Beeline is a fintech mortgage lender that promises to deliver purchase-ready approval within 15 minutes. While most lenders make you get pre-approved first, Beeline skips that stage and goes straight to the part where you have a purchase-ready certificate that realtors will take seriously. Beeline is currently licensed in 22 states (Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Virginia.) as well as DC.
The most important thing to know about the initial phase of the Beeline application process is that the rate you see at the end is in fact your final rate. This is what differentiates Beeline from other lenders, where the pre-approved rate is often subject to change later on.
It takes about 15 minutes to get your purchase-ready interest rate. Rather than waste time asking you to guess your financials, Beeline collects the actual numbers in this initial stage. How does it do this? By asking you for permission to let it securely link to your bank and investment accounts to collect information.
If this sounds like it could be a privacy concern, don’t worry. You’ll be asked to give separate permission for each account Beeline wishes to access. The process itself is fairly standard in the financial services sector, and Beeline will only be able to see the information you allow it to access.
Once all that’s done, you’ll see your final rate and be assigned a Beeline representative (known as a Loan Guide) to help you navigate through the rest of the process. Your Purchase-Ready Approval certificate will be waiting for you in your account, where you can print it to show to your realtor and/or sellers.
As you can see, Beeline has removed and automated many of the steps usually associated with the mortgage application process. As a result, Beeline’s overhead costs are relatively low, and it is able to pass on a significant portion of its savings to borrowers (i.e. you) through lower interest rates and lower fees. Beeline charge a flat fee of $650. This covers origination and loan processing.
Although Beeline truly is quicker and cheaper than most lenders, there is a catch to the fact that it has eliminated the pre-approval process. One of the benefits of getting pre-approved (or pre-qualified) is that you receive an estimated rate without any impact on your credit score. Beeline obviously goes straight to the part where it collects your financial information, and this can affect your credit score.
Beeline currently offers only fixed and adjustable-rate conventional loans for the following types of homes.
Loans can be used for purchasing or refinancing. In Texas, Beeline also offers cash-out home equity loans, where you reduce the equity you have in your home by taking out cash from your primary residence.
Here are some of the main features of a Beeline loan:
Beeline is very transparent about its rates – and why wouldn’t it be, when its rates are so low? As mentioned, Beeline offers conventional loans with 15, 20, 25, or 30-year terms.
It offers three tiers:
Here are the latest minimum rates and APRs according to the Beeline website (using the example of a $350,000 primary residence in Austin, TX).
Beeline Loans, Inc., owner and operator of the Beeline brand, has only been in business since 2019, so it’s still too early to assess its level of customer service. However, all the signs are positive. Beeline has an A rating from the Better Business Bureau. Its website contains a particularly extensive FAQ section, offering answers to pretty much any question you can think of. Its agents (known as Loan Guides) can be reached via phone (800-550-6602) or live chat (on the Beeline website). Beeline Loans is headquartered in Providence, RI.
Many lenders claim to be different without really offering anything unique. Beeline actually is different: it’s removal of the pre-approval process is a game-changer that promises the twin benefit of reducing the cost of your mortgage and making it quicker to get into your home. The impact this has on your credit score shouldn’t be dismissed, but if you already have strong credit then there’s a strong case to be made for applying to Beeline.