eClick Lending mortgage review
Direct refinancing is available, but purchase options go through another lender.
With its main focus being 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.
|Loan products offered||Conventional, Refinance, FHA, VA|
|Minimum credit score||No minimum is listed, but most lenders require at least 620.|
|Minimum down payment (Conventional)||3%|
|State availability||Not available in: CT, DE, HI, IA, LA, MA, NE, NY, ND, RI, SD, VT|
eClick Lending Requirements
eClick doesn’t list its eligibility requirements or a comprehensive list of documentation you’ll need. And 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. We also had trouble getting information for this review over the phone after multiple calls and no return calls.
There are some standards you can count on from almost any lender, 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.
While this lender doesn’t list the documentation it needs to complete your application, be prepared to provide at least the following:
- 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
Costs and fees
While eClick doesn’t specify any of its fees on the website, common costs 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.
How to apply for a refinance loan with eClick Lending
Applying with eClick can be done online, by mobile app or over the phone. It claims to take 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 online:
- Go to the eClick Lending website, select Get started, then Refinance.
- Fill out the loan amount, property value and your contact information. Select Save and continue.
- Wait for an eClick loan officer to contact you, then fill out an application online as instructed.
Your creditworthiness is then assessed based on your credit report and documents you submitted. An appraisal is ordered and the estimated property value is used to outline loan options. If your home is approved, underwriting takes place to make a final decision on your application.
What types of mortgages can I get through eClick Lending?
Other mortgage products offered by eClick Lending
- 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.
How eClick Lending’s mortgage products compare to other lenders
Unlike most online lenders, eClick doesn’t provide many options to its customers. While you can select “purchase” as a loan option, doing so redirects you to another mortgage company. That leaves three main refinance options as the only products available — a conventional refinance, refinancing through the FHA and a VA refinance.
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eClick Lending reviews and complaints
Since eClick is a division of Celebrity Home Loans, it doesn’t have many reviews outside of the testimonials on its official website. As of August 2021, the Better Business Bureau (BBB) has only five reviews for Celebrity Home Loans, averaging 1 out of 5 stars. The company is accredited with an A+ rating for answering three customer complaints in the past three years. On Trustpilot, the lender has a trust score of 3.7 stars, despite its only review earning 5 stars, as the score is also based on how many years the company has been in business and the number of reviews.
Pros and cons of eClick Lending
- 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 and mobile application. Once you talk to a loan specialist over the phone, you can fill out your application online or through a mobile app, upload your documents securely and monitor your loan’s status.
- 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 not yet licensed nationwide, though even the number of states where the lender is licensed is unclear on its website.
- 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.
What is eClick Lending?
A division of Celebrity Home Loans, LLC, eClick is headquartered in Illinois. According to its BBB profile, Celebrity Home Loans, the parent company of both eClick Lending and Midwest Equity Mortgage, opened its doors in 2006 as a direct home lender, processing all of its refinancing loans in-house.
Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over 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 in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
Refinance is the only type of loan offered by eClick. It’s a solid choice if you’re looking for a seamless application process. But you won’t find much in the way of rates, fees or application requirements on its website, and it may not be licensed in your state.