Vylla is a homeownership company that facilitates the process of getting a mortgage, especially for borrowers who might not qualify for a mortgage with other lenders. It doesn't actually issue loans -- instead, it connects you with Carrington Mortgage Services. Carrington provides both conventional and government-backed loans. Consumers who have difficulty qualifying for a home loan will especially appreciate options such as Carrington Flexible Advantage. To find out if Vylla is right for you, read our full review.
Best for: Poor credit
Vylla accepts borrowers will lower credit scores, and it also considers nontraditional credit data in it's borrowing decisions making this a great option for people with less than great credit.
This mortgage lender is a good fit for: Borrowers interested in an easy online process that lets them explore multiple loan types.
Easy to compare loans: Choose whether you're purchasing or refinancing a mortgage. Then input your desired purchase price, zip code, down payment amount, household income, and credit score. Vylla will provide a list of potentially dozens of loan options in an easy-to-read table that includes your possible interest rate and monthly payment amount.
Multiple loan programs for different types of borrowers: Well-qualified borrowers can get conventional loans at competitive rates. Other programs, such as Flexible Advantage, make up to $1.5 million in financing available to borrowers with credit scores as low as 550 or with recent bankruptcies or foreclosures.
Huge number of payment options: Monthly mortgage payments can be made via Western Union, by check, over the web or phone, via autopay, from a direct transfer from your bank, or via money gram.
Homeownership Concierge team guides you through the process: You'll have help at each step of the application process and will receive a guaranteed closing date.
More help navigating loan types: Being presented with dozens of loans can be overwhelming. By asking a few more questions up front, the company could offer a more tailored list to make researching easier.
Broader access to in-person help: Borrowers in many parts of the country can't visit a local office to meet with a mortgage professional.
Fees could be lower: Vylla charges a $599 mortgage underwriting fee. This is in addition to other loan fees that vary by loan type. It's higher than what some competitors charge.
Vylla makes qualifying for a mortgage loan easy as there are loan options targeted to buyers with many kinds of financial situations. Its conventional loan with the most competitive mortgage rates requires:
However, there are many other loans that are far easier to get approved for. This includes government-backed loans such as FHA, USDA, and VA loans, which many lenders offer to borrowers with low credit and minimal down payments. But it also includes Carrington Flexible Advantage, which lets you borrow up to $1.5 million. You can qualify for this loan with:
When you begin the process with Vylla, you'll input details about your income, desired loan amount, and credit score. Based on your situation, you'll be provided with a list of loans you're potentially eligible for and can compare mortgage rates and terms for each one.
Better.com. If you're looking for a home loan with no origination fee, a loan from Better.com may be preferable. While Better.com doesn't offer as many loan options as Vylla, it does provide a choice of conventional loans, FHA loans, and jumbo loans. You can also secure instant estimates, complete your application 100% online, and get to closing quickly.
Rocket Mortgage. If flexibility in your loan repayment term is important to you, Rocket Mortgage by Quicken Loans may be a better alternative. While Vylla offers a choice of 15-year or 30-year fixed-rate loans, Rocket Mortgage provides the opportunity to customize your rate and pick any repayment period between eight and 30 years. This gives you more flexibility in terms of both your monthly mortgage payments and total interest costs.
If you have a low credit score or had a recent adverse credit event and you want to borrow up to $1.5 million for a home, Vylla mortgage is a good lender for you. Vylla also offers a great tool if you want to compare multiple mortgage options in one place and quickly choose a loan. You can see all possible loans you could qualify for in an easy-to-read table that compares rates and payments.
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