Question 1

What is HomeTurf and how does it work?

Accepted Answer

HomeTurf is a reverse-auction marketplace for mortgages. Instead of you shopping around for rates, you post your mortgage needs anonymously, and NMLS-verified lenders compete for your business in real-time. HomeTurf supports four auction types: Purchase, Refinance, Pre-Approval, and Beat My Rate. You stay anonymous until you choose a winner, ensuring your privacy throughout the process.

Question 2

Why is HomeTurf free for borrowers?

Accepted Answer

HomeTurf is free for borrowers — and always will be. During our beta period, the entire platform is free for everyone, including lenders. After beta, lenders will transition to a paid SaaS subscription model to access the platform. This ensures borrowers always get competitive rates at no cost, while lenders get access to pre-qualified, high-intent borrowers.

Question 3

How is this different from other mortgage sites?

Accepted Answer

Unlike traditional mortgage marketplaces where you fill out forms and get bombarded with calls, HomeTurf keeps you anonymous and in control. Other sites sell your information to multiple lenders who then aggressively pursue you. With HomeTurf, lenders compete transparently in real-time, you see all bids, and you only share your information with the lender you choose. Plus, we offer four specialized auction modes to match every stage of your mortgage journey.

Question 4

Is this a loan application?

Accepted Answer

No, HomeTurf is NOT a loan application. We're a matching service that connects borrowers with lenders. The auction process helps you find the best lender and rate for your situation. Once you select a winning bid, you'll complete the actual loan application with that lender. We don't make lending decisions, perform credit checks, or process loans — we simply facilitate the connection.

Question 5

What are the four auction types on HomeTurf?

Accepted Answer

HomeTurf offers four auction modes: - Purchase — For buyers with a signed purchase contract. Lenders see property details and compete on firm rates, fees, and closing speed. - Refinance — For homeowners looking to replace their existing mortgage with better terms. - Pre-Approval — For buyers still shopping for a home. Share your financial profile in ranges (not exact amounts) and lenders compete on estimated rates, validity periods, and terms. - Beat My Rate — Already have a rate from another lender? Post it anonymously and challenge others to beat it.

Question 6

What is the Pre-Approval auction?

Accepted Answer

The Pre-Approval auction is for homebuyers who are shopping for a home but don't have a signed purchase contract yet. Instead of sharing exact financial details, you provide ranges (credit score band, income range, loan amount range) and your target state, purchase timeline, and property type preferences. Lenders compete on estimated rates, pre-approval validity periods, and whether they can offer a rate lock once you find a property. This gives you a competitive pre-approval letter to strengthen your offers when house hunting.

Question 7

Do I need a purchase contract for a Pre-Approval auction?

Accepted Answer

No — that's the whole point. Pre-Approval auctions are designed for buyers who are still shopping. You share your financial profile in bands/ranges (not exact numbers) and your target state, purchase timeline, and property type preferences. Lenders bid with estimated rates and pre-approval terms. Once you find a property, you can create a new Purchase auction or continue working with your pre-approved lender.

Question 8

What is the Beat My Rate auction?

Accepted Answer

If you already have a pre-approval from another lender or an existing mortgage rate, the Beat My Rate auction lets you post that rate anonymously and challenge other lenders to beat it. Lenders see the benchmark rate they need to beat and submit their best competing offers. You'll see exactly how much each lender can save you compared to your current terms. Your existing lender's name is never stored or shared with competing lenders.

Question 9

Is my existing lender's name shared in Beat My Rate?

Accepted Answer

No — never. Your existing lender's name is never stored or shared with anyone on the platform. This is a core privacy rule. Competing lenders only see the benchmark rate, APR, loan amount, and loan type. This ensures a fair, anonymous competition focused purely on who can offer you better terms.

Question 10

What's the difference between Pre-Approval and Purchase auctions?

Accepted Answer

A Purchase auction is for buyers who already have a signed purchase contract on a specific property. Lenders can quote firm rates because the property and loan details are known. A Pre-Approval auction is for buyers still shopping — no property identified yet. Lenders provide estimated rates and pre-approval terms based on your financial profile ranges. The estimates may change once a property is selected and full underwriting occurs.

Question 11

Can I use Beat My Rate even if I'm happy with my current rate?

Accepted Answer

Absolutely. Beat My Rate is a great way to verify that your current offer is competitive. If no lender can beat your existing rate, you'll have confidence that you're already getting a great deal. If someone does beat it, you have options — switch to the better offer or use it as leverage to negotiate with your current lender.

Question 12

What does "beta" mean?

Accepted Answer

HomeTurf is currently in a beta launch period. This means the platform is live and fully functional, but we're still refining features and growing our lender network. During beta, the entire platform is free for all users — borrowers and lenders alike. The beta period will last a minimum of 6 months.

Question 13

What happens when the beta period ends?

Accepted Answer

After beta, HomeTurf will transition to a paid SaaS subscription model for lenders. Borrowers will always remain free. Key commitments: pricing will be announced well before beta ends, no one will be automatically charged, subscription requires explicit opt-in, and lenders will receive advance written notice before any transition takes effect.

Question 14

Will I be automatically charged when beta ends?

Accepted Answer

No — you will never be automatically charged. When the beta period concludes, any future subscription will require your explicit opt-in consent. If you choose not to subscribe, you can simply stop using the platform with no penalties or charges.

Question 15

How long will the beta period last?

Accepted Answer

The beta period will last a minimum of 6 months from launch. The exact end date will be announced well in advance, giving all users time to prepare. We will provide at least 30 days written notice before any transition to paid features.

Question 16

How are lenders verified?

Accepted Answer

All lenders on HomeTurf must pass our NMLS (Nationwide Multistate Licensing System) verification process. We verify their NMLS number, check their licensing status in each state they claim to operate in, and confirm they're in good standing. This verification is done both automatically through our system and manually by our team when needed. Only verified lenders can view and bid on auctions.

Question 17

What if no lenders bid on my auction?

Accepted Answer

While we work to grow our lender network during beta, it's possible some auctions may receive fewer bids than expected. This could be due to loan parameters, property type, or lender availability in your state. We'll notify you before your auction ends if there are no bids, and you can either extend the auction or adjust your parameters.

Question 18

How do I know if a lender is trustworthy?

Accepted Answer

All lenders on HomeTurf are NMLS-verified and state-licensed. We track lender performance including their close rate, terms honored rate, response time, and borrower ratings. Lenders earn performance badges that help you identify top performers. You can also verify any lender's credentials directly on the NMLS Consumer Access website.

Question 19

What documents are required?

Accepted Answer

It depends on the auction type. For Purchase auctions, a signed purchase agreement is required. For Refinance auctions, a mortgage statement helps. For Pre-Approval auctions, no purchase contract is needed — just your financial profile in ranges. For Beat My Rate, you must upload your official Loan Estimate from your current lender to verify your benchmark rate. Additional documents (proof of income, bank statements) can help you get better bids across all modes.

Question 20

Are my documents secure?

Accepted Answer

Yes, all documents are encrypted both in transit (TLS 1.3) and at rest (AES-256) using bank-level encryption. Documents are stored on Google Cloud Platform with strict access controls. Only you can see your documents initially. Once you select a winning lender, only that specific lender gains access. Documents are automatically deleted 90 days after your auction closes.

Question 21

How long do auctions last?

Accepted Answer

You can choose auction durations of 12, 24, 36, or 48 hours. We limit auctions to 48 hours maximum because mortgage rates change daily — longer auctions result in less accurate quotes. We recommend 24 hours, which gives lenders enough time to bid while keeping rates competitive and current.

Question 22

Can I cancel an auction?

Accepted Answer

Yes, but you must close your auction properly by selecting a reason (such as 'Deal Fell Through' or 'Not Ready to Proceed'). This helps lenders understand borrower intent and keeps the marketplace healthy. After closing, you can create a new auction whenever you're ready.

Question 23

What happens after I select a winning bid?

Accepted Answer

Once you select a winner: 1) Your contact information is shared with only that lender, 2) The lender is required to contact you within 36 hours to begin the formal process, 3) You'll work directly with the lender to complete underwriting and close. For Pre-Approval auctions, the lender will issue your pre-approval letter. For Beat My Rate, they'll begin your refinance application.

Question 24

Is my information kept private?

Accepted Answer

Yes, your privacy is our top priority. During the auction, lenders see limited information: your general location (not full address), credit/income ranges (not exact amounts), and loan parameters. For Pre-Approval auctions, even less is shared — only bands and ranges. Your name, contact information, and full financial details are NEVER shared until you select a winning bid.

Question 25

Do you check my credit?

Accepted Answer

No, HomeTurf does not perform credit checks. The credit score range you provide is self-reported. The winning lender will check your credit as part of their formal application process. Using HomeTurf doesn't impact your credit score.

Question 26

What kind of rates can I expect?

Accepted Answer

Rates depend on many factors including your credit score, down payment, loan amount, and current market conditions. Because lenders compete directly for your business, you should see competitive offers. For Beat My Rate auctions, you'll see exactly how each offer compares to your benchmark.

Question 27

What if I don't like any of the bids?

Accepted Answer

You're never obligated to accept a bid. If you don't like the offers you receive, you can close your auction and no information is shared with any lenders. You can then create a new auction with adjusted parameters or wait for better market conditions.

Question 28

What states is HomeTurf available in?

Accepted Answer

HomeTurf is currently available in 5 states during our beta period: Colorado, Florida, Michigan, Minnesota, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin. Only lenders licensed in your property's state (or target state for Pre-Approval) can view and bid on your auction.

Question 29

Is HomeTurf a lender or broker?

Accepted Answer

No. HomeTurf is a technology platform, NOT a lender, broker, or loan servicer. We don't make lending decisions, originate loans, or provide financial advice. We simply provide the marketplace where borrowers and lenders connect. All lending activities are performed by independent, licensed lenders.

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