Homeside Financial Mortgage Review 2024

Homeside Financial overview

Based in Columbia, Maryland, Homeside Financial is a mortgage lender that has quickly expanded since its founding to now offer loans in the majority of states. The loan process with this lender, which also does business as Lower, starts with a conversation with a loan officer who will help you determine the right mortgage option for your situation and submit an application online. The loan process typically takes about one month from start to finish with this lender.

Pros and cons of Homeside Financial

How Bankrate scored Homeside Financial

• Affordability: Homeside Financial’s rates aren’t as competitive as those of other lenders (as of this review). You won’t know if you’re eligible or get a rate quote until you contact a loan officer, however.
• Availability: This lender provides mortgages to borrowers in most states in the U.S., and in addition to conventional and government-backed loans, you’ll have access to construction or home improvement financing.
• Borrower experience: Homeside Financial is an experienced lender with high ratings from customers. You’ll be paired with a loan officer who can help you explore the right options for your situation.

Affordability: 6.8/10

Homeside Financial doesn’t display mortgage rates on its website (you can, however, find rates on the Lower.com website). The lender’s rates were somewhat above Bankrate’s averages at the time of this review.

Availability: 9/10

Homeside Financial offers borrowers in most states the standard suite of loan products, including conventional, FHA, VA and USDA loans. This range might mean you have more options if you don’t qualify for a conventional mortgage. The lender can also help with financing if you’re planning to build or renovate a home. Its borrower requirements include a minimum 640 score.

Borrower experience: 4.2/10

Homeside Financial has closed more than 89,000 mortgages worth more than $21 billion. The lender isn’t accredited by the Better Business Bureau, but has an A+ rating from the organization.

Homeside Financial’s approach to the borrowing experience focuses on the partnership between the borrower and loan officer, so there’s a limit to how much of the process you can complete online. You can use the lender’s website to get in touch with a loan officer, and you’ll need to create an account in order to log into the application portal. Notably, the lender’s website includes several resources for borrowers, including a mortgage checklist with all the documents you’ll need to apply for a loan and a mortgage calculator.

How to apply for a mortgage with Homeside Financial

You can apply for a mortgage with Homeside Financial in person at a branch location, online or by phone at 888-826-2710. 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.)

Refinancing with Homeside Financial

Homeside Financial offers rate-and-term and cash-out refinancing options. You can start the application process through the lender’s website.

• 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.