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When Star Reviews began to compare home equity loans, we realized an important feature of most sites. Rather than applying with multiple lenders (and potentially hurting your credit in the process) these home equity loan websites let you fill out one application and have multiple lenders compete for your loan. MortgageLoan was one such site. When we landed on their homepage, we saw a bunch of finance resources, home equity loans amongst them. See what we encountered below.
What's New?
- Informative homeowner articles.
- Online tax savings calculator.
- HELOC loans available.
Star Reviews Favorite Feature:
Informative loan articles-Information on the risks involved with taking out home equity loans, how a home equity loan can help you sell your home and the differences between home equity loans ad home equity lines of credit can all be found on the MortgageLoan.com website.
The MortgageLoan Experience:
While the MortgageLoan website is well laid out with a variety of resources, there were more than a few things we found frustrating. Far be it from us to come straight out and say someone is being misleading, but that's exactly how we felt about some of MortgageLoan website services.
Let's take the "rate quote" tool for instance. From what MortgageLoan would have you believe, you click the button, provide some basic info and you're instantly provided with at least 4 different rate quotes. That's not exactly how it works.
The MortgageLoan rate quote feature works like this... You click the button, fill out four different pages (although they are all short pages) of information, including your contact details, and then MortgageLoan.com passes your information on to local lenders so they can contact you directly. The "instant rate quotes" are magically unavailable. Get ready for the telemarketing calls.
Another thing that's important to understand is that MortgageLoan doesn't really offer an online home equity loan application. Just that rate quote form. That form doesn't even ask for your social -- it just asks you to rate your own credit. There's no way you could ever be approved for a home equity loan using only the information MortgageLoan collects.
When all is said and done, MortgageLoan is basically a matchmaking service. You give them your info and they pass it on to local lenders who might be interested in granting you a home equity loan. If you'd rather do everything online and you don't like the idea of numerous lenders having your contact details and calling your home, then MortgageLoan probably isn't right for you.
That being said, MortgageLoan does have valuable information that many homeowners can benefit from such as the tax benefits of a home equity loan, what home equity loans can be used for, loan calculators and details on the different types of home equity loans available.
MortgageLoan Features:
- Matches you with home equity lenders who can provide you rate quotes
- Home equity loan articles and advice
- Home equity loan calculators
MortgageLoan Customer Support:
MortgageLoan offers customer support via email and phone. Email support was very prompt, if not all that helpful. We received a response to our email the next business day, but it really didn't address the question we had asked. We then called MortgageLoan’s customer service number to clarify our question. That's when it was confirmed that they weren't so much a customer service department as much as they were a sales department.
The MortgageLoan rep we spoke with, while friendly, really couldn't give us loan-specific details since they are just a matching service. It was his job to get our information so they could forward it (or sell it, rather) to local lenders who would then contact us separately.
Upside:
Great articles, helpful calculators, easy website.
Downside:
More of a matching service and not really a home equity lender.
Summary:
Our experience on the MortgageLoan website was pretty interesting. This is a site that provides you the necessary connection to home equity lenders themselves through their online quote form. However, when our team attempted to fill out the form, we noticed it didn't ask for a Social (quite odd) and its 'instant rate quotes' were nowhere to be found. Instead, our bare minimum information was passed on to numerous lenders (and telemarketers in our opinion) to provide you with rate quotes. We couldn't help but feeling like we were being 'sold' through this website.
Our feeling was solidified when we contacted email customer support and our response was irrelevant to the question we had asked. Similarly, telephone support was reminiscent of a sales cold call, whereby we felt like the rep was trying to get our information to send it on off to third party lenders. But, if you're looking for some good loan resources and calculators, MortgageLoan might be for you.
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