Eloan

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Dave Zwierecki
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Eloan
E-Loan, Inc. is a financial services company that offers home mortgage, home equity, and auto loans, along with online high yield savings and certificates of deposit (CDs).

Many times when dealing with Eloan your mortgage broker will be in another state. You will only have dealings via telephone, email and fax. There is generally no face to face interaction between loan officers at Eloan and their borrowers. If you prefer a more personal approach to business you should seek out a local mortgage broker.

Before working with an E-loan representative, make sure you do your homework and interview the sales rep about his or her knowledge of the mortgage industry, what determines rate movement, the secondary mortgage market, etc... Consult with a mortgage broker first, and they will be able to provide a list or questions to test the knowledge of the E-loans Sales rep.

Eloan is an online broker. However, borrowers should shop around to get the best loan program and to work with a Broker they trust.

While E-LOAN offers refinancing options for customers searching for a better rate, extra cash, or both, it is recommended that you consult with your mortgage broker before applying with ELoan. Chances are that you can find a much better rate and program from other wholesale lenders.

Eloan may offer decent products for average customers, however they do not offer mortgage for customers in special situations or borrowers who require large, million dollar mortgages.

Chances are when you shop against eloan, you will find a better deal and rate with a mortgage broker.

Eloan is an online firm that offers numerous types of lending. Just like with using anyone else, if you are considering using Eloan or any other lender for your home financing needs you should contact a mortgage broker or 2 as well to see how they compare next to each other. Most of the time mortgage brokerage firms can provide better overall financing terms for consumers. Do a little homework on the companies that you are considering working with as well. Look up information on the companies with the Better Business Bureau, Rip Off Report and anywhere else you can think of to find out what kinds of complaints each company has against them (this includes researching Eloans and whomever else as well).If the deals are very comparable use this research to help make your final decision as to who to work with.

Eloan has high fixed costs because of the amount they spend on marketing. These costs can result in higher fees and rates for consumers.

Eloan is not a portfolio lender. Eloan is basically a broker or corespondant lender that sells their loans to Wall Street Banks and lenders for a fee.

You can get a mortgage broker to shop Eloan against all other wholesale rates against the other top lenders in the country. Contact your mortgage broker.

 

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 Information listed above is to be used for educational purposes only and is not guaranteed

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