Quicken Mortgage Loans? Ever heard of or done one?

Question

My husband and I are very seriously thinking about refinancing our current mortgage through Quicken Loans (online). What do you know about this company? Have you ever financed through it? I haven't really heard anything bad about them... I just haven't heard anything at all.. which concerns me. My husband foolishly says, "no news is good news..." Is he right? Tell me what you know!!! Please help this newlywed couple out!!

Answer 1

Yep. Husband is wrong but do not rub it in. Be gentle on his ego.

My son just closed with Quicken in July. I tried to get him to use a local lender, he went his own way. I ended up having to get involved in the process, got his discount points dropped, got his overall fees dropped 50% and got him a fixed rate loan where they wanted him to go the adjustable rate or interest only to hold his payment down. My way reduced his proposed payment $150.00 and closing costs $5,000.00+.

It may depend upon who you are dealing with at Quicken. They are based in Michigan and reminded me of a fast talking used car salesman. I finally told them I'll pay cash and let him make payments to me or they can do the loan my way. They went my way.

I'm a real estate broker, have 40 hrs of finance, and know how the finance game works. Next time my son will go to his local sticks and bricks bank for his loan. He says I was right and he has learned a lesson.

That is our experience. Can I recommend them to you? What do YOU think after relating our experience? My son had an acceptable credit score, no late pays, no charge off, just avarage credit score, but had a 20% downpayment on a $175,000 purchase. My banker located 200 miles from him was willing to make the loan if he wanted it.

What ever lender you use, ask for a pre-qualification with a "Good Faith Estimate" (GFE) of their fees to generate the mortgage based upon what they say you qualify for. Then you can take that to other lenders to compare their fees. Avoid paying points, keep origination at or under 1%, over all fees should total 3.5% or less of the loan amount. You also want and I stress this your chosen lender to be able to do in house underwriting, not (and I say it like this for a reason) outhouse underwriting. Outhouse underwriting means they have to excessively pretty up the package to sell it to the mortgage market. That will delay the process and cost you additional fees. Once oyu have selected a lender have them pre-approve you so that when you write paper on a home you will be looked at by the seller as a cash buyer and be treated as a serious buyer by the seller, you've removed the uncertainty of whether can you do the deal or not.

Sometimes you may get a seller to pay your mortgage and prepaid fees on your behalf in the purchase agreement but it needs negotiated up front. If you use FHA or VA financing there are fees the lender can not charge you but they try to get the seller to pay. I as a seller's agent do not let them pay the fees, there is no benefit to do so, they are not chargeable to the buyer and the seller has no obligation to pay them- unless the contract says to and they agree to therein.

Are you working with a real estate broker? If not you should. If you would like I am happy to connect you with one in your area who will walk you thru the process and look after your business as you go thru the learning curve. You need someone with the minimal GRI and CRS designations. They should also be full licensed brokers, not affiliates or associate brokers or just agents. It takes more education/training to be fully licensed than to be an affiliate or associate broker. They will also recommend lenders, home inspectors, and more.

Congrats on the marriage and good luck!

Answer 2

First of all congratulations on getting married!!! I've heard of Quicken Loans as well as other various online resources. I'm personally not a fan of them and yes I do buy them for myself. Here is the problem with them, they sell to multiple mortgage brokers or loan officers. You will receive multiple calls which is good but everyone that the online company sells to pulls your credit and that's not good. To many pulls will bring down your score regardless what anyone tells you I have seen it happen to my clients. My advice is to contact a mortgage broker on your own. A mortgage broker has hundreds of lenders he or she can use to obtain you a rate based on credit history and payment history. Keep in mind we as mortgage brokers typically have the same programs and rates what sets us apart is our customer service and professional attitude. I hope this helps you but if you need any help or have any additional questions please feel free to contact me www.dantadgerson.com

Answer 3

they do interest only loans which is a cheaper payment but gains no equity in the house.

In worse case scenario you pay 30 years and still owe the total amount of the mortgage. If you are lucky appreciation will cover the difference when you sell it

Answer 4

I would check with the better business and see if they have anything about them. if it was me, i would never do business for a second mortgage online. i would find a mortgage company that everyone knows about. if no news is good news you may get yourself screwed.if they don't respond with information that would be a big red flag to me.and it's no right at all, to your question.

Clowmy