Homeside Financial Reviews

Homeside does not publish its current interest rates. However, the interest rates you qualify for are affected by several factors — from the state of the economy to your financial situation. Rates will also vary depending on the type of loan you’re interested in.

For example, Homeside offers loans with fixed and adjustable rates. Adjustable-rate mortgages (ARMs) generally have low introductory rates that stay fixed for a few years before they begin to reset.

ARMs can be a gamble, though. When that initial period ends, interest rates may very well be higher, which would increase both your monthly mortgage payments as well as the cost of your loan over time. That’s one reason why many borrowers prefer fixed-rate mortgages.

To apply for a loan with Homeside, you typically begin by connecting with a loan officer or submitting an online form. You’ll then create a username and password to access the company’s online application portal. From there, the application prompts you to provide personal information, financial details, home purchase information and other documentation.

Homeside requires the following documentation to begin processing your loan:

• Your two most recent and complete tax returns
• Your two most recent W-2s (or other documentation if you’re self-employed)
• Your two most recent pay stubs
• Your two most recent and complete bank statements
• A copy of your photo ID

You can track your loan’s progress by reaching out to its customer service department or your loan officer.

Homeside offers several common mortgage types for home purchases, including:

• Conventional loans
• FHA loans
• VA loans
• USDA loans
• Jumbo loans

The company also offers several specialty programs within these categories, such as:

• Construction-to-permanent loans: A one-close loan that finances both the construction of a home and the permanent mortgage.
• 95% LTV combo loans: A combined loan structure designed to help reduce the down payment required for certain jumbo mortgages.
• 5/5 adjustable-rate mortgages (ARMs): A 30-year mortgage with a fixed interest rate for the first five years before adjusting periodically.

Homeside may also work with borrowers purchasing condominiums or homes that require renovation, depending on the loan program and property eligibility.

Homeside offers cash-out refinances. With a cash-out refinance, you replace your existing mortgage with a larger one and receive the difference in cash. Homeside allows borrowing up to 95% of your home’s value, which can be used to consolidate high-interest debt.

Homeside also offers a home equity line of credit (HELOC) with a combined loan-to-value (CLTV) ratio of up to 95%, allowing homeowners to borrow against most of their available home equity. Funds can be used for expenses such as home improvements or repairs.

Homeside offers little transparency about borrower requirements and qualifications on its website. However, we’ve provided some general mortgage criteria below for context.

Factors that determine how much house you can afford can include your:

• Credit history
• Debt-to-income (DTI) ratio
• Down payment
• Income

Typically, lenders require a minimum credit score of 620 for a conventional loan, while some government-backed mortgages (like FHA loans) allow for scores as low as 500.

For a conventional mortgage, the minimum down payment is usually 3%, but many buyers make higher down payments. Borrowers with credit scores of 580 or higher may be able to put down as little as 3.5% on FHA loans. VA and USDA loans typically do not require down payments at all.

National mortgage requirements by type

Here’s a general overview of the minimum credit score and down payment requirements for the most popular loan types.

Homeside publishes a list of fees borrowers should expect to pay when they take out a loan — such as the application fee, appraisal fee, credit report fee and underwriting fee — but it doesn’t provide actual cost information.

In general, closing costs will equal 2% to 5% of your loan amount on top of your down payment. Homeside Financial offers help with down payment assistance programs, but you have to speak with a loan officer to get details and find out if you qualify.

By law, a lender is required to give you an estimate of what your closing costs will be within three business days of receiving your mortgage application. This is called a Loan Estimate.

You will also receive a more specific Closing Disclosure three business days before your scheduled closing, detailing the exact fees associated with your loan.