Simplist Mortgages Review
Overview
Simplist is a mortgage purchase and refinancing marketplace that allows users to quickly compare more than 50,000 different options from the leading lenders. The idea behind the company is to make the entire process simple from start to finish.
It works with some of the best lenders in the US and it has served countless customers since first launching in 2018. This Simplist review will look at both the mortgage purchasing and refinancing aspects of the business.
In a Nutshell
| Mortgage types offered | Purchase & Refinance Loans (Both fixed-rate and adjustable) |
| Mortgage amount | Depends on the chosen lender |
| Repayment terms | 15, 20, or 30 years |
| APR | Depends on the chosen lender |
| Minimum credit score | 620 |
| Lender type | Marketplace |
Best for
Finding the optimal loan for your needs
Simplist Pros & Cons
Pros
- Quick time to funding
- Wide range of options
- Deals with reputable lenders
- Favourable cost structure
Cons
- Only available in about 20 states
Application Process
There is a very quick and easy pre-qualification process in place at Simplist. You can have the pre-qualification process completed in just five minutes. There are just a few pieces of information that you need to provide for pre-qualification, such as the state in which you are looking to potentially get a loan, the type of home in question, and the value of the property. There is no hard credit check at this stage.
Once you’ve finished the pre-qualification, you will see a whole host of different prospective mortgage purchase or mortgage refinancing loan options. Simplist only works with tried and tested lenders.
You can figure out which option is best for your needs and submit an official application with the specific lender. There will almost always be a hard credit check taking place at this stage. Normally, users will get full approval within 48 hours. Then you’ll be able to schedule the closing of the loan online or over the phone.
The processing time for the mortgage loan will completely depend on the type of mortgage and the individual. Simplist has the goal of closing loans within 10-14 days following the submission of an application.
Terms & Requirements
There are going to be different terms and requirements associated with all types of mortgage loans. The specifics are going to range from lender to lender. As Simplist is a marketplace, the terms and requirements can vary widely depending on what lender you ultimately choose. Here are some of the general terms and conditions to consider:
Mortgage Purchase Requirements
Simplist currently only offers loans in 19 states and in Washington DC. It plans to expand into other states, so you’ll need to check to see if your state is on the list before proceeding.
Normally, Simplist only deals with borrowers who have a credit score of 620 or greater. It will make exceptions from time to time depending on what it is that you’re looking for. Simplist also deals with people who are not US citizens, once they meet certain criteria. Loans can cover family homes and investment properties.
Mortgage Terms
There are no application fees or processing fees charged by Simplist. The company only gets a return if you end up closing a loan through them. Depending on the lender you choose, there can be closing costs and various third-party fees to consider. All fees will clearly be displayed on the Loan Estimate disclosure form you will receive.
Repayment Terms
Normally, you will be able to choose between three different term lengths – 15 years, 20 years, and 30 years. The APRs will vary depending on the current market and the type of loan you are looking for. At the time of writing, a 30-year mortgage loan APR was as low as 4.69%. The presence of the likes of late fees and prepayment penalties depends on the final lender.
Privacy and Security
Simplist has built up a solid reputation over the years, with its team including professionals who have been in the mortgage business for many years. It has an A rating with the Better Business Bureau and it also has an Equal Housing Lender accreditation.
Simplist places a big focus on making sure that all of the private data that customers share is kept completely safe and sound at all times. Bank-level encryption is utilized in order to keep everything safe and secure.
Customer Support
Simplist gives prospective borrowers the ability to schedule a call with a loan expert in order to help them figure out what is best for their needs. There are also some useful tools as part of the Simplist website that allow you to estimate what your monthly repayments will be like depending on the type of loan and term length you are considering.
If you have a general question about something that Simplist offers, then you can use the email form, give them a call over the phone, or get in touch through one of the Simplist social media pages.
Final Thoughts
Simplist does exactly what the name suggests. It offers a simple and straightforward way to find the best mortgage purchase or mortgage refinancing loans for your needs. The time to funding is quite quick in most cases, with a whole host of respected lenders giving you access to some very favorable loans. As a result, Simplist is definitely worth checking out.
Address
500 7th Ave Fl 8, New York, NY 10018
