Axos Bank Home Purchase Mortgage

Axos Bank Home Purchase Mortgage Review

Axos Bank Home Purchase Mortgage are offered by Axos Bank (NMLS #524995), a bank founded in 2000 and based in San Diego, CA. Axos Bank Home Purchase Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 3 different mortgage programs offered. Axos Bank Home Purchase Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $10,000,000 with Axos Bank Home Purchase Mortgage.
• Non-standard interest rates available. Axos Bank Home Purchase Mortgage only offers hybrid mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Axos Bank Home Purchase Mortgage has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Axos Bank Home Purchase Mortgage.

Axos Bank Home Purchase Mortgage Pros & Cons

Axos Bank mortgage FAQ

How much can you borrow via Axos Bank?

Axos Bank mortgage allows borrowers to apply for loan amounts of up to $10,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Axos Bank mortgage?

Axos Bank mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Axos Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Axos Bank mortgage offers home loans with APRs starting at 4.25% and up to 18%.

What is the estimated funding time?

Axos Bank mortgage will typically fund mortgages within 21 and 30 days of approval.

Do they charge mortgage origination fees?

Yes, Axos Bank mortgage may charge a loan origination fee starting at $0

What mortgage programs are available?

Besides conventional mortgages, Axos Bank mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Axos Bank mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Axos Bank mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Axos Bank Home Purchase Mortgage is .

What is the support contact email?

The support contact email for is contactaxos@axosfs.com.