Axos Bank
Author: Kaitlyn Short
For the last 20 years, Axos Bank has focused on providing innovative online banking and loan services through its fully digital platform—cutting down on costs from traditional brick and mortar offices and extending the savings to its clients. You can expect to find lower interest rates and fewer fees due to the fully digital home loan process.
Axos Bank offers nearly a dozen home loan products, with some mortgage products that are unique only to Axos Bank. For example, Axos Bank has a few loan options that are specific to real estate investors looking to diversify their portfolio—a niche loan option offered in the mortgage industry. In addition, Axos Bank’s streamlined technology often makes the homebuying process quicker compared to more traditional lenders.
To see what customers are saying about their experience, check out the Axos Bank mortgage reviews below.
Top Ranked Companies
The Good
- Unique Home Loan Options
- Affordable Refinancing
- Competitive Interest Rates and Fees
Unique Home Loan Options
Axos Bank offers a number of mortgage options that make it easy for you to find a loan that works best for you. It offers traditional lending options as well as a few speciality options that are not available with other lenders. Below lists all of the home loan products that it carries:
- Fixed 30-year loan
- Conforming loan
- Non-conforming loan
- FHA loan
- VA loan
- Jumbo and super jumbo loan
- Home equity loan and HELOC
- Interest-only loan
- Home ready loan
- Portfolio and investment loan
The loan products that make Axos Bank standout are the interest-only, home ready, and portfolio/investment loans. The interest-only loan allows borrowers to pay off only the interest of their mortgage in the first few years, allowing for flexibility and a smaller financial commitment upfront. The home ready loan is similar to an FHA loan in the sense that it requires a small down payment, only 3 percent, and more lenient credit score requirements.
The portfolio and investment loans provide financing options for single-home or multi-unit properties that are intended to be used for real estate investing. If you are a borrower that qualifies for any of these three loans, Axos Bank may be one of the few lenders that will be able to meet your unique financing needs.
Affordable Refinancing
Axos Bank tries to make the refinancing process easy, affordable, and accessible to a variety of borrowers by eliminating lender fees. You are likely able to refinance your loan if you are wanting to do any of the following:
- Lower your monthly payment
- Remove private mortgage insurance (PMI)
- Change to a new fixed rate
- Pay off your loan faster
- Finance home renovation projects
- Consolidate high-interest debt
No matter the purpose of your refinance, Axos Bank promises that you will pay $0 in lending fees if you meet its qualifications. For Axos Bank, the lender fee is typically $995, which means that this promotion can save you a lot of money. The only catch with the $0 lending fee is that you must have, or open, an Axos Bank checking account, or the loan must be at least $250,000. Speak with one of its representatives to see if you qualify.
Competitive Interest Rates and Fees
Because Axos Bank operates entirely online, it is able to eliminate numerous costs and fees that are notorious from traditional mortgage lenders. Online, it advertises that Axos Bank offers interest rates that are low in comparison to industry standards due to the nature of their business being fully digital.
It is rare for a mortgage lender to be fully online, making Axos Bank standout as one of the few lenders that is able to legitimately cut out administrative costs and allow customers to reap the benefits of those savings. If you do not mind being involved in the home loan process remotely, then Axos Bank is a great way to save money and on the loan process.
The Bad
- Fully Online Service
Fully Online Service
Although being fully online has some major financial benefits, some borrowers may feel more comfortable choosing an option that has in-person services and representatives to meet with. Talking through the process face-to-face about the major purchase of a home loan can be a great advantage for many who do not feel comfortable moving forward in the process completely remote.
The Bottom Line
Axos Bank is notorious for providing savings to its customers through its low interest rates and lender fees. Axos Bank’s wide variety of traditional and niche mortgage options make it easy to meet the needs of most borrowers.
If you are comfortable with a fully digital loan process, then Axos Bank is a great way to save money and possibly close on your loan quicker than traditional lenders. If you prefer a more traditional and hands-on approach to the loan process, then perhaps you’d want to visit a mortgage lender that has a physical storefront to visit.
