Beeline Loans, Inc. is an online-only mortgage lender that provides home loans in 28 states and Washington D.C. The company charges flat origination fees, including $1,495 for conforming mortgages and refinance loans, and $1,999 for non-conforming mortgages. In addition, Beeline offers the expertise of an individual "Loan Guide" 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 minutes-long 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.
Today's Rates
| Product | Today | Last Week | Change |
|---|---|---|---|
| 30 year fixed | 7.41% | 7.44% | -0.03 |
| 15 year fixed | 6.30% | 6.37% | -0.06 |
| 5/1 ARM | 6.57% | 6.38% | +0.20 |
| 30 yr fixed mtg refi | 6.99% | 7.10% | -0.11 |
| 15 yr fixed mtg refi | 6.19% | 5.81% | +0.38 |
| 7/1 ARM refi | 6.45% | 8.27% | -1.82 |
| 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 Alabama, Arizona, Arkansas, California, Colorado, Delaware, DC, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Wisconsin. According to its website, the company is planning to expand into more states, though.
Beeline is headquartered in Providence, Rhode Island.
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.
Jumbo loans: These loans are designed for homebuyers who are purchasing houses that require mortgages that are above specific county-level limits, often referred to as jumbo loan limits. For 2024, this figure is $766,550, but can get up to $1,149,825 for more expensive counties. They typically come in standard fixed-rate arrangements.
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.
VA loans: In order to gain access to a VA loan, you'll need to meet the standards of the Department of Veterans Affairs. This includes active duty service members/veterans of active service, National Guard and Reserve members and certain qualifying spouses.
HELOCs and home equity loans: Beeline doesn't offer a ton of insight into its HELOC and home equity loan requirements, though it does mention "credit score, loan-to-value ratio and property type" being areas of focus. If you're interested, the lender recommends reaching out to a Loan Guide to talk specifics.
Refinance loans: 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 a few 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 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 28 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 - fixed-rate loan terms, adjustable-rate loan terms, VA loans, FHA loans and more - 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.
Tips for Managing Your Mortgage
- A financial advisor can help you build a mortgage into your financial plan. SmartAsset free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, 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.
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