In early 2019, a new mortgage lender called Beeline Loans, or Beeline for short, was launched. Their mission: to completely transform the home loan experience.
No small task, but they’ve already made meaningful changes that should make it both more fun and cheaper to take out a mortgage.
They say they’ve “removed pointless steps,” while automating others. And they don’t charge a pricey loan origination fee, nor do they pay out commissions to middlemen.
This is similar to Better Mortgage, which also doesn’t charge lender fees.
Let’s learn more about this up-and-coming mortgage lender that’s looking to shake things up.
Beeline Loans Fast Facts
- Direct-to-consumer mortgage lender (operates exclusively online)
- Offers home purchase loans and mortgage refinancing
- Founded in 2019, located in Providence, Rhode Island
- Currently licensed to do business in 28 states and D.C.
- Charge a flat origination fee of $1,049 for conforming purchase & refinance loans
- And $1,999 for non-conforming loans (DSCR/jumbo/bank statement, etc.)
Beeline Loans is a direct-to-consumer mortgage lender that was founded in 2019. They offer both home purchase loans and mortgage refinances.
The company is located in Providence, Rhode Island and are currently licensed to do business in 28 states and the District of Columbia.
Those states include Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Wisconsin.
They operate exclusively online, meaning there are no physical branches you can walk into.
Getting a Mortgage with Beeline Loans
- They offer a completely digital home loan process
- First you build your borrower profile on the Beeline website by answering some basic questions
- Only five steps that take around 15 minutes to generate a mortgage approval
- Aim to close your mortgage in just 14 days as opposed to 45
The company says Beeline is “the shortest possible path to your new home or your refi.” By that, they mean they’re making it easier to apply for a mortgage and close the thing.
So they’re leaning on newer technologies, like the ability to link financial accounts such as bank accounts, pay stubs, and tax returns.
Apparently, the home loan application process is completed in 5 steps and 15 minutes. And once approved, they aim to close your mortgage in just 14 days, as opposed to 45.
After completing the five steps, two of which are listed as “nothing,” which appears to be tongue-in-cheek, you’ll receive your purchase-ready (mortgage pre-approval) or refi-ready approval.
The steps are mostly just providing basic information and signing up at Beeline, then linking all your financial accounts so you can see what type of home loan you qualify for.
Beeline says the entire loan application process is done online, and can be accomplished without speaking to a single human being.
But if you need assistance, you can always reach out to your Loan Guide at any time via phone, text, email, or DM.
What Types of Home Loans Does Beeline Offer?
- Home purchase loans and refinance loans (rate and term and cash out)
- Conventional loans
- FHA loans
- VA loans
- Jumbo loans
- Bridge loans
- Second mortgages (HELOCs and home equity loans)
- DSCR loans
- Stated income loans
- Foreign national loans
- Multifamily residential (MFR) from 5 units up to 75
- Fixed-rate loans come in terms of 15, 20, 25, and 30 years
- Adjustable-rate loans come with initial fixed-rate periods of 3, 5, 7, and 10 years
One perk to using Beeline is their vast menu of home loan offerings.
They offer both home purchase loans and refinance loans, including rate and term refis and cash out refis.
Along with FHA loans, VA loans, jumbo home loans, and even loans for foreign nationals.
However, they don’t offer home renovation loans, such as FHA 203k loans, or construction loans.
Additionally, you can’t get a USDA loan from Beeline Loans, though that will hopefully change in the near future.
However, you can get a stated income loan, a DSCR loan if you’re a real estate investor, a bridge loan, and even a multifamily residential loan for up to 75 units!
And they offer second mortgages, including both home equity loans and HELOCs.
They lend on primary residences, second homes, investment properties, and multifamily properties, and offer financing on both townhouses and condominiums.
Lastly, you can get a Texas Cash Out Home Equity Loan if you reside in that state.
Beeline Loans Lender Fees
You should always shop around for your mortgage – simply getting one quote and calling it a day is not a good idea if you care about your money.
After all, the mortgage could stay with you for many years, if not decades, to come. This means it’s imperative to lock in a good price.
The company used to offer the Beeline Price Pact, where they would pledge to beat their competitors.
While this is no longer available, perhaps due to unsteady market conditions, chances are Beeline will offer you a competitive rate relative to the other guys.
And because they only charge a flat $1,049 lender fee ($1,999 for jumbo/DSCR), you should be in good shape in the closing costs department.
Beyond that, they charge the typical fees for things like a credit report, title insurance, flood certification, and a third-party home appraisal.
Beeline Mortgage Rates
One great thing about Beeline is the fact that they advertise their mortgage rates right on their website.
So they get bonus points for transparency, seeing that many mortgage lenders do not openly disclose their rates upfront.
You can see mortgage rates for both home purchase loans and refinance loans, and you’re able to customize your loan scenario to get real pricing, as opposed to just an advertised rate for a vanilla scenario.
Additionally, they present you with several options side-by-side, such as the lowest monthly payment, a balanced mix of upfront costs and payment, and the lowest upfront cost in exchange for a higher monthly payment.
All in all, their mortgage rates looked competitive relative to other lenders, but take the time to shop around as always.
Beeline En Español
In May 2024, the company launched an initiative known as ‘Colmena’ (which means hive in English), aimed at breaking down the barriers to homeownership for Latino borrowers.
If you’re a Spanish speaker, you’ll be automatically “routed down a Spanish customer journey” and matched with a bilingual loan officer.
This includes receiving certain loan documents in Spanish and tailored mortgage products that are culturally aligned to Latino home buyers.
The company’s AI chatbot known as Bob already speaks Spanish, but will instantly detect language to give faster and more accurate answers about products to Spanish speakers.
And offer educational content to help Spanish speaking customers prepare for the Beeline process.
Beeline Loans Mortgage Reviews
Since they’re so new, they don’t have tons of customer reviews just yet. For example, they’ve only got 26 reviews on Zillow.
However, they have a 4.31-star rating out of 5, which is pretty solid. We should know more over time as the reviews grow in numbers.
There are also a handful of reviews from Facebook and Google featured on their own website, both of which boast 5-star reviews.
The good news is Beeline Loans, Inc. is an accredited business with the Better Business Bureau, and has been since late 2019.
They have an ‘A’ rating with the BBB, and 4.52 stars out of 5 based on roughly 50 customer reviews. Again, only a handful at the moment, but even more positive than what they have over at Zillow.
Beeline Loans Pros and Cons
The Good
- Can apply for a mortgage directly from their website
- Only charge a flat $1,049 lender fee for most loans
- Use a completely digital home loan process
- Lots of loan programs to choose from
- Advertise their mortgage rates online
- Say they close home loans fast
- BBB accredited
- English and Spanish speaking loan officers
The Potential Not Good
- Not licensed in all states currently
- Do not offer VA loans, USDA loans, or home renovation loans
- Do not service the loans they originate
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Trying to close a loan with Beeline now. I thought I would just make everyone aware that they do link accounts for pre-approval, but somehow the taxes are not. I have had to go in and upload many bank statements, pay stubs, w2’s, taxes, etc…I do not feel advertising is accurate. It is still a headache loading everything, and except for paper to hand a realtor with your offer, it does not save you time. They still request you upload docs. Just so you know, it is only paperless for pre-approval, not the rest of the loan. You will be gathering docs, scanning and uploading.