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Homebridge mortgage review

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finder.com’s rating: 3.1 / 5.0

★★★★★

This nonbank lender offers a full suite of products, but with potentially high closing costs.

Homebridge offers a wide variety of home loans, and policyholders positively review its customer service when securing a loan. However, branch locations are limited and some cite higher closing costs than expected.

Details

Loan types Conventional, Jumbo, FHA, VA, USDA, Reverse
Available States Not available in: UT

Pros

  • Wide assortment of home loans
  • Unique loan approval process
  • Licensed in 49 states

Cons

  • Limited branch locations
  • High origination fees
  • Transfers loans to other servicers
Homebridge earns an A rating with the Better Business Bureau, but is not accredited with the BBB. You’ll find more than 1,500 reviews on TrustPilot at the time of writing, and 87% of those reviews rate the lender as “excellent.” Most homebuyers say the approval process is smooth and that loan officers are with them every step of the way. Complaints are varied but mention unexpectedly high closing costs, extended closing dates and sold loans after closing.

What types of loans does Homebridge offer?

Homebridge offers a broad selection of home loans, from traditional to niche:

  • Conventional. Homebridge offers fixed- and adjustable-rate mortgages, some through programs requiring as little as a 3% down. If your down payment is less than 20%, you’ll pay private mortgage insurance (PMI).
  • FHA loan. Designed for families with low to moderate incomes, FHA loans come with a lower minimum down payment and are more flexible with the credit score requirement than conventional loans. Specific FHA loans bundle purchases with renovations and help with rebuilds after natural disasters.
  • VA loan. These mortgages reserved for eligible veterans, active-duty military and surviving spouses come with little to no down payment, if you qualify.
  • Jumbo and super jumbo. Homebridge’s jumbo loan programs can finance loan amounts higher than the standard loan limits. In 2019, the standard loan maximum is $484,850 for most counties. Lenders have different criteria to determine what makes a super jumbo loan.
  • USDA financing. Qualified borrowers in rural and suburban areas can get a mortgage with no down payment and lower interest rates than traditional loans.

Other loans offered by Homebridge

In addition to its more standard products, Homebridge also offers:

  • Reverse mortgages. Homeowners ages 62 or older can tap into the equity in their homes. The more money you borrow, the less equity you have in your home. The loan balance is due when the borrower sells the home or dies.
  • Construction loans. Construction-to-permanent loans combine your sale and construction financing needs into one loan. It also means only one set of closing costs.
  • Commercial loans. Homebridge provides commercial as well as mixed-used financing.
  • FNMA HomeStyle. This Fannie Mae loan is a type of renovation loan that helps you purchase and renovate a property in one mortgage.

Homebridge fees

Homebridge does not disclose its fees online. Instead, you must speak with a loan officer to learn the fees associated with your loan.
Common fees to keep in mind for new mortgages include:

  • Application
  • Origination
  • Underwriting
  • Rate lock
  • Fees to third parties like appraisers, flood specialists and title companies

Homebridge Home Rewards

To help recoup some of your fees, look into Homebridge’s Home Rewards program. Homebridge promotes a gift card of up to $595 for new qualifying FHA, VA and conventional conforming loans.

Gift card eligibility is open to approved members of an affinity company or nonprofit, military or law enforcement personnel, teachers, firefighters and EMTs. Ask your loan officer about the gift card promotion before loan origination to learn more.

Requirements

Your loan originator will provide a preapproval checklist that includes the documents you’ll need to apply for your mortgage. On receipt of your paperwork, Homebridge runs a check on your credit for the big picture of your finances, generating a preapproval letter that you can use when house shopping.

Each home loan offered by Homebridge comes with different credit score and down payment requirements:

  • Conventional mortgage. Down payment of at least 3% of your loan amount.
  • FHA financing. Down payment of at least 3.5% and FICO score of at least 620. If your credit score is 580, you may qualify for an FHA-insured loan if you meet other income, assets and debt criteria.
  • VA loan. Eligible active-duty service members and veterans with a credit score of at least 580, although 620 is preferred, and debt-to-income ratio (DTI) of about 45%.

Documentation

You must submit such personal, financial and employment details as:

  • Addresses for the past two years
  • Names and addresses of each employer for the past two years
  • 2 years of tax returns
  • 2 years of W-2s or 1099s
  • 1 month of pay stubs
  • 1 form of official government ID
  • Social Security card
  • 2 recent bank statements and any other money-related assets — money market, IRA, mutual fund, brokerage accounts

How to get a home loan with Homebridge

Preapproval can expedite the loan process. Otherwise, you follow four general steps to homeownership with Homebridge:

  1. Application. Apply for a mortgage on the Homebridge website, over the phone or at a local branch. After you submit your documents, Homebridge processes your application and pulls your credit report.
  2. Appraisal. Homebridge’s processor orders an appraisal and title report to confirm the condition of the property.
  3. Underwriting. The processor puts together your loan package, including documents and reports. Homebridge’s underwriter then approves or denies the loan.
  4. Closing. Ater approval, the closing attorney starts the closing process. You’ll find out the final broker and closing fees and schedule a time to sign the loan paperwork.

Pros and cons of Homebridge

Pros

  • Wide assortment of home loans. Homebridge offers both major and niche mortgage options.
  • Unique loan approval process. Homebridge works with local market experts to understand local regulations and attempt to find what’s best for your situation.
  • Licensed in 49 states. Homebridge is a licensed lender in every state but Utah.

Cons

  • Limited branch locations. You must live in one of 28 states in which Homebridge supports branch for a face-to-face with a loan officer.
  • High origination fees. Some customers report that closing costs are higher than the estimated amount.
  • Transfers loans to other servicers. Homebridge is quick to sell your home loan to another servicer, requiring you to work with a new company, though under the same loan conditions. Some customers report their mortgages transferred before their first loan payment.

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What is Homebridge?

Homebridge is a privately owned, nonbank mortgage lending firm with a mission of simple, affordable and easy homeownership. In business for more than 25 years, it acquired a majority of HomeStreet Bank’s standalone home loan centers in 2019. This purchase expanded Homebridge’s mortgage lending services and increased the number of retail branches throughout the country.

Frequently asked questions

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

Expert review

Kelly Larson

Review by


Kelly Larson is an editor at Finder, where he currently spearheads the effort to make office sloths a thing. Prior to that all-important role, he led editorial newsrooms in the creation of award-winning content as a managing editor in the digital space.

Expert review

Homebridge is a growing company with a full suite of home loan options. It offers a variety of government loans such as the FHA 203(k), for which the US Department of Housing and Urban Development ranked Homebridge No. 1 lender in 2017.

While it provides loans in all states but Utah, it supports branches in only 28 states. If you prefer in-person support or aren’t comfortable with the idea of working with a new servicer after approval, compare your other mortgage options.

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