Vylla Mortgage Review 2020

Vylla mortgage rates

ProductInterest RateAPR
30-year fixed rateN/A*N/A*
15-year fixed rateN/A*N/A*
5/1 ARM rateN/A*N/A*

*Must speak with a loan officer to get rates/APRs

Buying a new home is full of twists, turns and time spent jumping through hoops. Vylla Mortgage wants to change that by bringing the entire home buying process under one roof — from finding a property to connecting with an agent and qualifying for a mortgage.

Vylla Homes is the 2018 creator of Carrington Holding Company, which includes several real estate-related companies. It relies on Carrington’s mortgage arm to match buyers with the perfect home loan — but you’ll have to speak with an agent directly to see your specific options.

Vylla Mortgage may be a good fit for you, but you should take a clear look at what you can expect from Vylla — including rates, mortgage options, and its pros and cons before you decide.

Why it might pique your interest

If you’ve ever gone through the homebuying gauntlet, you know that you spend a lot of time flipping from website to website, comparing different companies every step along the way.

Vylla Mortgage puts an end to that by bringing the entire process into Carrington’s real estate ecosystem. You can search for homes, connect with a real estate agent, apply for a mortgage, open an escrow account and secure your title all through Vylla.

When you’re looking for a new place to live, you can search for homes by drive time at different times of the day, helping you keep your commute under control. Once you find a property, Vylla (through Carrington Mortgage Services) offers the full gambit of mortgage options, including conventional, government-insured and jumbo loans along with both fixed and variable rate options.

Vylla overview

Loan types:

  • 30 year fixed-rate
  • 15 year fixed-rate
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • VA loans
  • FHA loans
  • USDA loans
  • HELOCs

Pros and cons

Pros

  • Choose from several loan options. You won’t be short on options with Vylla, which can make your path to buying a new home much easier. You can choose between both fixed- and adjustable-rate mortgages based on what you need and can afford. Vylla also offers loan options that allow you to make either a very low down payment or no downpayment at all if you qualify.
  • Complete the entire home buying process with one company. One of the most frustrating parts of buying a new home is navigating different websites and companies for home searches, realtor searches, mortgage qualification and (finally) closing on your home. Vylla brings the entire process under one roof, allowing you to seamlessly navigate Carrington’s various entities for the entire process.
  • Great for people with less-than-perfect credit. Having a low credit score doesn’t have to disqualify you from buying a home. Vylla Mortgage features transparent credit qualifications for its mortgage options, allowing people with credit scores as low as 580 to qualify for a government-insured mortgage and those as low as 620 to qualify for conventional loans.

Cons

  • Limited availability. While Vylla Mortgage (through Carrington Mortgage Services) is expanding its licensing, it still is not licensed for mortgages in all 50 states. Massachusetts is excluded from its list of mortgage licenses, although it is allowed to originate other loans in the state.
  • Low transparency. There seems to be a wall between the consumer and important information about mortgages (like current rates) on both Vylla and Carrington’s websites. You have to fill out a form and talk to a representative to get any kind of rate quote.
  • Offline only. On that note, the company’s entire process is offline. While Vylla has done a great job of bringing all the aspects of buying a house under one roof, you still have to talk to a loan specialist offline to see quotes, fill out an application and get preapproved for a loan.
  • Low customer satisfaction. The Better Business Bureau gives Carrington Mortgage Services a B- rating, but the customer reviews reflect several instances of poor communication and unexpected payment increases — especially from customers who had their mortgages sold to Carrington from another lender.

The final word

Vylla Mortgage brings the home buying process all under one roof. If you’re tired of juggling several different companies while trying to buy a home, it could be a great fit for you. You’ll need to make sure, though, that Vylla is available in your state before you jump into the process. If it is, be prepared for lots of phone calls and emails with Vylla and Carrington loan officers because you won’t be able to fill out an application online.

FAQs

Is Vylla good for mortgages?

Yes, especially if you’re a homebuyer who’s looking for a federally-backed mortgage loan. Vylla is a subsidiary of Carrington Mortgage Services, a mortgage company that provides a range of services, including conventional home loans, adjustable-rate mortgage (ARM) loans and a range of government-supported loans for eligible applicants.

For that reason, Vylla could be an attractive option for individuals who have lower credit scores, are first-time buyers or don’t have a lot of money to spend on a down payment. Vylla’s loan options include FHA, VA and USDA loans. With a USDA loan rate of 3.07%, Vylla is ranked as having one of the 10 best USDA loans rates of 2020.

Is Vylla a direct lender?

No, Vylla is not a direct lender. However, Carrington Mortgage Services, Vylla’s parent company, is a direct lender. You can use Vylla as a search tool to initiate the home loan process (via Carrington’s website).

In addition to its home loan services, Vylla provides customers the ability to look for homes for sale in your region, so you can use its search tool to find a property that interests you before beginning the loan process. You can also use Vylla to find a real estate agent who can help you buy or sell your home.

How long does it take Vylla to approve a mortgage?

Vylla doesn’t offer specific information on the timeline for mortgage approval, so you’ll need to get in touch with a company representative to discuss your specific needs and find out how long it takes to get approved. With most lenders, though, the average mortgage is approved and closed on in a period of between 30 and 45 days. Complicated mortgage loans can take up to 60 days to finalize, so you can probably expect Vylla’s loan process to follow the same timelines.

With Vylla, you can begin the loan application process online, but you’ll have to speak with one of the company’s representatives in order to determine your eligibility and apply for a loan. To start the process, you’ll answer some basic questions about the estimated purchase price and down payment of the home you’re interested in. From there, you’ll submit your contact details and wait for a company rep to contact you.

Rayna Perry

Personal Finance Copywriter

Rayna Perry is a Personal Finance Copywriter at Interest.com and a Public Relations major at the University of Georgia. When not writing about personal finance, she is usually watching a great movie or creating a new playlist.