HomePlus Mortgage Reviews

HomePlus Mortgage is a correspondent lender (a company that originates and funds a loan and then sells it to another financial institution) and broker (an intermediary between a borrower and lender) based in Southern California.

The company is licensed as a broker in:

• Arizona
• Montana
• North Carolina

It is licensed as both a broker and lender in:

• California
• Colorado
• Florida
• Idaho
• Nevada
• Oregon
• New Mexico
• Tennessee
• Texas
• Utah

Borrowers in these 13 states can apply for both conventional and government-backed loans by connecting with a loan officer who will advise them on their options and serve as the main point of contact from application to closing.

HomePlus Mortgage offers an online application process, free rate locks for up to 90 days and a 25-day average closing time.

To get a free rate quote and begin the application process with HomePlus Mortgage, start by filling out a preliminary form on the company’s website. After this, you’ll be contacted by a loan officer to discuss your options and upload personal documents. You can also apply by phone by calling 800-810-7587 (800-810-PLUS).

Applicants should prepare the following information:

• Name, phone number and email address
• ZIP code
• Type of property
• Estimated credit score
• How you plan to use the property (e.g., as your primary or secondary residence or as a rental)
• Estimated down payment and purchase price
• Current value of home (refinancing only)
• Current interest rate (refinancing only)
• Employment status
• Average monthly or yearly income and expenses
• Bankruptcies, foreclosures or short sales in the last three years

Once you receive an official loan estimate, your rate quote and closing costs are guaranteed to be 100% accurate with no additional fees. The company reports that most HomePlus loans are closed in under 30 days. During closing, disclosures can be e-signed, but all final documents must be signed in person with a notary present.

HomePlus Mortgage application features

HomePlus Mortgage does not list its rates online, but it advertises competitive rates that are often lower than big banks. To get a rate quote, borrowers have to speak with a loan officer after filling out an application form online.

Individual rates are based on the borrower’s credit history, the type of loan, the loan term and market conditions.

HomePlus Mortgage assists borrowers with the following loan types:

• Conforming: The most common type of loan, backed by Fannie Mae and Freddie Mac
• Refinancing: For borrowers who want to move from a fixed-rate mortgage to an adjustable-rate mortgage (ARM) or vice versa, or who want lower rates, different terms or a cash-out mortgage
• 30-year fixed: A traditional loan with low rates and low monthly payments
• 15-year fixed: Lower rates and higher monthly payments, but borrowers save on interest over the life of the loan
• Adjustable rate (ARM): Lowest rates, but loans come in five to seven-year terms, making them ideal for short-term buyers
• U.S. Department of Veterans Affairs (VA): Available to military veterans with  options for a 0% down payment
• Federal Housing Administration (FHA): For qualifying borrowers with lower credit scores and low down payment options
• Nontraditional loans: Includes nonqualified mortgages (non-QM), bank statement and debt service coverage ratio (DSCR) loans

Requirements vary depending on the borrower and the type of loan. For example, to be approved for an FHA loan, borrowers need to have a minimum credit score of 580 and a 3.5% down payment or a score of 500 and a 10% down payment.

Conventional loans typically require a minimum credit score of 620, with down payment options beginning as low as 3%. However, requirements for each borrower can also vary based on their debt-to-income (DTI) ratio, income and expenses.

Borrowers seeking prequalification need to provide income documents and proof of down payment funds. The best way to determine your specific requirements is to connect with a loan officer.

The costs and fees depend on the type of loan and whether HomePlus is acting as the lender or the broker. In both roles, the company doesn’t charge an application or rate-lock fee, and no upfront credit card deposit is required.

All associated costs will be listed on your quote and may include fees for loan origination, underwriting, credit reporting, tax certification, flood certification and the Mortgage Electronic Registration System (MERS) that tracks ownership of U.S. mortgages. There are also loan options with no underwriting or loan origination fees.