Stearns Lending Mortgage Review 2021

Good for: borrowers who want a variety of home loan options, including a low-down-payment mortgage for physicians and dentists.

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Our Take

3.5

NerdWallet rating 

The bottom line: Stearns Lending offers a full menu of purchase and refinancing loans, but no home equity loans or lines of credit. Interest rates aren't posted online.

Stearns Lending

Stearns Lending: NMLS#1854

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

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

Pros & Cons

Pros

  • Offers conventional and government-backed loans with low-down-payment options, including FHA 203k renovation loans.
  • Has a mobile app to help streamline the application process.
  • Has a loan program for medical doctors and dentists with down payments as low as 5%.

Cons

  • Doesn’t display information online about rates and fees.
  • Doesn't offer home equity loans or HELOCs.

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

Stearns Lending offers a variety of mortgage loan products, including special programs for medical professionals, to borrowers in Washington, D.C., and all states except New York. And while Stearns offers a digital mortgage application process, you won't find rates and fees online.

Here’s a breakdown of Stearns Lending’s overall score:

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Like many nonbank lenders, Stearns Lending has most of the traditional mortgage loan options, except for home equity loans and.

Just about everything else is on the menu: government-backed loans such as FHA, USDA and VA loans; fixed- and adjustable-rate mortgages; renovation loans; jumbo loans; and.

Stearns offers several mortgages tailored to first-time home buyers, including low-down-payment mortgages that can be paired with local.

Stearns’ website also mentions a mortgage for medical doctors and dentists. The down payment requirement is as low as 5%, and certain student loan payments are excluded from the debt-to-income calculation.

Stearns maintains a consumer-facing website showcasing its mortgages and offers a mobile app, Stearns Digital, to help streamline the application process.

You can download the mobile app from the App Store or Google Play, but you’ll need a verification code from the lender to register your account and start using it. The app lets you upload and digitally sign documents, message your loan officers, view loan details and check your loan’s status.

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:

Borrowers should consider the balance between 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 — 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 when you sign the loan paperwork.

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Stearns Lending doesn't post mortgage rate information on its website or on its mobile app. To get a rate quote, you'll need to contact the company or a local branch directly.

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