This digital mortgage provider’s five-step, AI-driven process accesses your financial documents to give you a decision quicker than most lenders are able to manage. But you’ll have to give up your account credentials in exchange for the convenience of same-day approval.
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Beeline mortgage review
By Kat Aoki
Beeline isn't available on Finder right now.
- Minimum credit score
- 620
- Minimum down payment (Conventional)
- 3%
- State availability
- Only available in: AR, AZ, DC, FL, KY, LA, MA, MD, MI, NC, OH, RI, SC, TN, TX, VA
Our verdict
Fast loan preapproval, but buyers give up some privacy for processing speed.
If you're looking for a smoother, technologically-driven approach to a conventional loan or refinance, Beeline might fit the bill. A relative newcomer to the lending market, Beeline cuts out the middleman to help you save on costs while providing quicker loan preapprovals.
Unlike traditional lenders, Beeline doesn't charge any origination, processing or underwriting fees. It also offers a Price Pact which states that if it can't beat another lender's interest rate, it will pay half of your first month's mortgage with the other lender.
But it only offers conventional loans in select states. And you'll have to provide logins to your financial accounts for same-day preapproval. Alternatively, you can upload your documents, but this may slow down the process a bit.
Pros
-
Five-step application process
-
15-minute approval
-
Eliminates guesswork
Cons
-
Limited availability in certain states
-
No FHA, VA or USDA loans
-
Login credentials for sensitive accounts required for same-day approval
Details
Features
| Loan products offered | Conventional, Refinance |
| Minimum credit score | 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Only available in: AR, AZ, DC, FL, KY, LA, MA, MD, MI, NC, OH, RI, SC, TN, TX, VA |
| NMLS # | 1799947 |
Beeline is not currently available on Finder
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Beeline requirements
What makes Beeline different from traditional lenders is its ability to link directly to your financial and tax accounts to get your real numbers — not estimates. This allows Beeline to significantly speed up the application process and give you a preapproval decision within minutes, instead of days.
Beeline states on its website that any information you enter is encrypted end-to-end and none of your credentials are stored or accessible to anyone. However, giving up that kind of information isn’t for everyone, and you need to decide if the trade-off is worth it to you.
To determine your eligibility, Beeline considers personal and financial information that includes:
- Credit score
- Debt-to-income (DTI) ratio
- How well you’ve managed prior credit
- Length of your credit history
If you qualify, a purchase-ready approval letter is available the same day — including your rate and loan amount.
To find out if you qualify, go to Beeline’s home page and click Start to begin the five-step application process.
Documentation
To take advantage of Beeline’s same-day processing of your loan application, you’ll need to provide login credentials to your financial and tax accounts.
If you wish to proceed with this method, you’ll need to have the following on hand:
- Login credentials for your bank, investment and retirement accounts
- Login credentials for your payroll processor
- Login credentials for your tax agent. Alternatively, you can retrieve your tax documents by linking to the IRS online.
If you’re not comfortable with giving up your login credentials, or you don’t require a same-day decision, you can provide PDFs to process your application. You’ll need to have the following documents available for uploading:
For employed persons:
- Two most recent statements for your banking, savings and checking accounts
- Most recent quarterly statement for your investment accounts
- Recent quarterly statement for retirement plans
- One month of your most recent pay stubs — two if you’re paid biweekly and four if paid weekly
- Most recent two years of W-2s
- Most recent two years of complete federal tax returns
For self-employed persons:
- Most recent two years of complete federal personal returns
- Most recent two years of complete federal business returns if you have 25% or greater ownership in a Corporation or LLC
- Most recent two years K-1 for any corporation or LLC you have any ownership in
Beeline doesn’t charge any origination fees
Unlike many lenders, Beeline doesn’t charge any origination, processing or underwriting fees. These fees can easily run into the hundreds or even thousands of dollars, so not having to pay these fees represents significant savings.
But you’ll still have to pay closing costs on your home loan, which can run anywhere from 2% to 5% of your loan’s total amount, depending on the state you’re in.
Closing costs typically include:
- Credit report
- Appraisal
- Home inspection
- Private mortgage insurance (PMI)
- Homeowner’s insurance
- Title insurance
- Escrow fees
- Recording fees
- Taxes
How to apply for a mortgage with Beeline
The application takes you through five steps. You’ll be asked a series of questions about yourself, your bank accounts, investments, retirement plans, income and employment history.
To begin:
- Go to the Beeline website. On the main page, click the Start button to begin the application process.
- Begin the online application by answering the questions for Your goals.
- Next, fill in your financial information. You’ll be asked login details for your:
- Bank, savings or checking accounts
- Investment accounts like stocks, CDs, money market and annuities
- Retirement plans like 401k, IRA or mutual funds
- You will also be asked login details for:
- Your payroll provider
- Your tax agent — alternatively, you can retrieve your tax documents by linking to the IRS online
- Enter your Social Security number.
Beeline’s application links directly to the source of your financial information. This direct access allows your bank, pay and tax information to be collected and verified instantly. Any information you enter is encrypted end-to-end and none of your credentials are stored or accessible to anyone.
What types of mortgages can I get through Beeline?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Beeline offers fixed and adjustable-rate conventional loans for these types of dwellings:
- Single and multifamily homes — up to four units
- Townhouses
- Condominiums
- Investment properties
How Beeline’s mortgage products compare to other lenders
Beeline has streamlined and automated the entire application process, helping to remove unnecessary steps and paperwork. Because all your financial information is linked and verified immediately, you can get a purchase-ready approval in minutes. While Beeline offers greater convenience and speed than other lenders, it has limited state availability and doesn’t offer FHA, VA or USDA loans at this time — borrowers are limited to conventional loans.
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Beeline customer reviews are mostly positive but limited in number
As of April 2022, Beeline has a 4.3 out of 5 rating on Zillow from 26 reviewers and a 4.57 out of 5 rating on the Better Business Bureau (BBB) website from 44 customers. Beeline is not accredited by the BBB and has an A business rating, with one complaint closed in the past three years.
While the number of online reviews is limited, the majority of customers report being happy with Beeline’s interest rates, fast response times, its online process and professional loan officers. However, some customers reported initial hiccups with applications, and a few have complained of a lack of communication.
Pros and cons of Beeline
Pros
- Five-step application process. Eliminates unnecessary steps and extra paperwork.
- 15-minute approval. Instead of waiting, you can get a purchase-ready approval letter the same day.
- Eliminates guesswork. Accesses your financial accounts, creating a direct link to your actual numbers.
Cons
- Limited availability. Only available in certain states.
- No FHA, VA or USDA loans. Beeline only offers conventional fixed and adjustable-rate loans.
- Login credentials for sensitive accounts required for same-day approval. Though security measures are in place, some buyers may not feel comfortable doing this.
What is Beeline?
Founded in 2019 by five veterans of the real estate and fintech industry, Beeline is a legitimate, fully digital home loan lender dedicated to providing a fast, streamlined mortgage experience. Beeline accelerates the industry’s shift to AI by asking potential borrowers to link their personal and financial accounts to its software for more accurate — and, it says, more trusted — approvals.
Beeline has an “A” BBB Rating & Accreditation. Beeline is based in Providence, Rhode Island and has raised $7.6m in equity capital to date.
Frequently asked questions about Beeline
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