eRates Mortgage Ratings & Reviews

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eRates Mortgage

(3.3 of 5) 22 Reviews

59% of our customers would recommend this lender.

About eRates Mortgage

eRates Mortgage is a Direct Lender that has been delivering superior rates and exceptional customer services for over twenty years.  We have simplified mortgage shopping to make the process easy, transparent and hassle free.  By operating completely...

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Customer Reviews

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22 Reviews

(3.3 of 5)
Review Breakdown
  • Lender Review
    from Charlotte, NC
    (5 of 5)
    Recommended!
    Reviewed:
    Loan Type:
    Refinance
    Services:
    Closed loan with this lender

    Very Satisfied

    (2) (2)
    Had the best rates of about 5 lenders, including two large banks. Very smooth process. Loan officer understood exactly what I wanted to do with my refinance (remove PMI, lower monthly payment, shorten term). Everything was done by email with documents uploaded through a secure portal. The lender never lost any documents and the documentation requests were simple and straightforward. Didn't have to speak on the phone ever, only person I had to meet was the notary, who came to my house. Sold the loan to a random servicer... Read More

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  • Lender Review
    from West Linn, OR
    (1 of 5)
    Reviewed:
    Loan Type:
    Refinance
    Services:
    I'm currently working with this lender

    Wasted 4 months

    (2) (3)
    Have waited 4 months for an appraisal. Never received one & no ETA on when it will happen. Korry Humphrey was the loan originator. Great salesman - apathetic & poor communication once I signed the loan agreement. Canceling my loan today & have to restart the process. Waste of time & money.

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  • Lender Review
    from Redondo Beach, CA
    (5 of 5)
    Recommended!
    Reviewed:
    Loan Type:
    Refinance
    Services:
    Closed loan with this lender

    Great Refi

    (3) (1)
    I was very skeptical and suspicious of using an on-line mortgage co, but went ahead and tried it. All-in-all, it ended up being a relatively painless, better-than-expected experience. The whole process was organized and professional. Well done!

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  • Lender Review
    from Georgetown, TX
    (1 of 5)
    Reviewed:
    Loan Type:
    Refinance
    Services:
    I'm currently working with this lender

    Awful Experience!

    (5) (3)
    When shopping for a refinance I trusted Bankrate lender eRates mortgage (aka Finance of America Mortgage LLC) due to their good reputation. However, my experience was awful. My Advice: keep looking. Erates may quote the best rate and lowest fees upfront. However if you are treated the way I was you may end up paying much more in the end. First, I am a regular employee with excellent credit and no special circumstances looking for a simple refinance. After taking our application Nathan dropped contact with us and deferred completely to "Processor" Paula. We responded to all requests for information very quickly. In spite of this, Paula did not spend the time and effort to get our loan to closing in a timely manner. We had to frequently call and email both Paula and Nathan in order to make any progress, and it was apparent that very little effort was being made to move our loan along. Nathan was not engaged in the process and I specifically asked him to get involved several times without any result. According to his explanation (after the fact) he is responsible for new business and not for following up on loans in process. It appears that at some point in the process everyone involved at eRates realized that due to their delays our loan was not going to close before the rate lock expired. At that point we were ignored and our loan was worked on only when we repeatedly called and emailed. Each time excuses were made as to why the items were not being worked. After our loan was finally ready to close (for the third time), Paula informed us that our rate lock was expired and had to be re-locked. Almost a week later and after phone calls and emails to eRates asking for help, Nathan finally replied with new rates and fees that were significantly higher than our original quote. The rates were actually higher than the current rate on our mortgage! No phone call, no apology for botching our chance to refinance at a lower rate, just pushing us to refinance at a higher rate and cost or go away. The worst part of our experience was what happened after things went sideways. After asking repeatedly for a supervisor or someone else that could help, we were finally referred to Branch Manager Trevor Banville and I emailed him and asked him to call me to discuss our experience. After 4 business days Trevor returned my second email and essentially said that he was not interested in hearing me out and would not be calling me, our situation was "reviewed by management" and that "a final decision has been made", whatever that means. I am extremely disappointed with several things. First, I don't believe that we received the service and communication that we deserved. Second, the way that we were led into trusting eRates to get us a great rate and low fees, only to have them allow our rate lock to expire and then push higher rates and fees on us. Third, the lack of concern or willingness to even hear our feedback on our experience. ... Read More

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  • Lender Review
    from Charlotte, NC
    (5 of 5)
    Recommended!
    Reviewed:
    Loan Type:
    Refinance
    Services:
    Closed loan with this lender

    Great rate on a VA loan

    (3) (1)
    My husband and I just completed a refinance of our VA loan with Clint at eRates. We couldn't believe that we got our rate down to 3.25% and paid no closing costs to complete the loan! How awesome is that - to lower my payment $200 per month and pay nothing for it. I have already recommended Clint and eRates to many of our friends. Great job from a super happy customer... Read More

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  • Lender Review
    from Fort Mill, SC
    (5 of 5)
    Recommended!
    Reviewed:
    Loan Type:
    Refinance
    Services:
    Closed loan with this lender

    Absolutely the best.

    (4) (2)
    I have used this company multiple times to refinance my house. Each time I have gotten what I feel is the best rate at a very reasonable cost. My loan officer, Brian Smith is exceptionally attentive, knowledgeable and responsive and the entire processing and underwriting team is thorough and very professional. They were able to effectively coordinate with me and my busy travel schedule, and they even scheduled the closing at my house on a Sunday! i simply would never use anyone else to finance a mortgage. ... Read More

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  • Lender Review
    from Greer, SC
    (1 of 5)
    Reviewed:
    Loan Type:
    Refinance
    Services:
    None - we connected, but I didn't move forward

    Avoid Korry.

    (5) (1)
    Saw erates mortgages listed under zillow's lenders for refinancing...punched in my info and was given back great looking with low fees, so contacted them for a quote. Contacted back by Korry L Humphrey (Mortgage Originator - NMLS #107751) with a myriad of options all at higher rates/fees than what was listed. I have stellar credit and am well employed, so I told Korry I would pass as those were all worse than the offers that lured me into asking for a quote in the first place, along with asking to not be contacted again unless the rates had improved. Instead Korry became very condescending about my current loan rate as if they were my only option to refinance with. After my third reiteration to stop contacting me, I blocked Korry's email; so this would stop. Incredulously unprofessional agent- super prompt in replies though, granted those are replies you don't want... Read More

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  • Lender Review
    from Palm Desert, CA
    (1 of 5)
    Reviewed:
    Loan Type:
    Home Purchase
    Services:
    I'm currently working with this lender

    Huge Disappointment

    (2) (2)
    Loan Officer was full of empty promises that sound fantastic. But where the rubber met the road they failed to execute. U/W asked for docs they didn't need, then asked for others 3x (no one knew why). Loan processor would send e-mails when we'd call for clarification (NEVER EVER called us back). The loan docs were late and wrong, cost us days - yes days - to fix it at our expense - think running around getting docs re-notarized, then Fedex'd, then, sent to find another error. When we approached management, we were assured it would be fixed the same day (we called at 10:30AM N Carolina) and it wasn't fixed. We were over 21 days late in closing/funding/recording. No one called to say, "wow - we really blew it - how can we make it up to you." I'd suggest you get an attorney and have them review everything and put cost protections in for your family or go to another company. I really wish I had used another company - the pain and aggravation are not worth whatever they offer you. It was too good to be true... Read More

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  • Lender Review
    from Cary, NC
    (1 of 5)
    Reviewed:

    They left us hanging on the day of closing

    (4) (2)
    The Mortgage Originator was very approachable, and provided timely updates. No issues with him. The Sr Loan Processor was pretty good too, until the very last day of Closing. On the day of closing, the attorney office, and I, were waiting for the loan documents to be sent to the attorney, when she went quiet. No updates, no reply to phone calls - nothing. They left me hanging! The buyer was getting agitated, the attorney office could not extent their Closing time...we took a lot of heat from every direction - on top of the fact that we were not sure if something went with the loan. This happened on a Friday. And come Monday - still no updates on why the original Closing date was NOT honored - just our signature to extend the dates in the contract, and the documents were sent to attorney. Very very unprofessional of them to not keep me updated. I WILL NOT recommend them to a friend. The whole experience left a bitter taste at the end... Read More

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  • Lender Review
    from Marlboro, NJ
    (5 of 5)
    Recommended!
    Reviewed:

    Best offer and superior services

    (3) (2)
    I recently closed on a home purchase with eRates. I am still surprised by the rate and quality of service I received from the eRates. I initially started a loan application with another internet bank and was happy with the service I received from the mortgage banker. However, the APR stated in the true faith estimate was not consistent with what was initially discussed so I decided to switch banks. I started my loan application with Trevor with less than four weeks left prior to closing. My friends, real estate agent and even my attorney doubted that there is enough time to complete the mortgage process and advised me to push the closing date. When I spoke with Trevor Banville, he assured me that the process usually takes three weeks and I should be able to close without any problem. Amazingly, I got the credit approval from underwriter a day shy of one week with appraisal contingency. Once the appraisal was received, they were able to provide me with loan commitment letter within 24 hours. I am truly grateful to eRates, particularly Trevor and Linh Nguyen. I can’t say enough about the quality of service I received from Linh. Linh was always a phone call or an email away. He was swift with his responses no matter how late I emailed him. There was no question in my mind that Linh was my advocate. It was clearly evident that Linh knew the mortgage underwriting process well. He helped me gather all the necessary documents prior to submitting for underwriting. As such, there was very limited follow-up from the underwriter. I strongly recommend eRates. I am glad I did not pay close attention to the negative reviews and went with my intuition. Obviously, responsibilities do not rest with the mortgage company alone. As an applicant, you must stay on top of all the requests to make the process smooth. You can’t expect great service if you are not playing your part. By the way, not only did I receive superior services but I got great rate. When I mentioned the detail of the rate offer to the other mortgage companies I contacted, they were surprised about the deal and were not able to match the offer. Thank you Trevor, Linh and all the eRates personnel that made my dream a reality! I look forward to working with you in the future... Read More

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eRates Mortgage is a Direct Lender that has been delivering superior rates and exceptional customer services for over twenty years.  We have simplified mortgage shopping to make the process easy, transparent and hassle free.  By operating completely online, we pass our cost savings on to you, the consumer.  Contact us today for your free, no obligation rate quote.