Lifestone Mortgage Reviews

LifeStone Mortgage has several loan options, from conventional to government-backed mortgages. In addition, the company works with multiple lenders that may have different borrower requirements and loan terms. For this reason, it might be worth requesting a rate quote from LifeStone Mortgage if you have fair to excellent credit (scores 580 and above) and are looking to purchase or refinance.

However, the company doesn’t highlight any down payment or closing cost assistance programs on its website. It may not be the best fit for first-time homebuyers who may not have funds available to pay these costs upfront.

LifeStone Mortgage does not currently post its starting rates online, but it offers mortgage products with fixed or adjustable rates. You can get a free rate quote customized to your individual loan needs in minutes by visiting the company’s website and answering a few short questions.

Rate quotes do not require a hard credit inquiry.

LifeStone Mortgage features an online application that allows borrowers to upload financial documentation securely. To apply, visit the company’s website and click on the “Apply Now” button. You’ll need to create an account and then answer questions about your loan needs, like how much you plan to offer as a down payment and the potential purchase price of the home.

In addition, be prepared to answer questions about your income, assets and liabilities. You’ll also need to consent to have your credit pulled to submit the application.

After you have submitted the application, a dedicated loan officer will reach out to help complete the process. If you are approved, your loan officer will also present the available loan options from various lenders. According to the company's website, your loan may be funded within 30 days after approval.

Lifestone Mortgage application features

LifeStone Mortgage offers a wide variety of loan types, which includes conventional, FHA, VA, USDA and jumbo loans. There are also mortgages available to self-employed borrowers. In addition, the company provides 203(k) loans for applicants looking to purchase a fixer-upper and reverse mortgages for borrowers ages 62 and older.

LifeStone Mortgage offers loans with either fixed or adjustable rates, and loan terms range from five to 30 years.

Refinancing

LifeStone Mortgage can help you refinance your existing loan, whether your goal is to get cash from your equity or to reduce your monthly payments. You may be able to take advantage of competitive rate offerings since the company has access to several loan options through various lenders.

Keep in mind that, as of publishing, interest rates are currently at 20-year highs, which means refinancing may not be the best fit for every borrower at this time. Regardless, you could still lower your monthly payment through refinancing by extending the loan term and/or reducing your interest rate.

LifeStone Mortgage does not list its borrower requirements on its website. Since the company sells mortgages from various lenders, each lender may have a different set of requirements, especially for conventional loans. You can access LifeStone Mortgage’s Home Purchase Qualifier tool on its website to plug in your information and see which loans you may be eligible for.

Typically, you’ll need a 620 credit score and a 3% down payment to qualify for a conventional loan. USDA loans often have higher credit score requirements, at 640, while FHA loans have lower, at 500. VA loans generally offer 100% financing with credit score requirements of 580.

National mortgage requirements by type

LifeStone Mortgage does not publicly list the fees it charges for loan originations. However, once you submit an application, your loan officer will present the available loan options with all potential fees included. It’s likely that you’ll pay origination fees, which generally add up to 0.5% to 1% of the loan amount.

It’s also possible that you could negotiate a lower origination fee, especially if you have excellent credit (a score of 800 or above) and offer a substantial down payment. LifeStone Mortgage works with a variety of lenders, so there may be an opportunity to leverage good credit history for a reduced fee.

LifeStone Mortgage provides many of the same mortgage loan products as companies like New American Funding, Cardinal Financial and Morty. It specifically highlights offerings for self-employed borrowers, though, which other lenders may not be able to accommodate.

However, unlike many competitors, LifeStone Mortgage is not available in most states. Regardless, if you live in one of the eight states it serves (Arizona, California, Florida, Illinois, North Carolina, Tennessee, Texas and Wisconsin), you may be able to take advantage of competitive rate offerings and a personalized loan application experience.

LifeStone Mortgage is a privately held mortgage company that’s been in business since 2013. The company provides a number of lending options, like conventional loans, government-backed mortgages, 203(k) loans and reverse mortgages.