Quicken Loans and Refinancing

[Nana2Callie]

Anyone ever hear of this company or know anything about them?

 

[annsteere]

Just finished a mortgage refinance with them. OUTSTANDING. They have just about everything you need on their website so you can print out forms right at home. Or, they will mail to you. They were VERY quick to respond and they made the process very understandable.

I'm 60 and have done a few mortgages. Nobody ever gave better service than our Quicken agent.

 

[princess barbara]

We've used them to refinance twice in past 10 years. Very fast, easy and everything was in order. I would recommend them to anyone.

 

[CluelessDisFan]

Our mortgage banker worked with us on a personal level, in order to get an idea of the best financing option for us. They are very prompt and professional. They're the best option for home financing in my opinion.

 

[unionville]

We have used Quicken twice for refinances. Cheaper than our mortgage company and so efficient! The best part - the conduct the "closing" at your actual house and you don't have to visit or pay for the lawyers office. Highly recommend and great low rates right now.

 

[TheRatPack]

Wow, they sound great. I wonder if appraisal values are still down though? We called our old loan officer last year and she said refinancing isn't really the problem right now, but it's getting the house to appraise high enough.....maybe it's just our area. Our neighbor just refinanced though....so maybe she just didn't want our business LOL.

 

[unionville]

We just had a new appraisal - we went from $240,000 to $225,000 in just 2 years. Keep in mind that we were almost at $300,000 at one point.

 

[MaleficentRN]

We refinaced with them, and then my parents used them when they heard what our rate was. Couldn't believe how fast and easy it was. A bonus on top of the great rate!

 

[thomascaldwell1]

Finished a re-fi with them at the end of August- took us from around a 4.25% to 3.25% which saves us about $200/month. They were the most competitive of the 3 companies we were considering, and the quickest to respond, etc. With our Labor Day trip fast approaching, we had to urge them to move along with the closing process before our next mortgage payment was due with our current lender (September 1). All is well, paperwork was signed before we left town. Enjoying 2 months with no mortgage payment!!

 

[DawnM]

I just went to the website. What I DO NOT like is that they say their rates are as low as 2.5%. I am assuming this is on an ARM. It will not give ANY more info until you put in your information. If this is anything like other loan companies, that means they have your info and will call and call and bug you.

Does anyone know what the rate is for a 15 year mortgage fixed rate (we have over 800 credit scores) and what banks they actually use? And closing costs?

 

[JB2K]

Anyone ever hear of this company or know anything about them?

Yes, I have a cousin who works for them in the Detroit area -- she's always speaking positive of them on her FB acount...

 

[LynnTH]

I just went to the website. What I DO NOT like is that they say their rates are as low as 2.5%. I am assuming this is on an ARM. It will not give ANY more info until you put in your information. If this is anything like other loan companies, that means they have your info and will call and call and bug you.

Does anyone know what the rate is for a 15 year mortgage fixed rate (we have over 800 credit scores) and what banks they actually use? And closing costs?

Dawn,
We just closed a month ago on our refinance. I went online and filled out a form somewhere and within minutes I had some e-mails from a few companies and a few calls. Quicken was one of them that called but would not give me any concrete info without pulling my credit. All the other companies would give me estimates without doing that. Ended up going with Roundpoint Mortgage. Everything was pretty much done online and they sent someone to our house for the closing. From start to finish it was under a month. They said it would take 6-8 weeks but I have done this before and had all the paperwork to them within a day, so that helps. We got 3% for a 15 year mortgage. We paid no closing costs except for our appraisal. (We did have to have some money at closing but got checks back for Escrow and Interest).

 

[RitaE]

My Quicken Loans experience is about 12 years old but it went well.

The funny thing was I had this realtor who kept acting like I was financing via Fred's Pawnshop or something. It was a standard conforming mortgage with a healthy down payment. She kept trying to direct me to local banks, who were all quoting higher closing costs and higher rates. And then at closing she goes "Well I'm just so relieved that the internet mortgage place actually worked."

I'd use Quicken Loans again, not that realtor.

They did sell our loan within a week. But the process was fine.

 

[DawnM]

Thank you.

We have something similar now, refinanced a year ago, have a 3.37% with no closing other than appraisal.

I was wondering about that 2.5% that they advertise but I am quite sure it is an ARM loan.

Dawn

Dawn,
We just closed a month ago on our refinance. I went online and filled out a form somewhere and within minutes I had some e-mails from a few companies and a few calls. Quicken was one of them that called but would not give me any concrete info without pulling my credit. All the other companies would give me estimates without doing that. Ended up going with Roundpoint Mortgage. Everything was pretty much done online and they sent someone to our house for the closing. From start to finish it was under a month. They said it would take 6-8 weeks but I have done this before and had all the paperwork to them within a day, so that helps. We got 3% for a 15 year mortgage. We paid no closing costs except for our appraisal. (We did have to have some money at closing but got checks back for Escrow and Interest).

 

[TheRatPack]

We just had a new appraisal - we went from $240,000 to $225,000 in just 2 years. Keep in mind that we were almost at $300,000 at one point.

Wow, thanks for sharing. I had no idea that values had dropped that much. I guess we should be happy with what we have. We're at 5% but have 10 years left....kind of a wash if we add closing cost and fees to refinance to 3+%.

 

[LynnTH]

We bought our house 3 years ago. We bought it for $286,000. We refinanced a year later in 2012 and our house was appraised at $233,00. Just refinanced a month ago and the appraisal this time was at $251,000. So, was glad to see that it went up some from a few years ago.

 

[apnep]

We had our house refinanced this year with Quicken Loans and the service was awesome. Didn't even need an appraisal and I didn't even have to leave my house to sign! I thought it was the best thing ever. They definitely don't call and harrass you and their rates are pretty compeptitive.

My SIL refied with them and so did my sister after I told her about them.

You won't regret it.

 

[WeLuvDiznee]

I really like Quicken Loans as well.I like the fact that they will call you in 6 mths.- 1 year after,to see how everything is going.

 

[Mkaz]

I am going to be the odd one out here. They bugged us about doing a refinance with them. We finally relented and asked them for more information. They made it seem like it would really be worth it to refrinance. We requested a 15 year refinance and they told us no. It had to be 20 years. After all the closing costs etc. we wouldn't have been saving anything. When I told them we were no longer interested he was not very nice at all. He basically told me I wasted his time. I politely reminded him that he called us, we didn't call him and hung up. What a joke. They continue to send us stuff (through fedex no less) all the time. We file it in the never gonna happen folder.

 

[TEK224]

I have feelings both ways. I refinanced with Quicken about 2 years ago to get a lower rate. Everything went smooth with the process. I've gotten several calls about refinancing again to a lower rate. About 6 mos. ago, one of their reps called and gave me some info. After looking it over I declined. I don't know that anything was wrong with what he gave me, but I just didn't "feel" right with it. I got a bit of a snarky email and voicemail from him which left a bad taste.

Forward to today. Got a call from a different rep to talk about a refi. Because it would be an FHA Streamline, he said their would be no cost to me and no appraisal needed. May rate would go from 5.0 to 3.75. But my monthly payment would only be reduced $100 per month. Does that seem right? I thought it would be reduced more. As he went through things I would need, he said I'd have to bring approx. $2100 to closing to replace the escrow funds. I don't have an extra $2100 lying around. Single income just making it paycheck to paycheck. He also said they would be covering almost $10K in costs for me. So what costs would these be? I'd expect some costs for paperwork, etc. but 10K?
When he called to give me the numbers I was in my car. I asked hime to e-mail the info so I could read it (being more of a visual learner). All he sent was the amount of the new mortg. compared to my current (which would be the same), the difference in interest and monthly payments. Nothing about the $10k in costs. I assume they won't send that until I give a good faith deposit. When I refinanced with them before, the 3rd party costs were $9K and they covered most of it. I only took $200 to closing. But my mortgage total did go up $5K. I don't want it going up again.

Any thought, ideas, suggestions. This is not my area of expertise.