Axos Bank Mortgage Review 2022
Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank offers everything from personal and business savings and checking accounts to car and home loans.
Borrowers with an Axos Bank current account can reduce or eliminate lender fees and earn money by using the account to make monthly mortgage payments.
- Earn 3% annualized cash back – 0.25% per month – if you have an Axos Bank current account and use it to pay your mortgage.
- Reduce or eliminate the $995 lender fee with an Axos Bank checking account.
- Closing on time is guaranteed for buyers of single-family homes.
- Access mortgage advisors to discuss your home financing needs.
- Since Axos Bank is online only, borrowers who need assistance should contact by phone.
- Lender fee rebates and cashback are only available if you open an Axos Bank current account.
What types of mortgage loans does Axos Bank offer?
- Loans for the purchase of a home.
- Home equity loans and lines of credit.
- Cash-out refinances.
- Conventional refinancing.
Axos Bank is born conventional and nonconforming loans, Department of Veterans Affairs and FHA loans with low or no down payment options, interest-only mortgages, and loans on investment properties. Special loans from Axos Bank also help foreign nationals to access property.
Loans can be used for many types of properties, from single-family homes to multi-story condo complexes.
Alternatively, borrowers can finance home renovations or pay off debt with an Axos bank. home equity loan or line of credit, or use cash refinance to pay medical bills or education costs. Axos Bank also offers refinancing options to achieve goals such as lowering your monthly payment, eliminating mortgage insurance, switching to a fixed rate, or paying off your mortgage faster.
How do Axos Bank mortgages work?
You’ll start the online mortgage application process by answering a series of basic questions about the type of mortgage you want, and then you’ll receive a free quote. After submitting the initial mortgage application digitally, an Axos Bank loan advisor will contact you.
You can upload all required documents, such as bank statements, W-2 forms, and payslips, to your online application. Checking the status of your loan application and tracking its progress can also be done online.
Axos Bank typically closes mortgages within 30 days. But if you are pre-approved and prequalified, Axos Bank may be able to close earlier.
What are Axos Bank’s mortgage terms, fees and conditions?
The longest mortgage term offered by Axos Bank is 30 years and the shortest term is 10 years. The best interest rates are available with 15 and 30 year terms. Interest rates can be fixed or adjustable.
Borrowers can save up to $995 on lender fees and earn 3% cash back per year by opening an Axos Bank checking account and using it to pay the mortgage.
At closing, borrowers are responsible for costs such as discount points, loan origination and appraisal fees, investigations, and title and owners’ insurance premiums. Closing costs on Axos Bank, mortgages can be up to 8% of the purchase price of a home, depending on the lender.
Axos Bank will cancel automatic payments on your account if you have three or more consecutive returned payments. (You can avoid this by making sure your account information is up to date.) Axos Bank discloses late fees and penalties in its mortgage agreement.
What discounts does Axos Bank offer?
Axos Bank offers mortgage discounts to borrowers who open an Axos Bank current account. Save up to $995 on lender fees for mortgages of at least $250,000 and $200 on fees for mortgages under $250,000.
An Axos Bank checking account also earns 3% cash back per year – 0.25% per month – when you pay your mortgage with it. Credit is based on principal and interest payments and does not include escrow, and borrowers cannot earn more than $100 in cash back per month.
Qualification: How can you qualify for an Axos Bank mortgage loan?
Axos Bank offers online pre-qualification and pre-approval. Loan amounts range from $15,000 to $510,000, with a few exceptions.
The lender’s jumbo loans have no loan limit or minimum credit.
What credit rating do you need for an Axos Bank mortgage loan?
The minimum credit score to qualify for most Axos Bank mortgages is 620, which matches FICO. fair range.
Government-backed FHA and VA loans generally require a “good” FICO credit score of 680. However, Axos Bank takes into account not only the credit history, but also the amount of the deposit and the savings.
Where does Axos Bank operate?
Axos Bank operates throughout the country.
Is Axos Bank reputable?
Axos Bank has an A+ rating with the Better Business Bureau, and Trustpilot rates Axos Bank 2.6 out of 5 stars, with complaints mostly related to customer service.
The Consumer Financial Protection Bureau received 25 mortgage-related complaints in 2020 about Axos Financial, the holding company of Axos Bank. Nearly half were related to problems during the checkout process. Each complaint received a prompt response and was closed with an explanation.
How is Axos Bank’s customer service?
Axos Bank is an online bank but supports borrowers with mortgage counselors available at 888-546-2634 from 8 a.m. to 5 p.m. PST. You can also request information by filling out an online form, and a loan counselor will contact you.
When paying Axos Bank mortgages, you can choose to direct debit from your Axos Bank account, make a one-time payment online or send a check by post. A virtual financial assistant called Evo, accessible via the Axos Bank app or online banking, can be used to manage your loan, including scheduling and payments.
What are some of Axos Bank’s online features?
The entire mortgage application process with this digital bank is done online, including rate quotes or prequalifications. Upload all documents and check the status of your loan application online. Loans are concluded online and payments can be made via the mobile app or the Axos Bank website.
The lender requires a phone call after starting the loan application. You can contact customer service and a mortgage advisor will guide you through the process.