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Has any had experience with Quicken Loans?

hommer 127 14 April 26, 2014 at 03:12 PM
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I'm applying for my second mortgage for an investment property in Chicago. I got a "conditional preapproval" from Quicken Loans (good faith based on what I told them about my income/assets/debts...).

I have submitted all the required documents and the QL agent is telling me to hand sign some application (Certification/Authorization) and esign some paperworks. In the esign it has a page listing out all the numbers of the mortgage including interest rate (4.99% with 0.8points or 5.33% APR), closing costs, origination fee ($1k) ... The QL agent told me he could waive the origination fee and lower the rate depending on the situation when we close and it's very likely not a problem, the numbers here are just at the high end of the scale to get a underwritten preapproval. I would think if I sign on these estimates, it means I agree on the numbers, well the rate is floating so it will change but all the fees will be charged if I sign, won't they? I feel like getting a run around by the QL banker. He keeps saying he can waive the origination fee, and all these numbers don't matter because I haven't even found a house yet. It's just an example for the underwriter to do their job.

I have googled a bit about QL. I have seen mixed reviews. They have good reviews on Lendingtree.com and creditkarma.com but a lot of people complains about losing the deposit when doing Refi with QL.

Has any had experience with Quicken Loans before? Please share your story.

Where else should I go for my 2nd mortgage in Chicago? I have contacted Chase and WF.

8 Comments

1

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#2
I've used them twice. Both easy, fast, efficient. As painless as a re-finance can be. Automated mortgage and tax payments, good customer service. Recommended.
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#3
Ive used them four times now, 2 purchases, 2 refis. My last purchase was ready in 20 days. As it may be with any company though, it depends on who you work with. I am sure there are great people at Quicken Loans (I have worked with a very good banker each time, same person) but I am sure there are also some not so great bankers, just like at any lender you go to. Something else to consider, its not always the best to go with the cheapest. The cheapest lender you find might not be able to close your loan in time, they also may never be around to answer your questions or even be deceptive in the costs or rate.
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#4
I went through some QL pre-approval for my first house and things just felt very "scammish". Just like submitting it for one and then a promise to do a modification later.
But you're just looking at a pre-approval, with no property in mind right now. It doesn't really matter what you sign right now. If you're comfortable with the broker, sign it, if you aren't comfortable, look someplace else.
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#5
I refinanced with them a few years ago. My one complaint was they hit me with additional closing cost at the end of the process. Nothing substantial but I feel they knew my situation and they saw an opportunity. In the end I did save a substantial amount of money though.
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#6
they are the best online mortgage you can get. All fees and rates are given to you in writing ahead of time, no surprises. If you want online, I would go with them.
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#7
Quote from hommer View Post :
I'm applying for my second mortgage for an investment property in Chicago.

In the esign it has the mortgage including interest rate (4.99% with 0.8points or 5.33% APR), closing costs, origination fee ($1k) ...

The QL agent told me he could waive the origination fee and lower the rate when we close...the numbers here are high to get a underwritten pre-approval.

I feel like I'm getting a run around by the QL banker. He keeps saying he can waive the origination fee, and all these numbers don't matter because I haven't even found a house yet.
lol, if the numbers don't matter, why are they in the paperwork?

the agent is just testing your gullibility. if he can sucker you into those numbers ONCE, he figures he can sucker you into those numbers TWICE.

here's what will happen.

at closing, when you're stressed out and reluctant to restart the refi. process, he'll say that the hobgoblins in underwriting won't let him change the numbers.

obviously, you need to tell QL to get fuked and go elsewhere.

try some direct lenders and credit unions. these places are "honest," at least when grading on a curve.
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Last edited by blacktoilet May 4, 2014 at 11:34 AM
#8
My closing costs were exactly what was promised and on the GFE each of the 4 times I used QL.
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#9
If the loan is locked in that is your rate and guaranteed for a specified period of time.
It is the Good Faith Estimate (GFE) will reflect the length of term the printed rate is valid for (i.e. 30, 45, 60 days). If the date is the same date as the GFE that would indicate the rate is not locked and floating.

The figures you quoted on 4/26 were competitive but nothing special. If you are not locked in ask them for what your current rate is as rates/pricing have improved this week and better is definitely available.

Also, it is not all about "what's your rate?". In fact the lowest rate is not always the best rate when comparing potential lender rate credits (instead of costs) associated with other nearby rates.
Ask to see "the stack" which will contain a number of available rates along with the price (cost or lender credit) associated with the specific Note Rate.

-Adam
Old Hippy & Mortgage Pro
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