Like almost every other service, home loans have headed to Cyberspace. The best aspect of going online to obtain a loan is the amount of time you save in the process. That's the rationale behind E-Loan, a Web site that enables users to apply for a loan 24 hours a day (a client support group is available from 7 a.m. to 7 p.m. at a toll-free number). E-Loan eliminates the leg work involved in the typical home loan search by gathering top lenders and matching them with users' needs while providing the lowest possible rates. Users literally may apply for home loans in their slippers at 2 a.m.

A "Search for Rates" section contains mortgages, seconds, and refinancing options. The "seconds" link explains the difference between fixed second mortgages and home equity loans. Users also may search and compare second mortgage and home equity products from the some of the industry's most competitive lenders, including Bank United/Commonwealth Bank, Countrywide, Great Western/Sierra Western, NationsBanc Mortgage, North American Mortgage Company, Norwest Mortgage, Western Financial, World Savings, and others.

For consumers who already have a loan but wish to compare theirs with those E-Loan provides, E-Loan asks users a series of questions and then determines if any mortgage products available in the each user's market are "superior" to his or her current mortgage. In addition, E-Loan can set up a free mortgage monitoring account which ages and compares your loan against the market every day.

A "Services" section allows users to apply for a loan, qualify for a loan, have a credit check, monitor a loan, and set up a rate watch. The credit check service is particularly helpful -- and critical. Many home buyers seeking to obtain a loan have inaccuracies in the long-forgotten past that come home to roost when credit checks are conducted. Those inaccuracies, however insignificant they seem, may ultimately cost consumers thousands of dollars in extra interest, and in the worst cases, they can cause a denial of credit. E-Loan's CreditCheck Monitoring Service offers users a free Experian credit report. An additional link called "Credit Tips" passes along plenty of sage advice on such topics as life changes and your credit; building or rebuilding good credit; the Fair Credit Reporting Act and your rights; and dispute information. An FICO Scoring link enables users to find out where they fit in the overall scoring of their credit histories.

A "Realtor Programs and Tools" link provides Realtors with tools to create instant flyers to market their services; tips for increasing their productivity; a run-down of each day's interest rates; a pre-qualification calculator, which allows Realtors to give their clients an immediate analysis of their status as a borrow, compared to general lender guidelines; as well as the latest real estate news.

"The Loan Process" guides users through what is often a confusing process. E-Loan describes every step, from receiving a loan package to running a credit check to appraisal. E-Loan describes its lock policy in detail -- an agreement by the borrower and lender which specifies a number of days for which a loan's interest rate and points will be guaranteed by the lender.

E-Loan users also are given access to E-Track, which allows them to enter their loan numbers and passwords and receive 24-hour information on their mortgages. Buying a home is an emotional decision, often made even more stressful by the home loan application process. E-Loan successfully cuts through the jargon, offering comprehensive loan information and round-the-clock customer service in an attempt to demystify the process. Saving consumers considerable amounts of time -- precisely what they need during the home-buying process -- is perhaps E-Loan's biggest selling point of all.