Bait and Switch
Written: Oct 25 '01
The Bottom Line
Don't believe their rate guarantee for mortgages.
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I love E-Loan and I hate E-Loan. I purchased a car in January 2000 and used E-Loan to write the note. It was a very easy process, very fast, and they had super competitive rates. However, I just filled out the paperwork to refinance my house. I checked their site for rates and then went to Priceline and checked their rates. Priceline's rate was much better .5%. Priceline's rate is not guaranteed until you apply for the loan. So I decided to apply for Priceline and they accepted the terms that they quoted. E-Loan has a supposed rate guarantee that pays you $500 if they can't beat the terms from another lender. However, the GUARANTEE IS A BUNCH OF CRAP. Basically, they make you pay for an appraisal or $100 desk review of an appraisal and go completely through underwriting before they will give you a rate. So if you paid $250 to apply for another loan and $100 for an appraisal desk review and they beat you rate by $50 then you are out $300.
I am so frustrated. I called before I started the process and was told that all I had to do was fill out an application and speak to a loan consultant to find out if they could match my rate. They do not disclose additional fees required to comply with their guarantee. If you want to do business with E-Loan, go ahead. However, if you think their guarantee is worth the html that it is printed on, you have another thing coming.
Recommended:
No
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