eLoan’s Home Equity Loans (aka - 2nd Mortgage or Refinancing) lending products are placated on the fact that you are the owner (or owners) of your property or real estate. Naturally eLoan wants to charge you the highest APR (Annual Percentage Rate) they can as per their competing lenders, but generally their rates come in between 4-12% interest depending how much equity you have, your employment history, marital status, time living at address, and FICO score (credit rating). eLoan will usually, on average, charges a percentage rate of 9% on the home equity loan, and this based on an average taken from over 20,000 home equity borrowers, over a span of 5 years (2005 – 2010). This data was provided by Lending Tree.

Of course eLoan claims to have typical online lending web site security, and various tools, such as Home Equity Calculator, Home Valuation Tool (calculator), and some helpful information for finding a home improvement contractor, and some Home Insurance products. eLoan also boasts of the following in the Home Equity/2nd Mortgage Loan products (most all online lenders provide these now, but there was a time when eLoan was the only viable online lender that had these traits;

• Great Low Interest Rates
• Home Equity Loan or HELOC Comparison Tool (compare up to four different offers)
• Secure Online Application Form
• Free Application Process, and absolutely no Obligation to eLoan or it’s Partners

eLoan Fixed Rate Home Equity Loan

eLoan has a fixed rate home equity loan whereby you borrow the loan based on your appraised equity and you get the loan all in one lump sum. The interest rate is fixed for the full term and there is sense of security with this kind of HEL. You know the rates won’t be climbing on you.

eLoan HELOC

eLoan’s HELOC (Home Equity Line Of Credit) is a very popular lending product of theirs. Their HELOC products have a variable rate that fluctuates at market movement, and you are given a line of credit that is also based on your existing equity, and home/property value.