Paddio offers a personalized online borrowing experience for homebuyers seeking conventional 15- and 30-year fixed-rate mortgages, as well as existing homeowners hoping to refinance. Paddio also specializes in government-sponsored loan programs that offer low- or no-down-payment options, such as USDA, FHA and VA loans.
They currently don’t offer jumbo loans.
Paddio’s website leads users through a series of questions about their income, credit score, the home they wish to buy and more in order to see what loan would suit them best. You will then need to create an account with Paddio by providing your email and phone number.
According to Paddio, this application process can be completed in one day if the borrower has the required documentation needed for verification, and expected turnaround time from application submission to preapproval is 24 hours. Being preapproved does not necessarily mean you’ll be approved for a mortgage, or even for the same terms and amount given to you in the preapproval acceptance letter.
Paddio doesn’t indicate how long approval takes from start to finish.
Paddio’s rates change daily with the market and vary depending on the borrower’s credit profile and loan product. Down payment amounts vary, although Paddio does offer products that require zero down. Paddio’s minimum down payment for a conventional loan for a home purchase is 3%. The minimum down payment for a FHA loan is 3.5%. Closing costs vary by state and loan product.
Paddio offers a specialized service, the Alliance Realty Network, which connects borrowers to a local real estate agent to help them navigate through the process. The agents then donate a portion of their commission to provide the borrowers with a 0.25-point credit that can be applied toward their rate.
Paddio will look at the borrower’s credit profile and income for qualification. Paddio’s credit department will also help borrowers with a FICO credit score below the qualifying score of 620 to develop a plan to boost their score. This service is free and without obligation.
Paddio typically requires at least a 620 FICO credit score.
Paddio operates nationwide except in New York, Nevada, New Jersey and Utah.
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Paddio is the business name for Mortgage Research Center, LLC. Paddio has an A+ rating with the Better Business Bureau. Paddio has an excellent 4.4 out of 5 stars rating on Trustpilot from over 115 reviews.
In 2022, the Consumer Financial Protection Bureau registered 66 complaints concerning mortgages against Mortgage Research Center. Complaints dealt mostly with trouble with the payment process, applying for or refinancing a mortgage, and closing on a mortgage. The company gave a timely response and closed all complaints with an explanation.
You can reach customer service at 800-906-8960 Monday through Friday from 8 a.m. to 9 p.m. Central Time and on Saturday and Sunday from 8 a.m. to 6 p.m. CT. You can also reach the company by email at firstname.lastname@example.org.
Borrowers are able to complete the mortgage application online, and Paddio provides a secure online portal for uploading documents. Borrowers will be able to check the status of their application at any time and find contact information for their loan team. Loan officers are able to communicate via text messaging, as well. Paddio also offers an online affordability calculator for homebuyers that shows an estimate of what their preapproval amount could be based on their income and other expenses.
- People who are looking for a government loan such as a USDA loan, FHA loan or VA loan.
- People who desire a streamlined online experience.
- People who have a credit score below 620 and want help improving it.