I always like to read up on the history of specific mortgage lenders to see how they got their start.
And the Embrace Home Loans story is an interesting one, having started all the way back in 1983, which is a lifetime in the mortgage industry.
Originally known as Advanced Financial Services Inc., direct-to-consumer mortgage lender Embrace Home Loans began after founder Dennis Hardiman watched mortgage interest rates “fall a whopping 5 points.”
Back then, mortgage rates were nothing like they are today. In 1982, they were hovering around 17% for a 30-year fixed, and a year later had fallen to around 12%.
While neither of those rates sounds very appealing, Hardiman realized that no one refinanced their mortgages in those days.
Instead, homeowners took out a mortgage when they purchased a home, and either kept it until maturity or paid it off when they moved.
Fast forward to the 2020s and most borrowers don’t keep their mortgage for more than a few years. Well, maybe a little longer now thanks to mortgage rate lock-in!
Oh, and the lenders that originate them don’t keep them for more than a month before they’re bundled into mortgage-backed securities on Wall Street.
So that’s how Embrace got its start – today they offer mortgage refinances and home purchase loans nearly nationwide, with roughly 700 employees and about 60 physical branches.
Embrace Home Loans Fast Facts
- Nonbank consumer direct retail mortgage lender located in Middletown, Rhode Island
- Offers home purchase financing and mortgage refinances
- Founded in 1983 by Dennis Hardiman
- Previously known as Advanced Financial Services Inc. before name change in 2009
- Fannie/Freddie, FHA, VA, and USDA-approved direct mortgage lender
- Licensed in 45 states and the District of Columbia
- Funded roughly $2.2 billion in home loans last year
- Most active in Florida, Maryland, New Jersey, New York, and Virginia
- Loan servicing portfolio exceeds $6 billion
Embrace Home Loans is a consumer direct mortgage lender that also has a scattering of retail branches located in a handful of states, mostly located on the East Coast, from Maine to Florida.
That means you can apply in-person with a loan officer or via phone/internet remotely.
They are licensed in 45 states and D.C., with Alaska, Hawaii, Nevada, North Dakota, and Wyoming the only exceptions.
They offer both home purchase loans and refinance loans, with purchases accounting for roughly 90% of volume lately thanks to the increase in interest rates.
I dug into the HMDA data and found that their 2024 loan volume (latest complete year) was roughly $2.2 billion.
They also have a correspondent lending channel that launched in 2013, but only seemed to originate about $66 million via the channel.
About two-thirds of their total business comes from just four states, Maryland, New Jersey, New York, and Virginia.
In May 2020, Embrace Home Loans partnered with Ameriprise Financial to provide its wealth management advisors and clients with mortgage financing solutions.
So if you have an account there, you could be referred to an Embrace Home Loans advisor.
And in September 2025, NJ-based OceanFirst Bank exited residential mortgage lending and referred their business out to Embrace Home Loans.
In other words, OceanFirst Bank customers who inquire about a home loan will now be ported to Embrace.
Applying for a Mortgage with Embrace Home Loans
- You can apply for a mortgage directly on their website
- Or use their loan officer directory to work with someone specific
- They also offer the ability to get pre-qualifed via text message
- Once approved you can track loan progress via the Embrace Home Loans Mobile App
One plus to Embrace Home Loans is the ability to apply for a mortgage directly on their website without having to speak to anyone.
However, you’re also able to call them directly or use their loan officer directory if you’ve been referred by someone specific. Or simply want to look up loan officers in your area.
You can also request a mortgage rate quote by filling out a shorter form on their website, in which case a loan officer will reach out to you.
One unique offering they have is the ability to get pre-qualified via text message.
Once you’re approved, you can use the customer portal to upload documents, e-sign disclosures, and connect your bank statements via Finicity.
You can also download the Embrace Home Loans Mobile App for free and track your loan progress without having to call or email your loan officer.
It sends real-time updates and helpful reminders, including upcoming events like your home appraisal and closing date.
So they do offer some digital mortgage attributes, similar to Rocket Mortgage.
What Types of Mortgages Does Embrace Home Loans Offer?
- Home purchase, refinance, renovation
- Conventional loans (Fannie/Freddie)
- Government loans (FHA, USDA, VA)
- Unconventional loans (self-employed and poor credit)
- Jumbo loans up to $2.5M loan amounts
- Higher LTV refinances
- No down payment mortgages
- Non-QM loans
- Fixed-rate mortgages (30-year and 15-year fixed)
- Adjustable-rate mortgages (5/1 and 7/1 ARMs)
Embrace offers just about every type of mortgage you can think of, including home purchase loans, refinance loans (cash-out and rate and term), and renovation loans.
You can get a conforming mortgage backed by Fannie Mae or Freddie Mac, along with a jumbo loan up to $2.5 million.
They offer all the main government home loan options, including FHA loans, USDA loans, and VA loans.
Additionally, you can get a renovation loan via the FHA 203k program.
Their so-called “unconventional loans,” which are known as “beyond by Embrace,” include some unique programs other lenders may not offer.
This includes mortgages for the self-employed (12-month bank statement program), jumbo loans with high LTVs, poor credit down to 580 FICOs, and financing on non-warrantable condos with a higher concentration of commercial units.
You can also get a no down payment mortgage (up to 101% CLTV) that features an interest-only piggyback second mortgage with no need for mortgage insurance.
And they offer a “higher LTV refinance,” which is the permanent replacement of the Home Affordable Refinance Program (HARP) offered by Fannie Mae and Freddie Mac.
Lastly, you can get a mortgage just one day after a settled Chapter 7 or 13 bankruptcy, assuming your credit score is at least 580.
They’ve basically got anything a borrower could wish for, other than HELOCs and home equity loans, so you shouldn’t be limited in any way beyond that.
Embrace Approved to Move Pre-Approval
The company also offers a fully underwritten approval known as “Approved to Move” that can come in handy in a competitive housing market.
Instead of a mere pre-qualification, or run-of-the-mill pre-approval, your loan file is actually processed by a loan underwriter upfront.
Aside from providing you with the assurance that you’re approved for a mortgage, it gives the home seller peace of mind that you’re a serious and qualified buyer.
It’s good for a full 90 days and Embrace says “it’s virtually as good as a cash offer.”
Embrace Home Loans Mortgage Rates
While they don’t advertise their mortgage rates, you can find rate assumptions at the bottom of most pages on their website.
Their rates seem competitive, but they make a lot of strong assumptions, including a loan-to-value ratio of 70% or less. If your LTV is higher, expect a higher interest rate.
Additionally, they charge two discount points in their mortgage rate examples, meaning 2% of the loan amount comes via closing costs. That’s quite large and could make their rates appear lower than they are.
So be sure to consider the closing costs and take a look at the mortgage APR, not just the rate, when comparing their offer to other lenders.
The good news is they offer lock terms for as long as 180, 270, and 360 days if you have an extended timeline.
And they offer up to two float-downs if mortgage rates happen to improve after you lock. It costs a quarter-point of the loan amount and the rate must improve by at least 0.25%.
Embrace Home Loans Reviews
The company seems to be very highly regarded, with solid reviews across a number of different platforms.
On Experience.com, they have a 4.92 rating out of 5 based on roughly 70,000 customer reviews (yes, that’s a lot).
Additionally, they have been named #1 large mortgage company in terms of customer satisfaction on SocialSurvey in the pat.
On Zillow, they have a near-perfect 4.97 star rating out of 5 based on 3,100+ customer reviews. Impressive given the large number of reviews. And most customers seem to indicate that rate and fees are lowered than expected.
In addition, they have a perfect 5.0 rating from more than 2,100 Google reviews.
They are an accredited company with the Better Business Bureau (since 2009) and currently hold an A+ rating based on complaint history (only 3 complaints in the past three years).
Amazingly, they’ve also got a 4.74/5-star rating on the BBB website from about 30 reviews. I say amazing because usually most companies have poor reviews there because it’s where people go to complain.
In conclusion, Embrace Home Loans offers a ton of different loan options, extended lock periods, and float-down options to ensure you’ve got maximum flexibility.
You can apply for a home loan in person or via smartphone and their customer service is stellar based on the many thousands of customer reviews.
The one downside might be that they aren’t transparent when it comes to pricing, so we don’t know what their rates are like, or if they charge lender fees.
As such, you’ll need to compare them to other banks, lenders, brokers, etc. to see where they stand pricing-wise. But everything else seems to be pretty spot on!
Embrace Home Loans Pros and Cons
The Good
- Tons of loan programs (including no down payment and low credit score options)
- Excellent customer reviews from tens of thousands of customers
- A+ BBB rating, accredited businesss
- ‘Approved to Move’ fully underwritten pre-approval
- Ability to get pre-qualified for a mortgage via text message
- Can apply for a loan directly on their website w/o a human
- Free mortgage calculators on their site
- Free smartphone app
- Services its customers’ loans via a loan sub-servicer
The Potential Bad
- Not licensed in Alaska, Hawaii, Nevada, North Dakota, or Wyoming
- Do not advertise their mortgage rates
- Don’t disclose lender fees upfront on their website
- Does not offer home equity products (such as HELOCs)
- The Problem with Trump’s Plan to Build More Homes - October 6, 2025
- Are Mortgage Rates Stuck Without New Economic Data? - October 3, 2025
- Mortgage Rates Could Fall Into the 5s This Year If the Shutdown Persists - October 1, 2025