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Minimum credit score
Minimum down payment (Conventional)
Not available in: HI, NV
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Not available in: HI, NV|
Embrace Home Loans is not currently available on Finder
Have you considered First Horizon?
Multiple mortgage programs available in 12 states with no pre-payment fee.
This lender’s wide list of mortgage products and decent customer reviews make it a solid choice for a variety of homebuyers. Embrace has options whether you’re looking for a more traditional loan or need help because of your employment situation or income level.
But it doesn’t list its rates online, which means you’ll need to go through the approval process to determine what kind of deal you can get. And if you want a home equity loan or line of credit, you’ll need to find another lender.
If you decide to apply with Embrace, take advantage of the following discounts and guarantees:
Your eligibility varies by loan, and Embrace doesn’t list its loan requirements on its website. If you’re looking for a government-backed loan — such as an FHA, VA or USDA loan — the requirements are listed by the various agencies, but lenders sometimes tack on additional requirements. If you’re unsure whether you’re eligible, ask this lender before you apply so you don’t waste your time going through the process.
Typically, lenders use your credit history, debt-to-income ratio (DTI) and the loan-to-value ratio (LTV) of your home to determine your eligibility for a loan and to set your interest rate.
Embrace doesn’t disclose the fees it charges to underwrite your loan. This isn’t unusual, as fees can vary widely based on the loan you want and the state you live in. But typical closing costs tend to hover around 3% of your loan amount and include:
There aren’t many online customer reviews available for Embrace, but most of the ones we found were relatively positive. The lender has been accredited by the Better Business Bureau (BBB) since 2009 and has an A+ rating for closing 11 customer complaints over the past three years.
As of July 2022, Embrace has 169 customer reviews on the BBB, averaging 4.73 stars out of 5. Trustpilot doesn’t have any reviews for the lender, but Embrace has a 2-star rating on Yelp with 36 reviews.
Customers have a lot of praise for individual loan officers, several having come back to use Embrace more than once to finance a mortgage or refinance. A few customers complaining of issues with their loan servicing still have praise for their loan officers. Complaints center around not being approved because of student loan debt and servicing issues with loans being sold to other companies.
Embrace claims its online mortgage application will only take you 15 minutes. The lender also offers a fully underwritten preapproval for homebuyers just starting to look at houses, plus the option to get a prequalification by texting PREQUALME to 22722.
To apply online:
Embrace requires the following documentation to apply for a mortgage loan:
In addition to Embrace’s standard offerings of Conventional, Jumbo, FHA, VA and USDA loans, you can apply for a cashout, rate-and-term or debt consolidation refinance. And if none of those options fit your circumstances, consider one of the following more specialized mortgage products:
While Embrace has plenty to offer, you’ll need to find a lender that offers home equity products if you don’t want to go through a full refinance to cash out your home’s equity.
There are a lot of home equity lenders to choose from — like Citibank —which allow you to use nontraditional credit such as your rental history to qualify. Veterans may consider Navy Federal Credit Union for its high customer ratings, lack of closing costs and the ability to finance 100% of your home’s value, if you qualify.
Regardless of what’s important to you in a lender, comparison shopping can help you find options you may not know are out there and ensure you find the right mortgage for you.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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