On Q Financial mortgage review
Offers multiple mortgage options, flexible underwriting and an on-time closing guarantee, but retail branches and in-person service are limited.
- Choose this lender for competitive rates and fees.
- Choose another lender if you want a home equity loan or HELOC.
- A good option for self-employed persons and investors.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Refinance|
|Minimum credit score||Conventional: 580 to 620|
|Minimum down payment (Conventional)||3%|
|State availability||Not available in: HI, NJ, NY, OH|
On Q Financial requirements
To find out if you’re eligible for an On Q Financial home loan, visit the company’s website. Basic eligibility for a mortgage with On Q Financial includes:
- Two years’ history of employment.
- A FICO credit score of 580 or higher.
- No history of bankruptcy in the past two years.
When applying for a mortgage with On Q Financial, be prepared to provide the following documentation:
- Government-issued ID
- Social Security number
- W-2s for the past two years or 1099s for self-employed persons
- Pay stubs from the past month
- Bank and investment account statements from the past year
- Proof of any existing debt and monthly payments
- Verification of ownership for any existing properties
- Letter verifying any gift funds for your down payment
- Divorce decree if applicable
Costs and fees
On Q Financial charges an origination fee made up of different charges that can run anywhere between $1,100 and $1,395. In addition, expect to pay about 2% to 5% of your loan amount in closing costs, which typically include:
- Home inspection
- Private mortgage insurance (PMI)
- Homeowner’s insurance
- Attorney’s fees
- Title insurance
How to apply for a mortgage with On Q Financial
To get started applying for a home loan with the company:
- Go to the On Q Financial website and select Home Loans at the top of the page.
- Select the loan type you want to apply for by selecting Read More under the loan description. Next, choose either Buy a House or Refinance.
Note: After step #2, you should be able to enter some information and view your available rates and loan options, but the site wasn’t working when we tried to use it.
Alternatively, you can call On Q Financial directly on 866-667-3279 to get prequalified over the phone or download the company’s Simplicity app to begin a loan application from your smartphone.
What types of mortgages can I get through On Q Financial?
Other mortgage products On Q Financial offers
On Q Financial also offers these specialized types of mortgages:
- Construction loans. A loan combining the cost of construction financing and a mortgage into a single loan with one set of fees. After construction, the loan automatically converts into a permanent loan.
- Home improvement loans. A loan that rolls the cost of renovations and a mortgage into a single loan with one set of fees.
- Investment property loans. A loan that allows for the financing of properties that are owned but not occupied by the owner.
- Manufactured home loans. A loan to help purchase a factory-built manufactured or mobile home constructed after June 15, 1976. Choose from conventional, FHA, USDA and VA mortgages.
- Native American Home Ownership (HUD 184). A loan program geared towards Indigenous tribal members, offering low down payment options.
- Mortgage refinancing. A new loan that replaces your current mortgage, enabling you to lower your interest rate, change the term length and eliminate PMI when equity reaches 20%.
How On Q Financial’s mortgage products compare to other lenders
Compared to other lenders, On Q Financial offers a wide range of mortgage options, including specialized loans for different homebuyer needs. And unlike other lenders, On Q may consider alternative lending criteria for low credit borrowers and is willing to underwrite bank statement loans for eligible buyers. However, On Q Financial doesn’t appear to offer home equity loans or HELOCs at this time.
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On Q Financial reviews and complaints
As of August 2021, On Q Financial has a 4.97 out 5 rating on Zillow from 1,787 reviewers, who report being thrilled with the professionalism, attention to detail and speed of their loan officers. Almost all customers on Zillow reported that fees and rates were “as expected” or “lower than expected.”
On Q Financial has been accredited with the Better Business Bureau (BBB) since 2005 and has an A+ business rating. Six customers have rated the company on the BBB site, resulting in a 1.17 out of 5 score, and four customers have filed complaints over the past three years.
While the vast majority of online reviewers appear to be happy with the service received, a few have mentioned poor service and broken promises from loan officers.
On Q Financial pros and cons
On Q Financial might be a good choice for your mortgage and refinancing needs after weighing out the perks and drawbacks.
- On-time close guarantee. On Q Financial guarantees that it will close on time or the company will pay both the buyer and seller $1,000.
- Competitive rates. Many customers report online that they received interest rates and fees that were lower than expected.
- Down payment assistance. On Q can help you find local programs to help cover some or all of your down payment with a loan or grant.
- Multilingual website. You can navigate the site in six languages, including English, Spanish, Chinese, Russian, Vietnamese and Korean.
- Not available in all states. While On Q Financial mortgages are available in most states, they’re not available in all states.
- Limited branches. You can only sit down with a loan officer in person in select states, and we’re told many loan officers are remote-only at this time.
- Buggy website. On Q’s current rate calculator didn’t work for us, despite multiple attempts loading it on different browsers.
What is On Q Financial?
On Q Financial was founded in 2005 by John Bergman, an entrepreneur, former loan officer and the company’s current president. The company’s mission statement is to simplify the mortgage process for homebuyers through its specialized loan programs, digital application process and on-time closing guarantee.
Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
Offering a wide selection of loan programs and flexible underwriting criteria, On Q may be a good choice for self-employed borrowers, investors and first-time homebuyers. If you’re a Native American or an Alaskan Native tribal member, you could qualify for On Q’s nontraditional loans with low down payments. But On Q isn’t available in all states, and branch locations and in-person support are limited.
If On Q Financial doesn’t have what you’re after, compare more lenders to find the right one for you.