Watch your back
Written: Jun 17 '00
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Six months after completing an online application with E-loan,
I still despise this company. Oh, we were approved, and the
rate was quite good--but we walked away from their deceptive
marketing practices.
At the time, E-loan was running a heavy radio and online campaign,
touting their various free and low fees. Not a bad deal, then,
we thought. We completed the online application, and waited.
Immediately, the email was full of chatty messages (we're
here to help!) and the answering machine quickly ran out of
tape with all the calls. That bothered me, as I asked to be
contacted only by email.
Quickly approved, we received a big packet via Fedex within
days. Inside the shiny green folder, we found stacks and
stacks of contracts, paperwork, policies, and oh gosh,
an E-loan pen and videotape.
We read through the contracts, and were stunned to see tons of
fees--high fees that their advertising said were free. I called
their loan counselors, who told me to go ahead and sign, as
the fees would be waived later.
Yeah, right. I may be foolish enough to fall for their sales pitch,
but I am not signing an agreement to pay anything and hope it
will be waived later. If it's waived, I want that in writing,
up front. E-loan was not willing to do that, so we cancelled
our application, and threw out their stuff. The pen leaked,
anyway.
After this experience, we decided to work directly with a mortgage
banker--even though E-loan claims the banks pay their fees,
their "customary" fees included a number of unusual charges--to
be paid by the customer. As it turns out, even with the same
rate and points, it would have cost us $2000+ more up front to
go with E-loan.
That's significant money, we think. We're glad we took the time
to read the fine print--and even more glad that we're smart
enough to question what seems to be too good to be true. With
E-loan, the promises are empty
Recommended:
No
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About the Author
Member: Pamela Yaeger
Location: Phoenix, Arizona
Reviews written: 157
Trusted by: 158 members
About Me: I whine, therefore I am.
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