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Excellent service on top of best rates!
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I have completed a home purchase with Home Loan Enterprise (HLE) as the lender about a half month ago. Before the review, let me clarify that my initial choice was based almost exclusively on the best offer (GFE) quotes. HLE posts them online, so it's
always easy to see their quote first and then compare whether others can give better. In my case, HLE was best by far - and longer default lock period (45 days), although I didn't need nearly that long. Other banks/lenders try to mislead people (me including)
that online "discount" lenders are unreliable instead of providing quick quotes. [Especially bad in that respect are ones through lendingtree.com (Quicken stands out) and local - they spend a lot of time sweet-talking and callecting all the info about you
before even giving you a ballpark rate. I guess they hope that through convesation skills they can convince the customer to not search further.] Incidentally, I used lenders I found through internet twice before - for my previous house purchase and refinance
- and all three were good in honoring GFE promises, although do differ in customer service (e.g., response time to questions and updating on the status). Now, specifically about HLE. Huber and Rachel worked with me to approve the loan and get documents in
order. Both are great at quick and clear response/follow-up by email and phone - Rachel even called me on Sat to answer a question from a Friday evening (I uloaded a wrong form/statement at least twice just by mistake). HLE is meticulous about documents (as
we know from the subprime mess, lenders should be), but processed them all very efficiently and Rachel was always udating on the next things that are in line for clearing. Apprasal was very fast as well - just several days. Altogether I think it took about
three weeks for the whole process. [Incidentally, Quicken loans was trying to convince me that they are proud to have fastest turn-around and can complete "in as fast as a month". Haha.] One more difference of HLE from others is that HLE locks the rate/GFE
only after initial processing of documents (a couple of days) - I didn't see this as an issue because the current GFE's are posted online, so they change with the market and not subject to bate-and-switch concern. In my case, I was lucky and the lock gave
me a few hundred dollars off as opposed to what it would be if I locked at the initial conversation with Huber. After preapproving with docs, HLE also allows you to lock any time you want - so if you are up to timing the market, you can play this game (not
me). I am sure, other lenders would also allow this, but unless rates/GFE's are fully posted online, I would have a moral hazzard concern (often, some rate is posted but fees are not very clear). So, the bottom line is that HLE excells in all respects. I am
a very happy customer.
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