Sindeo is a newer lender-paid mortgage originator with goals to provide a fair, transparent and modern home-buying experience to individuals. Their main mission is to help customers obtain the best mortgage while delivering an excellent experience throughout the entire process.
The company was founded by Nick Stamos and Ori Zohar. When Nick and his wife Alyson had their first child and started looking for a home to purchase, they started to notice that they weren't finding what they needed in typical mortgage brokers. They also realized that they weren't alone.
Nick and Ori met through mutual friends and created Sindeo to transform the home financing experience and change the way people think and feel about the process of purchasing a home.
An Overview of Sindeo's Mortgage Offerings
Sindeo helps individuals and couples obtain mortgages in 10 U.S. states and counting. The company employs mortgage experts who can help new homebuyers understand their loan options and choose an affordable solution. Whether you're looking for a traditional fixed-rate loan, a VA loan, an investment property, or a vacation house, their mortgage experts will help you secure the proper loan.
Sindeo has an A rating with the Better Business Bureau and no complaints filed. Past customers usually comment on the company's speed and efficiency when it came to helping them secure the best mortgage rates and terms hassle-free in just a few weeks. Sindeo boasts that their closing process can take as little as 15 days with no missed closing dates on their website.
They also work with many lenders to improve your chances of financing the home you want and being pleased with the process overall.
- Sindeo has access to more than 40 lenders and 1,000 loan programs allowing them to meet almost anyone's mortgage needs and preferences
- Customers are provided with a dedicated mortgage advisor throughout the entire process.
- On average, Sindeo claims to help borrowers save an average of $20,000 over the life of their loan
- Sindeo's mortgage advisors provide unbiased information and guidance since they are not paid strictly by sales commission
- They also have access to specialty financing solutions
- Sindeo is committed to keeping your information safe. They provide bank encryption software for your data and do not share your information with third party companies.
- Even though Sindeo works with several lenders and loan products, they have a limited service area and do not service most areas of the U.S. They are currently working on obtaining licenses in other states
- Sindeo only works with customers who are looking to purchase residential homes. If you're interested in purchasing a commercial property, you may have to look elsewhere.
- Since Sindeo is a mortgage originator and works with several lenders, there isn't a specific range of rates listed clearly on their website making it difficult to predict what type of rate you can obtain. Even though their experienced mortgage advisor helps guide you through the process from start to finish, you will have to have to take an inquiry on your credit in order to obtain a clear rate which is something to consider if you are just shopping around.
Cons to Consider
Sindeo operates a simple-step process that can start as early as 18-22 months before you are intending to buy a house.
Step 1 - Get Ready to Buy
The initial step involves meeting your mortgage advisor who will answer any early questions you have and be your main point of contact throughout the process. Your mortgage advisor will create your personalized portfolio based on your needs and financial situation. If you're looking to refinance, your advisor can also help you with this as well.
Step 2 - Qualify
Your advisor may ask you a few questions to pre-qualify you in order to let you know how much you can borrow. To get pre-approved, Sindeo will run your credit and verify your asset and income information. When you apply, Sindeo will underwrite the entire application allowing you to quickly make a competitive offer and close in as little as 15 days.
Step 3 - Close
At the end of the process, you'll provide and sign the necessary closing documents and let Sindeo take care of all the heavy duty work. The team will gather any missing documents from the application lock in your rate and submit your complete loan package to underwriting, and stage, order, schedule and complete the appraisal and title.
Tools and Resources
Sindeo offers many helpful tools and resources to help inform customers throughout their entire process. If you need quick answers to questions, you can utilize their FAQ page and learn exactly what the company does, how they make money, and exactly how they save you money on the cost of your mortgage.
Sindeo also has a blog offering the latest industry news and trends along with tips for how to land a better mortgage rate along with a glossary of popular loan terms to help first-time home buyers understand the process easier.
Verdict - Very Good
While Sindeo is a fairly new company, it is growing fast and seems to have found some unique ways to help simplify and streamline the mortgage application process to give homebuyers an improved and pleasant experience.
The fact that they are not compensated based on how much money you spend including how they work with so many lenders are both huge benefits that will only enhance the overall experience. If you are looking to work with an unbiased industry expert one-on-one, Sindeo sounds like an ideal option. Having your own mortgage expert to walk you through each step of the process helps build trust and gives you the personal attention to detail needed to help your mortgage application and closing process run smoothly.
Previous customers have only had positive comments to say about their experience with Sindeo which is reassuring. However, the fact that most Americans who are interested in buying a home can't work with this particular company is something that needs to be fixed soon. As Sindeo grows, they should obtain licenses in more state in order to help serve more potential homebuyers.