Embrace Home Loans

Are you considering a purchase or mortgage refinance loan from Embrace Home Loans? How do they stack up against other lenders Like Amerisave? If you want the best deal for your next mortgage loan it’s important to compare rates and fees when shopping for the best mortgage lenders. Here’s my unbiased review of Embrace Home Loans to help you make an informed decision without leaving cash on the table.

Embrace Home Loans Review

Embrace Home Loans was founded in 1983 and is located in Newport Rhode Island. They were originally called Advanced Financial Services and offer home loans in 43 States. They do not offer mortgage loans in Alaska, Hawaii, Montana, Nevada, South Dakota, Vermont or Wyoming.

Embrace operates 14 branch offices primarily on the East coast. Their website boasts an A+ rating with the Better Business Bureau, which isn’t saying much because BBB ratings are something you pay for, rather than earn. They claim to have an average closing time of 29 days compared to an industry average of 73 days. According to HUD their primary business is mortgage refinancing based on volume.

Contact Information

By Phone: (800) 620-6292

Online: www.embracehomeloans.com

Corporate Address:

Embrace Home Loans
25 Enterprise Center
Newport, RI 02842
Phone: (800) 333-3004
Fax: (800) 333-3450

Embrace Home Loans Rates & Fees

Refinance rates and fees are not published by the lender on their website. They do have a library of articles on everything from understanding refinance rate quotes to home equity loans which is nore than many lenders offer. When comparing mortgage rate quotes it’s important to compare interest rates and fees and not rely only on the Annual Percentage Rate when comparing offers from the best mortgage companies.

Do you have an opinion or experience with Embrace Home Loans that you’d like to share? Please leave a comment below.

The reason fees are so important is that if you overpay the origination fee or pay unnecessary discount points at closing it’s going to be difficult, even impossible to break even recouping your out-of-pocket expenses. If you never recoup your closing costs before selling or refinancing again you’re going to be losing money, regardless of how good your interest rate.

You can approximate your break-even-point by adding up your total closing costs you’ll be paying and dividing by the amount your payment will be going down each month. This will tell you the number of months it’s going to take you to recoup your closing costs.