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anyone used e-loan?

Posted by deanie1 (My Page) on
Thu, Oct 19, 06 at 22:52

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?

Follow-Up Postings:

RE: anyone used e-loan?

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.

RE: anyone used e-loan?

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

RE: anyone used e-loan?

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.


RE: anyone used e-loan?

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

RE: anyone used e-loan?

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!

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