Axos Bank Mortgage offers low rates, discounted fees, and rewards. It allows you to buy the home you want or refinance your mortgage to lower your monthly payment, reduce your interest rate, pay off your mortgage faster, consolidate debt, or get cash out for home improvements.
Summary: The mortgage offers flexible guidelines and a 30-day close-of-escrow guarantee. A great option for anyone in the market looking to buy a property, or refinance a home.
Mortgage Fees & Rates
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|HQ||4350 La Jolla Village Drive, Suite 140 |
San Diego, California
|Min. Loan Amount||$50,000|
|Max. Loan Amount||$25,000,000|
|Min. Credit Score||620+|
|Min. Down Payment||3%|
|Min. Yearly Income||Varies|
|Fixed-Rate Terms||30, 20, 15, 10 years|
|Adjustable-Rate Terms||10/1, 7/1, 5/1|
|Loan Types||Conventional, Jumbo, Portfolio, FHA, VA, Refinance, HELOC, Home Equity|
|State Restrictions||Available in all States|
Axos Bank, formerly Bank of Internet USA, is a digital bank with its headquarters in San Diego. Founded in 2000, it offers a full suite of personal and business banking products, including mortgages.
The bank has developed leading technology and a digital model to save you time, lower your cost, and close faster. They offer an online mortgage pre-qualification that gives you an underwriting decision in 10 minutes or less. If you are a night owl or prefer to handle these matters after hours, their technology can process your loan request and issue you a prequalification 24/7. As you get closer to finding your home and getting into a contract, you will work with a dedicated team of mortgage specialists through every step of the process, from application to closing.
The mortgage loan can be used for multiple property types, from single-family homes, multi-family, and condo complexes. Alternatively, borrowers can finance home improvements, pay off debts, or other expenses with a home equity loan, line of credit or refinance to cash out equity.
You can apply for a mortgage in the following 3 easy steps:
Axos Bank Bank typically closes mortgages within 30 days. But if you are preapproved and prequalified, it might be able to close sooner. Some of the documents you might require during the application process include:
Axos Bank offers a variety of mortgage options, including fixed-rate and adjustable-rate loans. Loan types include:
|Conventional loan||Conforming loans are great for first-time homebuyers or seasoned purchasers. It is an excellent choice if the mortgage amount doesn’t exceed the conforming loan limit, $510,400 for most U.S. counties. Each area will have its own conforming limit.|
|FHA loan||Axos Bank offers both fixed- and adjustable-rate FHA loans with down payments as low as 3%. It accepts lower credit scores and has flexible requirements.|
|Jumbo loan||Loans of up to $25 million or more are available with up to 90% financing on purchase loans. They offer the flexibility of borrowing with fewer restrictions, freedom from lending limits, and a wide range of options. These loans finance primary residences, second or vacation homes, and investment properties. A Jumbo Loan may also be the right option when consolidating multiple mortgages into a single loan.|
|VA loan||Eligible service members can qualify for Axos Bank Bank’s VA loan program with 0% down payment options. This government mortgage is available to active military members, veterans, and other individuals, such as surviving spouses.|
|USDA loan||The lender does not offer USDA loans|
|Interest-only loan||If you need lower monthly payments and your income is going to increase in the next few years, consider an interest-only loan as it can help you purchase a house sooner.|
|Cash-out refinance||Allows you to cash out your equity in your home. It offers a lump sum of money.|
|Rate and term refinance||Axos Bank has several refinancing options with fixed or variable interest rates and set monthly repayments.|
|FHA streamline refinance||FHA borrowers without an appraisal or full documentation can quickly refinance their current loan. Refinance up to 96.5%.|
|VA refinance||Axos does not require any downpayment on its VA refinance loans.|
|Reverse mortgage||The lender does not offer reverse mortgages.|
|Home equity loan||This loan allows you to secure a second mortgage while the terms of your existing mortgage remain the same. It offers a lump sum of money, a fixed interest rate, and set monthly payments. You can use the funds to finance expenses, home improvements, repairs, and much more.|
|Home equity line of credit (HELOC)||It provides a line of credit with a set limit, variable interest rates, and flexible payment options—ideal for homeowners who want to pay off high-interest debt or finance significant expenses.|
|Portfolio Loans||Portfolio loans offer personalized lending for homebuyers with complex financial needs and goals. Their features include:|
With most mortgages, loan fees range between 2% and 5% of your loan. The actual fees will vary depending on your home’s cost, down payment, and the property you’re buying. Other fees you might be expected to pay include appraisal, home inspection, document preparation, credit report, title charges, state taxes, and private mortgage insurance.
Axos Bank charges a $995 origination fee. But if your loan is more than $250,000 and you have a checking account with them, it waives that fee. For mortgages less than $250,000, they will reduce the origination fee to $200.1
The bank typically closes mortgages within 30 days. But if you are preapproved and prequalified, it might be able to close sooner. The bank will cancel automatic payments on your account if you have three or more consecutive returned payments. Late fees and penalties are disclosed in the mortgage contract.
To figure out the mortgage rate, you’ll have to request a quote through their website or call them directly.
Axos Bank’s mortgage consultants are available at 888-546-2634 from 8 a.m. to 5 p.m. PST. You can also request information by completing an online form, and a loan consultant will contact you. A virtual financial assistant called Evo, accessible through the bank app or website, can be used to manage your loan, including scheduling and making payments.
The bank has an A+ rating with the Better Business Bureau, and it uses 128-bit SSL encryption alongside an antivirus, firewall, and automatic timeouts to protect the information contained in your online accounts.
Generally, Axos Bank is a better fit for good-credit borrowers that can navigate online banking. It’s an excellent choice if you need a mortgage that’s personalized to your specific needs, regardless if your investor, a first-time buyer, or a seasoned buyer. Also, If you are an existing customer, you can take advantage of its cash back program, one of the most compelling mortgage industry incentives.
1Axos Bank™ will waive its lender fee ($995) or reduce its lender fee on new first lien mortgage loans under the following conditions: 1) The customer must have an existing or open a new Axos Bank™ Checking Account during the loan application process; AND 2) the new mortgage loan must be for $250,000 or more; OR 3) if the new mortgage loan is less than $250,000, Axos Bank™ will reduce its lender fee by $200 if the customer has or opens a new Axos Bank™ Checking Account during the loan application process. The customer will be responsible for all third party fees and all prepaid items. The $2,500 average savings is based on a national average for lender fees presuming a $250,000 loan amount and 1% origination fee.