E-Loan Mortgage?
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From: Anchorage
E-Loan Mortgage?
Has anyone here used E-Loan to refinance your home mortgage. Schwab is advertising E-Loan on thier web site, and I am in the market to refinance.
Anyone have opinions to share? BTW, they are advertising a 15 yr, no points loan at a APR of 6.775% (w/$650 dollar closing cost credit). I'm going to be in the house for 2 more years, so paying down points really won't do anything for me.
At any rate, thanks for any experience you've had with E-Loan mortgage (yeah I know their auto loan products are not the best).
thanks -
Anyone have opinions to share? BTW, they are advertising a 15 yr, no points loan at a APR of 6.775% (w/$650 dollar closing cost credit). I'm going to be in the house for 2 more years, so paying down points really won't do anything for me.
At any rate, thanks for any experience you've had with E-Loan mortgage (yeah I know their auto loan products are not the best).
thanks -
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"I'm going to be in the house for 2 more years"[B][I][U]
Get a 5/1 ARM...fixed for five years and then a one year adjustable. Current rate approximately 6% or less.
Check your local lenders...banks and thrifts usually have better rates than mortgage brokers, but not always. Ask for a good faith estimate from all that you talk to...this will tell you quickly who has the best deal including costs. You have to be very aware of hidden costs, otherwise you will get to the table for closing and get a shock. In your favor is the three day right to recind on a refinance. You can opt out of the deal within that three days and the lender has to refund you all costs you have incurred.
Good luck.
Laird
(President, Foundation Bancorp, Inc)
Get a 5/1 ARM...fixed for five years and then a one year adjustable. Current rate approximately 6% or less.
Check your local lenders...banks and thrifts usually have better rates than mortgage brokers, but not always. Ask for a good faith estimate from all that you talk to...this will tell you quickly who has the best deal including costs. You have to be very aware of hidden costs, otherwise you will get to the table for closing and get a shock. In your favor is the three day right to recind on a refinance. You can opt out of the deal within that three days and the lender has to refund you all costs you have incurred.
Good luck.
Laird
(President, Foundation Bancorp, Inc)
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Joined: Oct 2000
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Ironwedge:
The 5/1 Arm may have a mandatory 30 year term. Pick the product with the lowest rate that will not reprice before you sell. There is also a 3/1 ARM. If you cannot get a 5/1 or 3/1 with a fifteen year term, but the rate is lower than a fifteen year fixed, you can still pay a 15 year amortization. Most of these loans do not have a prepayment penalty, so ask what payment would relate to a 15 year term and pay that amount monthly.
Hopefully this did not confuse you. If so, email me at
LairdLazelle@msn.com
LL
The 5/1 Arm may have a mandatory 30 year term. Pick the product with the lowest rate that will not reprice before you sell. There is also a 3/1 ARM. If you cannot get a 5/1 or 3/1 with a fifteen year term, but the rate is lower than a fifteen year fixed, you can still pay a 15 year amortization. Most of these loans do not have a prepayment penalty, so ask what payment would relate to a 15 year term and pay that amount monthly.
Hopefully this did not confuse you. If so, email me at
LairdLazelle@msn.com
LL
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