They are pretty hassle free and offer good rates because their officers don’t work on commission. However, I’ve never heard of real estate investors using them. Do any of you know anything about using them?
What I have been told about eLoan is that they are a Lead Generation company and send those leads to the Mortgage Brokers that buy the leads.
Paul
As a broker I’m a little biased, but based on my research of e-loan, ditech and lending tree…you are either being forwarded to a broker or being offered a less than attractive rate and term.
I would suggest you get a quote from e-loan and a broker and see which works best for you.
As an investor, knowledge and experience in investments loans should be the first criteria that you look for in using a mortgage consultant. The internet lenders may appear to be a bit cheaper but unfortunately you’re probably not going to be doing the loan with somebody who constantly updates themselves with lender guidelines. Internet lenders are usually limited to the number of programs they have to offer anyway. Unless you are doing just a normal, conforming, 20% down, full doc loan - I wouldn’t advise using an internet lender.
I have not heard good stories about any of those online lenders. They forward a lead to a ton of brokers who will be calling you for the next 2 years. You may not have any up front fee, but you will pay for your loan in some way (your rate). I guess the only way to find out is to do what Patrick suggested and get a quote from btoh and compare.
You usually get what you pay for- my experience and what I have heard is that eloan is essentially a giant call center. So if you don’t care about service or getting prudent financial advice as to the most advantageous way to structure your mortgage to help build wealth, then you can probably find a lower price with eloan.
When shopping on like be careful. you get what you paid for.
Most of them do not have experiences. When looking at the loan, compare APR .Annual percentage rate. If you do not structure the loan to your goals, and do not know, then you need to seek some who does.
I also have horror stories of these loans getting to the closing table and suddenly having all kinds of fees not disclosed to the client on the initial GFE. I had one guy in SoCal last year go to an internet lender who told him a rate .25% below my rate with lower closing costs. Guy calls me [u][/u][/b]FROM[b][i][/i] the closing table, the rate’s gone up .375% and he’s supposed to cough up an additional $2900 in fees!