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Intelliloan Mortgage Lender Review
A direct to consumer mortgage lender, Intelliloan has an online presence and offers adjustable-rate and fixed-rate mortgages. It does not charge prepayment fees, and has a 4.5-star rating. Founded by Darryl Preedge in 1997, the company has since grown to serve homeowners in 33 states. However, it does not appear to lend in Alabama, Alaska, or North Carolina. The majority of its lending activity is found in states on the West Coast.
Intelliloan offers adjustable-rate mortgages and fixed-rate mortgages
Intelliloan is a national mortgage lender that offers both fixed-rate and adjustable-rate mortgages. Their products are available for both FHA and VA loans. Reverse mortgages are also available. The company doesn’t shy away from advertising their rates, which are prominently featured in their advertising. They also have a live chat feature that allows you to speak with a loan specialist and discuss your options.
Adjustable-rate mortgages typically begin at a lower interest rate than fixed-rate mortgages. However, this low rate won’t last forever and you may need to adjust your payments periodically. Understanding what an ARM loan involves can help you prepare for the time when your rates will rise.
IntelliMortgage claims that it can lower your interest rates by as much as 10 to 20 basis points. This means that you can save anywhere from $1700 to $3400 over the life of your mortgage. In addition, you can apply online and receive an approval in as little as 24 hours.
While many mortgage lenders are direct to consumer, it is still possible to find a better deal with a mortgage broker. Many of these brokers will work directly with banks, but you’ll need to find a lender that’s licensed to sell mortgages. The best way to find the best mortgage rate is by comparing multiple quotes and choosing one that suits your needs the best.
IntelliMortgage is a mortgage broker in Canada that lets you compare mortgage rates from several lenders. The company has a team of mortgage experts who will work with you to find the best mortgage. All you have to do is fill out a simple online application.
It does not charge prepayment fees
If you’re looking for a mortgage lender without prepayment fees, Intelliloan might be the best option for you. They offer a wide variety of mortgage products, including fixed-rate mortgages and adjustable-rate mortgages (ARMs). They also offer reverse mortgages. One thing that I like about Intelliloan is that they’re not afraid to advertise their mortgage rates. They even have advertisements devoted to their pricing.
This is a major benefit for consumers. A lender should be completely transparent about the fees they will charge a consumer prior to closing. For example, Intelliloan did not delay ordering an appraisal, but they did inform the consumer about the nonrefundable fee and explain why.
While it’s important to shop around for a mortgage lender that does not charge prepayment fees, it’s also important to read the mortgage loan agreement carefully. It’s important to understand all the clauses in the mortgage contract before signing it. You want to know when and how the penalty kicks in and if you can get a waiver.
Intelliloan Mortgage Lender Review – Final Thoughts
The company focuses on helping customers purchase real estate and refinance their mortgages. The company offers a variety of benefits to customers, including a streamlined application process and low fees. Intelliloan also offers a home equity line of credit.
Intelliloan offers financing for single and multi-family homes. The lender offers competitive mortgage rates and requires only 3% down payment. Borrowers can borrow up to $3,000,000. The maximum loan amount is dependent on the type of mortgage and the loan term. Longer terms allow borrowers to take on larger loan amounts, but increase the interest rate.
Intelliloan has over 200 Google reviews and a 4.5 rating on Yelp. It is accredited by the Better Business Bureau and works with nearly 2500 homeowners. In the last year, the company has experienced an impressive growth of 1000%.
As a national mortgage lender, Intelliloan is available in thirty-three states. However, it does not operate in Alaska, Hawaii, Indiana, Kansas, Missouri, or Wisconsin. Nonetheless, it has a strong presence on the West Coast, with many branches across the state. The company offers mortgage loans for a variety of purposes, including conventional and reverse mortgages.
Unlike most mortgage lenders, Intelliloan also advertises its mortgage rates. These rates are regularly updated, and they can fluctuate significantly month-to-month. Because Intelliloan has competitive mortgage rates, consumers can be confident in their ability to get a low mortgage rate.