Embrace Home Loans Review

Embrace strives to provide excellent customer service, but you need to speak with an agent to find out what rates are available to you.

Embrace offers conventional, FHA, VA, and Harp 2 mortgages in 44 states. There is no application fee, and you could be pre-qualified in as little as one day. Should you choose Embrace as your lender, your loan will either be approved or declined about three weeks after you’ve submitted your paperwork. The company operates branch offices in 18 states, mostly in New England and the South. If you don’t live in these areas, you can contact the company by phone six days a week.

Embrace’s website provides little information about its rates or products, so you’ll have to contact a loan officer to find out more. This is inconvenient, considering most mortgage lenders list their rates online so you can compare them easily with others’. However, it probably won’t be an insurmountable hurdle for most prospective borrowers.

The Specs

Price Contact company for details
Best For Those who want personalized customer service
Not For Those who want to quickly compare rates
Types of Loans Offered Conventional, FHA, VA, Harp 2
States Served 44
Better Business Bureau Rating A+
Years in Business 33
Standout Features Offers most major mortgage types
No application fees
Extensive mortgage education resources

The Claim

Embrace Home Loans is dedicated to finding the right mortgage for you. Its loan officers are standing by to talk you through your options and get you approved quickly. And if you’re looking to refinance, Embrace can help you with that as well.

Is it True?

Sort of. Embrace Home Loans is one of the fastest-growing lenders in the nation, serving 44 states, and with offices in 18 of them. It puts a strong emphasis on customer service and encourages customers to reach out to one of its mortgage specialists to get the ball rolling on a quote. While this is great in principle, especially if you’re new to mortgages, it can also be an inconvenience if you’re just trying to quickly compare quotes. Embrace provides almost no information about its rates or mortgage options online. For those who want to quickly compare rates from multiple companies, this lack of transparency will slow that process down significantly.

Embrace can effectively assist you with a new home loan or refinancing your existing one, however. It offers most major loan types, including fixed- and adjustable-rate conventional mortgages, VA, FHA, and Harp 2 loans. It’s missing a few options, though; like Jumbo and USDA loans. If you’re interested in obtaining either of those types of loans, you’ll want to check out other lenders, but the majority of people should be satisfied with Embrace’s offerings.

To speak with an agent, you can either call the company directly or fill out the contact form online. The loan officer will gather the relevant information and explain your options. If you qualify, you could be pre-approved in a day. There’s no application fee, so you don’t have to pay anything unless you choose to proceed with the loan. Once you’ve submitted all your documents, you could be approved in as little as three weeks.

Our Deep Dive

  • Not available in all states: Residents of Alaska, Hawaii, Montana, Nevada, Vermont, and Wyoming will have to explore some other options because Embrace doesn’t provide loans in these states.
  • No transparency about rates: Unlike most home loan providers, Embrace doesn’t give you any information about interest rates on its website. You’ll have to contact a loan officer if you want this information. This is a hassle if you’re just hoping to compare rates, and it would be nice to see Embrace remedy this.
  • Offers most major home loans: Embrace provides fixed- and adjustable-rate conventional mortgages, FHA, VA, and Harp 2 loans. It is missing some options, however; like Jumbo and USDA loans. If you’re interested in obtaining either of these types of loans, you’ll have to look elsewhere.
  • Get pre-approved in one day: In most cases, you can get pre-approved for your loan in as little as one day after you’ve provided your information to a loan officer.
  • Branch offices in 18 states: If you prefer speaking with a loan officer face-to-face, you can visit one of the company’s 64 branch locations. Most offices are located in the South, or New England, so residents living in other regions may have no other choice than to contact the company by phone.
  • No application fees: You won’t be charged any fees unless you choose to proceed with the loan after being pre-approved.
  • Get your funds in three weeks: Once you’ve submitted all your documents to your mortgage specialist, you could get your loan approved in as little as three weeks.
  • Make payments online: Once you’ve created an online account with Embrace, you can make your mortgage payments right from there.
  • Extensive educational resources: If you’re new to mortgages and aren’t sure where to begin, Embrace has an online library of articles and videos to teach you the basics. There is also a mortgage calculator to help you estimate your monthly payments.

Cost Rundown

The cost of your mortgage depends on several factors, including the cost of your home, interest rates, and your credit score. Since there’s little you can do to change your credit history or the cost of the home, you’ll want to focus on interest rates in order to find the best deal. Though all mortgage companies will offer similar rates, even a quarter of a percentage point could make a huge difference over the life of the loan.

For example, say you want a $300,000 30-year fixed-rate mortgage. At 3.375% APR, that will cost you $477,464 over the life of your loan. If you raise the APR to 3.5%, the total cost is now $484,968. In that scenario, the extra eighth of a percentage point costs $7,504. Rather than risk paying thousands in unnecessary interest, it’s better to set aside some time to compare your options before committing to one lender.

Unfortunately, Embrace makes that difficult by providing so little information about its mortgages online. In order to see what rate it can offer you, you’ll have to contact a loan officer and wait for them to get back to you. You should also check the rates at your local bank and other mortgage lenders to see which can offer you the best deal.

The Competition

Quicken Loans: This company has become one of the most popular home loan providers, in large part because of its Rocket Mortgage tool. It enables prospective customers to get pre-approved in as little as eight minutes, and without ever speaking to a representative. It offers conventional, Jumbo, FHA, and VA loans to residents in all 50 states. Its mortgage rates are reasonable and readily available on the company’s website for easy comparison with other lenders.

Chase: Rates are clearly listed on Chase’s  website, and you can get pre-approved online without speaking to a loan officer. It provides fixed- and adjustable-rate conventional loans, as well as Jumbo, FHA, and VA loans, plus home equity lines of credit. In order to complete the application process, however, you’ll have to either get on the phone or visit one of the company’s branch locations.

Wells Fargo: Wells Fargo is one of the largest mortgage lenders in the nation, but its rates are a little higher than the other companies on this list. In addition to conventional mortgages, it offers FHA, VA, and new construction loans. There are also special options available for those who don’t have a lot of money for a down payment. You can get pre-qualified online, over the phone, or at one of the company’s branch offices.

What Others Are Saying

  • BusinessWire published a press release discussing Embrace’s continued expansion efforts designed to meet the increasing demand for its products. It also discussed the company’s streamlined approval process: “Processing teams guarantee loan reviews within 48 hours and provide regular updates by email and phone on any status changes. Its underwriting teams adhere to a 24-hour review of all purchase submissions and a 48-hour review of purchase conditions, refinance submissions, and resubmitted files to underwriting.”
  • HousingWire ran a story about Embrace’s partnership with Massachusetts-based Rockland Trust. The mortgage lender has been reaching out to several financial institutions in recent years to offer its services to their customers. When asked about this, Embrace’s CEO and founder said, “By partnering with us, the bank can offer mortgages without the stress and significant costs, all while providing outstanding service by speeding loan closings.”

The Bottom Line

If you’re in the market for a new home, or you’re looking to refinance your existing one, it’s worth setting aside some time to speak to an Embrace mortgage specialist about your options. It might  end up not being the best option for you, but you won’t know until you call for a quote.