Great experience with e-loan
Written: Mar 06 '03
The Bottom Line
I would recommend e-loan to anyone who wants a good rate, quick and easy loan process, and doesn't mind communicating over the phone/fax/email instead of face to face.
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We just closed on our house which we mortgaged through e-loan and had a great experience. The total time from our application submittal to closing was 20 days.
We submitted our application on a Saturday morning. As soon as it was submitted, I received an email that an agent would be contacting me soon. I assumed they would call on Monday, but just a few seconds after the email, I got a call from the agent. This agent was the one who handled our entire loan process. She quickly pre-approved us and discussed the different rate options we had. While I was talking to her, she set up our e-trak web page so we could monitor the loan process online. This was a great feature for a computer nerd like me. We were still shopping around, so we didn't commit to anything yet.
The next Wednesday, after trying several local lenders I could not beat e-loans rate or closing costs so I went online to our e-trak page and noticed that the rates had actually gone down since Saturday. I ordered the appraisal and locked in the rate we wanted all online. Just a few minutes after that, I got a call from the agent to confirm everything.
E-loan handled the appraisal and coordinating the survey with the title company. They communicated with the real estate agent and title company to get all the information they needed so we didn't have to be involved. Everything was ready for the closing just 2 weeks after we locked in our rate.
One thing I really liked is that we would get updates through email to let us know the status of our loan, such as when they received the appraisal. I also liked that we were able to submit our documentation like w2s and pay stubs through fax or email. I liked being able to do it through email since that seems more secure to me than a fax.
Overall, we had a really good experience with e-loan. The only complaint I had was that sometimes the agent would call me asking for a document that I already submitted. But it was usually cleared up easily. I have heard stories from people using other lenders that the agents would never return their calls or emails. Our agent was very responsive and almost always returned my calls and emails the same day.
Recommended:
Yes
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Epinions.com ID:
crazya
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Reviews written: 1
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