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.
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.
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).
Homie Loans has a guarantee that aims to interest match other brokers. On the Homie Loans website it states, "we’ll beat any competitor’s locked 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.
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 assistance right from your couch.
Homie Loans is especially unique because it aims to help home buyers save on typical fees associated with buying .
Non- listing homes on the traditional multiple listing service(MLS) agree to pay a (BAC).This BAC is usually about 3% of the home price that is paid by the of the home.
On the other hand, in a home sale with Homie, Homie gets those BAC funds and uses them to refund the closing costs and costs. up to $5,000 to help pay for
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.
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 brokers may have more options for so make sure to talk to a to see if it has the services that you need.