Home loans provided by E-LOAN enables a person to get a loan for purchasing a home, use their home equity or to procure a home equity line of credit. What makes E-loans services attractive is that the loan application process is simple. They provide attractive rates of interest. Borrowers can apply for the loan online and can get an application evaluated within a short while. Moreover, there are no lenders fees for the process.There are different rates of interest applicable for a home loans and each depend on the kind of loan takes.On king of home loan is the fixed rate mortgage, where the borrower makes a fixed payment every month. The borrower benefits by an interest rate that does not change over time. So, they are not at any risk if the market interest rate rises. The disadvantage of this kind interest rate is that the borrower may pay have to pay a high rate of interest every month and so they cannot take advantage of a market situation, where the rate of interest decrease. Another type of home loan is the adjustable rate mortgage. Here the borrower initially pays a low monthly interest payment. This rate is subject to market conditions. If the market conditions cause the rate to increase the borrower would have to make higher payments. This type of a loan makes it easier to get a loan of a higher amount with a variable rate of interest. Lastly, there is the state income mortgage type of home loan. Here E-LOAN will not require you to provide standard explanations of your income. This means that there is no verification of your income, but you must state the source of your income. This type of a home loan is of interest to individuals who are self-employed or individuals who write-off a large portion of their income such as contractors, waiters & waitresses.Once you decide to go in for a home loan, the time taken to close your loan will depend on several factors. One such factor is the including the time needed to obtain required documentation and the time when you can sign your loan documents. Usually loans close within ten days of application and most loans are seen to close within 7 days of receiving a final loan approval.
