Mission Loans Mortgage Review for 2022

Mission Loans is an online mortgage lender with excellent customer service reviews. Learn more about Mission Loans here.

Mission Loans
Minimum down payment3%
Minimum credit score500
Loan Products Offered

Conventional Loan
FHA Loan
VA Loan
Home Equity Loan

Best Features

  • Low-down-payment loan options
  • Flexible debt-to-income ratios
  • Excellent customer service reviews


  • No USDA loans
  • No home equity lines of credit (HELOCs)
  • Doesn't show current mortgage rates online


Mission Loans is “on a mission to improve the loan experience by creating a mortgage process that’s more customer centric.” According to the company, this involves improving communication with its borrowers and helping them navigate the journey from start to finish.

Mission Loans has a relatively diverse selection of loans which includes home equity loans, conventional loans, and government programs like FHA and VA. It provides funding for both new purchases and refinances, and borrowers can choose between a fixed-rate mortgage or an adjustable-rate mortgage.

Mission Loans is licensed in most states but does not have physical branches for in-person applications.

Mission Loans mortgage rates

Always compare mortgage rates before buying or refinancing a home loan. Rates vary from lender to lender, and getting a competitive rate can lower your monthly payment, possibly saving tens of thousands of dollars.

Mission Loans doesn’t advertise its rates online. However, according to data filed under the Home Mortgage Disclosure Act, its average 30-year rate for 2021 was comparable with major lenders. Mission Loan rates were slightly lower than Wells Fargo, yet slightly higher than Rocket Mortgage.

Average 30-year mortgage rates at major lenders

 Mission LoansRocket MortgageWells Fargo Freedom Mortgage
Average 30-Year Interest Rate, 202113.09%3.00%3.14%2.66%
Median Total Loan Costs, 20211$5,825$4,670$3,600$3,880
Median Origination Fee, 20211$2,564$2,430$1,330$0

To get a personalized rate quote, you’ll need to speak with a Mission Loans mortgage expert. Different factors influence a borrower’s rate such as their credit score, market trends, and the size of their down payment.

Mission Loans mortgage review for 2022

Mission Loans offers a relatively diverse range of mortgages suited for different types of borrowers. These include loans for individuals with a strong credit history, as well as those with limited cash and higher debt-to-income ratios. Applicants can choose between a conventional loan, an FHA loan, and a VA loan.

On its website, Mission Loans mentions that FHA loans are available with a credit score of just 500-579 as long as the borrower can put 10% down. This is more flexible than many other lenders, as most require a score of at least 580 for an FHA loan. If poor credit is a concern for you, Mission Loans may be worth a look.

Borrowers can also refinance their existing mortgage to get a lower rate or to pull cash from their equity. Home equity loans are an option too. However, Mission Loans doesn’t appear to offer home equity lines of credit. The lender also doesn’t offer USDA loans.

Working with Mission Loans

Since Mission Loans doesn’t have branches throughout the country, you must apply online and provide supporting documentation electronically through a secured portal.

To start the pre-approval process, fill out the company’s online form. Select the option for either ‘refinance’ or ‘purchase,’ and then choose a specific loan program.

Next, you’ll select the type of home you’re purchasing or refinancing (single-family home, multi-family home, or condominium) and estimate your credit score. Lastly, you’ll provide personal information like your name, address, and phone number.

Submit the information and a loan officer will contact you to discuss your next steps. Be prepared to provide supporting documentation, including:

  • A copy of a government-issued ID
  • Recent bank statements
  • Tax returns for the previous two years
  • Most recent paycheck stubs

The lender uses this information to determine your qualifying loan amount. Once you’re pre-approved, you’re ready to make an offer on a home. The lender must complete the underwriting and appraisal process before you can receive final approval and close the loan.

Mission Loans customer service reviews

Mission Loans doesn’t have any complaints filed against it with the Consumer Financial Protection Bureau (CFPB), nor was it rated in J.D. Power’s most recent mortgage origination satisfaction study.

Mission Loans does have a rating of 4.8 out of 5 on Google based on nearly 200 reviews. And ratings on Zillow and LendingTree are similarly high.

Generally speaking, most customers have had a positive experience with Mission Loans. Some described the loan process as “easy and seamless” and “smooth and fast.” Several Individuals were also pleased with their mortgage rate.

Customer service at major lenders

 CFPB Complaints, 20214 Complaints Per 1,000 Mortgages, 20215JD Power Satisfaction Score, 20216
Mission Loans00.00Not Rated
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage 2620.35 829/1,000

Mortgage loan products at Mission Loans

Featured mortgage loan options at Mission Loans include:

  • Conventional loans. These fixed-rate and adjustable-rate loans conform to the lending guidelines set by Fannie Mae and Freddie Mac. Borrowers can purchase with as little as 3% down and a 620 credit score. Conventional loans can be used for a primary residence, an investment property, or a second home. These loans require a debt-to-income (DTI) ratio under 45%
  • FHA loans. These loans are backed by the Federal Housing Administration. They’re available to first-time homebuyers and repeat buyers with a credit score of at least 580 and 3.5% down, or 500-579 and 10% down. FHA loans also accommodate those with a higher DTI ratio. FHA mortgages from Mission Loans allow a DTI up to 56% (with a higher down payment or mortgage rate). You can use an FHA loan for a new purchase or refinance or to rehab a primary residence
  • VA loans. VA mortgages are available to active-duty military members, veterans, select service members, and eligible surviving spouses. You don’t need a down payment for a VA loan, and you can qualify with a DTI ratio up to 41 percent. There’s technically no minimum credit requirement for a VA loan, but you generally need a minimum credit score of 620. You can use a VA loan for a new purchase or refinance of a primary residence

Mission Loans does not appear to offer USDA mortgages, nor does it have any special assistance programs. However, many home buyers and homeowners will find what they need with one of the three programs listed above.

Where can you get a mortgage with Mission Loans?

Mission Loans doesn’t operate any brick-and-mortar locations, so you can’t apply for a mortgage in person. However, it is licensed to lend in most states and borrowers can apply online or over the phone.

You cannot apply for a mortgage with Mission Loans if you live in the following states:

  • Hawaii
  • New York
  • Rhode Island

Is Mission Loans the best mortgage lender for you?

Mission Loans is an option if you’re looking for an online lender with strong customer service reviews. It offers three of the most popular loan programs, including options for borrowers seeking a low down payment loan.

Compare lenders, mortgage rates, and loan options before you buy or refinance to make sure you’re getting the best deal possible on your new home loan.


  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings