In early 2019, a new mortgage lender was created, known as Beeline Loans Inc., or Beeline for short. Their mission: to completely transform the home loan experience.
No small task, but they’ve already made meaningful changes that should make it both more fun and cheaper to take out a mortgage.
They say they’ve “removed pointless steps,” while automating others. And they don’t charge a loan origination fee, nor do they pay out commissions to middlemen.
To ensure you can snag the lowest mortgage rate and closing costs, they offer the Beeline Price Pact, which will beat the competitors if you happen to find a better deal elsewhere.
This is similar to the guarantee offered by Better Mortgage, which also doesn’t charge lender fees.
Let’s learn more about this up-and-coming mortgage lender that’s looking to shake things up.
Beeline Loans Fast Facts
- Direct-to-consumer mortgage lender founded in 2019
- Located in Providence, Rhode Island
- Currently licensed to do business in DC, FL, MD, MA, RI, TX, VA
- Do not charge a loan origination fee or pay out commissions
- Offer to beat the pricing of their competitors
Getting a Mortgage with Beeline Loans
- They offer a completely digital home loan process
- First you build your borrower profile on the Beeline website by answering some basic questions
- Only five steps that take around 15 minutes to generate a mortgage approval
- Aim to close your mortgage in just 14 days as opposed to 45
The company says Beeline is “the shortest possible path to your new home or your refi.” By that, they mean they’re making it easier to apply for a mortgage and close the thing.
So they’re leaning on newer technologies, like the ability to link financial accounts such as bank accounts, pay stubs, and tax returns.
Apparently, the home loan application process is completed in 5 steps and 15 minutes. And once approved, they aim to close your mortgage in just 14 days, as opposed to 45.
After completing the five steps, two of which are listed as “nothing,” which appears to be tongue-in-cheek, you’ll receive your purchase-ready (mortgage pre-approval) or refi-ready approval.
The steps are mostly just providing basic information and signing up at Beeline, then linking all your financial accounts so you can see what type of home loan you qualify for.
Beeline says the entire loan application process is done online, and can be accomplished without speaking to a single human being.
But if you need assistance, you can always reach out to your Loan Guide at any time via phone, text, email, or DM.
What Types of Home Loans Does Beeline Offer?
- Home purchase loans and refinance loans (rate and term and cash out)
- Conventional fixed-rate loans and ARMs
- Fixed-rate FHA loans
- Fixed-rate loans come in terms of 15, 20, 25, and 30 years
- Adjustable-rate loans come with initial fixed-rate periods of 3, 5, 7, and 10 years
At the moment, their loan offerings are pretty basic compared to the more established mortgage players out there.
They offer both home purchase loans and refinance loans, including rate and term refis and cash out refis.
But they don’t offer home renovation loans, such as FHA 203k loans, or construction loans.
Additionally, you can’t get a USDA loan or a VA loan from Beeline Loans, though that will hopefully change in the near future.
While they do lend on primary residences, second homes, and investment properties, financing is limited to fixed and adjustable-rate conventional loans and fixed-rate FHA loans.
They do offer financing on both townhouses and condominiums, and you can get a Texas Cash Out Home Equity Loan if you reside in that state.
They plan to offer jumbo home loans once the COVID-19-related market disruptions are behind us.
Beeline Loans Price Pact
You should always shop around for your mortgage – simply getting one quote and calling it a day is not a good idea if you care about your money.
Fortunately, the Beeline Price Pact allows you to shop and then come back to Beeline if you find a better mortgage rate and/or closing costs.
They say they’ll beat the competitors, though it’s unclear what they mean by “beat.” They don’t say match, so perhaps it’ll be slightly cheaper?
In any case, you can be confident that Beeline will offer you a competitive rate relative to the other guys.
And because they don’t charge a loan origination fee, you should be in good shape in the closing costs department.
In fact, all they charge is $60 for a credit report and $9 for a flood certification, along with a third-party home appraisal.
Beeline Mortgage Rates
One great thing about Beeline is the fact that they advertise their mortgage rates right on their website.
So they get bonus points for transparency, seeing that many mortgage lenders do not openly disclose their rates upfront.
You can see mortgage rates for both home purchase loans and refinance loans, and you’re able to customize your loan scenario to get real pricing, as opposed to just an advertised rate for a vanilla scenario.
Additionally, they present you with several options side-by-side, such as the lowest monthly payment, a balanced mix of upfront costs and payment, and the lowest upfront cost in exchange for a higher monthly payment.
All in all, their mortgage rates looked competitive relative to other lenders, and regardless, they’ve got the price guarantee so you’re good if you take the time to shop around.
Beeline Loans Mortgage Reviews
Since they’re so new, they don’t have tons of customer reviews just yet. For example, they’ve only got three reviews on Zillow.
They currently have a 2.67-star rating out of 5, but it’s based on three reviews. So we should know more over time as the reviews grow in numbers.
There are also a handful of reviews from Facebook and Google featured on their own website, both of which boast 5-star reviews.
The good news is Beeline Loans, Inc. is an accredited business with the Better Business Bureau, and has been since late 2019.
They have an A rating with the BBB, and 4+ stars out of 5 based on customer reviews. Again, only a few at the moment, but more positive than what they have over at Zillow.
Beeline Loans Pros and Cons
The Good
- Can apply for a mortgage directly from their website
- Do not charge an origination fee, processing fee, or an underwriting fee
- Use a completely digital home loan process
- Advertise their mortgage rates online
- Offer a better price guarantee
- Say they close home loans fast
- BBB accredited
The Potential Not Good
- Not licensed in many states currently
- Limited loan programs available at the moment
- Do not offer VA loans, USDA loans, jumbo loans, second mortgages, or HELOCs
- Do not service the loans they originate
