Journey Lending Reviews

Journey Lending, a division of NFM Lending, is a residential mortgage lender headquartered in Maryland with 39 branch locations across the country. The company is licensed to lend in 49 states plus Washington D.C. and offers conventional and government-backed mortgages, renovation loans, HELOCs and loans for non-traditional borrowers.

Homebuyers can connect with a licensed loan originator either by submitting a preliminary application via the company’s online portal or by connecting directly with a lender at a physical branch.

Interested borrowers can apply for a loan with Journey Lending either in person at a local branch or online. Through the company’s online portal, you can submit personal and financial information including your social security number, current address, income and information on the property you wish to buy if applicable.

You can also upload documents and sync bank accounts for faster verification and pre-approval. Your application will then be reviewed and the company will perform a soft credit check. If approved, you can request a fully underwritten pre-approval.

Once you find a property you’d like to purchase, you must officially apply for a mortgage and a hard credit check will be performed. As long as your financial situation hasn’t changed since your preapproval, your loan will move through to the closing process which typically takes 14 to 30 days to complete.

Journey Lending doesn’t publish rates online as these vary depending on market factors, the borrower’s qualifications and the type of loan. Factors that determine interest rates include your credit score, debt-to-income ratio, the loan amount, your down payment and the loan term.

The only way to know your rate options is by connecting with the company and submitting your personal and financial details.

Borrowers can explore several loan options with Journey Lending:

• Conventional: Available as a purchase or refinance loan to borrowers with good to great credit scores, typically over 620. Down payments of less than 20% require private mortgage insurance.
• Government-backed:
  • Federal Housing Administration (FHA): A fixed-rate loan ideal for first-time homebuyers and borrowers with low to moderate income. Borrowers with a credit score of at least 580 can qualify for a 3.5% down payment.
  • U.S. Department of Veterans Affairs (VA): Available to both current and past military members with options for a 0% down payment, though you may be required to pay a one-time funding fee that’s calculated as a percentage of the loan amount.
  • U.S. Department of Agriculture (USDA): Mortgage options for low-to-moderate income borrowers wishing to purchase a home in a rural area. Borrowers may qualify for a 0% down payment.
• “All In One Loan”: A 30-year HELOC that’s connected to a sweep-checking account. All funds deposited into the linked account are automatically applied to the loan principal allowing you to pay down your loan faster.
• Jumbo: For larger loans up to $3 million, and available with both fixed and adjustable rates.
• Renovation: Available as a purchase or refinance loan and includes additional funding for home improvements or repairs.
• Non-qualified loans (Non-QM): Mortgage options for non-traditional borrowers such as bank statement loans for the self-employed, or an investor cash flow loan that uses future rental income to calculate cash flow.

Borrower requirements vary based on the loan you’re seeking. For example, government-backed loans typically have more lenient requirements for income, credit score and down payments.

On the other hand, a conventional loan typically requires a minimum credit score of 620 and higher income. Several factors are considered when evaluating a potential borrower such as their credit history, income, debt-to-income ratio, down payment and purchase amount.

Typical closing costs include fees like title, escrow, recording, appraisal and prepaid items like interest, taxes and insurance, but these are all determined by the individual purchase contract. Borrowers can typically expect fees for a purchase loan to be more expensive than a refinance.