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Stearns Lending Mortgage Review 2021

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Stearns Lending, also known as Stearns Home Loans, is a Texas-based mortgage company founded in 1989. The company originates mortgages in all states except for Arizona, Massachusetts and New York.

Who is this lender for?
  • First-time homebuyers
  • Military service members and veterans seeking a VA loan
  • Families looking to rehabilitate their new house
  • Borrowers needing a jumbo loan

6/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online 
  2.   Product info online 
  3.   Rates listed online 
  4.   Helpful articles about mortgages and homebuying 
  5.   Standard product offerings (Conventional/FHA/VA/USDA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states 
  10.   After-hours and weekend access to loan officers 

Stearns Lending pros and cons

Pros

  Wide range of loan options. Stearns Lending offers conventional loans with fixed rates or adjustable rates with a range of terms, plus government-backed loan programs and four different types of adjustable-rate mortgages (ARMs).

  Ability to video conference with a loan officer. The Stearns Digital program includes the ability to video-chat with a loan officer and share your computer screen to help you work through the mortgage application process.

  Renovation loans available. Stearns Lending offers the FHA 203(k) program for both new purchases and refinance loans, helping you pay for renovations on your property.

Cons

  Limited in-person options. It’s difficult to find local loan officers on the Stearns website, meaning you’ll likely work with the company over the phone or online instead of in person.

  Home equity loans not available. If you’re looking for a home equity loan or home equity line of credit, you won’t find it at Stearns.

  Not available in all states. Stearns Lending doesn’t do business in the states of Arizona, Massachusetts or New York.

Stearns Lending borrowing requirements

Minimum credit score 
  • 580 for FHA loans
  • 620 for conventional loans
Minimum down payment 
  • 0% for VA or USDA loans
  • 3% for conventional loans
  • 3.5% for FHA loans
Available loan terms 
  • 10- to 30-year fixed-rate loans
  • 3-, 5-, 7- or 10-year fixed periods on adjustable-rate loans
Available loan types 
  • Conventional
  • Adjustable-rate
  • FHA
  • VA
  • USDA
  • Renovation
  • Jumbo

Stearns Lending mortgage rates and fees

Stearns Lending doesn’t publish its current mortgage rates or disclose fees online. You’ll need to speak with a loan officer to get a sense of what you might qualify for and what you’ll owe at the closing table.

Stearns Lending mortgage products

Purchase

Stearns Lending offers conventional loans with a down payment as low as 3% and a credit score of 620. These loans are available with fixed rates in terms ranging from 10 to 30 years, or adjustable rates with an initial fixed-rate period of 5, 7 or 10 years.

FHA loans are available from Stearns with a 3.5% down payment and a 580 credit score. These loans are available as a 30-, 25- or 15-year fixed-rate loan or adjustable-rate loan with a five-year initial period. Stearns Lending also offers the FHA 203(k) rehabilitation loan for people wanting to finance their home purchase and renovation together.

VA loans are available to military service members and veterans who qualify without a down payment requirement. These loans are also available as a fixed-rate mortgage with a 15-, 25- or 30-year term, or a 5-year ARM.

USDA loans are available to families that qualify as a 30-year fixed-rate loan. Jumbo loans are available with fixed or adjustable rates for families who need a larger loan amount than conforming loan limits allow.

Refinance

Stearns Lending offers refinance loans to reduce your monthly payment or shorten your loan term, paying off your mortgage faster. FHA borrowers may be able to take part in the FHA streamline refinance program, which is usually easier and quicker than a traditional refinance. VA borrowers may have the option of the VA interest rate reduction refinance loan, also known as a VA Streamline Refinance, or a VA cash-out refinance.

Jumbo loans and FHA 203(k) loans are also available as refinance loans.

How does Stearns Lending compare to other lenders?

Stearns Lending Sebonic Financial Homepoint Financial
Minimum credit score 
  • 580 for FHA loans
  • 620 for conventional loans
  • 550 for FHA loans
  • 620 for conventional loans
  • 580 for FHA loans
  • 620 for conventional loans
Minimum down payment 
  • 0% for VA or USDA loans
  • 3% for conventional loans
  • 3.5% for FHA loans
  • 0% on VA and USDA loans
  • 3.5% on FHA loans
  • 5% on conventional fixed-rate loans
  • 3% for conventional loans
  • 3.5% for FHA loans
Loan products and types 
  • Conventional
  • Adjustable-rate
  • FHA
  • VA
  • USDA
  • Renovation
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Fixed-rate and adjustable-rate conventional
  • FHA
  • VA
  • USDA
Special programs offered 
  • None
  • None
  • RefiNow for low-income borrowers
Lender Review Sebonic Financial HomePoint Financial
 

Today's Mortgage Rates

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