eLoan - A pretty good deal for an online loan
Written: May 05 '03
The Bottom Line
Overall, I would use eLoan again if the rates were competitive. It was definitely very convenient!
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Working full time, I found this to be a very helpful way to get a loan. I could do almost all the loan work on evenings and weekends.
If you see a rate you like, you will miss it unless you have already gone through their application process. It takes them a few days to process your application, but since they don't charge you anything until you lock, there is no reason not to apply early. Then once you are approved you can really watch the rates and lock when they are low.
Once you have been invited to lock, if you see a good rate, TAKE IT! DON'T close your browser! It could go up in seconds --- this happened to me. It cost me 1/4 point.
I think they raise the rates on nights and weekends. Watch closely and decide for yourself.
Another tip is to review the good faith estimate carefully. I ended up paying $150 more at closing, they claimed a "computer glitch" was to blame. I think they should have waived the $150 since it wasn't on the estimate, but I had no luck with them on this one.
Your local mortgage broker can probably get pretty close to the eLoan rates, especially if you say you are willing to pay the same number of discount points (for example, the typical 2.5 discount points on eLoan).
Recommended:
Yes
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Epinions.com ID:
karenboulder
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Reviews written: 2
Trusted by: 0 members
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