Owning mortgage review: Solid home loan options

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Owning mortgage loan at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loans: Yes
  • Adjustable rates: Yes
  • Fixed rates: Yes (15 years and 30 years)

Owning is a division of Guaranteed Rate, which has headquarters in Chicago. Owning is licensed to do business in 29 states and the District of Columbia.

Pros

  • Very competitive rates
  • Good variety of home loans
  • On-time closing guarantee

Cons

  • Limited website info
  • Not available in all states

3 things to know about an Owning mortgage loan

1. Very competitive rates

If you have strong credit and can make a down payment of at least 20%, you may be able to qualify for Owning’s lowest rates. This can save you money over the life of your loan and make your payments more affordable.

You can apply for mortgage preapproval online.

2. Good variety of home loans

Owning offers several mortgage options, including conventional loans, jumbo loans and government-backed FHA, VA and USDA loans. The lender can also refinance your existing mortgage.

That variety is helpful if you’re not sure which type of mortgage would be best for you or if you’re a first-time homebuyer who doesn’t have a large down payment.

3. Little information on website

Owning’s website includes current rates, which is a plus. But it doesn’t offer educational information or much detail about its different mortgage loan offerings. You’ll have to call or email the company for many common questions.

Who is an Owning mortgage good for?

If you’re comfortable with an online mortgage process, Owning can be a solid pick. This is particularly true if you have strong credit and can make a large down payment that qualifies you for the lender’s lowest rates.

But you might want to look elsewhere if you’d rather apply for a mortgage in person or if your credit isn’t strong enough to get Owning’s lowest interest rates.

How to apply for an Owning mortgage

To start the Owning mortgage process, you can apply for preapproval, which will result in a hard inquiry on your credit. In addition to personal details, you’ll need to provide information related to the property as well as your income, assets and credit. You may also have to upload documents like pay stubs, W2s and tax returns, depending on your situation.

After you submit your preapproval form, you’ll receive an email and text message to let you know that it’s been received and assigned to a loan officer.

If you’re preapproved for a loan, you’ll get a preapproval letter, which is essentially a tentative offer to lend you a certain amount at a certain rate.

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

If you want to compare rates among several lenders, keep in mind that 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 — though it could be longer depending on the scoring model.

  • Movement Mortgage: Movement Mortgage also provides a variety of loan programs.
  • Bank of America: A Bank of America home loan might make sense if you already have a relationship with this large bank and can qualify for one of its discounts.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.