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eClick Lending mortgage review

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Direct refinancing is available, but only in 22 states.

With its focus on refinancing, eClick offers an online and over-the-phone experience for its customers. If you’re looking to purchase a home, you can still request to speak with a loan officer through the eClick website, but you’ll end up working with its parent company, Midwest Equity Mortgage.

Details

Loan types Purchase, Refinance
Minimum credit 620
Available States AL, AZ, CA, CO, DC, FL, GA, IL, IN, KS, MD, MO, MS, NJ, OR, PA, SC, TX, UT, VA, WA, WI

Pros

  • In-house lending
  • Good customer reviews
  • Online application

Cons

  • Limited information online
  • Licensed in limited states
  • Few eClick-specific products
Since eClick is a division of Midwest Equity Mortgage, it doesn't have as many reviews outside of its official website. Its Zillow review page has just over 1,000 reviews as of October 2019, and an average rating of 4.97 out of 5 stars.

The 61 customer reviews on its parent company’s Better Business Bureau (BBB) profile average a nearly perfect 5-star rating, too. And while it's not accredited, Midwest Equity Mortgage receives an A+ rating from the BBB.

What types of loans does eClick offer?

You can apply to refinance your mortgage with one of three loan types through eClick.

  • Conventional refinance. The conventional refinance option is typically for loans that are under the national standards set by the Federal Housing Finance Agency. Mortgages with loan-to-value (LTV) ratios under 80% typically have a better chance of being approved for a conventional refinance.
  • FHA refinance. In early 2019 the FHA reduced the maximum LTV percentage from 85% to 80%. And while you won’t be able to get an FHA refinance loan over the same standard maximum as a conventional refinance loan, it does come with more flexible credit requirements.
  • VA refinance. Active duty service members, veterans and their spouses may qualify for a VA refinance loan if your LTV ratio doesn’t exceed 100%. The higher LTV ratio is coupled with interest rates that are usually better than conventional loans.

Fees from eClick

While eClick doesn’t specify any of its fees on the website, common fees that come with refinancing your loan are similar to mortgage fees.

  • Application fees. Processing your application, credit verification and underwriting are all fees you usually run into when refinancing.
  • Appraisal fees. Since you’re effectively taking out a new home loan, the property has to be assessed to determine its value — and in turn, your LTV ratio. Depending on the lender, this can be included in the cost of the application.
  • Attorney fees. If an attorney is required, you’ll want to set aside funds for their consultation fees.

Requirements

eClick doesn’t list its eligibility requirements or a comprehensive list of documentation you’ll need. Note that you may hit a wall if you reach out for this information via email. We contacted eClick twice over a two week period and didn’t receive a response either time.

There are some standards you can count on, though, including the 80% maximum LTV ratio for conventional and FHA refinancing, and the 100% limit for VA. You should also expect a minimum credit score requirement of 620.

Documentation

  • Recent pay stubs
  • W-2s for the past two years
  • Tax returns for the past two years
  • Statements for bank and investment accounts for the past two months
  • Verification of any additional assets
  • Homeowners and title insurance
  • Statements of any current debt
  • Verification of any secondary income
  • Proof of mortgage payments for the past year

How to refinance your home loan with eClick

Applying with eClick can be done online or over the phone. It claims it takes less than 40 days to process a refinance application. While it advertises a purchase option, all purchases are completed through its parent company, Midwest Equity Mortgage.

To apply for refinancing:

  1. Go to the eClick Lending website.
  2. Select Get started.
  3. Click Refinance and fill out the loan amount, property value and your contact information, then select Save and continue.
  4. Once an eClick loan officer contacts you, you’ll be able to fill out an application online.
  5. Your creditworthiness is then assessed based on your credit report and documents you submitted.
  6. An appraisal is ordered and the estimated property value is used to outline loan options.
  7. If your home is approved, underwriting takes place to make a final decision on your application.
  8. Upon approval, you can close on the loan.

Pros and cons of eClick

Pros

  • In-house lending. All of eClick’s mortgage applications are processed in-house and loans are originated within the company, which can help speed up the refinance process.
  • Good customer reviews. While limited compared to larger lenders, the vast majority of eClick reviews are positive.
  • Online application. Once you talk to the loan specialist over the phone, fill out your application online, monitor its status and upload documents.

Cons

  • Limited information online. You won’t find much information on eClick’s website for rates, fees, requirements or necessary documentation.
  • Licensed in limited states. eClick is licensed in 21 states and Washington DC.
  • Few eClick-specific products. Refinancing mortgages is the only loan type eClick takes on. And while specializing can be helpful, it limits your ability to keep your finances in one place.

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What is eClick?

A division of Midwest Equity Mortgage, eClick is headquartered in Illinois. According to its BBB profile, Midwest Equity Mortgage opened its doors in 2006 and is currently owned by Celebrity Financial.

Frequently asked questions

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at finder.com who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

You won’t find a full suite of products with eClick Lending, but you will get a fully online application and a dedicated specialist to help you through the refinance process. Before making any decisions, compare more lenders to get information on different providers.

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