage with the other lender.
But it only offers conventional loans in select states. And you’ll have to provide logins to your financial accounts for same-day preapproval. Alternatively, you can upload your documents, but this may slow down the process a bit.
What makes Beeline different from traditional lenders is its ability to link directly to your financial and tax accounts to get your real numbers — not estimates. This allows Beeline to significantly speed up the application process and give you a preapproval decision within minutes, instead of days.
Beeline states on its website that any information you enter is encrypted end-to-end and none of your credentials are stored or accessible to anyone. However, giving up that kind of information isn’t for everyone, and you need to decide if the trade-off is worth it to you.
To determine your eligibility, Beeline considers personal and financial information that includes:
If you qualify, a purchase-ready approval letter is available the same day — including your rate and loan amount.
To find out if you qualify, go to Beeline’s home page and click Start to begin the five-step application process.
To take advantage of Beeline’s same-day processing of your loan application, you’ll need to provide login credentials to your financial and tax accounts.
If you wish to proceed with this method, you’ll need to have the following on hand:
If you’re not comfortable with giving up your login credentials, or you don’t require a same-day decision, you can provide PDFs to process your application. You’ll need to have the following documents available for uploading:
For employed persons:
For self-employed persons:
Unlike many lenders, Beeline doesn’t charge any origination, processing or underwriting fees. These fees can easily run into the hundreds or even thousands of dollars, so not having to pay these fees represents significant savings.
But you’ll still have to pay closing costs on your home loan, which can run anywhere from 2% to 5% of your loan’s total amount, depending on the state you’re in.
Closing costs typically include:
The application takes you through five steps. You’ll be asked a series of questions about yourself, your bank accounts, investments, retirement plans, income and employment history.
To begin:
Beeline’s application links directly to the source of your financial information. This direct access allows your bank, pay and tax information to be collected and verified instantly. Any information you enter is encrypted end-to-end and none of your credentials are stored or accessible to anyone.
Beeline offers fixed and adjustable-rate conventional loans for these types of dwellings:
Beeline has streamlined and automated the entire application process, helping to remove unnecessary steps and paperwork. Because all your financial information is linked and verified immediately, you can get a purchase-ready approval in minutes. While Beeline offers greater convenience and speed than other lenders, it has limited state availability and doesn’t offer FHA, VA or USDA loans at this time — borrowers are limited to conventional loans.
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As of April 2022, Beeline has a 4.3 out of 5 rating on Zillow from 26 reviewers and a 4.57 out of 5 rating on the Better Business Bureau (BBB) website from 44 customers. Beeline is not accredited by the BBB and has an A business rating, with one complaint closed in the past three years.
While the number of online reviews is limited, the majority of customers report being happy with Beeline’s interest rates, fast response times, its online process and professional loan officers. However, some customers reported initial hiccups with applications, and a few have complained of a lack of communication.
Founded in 2019 by five veterans of the real estate and fintech industry, Beeline is a legitimate, fully digital home loan lender dedicated to providing a fast, streamlined mortgage experience. Beeline accelerates the industry’s shift to AI by asking potential borrowers to link their personal and financial accounts to its software for more accurate — and, it says, more trusted — approvals.
Beeline has an “A” BBB Rating & Accreditation. Beeline is based in Providence, Rhode Island and has raised $7.6m in equity capital to date.