OneTrust Home Loans Review [2024] Pros and Cons

The demand for mortgages may be down in many locations, but millions of Americans are still applying. There was an estimated $498 billion in new mortgage originations in the fourth quarter of 2022 alone.

That said, not everyone who wants a mortgage gets approved. But OneTrust is a company committed to helping homebuyers like you achieve their goals.

Want to learn more about OneTrust to decide whether it’s right for you? 

Check out this detailed OneTrust home loans review. You can also take a look at OneTrust’s mortgage options.

What Is OneTrust? 

OneTrust is a team of home financing strategists. These experts understand that no two homebuyers are the same, and their home loans reflect that. 

They offer financing for a variety of situations, including:

• Conventional Loans: Traditional loans with low down payments
• Federal Housing Administration (FHA) Loans: Ideal for first-time homebuyers
• U.S. Department of Agriculture (USDA) Loans: Money-saving loans for properties in rural areas
• Veterans Administration (VA) Loans: Ideal for current or former service members
• Jumbo Loans: Large loans for homes that exceed the FHA mortgage limit
• Fix-and-Flip Loans: Short-term loans for house flippers
• Bridge Loans: Let you buy a new home before selling your old one
• Self-Employed Loans: Verify your income with bank statements rather than W-2s and pay stubs
• Lot and Land Loans: Finance the land you need to build your dream home
• Condo/Hotel Loans: Finance second or vacation homes
• Reverse Mortgages: Let you borrow against your home equity

OneTrust’s team works as mortgage educators, too. They believe in helping you empower yourself through knowledge, so they take the time to provide detailed information, answer questions, and help applicants find the best deals possible.

How Do OneTrust Home Loans Work?

The loan officers at OneTrust will be with you through every step of the financing process. 

Their process works like this:

1 – Choose a Type of Loan to Apply For

OneTrust offers conventional FHA, VA, and USDA loans. If these loan types aren’t right for you, you might choose one of the company’s “portfolio loans,” which are designed for those who have had trouble qualifying for other types of loans.

For example, if you’re self-employed, you won’t have the W-2 forms many lenders require. OneTrust can verify your income using bank statements, making you more likely to qualify.

OneTrust services these loans from start to finish, meaning they can set their own approval criteria. They offer portfolio loans for self-employed individuals, investors, house flippers, and more.

If you aren’t sure which loan type is right for you, don’t worry. OneTrust’s helpful loan officers can help you decide.

2 – Get Pre-Approved

Once you’ve decided what type of loan you should apply for, you’ll need to fill out a mortgage application for pre-approval. The pre-approval process will give you an idea of the loan amount and terms you can expect. It doesn’t impact your credit rating.

What if you don’t get approved? If this happens, you may need to work on correcting potential issues, such as:

• Low credit scores
• High debt-to-income (DTI) ratio
• Unstable employment history
• Inability to pay a sufficient down payment

If you fail to gain approval, your loan officer can explain why and help you develop a plan to get approved in the future.

If you need help fixing your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you. 

Meanwhile, learn how to budget for non recurring expenses so you can be prepared for unexpected costs going forward. 

3 – Choose a Home

Once you have a clear idea of your loan terms, you can start shopping for homes. When you find one you like, you can put in an offer. Buying homes can be competitive, but your mortgage pre-approval will make you stand out to sellers.

4 – Fill Out Your Mortgage Application

Once you’re ready to buy a specific home, it’s time to apply. OneTrust will give you a detailed document outlining your loan terms. These will be identical (or very similar) to the terms of your pre-approval.

5 – Prepare Your Down Payment and Closing Costs and Close on the Home

Once you have your funding, you can officially purchase your home. OneTrust can help you navigate this process. After closing is complete, you’ll be ready to move into your new home. 

If you’re ready to start the process, visit OneTrust to check out their home loan opportunities!

Is OneTrust Legit? 

OneTrust is a legitimate company that has been in business for 15 years. It has an A+ rating with the Better Business Bureau (BBB) and has been accredited since December 2008.

OneTrust is also a solid choice for those who may have trouble qualifying for mortgages elsewhere. Credit-challenged applicants, those with non-traditional sources of income, house flippers, and others can all be financed with OneTrust.

Is OneTrust Safe? 

A mortgage is a long-term (not to mention expensive) commitment. So, it only makes sense to ensure that a lender is safe before taking out a loan.

Unsafe lenders often engage in unethical practices like predatory lending, meaning they offer you a mortgage you can’t reasonably be expected to pay back. When you can’t pay, the lender forecloses on your home and takes it from you.

Other unscrupulous lenders may swindle you into taking bad deals with high-interest rates. They may promise you that the mortgage can be refinanced later. However, refinancing isn’t a guarantee. More often than not, you’ll be stuck with a high-interest rate for the life of your loan.

With OneTrust, you don’t have to worry about predatory or unsafe lending practices. 

The company is committed to pricing transparency and takes the time to educate customers on the often-confusing world of home financing. OneTrust home loan reviews show that it’s a safe, reliable lender.

Pros and Cons of OneTrust Home Loans 

Every mortgage lender has its upsides and downsides. And with so many lenders out there, you often need to compare advantages and disadvantages before deciding whether to proceed. 

Here are some of the pros and cons of OneTrust.

Pros of Using OneTrust

OneTrust has several advantages compared to other lenders. For example:

• It offers more mortgage types than most other lenders
• It offers online applications with support via phone and email
• It can work with credit-challenged applicants
• It’s been in business for more than a decade
• Many OneTrust home loans reviews indicate happy customers
• It’s been recognized on the Inc. 5000 Fastest-Growing Companies list for three years in a row

Whether you’re purchasing or refinancing, OneTrust has a loan for you.

Cons of Using OneTrust

Although this lender has a lot of positives, it has seen consistent customer complaints in a few areas. 

More specifically:

• A significant portion of customers that left a OneTrust home loans review complain about poor customer service
• When compared to other lenders, OneTrust is a bit expensive in terms of fees and interest rates
• In-person services aren’t available everywhere, as it has loan offices in a limited number of states

When it comes to rates, it’s important to note that mortgage rates can vary by area. Even if you have a good credit score, you may find that mortgage rates are higher in some areas than others.

OneTrust Home Loans Reviews

Not sure if OneTrust is right for you? 

Here are some OneTrust home loans review snapshots:

Commonly Asked Questions About OneTrust Home Loans

Where Is OneTrust Home Loans? 

OneTrust is headquartered in San Diego, CA, and has offices in the following locations:

• Carlsbad, CA
• Encino, CA
• Boise, ID
• Oak Brook, IL
• Albuquerque, NM
• Tulsa, OK
• San Juan, PR
• Brentwood, TN
• Knoxville, TN
• Houston, TX
• Houston Westview, TX
• Grantsville, UT

You can also contact them online or by phone.

What Are OneTrust Home Loan Rates? 

Because OneTrust offers so many types of loans, it’s impossible to determine an exact rate. Your rate also depends on your credit history, down payment, and several other factors.

Contact a OneTrust loan officer to learn more about rates and what you may qualify for.

What Is an Alternative to OneTrust Home Loans? 

OneTrust competitors include:

• CrossCountry Mortgage
• LoanDepot
• Fairway Independent Mortgage Corporation
• Caliber Home Loans, Inc.
• Quicken Loans
• LendingTree

Different lenders may give you different quotes, so it’s a good idea to get pre-qualified and compare rates before committing to one. Start your search by checking out OneTrust’s home loan options today!