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Homebridge Mortgage Review: A Solid Choice for Renovation Loans

Review Updated
Matt Frankel, CFP®
Kimberly Rotter, AFC®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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 and  Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.

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Our Mortgage Experts

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Offer status

The offers on this page may have expired. Homebridge Mortgage no longer offers mortgages direct to consumers. It makes loans through brokers, and it still services some mortgages.

Homebridge Mortgage is a large lender with an extensive branch network, and it offers a wide assortment of mortgage products. While its transparency with interest rates and fees isn't great, the lender is an expert in certain types of loans (especially renovation mortgages) and does a great job when it comes to home buyer education. In our Homebridge Mortgage review, we'll take a look at the lender's pros and cons so you can decide if it could be a good fit.

Ratings Methodology
Homebridge Mortgage

Homebridge Mortgage

Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Homebridge is a wholesale mortgage lender, which means it only works with licensed mortgage brokers. Borrowers may not apply directly.

Min. Credit Score

620 (traditional), 580 (FHA)

Min. Down Payment

0%-3.5%, depending on loan

Key Features

  • Lots of loan options, including FHA, VHA, and USDA mortgages
  • Non-qualified mortgages available
  • Construction-to-permanent loans
  • Large branch network

Loan Types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Reverse

Fixed Rate Terms

Not disclosed

Adjustable Rate Terms

Not disclosed

Top Mortgage Lender

It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:

Lender Min. Down Payment Credit Score Next Steps
  • 3%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional 680 Jumbo
Apply Now for Better

Full Homebridge Mortgage review

This mortgage lender is a good fit for: Borrowers who want to roll renovation or improvement costs into their mortgage, or those who want face-to-face help.

Pros

  • Lots of loan options
  • Construction loans
  • Nontraditional loan options
  • HELOCs with online applications
  • Branch network

Cons

  • No rates or fees listed online
  • Application isn't fully automated

Top perks

Lots of loan options

In addition to conventional mortgage loans, Homebridge Mortgage offers FHA, VA, and USDA loans. It also provides jumbo mortgages and renovation loans. Plus, the lender offers refinancing, reverse mortgages, and construction loans. And Homebridge Mortgage also offers non-qualified mortgages, which is a key differentiator as we'll discuss below.

Non-qualified mortgages

Self-employed borrowers often have a difficult time qualifying for mortgages, so Homebridge Mortgage offers non-qualified (non-QM) loans. For example, these loans may allow a borrower to qualify using bank statements instead of tax returns, assets they own instead of income, or a 1099 form as income documentation. For real estate investors, Homebridge Mortgage allows borrowers to qualify based solely on the target property's rental income, not their own.

HELOCs available

Homebridge Mortgage offers home equity lines of credit, better known as HELOCs, with entirely online applications and funding in just five days. The HELOC program has competitive rates and a one-time origination fee.

Read more: What Is A Home Equity Line of Credit?

Large branch network

Homebridge Mortgage can be an excellent choice for home buyers who find face-to-face help valuable, as the lender has about 180 branches in 30 states. One of Homebridge Mortgage's strengths is borrower education, and the accessibility of in-person help can be a valuable asset, especially to first-time home buyers.

Construction-to-permanent loans

Homebridge Mortgage offers construction loans designed to convert to a permanent mortgage once the home is complete.

Home renovation loans

Homebridge Mortgage offers a variety of home renovation loan products (both FHA and conventional), designed to roll the costs of desired renovations or improvements into the primary mortgage. This is a major focus area for the lender, and its staff is highly knowledgeable about renovation loans. In fact, the Department of Housing and Urban Development has recognized Homebridge Mortgage as one of the largest FHA renovation lenders in the U.S.

What could be improved

Interest rate transparency

There's no way for applicants to check their interest rates online, and there isn't even a way to view the bank's current rates for well-qualified borrowers like many other lenders offer. There isn't any way to view the fee structure for the company's loans either. The only way to get any information about how much it would cost you to borrow is to fill out an application and speak with a loan officer.

Application isn't online

You can start the Homebridge Mortgage application process online, but it cannot be completed without actually talking with a loan officer. In a nutshell, you'll fill out a form that has details about what you're looking for. You then have to wait for a loan officer to call you and get the process moving. There isn't even a way to get a pre-approval for a mortgage without going through a loan officer, which is becoming more of a rarity among mortgage lenders these days.

How to qualify

To qualify for a Homebridge Mortgage, you'll need to meet the qualification standards of whichever loan program you're planning to use (such as FHA, VA, conventional, or others). Generally speaking:

  • A 580 credit score is required for an FHA loan with the minimum down payment.
  • Conventional loans require a 620 credit score.

That said, your other qualifications will also need to meet the lender's standards. You'll need to fill out a request form on Homebridge Mortgage's website, or call the company, and then complete the application process through a loan officer.

How are Homebridge Mortgage's refinance rates?

It's difficult to say whether Homebridge Mortgage offers competitive refinance rates, as there is no way to view personalized interest rates, or even a general list of the bank's refinancing rates, on its website. To get any sense of Homebridge Mortgage's interest rates, you'll have to apply through a loan officer -- either over the phone or in person by filling out a form and waiting for a loan officer to call you back.

How are Homebridge Mortgage's rates compared to the national average?

It's also hard to say how Homebridge Mortgage's mortgage rates compare to the national average since you can't see personalized interest rates, or even a general list of the bank's interest rates on its website. As mentioned above, you have to apply through a loan officer to get that information.

Homebridge Mortgage is right for you if:

If you're planning to make substantial improvements to your new home and don't want the hassle of getting a separate renovation loan, Homebridge Mortgage could certainly be an excellent choice. And Homebridge Mortgage could also be a smart choice for borrowers who find the mortgage process confusing and find face-to-face help and phone conversations with loan officers valuable.

However, Homebridge Mortgage isn't the most tech-focused lender, with no online application process, and it isn't close to being among the most transparent. You won't find current interest rates, origination fees, or even loan term lengths available anywhere on Homebridge Mortgage's website, and you'll have to speak with a loan officer to find out. If those features are important to you, you may want to look at some of the best online mortgage lenders.

FAQs

  • It's tough to say. Homebridge Mortgage doesn't publish its current interest rates online, and to get any type of personalized quote, you have to apply through a loan officer. However, most customer reviews seem to indicate Homebridge's rates are on par with the national averages.

  • Homebridge Mortgage's strengths are its branch network and its expertise in renovation loan programs. So if you're the type of home buyer who prefers face-to-face guidance from a loan officer, or if you're planning to roll rehabilitation or renovation costs into your mortgage, Homebridge Mortgage could be a good choice for you.

  • It's tough to say if it's a good choice without knowing the lender's interest rates and how they compare to peers, but it certainly has a good variety of refinance loan options. Homebridge offers conventional, VA, FHA, and USDA refinance products.

  • To qualify for a Homebridge Mortgage, you'll need to meet the qualification standards of whichever loan program you're planning to use (such as FHA, VA, or conventional). You'll need to fill out a request form on Homebridge Mortgage's website or call the company, and then complete the application process through a loan officer.

  • Homebridge Mortgage offers a wide variety of mortgage types, including:

    • Conventional
    • FHA
    • VA
    • USDA
    • HELOCs
    • Renovation
    • Nontraditional borrower
    • Refinancing for conventional, FHA, USDA, and VA loans
    • Reverse mortgages
    • Construction-to-permanent loans