Quicken Loans and Refinancing

[DawnM]

I have never heard of not allowing a 15 year loan.

Dawn

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.

 

[mrsheppo]

I talked to someone from Quicken last month. I had asked for a quote for a 15 year refi as I have a 30 yr loan at 5.5%. They said they could lower my interest rate to 3.75 with no appraisal and closing costs as I had an FHA loan and it could be streamlined. The loan officer refused to give me a quote on a 15 year, he quoted me another 30 year. He told me I could pay the loan down by adding extra to the principal each month (which I currently do). The refi would take $120 per month off my payment but my PMI would go from $60 a month to $140 per month. This was only a savings of $40 per month.

I decided to just stay with my current mortgage and continue to add an extra $200 per month to my principal, that way I make 3 extra payments per year.

 

[Mkaz]

I have never heard of not allowing a 15 year loan.

Dawn

We asked for a 15 year loan. We were told it had to be a 20 year loan. I think the loan officer was trying to get more money out of us. When we declined his whole attitude changed. I will never deal with them again.

I talked to someone from Quicken last month. I had asked for a quote for a 15 year refi as I have a 30 yr loan at 5.5%. They said they could lower my interest rate to 3.75 with no appraisal and closing costs as I had an FHA loan and it could be streamlined. The loan officer refused to give me a quote on a 15 year, he quoted me another 30 year. He told me I could pay the loan down by adding extra to the principal each month (which I currently do). The refi would take $120 per month off my payment but my PMI would go from $60 a month to $140 per month. This was only a savings of $40 per month.

I decided to just stay with my current mortgage and continue to add an extra $200 per month to my principal, that way I make 3 extra payments per year.

So it wasn't just us then!

 

[TheRatPack]

Wow...thanks for sharing the negative experiences too. Sad that they get snarky when you decline their services. Not very good business practices at all.

 

[disneyandme]

Posted on wrong thread.

 

[emmylo]

We used them for a refi 2 months ago and it went great. Streamline FHA, no closing costs, no appraisal. I was very happy with them. We were able to use the same agent throughout the entire process, you can track all documents and GFE's online, which I found helpful because it's not always easy keeping track of the numbers they quote you over the phone (I like to look further into them and see if I'm really getting the best deal). Unlike PP's I was able to have a 15 yr quoted to me, but he was definitely trying to talk me out of it, I know its not as profitable for them. I ended up doing a 30 year for monthly pymt purposes (had to buy a new van...whomp whommmp). Our pymt was lowered $225/month, so I'm VERY pleased!