Paddio offers an online lending experience for home buyers seeking 15- and 30-year traditional mortgages, as well as homeowners. are there to be refinanced. Paddio also specializes in government-sponsored loan programs that offer low or no down payments, such as USDA, FHA and VA loans.
They do not offer jumbo loans.
Paddio’s website guides users through a series of questions about their income, credit score, home they want to buy and more to find out. what loan suits them best. Then you need to create an account with Paddio by providing your email and phone number.
According to Paddio, this application process can be completed in one day if the borrower has the necessary documents for approval, with the aim of returning from the submission of applications in 24 hours. Being pre-approved doesn’t mean you’ll be approved for a mortgage, or the same terms and amount as offered. you in the previous authorization letter.
Paddio would not say how long the approval took from start to finish.
Paddio’s rates change daily with the market and vary depending on the borrower’s credit profile and what is being borrowed. Fees vary, although Paddio offers products that require zero down payment. Paddio’s minimum down payment for a typical home equity loan is 3%. The minimum down payment for an FHA loan is 3.5%. Closing costs vary by state and loan type.
Paddio offers a unique service, the Alliance Realty Network, which connects borrowers with a local real estate agent to help them manage the process. Agents then donate part of their commission to give borrowers a 0.25-point credit that can be applied to their rate.
Paddio will look at the borrower’s credit report and income for eligibility. Paddio’s credit department will also help borrowers with a FICO score below the qualifying score of 620 develop a plan to improve their score. This service is free and without obligation.
Paddio usually requires a 620 FICO credit score.
Paddio operates nationwide except in New York, Nevada, New Jersey and Utah.
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Paddio is the business name for Mortgage Research Center, LLC. Paddio has an A+ rating with the Better Business Bureau. Paddio has an excellent 4.4 out of 5 stars on Trustpilot from over 115 reviews.
In 2022, the Consumer Financial Protection Bureau registered 66 complaints about mortgages against the Mortgage Research Center. Complaints were mostly about problems with the payment process, applying for a mortgage refinance, and closing a mortgage. The company gave a quick response and closed all the complaints in a statement.
You can reach customer service at 800-906-8960 Monday through Friday from 8am to 9pm Central Time and on Saturday and Sunday from 8am to 6pm CT . You can also reach the company by email at firstname.lastname@example.org.
Borrowers can fill out the mortgage application online, and Paddio provides a secure online portal for submitting documents. Borrowers will be able to check the status of their application at any time and get contact information for their loan team. Loan officers can communicate via text message, as well. Paddio also offers an online affordability calculator for home buyers that shows an estimate of their potential down payment based on their income and other expenses.
- People looking for a government loan such as a USDA loan, FHA loan or VA loan.
- People who want a special online advertisement.
- People with credit scores below 620 and need help improving them.