Posted on October 7th, 2020
Today we’ll review Axia Home Loans, an up-and-coming independent mortgage bank that’s licensed in 17 states nationwide.
In case you were wondering, Axia is a Greek word that means “value” or “worth.”
They’re based out of the Pacific Northwest, Bellevue, Washington to be exact, and have been around for just over a decade, since 2007.
But they’ve still managed to become a billion-dollar mortgage lender, funding nearly $1.4 billion via the retail channel in 2019.
Axia Home Loans Fast Facts
- Retail mortgage lender founded in 2007
- Headquarters in Bellevue, Washington
- Licensed to originate home loans in 17 states
- Nation’s first 100% employee-owned independent mortgage bank
- Funded roughly $1.4 billion in home loans during 2019
- Half of their loan volume comes from Nevada and Washington
- About two-thirds of total volume was home purchase financing
- Just launched a mortgage broker division called United Reliance Wholesale (UR Wholesale)
Axia did about 30% of total loan volume in its home state of Washington, with another 20% in nearby Nevada.
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Aside from those two states, they’re also licensed in Arizona, California, Florida, Hawaii, Idaho, Minnesota, Montana, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah, Wisconsin, and Wyoming.
They seem to specialize in home purchase financing, likely due to strong relationships with local real estate agents. But they also do a lot of refinance volume as well.
In October 2020, they launched a wholesale lending division for mortgage brokers called Unified Reliance Wholesale (UR Wholesale), with plans to focus on the West Coast, primarily in California.
How to Apply with Axia Home Loans
- You can get started online, in-branch, or over the phone
- They offer a digital mortgage application known as Axia Express
- Allows you to securely link financial accounts and scan documents
- Axia processes, underwrites, and funds all their home loans in-house
Axia Home Loans processes, underwrites, and funds their loans in-house, allowing them to close your mortgage quickly and efficiently.
They rely on emerging technologies like a digital mortgage application and smartphone app to make it easier to finance a new home purchase or refinance an existing home loan.
Their loan application is known as “Axia Express,” a platform that gives customers the option to automatically pull in tax returns, employment history, and bank statements.
Additionally, you can securely scan and upload documents from your mobile device and chat with your loan officer if you have questions.
Once submitted, you can track loan progress and receive status updates as your home loan makes its way to the finish line.
To get started, you can visit their website and select “Start the Home Loan Process” or “Connect with a Local Advisor.”
If you choose the first option, you can select a loan officer if you’ve been referred or know who you’ll be working with. From there, you can apply for a loan.
If you don’t have a loan originator, you’ll need to fill out a basic form with contact info and wait for a loan officer to contact you.
If you choose the Connect with a Local Advisor option, it’ll show you branches nearby and local loan officers who work there. Once you click through to a specific branch, you can apply online.
Axia Home Loans Mortgage Options
- Home purchase loans
- Rate and term refinances
- Cash out refinances
- Conventional loans backed by Fannie Mae and Freddie Mac
- Government-backed loans including FHA, USDA, and VA
- Jumbo home loans
- HomePath financing
- Fixed-rate and adjustable-rate loans in various terms
Those thinking of buying a home can take advantage of Axia’s Certified Homebuyer Program, which is an actual credit approval that is analyzed by their underwriting department (verified pre-approval).
You can get a home loan on a primary residence, second home, or an investment property.
They offer conventional loans backed by Fannie Mae and Freddie Mac and government home loans, including FHA, USDA, and VA loans.
Those in need of larger loan amounts can get a jumbo home loan from Axia as well.
Additionally, they provide HomePath financing on Fannie Mae-owned properties.
In terms of loan programs, you can get either a fixed-rate mortgage (such as a 15-year or 30-yer fixed) or an adjustable-rate mortgage, like a 5/1 ARM.
It’s unclear if they offer renovation or construction loans, or any home equity line/loan products.
All in all, they have loan programs to fit the needs of most customers.
Axia Home Loans Mortgage Rates
While Axia says they offer competitive rates, they don’t advertise mortgage rates on their website.
While this doesn’t indicate whether their rates are good, bad, or just plain average, it does make it a bit more difficult to get pricing.
In other words, you’ll need to get in contact with a loan officer to see what type of mortgage rate you qualify for.
The same goes for lender fees, which don’t appear to be listed on their website. Be sure to inquire about what they charge, such as underwriting, processing, and loan origination fee.
All that will factor into the mortgage APR, which is an important calculation that takes into account both the interest rate and the fees included.
Axia Home Loans Reviews
On Zillow, Axia Home Loans enjoys a 4.95-star rating out of 5 on roughly 2,000 customer reviews.
You can click on individual loan officer names as well to get their ratings if you want to work with someone highly-rated.
While they keep us in the dark regarding mortgage rates, many of the Zillow reviews indicate that both interest rates and closing costs were favorable.
On SocialSurvey, they’ve got a 4.92 rating out of 5 from more than 13,000 customer reviews.
And on BirdEye, a 4.9 rating based on more than 200 reviews. So they appear to consistently make their customers happy.
They also say they’ve got a 98% client satisfaction rating based on current surveys.
Lastly, they are accredited with the Better Business Bureau and currently have an A+ rating. There are no customer reviews on the BBB website and few complaints.
Axia Home Loans Pros and Cons
- Can apply online, by phone, or in-branch
- Offer free personalized mortgage consultations
- Digital mortgage application
- Free smartphone app
- Free mortgage calculator on site
- 100% employee-owned mortgage lender
- Some of their loan officers speak Spanish and Vietnamese
- Excellent customer reviews
- A+ BBB rating
The Maybe Not Good
- Only licensed in 17 states
- Do not disclosed their mortgage rates
- No mention of lender fees
- Don’t offer home equity loans/lines
Published at Wed, 07 Oct 2020 22:01:58 +0000