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Sindeo Reviews

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  • Pros
  • Wide variety of loan programs
  • Flexible options
  • Comprehensive customer service
  • Cons
  • Doesn't directly finance loans

Sindeo Mortgage Refinance

Sindeo is a San Francisco-based startup company looking to retool the mortgage industry. The idea is to take life's biggest financial decision and make it simple.

They seek to deliver a fair, transparent and updated mortgage experience to those seeking to refinance, with a simplified application and underwriting process. It's exciting to consider saving money, or taking extra money out for a big project with refinancing your mortgage. But it can be a daunting, stressful prospect as well. Sindeo helps you make smart decisions with all pertinent information at your fingertips on your way to a stress-free refinance.

Rates and Fees at Sindeo

Start your refinance application at the Sindeo website. Enter basic information about yourself and your loan into their interest rate tool, and you'll instantly get a ballpark quote. You also see several options including rates for 30-year fixed rate loans, 15-year fixed rate loans, adjustable rate loans and interest only loans. Note that you must go through the complete Sindeo application process to formally nail down your rate.

Here are some sample interest rate scenarios at Sindeo. A 30-year fixed rate refinance with good to excellent credit comes at an interest rate of 2.75%, or 2.81% APR. We ran the interest rate tool for refinancing amounts of $200,000 to $324,000 with good to excellent credit and came up with the 2.75% rate.

You have the option to pay fees to reduce your interest rate. For example, with the same loan scenario as above, pay a $1250 fee and your rate drops to 2.625%. Pay a $2250 fee and the rate drops to 2.5%.

Sindeo's Application Process

From Sindeo's landing page, you can click through the Get Started button to provide a few details and see your preliminary estimate on interest rates for a mortgage refinance loan. As stated, you'll see rates from a range of loan options including APRs, and the amount of your likely monthly payment.

Should you decide to apply for refinancing with Sindeo, the next step is to contact a mortgage advisor by filling out their online form for this step. Among the Sindeo requirements to qualify, your debt-to-income ratio should be 35% or less, and you must be a U.S. Citizen. You must provide documentation of your credit score and down payment.

Transactions are required to close within 30 days of when you lock your interest rate. There is no penalty for pre-payment of the loan. There's a good chance that your actual rate and payment will vary from your initial quote once you go through the formal application process.

Your personal loan advisor gathers all documents, making sure none are missing at the qualifying phase. They get you to sign off on lender disclosures and register your intent to borrow with the lender. Your rate gets locked and the entire loan package goes to the lender for underwriting.

One drawback with Sindeo is that they only make mortgage refinance loans to those employed as wage-earners, excluding the self-employed and those on fixed incomes. They also do not make loans on rural or new construction properties.

Planning with Your Advisor

Your Sindeo mortgage advisor guides you through the entire underwriting process from initial documentation through closing your mortgage refinance loan. You'll meet with the advisor to create a mortgage profile based on your finances, timing and goals. The idea is to fit you with a mortgage that matches your finances and takes your goals into account.

You can get pre-qualified in just a few minutes with answers to basic financial questions. Your credit is checked and reviewed with Fannie Mae's underwriting system.

The advisor helps you pinpoint how much you can afford to borrow for your refinance, whether it's your primary home, or an investment or vacation property. The advisor can help veterans looking to refinance too. In some cases, they may be able to help business owners with irregular income obtain financing.

Getting Approval and Closing

Bottom line, Sindeo seeks a loan that is a good match for you at the lowest possible rate from their lender marketplace.

They verify your assets, income and credit score and handle your application and information in a secure manner. Your advisor provides all the documents you must sign to close your loan. The advisor works on details like appraisal and title on your behalf. They order and process your appraisal and title, with all the attention to detail required.

Upon completion of these tasks, they open escrow and provide wire instructions. Sometimes there are last minute details or docs you'll need to produce for the lender. In short, when the lender banks, be prepared to jump.

You'll review all the documents with the advisor, then sign to close the loan. The average time to close a loan with Sindeo is 46 days, but you can close in as few as 15 days if all your stars are aligned.

Why ReFi with Sindeo?

Sindeo offers the choice of more than 40 lenders and 1,000 loan programs, giving you a chance to tailor a loan to your needs and goals. They claim to close quickly and to deliver an average of $20,000 in savings over the life of a loan.

Founder and CEO of Sindeo Nick Stamos is passionate about transforming the mortgage loan and refinance process, bringing it into the digital age. "Nearly every part of the real estate process has been transformed by technology except for home financing. Getting a mortgage is still manual, frustrating and confusing," says Stamos. "We've assembled a talented team to accelerate Sindeo's growth and bring greater efficiency, transparency and choice to the mortgage process."

Customer Service

Sindeo is proud of offering their expert mortgage advisors from quote to close, providing a no-hassle, transparent mortgage refinance experience. The advisors are pledged to objectively find you're the right loan that works for you, with compensation is based in part on customer satisfaction.

It's always a good idea to seek out independent customer reviews when shopping for mortgage refinance loans, and to pore over the loan docs so you know exactly what it costs.

At present, Sindeo mortgage refinance loans are only available in nine states including Oregon, California, Washington, Arizona, Colorado, Texas, Michigan, Tennessee, Florida, and the District of Columbia.

Verdict - Very Good

Sindeo is a lender-paid mortgage origination company, helping lenders process loans efficiently. They do this by leveraging technology to improve communication between parties in the home refinancing process. The company's fresh approach to the mortgage refinance process allows many borrowers to find a loan that clicks for them. It's worth serious consideration and could save you money on interest and closing costs.

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While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.