Finance guru's I need some advice on equity loan's fast

[RLA]

Hello all
Are there any finance gurus out there that can give me some advice on home equity loans? I applied for a loan yesterday at Eloans and was approved in
2 hours at a great rate, but now I am getting a dozen calls a day from brokers telling me to avoid them.

I did the Lending Tree thing and that is why I am getting so many calls. I am getting a little worried about Eloans anyone have any experience with them? I would appreciate any info on this subject because a notary is coming with loan docs over the weekend
Its all happening so fast I cant keep up
Ray

 

[Sheep]

I'll give you some advice, but you have to give me a THX demo disc

Seriously, though.... that doesn't suprise me. I remember reading about a guy who was planning a trip with orbits. They gave him an impossible intinerarry(typo?). I can't remember the times but they don't really matter. He arrived at 10am, had to go across the town, in traffic ot get to his next fligh that leaves at 1pm, but you have to check in 2 hours in advance.

I don't know if my pa would know, but i'll ask, hes a financial advisor....would he know?

Sheep

 

[BostonMark]

what are costs?

Compare closing costs. (I'm a lawyer in Massachusetts, and do real estate quite a bit). A lot of companies offer a great % rate, but hit you up for points and origination fees, and other fees. You need to get estimated closing costs, including all fees to make a fair comparison to other companies. One paper should tell you the true interest rate of the loan "Rate Disclosure" when all the up front costs of the loan are factored in.
Another question: Is it fixed or variable? Some variable loans may start at 5and get adjusted up to 2% per review period, so a few years into the loan, you end up paying 11%, instead of 5. Hope that helps. If you do get to the closing table, make sure all the figures agreed upon are still in the papers you are signing. Don't accept the old last minute "necessary" changes and undiscussed fees.

 

[10010011]

Quite frankly my advice would be to not deal with any internet loan company. They are all a scam of some sort as BostonMark has stated.

If you have equity and decent credit your own bank or mortgage company would be the best place to get a loan.

 

[Francious70]

Quite frankly my advice would be to not deal with any internet loan company. They are all a scam of some sort as BostonMark has stated.

If you have equity and decent credit your own bank or mortgage company would be the best place to get a loan.

I 2nd this. As a consumer financeier, I know what type of companys are ripoffs.

 

[RLA]

Hello all
Thanks for the advice, without going into details my wife and I are considered A+++ paper. The good faith estimate we received is fixed for 30 years due in 15 years @ 5.65% total closing and points paid $1759.

This is for an equity-based loan and is a full 1/2% below any I could find and 1-1/2-2% below all banks or credit unions with the same or in some cases more closing costs.

This is the company we are dealing with I am worried because I know the old saying "If its too good to be true"
https://www.eloan.com/?sid=YQQskVsmvHUx4u18uZxffU0fGnk&user=hbh&mcode=hbhkw8bdt

 

[Buckeyefan 1]

Sorry for the last post !!! PM me if you have ???

Sorry guys - I totally missed this thread.

I was a manager for Wells Fargo for 8 years out of college, and dealt with mortgages daily.

In a nutshell, avoid internet lending. You want to look for a loan with zero points, zero origination fees (that means no mortgage brokers!), and a fixed rate with an APR as close to the rate as possible. The closing costs will drive the APR up from the agreed rate (the agreed rate means nothing, pay attention to the APR).

Go to www.bankrate.com and get a loan from a local lender (preferably a bank, not a mortgage only company), that doesn't charge points or origination fees. Never pay points or origination fees unless you are buying a house, and the seller is willing to pay these fees.

I refinanced my house 5 years ago on a 15 yr loan, at 6.125% APR (rates were higher back then), with $500 out of pocket closing costs (0/0 points/origination). $800 is about average if you find a legit bank for closing costs, especially on a refinance or equity draw.

http://www.bankrate.com/brm/rate/mtg_ratehome.asp?params=165000,CA,4&product=1&points=1&pType=f&refi=0

 

[RLA]

Big thanks to all that replied
And thank you Buckeye for the personnel service
We went with the Eloan route and will let all know if we receive bad service

Ray

 

[Audioholics]

There is no reason to go with an Internet loan company if you have good credit. They can really hose you with delays and closing issues and you have no real recourse. In the duration your credit is tapped as being in process of a new loan so it's not like you can just fire them and immediately go somewhere else.

Save $100, reap a world of potential hurt. My $0.02

 

[BMXTRIX]

My 2 cents...

I got my car loan - about $18K from People First. Entirely an online transaction with a good finance rate (at the time). I received a check in advance that was allowed up to the $18K that I asked for - anything under that amount was fine.

It went perfectly. No problems, no issues, nothing. I paid the loan off in advance - no penalty.

My wife, hanging over my shoulder, who worked as a loan originator for several years, (until recently) says: The online loan companies are not inherently bad. There could be a delay in closing or problems with any transaction through an online bank, a mortgage broker, or a regular bank. Your insurance company can hold up closing, the title company could drop the ball. There are dozens of reasons why your loan process could suck. None of which have to do with the transaction originating online.

It is really buyer beware, and I would look for company feedback from other people online who have used them and not just ask randomly of people who haven't used their service.