E-Loan was first established in 1997 as a nationwide financial services company functioning purely online. They originally specialized in providing consumers with home loans and mortgage refinancing, and in 2006 moved into the online savings and CD arena as well. Although they are a wholly owned subsidiary of Banco Popular North America, a New York state chartered bank, they are simply an online operation with just 4 full time employees (according to the BBB).
They offer a number of fixed rate and adjustable rate mortgage plans as well as low downpayment mortgages (below 20%) and FHA loans. If you’re looking for vacation or real estate investment loans they can service these requests as well with specialized loans for mortgage investors. Their most common mortgage product are their fixed rate mortgages. They offer terms of 40, 30, 20 and 15 years. Their FHA loans are guaranteed by the government and offer low down payment options and more flexible guidelines than traditional mortgages.
They also work in conjunction with LendingTree which offers some of the lowest mortgage rates online.
Recent Recognition for E-Loan’s Mortgage Division:
- Rated #1 Mortgage Web Site for Fifth Consecutive Time (May 2008)
Keynote WebExcellence has once again ranked E-LOAN as the number one mortgage web site. The Keynote Scorecard uses 200+ expert-determined criteria to measure a websites’ ability to meet mortgage best practice guidelines. E-LOAN was ranked number one for the functionality of its web site.
- E-LOAN Ranked #1 for Customer Respect (November 2006)
The Customer Respect Group, an international research and consulting firm that focuses on how companies treat their online customers, reported that the E-LOAN Customer Respect Index (CRI) Rating was the highest among all financial services firms in their independent survey. E-LOAN led the overall ranking with a consumers’ trust index score of 7.9 compared to the industry average of 5.7.
- Ranked #3 in Privacy (August 2005)
The Customer Respect Group placed E-LOAN at #3 of 464 major corporations in matters of protecting privacy. E-LOAN was the only financial company to make the top ten.
- Safest Places on the Web (Computerworld: April 2005)
E-LOAN was listed as one of the “Top 20 Safest Sites” in the April 2005 edition of Computerworld Magazine. Consisting of websites that met or exceeded certain criteria for protecting private information, E-LOAN joined the ranks of companies like eBay, Apple and Yahoo.
E-Loan Mortgage and Refinance Rates 2011:
(Rates accurate as of June 2011. Visit ELoan.com for updated rates and information).
- 30 year fixed rate mortgage featuring an APR of 4.51%.
- 15 year fixed rate mortgage featuring an APR of 3.61%.
- 5/1 ARM (adjustable rate mortgage) featuring an APR of 3.08%.
If you have experience in the home loan process with E-Loan, please share by leaving a comment!