As a homebuyer exploring mortgage options, I wanted to provide an in-depth and unbiased review of Shield Home Loans. I’ll cover key factors like interest rates, fees, eligibility, and customer service based on research and Shield Home Loans reviews.
Overview of Shield Home Loans
Shield Home Loans is a direct mortgage lender that provides home loans and refinancing across the U.S. They offer competitive interest rates and a fully digital mortgage experience.
Some key facts about Shield Home Loans
- Available loan types: Conventional, FHA, VA, USDA
- Minimum down payment: 3% for conventional loans
- Loan amounts up to $3 million
- Online rate quotes and application process
- Loan approvals within 24 hours
Shield Home Loans is best suited for borrowers who value fast service and want to complete most of the mortgage process online Keep reading for a full review of their loans and customer experience.
Shield Home Loan Interest Rates and Fees
Interest rates and fees are two major factors that determine the affordability of any mortgage. Here is an overview of what Shield Home Loans offers:
Interest rates
As a direct mortgage lender, Shield Home Loans can offer competitive interest rates. Their rates are frequently lower than large banks.
Exact interest rates depend on your credit score, down payment, and other qualifications. On average, expect rates around:
- Conventional loans: 5% – 6%
- FHA loans: 4.5% – 5.5%
- VA loans: 4% – 5%
Get an online rate quote to see your personalized options.
Origination and closing costs
Shield Home Loans charges an origination fee of 1% of your loan amount. On a $300,000 mortgage, this equals $3,000 in fees.
You’ll also pay standard third-party fees like appraisal, credit check, and title insurance costs. Total closing costs range from 2% – 5% of your loan amount.
Ask your loan officer for a complete fee breakdown before committing to Shield Home Loans. Online customer reviews indicate their origination fees are reasonable.
Types of Home Loans Offered
Shield Home Loans provides all the common mortgage loan types. Here is a brief overview of their key programs:
Conventional loans – Options for low down payments as low as 3%. Ideal for buyers with good credit.
FHA loans – Only 3.5% down payment required. More flexible credit standards.
VA loans – Zero down payment required for veterans and active-duty military.
USDA loans – Zero down payment loans for rural and suburban areas. Low income limits.
Jumbo loans – Loans up to $3 million for luxury homes. Requires excellent credit.
Refinancing – Cash-out or rate-and-term refinancing available.
Shield Home Loans offers most government-backed mortgages but fewer specialized loan programs compared to some lenders. Still, they provide solid options for first-time home buyers.
Shield Home Loans Requirements
Shield Home Loans has fairly standard eligibility requirements. Here are the key criteria to qualify:
Credit score – Minimum 620 FICO score required. The higher your score, the better the rates.
Down payment – At least 3% down payment for conventional loans. Less needed for government-backed mortgages.
Debt-to-income ratio – Your total monthly debt payments, including the new mortgage, must be less than 50% of gross monthly income.
Employment history – Must have at least 2 years of stable income history. Self-employed may need more.
Providing pay stubs, tax returns, and bank statements will help verify income and assets. VA loans have the most flexible requirements for approval.
Overall, Shield Home Loans mortgage requirements are reasonable for most homebuyers. Expect a smoother process if you have good credit, low debt, and steady employment.
How to Apply for a Shield Home Loan
Applying for a home loan through Shield Home Loans can be done completely online in the following simple steps:
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Submit information for a rate quote at ShieldHomeLoans.com. It takes less than 3 minutes.
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Get pre-approved by completing the full application online. Takes around 15 minutes.
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Upload and e-sign all required documents through their portal. Quicker than printing papers.
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Attend appraisal and get loan approval typically within 1 business day.
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Review closing disclosure and e-sign mortgage documents.
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Close on your new home! Funding is fast.
Going through Shield Home Loans streamlines much of the paperwork hassle that comes with mortgages. Their website and loan officers guide you smoothly through the process.
Shield Home Loans Reviews: What Customers Are Saying
Independent customer reviews provide transparent insight into working with any lender. Here is an overview of Shield Home Loans reviews:
Positive Feedback
- Fast online process and loan approvals
- Competitive interest rates
- Helpful and responsive loan officers
- Simple documentation requirements
- Smooth closings and quick funding
Constructive Criticism
- Origination fees slightly higher than some lenders
- More limited specialized loan options
- Processing times slower on complex loans
- Poor communication from some loan officers
Key Takeaways
The majority of customers are satisfied with Shield Home Loans overall. They excel at providing quick mortgage approvals and closings. Interest rates are competitive but watch out for origination fees. Customer service quality depends on your loan officer.
As a first-time home buyer myself, I appreciated the easy online process but would shop around for lower origination fees. Based on shield home loans reviews, they are best for borrowers who value speed and convenience.
The Pros and Cons of Shield Home Loans
Based on my research, here is a summary of the main advantages and potential disadvantages of getting a mortgage with Shield Home Loans:
Pros
- Fast online applications and approvals
- Digital document uploads for less paperwork
- Quick loan funding within 2 weeks of approval
- Competitive interest rates on par with top lenders
- Responsive customer service during business hours
Cons
- Origination fees slightly higher than industry averages
- Mixed reviews of customer support after closing
- Few specialized mortgage programs offered
- No physical branch locations for support
For the right borrower, the convenience and speed of Shield Home Loans outweighs the higher origination fees. Just be sure to lock in your rate and get document requirements in writing.
Is Shield Home Loans a Good Lender? My Final Take
Overall, Shield Home Loans is a solid mortgage lender option with unique strengths in the speed of approvals and closings. Their completely digital process provides an efficient experience for tech-savvy borrowers.
However, I would not recommend them for borrowers who want maximum personalized support and guidance throughout the home buying journey. Based on online shield home loans reviews, customer service varies greatly depending on your loan officer.
For the lowest interest rates and fees, continue shopping around even if you start your application with Shield Home Loans. Ask lenders to match any better offers you find. This is the best way to maximize mortgage savings.
High Maximum Loan Amount
Shield Funding offers small business owners up to $1 million in business financing. Such an extensive loan program provides businesses with the financial assistance they need to get started or to continue to grow their companies. Note that not all businesses will qualify for the maximum loan amount depending on a variety of factors, such as personal credit score, annual revenue, business experience, etc.
- Credit Check
- Competition for Funding
- Organization of the Website
Personal collateral is needed, and Shield Funding will check your credit score, which might be damaging to you. If you apply for the loan that was designed for those with bad credit scores, your business must be running for at least three months prior and you must be making a minimum of $2,500 each month if your company accepts credit card payments. Otherwise, the minimum requirement is $20,000 each month-an incredibly large contrast. With most products, however, a personal credit score of at least 650 is needed, which means that the loan for bad credit scores is not the companys most effective.
Even though they claim that simply a business with cash flow will suffice, there is always competition. Like with most companies, the more qualified companies receive the higher funding through Shield Funding. They, unlike certain competitors, do not solely dedicate themselves to providing capital for those with bad credit scores, which means that it will make it difficult for certain people to receive funding.
Other factors might involve the amount of time that the company has been running, the success that they have had within reasonable amounts of time, and business credit. Essentially, it is important for applicants to strive to improve and to make their applications stand out in some way.
Variety of Loan Options
Because Shield Funding is essentially an alternative lender, they offer a wide variety of business loan options:
- Unsecured Business Loans
- Business Loans for Women
- Business Cash Advance
- ACH Loans
- Private Business Loans
- Fast Business Loans
- Bad Credit Business Loans
- Working Capital Loans
- Small Business Loans For Women
- Business Loans After Bankruptcy
- High Risk Business Loans
- Direct Business Loans
- Short Term Business Loans
- Hard Money Business Loans
Listed below are the requirements to get approved for business funding for Shield Fundings most basic program:
- Business must be running for at least three months
- 530 minimum credit score
- 10,000 minimum monthly revenue
Just remember that there may be additional factors that are considered. However, meeting these three requirements gives you a very high chance of having your application approved.
For those companies accepting credit cards as a payment method, gross monthly revenues of $5,000 are required. If companies do not accept credit cards when it comes to forms of payment, $20,000 is required instead. A company must be relatively large in order to qualify as a non-credit card user. And, as mentioned, a non-credit card user must have been in business for a minimum of three months.
Up to $1 million in capital is offered, allowing many types of businesses to use Shield Fundings services and programs. They offer business cash advances as well as unsecured business loans, allowing a customer to pay for company growth and expansion, invest in a marketing campaign, finance debt, improve social media presence, increase inventory, and purchase new products, among other things. There are endless investments that you can make with the capital and, if you qualify, you can get secure it within 24 hours of applying. Poor credit score? That is not a problem for them. You can apply for short term and longer-term programs.
Why there aren’t more people suing American Home Shield, despite 26,000 BBB complaints
FAQ
Is Shield home loan legitimate?
How does shield funding work?
What is the best loan to rebuild house?
What is the hardest home loan to get?
Is American Home Shield a good company?
American Home Shield has pretty dismal ratings across several review platforms.There is also a Facebook group of AHS customers that provide regular updates on their problems with the home warranty company. American Home Shield is accredited by the BBB, and has a B rating and accreditation grade.
What is your experience with shield funding?
My experience with Shield funding was exceptional. They helped with quickly and were very responsive. Awesome help to their representative Joseph Green. Who went out of his way to make sure I was taken care of. Date of experience: March 11, 2024 The process was easy and clear to understand.
Who accredits American Home Shield?
American Home Shield is accredited by the BBB, and has a B rating and accreditation grade. Extended waiting times and convoluted processes to fulfill service requests
Does American Home Shield have a customer portal?
American Home Shield has a customer portal that makes it easy to request service, track the status of claims and manage payments and billing. Like most home warranty companies, American Home Shield has a 48-hour response time. This is the time the company may take to schedule a diagnosis appointment with a service contractor.