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.

How it Works

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.

Types of Loans

Beeline currently offers only fixed and adjustable-rate conventional loans for the following types of homes.

• Single and multi-family homes (up to four units)
• Townhouses
• Condominiums
• Investment properties

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.

Loan Features

Here are some of the main features of a Beeline loan:

• Your purchase-ready approval lasts 90 days. This letter lets you approach realtors and sellers with more confidence than with a traditional pre-approval or pre-qualification letter.
• Your Loan Guide is your single point of contact throughout the process, from your application through to closing. You can contact them at any time.
• Beeline is a licensed lender. Your loan will be sold to a company that specializes in servicing loan payments (a standard procedure in the industry – Beeline is just more transparent about it than most lenders). The good news is your loan terms will never change.

Rates and Terms

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:

• Lowest Monthly. Most closing fees are paid upfront, leading to lower monthly payments.
• Lowest Upfront. Most closing fees are absorbed into your monthly payments, meaning you pay less upfront.
• Balanced. This is basically a hybrid between the other tiers, so your upfront fees and monthly payments both end up being somewhere in the middle.

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).

Contact Beeline

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.

Summary

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.