Beeline Mortgage Review 2024

Jan 13, 2024 By Triston Martin

Beeline is a US-based mortgage lender who started working in 2019 with a mission to transform the home loan experience completely. The company does not charge the origination fee, and the application process takes only 15 minutes as they have removed the pointless steps and have automated the others.

Plus, the lender claims that there method of approvals is different from other lenders. If you want to know more about Beeline mortgage, continue to read and find every little detail about it here!

What Type of Mortgages Can You Get With Beeline Loans?

The following are the major types of mortgages that Beeline offers to its customers:

  • Fixed Mortgages: The fixed-rate home loans are a common type of mortgage providing you with multiple terms and predictable payments. The fixed-rate mortgages come with a specific interest rate for the loan length. Beeline offers you a 15, 20, 25, and 30-year term.
  • FHA Loans: These loans are provided to qualifying homebuyers through lenders by the Federal Housing Administration. These loans offer several benefits, including lower down payments (3.5%) and minimum credit approval requirements. FHA loans are available in 30 and 15-year fixed-rate variations.
  • Adjustable-Rate Mortgages (ARMs): This mortgage differs from the fixed-rate loan. The borrower gets a specific interest rate for a short time at the start of the loan. After the completion of this predetermined time, the borrower's rate becomes variable annually. The total loan is of 30 years. Beeline provides you four ARM terms including the 10/1, 5/1, 7/1, and 3/1. The first number in each term shows how long the fixed-rate period will remain.
  • Refinance Loans: Beeline also provides the refinance loan on all these ARM loans and fixed-rate terms.

How To Apply For A Mortgage With Beeline?

The entire application process consists of five steps. During the process, you will be asked questions about your investments, bank accounts, retirement plans, employment history, and income. To start the process:

  1. Visit the Beeline website, go to the main page, and click the "START" button (it will initiate the application process)
  2. To start with the online application. Answer the questions about your goals.
  3. After that, fill out the financial information where you will be asked login details for the bank accounts, retirement plans, and investment accounts.
  4. At the next step, you will have to provide the login details for the payroll provider and tax agents.
  5. Lastly, enter the Social Security number.

The application is directly linked to your source of financial information; therefore, the company gets the required info quickly and is verified instantly.

Beeline Requirements

Beeline is directly linked to your tax and financial accounts to get the real numbers, which differentiates Beeline from other lenders. It speeds up the entire process, and you can get the approval decision within minutes instead of days. The company also states that the information is encrypted end-to-end. Therefore, your credentials are not accessible or stored. But you can only provide this type of information to some. So, you have to decide whether you want whether this trade-off is worth it for you.

To determine the applicant's credibility, the company considers the financial and personal information of the applicant. If the applicant qualifies, he will get the purchase-ready approval letter on the same day, along with the decided loan amount and rate. If you want to check whether you will qualify, go to the company's home page and click "START" and begin the 5-step application process.

Documentation Required

If you want to benefit from the same-day processing of Beeline, you must provide the login credentials to your tax and financial accounts. If you are willing to proceed with this method, you will have to provide the following:

  • Login credentials of payroll processor
  • Login credentials of the bank. Retirement and investment accounts
  • Login credentials of a tax agent or retrieve the tax documents by linking to the IRS online

If you can provide your credentials or want the same-day decision, you can provide the PDFs to process your application. You must have the following documents for uploading:

The employed applicants:

  • Two recent statements of the banking, checking accounts, and savings
  • Latest two years of W-2s
  • Latest quarterly statement of the investment accounts
  • Latest pay stubs
  • Complete federal tax returns for the last two years
  • Latest quarterly statement for the retirement plans

The self-employed applicants will provide the following:

  • LLC that the applicant owns or K-1 for any corporation (for the last two years)
  • Complete federal personal returns (for the last two years)
  • Latest two years of complete federal business returns (if the applicant has 25% or greater ownership in an LLC or Corporation)
  • Latest complete federal personal returns

Will You Qualify For The Mortgage From Beeline Loans?

Like most other mortgage lenders, Beeline also has a minimum requirement for approval. For starters, Beeline assures that the applicant has a minimum credit score (620). The company runs the applicant's credit with three major credit bureaus, including Experian, Equifax, and TransUnion, and the middle score is used on your application.

DTI, or Debt-to-Income ratio, is another factor Beeline uses to find the loan application status. According to the statement present on the website of the company, Beeline prefers the applicant with a DTI ratio of 36% or lower. But, under certain circumstances, Beeline can also accept FHA applications with a 50% DTI ratio.

Beeline Mortgage Pros And Cons

Here are the pros and cons of Beeline mortgage:

Pros:

  1. One can apply for the mortgage directly on the website of the company
  2. The company uses a digital home loan process
  3. Beeline charges a flat lender fee ($650)
  4. BBB Accredited
  5. Closes the home loans quickly
  6. Advertises the mortgage rates online
  7. Five-step quick application process
  8. Get the approval in 15 minutes
  9. Eliminates the guesswork
  10. Price Pact offers the cost security

Cons:

  1. It is not licensed in the States for now
  2. The company does not offer USDA, VA, second mortgage, HELCOs, or jumbo loans
  3. Offers the limited loan programs at the moment
  4. Login credentials of sensitive accounts will be required for the same-day approval

Conclusion:

Beeline offers the shortest path to its consumers to fulfill their dream of a new house. So, now they can easily apply for a loan by following the 5-step process instead of filling out the tedious and long documents from the comfort of home through their mobile phones at any time of the day. If the application gets approved, it will reach "purchase-ready approvals. The company works in six states and Washington, DC. Besides that, the applicants can also contact the customer service team and get loan guides from them.

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