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Loan Specialty: Lowest Mortgage Fees |
| E-Loan stands apart from other online loan services. The online service actually offers premium loan selections without diminished customer service. They are mortgage specialists for the lowest mortgage fees because their focal point is minimizing three facets of the loan fees: interest rates, discount points and the lenders commissions/fees. E-Loan will actually process and underwrite your loan application in-house. |
| Reputation |
E-loan has a reputation for offering direct lending and debt advice to consumers. Founded and incorporated in California in August 1996, E-loan is recognized online for providing a wide spectrum of lending products. The company has originated and sold over $17 billion in consumer loans. Additionally, E-loan has been certified as meeting the requirements of the Upfront Mortgage Lender (UML) program. (The program guarantees fair treatment during the period after the borrower applies for the loan through to closing along with providing the consumer with the information needed to make an informed decision.)
| Loan Process |
As a result of E-loan’s confidence that they offer the best mortgage and loans option, they offer a loan guarantee. Before your rate is unlocked, E-Loan allows you to obtain a competing offer. If you can find the same loan with fees $500 less than E-loans, they will try to match or beat your offer from the other lender. Nevertheless, if E-Loan is unable to exceed the offer and you close your loan with the competing lender E-loan, will give you $500. (There are provisions with their guarantee.)
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Other products |
Their feature product is the E-Loan Express Mortgage. The loan reduces paper work and shortens the appraisal time while, making the process faster and cheaper. E-loan’s other special product is the Closing Cash Saver loan. The loan is designed to provide you with a rebate to cover your non-recurring closing costs. The other products offered at E-loan include the following:
- Home Equity
- Auto and Motorcycle Purchase
- Auto Refinance
- Personal Loan
| Customer Service |
The customer support is exceptional at E-loan. From the time that you inquire a loan to the time that you receive a loan, your mortgage is assigned to a loan consultant. The consultant works with you throughout the entire process. The specialist assists and assures that your loan will be closed within ten business days.
| E-Loan Limitations |
The main disadvantage with E-Loan is their selection of lenders.
| Loan Edge |
It’s really nice not dealing with an intermediary. E-Loan has managed this process seamlessly. It expedites the processing because it can give you greater control. Nevertheless, E-Loan can save hundreds in commissions and superfluous fees. E-Loan will make the special programs that are only available via the lender. E-Loans top benefits include:
- Fast processing
- Flexible and automated underwriting
- An assigned loan consultant
- 24-hour access to your loan