Neo Home Loans understands that buying a home and getting a mortgage is more than just getting the lowest interest rate. In fact, many regret buying a house because they were unprepared to do so.
Neo Home Loans strives to educate their borrowers. Most importantly, they will help you find a mortgage strategy that makes since for you.
For example, should you use a 30 year fixed mortgage or based on your goals, are you better off with an adjustable rate mortgage?
They will also provide you with different rate options based on various amounts of mortgage points paid. Therefore, you can get the information you need to input into FitBUX mortgage point calculator. Thus maximizing your net wealth.
Below is our detailed review of Neo Home Loans.
First and Foremost
We review a number of companies in the financial services industry. However, we do not do reviews simply for blog advertising revenue. We review them because we are vetting companies for members of FitBUX.
Every student loan lender, mortgage lender, insurance company, etc… on FitBUX’s financial planning technology has been vetted. Neo Home Loans is one of those companies.
I’ve been part of the real estate industry for many years. They are one of the few mortgage lenders that go deeper than just getting a rate and a loan.
They strive to educate. In short, they do it the way it should be done!
Neo Home Loans Process
The first step in the process at Neo Home Loans is discovery. You’ll schedule a time for a mortgage assessment with one of their employees.
A side note… Its not uncommon for FitBUX Coaches to be on these calls with our FitBUX members. Therefore, the FitBUX member can take what Neo Home Loans is saying and input directly into their financial plan to see the short-term and long-term impact of buying a home. In addition, the Coach acts as a third party so you know you are getting an unbiased opinion!
The second step is to develop a strategy with the rep at Neo Home Loans. The goal is to have a strategy that maximizes your wealth but also that helps you sleep at night. Neo Home Loans will provide you a cool breakdown of your options. This is something that most lenders do not do.
The third step is executing the loans. On average, a purchase loan for conventional financing takes 30 – 45 days to close. Special loans such as FHA and VA loans take an average of 50 days. The average time at Neo Home Loans is 17 days!
The last step is really cool. After the loan closes, Neo Home Loans will track it. This is awesome because if they see an opportunity for you to refinance they will notify you. Thus, you have the ability to increase your net wealth.
In addition, they will also provide you with a monthly real estate and wealth digest. This report provides you with valuable insights on your home’s net worth as it grows. It provides ways to use your home equity to build wealth.
Neo Home Loans Bullet Proof Buyer Program.
According to Attom Data, 36% of single-family home and condo purchases in 2022 were cash deals. This is an increase from 23% in 2020!
Therefore, many buyers are losing the ability to have their offers accepted by home sellers.
To give their borrowers an advantage, Neo Home Loans launched their Bullet Proof Buyer program. The program consists of:
- A Comprehensive, upfront market analysis: During your initial consultation with Neo Home Loans, they will share with you current data and trends.
- Prepare an Appraisal Gap Strategy: Often times the home appraisal is lower than the purchase price. If this happens, your loan won’t be approved. Therefore, Neo Home Loans helps you develop a plan in case it does come in low you can quickly restructure your deal and still buy the home.
- Obtain a Fully Underwritten Approval: Before submitting an offer Neo Home Loans has an underwriter review your full loan package, approve your credit, and income. This gives you the ability to close faster and negotiate financing contingenices.
Types Of Mortgages
Neo Home Loans can help you with any type of mortgage need from conforming loans to jumbo loans. They offer:
- Conventional mortgages
- FHA loans
- VA loans
- Help for 1099 independent contracts with no previous experience
- Physician home loans
- Medical professional home loan
Specialty Loans For Physicians & Medical Professionals Offered By Neo Home Loans
One area that Neo Home Loans specializes in are loans for health care professionals. Yes, even those that aren’t physicians can get these specialty mortgages!
Programs for MD, DO, DDS, DMD, DPM, DVM
- 100% financing up to $1 million
- 5% down up to $1.25 million
- 10% down up to $2 million
- 1 – 2 unit properties
- Qualify with deferred or IBR student loans
- 1099 guaranteed income with less than 1 – 2 year history
- Loans for Residents and Fellows
Programs for CRNA, PA, NP, RN, CNS, DPT
- 3% down up to $850k
- 5% down up to $1 million
- 10% down up to $1.5 million
- 1 – 4 unit properties allowed
- Credit scores as low as 620
- 1099 guaranteed income with less than 1 – 2 year history.
Every quarter, Josh Mettle from Neo Home Loans joins our FitBUX podcast to provide updates on the housing markets. These podcasts also include home buying strategies. Strategies range from buying your first home to buying investment properties.
You can check out the latest episode of the podcast here.
As stated earlier in this review of Neo Home Loans, they are very experienced in a number of aspects of buying a home or investing.
They are one of the few lenders I’ve meet that train their employees on all the advanced ways you can get a house. We highly recommend using them as one of your choices when shopping for a mortgage.
Another lender you’ll want to check out is Movement Mortgage. You can check out our review on Movement Mortgage here.
By Joseph Reinke, CFA