Beeline Loans, Inc. is an online-only mortgage lender that provides home loans in six states and Washington D.C. The company does not charge origination fees, which it says it can afford to do because it doesn't pay commissions to marketing middlemen and has extremely low overhead costs. In addition, Beeline offers the expertise of its "loan guides" to all applicants, giving you a direct line to its customer service team.
Beeline's calling card is its speedy application process. The lender says that applicants will only need to go through a five-step, 15-minute application that, if approved, will culminate in one of its "purchase-ready approvals." Beeline says its approvals are different from those of other lenders, in that the information you provide during the process is pre-verified.
|30 year fixed||6.85%||6.72%||+0.13|
|15 year fixed||5.84%||5.89%||-0.05|
|30 yr fixed mtg refi||6.90%||6.58%||+0.33|
|15 yr fixed mtg refi||5.89%||5.64%||+0.25|
|7/1 ARM refi||5.75%||5.60%||+0.15|
|15 yr jumbo fixed mtg refi||3.06%||3.10%||-0.04|
National Mortgage Rates
Regions Served by Beeline Loans
Does Beeline Loans Operate in My Area?
Beeline Loans can offer mortgages to residents of Florida, Maryland, Massachusetts, Rhode Island, Texas, Virginia and Washington, D.C. According to its website, the company is planning to expand into more states, though.
Beeline is headquartered in Providence, Rhode Island at 188 Valley Street, Suite 225.
What Kind of Mortgages Can I Get With Beeline Loans?
Fixed-rate mortgages: Fixed-rate home loans are the most common type of mortgage, as they offer predictable payments and multiple terms. As their name suggests, fixed-rate mortgages come with a set interest rate for the full length of the loan. At Beeline, you'll have a choice between a 15-, 20-, 25- or 30-year term.
Adjustable-rate mortgages (ARMs): An adjustable-rate mortgage is much different than a fixed-rate loan, as you'll receive a set interest rate for only a short time at the beginning of the loan. Once this predetermined time comes to an end, your rate will become variable on an annual basis, with a total loan length of 30 years. Beeline offers four ARM terms: 3/1, 5/1, 7/1 and 10/1. The first number in each option refers to how long the fixed-rate period will last.
FHA loans: The Federal Housing Administration, or FHA, offers loans through lenders to qualifying homebuyers. FHA loans have many benefits, including down payments as low as 3.5% and minimal credit approval requirements. These home loans are available in 30-year and 15-year fixed-rate variations.
Refinance loan: If you're looking to refinance, Beeline can also help you out. The company offers the ability to refinance on all of its fixed-rate and ARM loan terms.
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What Can You Do Online With Beeline Loans?
As an online mortgage lender, everything Beeline Loans offers is accessible through your computer or smartphone. According to the company website, its features are optimized for Google Chrome and Safari web browsers. It currently does not have its own Apple or Android mobile apps.
On its website, Beeline claims that its application process takes all of 15 minutes to complete. More specifically, the application forms are filled out directly in your browser. If you're approved, Beeline will send you a purchase-ready approval that lists all the specifics of your application.
Once the homebuying process begins, Beeline will assign you a personal loan guide that walks you through each upcoming step. You can stay in touch with your loan guide through calls, texts, emails or direct messages to your Beeline online account. You'll also gain access to the "Beeline Tracker," which will show you where in the homebuying process you currently are.
Would You Qualify for a Mortgage From Beeline Loans?
Most mortgage lenders have minimum requirements for approval, and Beeline Loans is no different. For starters, the company prefers applicants to have a credit score of at least 620. Beeline will run your credit with the three major credit bureaus (Equifax, Experian and TransUnion), with the middle score being the one it uses on your application.
Debt-to-income (DTI) ratio is another metric that Beeline uses to determine the status of your loan application. According to the company's website, it favors applicants who have a DTI ratio of 36% or less. However, under certain circumstances, Beeline may accept FHA applicants with up to a 50% DTI ratio.
What’s the Process for Getting a Mortgage With Beeline Loans?
The first step in any mortgage process is to fill out your loan application, which is available through Beeline's website. The company claims that its application involves five steps that can be completed in only 15 minutes. If you have questions along the way, you can reach out to one of Beeline's loan guides for help.
During the course of your application, Beeline will obviously ask for some personal information. This will include your Social Security number, name, address and more. But where Beeline differs from other mortgage lenders is how it collects data about your income, taxes, bank accounts and investments. More specifically, the company will ask you to enter the login information for your various accounts, as it says this helps speed up verification. The page through which you'll enter this information is encrypted, and Beeline will not save anything you write.
If your mortgage application is accepted, Beeline will issue what it calls a "purchase-ready approval." The company says this differentiates it from some of its competition, as this pre-approval will already be verified based on the financial information you entered earlier. Beeline also claims that applicants will be able to close on their home within two weeks.
How Beeline Loans Stacks Up
With the rise of web-based lenders like Rocket Mortgage, applying for home loans online or via your mobile device has become increasingly popular. In side-by-side comparisons, Beeline Loans stacks up fairly well to Rocket. The two lenders share many similar perks, such as simple application processes, faster closing times, lower fees and more.
Rocket Mortgage does provides its customers with mobile apps, while Beeline does not. It also has a bevy of educational resources, though Beeline counters this with "loan guides" who can provide direct assistance. But if there's one area where Beeline can't match Rocket Mortgage, it's with its nationwide reach. Beeline is only available in six states and Washington, D.C., whereas Rocket is available everywhere in the U.S.
For most prospective customers in states where Beeline operates, the mortgage options - four fixed-rate loan terms, four adjustable-rate loan terms and FHA loans - is more than enough. It is worth noting, though, that most traditional mortgage lenders, such as Chase and Wells Fargo, often have more choices. These can include proprietary loans, VA loans, combination loans and more.
Beeline has one last trick up its sleeve that sets it apart from the competition. This is called the "Beeline Price Pact," and it refers to the company's willingness to beat certain lender offers you come across that feature a lower interest rate or fees. If you do, in fact, find a cheaper mortgage offer, simply bring it to Beeline's attention.
There are some terms and conditions associated with the Beeline Price Pact, though. For starters, the loan estimate you receive from the other lender must be dated and received within three days of your Beeline estimate. Beeline may also reach out to the other lender to confirm the estimate's validity.
One of the other main qualifications for the Beeline Price Pact is the terms of the two estimates, as they must have the exact same features. An example on Beeline's website shows that two 30-year fixed-rate loan estimates may not be considered equal if one features mortgage insurance and the other doesn't. In addition, Beeline currently isn't offering its Price Pact on loans larger than $500,000 or cash-out refinances.
Tips for Managing Your Mortgage
- Buying a home has a major impact on your finances, so it's a good idea to work with a financial advisor who can create a holistic financial plan that takes everything into account. SmartAsset's free financial advisor matching tool can connect you with as many as three advisors in your area, and then you can choose the advisor who best fits your needs. If you're ready to work with a financial advisor, get started now.
- When you get a new mortgage, be prepared to incur and pay for closing costs. SmartAsset's closing costs calculator can help you figure out about how much you'll owe your lender.