skip to main content

Household Finances

anyone used e-loan?

17 years ago

We are about to sign on for a home equity loan with e-loan. They have been great to work with so far and have told me up front that when everything is completed and approved they will sell my account. The interest rate I was quoted was very good and there is hardly any closing costs. Other places I've checked have had as much as $2,000 in closing costs. Has anyone out there had bad or good experiences with e-loan?

Comments (5)

jules8429
17 years ago
My only experience with eloan was when I applied for auto loan couple of years ago. They quoted me the best rate online but when they sent it to me the rate had jumped over 2%. I got a loan elsewhere for much closer to original quote. Not sure why the change and they couldn't explain either. Tried to say it was credit score but mine is in 700's.

As for Home EQ loan, I have had two in the past 5 years or so and got both from local banks with little (less than 200.00) or no closing costs. You might want to check there first if you haven't already.
saphire
17 years ago
My HEL had closing costs of 75 total from Commerce Bank.

A friend refinianced with either Lending Tree or E lOan, she did do the deal but had an argument with them about something first that was different than standard procedure, they ended up seeing it her way so I would not automatically say yes to everything
Related Discussions
Construction Loans & Lot Loans
Q
Comments (2)
Since US Bank employees obviously can't understand relatively simple documents, like the Terms Of Service here, which prohibit your spam, why would anyone choose to do business with your company?
...See More
E-LUX Convection Roast - anyone used this?
Q
Comments (11)
I have the Elux ovens and I've pretty much just subsituted "covection bake" at the same temp for everything and it seems to work fine. Note I don't make a lot of sweets though. Mostly bread and veggies and casseroles. I used the probe and convection roast for a few roast chickens and they've come out great. Also used the same on a pork loin roast that was tasty too. The chickens were superior to ones I made in my old non-convection gas oven. I haven't tried beef roast but will probably use convection roast on my turkey this Christmas. I've also used the keep warm and bread proof modes and they work well too. I have not tried broiling or the slow cook modes though.
...See More
Anyone get a good loan?
Q
Comments (5)
don't get one on the internet! and i'd go with a home equity with a fixed rate conversion option. you'll find these at the major lenders. if you have enough equity using your tax assessed value for the loan, the costs to put the deal together should be quite cheap...and it cam be done within a week or so. if an appraisal needs to be pulled, that will take a couple of weeks longer. loans are very individual though. i'd go to where you have a relationship already and start there, then check out a couple of the big guys for comparison. be sure to compare apr verses the actual rate though so that you are comparing apples to apples!
...See More
Using Land as Equity for Construction Loan
Q
Comments (15)
Schedule an appointment to talk with the lender at the bank other owner-builders have worked with. Don't get caught up in the current market value of your land...it is irrelevant. The bank will (most likely) not lend more than 80% of the appraised value of the final product. How much will an appraiser say the house on the 5 acres will sell for when completed? My bank will let owner sweat equity count towards the 20% down...it doesn't have to be actual cash. My lender will also allow us to start the house and come see them when we are out of funds, but this is not typical. Very few banks will do owner-build construction loans. Each have their own rules. Go talk to your lender. But the bottom line is your land value doesn't matter. What matters is what your property will sell for once completed. For all we know, your bank may only lend 60% of the appraised value on owner-builds. Make an appointment and get their rules.
...See More
Chemocurl zn5b/6a Indiana
17 years ago
Years ago I signed up for a home equity line of credit, and was approved to x number of $K. There were no closing costs, and the rate was 4%, which was very good at the time.

I never used it (yet) and would have to see what the interest would be now. I'm assuming it would not still be 4%. I'm not sure when I signed if the interest was fixed or variable. With any luck, I will never have any need for using it, but the 0% interest on a cr cd I have a balance on, is about to expire. I'm sure the bank HELOC is less than 10% which is about what the cr cd will go to.

I keep watching for another 0% credit card offer from another company, so I can just use Peter's money, to pay off Paul's credit card.

I don't normally carry any balance on a credit card, but I wanted to get my driveway black topped, and didn't want to pay for it out of savings.

Sue
joyfulguy
17 years ago
I've had about 1,000 - well, maybe more like 2,000, possibly even 3,000 - offers by email.

I have a fully secured (currently unused) line of credit that would cost 6.25%, the last I heard, a couple of months ago (think about the same now - quick estimate at the bank an hour ago). That cost me no fees for set up, as it was backed by stock certificates that required no title search, home inspection, etc.

I'm not sure that I'd want to use my precious house as collateral for a loan offered by a faceless nonentity located at Lord knows where.

Have you checked with local mortgage brokers?

Maybe you read my fairly recent thread here, claiming that I thought that I could borrow at almost no net cost?

Good wishes for a good result, whichever you choose.

ole joyful
jubileej
17 years ago
We have done refi's with E-loan twice during our home renovations and I have no complaints. Everything was just as they said.

Wish I could say the same for estimated costs of the projects!

Sign Up to Comment

Related Stories

BUDGET DECORATING The Cure for Houzz Envy: Living Room Touches Anyone Can Do

By Becky Harris

Spiff up your living room with very little effort or expense, using ideas borrowed from covetable ones

DECORATING GUIDES The Cure for Houzz Envy: Guest Room Touches Anyone Can Do

By Becky Harris

Make overnight guests feel comfy and cozy with small, inexpensive niceties

KITCHEN DESIGN The Cure for Houzz Envy: Kitchen Touches Anyone Can Do

By Becky Harris

Take your kitchen up a notch even if it will never reach top-of-the-line, with these cheap and easy decorating ideas

COMMUNITY Community Building Just About Anyone Can Do

By Vanessa Brunner

Strengthen neighborhoods and pride of place by setting up more public spaces — even small, temporary ones can make a big difference

BEDROOMS The Cure for Houzz Envy: Master Bedroom Touches Anyone Can Do

By Becky Harris

Make your bedroom a serene dream with easy moves that won’t give your bank account nightmares

DECORATING GUIDES Decorating 101: How to Use White Right

By Laura Gaskill

If you’ve ever been in white-paint-swatch limbo, you know white can be tricky to work with. Here’s how to get the fresh look you’re after

PAINTING What to Know About Milk Paint and Chalk Paint — and How to Use Them

By Karen Egly-Thompson

Learn the pros, cons, cost and more for these two easy-to-use paints that are great for giving furniture a vintage look

KITCHEN DESIGN Using White Marble: Hot Debate Over a Classic Beauty

By Beth Dotolo, ASID, RID, NCIDQ

Do you love perfection or patina? Here's how to see if marble's right for you

INSIDE HOUZZ Using Houzz: Create a Home To-Do List

By Becky Harris

See how to use an ideabook to keep track of your home projects this year

GREEN BUILDING World of Design: The Joy of Moss and Its Modern Uses

By Annie Thornton

This great design plant is 400 million years in the making. See how it’s inspiring art, soothing spaces and building design

Sponsored

MCR ROMERO WORK LLC

Innovative & Creative General Contractors Servicing Franklin County

More Discussions

Question about c.d.'s

1