Swift Home Loans Reviews

Established in 2020, Swift Home Loans advertises an average loan closing time of 15 days. It offers a wide range of home purchase and refinancing options for residential and investment properties, with programs for borrowers with credit scores as low as 500.

Swift operates in 48 states and Washington, D.C., with licensing pending in Nevada and New York. As both a mortgage broker and lender, it can handle the full loan process from application through funding, giving borrowers more flexibility.

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Swift Home Loans offers a fully online application experience with secure web browser or mobile document uploads through its Salesforce platform. Borrowers can begin with a loan preapproval, which includes a certified letter they can show to sellers or agents to support a home purchase or refinance.

If you decide to move forward after preapproval, the loan process includes these steps:

1. Loan application: Submit required documents through Salesforce.
2. Loan processing: The team gathers and organizes paperwork for underwriting review.
3. Underwriting: The underwriter thoroughly evaluates your financial documents and loan application.
4. Rate lock: Swift Home Loans offers mortgage rate locks with various commitment periods to protect against interest rate changes.
5. Closing: Final documents are prepared and sent to the title company for signing and funding.

Swift Home Loans reports an average closing time of 15 days after underwriting conditions are met.

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Swift Home Loans application features

Swift Home Loans doesn’t publish minimum interest rates on its website. However, senior broker Ritchie Dobson confirmed that you can apply for prequalification without triggering a hard credit inquiry to view potential rates before completing a full application. If you receive a quote from Swift Home Loans, you can compare the terms with quotes from other lenders before moving forward to ensure you’re getting the best possible loan.

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Swift Home Loans offers several loan types and programs to meet a wide range of borrower needs.

Purchase and specialty loans include:

• Fixed-rate mortgages: Consistent monthly payments with 15-, 20- or 30-year terms plus biweekly and jumbo options
• Federal Housing Administration (FHA) loans: Government-backed loans for borrowers with lower credit or smaller down payments
• VA loans: Loans for veterans and active military personnel that often have no down payment or mortgage insurance
• Jumbo loans: Loans with flexible terms for high-value properties that usually require stronger credit profiles and larger down payments
• First-time homebuyer loans: Lower down payments, reduced fees and flexible qualification criteria
• Rehab loans: Purchase price and renovation costs wrapped into one loan
• USDA loans: Zero down payment financing for qualifying rural and suburban areas
• Low down payment loans: Lower upfront costs for qualifying buyers
• Investment property loans: Loans for vacation homes or rentals that typically require higher credit scores and down payments
• Bank statement loans: For homebuyers with nontraditional income
• Bridge loans: Short-term funds to buy a new home before selling an existing one
• Debt service coverage ratio (DSCR) loans: Loans based on rental income rather than personal income or credit
• Fix and flip loans: Loans with flexible terms and interest-only payments for buying and renovating distressed properties
• Home equity line of credit (HELOC) loans: Revolving credit line secured by home equity
• Seller-paid buydowns: Seller pays part of the interest to lower early monthly payments

Swift Home Loans also offers the following refinancing options:

• Refinance loans: Replace a current mortgage with new terms
• Cash-out refinance loans: Borrow more than the current balance and get cash
• VA refinance loans: Streamline or cash-out options for better terms after a VA loan

Because Swift Home Loans operates as both a broker and a lender, requirements vary depending on the loan type and service. Dobson confirmed that some approvals have been granted with FICO credit scores as low as 515. On its website, Swift Home Loans states that borrowers with a credit score between 500 and 579 may secure an FHA loan with a 10% down payment.

To learn more about available options, you can submit a preapproval application to check your potential terms without affecting your credit score.

Because Swift Home Loans operates as both a broker and a lender, its costs and fees vary depending on the loan type, borrower qualifications and the lender that ultimately funds the loan. Its conventional loans follow national guidelines set by Fannie Mae and Freddie Mac, while government-backed options like FHA and VA loans follow federal program rules.

Swift Home Loans doesn’t publish a detailed fee schedule. Borrowers should request a loan estimate after applying to see the specific costs related to their loan.