After reading one too many home equity horror stories, the team at Star Reviews decided to take a look for ourselves and find the best home equity loans out there. E-LOAN is all over television these days, so we just needed to check them out. Upon entry to their website, we noticed just how many financial resources were available here! But, did their home equity services stack up well against their competition? Read on for the details below.
What's New?
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Free home equity loan analysis.
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Apply for your home equity loan online.
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HELOC (line of credit) and fixed-term home equity loans available.
Star Reviews Favorite Feature:
We really like E-LOAN's online loan status feature. E-LOAN is not a referral service. They are actually the lender who will be underwriting your home equity loan. Because of this, they can keep you updated as to the status of your loan at all times. By logging into the E-LOAN website you can select the "Online Loan Status" link and see exactly what part of the process your home equity loan is in and where you stand.
The E-LOAN Experience:
We were very impressed with the E-LOAN website. While it wasn't as easy to navigate as some of the other home equity loan websites on the Internet, it did have a wealth of tools and resources. Another huge plus is that the site allows you to apply for your home equity loan online. There are also many helpful features on the E-LOAN website including loan calculators, articles, tips and FAQs.
Unlike many of the other top home equity loans websites, E-LOAN is not just a referral service. When you fill out the application form on the E-LOAN website you are actually applying for a home equity loan with E-LOAN. It's not just a rate request form, which is unique in itself.
It's important to note that because the form is actually an application and not just a rate request, it does take longer than the forms found on many of the other home equity loan websites. However, if you find the process is too lengthy you can save your information and return to complete the application at a later time. Once you have completed your application via the E-LOAN website you'll receive a call from your personal loan assistant. The loan then goes through underwriting, a closing is scheduled and then E-LOAN disburses the funds. Of course, with any home equity loan, rates depend on loan type and your property value, which you can discuss with your personal loan assistant.
E-LOAN Features:
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Online home equity loan application
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Articles, tips, tools and resources
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Check the status of your home equity loan online
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Guaranteed lowest closing costs
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Free loan analysis
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Guaranteed on-time closings
E-LOAN Customer Support:
E-LOAN offers customer support via chat, email and toll-free phone. As we were browsing the their website we were presented with a chat box and the opportunity to chat with an a representative on more than one occasion. Talk about pro-active customer support! When we accepted the chat invitation we were connected with a rep in about 60 seconds. The E-LOAN employee answered our questions thoroughly and explained the entire E-LOAN home equity process from start to finish.
E-LOAN email support was also helpful (if not as fast) with a response the next business day. Phone support didn't fail to please us either. Our hold time was less than three minutes (not as fast as chat support, though) and the person we spoke with was friendly and cordial and was able to answer all of our home equity loan questions like a pro.
Upside:
Great customer service, guaranteed closing costs, online loan status available.
Downside:
The site does have a wealth of information, so you do need to spend some time navigating it.
Summary:
If you're looking for a home equity loan, you can apply directly for one on the E-LOAN website. Talk about convenient! E-LOAN is an online giant for all-things-financial, and we loved what we saw here. Not only can you receive a free loan analysis, you are guaranteed the lowest closing costs and on-time closing costs as well! Once you have completed the application (do realize it's an actual loan application, so it will take some time to fill out) you will be contacted by your personal loan assistant, who will give you the 4-1-1 on rates and such. You can also log in and check your online loan status at any time. Customer support via telephone, live chat and email were all effective and friendly, which we commend E-LOAN on. We definitely recommend their services!