Own Up Review: The Mortgage You Deserve?

One of its unique offerings is YourGAGE, a fixed-rate mortgage that allows you to choose a custom term from eight to 29 years. Finally, its FHA Streamline product allows existing FHA borrowers to refinance into a lower rate with less paperwork and no appraisal required. The lender doesn’t offer USDA loans, home equity loans or HELOCs.

All loan approval decisions and terms are determined by the loan providers at the time of your application with them. We do not warrant that you will be approved for a loan, nor that you will be offered a loan with the same terms presented on our website. Own Up is a technology company that offers a personalized mortgage shopping experience. The interestpod.com reviews technology we use to build you a customized home loan offer from a network of lenders gives you access to the financing plan. You will get impartial advice from our Home Advisors who are independent and can help you make the right decisions. Although our founders were mortgage bankers in the past, they never went to their bank for a mortgage.

Our technology builds you a home financing plan and gets you access to customized loan offers from a curated network of lenders. Our unbiased expert Home Advisors provide you with unbiased expertise that is in your best interest. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty.

Per Fannie Mae guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA renovation loans and reverse mortgages. To make money, Own Up takes a small percentage (0.35%) of the loan amount, and many lenders reduce their rates for Own Up customers as a result. This fee is lower than the average commission for a mortgage salesperson. Applying for a mortgage or refinancing and viewing prequalified offers costs borrowers nothing initially, making it an accessible option for home buyers of diverse financial backgrounds.

However, the previous information has little bearing on the support Own Up agents provide, which receives high marks from the vast majority of customers. In addition, Own Up has an abundance of free articles on its Resource page. These span financial literacy topics, from Mortgage 101 pieces to money-saving tips and other educational content. While there’s no support page or section on the Own Up website, the company has a support email and, on its Google listing, a phone number for its office in Boston.

In the end, you save some money, we make some money, and the lender makes a loan. Guaranteed Rate lets you see detailed rate information for many of its products. And because Own Up is able to streamline the origination process and effectively lower costs for its partners, they claim many of their lenders reduce their rates for their customers. Whether you’re buying a home or refinancing an existing mortgage, their customers save an average of $27,000 over the life of their loan. That’s the moment at which the savings in monthly payments offset the amount of the closing costs.

Own Up’s goal is to help you find a better deal on your mortgage, whether they offer it or not. Because Ally has no brick-and-mortar locations, customers will have to rely on phone correspondence for customer support. The only customer support option is by phone Monday through Friday, 9 a.m. Qualified borrowers will get a lightning fast preapproval letter—within three minutes—which is an advantage in a competitive market.

There are some big advantages to working with online mortgage lenders, which are also sometimes known as “non-bank” lenders. These lenders tend to specialize in one type of lending—either mortgages or personal loans, for example. Because online-only lenders don’t have physical locations, they can often pass the overhead cost savings on to customers. NerdWallet’s ratings are determined by our editorial team.

Quicken Loans is an online lender, with four branch locations in Charlotte, Cleveland, Detroit and Phoenix. Borrowers can apply online or in the more than 150 branch locations in the U.S. LoanDepot currently has origination centers in Arizona, Tennessee and two in California and is currently licensed in 50 states.

Traditional banks also have branch locations where customers can apply for loans in person. Sometimes traditional banks will have mortgage discounts for existing customers. For most borrowers, mortgage rates, fees, loan types and credit score requirements are the most important features to consider.