Quicken Loans Rate Drop Advantage

Discussion in 'Budget Board' started by Neesy228, Oct 4, 2012.

  1. Neesy228

    Neesy228 Wishes...

    Apr 9, 2008
    We refinanced our house a couple of years ago to a 30 year fixed. Used Quicken Loans and part of the paperwork for that refi included their Rate Drop Advantage program, where they'll cover most of your closing costs if you refi again within 7 years (they quickly stopped offering this little "perk")...Well, now we are able to refi into a 15 year fixed and rates keep falling, so I was going to try to use this program to refi again.

    Wondering if anyone had any success getting them to pay for the costs as stated in the program or if anyone had a bad experience with it.

    I'm not asking about Quicken Loans themselves -- we've used them and have been happy with the service -- I'm asking about the Rate Drop Advantage.

    Thanks in advance :)
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  3. Jex

    Jex DIS Veteran

    Nov 22, 2009
    Any lender will "cover the cost" they just raise the rate so the premium covers the costs.
  4. emmababy

    emmababy DIS Veteran

    Oct 25, 2006
    I'm a Loan Officer and the PP is correct. Your rate and closing costs are completely intertwined. So, I always give my customers 2 options because some people are more sensitive to rate and some to cost....
  5. DawnM

    DawnM Dawn

    Oct 4, 2005
    What kind of rates are they promising? What do they say about covering the costs?
  6. LoraStock

    LoraStock Earning My Ears

    Oct 9, 2012
    Hi Neesy228,

    I actually work at Quicken Loans and the Rate Drop Advantage is an awesome program and I'm happy you were able to take advantage before we stopped offering it back in May. The whole process is pretty seamless...the offer is linked to your account so just call our 800# and after a quick credit pull we can provide you with a new rate and advise you of any costs. Here's a list of all the closing costs that QL covers:

    • Appraisal Fee
    • TSI Appraisal Services
    • Credit Report
    • Tax Certification Fee
    • Recording Fees
    • Flood Life of Loan Fee
    • Notary Fees
    • Flood Certification Fee
    • Processing Fees
    • Underwriting Fees

    Hope this helps!!

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