Eloan, E-Loan Experience in Cleveland area, Ohio, OH
Written: Mar 18 '03
The Bottom Line
You will definitely SAVE money. To avoid delays/anxiety, be proactive about getting documents, following up on inspections, insurance, and contingencies and that Eloan is informed of the status.
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I recently closed successfully with Eloan few days ago. My realtor expressed some apphrension about working with somebody outside of town. Nevertheless, after going thru their website and comparing the (lowballed) GFE's from local lenders, I was intrigued by Eloan. I remained somewhat apprehensive about going to them especially after reading some of the reviews here. I emailed Mortgage Professor at www.mtgprofessor.com and asked him what he thought/knew of Eloan. His response was that customer service across many lenders was suffering due to heavy refinancing volumes, but there should be no fear of bait/switch tactics (as reported here). With that advice, I jumped on the Eloan bandwagon, and made my online application. Shortly thereafter, I was called by a Dean T., who was going to be my loan "consultant". He followed up with an email request for documents, which I did thereafter.
I used the Etrack feature on Eloan's website, but it was not updated that often. The local title company also hard time getting a callback about lender requirements. In fact, I did not realize that Eloan was waiting for insurance papers and title information until I contacted them 10 days before closing. Once I was proactive about making sure that all parties were talking to each other, everything went well and the stack of papers at closing was really not that thick.
Overall, they were quite low in cost - at first, the title company thought there was a mistake in the paperwork! I guess the lesson I learned was that the local real estate parties - realtors, insurance agents, inspectors, and title company - are not that familiar about Eloan and online services and the buyer needs to be proactive.
Recommended:
Yes
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Epinions.com ID:
ohioman1
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Reviews written: 1
Trusted by: 0 members
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