Thread: Has Anybody Used E-Loan For A Loan?

I don't think I would ever use a online loan place,go to a small bank in your town,they usually have better rates.They like to keep bus. in the area,so are willing to help much more

I did e-loan once. I applied, they sent me a check for $15,000 for a car. The dealer had to verify my income and send a fax to e-loan. Problem was, they didn't like the typed pay stubs my boss gave out every week. It wasn't good enough. Which I do understand because my boss did use excel to do his paystubs.

That really sucked though, and they wouldn't call my employer to verify. Otherwise, the process would have been easy, and my interest rate would have been very cheap.

Hey T! I don't know how they are for Real Estate loans, but keep in mind service & fees, not just rates. I've had clients(I'm a Realtor) use online companies & most were nightmares service wise(unable to reach the person handling the loan for ????, not knowing procedures in all states, changing terms at last minute due to things that they already knew but said they didn't-then not being able to speak to someone to resolve etc). Personally, I'd go with a mortgage broker who has offices in your immediate area & has been there a while. (reputable)Brokers shop around lenders for you to get the best deal for your situation. I have many other tips & thoughts, pm me if interested. I'd be glad to help!

Just one small thing the remember. Just becusae you get your loan at a local bank or through a local realtor, does not mean it is going to stay that way. I got a loan through a realtor through a local bank a little more than a year ago when I bought my house and within four months they had sold my loan to some place that doesn't have any local offices. The best thing is to just do your research and find someplace that fits you.