Frequently Asked Questions

Mortgage Questions

I forgot my password. How can I retrieve it?
If you remember the email or username you used when you signed up, you can go online and have your password emailed to you.

You can also contact an E-LOAN Customer Service representative at 1-888-533-5333. The representative can verify your identity and recover the password for you.

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Who should I contact once my loan is in process?
Once you submit your online loan application a personal loan consultant is assigned to guide you through the loan process. Your loan consultant is your single point of contact until you close your loan. If you have applied during business hours, your loan consultant will call you to answer questions and provide their contact information within one hour.

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Who do I contact for general information and questions on using E-LOAN's services?
If you have any inquiries, please call 1-888-533-5333.

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What should I expect after I submit my loan application?
If you submitted your home loan application to E-LOAN on or before November 10, 2008, your loan will immediately begin the underwriting process. In most cases E-LOAN will deliver your credit decision within 24 hours. Meanwhile your loan consultant will contact you within one hour to answer any questions.

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How quickly will my loan be approved?
If you submitted your home loan application to E-LOAN on or before November 10, 2008, your loan will immediately begin the underwriting process. In most cases E-LOAN will deliver your credit decision within 24 hours.

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What kind of documentation will I need to provide for verification?
E-LOAN's streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation.

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On a purchase loan, is there someone who will work with my Real Estate Agent?
Yes. Since each loan is assigned to one loan consultant who works with you until you close, he or she will be able to assist you or your Real Estate Agent at any time.

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Is there any cost to apply?
No! E-LOAN does not require an up-front fee to submit an application and begin the loan process.

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Do I have to have an impound account?
Impound accounts are required by lenders in most states, particularly when the amount you are borrowing represents a large percentage of the property's market value. When an impound account is required by the lender, you can often waive the use of an impound account for the hazard/homeowner's insurance and property taxes for a fee. However, you will always have to prepay your mortgage insurance payments (if any) into an impound account. In most states, once you submit a loan application we can help you determine if you will need an impound account.

• You will need a mortgage insurance impound account if your loan-to-value ratio
  (loan amount divided by property value) is greater than or equal to 80%.

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What is my loan rate and when is it confirmed?
Interest rates fluctuate daily, so the rates available when you apply may be different than the rates available when you decide to lock your interest rate. By locking, you protect your selected rate for a stated period regardless of market fluctuation. Once your rate is locked, you will receive a lock confirmation stating the rate and terms that you have protected.

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Can I lock in a loan program and interest rate online?
Yes. For a full description of E-LOAN's lock policy, please click here.

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Can I change my application after I've submitted it?
Yes. Changes can be made at any time until you lock your interest rate. However, be aware that any changes may delay the closing date or affect your loan costs.

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When can I lock my interest rate?
Your loan consultant will review your application and credit information in order to determine whether you can request a rate lock. Once they determine that you are eligible your loan consultant will contact you so that you can lock at your convenience. Please note that you must specify a property address in order to lock.

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When is the appraisal ordered?
E-LOAN will order your appraisal as soon as you are ready. All that is required is your credit card number and your consent to get the process rolling. E-LOAN recommends that the appraisal be ordered early in the process in order to avoid delays.

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How does E-LOAN protect my personal information?
Because privacy is of such concern to all consumers, E-LOAN takes stringent measures to protect your personal information. Once you submit your application it is encrypted for transmission and then stored with industry-leading security on the E-LOAN servers. Also, in order to ensure continued compliance with E-LOAN's privacy policy, independent auditors regularly review all internal processes and systems.

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What is hazard insurance?
Hazard insurance protects homeowners against property damage and is required by lenders before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you've secured one year of hazard insurance coverage.

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What is pre-paid interest?
This amount represents the interest that accrues between the day your loan closes and the last day of that month, and is added to your closing costs. After this one-time prepayment your interest will be included in your regular monthly payments.

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What is the difference between the interest rate and the APR?
The interest rate is the cost to borrow the lender's money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.

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Are there any hidden fees?
No. E-LOAN is proud to be an "Upfront Lender," so we fully disclose all fees, including closing costs, points and an estimate of known third-party fees. These may include appraisal, courier, notary, title insurance and recording. Because other parties charge these fees, E-LOAN has no control over them. Please note that on your interest rate, your loan may include discount points. Loan discount points are used to buy down the interest rate and are different from lender fees in that borrowers decide what rate and point combinations they want.

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International Questions

I live in the U.S. but I would like to purchase a property in another country. Can I get a mortgage through E-LOAN on a foreign property?
In order for a consumer to apply for a mortgage on a foreign property, you must apply through a bank, broker or financial institution offering mortgages in that particular country. You cannot apply for a foreign mortgage (non-U.S.) at the E-LOAN website in the United States.

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Can I use foreign currency to pay a mortgage on a U.S. property?
No. At this time U.S. lenders do not accept foreign currency as payment for your mortgage (on a U.S. property). If you only have foreign currency and need to use it to make a mortgage payment (on a U.S. property), go to your local bank and convert your foreign currency to U.S. dollars to pay your mortgage.

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I already applied for a mortgage through E-LOAN in the U.S. and now want to apply for a mortgage in a foreign country. Can you use my old application or do I need to re-apply?
Currently, mortgage applications differ from country to country so you would need to re-apply. When you do apply for a foreign mortgage, it will be helpful to have a copy of your recent mortgage application available as a reference. To see a typical list of documentation requested on a U.S. mortgage application, click here.

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