How E-Loan saved my life
Written: Dec 16 '01 (Updated Apr 15 '05)
The Bottom Line
A very good and customer friendly loan - I would recommend it to anyone.
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Well, not really, but they did save me some money.
I love my credit union - it has good checking rates, and I have always had good auto loan experiences. When I applied for a home equity loan, though, the credit union took literally months to get back to me, wanted unbelievable amounts of documentation, and wanted to charge me $1500 in closing costs (this on a $30000 loan - a huge chunk).
I got fed up, and searched for a better rate. What I found was a rate that was only slightly higher than the credit union (and adjustable, so it has gone down more than 1% since then), and service that was unbelievable.
Here is the story -
1. Day 1, I apply.
2. Day 1, 5 minutes later, I am approved online.
3. Day 2, I get a phone call saying I am approved (I never got a phone call from my credit union.
4. Day 4, they send me the loan app, already filled out, to sign.
5. Day 5, I get a phone call on Saturday to make sure I got the packet.
6. Day 7, I overnight the package to E-Loan - on their dime
7. Thereafter, I get a call from the closing service (a notary public) to sign off- on September 16. (Ouch)
8. September 12, I get a call saying the signing is off.
9. September 19, I get a call to reschedule
10. A few days later, I sign - they come to my office
11. A few days later, the loan closes, and the money is wired to my account.
Total closing costs: $250. Note that I never had to send paystubs or any of the other documentation my credit union wanted.
In short, it was the easiest, fastest, most customer friendly, most available loan experience I have ever had, ever.
I don't know if E-Loan will work like this for everyone, or if their rates will be this good forever, but I would recommend giving them a shot if you need a loan.
Update
I have since used e-loan twice more for home equity lines of credit, including after HELOCS with other mortgage brokers and banks failed to deliver on their promises. To date, in the many times I have obtained lending or refinanced, I have never had a process go more smoothly, more quickly, or more satisfyingly than with e-loan.
Note as well that they now post all of your loan documentation before you sign. This means that you can review it for mistakes. I can't describe how often I have gone to a closing only to find that the documents are wrong, and banks DO NOT let you modify the papers, you just have to resign, or you get pressured to sign as is. That doesn't happen with e-loan - you get your documents in advance - online and in the mail. This is a very nice touch.
Recommended:
Yes
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