Axos Bank mortgage valuation 2021
Founded in 2000, Axos Bank is a digital financial services company based in San Diego. The full-service online bank is with the Federal Deposit Insurance Corp. insures and offers everything from personal and business savings and checking accounts to car and home loans.
The credit score for an Axos Bank mortgage is a minimum of 620, with federally supported Federal Housing Administration loans requiring a score of 680 or greater. Borrowers with an Axos Bank checking account can reduce or eliminate the lender fee and get cash back by using the account to make monthly mortgage payments.
- Earn 3% annualized cashback – 0.25% monthly – when you have an Axos Bank checking account and use it to pay for your mortgage.
- Reduce or eliminate the $ 995 lender fee with an Axos Bank checking account.
- Timely closure is guaranteed for buyers of single-family houses.
- Access mortgage loan advisors to discuss your home finance needs.
- Since Axos Bank is only online, borrowers who need assistance need to contact us by phone.
- Lender fee reductions and cashback rewards are only available when you open an Axos Bank checking account.
What types of mortgage loans does Axos Bank offer?
- Home purchase loans.
- Home loan and lines of credit.
- Cash-out refinancing.
- Conventional refinancing.
Axos Bank comes from conventional and non-compliant loans, Department of Veterans Affairs and FHA loans with low and no down payment options, interest rate mortgages, and investment home loans. Special loans from Axos Bank also help foreigners with home ownership.
Loans can be used on many types of property, from single-family homes to multi-story condos.
Alternatively, borrowers can finance their home improvement or pay off debts at an Axos Bank Home loan or line of credit, or use a cash-out refinance to pay medical bills or education expenses. Axos Bank also offers Refinancing options to achieve goals like lowering your monthly payment, getting rid of mortgage insurance, switching to a fixed rate, or getting your mortgage back faster.
How do Axos Bank mortgages work?
You start the mortgage application online by answering a series of basic questions about the type of mortgage you want and then receive a free quote. After you have submitted your first mortgage application digitally, an Axos Bank credit advisor will contact you.
You can upload all required documents such as bank statements, W-2 and pay slips to your online application. Checking the status of your loan application and tracking its progress can also be done online.
Axos Bank usually closes mortgages within 30 days. But if it is you pretested and prequalified, Axos Bank could possibly close earlier.
What are the Axos Bank Mortgage Terms, Fees and Terms?
The longest term of the Axos Bank mortgage loan is 30 years, the shortest is 10 years. The best interest rates come with 15 and 30 year terms. The interest rates can be fixed or variable.
Borrowers can save up to $ 995 in lender fee and earn 3% cashback annually by opening an Axos Bank checking account and using it to pay for the mortgage.
Upon completion, borrowers are responsible for costs such as rebate points, lending and evaluation fees, surveys, and homeowner insurance premiums. Closing costs According to the lender, on mortgages from Axos Bank can amount to up to 8% of the purchase price of a home.
Axos Bank will cancel automatic payments on your account if you have three or more consecutive repayments. (You can avoid this by making sure your account information is up to date.) Axos Bank discloses late fees and penalties in its mortgage agreement.
What discounts does Axos Bank offer?
Axos Bank offers mortgage discounts to borrowers who open an Axos Bank checking account. Save up to $ 995 on mortgage lender fee of $ 250,000 or more and $ 200 on mortgage fee below $ 250,000.
An Axos Bank checking account also earns 3% cashback annually – 0.25% monthly – if you use it to pay for your mortgage. The loan is based on principal and interest payments and does not include an escrow account, and borrowers cannot earn more than $ 100 in cashback per month.
Qualification: How can you qualify for an Axos Bank mortgage?
Axos Bank offers online prequalification and pre-approval. Loan amounts range from $ 15,000 to $ 510,000 with a few exceptions.
The lender’s Jumbo Loans have neither a credit limit nor a credit minimum.
What creditworthiness do you need for an Axos Bank mortgage?
The minimum credit score to qualify for most Axos Bank mortgages is 620, which is in FICOs fair range.
State-backed FHA and VA loans generally require “Good” FICO credit score from 680. However, Axos Bank not only takes into account the credit history, but also down payments and savings.
Where does Axos Bank operate?
Axos Bank operates nationwide.
Is the Axos Bank serious?
Axos Bank has an A + rating from the Better Business Bureau, and Trustpilot has given Axos Bank 2.6 out of 5 stars, with complaints mostly related to customer service.
The Consumer Financial Protection Bureau received 25 mortgage-related complaints in 2020 through Axos Financial, the holding company of Axos Bank. Almost half had problems during the payment process. Every complaint was answered promptly and concluded with a reason.
How is the customer service at Axos Bank?
Axos Bank is an online bank but it assists borrowers with mortgage advisors available at 888-546-2634 from 8 a.m. to 5 p.m. PST. You can also request information by filling out an online form and a credit counselor will be in touch.
When paying for Axos Bank mortgages, you can choose to automatically withdraw from your Axos Bank account, make a one-time online payment, or send a check. A virtual financial assistant called Evo, accessible through the Axos Bank app or online banking, can be used to manage your loan, including planning and making payments.
What are some of the Axos Bank online features?
The entire mortgage application process at this digital bank runs online, including the interest rate offer or prequalification. Upload all documents and check the status of your loan application online. Loans are taken out online and payments can be made via the Axos Bank mobile app or website.
The lender requires a phone call after you submit the loan application. You can contact customer service and a mortgage advisor will guide you through the process.