Information
About lender
Synergy One Lending is a national mortgage company. It offers loans for the purchase of the real estate, as well as for equity and refinancing needs.
The company was founded in 2013 by Torrey Larsen in San Diego. The main focus of Synergy One Lending, Inc. is to provide customers with modern solutions to their mortgage issues. The company's values are based on diversity, equality, and inclusion.
Synergy One Lending, Inc. operates in 43 states. The main office of the lender is in San Diego, CA, and it has Operational hubs in Boise, ID, Denver, CO, and Dallas, TX. To use the company's services, it is not necessary to come to their office since all services can be obtained online on the website.
Pros and cons
Pros
Fixed-rate loans
The opportunity to either buy a house or refinance
High maximum loan amount
Ability to contact a loan officer
Quick online application.
Cons
High requirements for the application
Slow money disbursement on the 5th business day
High origination fee.
Terms and conditions
For all the company's services you can consult with loan officers. These specialists will help you decide on the type of loan and help you go through the application process.
Home equity line of credit (HELOC)
You can take out Synergy One HELOC for your home equity needs or personal debt consolidation. Also, you can consolidate high-interest credit cards. There is an origination fee of 2.50% of the amount you take for this loan. APRs start at 4.49% but may be higher depending on credit score, CLTV, funding timeline, and occupancy status. The minimum fixed rate of 4.49% is calculated for a client with a CLTV of 40%, a loan of 800, and a loan of 5 years in the amount of $50,000. The minimum rate is available for those customers who set up autopay for their loan. If you don't want to enable autopay, then your minimum rate will be 4.99%. The APRs for Synergy One HELOC are fixed, but you can get additional draws. You can get additional draws if you make the loan payments on time. The interest rate for such draws is calculated based on the index that Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw plus a fixed margin. For example, this month, the Prime Rate in the Wall Street Journal is 5.50%. The rate for additional draws may be higher than for the initial draw. The maximum total loan amount is $400,000.
Renters Advantage
This program is suitable for buyers who are planning to buy their first home. Young people are not always confident in their home buying power. For home sellers, the buyer's ability to pay rent means the ability to pay the mortgage. Sellers are looking for buyers who regularly pay rent for their homes for at least 12 months. For home sellers, this is an indicator of the ability to pay a mortgage. The company has organized a fast online mortgage application process called VOA. This innovative process allows buyers and sellers to find each other. At the moment, the program shows a successful result in 73%-78% of Synergy One's VOA adoption rate from prospective home buyers.
Refinance
The refinancing service is suitable for buyers who already have a mortgage. Refinancing allows you to reduce the monthly fee, shorten the funding timeline and get additional funds for home improvement. All conditions are negotiated with a mortgage expert. Rates are individual and depend on the conditions of your current mortgage.
Funding a loan
To make loan payments, you can link your checking, savings account, or your high-interest credit card to the company's account. You will receive funds to the same account. The money is received within five working days after the approval of the application.
