Forward Mortgage Lending, Inc. (doing business as Sage Mortgage) is an online mortgage broker specializing in the refinancing of conventional and FHA-backed mortgage loans. Sage taps into its network of lending partners to find each borrower the best personalized rates and fastest closing times. Sage says its average closing time is 29 days, 44 percent faster than the industry average.
Loan types: Refinance
Loan products: Conventional, FHA
APRs start from: 2.006%
Minimum credit score: 660
Repayment terms: 15-30 years
Sage Mortgage claims to offer competitive rates. Last time we checked in, it was advertising starting rates of 1.875% (2.006% APR), significantly lower than the average rates offered by most lenders. It also promises quick closing times, backed by the entirely digital application process described above under “How it Works.”
To see your custom rates, you’ll need to fill out a detailed online application form. The process takes about 10 minutes and includes a hard credit query – thereby affecting your credit score.
The form comprises 14 pages:
1. Basic details of your refinance, incl. remaining mortgage balance, property type, property use, and whether you’d like to cash out;
2. Additional details, incl. address, year purchased, and whether you use the property for business purposes;
3. Create an account with email and password;
4. Personal details, incl. name, phone number, citizenship, marital status, dependents, and monthly payments towards debts or liabilities;
5. Co-borrower details (if applicable);
6. Military service (if applicable);
7. List of additional properties you own (if applicable);
8. Employer information, including income type, employer name, and start date (or equivalent details for self-employed applicants);
9. Any other sources of income;
10. Monthly expenses on your existing mortgage/s, incl. principal and interest, homeowners insurance, property tax, mortgage insurance, HOA dues;
11. Additional disclosures, incl. debts, liabilities, foreclosures, bankruptcies;
12. Legal disclosure, incl. ethnicity, race, sex (this section only applies in some states);
13. Refinance goals, e.g. What are your most important goals for this refinance? How long do you plan on staying in this home? How do you wish to pay closing costs – upfront or across the life of the loan? How do you wish to pay taxes and insurance – directly or into an escrow account?
14. Social security number.
After completing the form, you’ll either see custom rates or the contact details of your designated loan officer. Either way, Sage Mortgage promises to guide you through the process and handle everything on your behalf, saving you the trouble of speaking directly with your lender. The entire process is managed on the Sage Mortgage digital platform, where you can quickly upload any documentation and track the status of your application.
Sage Mortgage deals only with refinancing, and doesn’t deal at all with new loans. Its lending partners offer conventional or FHA refinancing with fixed or adjustable rates.
As of September 2021, Sage Mortgage was licensed to broker mortgages in 22 states: Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, New Hampshire, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin.
We’ve already discussed Sage Mortgage’s main features, but it’s worth highlighting them again.
Sage offers a range of loan terms and rates, with the exact details determined by your credit profile.
Interest rates start from 1.875% (2.006% APR). Loan terms range from 15-30 years for fixed rates (the exact options for adjustable rates aren’t mentioned on the Sage website). As we mentioned earlier, the service carries a broker charge worth 0-3% of the loan amount.
With literally thousands of licensed mortgage lenders out there on the market, it would be impossible to contact them all. Like other online mortgage brokers, Sage Mortgage provides a shortcut. It connects each borrower with the best rates from its network of lending partners, and handles the entire process on the borrower’s behalf – potentially saving the borrower time and money.
This company is as much as a fintech company as it is a mortgage broker, employing advanced technology to streamline the mortgage process and help you get into that new home (or refinance an existing loan) more cheaply and quickly than ever before.
If you’re interested in using Sage Mortgage to apply for a refinance, you can start by filling out an application form on the Sage website or by contacting Sage directly.