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!
The following are the major types of mortgages that Beeline offers to its customers:
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:
The application is directly linked to your source of financial information; therefore, the company gets the required info quickly and is verified instantly.
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.
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:
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:
The self-employed applicants will provide the following:
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.
Here are the pros and cons of Beeline mortgage:
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.