We are a direct lender. That means we make loans ourselves, assessing borrower risk based on our 50+ years of industry experience. We transfer our mortgages to prominent regional banks, which allows us to provide competitive rates.
See our rates here.
Interest rates in the mortgage business are set by the end buyers of the loans—usually banks. As a result, lenders tend to offer roughly the same rates. We offer competitive rates, if not lower ones than what you will find elsewhere.
Beyond that, we are different from other lenders. We won't change the rates or fees on you, when you select your product and lock your rate. No wild promises that we'll beat every other lender in existence on rate. Lenders that do that tend to go out of business, or they will surprise you with higher rates at the last minute.
Learn more about our experience by going to Why Eave?
For a deeper understanding, have a look at these FAQ points:
We operate in Colorado, with some of the most competitive real estate markets in the country, because we thought we could give Coloradans an advantage. There are also many homes in the $600,000 to $3 million range in which we offer loans.
We plan to expand to other markets within the next year.
We protect your data the way we'd want our own data protected.
Our system is more secure than most lenders'. Instead of email (a common entry point for hackers), we use a secure website to gather borrower information. Experienced loan officers and underwriters work with our software platform. We care about security to protect your sensitive information, but also to protect us, as a lender. By securely collecting, transmitting, and storing data, we can be confident that we're making underwriting decisions using the right information.
Our Eave Approval gives you the certainty and confidence to bid like a cash buyer, because you have:
1) Certainty about the home value you can afford
We fully underwrite you as a borrower before you shop for homes. Spend 30 minutes on our application and we'll provide a decision within two business days. That way, you already know the maximum home value Eave will provide a mortgage for before you shop.
You'd be surprised, but most lenders only underwrite you fully after you've had an offer accepted on a home. We believe you deserve better.
2) Confidence that you can make an attractive offer and close quickly
By including your Eave Approval with your offer, you give the seller confidence that you'll: a) secure the mortgage needed to buy a home of that value, and b) be ready to close in 21 days.
By contrast, when a seller receives an offer with a pre-approval or pre-qualification letter from a traditional lender, they know they'll need to wait 40-60 days for the sale to close. Plus, there's a real chance that the lender might decline to fund the loan at the end of that period.
Important conditions of your Eave Approval:
After you've received your Eave Approval, but before we provide you with a final loan commitment, we need to analyze the value of the home and supporting documents.
This step is important, because it protects both your interests and ours. For example, we might find out that the home you've chosen has a crack in its foundation, which would likely make it worth less than you had thought.
We complete this final stage as quickly as possible by drawing on internal data, market insights, and an appraisal. If we encounter any issues, we'll let you know—you won't get any surprises from us.
You can learn more here.
There isn't a catch, but we understand why you'd feel that way!
We started Eave to rebuild how the mortgage industry works, so that a lender like us could put homebuyers first. We took our 50+ years of mortgage expertise and spent two years building the team and technology behind Eave.
Here's a few parts of what we do differently:
“So,” you're saying, “that's the catch! You're one of those ‘no doc’ shops from The Big Short.”
Nope, that's not it either! We collect more information than other lenders, and we get it from better sources faster. But we don't ask you for 200+ pages of paper documents, and we're smart enough to know that a missing signature on pages 47 and 58 of your bank statements isn't material.
We started from scratch and asked ourselves, “How can we work with borrowers to intelligently understand their finances? And how do we also do that for the home they want to buy?” We knew that a lot of “best practices” weren't truly that, so we focused on maintaining great underwriting standards and providing you transparency into each step of creating a loan.
* Based on our team's 50+ years of industry experience.
Typically we transfer your loan to a regional bank or financial group two weeks after you close. We'll tell you when this happens. Your rates and terms won't change—just where you send your payments.
You can always contact us if you have any questions or concerns. While we won't own your loan, we do care about the relationship we've built and we want to protect your interests. We transfer our loans only to banks that we trust and we spend, on average, six months evaluating them.
We plan to serve homebuyers in many states who are buying homes of all sizes.
We want every borrower to be able to compete with cash buyers. We're on track to help them thanks to our fast, customized mortgage experience, and the certainty provided by our Eave Approval.
We've already made substantial improvements by reducing time-to-close from an average of 45 days to 21. And we'll continue to eliminate costs and delays, as well as find new ways to save you money.
Nope! Mortgage lenders are built on decades-old core software. Many new mortgage lenders, including those with strong online presences, are focused on making small steps of the process better. But we took the entire mortgage universe apart and put it back together, better, with Eave.