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Homie Loans is a sister company of Homie, a technology-based real estate company that began in 2015. Homie aims to make home buying and selling more simple and affordable by minimizing agent commission fees and, instead, refunding buyers and sellers with money saved from utilizing the platform.

Homie Loans offers conventional mortgages to borrowers using the Homie platform, which features listings in Arizona and Utah, but also finances purchases in traditional real estate sales not facilitated by Homie.

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The Good

  • Unique Process
  • Informative Consultation
  • Refund at Closing

Unique Process

To use a Homie Loans mortgage, you can purchase a home listed on Homie or any other real estate website. If you’re looking at Homie homes, you can schedule in-person tours online at times that work for both you and the seller.

When you’re ready to make an offer on a Homie-listed home, you create it with the assistance of Homie staff which includes attorneys and agents to help with negotiations, counter offers, and addenda. The company also assists with the closing process, the title company, settlement, and, of course, financing.

All customers who buy a Homie-listed home must get prequalified with Homie Loans (even if you ultimately choose a different lender) as part of Homie’s Buyer Broker Agreement (BBA).

Informative Consultation

Homie Loans officers help prospective borrowers compare interest rates, explore various loan programs, and identify the fees that apply over the lifetime of each loan.

Refund at Closing

Non-Homie sellers listing homes on the MLS agree to pay a buyer agent commission (BAC),  which is usually about 3 percent of the home price. In a sale, Homie gets those funds and refunds the buyer up to $5,000 to pay for closing and loan costs.

The Bad

  • Refund Limitations
  • Loan Types

Refund Limitations

If you’re buying a home listed on Homie, be aware that the cash refund offer does not apply. This is because Homie sellers do not pay buyer agent commissions when they accept an offer from a Homie buyer.

In cases where a buyer is eligible for a refund, the money can only be applied to closing costs. It cannot be deducted from the sales price or rewarded as cash.

Loan Types

Homie Loans does not include a full listing of mortgage types available but states that it does not finance Adjustable-Rate Mortgages (ARMs) or 5 percent down Jumbo loans.

The Bottom Line

Homie Loans doesn’t offer all of the loan types we like to see, and the corporate website doesn’t include information about interest rates. But Homie’s unique business model and potential savings for both buyers and sellers is gaining momentum in Utah and Arizona. Buyers interested in Homie listings are required to get prequalified for Homie Loans anyway, so it’s a good idea to get more information if you’re a buyer in either of those states.

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