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Axos Bank Review 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 7
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  • 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.


  • author
    alexia smith
    Nov 02, 2020

    do not use this bank they are horrible people, will hold onto your funds without warning, and close your account when they feel like it with no explanation.


  • author
    Krista Wright
    Aug 18, 2020
    If you like having access to your money stay away!

    Ok, first of all, I'd have to say that there is one shining gem in this company, the man who helped me sign up, Mr. McKenzie. He's awesome. However, ever since I got this bank account 8 months ago, I have NEVER been able to actually access it or use it without an issue! The debit card gets denied ALL THE TIME - Amazon, the CRM software I use, my business cell - denied, denied denied. Heaven forbid you travel internationally for work, you'll immediately get a Gladiator flag and get locked out of your account. Even when I warn them in advance - no dice. Think you can use a VPN? Think again! The site will say that it doesn't recognize the login and ask to CALL you - not even text! If you can't access your US phone, you're sh!t out of luck. Bottom line, if you plan to ever use the debit card or travel internationally for work, this bank is not for you.


  • author
    Jul 09, 2020
    Last close to 4000 with this bank they…

    Last close to 4000 with this bank they rip me off horrible customer service very rude and uncooperative irresponsible they don’t see you as a human being but only as a $and I don’t care about you very rude. Zero customer service


  • author
    Jul 02, 2020

    BEWARE OF UFB DIRECT (Online version of AXOS BANK)! If I could rate them with a negative 5 I would do it but one star will have to do. On 05/27 I opened a money market account because the bank touted the best money market rate in the country. Before making a deposit, I called a banker about the history of maintaining rates. She stated rate changes were infrequent so I decided to move ahead and wired my money. During June the money market rate dropped twice to nearly half the original rate, no longer competitive. On 06/29 I decided to move my money. I spent time researching before the transfer and learned the policy regarding the bank and lowering the amount in the account. “According to UFB Direct's Premium Money Market page, there is a $10 monthly maintenance fee if the daily average balance drops below $5k.” So this means that if my balance fell below $5k, they would charge me $10, that’s it. I called the bank to see if the rate could be improved considering my large deposit, Angela a customer service rep said she could do nothing about it. That made my decision for me so I planned to transfer my money to another bank with a higher interest rate. I asked for options to transfer my money. Angela transferred me to Derek from the wiring dept who said wiring was the best way. Neither Angela nor Derek mentioned moving my money before month end would affect my interest. It was the 29th, 2 days before the end of the month. I had a sizeable account and the interest accrued for the first 29 days was over $500. Using the online policy reference I had researched (i.e. the worst that could happen is they would deduct $10 from my account for going below the $5k minimum). I submitted the wire request. I got a call later in the morning of 6/29 from a male rep asking why I was moving my money, I explained the rate issue. He then approved the wire again with no mention about timing and how it might affect the interest accrued. On 07/01/20 I woke up to see if the interest was deposited but the accrued interest was zeroed out. I called the bank spoke with Mike who talked with his supervisor, who then told me it was a computer error that the interest would be added in 1 to 2 hours. After two hours, nothing got deposited so I got online with the bank and started a chat session with John C. who after speaking with his supervisor now said since I transferred out my money, the interest was defaulted, the exact opposite from Mike just two hours earlier. Also I had researched prior that there was only a fee for going below $5k. I did not close my account which is still open today. Obviously I would have left the money in my account for 2 days longer had anyone told me it needed to stay until month end (which was not mentioned in the policy I already mentioned). Before stopping my chat session, I asked John C. to have someone in management contact me. It has been two days and still no one has followed up. Bottom line, the bank representatives were unethical, misrepresenting bank policy. Not one of the many people I consulted with before the wire transfer provided any information about a need to keep the money in for the full month. I have business with many banks and I don't know of another bank that won't pay you interest due proportionately when you transfer the money to another bank. It is obvious they were manipulating the situation to avoid paying my interest. I have a very large network of business professionals and business owners in the U.S. whom represent more than 3 million businesses that I will be sharing this experience with. I will recommend that none of them bank with Axos or any of their divisions such as ufb Direct and to move their accounts if they are banking with Axos. A deceptive and completely unethical practice. I will pursue this until they return the earned interest. I have also submitted complaints to both the BBB better business bureau complaint and to the Consumer Finance Protection Bureau. No one has yet to contact me from the bank. PUT YOUR MONEY WITH ANOTHER BANK THAT IS TRUSTWORTHY, NOT AXOS BANK!