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Any1 have experience w/ eLend? - Reputable? Horror stories? - Offering me too good to be true offer on Refi

stevedawg85 1,106 205 November 13, 2015 at 01:58 PM

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I've called a few mortgage companies, and so far, this one is hands down the best rate and offer.

15 yr, 3% @ 0 points, they'll pay my appraisal, no origination fee, closing cost Est. $1800.

Their reviews on Zillow are very high, but it also looks like maybe they themselves created account to review themselves. However, they still have a great BBB rating, and a couple reviews on Zillow did look legit and were good.

What sort of gotcha's should I be on the look out for. Anyone can vouch for them or advise to run away?



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Joined Dec 2005
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BBB is a joke. Don't count their rating as meaning anything at all. A good rating means they pay the BBB an annual membership fee and respond to complaints (not resolve, just respond). They are a private company with no authority to do anything.

Generally, the more "I'm a great merchant" signs on a website (like "BBB") the worse they are.
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The Liberals/Democrats now have a new symbol - a diaper pin! Oh how very fitting!
the mere having complaints will show questions about a company.
how they are resolved means nothing to me
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for those that hate spelling mistakes www.walmarts.comCool

bulb save money by checking your insurance every 2 years (and not every 20)
Almost all mortgage companies have horror stories. Best thing you can do is be prepared, be prompt and communicate well. The easier route would be going through a broker you can talk to in person.
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If it appears too good to be true, it probably is. I don't have any experience with them, but from the look of what they quoted you, it doesn't not sound like they can do that. Will they provide you with a good faith estimate in writing? If not, then run away...
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Honestly what they are offering doesn't sound too good to be true assuming they gave you that quote some time last week. Rates have been slowly creeping up over the past 2 weeks or so. 15year refi @ 3% will likely give you lender credit even if you were quoted today, which makes it look like you are not paying any origination fee or appraisal fee. Actually I think you could have done better if you were quoted this 2 weeks ago. Then again I know nothing about how much your refi will be, your credit score, LTV, etc. If they can provide you a GFE then I say go for it. I would even compare a few more like Provident Funding, Aim Loan, Amerisave.
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