GO Mortgage review: A good selection of home loans

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GO Mortgage loans at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • USDA loans: Yes
  • Refinancing: Yes
  • Jumbo loans: Yes
  • Specialty loans: Yes
  • Adjustable rates: Yes (5/1, 7/1, 10/1)
  • Fixed rates: Yes (15 years, 30 years)

GO Mortgage is a direct lender offering a wide variety of purchase and refinance home loans. The company may attract digital natives who prefer a mostly online mortgage process. But it doesn’t operate in all 50 states.

Pros

  • Offers a variety of mortgage products 
  • Provides daily rates for fixed-rate conventional loans
  • Allows online applications and rate quotes

Cons

  • Licensed in 36 states and the District of Columbia
  • Doesn’t provide daily rates for adjustable-rate loans

3 things to know about a GO Mortgage loan

GO Mortgage has a lot of mortgage loan options, but it’s not licensed to offer mortgages in every state. More on that in a bit. Here are the main features to keep in mind.

1. An impressive array of home loan products

GO Mortgage isn’t unique in offering conventional loans, jumbo loans or government-backed loans. But the lender goes the extra mile by offering all eligible Fannie, Freddie, VA and FHA loan products in those loan programs.

Additionally, it offers reverse mortgages, home equity lines of credit (HELOCs), nonqualified mortgages, construction loans, renovation loans and more.

Whether you’re looking for a more common loan program or a specialty option, GO Mortgage may have what you’re looking for.

The only glaring omission on the lender’s list is a home equity loan, but it does offer HELOCs and cash-out refinances.

2. Online and mobile mortgage process

GO Mortgage makes it easy for tech-savvy people to go through the mortgage process from start to finish online or through the lender’s mobile app.

When you’re ready to apply for a loan, you can do so online. You’ll also have the option to download the lender’s mobile app, where you can start an application or preapproval, calculate payments, scan and upload documents, and view your progress along the way.

You can use e-closing to complete the loan process. In other words, you can digitally sign all of your loan documents instead of needing to do it in person — a big advantage for those looking for an all or mostly digital process.

Even if you’re not quite ready to apply, you can still view the lender’s interest rates for fixed-rate conventional loans and get a rate quote for comparison purposes — though you should note that rates for adjustable-rate conventional loans and other loan programs aren’t available.

3. Not available in all states

GO Mortgage is licensed in only 36 states and the District of Columbia — so, with this lender, you’ll be limited to buying in one of those states. What’s more, the lender doesn’t have licensed home loan advisors in all of the 36 states it lends in.

Before applying, you’ll want to check the lender’s map of states on its website to find out if GO Mortgage is licensed in the state where you want to buy.

One plus to keep in mind if you’re looking to relocate to a different state and buy a home to start a new job: GO Mortgage says it won’t require that you work for a certain period of time in your new role before following through with your loan approval — if you can provide a “verified employer contract.

Who is a GO Mortgage loan good for?

GO Mortgage offers loans for a range of homebuyers. But as we mentioned, you must buy in a state where it’s licensed to do business. If you live in an eligible location and need a specialty loan product, such as a loan for first-time homebuyers, renovations or new construction, GO Mortgage may have something for you.

It may also be a consideration for prospective homebuyers who prefer a digital mortgage experience. While GO Mortgage doesn’t have licensed home loan advisors in each of the states in which it operates, you can still get everything you need through the lender’s website and mobile app to complete the entire application process.

Finally, GO Mortgage may be worth considering if you don’t want to complete an entire application to look at rates. While the daily rates listed on its website are for fixed-rate conventional loans only, that still gives you a good idea of whether the lender offers lower interest rates than what you have now.

You can also request a personalized rate quote before applying, which might make it easier to compare GO Mortgage with other lenders you’re considering.

How to apply for a GO Mortgage loan

GO Mortgage doesn’t list eligibility requirements on its website, so it may be a good idea to brush up on general eligibility criteria for most major home loan programs before you apply.

Before you submit an application though, request a rate quote to better understand what you may qualify for, compared to other lenders. Once you’re ready to apply, you can create an account and fill out the application online. If you prefer mobile, you can do the same through the lender’s mobile app.

GO Mortgage doesn’t disclose upfront which documents you’ll need, but expect to provide proof of income and employment, bank statements and other income documents, a government-issued ID and other personal information.

Not sure if GO Mortgage is right for you? Consider these alternatives.

Even if you like what GO Mortgage has to offer, it’s usually a good idea to shop around and compare rates with several lenders.

Keep in mind that if you do this or you’ve been denied a loan with GO Mortgage, you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days to shop lenders and see multiple inquiries only count as one — though it could be longer depending on the scoring model.

Here are some other potential lenders to consider.

  • Better Mortgage: This lender waives origination fees and offers a mortgage experience that’s almost entirely digital.
  • Cardinal Financial: Cardinal Financial could be a solid choice for first-time homebuyers who need down payment assistance.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Cr… Read more.