Paddio offers a variety of different loan types, from conventional mortgages to home refinancing and everything in between. In particular, Paddio offers Home Ready, Home Possible, and FHA loans, which is a nice feature that not many online lenders provide.
Borrowers can obtain a mortgage for between 15 and 30 years. Unfortunately, Paddio does not publish many details of its mortgages on its website. Overall, we think that Paddio could improve its offering by displaying a higher level of transparency regarding the loan terms and conditions.
Paddio Mortgages Terms & Requirements
Paddio offers a wide variety of mortgage types, but the following requirements are consistent across its mortgage products:
- Customers must be US citizens or permanent residents
- Must be 18 years of age or older
- A credit score of 620 or more
- A down payment of 3.5%-5% is required for a Government support loan
- A down payment of 3%-20% is needed for a conventional loan
- Must be able to display a consistent income stream
Loans of up to $2,000,000 are available, and loan terms of either 15, 20, 25, or 30 years can be chosen. Paddio offers conventional loans alongside loan refinancing, jumbo loans, VA, FHA, and USDA loans. Unfortunately, Paddio does not provide a range of interest rates on its website, so the only way to find out what interest rates are available is by going through the application process. We know that interest rates start at 3.89%, but more visibility of rates on the website would be helpful.
How to Apply
The application process is where Paddio stands apart from the competition, and we decided to put the application process to the test. To get started, we simply headed to the Paddio homepage and selected “Start Your Quote” to get the ball rolling.
We were then presented with whether we wanted to buy or refinance a home, and we selected that we were looking to buy. With a multiple-choice-style application process, we found it a very engaging way to complete a mortgage application.
After selecting our price range, we entered more details about the property we were looking to buy, our buying timeframe, and whether we had served in the US military. We then inputted our estimated down payment amount, employment status, and income details.
We then stated that we had not been declared bankrupt in the past seven years and provided details on our current homeowner status, alongside giving an estimate of our credit score. Finally, we entered our email address, name, and phone number and hit “Get My Quote”. The process was incredibly simple and intuitive, but unfortunately, this led us to another portal requiring information, so we had to wait a little longer for our quote.
After completing the required information, including personal details, housing status, financial information, and employment details, we then got to a point where we saw some rates. The rates offered were certainly competitive, and while the application process was a little longer than expected, it was pain-free and easy to complete.
You need to meet the following requirements to be eligible for a home loan from Paddio:
- Credit rating of 620 or more
- US citizen or permanent resident
- 18 years of age or older
- Be able to prove a regular stream of income
As you would expect, you need to provide a significant amount of documentation when applying for any mortgage. This is the case for Paddio, where you have to provide proof of the following:
- Social Security Number
- Date of birth
- Phone number
- Email address
- Employment details
- Employment history
- Proof of income (for example, pay slip, W-2 Form)
- Current housing status
- Details of the house that you wish to purchase
Application Steps & Time Frames
The application process with Paddio took slightly longer than advertised, at around 10-15 minutes. However, the process was easy, with an intuitive series of multiple-choice answers to complete. After completing the application process, you can expect funding to arrive in 25-30 days, which is around the average for the industry.
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