Alexa Home Loans Reviews

Alexa Home Loans is ideal for homebuyers who want a simple, straightforward, mostly automated experience. The process is guided by AI, which the company claims enables access to real-time rates so buyers get the best deal. However, each loan process is still guided by an advisor, and buyers can opt to work directly with a person if they prefer.

Homebuyers who prefer a face-to-face experience might want to consider other options, however, since there are only three physical branches — one in Denver, one in Houston and one in Missouri. Alexa Home Loans is also only licensed in four states (Missouri, Texas, Colorado and Florida), so buyers in other locations will have to look elsewhere for their mortgages.

Alexa Home Loans is all about automation and AI. The company aims to have the loan process be almost entirely digital and automated — although you’ll be assigned a home loan advisor you can speak to at any point.

Getting a mortgage with Alexa Home Loans starts with a straightforward online application. You’ll provide basic information about yourself, along with the details of the loan for which you’re applying and a listing of your assets and liabilities.

Alexa Home Loans will then run your application through its automated pricing engine to provide you with a quote. It works with more than 50 wholesale lenders to help ensure that the quote is as low as possible.

Once approved, your loan will go through processing, where your information and documentation will be verified and checked over for any potential issues. After that, it moves to underwriting, where the loan will receive final approval (or more information will be requested, if necessary). Finally, if all goes well, you’ll head to closing, where you’ll sign the final paperwork and, if you’re buying a new home, receive the keys.

Alexa Home Loans offers a broad range of products, including adjustable-rate and fixed-rate mortgages, refinancing and cash-out refinancing. Here are your options when obtaining a mortgage for a new home with Alexa Home Loans:

• Conventional loan: A “standard” mortgage that’s not insured by the government. You typically need better credit to qualify for a conventional loan (620 is the current minimum).
• VA loan: A government-backed loan geared towards U.S. military service members, veterans and their spouses.
• FHA loan: A government-backed loan that’s designed to help first-time homebuyers with low to moderate income.
• USDA loan: A government-backed loan intended for rural homebuyers with low to moderate income.
• Jumbo loan: Also known as nonconforming loans, jumbo loans are privately backed loans used when the financing needed exceeds conventional loan limits set by the government.

In addition to mortgages and refinancing loans, Alexa Home Loans also offers home equity loans and home equity lines of credit (HELOCs).

Alexa Home Loans doesn’t state rates online. However, it does claim that quotes go through a pricing engine that generates “real-time rates and fees” and that it strives to “consistently deliver rates that are 0.25-0.375% lower than the average national rates quoted by Freddie Mac” as of publishing. The company also says it guarantees it will beat any loan estimate presented to it.

Aside from that, factors that may impact your mortgage interest rates include:

• Your credit score
• The location of the home
• The loan type (conventional, FHA, VA, etc.)
• The loan term (15-year mortgages usually have lower rates than 30-year)
• The size of your down payment

As with rates, Alexa Home Loans doesn’t state fees online. Closing costs are generally between 2% and 6% of the loan amount, although this is a very rough guideline.

Closing costs are made up of lender fees, service fees for appraisals and inspections, government fees and potentially other fees, such as HOA fees. Your closing costs are listed in your loan estimate and closing disclosure.