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LAST UPDATED: August 11th, 2021

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

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Attention: Homie Loans products are not exclusive to Homie services and products.

Homie offers real estate, as well as mortgage loans through Homie Loans. But, loan products aren't reserved for use with Homie real estate; loans can be used for other real estate, and Homie accepts mortgage from other lenders for its real estate options.

Jump down to Homie Loans reviews to see what real customers are saying about their experience with this company.

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The Good

  • Simplified Process
  • Interest Rate Matching
  • Informative Consultation
  • Refund at Closing

Simplified Process

To use a Homie Loans mortgage, you can purchase a home listed on Homie or any other real estate website. 

However, if you're looking at Homie-listed homes, there are additional perks. For example, you can schedule in-person tours online at times that work for both you and the seller. And when you're ready to make an offer on a home, Homie staff, including attorneys and agents, will 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 aims to save borrowers more money and has an interest-matching guarantee to do just that. On the Homie Loans website it states, "we'll beat any competitor's locked loan rate or we'll pay you $500 in cash."

Informative Consultation

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

Homie Loans aims to make the process as pain free as possible by streamlining the application process, allowing you to complete it entirely online.

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 percent 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.

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The Bad

  • Limited Online Information
  • Refund Limitations
  • Loan Types

Limited Online Information

The Homie Loans website is limited and does not intuitively outline rates, terms, and additional fees, such as closing costs. While these factors will likely be determined by your provided financial and personal information, it can be helpful to get an idea of what your interest rate may be on your mortgage and how much your closing cost could be.

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 does not provide a full listing of mortgage types available, but it is important to note 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.

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The Bottom Line

Homie Loans doesn't offer all typical loan types that you might see with larger home loan companies, and the corporate website doesn't include information about interest rates, which can make it difficult to know what you might be paying for your mortgage. 

It is important to note that buyers interested in Homie listings are required to get prequalified for Homie Loans. However, Homie's unique business model and potential savings for both buyers and sellers can simplify the home buying and selling process. 

Homie Loan reviews are currently limited. If you have done business with this company, please let us know about your experience by leaving a review.

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