Accelin Loans Mortgage Reviews

Accelin Loans is recommended for borrowers who are researching options and don’t mind a mostly online mortgage experience or who are willing to visit Accelin Loans’ office in Bothell, Washington, to apply in person. It may be a good choice in a competitive housing market because Accelin allows for offers that can be funded within 30 days of application.

Buyers who want to compare rates quickly may not like providing information before seeing what options are available. Accelin Loans offers an instant preapproval letter, but applicants are prompted to call and speak with a mortgage specialist before receiving a customized quote.

To take out a loan from Accelin Loans, complete an online application through its website, visit Accelin Loans’ Washington-based office or call to speak with a mortgage specialist. The company offers preapproval letters to applicants shopping for a home who need evidence of financial eligibility. If you are applying for a refinance, Accelin offers a free refinance analysis.

Standard mortgage applications require the lender to review and verify your financial information. After you receive a preapproval letter, you can shop with a specific budget in mind. Your lender will move your loan through underwriting to maximize the chance that nothing prevents it from closing for the amount you were preapproved for.

Once the home is inspected and appraised, your lender will ask for any other information it still needs to close the loan. Your underwriter will hopefully provide final approval, begin the closing process and choose a closing date. You’ll get your home’s keys and finish signing paperwork on closing day.

Accelin Loans claims to be able to fund a loan within 30 days of application, possibly making your loan more attractive to sellers because the sale may close quickly.

Accelin Loans offers both mortgage and refinance loans. Its refinance options include fixed-rate mortgages with terms from five to 30 years, adjustable-rate mortgages (ARM) and other refinance loans, such as cash-out refinances.

For homebuyers, Accelin Loans offers several choices:

• Conventional loans: These mortgages are not insured by the government and normally require higher credit scores and good credit histories to qualify.
• FHA loans: Designed to help homebuyers with low to moderate incomes, FHA loans are government-backed.
• VA loans: Government-backed loans for homebuyers who served in the U.S. military and their spouses.
• USDA loans: Rural housing service loans backed by the government offered to low- to moderate-income homebuyers in rural areas.
• JUMBO loans and Super JUMBO loans (nonconforming loans): Privately backed loans that are larger than the government’s conventional conforming loan limits.

Accelin Loans doesn’t publish its interest rates publicly. Homebuyers can request a quote by providing their information online through a form. Usually, mortgage rates fluctuate up or down based on changes in the bond market and the 10-year Treasury note. Other factors that influence your rate include:

• Down payment
• Credit score and credit history
• Property location
• Loan amount and home selling price
• Type of interest rate (adjustable or fixed)
• Type of loan (conventional, FHA, etc.)

Accelin Loans doesn’t publish online what its mortgage fees are. Generally, mortgage closing costs are between 2% and 5% of the total loan amount.

Closing costs include lender fees, various service charges (inspections and appraisals), government fees (prorated property taxes, recording fees) and other fees, including private mortgage insurance and homeowners association costs.

You can review your closing costs in your loan estimate and your closing disclosures. Accelin claims to be transparent about fees and options so you can plan for your closing costs.

Accelin Loans has similar options to other popular lenders. Here’s how it compares: