HomePlus Mortgage Review 2024

HomePlus Mortgage overview

HomePlus Mortgage is a mortgage broker headquartered in San Diego, California, with branches in California and Texas. The broker, founded in 1999, offers online preapprovals in 48 hours and closings in an average of 24 days. In addition to standard loan options, you can find programs through this broker that don’t require income verification or a maximum debt-to-income (DTI) ratio.

Pros and cons of HomePlus Mortgage

How Bankrate scored HomePlus Mortgage

• Affordability: HomePlus Mortgage is a broker, which means you could have access to more competitive rates with varying fee structures.
• Availability: This broker only works with borrowers in some states. It has a diverse set of loan offerings for different kinds of borrowers, including investors.
• Borrower experience: You can initiate a request for a rate quote and apply for a mortgage via the HomePlus website. Its loan officers are available outside of working hours, if needed.

Affordability: 6.6/10

HomePlus Mortgage is a broker, so its rate offers vary by lender. For a quote, you’ll need to complete a form with your information online. While the broker doesn’t explicitly list its fee structure online, its website does indicate that it offers zero-origination fee loans. Typically, brokers don’t charge borrowers fees, but the lenders they work with do.

Availability: 6.8/10

As a broker, HomePlus Mortgage can connect you with a lender that provides conventional loans as well as some government-backed loans (FHA and VA), along with options to refinance your existing mortgage. Notably, it’s also equipped to work with borrowers with unique credit or financial circumstances, offering access to non-qualifying (non-QM) loans, including bank statement loans, no-doc loans and debt service coverage ratio (DSCR) loans. Depending on the type of loan, you might not need to provide proof of income or meet a specific DTI ratio limit.

Borrower experience: 7.3/10

HomePlus Mortgage has been in business for more than 20 years. The broker is accredited by the Better Business Bureau and has an A+ rating from the organization.

As a borrower, you can expect to get preapproved within 48 hours (assuming you’re eligible for a loan), and you can apply easily online when you’re ready. After you apply, a loan officer will be in touch within 24 hours, and a paper copy of your application will be mailed to you within three business days. However, the broker doesn’t offer e-closings; all final loan documents must be signed in person in front of a notary.

If you have questions about a loan, HomePlus Mortgage is available Monday through Friday from 8 a.m. to 6 p.m. PT. Your loan officer is also available after-hours or on weekends as needed.

Refinancing with HomePlus Mortgage

HomePlus Mortgage offers both rate-and-term and cash-out refinancing options. You’ll need to complete a form for a rate quote and an estimate of costs.

How to apply for a mortgage with HomePlus Mortgage

You can apply for a mortgage with HomePlus Mortgage in person at a branch location, online or by phone at 800-810-7587 (800-810-PLUS). Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.