Homeside Financial Reviews

Homeside does not publish its current interest rates, but Home Mortgage Disclosure Act (HMDA) data shows that its rates for home purchase loans have been roughly in line with national averages for the mortgage industry over the last two years.

Just keep in mind that the interest rates you qualify for are affected by a number of factors — from the state of the economy to your financial situation. Rates will also vary depending on the type of loan you’re interested in.

For example, Homeside offers loans with fixed and adjustable rates. Adjustable-rate mortgages generally have low introductory rates that stay fixed for a few years before they begin to reset.

However, ARMs can be a gamble. When that initial period ends, interest rates may very well be higher, which would increase both your monthly mortgage payments as well as the cost of your loan over time. That’s one reason why many borrowers prefer fixed-rate mortgages.

Homeside Financial average home purchase rate vs. national average

To get a loan with Homeside, you'll need to create a username and password on its website or through its mobile app. From there, its application walks you through the process, prompting you for personal information, your credit history, home purchase information and other details.

Homeside requires the following documentation to begin processing your loan:

• Your two most recent and complete tax returns
• Your two most recent W-2s (or other documentation if you’re self-employed)
• Your two most recent pay stubs
• Your two most recent and complete bank statements
• A copy of your photo ID

You can track your loan’s progress by reaching out to its customer service department or your loan officer.

Homeside Financial application features

Homeside’s mortgage products include:

• Conforming conventional loans
• FHA loans
• VA loans
• USDA loans
• Jumbo loans

The company also offers several specialty programs within the above categories, like:

• Construction-to-permanent loans for customers who want to build on a lot they own.
• 80/20 loans for those who want to put $0 down and don’t qualify for VA or USDA loans.
• Renovation loans for fixer-uppers or making upgrades.
• Condo loans for purchasing condominiums.

Homeside Financial is a growing business; its home purchase loan applications and loans closed more than doubled from 2019 to 2021. In 2021, Homeside Financial had a total of 15,937 home purchase loan applications submitted, and a little over 8.5% were denied.

Loan applications for home purchases only by year

Refinancing

Like many lenders, Homeside did considerably more refinances than purchase loans in 2020 and 2021x. Given the low interest rates in 2020 and 2021, mortgage refinancing gave many borrowers an opportunity to lock in lower rates and save thousands of dollars over the lifetime of their loans.

As interest rates continue to rise, it’s likely that lenders will see less interest in refinancing. But, if you can lock in a rate that’s at least 1% lower than your current one, it’s still worth considering.

Home purchase vs. refinance loans by year

Homeside offers little transparency about borrower requirements and qualifications on its website. However, we’ve provided some general mortgage criteria below for context.

Factors that determine how much house you can afford can include your:

• Credit history
• Debt-to-income (DTI) ratio
• Down payment
• Income

Typically, lenders require a minimum credit score of 620 for a conventional loan, while some government-backed mortgages (like FHA loans) allow for scores as low as 500.

For a conventional mortgage, the minimum down payment is usually 3%, but actual down payments tend to be considerably higher. Borrowers with credit scores of 580 or higher may be able to put down as little as 3.5% on FHA loans. VA and USDA loans typically do not require down payments at all.

National mortgage requirements by type

Homeside publishes a partial list of the fees borrowers should expect to pay when they take out a loan, but the list doesn’t provide actual cost information.

In general, closing costs will equal 2% to 5% of your loan amount on top of your down payment. Homeside Financial offers help with down payment assistance programs, but you have to speak with a loan officer to get details and find out if you qualify.

By law, a lender is required to give you an estimate of what your closing costs will be within three business days of receiving your mortgage application. This is called a Loan Estimate.

You will also receive a more specific Closing Disclosure three business days before your scheduled closing, detailing the exact fees associated with your loan.