Axos Bank Mortgage Review 2024: Personalized Loans For Home Buyers

Wendy Wilson

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.

Overall rating


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.

Axos Bank Mortgage

axos bank logo
NMLS #524995


Min. Credit Score


Min. Down Payment



Mortgage Application


Mortgage Products


Mortgage Fees & Rates


Customer Service


Safe & Secure


  • Interest-only loans
  • Large mortgage loan selection
  • Online loan application process
  • Exceptional customer service


  • Cash back on loan requires an Axos account
  • No in-person service

Best For

  • Personalized home loans
  • Home refinancing
  • $0 lender fee. 
  • Cash back on repayments


HQ4350 La Jolla Village Drive, Suite 140
San Diego, California
Min. Loan Amount$50,000
Max. Loan Amount$25,000,000
Cash-Out LimitVaries
Min. Credit Score620+
Min. Down Payment3%
Min. Yearly IncomeVaries
Fixed-Rate Terms30, 20, 15, 10 years
Adjustable-Rate Terms10/1, 7/1, 5/1
Loan TypesConventional, Jumbo, Portfolio, FHA, VA, Refinance, HELOC, Home Equity
State RestrictionsAvailable in all states

In depth review on Axos Bank Mortgage

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. 

Axos Bank Mortgage is best for

  • Personalized home loans: Axos will take a holistic approach to your financial situation and try to figure out a loan structure that meets your needs. For instance, If you happen to have a good credit score and income but limited down payment, the bank will try to work something out with you, so you have a higher chance to purchase a home.
  • $0 lender fee: The lender can waive its lender fee ($995) for both customers and non-customers with some conditions. You will have to open a new Axos Bank checking account (or have an existing one) and the loan must be for more than $250,000. If it’s less than $250,000, you will still need to open a new checking account (or have an existing one) and the lender will reduce the fee by $200. Please view their disclosure agreement1 for additional information.
  • Home refinancing: Whether you need finance improvement projects for your home, consolidate debt, cash out equity, need to eliminate a private mortgage, pay for unexpected expenses or simply lower your rate, Axos refinancing loan has you covered.
  • Cash back on repayments: The lender offers an exciting 3% cash back to borrowers who make their loan repayments through Axos bank rewards checking account. To qualify, you must maintain a minimum average daily balance in your checking account.

Axos Bank Mortgage benefits

  • Interest-only loans: Axos Bank offers interest-only mortgages, which means borrowers can make interest-only payments on a loan for a set period, which helps to keep your initial monthly payment low. With an interest-only mortgage, you typically have the flexibility to pay down principal if you choose. Interest-only mortgages aren’t the best choice for everyone, but they can make sense in certain situations.
  • Large mortgage loan selection: Axos Bank has various mortgage options, including Jumbo, FHA, and VA loans. You can explore a broad range of mortgage products with many customized options that can be tailored to your unique needs and financial goals.
  • Online loan application process: You can easily apply for a mortgage, upload documents and check loan status throughout the entire process online. It also offers customized rate quotes depending on your finances and the property you are looking to acquire. 
  • Exceptional customer service: The platform offers highly knowledgeable mortgage experts who will guide you through your mortgage process. The mortgage professionals will also evaluate your financial options and help you make a sound decision regarding your mortgage. 

Axos Bank Mortgage drawbacks

  • Cash back on loan requires an Axos account: Only borrowers with an Axos checking account can enjoy cash back rewards from the bank. Also, the lender requires borrowers to use the checking account to repay their mortgage to access the cashback reward. 
  • No in-person service:  Axos Bank Banks is a fully online financial institution that lacks the in-person support of a traditional bank.

Factors that contribute to the overall rating

Mortgage application


You can apply for a mortgage in the following 3 easy steps:

  • Fill out the ‘Instant Mortgage Rate Quote’ form found on the website.
  • Get pre-qualified: Axos Bank will deliver home loan pre-qualifications and pre-approvals quickly to qualified candidates. 

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: 

  • Full name and personal contact information
  • Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years

Mortgage products


Axos Bank offers a variety of mortgage options, including fixed-rate and adjustable-rate loans. Loan types include:


Conventional loanConforming 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 loanAxos 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 loanLoans 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 loanEligible 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 loanThe lender does not offer USDA loans
Interest-only loanIf 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 refinanceAllows you to cash out your equity in your home. It offers a lump sum of money.
Rate and term refinanceAxos 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 mortgageThe lender does not offer reverse mortgages.
Home equity loanThis 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.

Special programs

Portfolio LoansPortfolio loans offer personalized lending for homebuyers with complex financial needs and goals. Their features include:
  • Loan amounts from $300,000 to $30 million
  • Axos Bank lends on investment properties, high land-to-home values, agency project condo financing, vacation homes, and other unique properties are considered with no limits on acreage.
  • Program that permits a title to be vested into an LLC, trust, partnership, or sub S corporation
  • Asset-Based Lending Programs that allow 90% LTV (loan-to-value ratio) with pledged assets
  • Permits purchase of a home with no money down, through cross-collateralization of a free and clear property (restrictions apply)

Mortgage fees and rates


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.

Customer service


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.

Safe and secure 


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.

Is Axos Bank Mortgage right for you?

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.