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| iMortgage Central Star Ratings |
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When Star Reviews set out to compare home equity loans in order to find the best financial resources for our readers, iMortgage Central was a name that kept popping up. When we came across their website, we didn’t think they offered as many features as some of their competitors, but we wanted to give them a chance and dig deeper. Our findings can be found below.
What's New with iMortgage Central?
- Get quotes without pulling your credit score.
- Optional rate locks.
- Up to 3 free quotes in 24 hours.
Star Reviews Favorite Feature:
We really like the fact that iMortgage Central enables homeowners to get home equity loans for up to 125% of the equity in their homes. For example, let's say your home is worth $150,000 and you still owe $100,000 on your original mortgage. That means you have $50,000 equity. With iMortgage Central, you could get a home equity loan for up to $75,000 (125% of the amount of your equity). This gives homeowners more borrowing power than they would have with some of the other top home equity loans on the market.
The iMortgage Central Experience:
iMortgage Central is actually a lender referral service and not a direct lender. What this means is that you're not actually applying for a mortgage with iMortgage. Instead, you're giving iMortgage Central important details about your requirements and iMortgage matches you up with lenders that meet your needs. iMortgage Central then gives your information to up to 3 different lenders who have a home equity loan that matches your requirements and those lenders contact you to arrange for a home equity loan application.
The iMortgage Central website is very easy to navigate. When you arrive at the landing page simply click on their "Home Equity Loans" link and you'll be taken to a simple two-page form to fill out. Once you fill out the form, it's just a matter of sitting back and waiting for your rate quotes to arrive.
The one thing the iMortgage Central site was missing was the informative articles and tools found at many of the other home equity websites. Sure, iMortgage Central had an FAQ and a mortgage calculator, but more in-depth resources like home equity articles and advice were missing. We'd have like to see more in this area, but overall the site isn't bad.
iMortgage Central Features:
- No credit checks
- Up to 3 custom quotes in 24 hours
- Customized pricing
- Rate lock options
- Some bad credit situations accepted
iMortgage Central Customer Support:
iMortgage Central offers customer support via email and phone. Phone support proved to be very helpful. Our call was answered in just a few seconds and the person we spoke with was very friendly. Email support was also helpful, if not as prompt. It took two business days to receive an answer to our email inquiry. That being said, however, it's important to note that because iMortgage is just a matching service, they can't handle loan-specific customer service issues. The customer service of your loan will vary depending on the lender you end up working with.
Upside:
Get up to 3 quotes in 24 hours, bad credit accepted, rate locks available.
Downside:
Does not lend directly.
Summary:
All in all, we feel that iMortgage Central is a good site if you are looking for a versatile home equity loan. We really like the fact that iMortgage Central enables homeowners to get home equity loans for up to 125% of the equity in their homes, which gives them more borrowing power. While this site doesn't offer direct loans, they will refer you to up to three quotes in 24 hours. There aren't any credit checks here and rate locks are available, should you need them. Telephone support was quick and friendly, and email support was friendly as well, if not as prompt. But, if you have loan specific questions, it's wise to call your direct lender once you've received your matches. We recommend iMortgage Central overall.
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