Erates Mortgage (@eratesmortgage.com)

Overall, I received CLOSE to what I had originally requested from this interaction. My first recommendation to anyone working with an online or out of state mortage company would be to use email for ALL communications. Things can be stated over the phone that are not documented and thus, never part of your agreement. I refused all phone calls and requested that all correspondance be done via email. My request was simple. Hearing that mortgage refinance rates were down as low as 3.5%, I requested that Erates assist me with the refinancing of my home and reduce my loan. I was 7 years into a 30 year, fixed at 7%, conventional loan and wanted a 15 year, 3.5% fixed rate loan with NO points and low - or even no closing costs to myself ( I heard a local mortgage company offering this). At the time I was communicating with Erates, I was also discussing my options with another "local" loan broker. Both companies offered similarly configured loans, however Erates quoted me with "It would be safe to say your rate will be right around a 3.375% on the 15 year fixed with no points." This rate made our decisiion to drop the other company and go with Erates. We were asked to sign, and re-sign, and then again re-sign several versions/revisions of our paperwork in order to get through to closing. The nice thing about using Erates, was that we were able to review, e-sign most of the documentation, and save a copy of each signed document for our records. When it came to closing, we were directed to a local title company where we signed the last set of completed documents. It took us nearly 2.5 months to get to closing and we ended up with a 15 year, 4% fixed rate, 1/4%points, and close to $4K in costs to us to do this deal. Add to that the requirement for a large impound account because taxes were due soon. We were told that we still got some of the closing costs covered, but not 100%. I suspect it is due to my less than EXCELLENT credit report, etc. Would I use them again?? My answer is YES ! ! I would, however recommend that you make sure to keep records of anything and eveything promised or expected. Even at the end, there were changes and an additional fee to extend the rate lock. However Erates did work with me on that, as well.