Top perks
No lender fee
At Axos Bank Mortgage, a borrower can get a home loan with a $0 origination fee. To be clear, the bank has a standard $995 lender fee, but this is waived if the mortgage is for $250,000 or more and the customer has an Axos Bank account with a $500 minimum balance at the time the initial closing disclosure is issued. If you don't have an Axos Bank Rewards Checking account, you can open one during the application process. For account holders who need a mortgage under $250,000, the fee can't be waived -- but it can be reduced by $200 as long as borrowers meet Axos Bank's deposit account requirements.
Cash back credit
The rewards checking account connection is a big differentiator between Axos Bank Mortgage and its competition. Axos Bank offers its mortgage borrowers an annualized 3% cash back credit on mortgage payments (principal and interest), up to $100 monthly. To qualify, you must maintain a minimum average daily balance in your Total Loan Rewards Axos checking account.
Fully online application process
Axos Bank is an online bank. Customers can complete the entire streamlined process online. You can easily apply for a mortgage, upload documents, and check your loan status throughout the process, entirely online. (Closing is still in person.)
Full-service bank
Axos Bank is a full financial service institution. That's a plus for someone who likes the convenience of maintaining several accounts under one roof. Axos Bank offers a financial product menu that can meet many customers' needs:
- Cash back checking with no monthly maintenance fee
- High-yield savings accounts
- Certificates of deposit
- High-yield money market account
- Auto loan program
- Various business accounts including checking and money market accounts
Great for jumbo loans
Axos Bank specializes in jumbo mortgages, which are loans for amounts above the limits set by Fannie Mae and Freddie Mac. The limit for a single-unit property in 2024 in most U.S. counties is $766,550. The limit is partly based on the median home value in the county, so some high-cost areas have higher limits. For example, the limit for a single-unit property in Honolulu is $1,149,825.
A loan under the limit is called a conforming loan, and a loan above the limit is a jumbo loan. It can be a little harder to qualify for a jumbo loan. Axos Bank Mortgage offers jumbo and super jumbo mortgages as high as $30 million, with up to 90% loan-to-value (LTV) ratio.
Great for interest-only loans
Axos Bank Mortgage offers interest-only mortgages, which means borrowers can make interest-only payments on a loan for a set period. (If you do this, the amount you owe won't go down even though you're making payments.) Interest-only mortgages aren't terribly common, but they can help keep your initial monthly payment low. With an interest-only mortgage, you typically have the flexibility to pay down principal (the original amount you borrow) if you choose. Interest-only mortgages aren't the best choice for everyone, but they can make sense in certain situations.
Varied product selection
In addition to standard conforming loans, Axos Bank Mortgage offers VA and FHA mortgages, HELOCs, jumbo, and super jumbo loans.
Axos Bank Mortgage can cater to borrowers who don't fit standard lender guidelines. Axos Bank Mortgage advertises "personalization for complex financial situations," as well as for properties that aren't owner-occupied. This lender offers more nontraditional loan types than most other lenders. That includes investment property loans, mobile home park loans, mixed-use property loans, and mortgages for foreign nationals (sometimes called ITIN loans). Axos also offers asset-based lending programs, bank statement loans for self-employed borrowers, and other harder-to-find mortgages.
Home equity options
Axos Bank Mortgage offers home equity lines of credit (HELOCs). A HELOC is a credit line (typically with a variable rate) that you can draw money from as needed.
Refinancing
In addition to its extensive list of purchase mortgages, Axos Bank Mortgage also offers mortgage refinancing. A mortgage refi can help a borrower lower the interest rate, take cash out against equity, eliminate mortgage insurance, or a combination of the three.
Axos Bank has a handy mortgage rate quote tool on its website. You enter details like the purchase amount, your down payment amount, your credit score, and how you plan to use the property, and Axos will give you interest rates for 10-, 15-, 20-, and 30-year fixed-rate loans. You'll also be able to explore how your decision to pay (or not pay) for mortgage points changes the mortgage rate. You can play around with the down payment size and credit score to see how those factors affect the cost of your loan.
Note that you do need to enter an email address and phone number to use this tool.
Fact Checked
Eric McWhinnie
