Homebridge Mortgage Review 2021

Good for: borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options, including loans to buy and renovate.
Phil MetzgerDec 3, 2021

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Our Take

4.0

NerdWallet rating 

The bottom line:

Homebridge is a top lender of purchase-renovation loans that offers many online conveniences. Mortgage interest rates aren't available on the website.

Homebridge

Homebridge: NMLS#6521

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Offers a full array of mortgage products, including government and renovation loans.
  • Has loans for most purposes, including purchase, refinance and jumbo mortgages.
  • Online portal keeps borrowers up to date on the loan application's progress.

Cons

  • Doesn't post interest rates on its site.
  • Doesn't directly offer home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Homebridge at a glance

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.

Homebridge has branches in almost 30 states, and the lender encourages a conversation with a loan officer before completing an application. Homebridge has a wide variety of mortgage products and types, but its website doesn't post interest rates.

Here's a breakdown of Homebridge's overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 1 of 5 stars

Homebridge mortgage loan types

Homebridge's loans are about a 50/50 mix of conventional and government-backed mortgage products, says Christine Villano, Homebridge senior vice president and director of retail operations. This includes FHA loans for low-to-moderate-income borrowers and jumbo mortgages for borrowers with higher incomes. With loan amounts as low as $50,000 and as high as $2 million — or more if the loan is sold to another servicer — Homebridge has something to suit most types of home buyers.

Villano highlights Homebridge's renovation loans, which wrap financing for home improvements into the mortgage. She says that the company's renovation department is "designed to take the fear out of renovation borrowing." Customers might worry that the loan will involve too much paperwork or be sold to another lender, she says. Once borrowers are approved for renovation loans, Homebridge's Renovation Concierge works closely with them and their contractors or builders to obtain documentation and clarify expectations, Villano says.

Homebridge offers several purchase or refinance loans that can be used for home upgrades and repairs, three of which are FHA loans. FHA 203(k) loans can wrap renovation costs into a mortgage, FHA Energy Efficient Mortgages fund energy efficiency upgrades, and FHA 203(h) loans help homeowners rebuild or purchase a new home after a natural disaster. Homebridge also offers Fannie Mae's HomeStyle loan, which allows borrowers to finance renovations and a home at once.

The company makes loans for single-family and multifamily homes, co-ops and condos, as allowed by government-sponsored enterprises Fannie Mae and Freddie Mac.

Homebridge HELOC: The lender lists home equity lines of credit, or HELOCs, on its website as an option, although as mentioned in a footnote, it acts only as a broker and does not make these loans directly. 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 ease of application

You can start the mortgage process at Homebridge's website, over the phone, or in person if you live near a branch location. When you begin online, you answer a few questions, enter your contact information and a Homebridge representative reaches out to you later.

After providing contact information, you're asked to create an account to enter some financial information, a spokeswoman says. When that is sent, you are invited to continue the process on Homebridge's consumer portal. Homebridge 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

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • Homebridge earns 2 of 5 stars for average origination fee.

  • Homebridge earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

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.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Homebridge mortgage rate transparency

Homebridge does not post mortgage rates online. You'll need to work with a loan officer to learn current rates.

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