Accelin Loans Mortgage Review 2022

Accelin Loans overview

Accelin Loans is a mortgage broker founded in 2017 and operating out of Bothell, Washington. The broker works with mortgage lenders to find the best rates and loan products for borrowers in Colorado, Oregon and Washington. The preapproval process through Accelin Loans can be started online, and once you've spoken to a loan officer and provided the required information, including your income, you can receive a quote as early as that same day. Accelin Loans won't close your application until after you've closed on a home, so the time it takes can vary. There might be discounts or reduced fees available, but it's on a per-case basis and depends on market conditions and your individual situation.

Good for

Borrowers in Colorado, Oregon or Washington looking to get quotes from different lenders, are comfortable with an online application or would prefer to work with a broker

Loan types

• Conventional
• Jumbo
• FHA
• VA
• USDA
• Fixed-rate
• Adjustable-rate
• Rate-and-term and cash-out refinancing
• Home equity line of credit (HELOC)
• Home equity loan
• Flex-term

Lender fees

Accelin Loans does charge lender fees, though they vary by loan product. The broker does not disclose these fees online; borrowers must work with the broker to determine the fees for the loan in question. Notably, jumbo loans come with reduced lender fees.

Rates 

Accelin Loans doesn’t advertise mortgage rates online. To get current rates, you’ll need to first answer a series of questions on the website, such as where you live, what kind of home you’re purchasing, how much of a down payment you anticipate fronting, the cost of the home and your income. After receiving and reviewing this information, the broker will follow up with a custom quote and consultation.

Online services 

Through the Accelin Loans website, borrowers can get preapproved for a mortgage or refinance. While there is no mobile app from the broker, there is a mortgage calculator and a free refinance analysis available online.

Minimum borrower requirements

Accelin Loans generally adheres to the guidelines set by Fannie Mae and Freddie Mac, which ask for a minimum credit score of 620 for a conventional loan, among other requirements. In addition, the lenders the broker works with typically require a debt-to-income (DTI) ratio of no more than 50 percent (with some exceptions going higher for FHA and VA loans). With an FHA loan, borrowers can put down as little as 3.5 percent. With a VA loan, there is no down payment requirement.

Refinancing with Accelin Loans

Through Accelin Loans, you can refinance for a fixed-rate loan, adjustable-rate mortgage (ARM), conventional, jumbo, FHA, VA or USDA loan. The loan term you refinance to can vary from five years to 30 years. To get started, you’ll need to answer several questions through the website, including about your home’s current value and your current loan balance and interest rate. As with a purchase loan, the broker will contact you with a free refinance quote after reviewing your inquiry.

Not sure if Accelin Loans is right for you? Consider these alternatives

• New Fed Mortgage review: A smaller-size lender licensed primarily in the Northeast and some parts of the Midwest and South, New Fed Mortgage notably offers loan savings to borrowers in public service.
• First Rate Mortgage review: This lender can prequalify eligible borrowers within a day, but you’ll have a hard time getting rate quotes online.
• eClick Lending review: This online-only lender is available in more states and offers two-week closings.
• LowRates.com mortgage review: This national lender displays current mortgage rates online, making it easy to compare quotes.
• Garden State Home Loans review: Borrowers can chat in real-time with this lender online, but you’ll need to consult with a loan officer in order to get preapproved.

Breakdown of Accelin Loans overall review score

• Affordability: 3/5
• Availability: 4.3/5
• Borrower experience: 4.3/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.