In a Nutshell
- Online application and approval process
- Machine-learning speeds up approval times
- Direct links to applicant data ensures reliable results
- $60 credit report fee
- Hard credit pull may affect credit score
Beeline Loans at a Glance
|Direct lender or marketplace?||Direct Lender|
|Loan types||Purchase, Refinance|
|Featured Loans||Fixed-rate, adjustable rate|
|Repayment terms||15 to 30 year loans|
|Minimum Down Payment||Varies based on loan type|
|Minimum Credit Score||Varies based on loan type|
|Suitable for||Fully online, rapid approval|
Beeline is an independent mortgage provider that offers quick, online assessments and loan approvals for both purchasing and refinancing. Linking directly to prospective borrowers’ bank accounts, tax history, and employment information, Beeline uses machine learning to rapidly create a unique, reliable lender’s profile, for rapid approval on conventional mortgages without you ever needing to leave home. Despite this highly automated approach, Beeline also boasts great customer service.
Individuals looking for a fully automated, modern, online mortgage service that guarantees quick results and the lowest rates available, with price-matching, and without sacrificing customer service.
Types of Loans/Products
Beeline offers a wide variety of loans. 15-, 20- and 30-year fixed-rate mortgages are available, as well as 3/1 (fixed rate for 3 years, adjusted every following year), 5/1, 5/5 (fixed rate for 5 years, adjusted every 5 following years), 7/1, and 10/1 adjustable-rate mortgages with low initial payments.
Information on credit requirements, APR, down payments, specific loan terms, and eligibility can be found in Beeline's extensive help section.
The Application Process
The application process is easy and quick, especially compared to traditional lenders, and can be done on your smartphone. The process can be broken down into 5 main steps, and takes about 15 minutes in total.
- Create your profile (2 minutes) – this helps keep your information safe and secure, with Beeline’s bank-level encryption and security. You’ll be asked to give your first and last name, date of birth, cell phone number, email address, and password.
- Your down payment (7 minutes) – securely link to your bank account, using the same technology as Venmo and Amex, and add additional assets like property, gifts, shares, grants to get a global picture, then decide on your down payment.
- What you make (4 minutes) – indicate your employment status and upload pay stubs (W-2s) for automatic verification.
- What you owe (2 minutes) – you’ll be asked to confirm your address, and the automatically checks your credit rating and lists an overview of your debts and liabilities.
- Wrap it up (1 minute) – lastly, you’ll provide information on citizen, marital, and current living status, any dependents, etc., followed by a series of questions regarding your personal and legal situation, the property, etc.
Rates and Fees– The Bare Basics
Beeline offers competitive rates for all their offerings for various types of lenders.
Unlike many mortgage lenders who do not disclose rates, Beeline advertises their rates right on their website. Users can view rates for both home purchasing and refinancing, as well as customize their loan scenario in order to view rates they actually prequalify for.
Beeline doesn’t charge origination or processing fees, thanks to their highly automated service. Beeline even allows you to pay appraisal costs (usually up to $600) at closing, along with other closing costs like third-party and title fees.
Loan lengths vary from 5 to 30 years, with different terms available for most loans. APR information is available once you’ve gone through the application process.
Help & Support
Beeline has no shortage of 5-star customer reviews attesting to a motivated and supportive staff. Their site includes an extensive FAQ and Knowledge Base. You’ll also be supported throughout the process by a dedicated Loan Guide who can contact directly on text, DM, live chat, email or phone call.
As we’ve seen, Beeline is a mortgage company for the 21st century. With a smooth and modern that guides you through the application process from start to finish, and lightning-fast approvals that run on machine learning - there’s a lot here to peak one’s interest. Beeline also doesn’t charge any origination or processing fees, and will price-match if you find a cheaper loan, though they do charge a $60 credit report fee.
Why is Beeline only available in DC, FL, MD, MA, RI, TX and VA?
These are the states whose laws work well with the digital real estate processes that Beeline relies on for its quick lending service.
How does Beeline keep user information safe?
Data is stored in read-only formats, and only the artificial intelligence at the heart of the service has access to it. Beeline never stores user credentials, and relies on two-factor authentication to secure the app.
What makes Beeline stand out?
Beeline’s AI, and the fact that it connects directly with your bank accounts, is a big step forward in automating the home loan process. As a result, application and approval is less complex and more streamlined. The workload involved in traditional applications is greatly reduced, and with it, the stress of getting a traditional loan.
Why is Beeline so much cheaper?
Beeline’s technology helps remove costly steps and automate the whole process, so less time, manpower and money goes into creating your profile, approving your loan, and guiding you from interested party to home owner. Basically, they keep costs low, and pass the savings onto customers.