eRates Mortgage Review

In a Nutshell

eRates is a professional lender that has been working with people for more than 20 years. It offers new and old homeowners the ability to purchase, refinance, and consolidate with flexibility and ease. With a range of loan products available, excellent financial advisors on hand, and low rates, eRates seems to be a great choice. Find out the details so you can make an educated choice.

Visit eRates Mortgage

Pros

  • Experienced mortgage advisors of 20+ years
  • Pre-approval on the spot
  • Lock in rates immediately

Cons

  • Must create an account before getting detailed loan info
  • Not a lot of information on the websit

eRates at a Glance

Loan typesPurchase, refinance, home equity
Featured LoansVA loans, jumbo loans, adjustable-rate mortgages, FHA insured loans, fixed-rate loans, renovation loans
Repayment Terms15, 30 years
Minimum Down Payment3.5%
Minimum Credit Score620
Closing ‚ÄčTIme35 days
Best ForAnyone looking for a fast and easy loan process

Overview

From the onset, eRates seems like it has a lot to offer. There are many options for loan types, everything from conventional mortgages to VA and FHA insured loans and even refinancing. What's more, you are working with professional financial advisors who have degrees in this field and have been working with loans for decades. The overwriting process is done in-house and fast, and the online application ensures things move along smoothly.

Best For?

eRates is truly a jack of all trades. Offering a huge range of loan products, its services are good for just about anyone. For example, if you're purchasing a home for the first time, the 15- or 30-year fixed-rate loans can get you just what you need. Alternatively, if you have poor credit or need to refinance, looking into either an FHA loan or HARP refinancing can get you the assistance you need.

Types of Loans

Another great thing about eRates is the range of options available to you under one roof. While you won’t get any information online, if you call a representative, they can give you all the details. Meanwhile, you’ll be able to choose from a variety of loan programs including:

  • 15- or 30-year fixed-rate mortgage

You can choose a fixed-rate mortgage if you like the consistency of knowing how much interest you’ll be paying across the life of your loan. 15-year loans will save you money with lowering your interest rates and helping you pay off your loan faster, while 30-year loans allow you to spread out your payments and pay less each month.

  • Adjustable-rate mortgage

If you prefer to play the market, the adjustable-rate mortgage is a better option for you. This means your interest rate will fluctuate with the market rate, and it also means you could potentially pay a lot less in interest over time. eRates lets you fix your rate from 3-10 years and adjusts accordingly after that.

  • FHA loan

FHA loans are easier to get approved for, work well with low credit applicants, and you can get a better LTV (loan to value) ratio with this type of loan.

  • VA loan

If you qualify, VA loans are the best option. They’re currently at a record low and cater to veterans, current active duty members, and their families. eRates has fixed- and adjustable-rate VA loans with up to 100% financing and no down payment.

  • 203k renovation loan

Finally, eRates offers renovation loans for transforming your rundown home into a modern marvel. Loans can cover things like new roofing or fencing, fresh paint, remodeling projects, mold removal, upgrading existing systems, and other repairs.

The Application Process

One outstanding feature is the closing time that eRates boasts: 35 days. You can complete the entire process in just over a month. So, anyone looking for fast closing would do well here.

To apply for a loan with eRates, you’ll have to create an account. This may seem like an unnecessary extra step, but it gives you 2 advantages. Firstly, once you create an account, you have the ability to access the online application, so the whole process is quicker than traditional loan applications. Second, after you apply, you can log into your account at any time to see where your loan process is holding from application approval to payments pending, and transfers. It keeps things pretty organized, so the extra 10 seconds really pay off quickly.

You can get a fast quote by filling out the online application. This includes basic information like:

  • Loan type
  • Property type
  • State
  • Estimated value of the home
  • Loan amount
  • Name
  • Email
  • Phone number

Along with basic information, you may be asked to provide documentation, including:

  • Recent pay stubs
  • W2s for the last 2 years
  • Savings and checking account statements
  • Any documentation regarding another person helping with the down payment

You’ll be emailed a general quote via this method. Alternatively, you can call the eRates offices to apply over the phone. This usually takes about 15 minutes, and you can get pre-approval on the spot.

Pros

  • Underwrite and process all loans personally

Instead of shipping these tasks out to a third-party, eRates takes care of every step of your loan process from application to underwriting and funds transferal. That means you are dealing with the same people from start to finish, have someone to turn to with any questions, and best of all, you get your money faster.

  • Professional financial advisors for every client

eRates is known to have some of the most helpful and professional financial advisors working with its customers. Read more about this in the help and support section below.

Cons

  • Sparse information online

If you’re the type who likes to see all the details for comparison, eRates might rub you the wrong way. That’s because you'll get little actual information on the website. Instead, you'll have to fill out your details and have a representative get back to you with more information. If you want something upfront, this may be a negative in your book.

  • No live chat

If you want to speak to someone, you’ll have to shoot them an email or pick up a phone.

Rates and Fees – The Bare Basics

Rates fluctuate based on the loan type, loan length, credit score, and current market rates. One nice thing about eRates though is there are no hidden costs. You pay for your loan and interest, and that’s it. There aren’t even prepayment penalties, so you can pay off your loan early and save a bundle.

Repayment Terms

The repayment terms vary depending on loan type, creditworthiness, length of loan, etc. For example, eRates offers clients 15- or 30-year fixed-rate mortgages. The 15-year loan has lower rates in general, while the 30-year loan will run you higher rates. There are other loan types that offer 5-, 7-, or 10-year plans too.

Help & Support

eRates has email and telephone support that is available 24/7 for any questions or issues. This company has an unusually high number of positive feedback and reviews from its clients. Across multiple review sites, eRates customers constantly praise the commitment, depth of understanding, patience, and professionalism of the customer support staff. That is a really impressive feat, especially in this industry.

How eRates Compares

 eRates mortgageQuicken LoansJ.G.Wentworth
Minimum Credit Score620580-620+520+
Minimum Down Payments3.5%1%-10%0%-20%
DTI RatioN/A50%45%
FeesNo prepayment penaltiesDeposit fee of $400-$750No extra fees
Terms Offered5, 7, 10, 15, 30 years10, 20, 30 years5, 7, 15, 30 years
APRN/A4.625%-4.912%4.875%-4.91%

Summary

eRates works quickly, professionally, and tirelessly to get you the best loan for your situation. With record-low rates, a variety of loan programs to choose from, and outstanding customer service, eRates is easily one of the best loan providers to work with in 2019.

eRates FAQ

  • Should I choose a fixed-rate or adjustable-rate loan?

If you're the type of person who likes knowing exactly what's coming out of their account each month, choose a fixed rate. This ensures consistency across the board. Otherwise, an adjustable-rate loan may save you money over time.

  • Who qualifies for an eRates VA loan?

VA loans are specifically designed to help those members who are currently in active military duty or who have served in the military services and are now veterans. VA loans can also be acquired by spouses of those individuals.

  • If I had a short sale can I still get approved for a mortgage?

Yes! In fact, eRates has flexible guidelines in this area. You can apply for a conventional loan 4 years after the short sale has been completed, 3 years for an FHA loan, and 2 years for a VA loan.

  • Does bankruptcy kill my chances of qualifying for a loan?

As per the eRates guidelines, you can apply for a conventional loan 2 years from the discharge date of a Chapter 13 bankruptcy or 4 years for Chapter 7, apply for an FHA loan one year for Chapter 13 or 2 years for Chapter 7, and apply for a VA loan one day from completion of payment plan for Chapter 13 or 2 years for Chapter 7.

Physical Address

eRates Mortgage

6230 Fairview Road

Suite 425

Charlotte, NC

28210 - NMLS #1071

 

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