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Axos Bank Review

ByBestmoney StaffNov. 15, 2020

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In a Nutshell

Axos Bank is a digital bank that offers a range of consumer finance products and services including mortgages. Unlike most other banks, Axos has only ever operated online. By eliminating the high cost of physical bank branches, it is able to reduce overheads and pass on savings to home buyers through lower rates and fees.


  • Diverse range of loan options
  • Special rates for Costco members
  • Highly rated customer support


  • No physical branches
  • No rates without registration

Axos Bank at a Glance

Loan types

Purchase, Refinance, Home Equity

Featured Loans

Conventional, Jumbo, FHA, VA, HEL/HELOC

Repayment terms

10-30 years

Best for

Saving on closing fees, especially if you’re a Costco member

Axos Axos Get Rates


Axos Bank started out as an online bank in 2000 and has developed a reputation as a top online mortgage lender. It offers an impressive range of mortgage products, from the types of conventional and government-backed loans offered by most lenders to niche products like non-conforming loans and special loans for Costco members. Because Axos is a completely online bank with no physical branches, it is able to offer lower closing fees than most other lenders.

Best For?

Axos Bank is a good option for anyone looking to borrow from an online mortgage lender, but it is a particularly great choice for the 90 million-plus Americans with Costco membership. That’s because Axos offers a special mortgage program for Costco members, with exclusive discounts for existing cardholders, as well as borrowers who subscribe to Costco during the mortgage application process.

Types of Loans/Products

As mentioned, Axos offers a wider range of mortgage loans than most other banks. These include conventional loans, government-backed home loans, home equity loans, and a unique mortgage program for Costco members.

  • Portfolio and non-conforming loans: Customized mortgages for complex financial needs, such as non-owner-occupied properties and lower down payments.

  • FHA loans: Government-backed loans for people with sufficient credit and down payment. 

  • VA loans: Government-backed loans for active and former service people and spouses who meet certain conditions, with zero down payment.

  • Home Equity loans and home equity lines of credit: HELs and HELOCs let homeowners borrow against their equity.

  • Interest-only mortgages: Includes introductory period in which  the borrower pays interest but no principal in return for lower monthly payments.

  • Loans for investment properties with 5 or more units: Includes financing for mixed-use properties, student housing, retail, office, industrial, and mobile properties.

  • Mortgage program for Costco members: Special rates and fees for new and existing Costco members.

The Application Process

The application process takes place online with telephone assistance from a dedicated mortgage consultant. To request a quote online, just fill out a few details including your name, contact details, estimated credit score, loan amount, and down payment. Axos also offers a special feature which lets users request a daily, weekly, or monthly rates update to their inbox, with no obligations.

If you’re satisfied with the rate given, you may go ahead and apply for a mortgage. Axos has similar requirements to most other mortgage lenders.

  • Borrower must be a US citizen or resident.

  • Borrower must be 18 years or older.

  • Costco membership only required if applying for mortgage program for Costco members

Pros and Cons

Aside from the almost entirely digital application process, the main advantage of Axos Bank’s service is its wide range of mortgage products and low closing costs. Axos Bank really does appear to beat most of its competitors on closing costs, and doubly so for Costco members. Anyone can take advantage of the Costco discount.

Rates and Fees—The Bare Basics 

Unlike some other banks, Axos doesn’t display rates unless the user enters their contact details. With that said, once the user registers, they get access to a completely transparent quote for different mortgage products, including a full breakdown of closing fees and monthly payments. 

Repayment Terms

Borrowers may select from the following loan terms: 10 years, 15 years, 20 years, or 30 years. 

Help & Support

Judging by independent customer reviews, most customers walk away very satisfied with Axos Bank’s hands-on service. Each applicant is appointed a dedicated mortgage consultant who stays with them through to closing. Applicants may call Axos Bank directly or speak to an agent over live chat during business hours. If you request a quote online, an Axos agent will call you to provide additional information.


It’s fair to say Axos offers competitive rates and fees on mortgage products, especially for Costco members. The other thing that stands out for us is the transparency, which makes sense given that Axos wants to show off those low rates and fees. When you request a quote, you get a full breakdown of estimated closing costs and payments, and the sheer amount of detail is something you don’t tend to see with most lenders. Overall, Axos Bank offers a solid option if you’re looking to apply for a mortgage online and potentially find a great rate.

Axos F.A.Q.

Q: When was Axos founded?

A: Axos launched on July 4, 2000 (it chose this date on purpose), under the name Bank of Internet USA. 

Q: Does Axos have physical branches?

A: No. Axos Bank has only ever operated online, making it one of the first banks to open exclusively as a digital operation.

Q: How trustworthy is Axos Bank?

A: Axos is a FDIC-insured bank and a certified equal housing lender.

A: Do you have to be a Costco member to get an Axos loan?

No, but it pays to take out Costco membership because Axos rewards Costco users with lower rates and fees.

Physical Address

Axos Bank

4350 La Jolla Village Drive, Suite 140

San Diego, CA 92122

Axos Axos Get Rates

Axos customer testimonials

AverageReviews 11
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  • author
    Adria D. Robinson
    Mar 29, 2021
    If I could this bank a negative 3,000

    If I could this bank a negative 3,000. I would. I setup an account with the, based on the review fro, Nerdwallet, what was I thinking!!! I pit a deposit in the account to purchase a phone with Apple. My debit card declined the very first time I used it! I called customer service and spoke with 3 different people. The 3rd person said that Apple does not accept their cards, so I made the order with Apple Pay. Later on in the day I went to make another purchase and my card declined again! I call them again and now I’m told my account is restricted. Now I’m pissed. Then he proceeds to tell me that I can’t speak with the dept that restricted the account and they will, contact me. They don’t haves time frame on how long my account will be in review! I asked to speak with a supervisor. They said I can’t talk to one. A supervisor will have to call me in a couple days! Unbelievable! As soon as my money is unrestricted I, going to move my money to another bank and close this account! DO NOT BANK HERE!


  • author
    James Foster
    Mar 27, 2021
    Ruined a great UI and replaced it with slow clunky ui and rude/slow customer service and transaction times.

    I was a wise banyan user. After it was acquired by axos they ruined the great user interface, cancelled the app, merged it with their online banking which didn’t allow the functionality of the app, and quadrupled their transaction times. Their customer service was rude and annoyed to have to talk to me about what they messed up and took months to transfer, vs the normal 3-5 days.


  • author
    Christa Speer
    Mar 13, 2021
    If I could give a negative star i would…

    If I could give a negative star i would this is hands down the worst banking experience I've every had and they have cost me several dollars due to there bs and unreasonable and unreliable banking I regret the day I opened a bank account with them


  • author
    Christopher Beaudoin
    Feb 09, 2021
    Starting off I am partial to online banks.

    Starting off I am partial to online banks and prefer them to brick and mortar. I was originally a customer of Simple Online Bank and while they had great customer service they were limited in what they offered. I found Axos and I very much like the different accounts they offered. I have been with them now for 6 months have been very happy with my experience with them. I will say the only complaint I do have is there check cashing, they tend to hold funds longer compared to other accounts I have had. I have had several friends switch to Axos and they all have been very happy.


  • author
    Mike Gray
    Nov 05, 2020
    Extremely difficult to work with

    Extremely difficult to work with. They claim to be an "online bank" but everything requires you to call in, so I think that makes them a "phone-in bank". The person who helped when I called in was condescending and seemed to be actively trying to make my situation more difficult. Closed account, went to a real bank.