Accelin Loans Mortgage Reviews

Accelin Loans mortgages are generally best for people who don’t mind a mostly online mortgage experience. Its website states that it has locations in Colorado, Oregon and Washington, but it doesn’t list any further information on these locations, so it’s unclear if you can apply for a loan in person.

It’s also unclear how many states Accelin is licensed in since it doesn’t state its loan availability online, and ZIP codes outside of the states mentioned work for its quote tool. Since Accelin is powered by E Mortgage Capital, it could make sense that it’s expanded its loan availability, so it can be worth calling to confirm availability in your state if you’re interested in a loan from Accelin.

Additionally, buyers who want to compare rates from lenders 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, it’s typically best to complete an online application through its website 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’re applying for a refinance, Accelin offers a free refinance analysis.

Generally, 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 then provide final approval, begin the closing process and choose a closing date.

Accelin Loans claims to offer funding within 30 days of submitting an application.

» MORE: How long does a mortgage preapproval last?

Accelin Loans offers both purchase and refinance loans. Its loans are generally available as fixed-rate mortgages or adjustable-rate mortgages (ARMs) with terms ranging from five to 30 years.

Purchase loans

For homebuyers, Accelin Loans offers several choices:

• Conforming loans
• Federal Housing Adminsitration (FHA) loans
• U.S. Department of Veterans Affairs (VA) loans
• U.S. Department of Agriculture (USDA) loans
• Jumbo loans

Refinance loans

Its refinance options include fixed-rate mortgages with terms from five to 30 years, ARMs, jumbo loans, government-backed loans and cash-out refinances.

Accelin Loans doesn’t publish its annual percentage rates (APRs) for its mortgages online. Homebuyers can request a free quote by providing information about the type of home they’re looking to buy, plus their name and email address, through an online form.

Some factors that can influence your mortgage rate include your down payment, credit score, property location, loan amount and loan type.

» MORE: Current mortgage rates — check today’s rates

Accelin Loans doesn’t publish its fees online. Generally, you’ll need to pay mortgage closing costs, which are typically between 2% and 5% of the total loan amount.

Closing costs include lender fees, various service charges (such as for inspections and appraisals), government recording fees and other fees, such as private mortgage insurance (PMI) costs. You can review your closing costs in your loan estimate and your closing disclosures.

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