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.

Jump down to Homie Loans reviews to see what real customer are saying about their mortgage experience.

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Attention: Homie Loans only offered in Arizona and Utah.

Homie Loans offers conventional mortgages to borrowers using the Homie platform only in the states of Arizona and Utah. However, Homie also finances purchases in traditional real estate sales not facilitated by Homie.

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The Good

  • Unique Process
  • Interest Rate Matching
  • 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).

Interest Rate Matching

Homie Loans has a guarantee that aims to interest match other mortgage brokers. On the Homie Loans website it states, "we’ll beat any competitor’s locked loan rate or we’ll pay you $500 in cash."

This guarantee should give you peace of mind that Home Loans has borrower satisfaction at the core of the companies business model.

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.

Homie aims to make the process as pain free as possible with the whole process being streamlined with an online application and professional loan officer assistance right from your couch.

Refund at Closing

Homie Loans is especially unique because it aims to help home buyers save on typical fees associated with buying real estate.

Non-Homie sellers listing homes on the traditional multiple listing service(MLS) agree to pay a buyer agent commission (BAC).This BAC is usually about 3% of the home price that is paid by the seller of the home.

On the other hand, in a home sale with Homie, Homie gets those BAC funds and uses them to refund the buyer up to $5,000 to help pay for closing costs 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.

Other traditional mortgage brokers may have more options for potential buyers so make sure to talk to a Homie agent to see if it has the services that you need.

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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