I made the mistake of getting involved with E-Loan to apply for a mortgage for my first home purchase, only to be dropped at the late stages of the home buying process, with no explanation, leaving everybody hanging two weeks before closing-the buyer, the realtor, and the builder.
After about 4 or 5 months of working with E-loan, I was finally ready to pull the trigger on the purchase of a new town home for a dirt cheap mortgage. After they made a big deal of my being "pre-approved" for a $195,000 loan, I figured it would be a piece of cake to obtain a loan for the required $132,000 amount for a 90% loan on a new town home.
Here is part of the original pre-approval letter:
"Congratulations! Based on our initial review of your income, assets, and credit, you have been pre-approved. Now you can print our pre-approval certificates whenever you need one..."
That was way back on February 21. Apparently, the pre-approval doesn't mean anything, because in July, with two weeks left to closing, with the moving van scheduled, and landlord given 30 days notice, here's what they sent me:
"Thank you very much for your completed loan application. Based on the information in your application or credit report, we are unable to approve your request. We regret that we do not currently offer a loan that meets your needs."
There was no explanation for the denial, just a bunch of wasted time.
The company also was very sloppy, calling me by the wrong name in e-mails, saying they would call and then not call, and being generally vague in their guidance through the whole process.
My advice, don't use this company to apply for your mortgage.
Sincerely,
Screwed.
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