Homebridge Mortgage Review 2023
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Our Take
3.5
Homebridge is a top lender of purchase-renovation loans that offers many online conveniences. Mortgage interest rates aren't available on the website.
Pros
- Offers a full array of mortgage products, including government and renovation loans.
- Online portal keeps borrowers up to date on the loan application's progress.
- Offers home equity lines of credit, or HELOCs.
Cons
- Doesn't post interest rates on its site.
- Lender fees are on the high side, according to the latest federal data.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
What borrowers say about Homebridge mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.
Homebridge receives a customer rating of 4.97 out of 5 on Zillow, as of the date of publication. The score reflects more than 5,040 customer reviews.
Homebridge mortgage variety of loan types
5 of 5 stars
Homebridge Financial Services Inc. is a nonbank lender that makes and services a variety of home loans for everyone from first-time home buyers to refinancers. Borrowers can expect to find options for conventional, jumbo and renovation loans, as well as government-backed FHA, VA and USDA loans.
The lender has branches in more than 30 states and encourages a conversation with a loan officer before completing an application.
Homebridge HELOC
The lender also offers a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Homebridge says borrowers can be approved in as little as five minutes for HELOC funds available within five days.
» MORE: Best HELOC lenders
Homebridge mortgage ease of application
5 of 5 stars
You can start the mortgage application process at Homebridge's website, over the phone, or in person if you live near a branch. When you begin online, you’ll answer a few questions, enter your contact information and a Homebridge representative will reach out to you later.
The lender says you can complete a full mortgage application, upload documents and track the loan application's progress online. Additionally, Homebridge says, you can receive and return loan disclosures electronically, via mail or in person.
Homebridge mortgage rates and fees
2.5 of 5 stars
Homebridge earns 2 of 5 stars for average origination fee.
Homebridge earns 3 of 5 stars for average mortgage interest rates.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
Homebridge mortgage rate transparency
1 of 5 stars
Homebridge does not post mortgage rates online. You'll need to work with a loan officer to learn current rates.
Alternatives to Homebridge mortgage
Here are some comparable lenders we review that borrowers can consider.
Pennymac offers a similar nonbank borrowing experience, and Carrington offers comparable options for first-time home buyers.
» MORE: Best nonbank mortgage lenders
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More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
