About Lender
Mission Loans is an online mortgage lender that offers a variety of loans, including home equity loans, conventional loans, and federal programs such as FHA and VA. Borrowers can select either a mortgage with a fixed rate or an adjustable rate. This type of financing is available for both new purchases and refinances.
Although Mission Loans is licensed in most states, the company has no physical branches where customers can apply in person. The organization has its headquarters in Irvine, California, in the United States. It was started in 1999 and is now over 23 years in business.
Mission Loans does not offer mortgages from the USDA, nor does it have any special assistance programs. However, many prospective house purchasers and current homeowners will be able to satisfy their requirements with one of the three programs described on their website. If you seek an online lender that has received positive evaluations from previous customers, you may consider Mission Loans. It provides possibilities for consumers looking for loans with modest down payments and the other three of the most popular lending programs.
Pros and Cons
Pros
- Options for loans with low initial deposits
- Simple online application
- Convenient Debt-to-Income (DTI) ratios
- Exceptional customer reviews
- Offers conventional, FHA, and VA loans
- Licensed in most states.
Cons
- No brick-and-mortar locations for their branches
- Transactions regarding loans are strictly conducted online
- Conceals information about the most recent mortgage rates online
- No lines of credit secured by the homeowner's equity (HELOCs)
- No USDA loans.
Terms and conditions
Mission Loans provides a selection of mortgage options that should be suitable for most consumers. Individuals with excellent credit histories can apply for these loans alongside people with lower cash reserves and a more excellent debt-to-income ratio. Other types of loans are available to prospective buyers, including conventional, FHA, and VA loans.
Rates for Mission Loans are not posted anywhere online. However, the Home Mortgage Disclosure Act reports that its average 30-year rate for 2021 was competitive with other large lenders. In 2021, the average interest rate for a 30-year loan from this lender will be 3.09%; the average origination fee will be $2,564, and the average total loan expenditures will be $5,825. Speaking with a Mission Loans mortgage specialist is the only way to acquire an accurate rate quote. A borrower's rate depends on several variables, including their credit score, current market conditions, and the amount of money they can put down. As long as the borrower has 10% down, an FHA loan in Mission Loans is possible even with a credit score in the 500-579 range. Many banks and financial institutions set a minimum credit score requirement of 580 for borrowers seeking FHA loans, but this one doesn't. Mission Loans could be a good option if you're worried about your credit score.
VA loans
Veterans Affairs (VA) mortgages can be obtained by current service members, veterans, and certain service members' surviving spouses who meet specific requirements. A down payment is not required for a VA loan, and a DTI of up to 41% is acceptable. Although there is "technically" no required minimum credit score for a VA loan, most lenders will want a score of 620 or above to approve your loan. A VA loan can be used for purchasing or refinancing a principal dwelling, either as a first-time buyer or an existing homeowner.
FHA loans
There is government backing for these loans through the FHA. Homebuyers with a credit score of 580 or above and a down payment of 3.5% are eligible, as are those with a score of 500-579 but a 10% down payment. There is still a way to get a loan with the FHA, even if your DTI is high. The maximum DTI for an FHA mortgage from Mission Loans is 56%. (with a more significant down payment or mortgage rate). With an FHA loan, you can get the money you need to buy or refinance a home or get the repairs and renovations you need to be done on your primary house.
Conventional loan mortgages
These interest-only and principal-and-interest loans meet Fannie Mae and Freddie Mac's lending standards. Conventional loan customers with credit scores as low as 620 can make a 3% down payment. Conventional mortgages can purchase either a primary dwelling or an investment property. These loans' debt-to-income (DTI) ratio cannot be higher than 45%.
Funding a loan
Due to the lack of physical locations, You must submit all applications and accompanying documents via a protected online gateway. You can start the pre-approval procedure by completing the organization's online form. A specific financing program will become available once you select either the "refinance" or "buy" option. The next step is to estimate your credit score and choose between single-family, multi-family, or condominium housing. At last, you'll be asked for identifying details like name, address, and contact number.
After you submit the form, a loan officer will contact you to discuss the next steps. The lender will use your documentation to establish the maximum loan amount you can get. Your home-buying efforts can officially begin after you've been pre-approved for a mortgage. You won't be able to get final approval and close the loan until the lender finishes underwriting and the appraisal.
When you've been given the all-clear, the closing process will begin, marking the end of your home-buying journey. When you decide to apply for a loan, your chosen lender will need proof of income, assets, and credit. Once you have selected the most appropriate loan option, your loan officer and the rest of your lending team will help you get started and navigate the loan process. Depending on the client, this could take 45–60 days, but in some cases, it could take longer.
You can contact Mission Loans by phone at 855-959-4500 or by email at [email protected]. The operational time of the lender is not indicated on their website. Thus, you can also call their customer advocate at 844-904-3500 or email at [email protected].
