I’m looking to refi my personal residence. Anyone here use Quicken Loans? Thoughts? Heard good things or bad?
Thanks,
Bryan
I utilized them a couple of years ago and I will never use them again. All of the information they originally quoted changed when it was time to close. When I told them I didn’t want to close, their memories got better.
That could have just been my one experience with one banker. Maybe some of the other ones are better.
That is how internet lenders work. If you think that everyone who uses lending tree gets the rate they were quoted when they applied I have a great deal on a gold bridge in san francisco for you. :deal
My experience with internet lenders is similar, I look at them as strictly a guage on what is potentially available in the marketplace. I’ve used lending tree a couple of times and have never closed with their lenders, always choosing a local source. As for Quicken Loans, I just can’t get passed the name. Maybe when Hasbro or Fischer Price start a mortgage subsidiary Quicken will sound more businesslike.
The bottom line is that with any company like Quicken or Lending Tree, you are likely going to be talking to strictly an “order-taker” with very little industry knowledge who is simply trying to slam through as many loans as possible. You will be working with a huge call center environment, and the people you are talking to are likely just starting out in the mortgage business. The only thing that a lender such as this can offer to a potential customer is an (artifically low) rate, and rate should only be one factor in choosing a mortgage and an advisor to work with. Wal Mart has the lowest prices out there, but people still shop at Nordstroms every day.
I have had several good experiences with Quicken Loans. They are headquartered in my backyard, and have been in the building. Also, I have attended a training session (one day) that they provide to their new bankers, listening to their CEO speak.
I don’t use them for everything. However, I have found that they are easy to work with, they DO spell out what they need from you up front (and have electronic means available to get it from you). The bankers are responsive–you have direct access to the banker, not a “call center”. The bankers know their products.
Quicken’s culture does not tolerate bankers who are not responsive or knowlegdgeable. I am sure that there are good and bad bankers in their organization; I just haven’t had problems.
In fact, they closed 2 of my loans at my kitchen table.
They have gotten me customized pre-qual letters on 10 minutes notice.
They have kept up with me making dozens of investment offers…
They may not have every exotic loan type out there and complicated deals have pitfalls with any lender. That being said, for straightforward loans, I have to recommend them. I use other banks for construction and rehab, but quicken for easy deals.
In this industry, with a company that big you are going to have good and bad people working there. My advice is to make them provide a Good Faith Estimate and shop with a broker. If I had someones GFE in front of me I am going to do all that I can to beat their deal. Also depending on what state you are in it may be required by law for them to provide a disclosure of any rate or fee increases. When it comes down to it when you buy a tv do you just go to bestbuy and get one or do you check a couple of other places too. Just know what your credit looks like and don’t let someone pull it until you are going to apply. A broker can get an idea of what you are looking at without pulling credit if you can provide them with enough info.