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.