
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
HomeLight simplifies the mortgage process with its fully digital platform, speedy application process and upfront underwriting. Although most customer reviews suggest an overall positive experience, getting in touch with HomeLight customer support has proven difficult. So if you prefer a more responsive customer support when trying to secure a mortgage or simply favor doing business in person, you might want to look elsewhere.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: AZ, CA, CO, FL, OR, PA, TN, TX, WA
State availability
Loan products offered | Conventional |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: AZ, CA, CO, FL, OR, PA, TN, TX, WA |
NMLS # | 1529229 |
Review by
Matt Miczulski is an investments writer at Finder, where he covers market news and digs into brokerages and investments to help readers make informed financial decisions. His expertise and writing have been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Before joining Finder, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. He earned a BA in history from William Paterson University.
HomeLight offers a modern, streamlined mortgage process that can be a good option for both first-time and experienced homebuyers. Its transparent and cost-effective approach to mortgage lending simplifies the homebuying process, and its upfront underwriting gives homebuyers a more competitive edge.
But if prompt customer service and the ability to deal face to face with a loan officer is important to you, you might want to look elsewhere. Plus, HomeLight currently only operates in a handful of states. So depending on where you live, HomeLight might not even be an option at the moment.
HomeLight is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.
If you’re thinking about applying for a home loan with HomeLight, you need to meet the following criteria to get approved.
To receive final approval for your home loan, you need to provide the following:
HomeLight doesn’t charge lender fees, allowing you to put more of your money into buying your new home. Many traditional lenders charge between 1% to 3% of the loan’s value for originating your mortgage. Keep in mind that you’ll still be responsible for paying other third-party fees associated with buying a home, such as appraisal fees, homeowner’s insurance and closing costs.
Since HomeLight is a digital lender, you’ll need to apply online through HomeLight’s website. First, you’ll need to get preapproved. Here’s how to get a preapproval with HomeLight.
Preapproval is instant once you provide all necessary information, and you’ll receive a digital letter detailing the preapproval amount. If you decide to apply for a HomeLight Conditional Approval, HomeLight will typically fully underwrite your financials and credit within 24 hours of submitting your application.
HomeLight only offers home loans at the moment. However, the company states on its website that it plans to offer refinance loans soon.
HomeLight prides itself on its overhauled mortgage experience, so there are several noticeable differences compared to most traditional mortgage lenders. For instance, HomeLight offers full upfront financial underwriting within 24 hours of completing your application, a 21-day close guarantee with a maximum $100,000 earnest money reimbursement if HomeLight causes you to miss your closing date and no lender fees. All these perks are designed to make you a much more competitive homebuyer in today’s market.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
As of July 2022, HomeLight has a B rating with the Better Business Bureau (BBB) and review sentiment is right on par. Reviewers on the site have rated HomeLight 4.49 out of 5 stars with a total of 230 customer reviews.
Satisfied customers praise the platform’s smooth and efficient process and its ability to connect buyers with trusted, experienced realtors. Most of the negative reviews focus on poor customer service and heavy-handed solicitation, primarily the abundance of phone calls and emails HomeLight sends out once you show you’re interested and begin the mortgage process.
HomeLight is a San Francisco-based real estate technology platform that connects buyers and sellers with top real estate agents in their area. Aside from its real estate agent referral service, HomeLight operates as a digital mortgage lender and loan originator.
Founded in 2012 by tech entrepreneur Drew Uher, HomeLight has since helped nearly 915,000 clients buy and sell a home, supporting over $1 billion of real estate transactions every year on its platform.