O'Connell Home Loans is a residential mortgage company based in Dana Point, California. Licensed in four states, the company offers a wide variety of home loan products, specializing in low- and no-cost options. These include fixed-rate and adjustable-rate mortgages, as well as FHA, VA, USDA, jumbo and investment property loans.
Does O'Connell Home Loans Operate in My Area?
As a family-owned mortgage company, O'Connell Home Loans is licensed to conduct business in four states: California, Arizona, Oregon, and Washington.
What Kind of Mortgage Can I Get with O'Connell Home Loans?
Fixed-rate mortgages: One of the most common types of mortgages, a fixed-rate mortgage has a set interest rate for the life of the loan. Loan terms at O'Connell Home Loans can range from 15 to 30 years.
Adjustable-rate mortgages: Also called ARM loans, adjustable-rate mortgages start out with a fixed rate before adjusting to market rates after a set period. O’Connell offers a five-year ARM loan.
FHA loans: Insured by the Federal Housing Administration, these special mortgages require a minimum 3% down payment and may be more accessible to borrowers with past credit issues.
VA loans: Backed by the Department of Veteran Affairs (VA), these loans are intended to help qualified military professionals, veterans, and reservists buy homes. Although borrowers must pay a VA funding fee, oftentimes banks do not require a down payment for this type of loan and may offer a lower interest rate than with a conventional loan product.
USDA loans: Offered only in designated rural areas, the Department of Agriculture (USDA) provides these loans to maintain and revitalize more rural parts of the country. Special terms may be offered, such as 100% financing and higher flexibility for borrowers with lower or poorer credit scores.
Jumbo loans: These high-end loans are used for homes valued above the national conforming limit set by the Federal Housing Finance Agency (FHFA). In 2022, lenders offer jumbo loans for amounts above $647,200. Terms are generally stricter than with other loan options, and most banks require a 20% down payment.
What Can You Do Online with O'Connell Home Loans?
Before applying, O'Connell Home Loans offers an amortization calculator to help you estimate your monthly payments. The calculator results are easy to understand, but there is no option to add home insurance costs or association fees to the estimate.
You can apply for a mortgage online with O'Connell Home Loans. The application process online requires you to register for an account before doing anything, but you also have the option of calling to speak with a loan officer in order to apply.
Would You Qualify for a Mortgage from O'Connell Home Loans?
Like any other mortgage company, O'Connell Home Loans cannot deny a housing loan solely because of a borrower’s credit score. Most lenders, however, do ask for a FICO score of at least 620 for a conventional loan, while certain government-backed programs allow for borrowers with less-than-fair credit. Other factors that lenders consider include your debt-to-income ratio and the affordability of your desired home.
Many government-backed mortgages will also require the borrower to pay a private mortgage premium (PMI), as will conventional loans with down payments of less than 20%. Depending on the loan product, some qualified buyers may not need to put any money down at all.
O’Connell Home Loans specializes in low- and no-cost mortgages, as well as low-rate options.
What’s the Process for Getting a Mortgage with O'Connell Home Loans?
You can start the process by filling out a mortgage application online through the company’s website. Filling out the application form will guide you through a comparison of loan options and the requirements needed to move your application forward.
A professional will appraise your property once your application has been received and your offer has been accepted. Once your loan has been processed and fully approved, it will be underwritten and your closing will be scheduled.
How O'Connell Home Loans Stacks Up
O'Connell Home Loans operates in only a few states but offers a variety of mortgage options. Many borrowers in their limited operating area will likely find a product that works well for their circumstances.
On the other hand, the company does not have an easy application process. It also does not offer a mobile app, which would appeal to consumers who enjoy using their smartphone to manage their finances.
Overall, O’Connell Home Loans is a personalized, traditional loan service. The company would appeal most to customers who prefer face-to-face interaction.
Tips for Getting a Mortgage
- Not sure which mortgage is the right choice for you? Consider speaking with a qualified financial advisor. SmartAsset’s free tool matches you with up to three financial advisors in 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.
- Use SmartAsset’s free mortgage calculator to get a good estimate of how much house you can afford.